Markets flat, IT stocks gain

Markets are struck in a narrow range. The Sensex has traded in a range of 154 points so far in today's trade and was trading on a flat note in the noon deals. The BSE benchmark index- Sensex was at 17,596, up 35 points and the S&P CNX Nifty gained 21 points at 5296.

Somil Mehta, senior technical analyst with Sharekhan believes the markets are still looking bearish. "The Nifty is looking bearish in the medium tern outlook and the next level to watch out will be 5177 and 4850" said Mehta.

Sterlite Industries, Tata Power, Infosys, Cipla, Mahindra & Mahindra, Wipro, ONGC and Larsen & Toubro were among the top gainers on the Sensex, up 1-2% each. On the other hand Bharti Airtel was the top loser, the stock shed 2.6% in trades so far and was trading at Rs 380. Hindustan Unilever, Jindal Steel, Maruti Suzuki, TCS, ITC, J P Associates and Reliance Industries were also trading in the negative territory.

The information technology shares witnessed a bout of fresh buying after being in a downtrend since along time. The BSE IT index was the top sectoral gainer, up 0.9% at 5789. It was followed by capital goods, bankex, healthcare, metal and auto indices. Meanwhile, Consumer durables index slipped 2.33% or 154 points to 6490. FMCG, realty, PSU and oil & gas indices were also trading in the red.

Among the IT stocks Infosys has rallied 1.7% in trades so far, the stocks was at Rs 2773. It was followed by Tech Mahindra, Wipro, Mphasis, Financial Technologies, Patni Computer and OFSS.

Mild selling pressure was visible in the broader markets space as well.The BSE mid and small-cap indices shed 0.29% each.

The overall breadth of the market was negative as 1509 stocks declined while 1042 stocks advanced.