Nifty continues to trade in a range

The Nifty is trading in a range of 5520 and 5550 and is currently up 15 points at 5545 and Sensex has surged 36 points to 18426.

Technical analysts Devangshu Dutta says that markets are rangebound between 5520-5550 and are likely to stay at those levels.

In the broader market space, Midcap and Small cap indices are outperforming the Sensex, up 1% each to 7,895 and 9,978, respectively.

The rally in midcap space is led by State Bank of Mysore and State Bank of Bikaner/Jaipur, which has risen by 20%, Radico Khaitan has surged 10% and Ispat Industries is up 9%.

From the smallcap space, Jindal Poly Films has risen 15%, Rico Auto has surged 11%, Goenka Diamond and Jindal Drill have surged more than 10%.

The BSE consumer durables index has surged 4.5% to 5,944, followed by PSU and IT index which has risen over 1% each.
 
From the Consumer Durables pack, the top gainers are Gitanjali Gems, up 6%, Titan Industries, up 6.4%, Videocon Industries, up 5.9%.

The PSU stocks continue to shine, the index is up 0.9% at 9,707; State Bank of Travancore, up 20%, BPCL has surged 10.7%, HPCL has risen 6%, and Rural Electrical Coporation has surged 3.4%

The top gainers on teh Sensex are Jindal Steel, up 3%, ONCG and Bharti Airtel up over 2%

Reliance Infra, down 2.2%, JP Associates & Hindalco, each down by 1.8% are the top losers on Sensex

The market breadth is positive; there are 1837 advancing stocks on the BSE as against 1101 declining.