Markets trade sideways in afternoon trades

The markets continue to trade sideways after touching a high of 18,594 in the late morning trades. Earlier in the day, the markets started in the green on the back of gains across the Asian markets and continue to trade higher. However after touching the day's high thus far the Sensex lost its steam. The BSE benchmark index is currently up 132 points at 18,544 and the Nifty added 44  points at 5,570.

In the broader markets, the smallcap and the midcap indices continue to outperform in the afternoon trades. The midcap index is up 1% while the smallcap index added 0.8% as compared to the Sensex at 0.7%.

In line with the Indian markets, the Asian markets are also on a sound ground. Almost all the Asian indices are in the green with Shanghai Composite, Hang Seng and Seoul Composite leading the gains, up 1% each. KLSE Composite and Taiwan Weighted are the only indices which are flat with a negative bias.

Picking on the positive trend, the European markets too are largely in the positive territory. FTSE is up 0.2% and DAX has gained 0.3% while CAC is down 0.2%

Back home, among the sectoral indices, Consumer Durables up 1.5% continues to lead the gains followed by Oil & Gas, Auto and Metal indices gaining 1% each. Earlier gainer Realty index has pared some of its gains. However, IT index continues to trade in the negative territory, down 0.3%.

Reliance Communications, DLF and ONGC up 2% each are the top gainers among the Sensex stocks. Reliance Industries, Reliance Infrastructure, Bharti Airtel, HDFC Bank, Bajaj Auto and Mahindra & Mahindra up 1% each are the other notable gainers.

Among the losers are TCS, HDFC, Tata Power and Hindustan Unilever down 0.5-0.7%

The market breadth is very positive. Of teh total 2827 stocks traded on the BSE, 1767 stocks have advanced while 936 declined.