Markets trading in tight range

Benchmark indices continue to trade in a tight range with the Sensex and the Nifty oscillating between negative and positive zone.

At 1130, the Sensex was up 13 points at 17,763 and the Nifty gained 3 points to 5,362.

On the global front, the Wall Street ended on a flat note on Friday on the back of disappointing jobs growth. The Dow Jones industrial average slipped 3 points to 13,289, S and P 500 gained 3 points, or 0.25 per cent, to 1,435 and Nasdaq Composite Index slipped marginally to 3,135.

The Asian markets are also trading on a listless note in trades this morning on the back of weak US jobs data. The Shanghai Composite advanced 7 points to 2,135, Hang Seng was up 34 points at 19,836 and the Nikkei was down 11 points at 8,860.

Back home, the rupee rose by 9 paise to trade at fresh two-week high of 55.27 against the US currency in early trade today on persistent dollar selling by exporters and some banks.

On the sectoral front, BSE Metal, Healthcare and Auto indices have surged by almost 1% each followed by counters like Consumer Durable, PSU, Realty and Oil & Gas, all gaining marginally. However, BSE IT, Capital Goods, Banks, FMCG, TECk and Power indices are trading slightly lower.

From the Metal space, Hindalco is the top Sensex gainer, down nearly 2%. Coal India, Tata Steel and Sterlite have gained by almost 1% each.

Among Auto segment, Hero Moto, M&M, Bajaj Auto, Maruti Suzuki and Tata Motors have gained between 0.1-1%.

According to Reuters report, car sales in India fell for the first time in 10 months in August, and motorcycle sales fell for the first time since January 2009, an industry body said, underlining fears of sluggish economic growth in India.

Many automakers have been forced into production cuts and temporary shutdowns over the past three months as vehicle demand stalls in a key market for firms trying to offset declining growth in established markets.

Other notable gainers include Sun Pharma, HDFC, Bharti Airtel, HDFC Bank and ONGC.

On the losing side, Jindal Steel and Power Limited (JSPL) has dipped over 1% ahead of the Inter-Ministerial Group (IMG) report on coal block allocation.

BHEL is the top Sensex loser, down nearly 2%. SBI, ICICI Bank, TCS, HUL, Wipro and Tata Power have declined by almost 1% each.

Infosys is down by nearly 0.5%. Infosys has agreed to buy Zurich-based Lodestone Holding AG in a deal valued at 330 million Swiss francs (almost Rs 1,932 crore).

Among individual shares, Max India is trading higher by 4% at Rs 190 ahead of the company’s board of directors meeting today to consider the proposal for sale of its wholly-owned packaging material making division, Max Speciality Films.

Aurobindo Pharma is trading higher by 3% at Rs 132, extending its 8% rally in past two days after the company received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market anti-hypertension drug Amlodipine Besylate and Benazepril Hydrochloride capsules in various strengths.

Jyothy Laboratories has soared 17% to Rs 184, its record high since listing on December 2007 on the National Stock Exchange.

Meanwhile, Meanwhile, BSE Midcap index gained 0.44% whereas BSE Smallcap index is up 0.54%.

The market breadth in BSE remains healthy with 1,330 shares advancing and 987 shares declining.