Markets flat, IT stocks gain

Markets are trading on a flat note in noon deals. The Sensex was at 16,932, up 48 points and the Nifty added 14 points to 5,092.

On the macro economic front, the government released the inflation data for the month of September. WPI inflation rose to 9.72%. However, the figure was in line with the street expectations.

Meanwhile, the European markets have opened slightly higher. The CAC 40 index opened at 3,202, up 0.48%, FTSE opened higher by 0.3% at 5,419 and the DAX opened at 5,939, up 25 points.

Back home, Jindal Steel was the top gainer among the Sensex stocks; the stock advanced 3.2% to Rs 516. TCS jumped 2.3% to Rs 1,116. Reliance Industries, Tata Power, Bharti Airtel, Tata Motors, Wipro, Sun Pharma, BHEL and ICICI Bank also added 1-1.8% each.

On the other hand, Coal India was the top loser on the benchmark index. The stock slipped 3.5% to Rs 320. Maruti Suzuki was also trading near its 52-week low, down 2.2% at Rs 1,033; earlier in the day, the stock had registered its fresh yearly low of Rs 1,031 as workers continued their sit-in strike at the company's Manesar plant for the eighth consecutive day, with production activities at a complete standstill.

Tata Steel, J P Associates, Hindalco, Sterlite Industries, Cipla, HDFC, HDFC Bank and L&T also languished in the trades.

Among individual stocks, CRISIL has rallied more than 9% to Rs 899 after the company announced buyback of its own equity shares.

Sugar manufacturers such as Balrampur Chini, Bajaj Hindustan, Shree Renuka Sugars and Triveni Engineering were also trading higher after the agriculture minister Sharad Pawar on Thursday said the government will take a decision on allowing sugar exports in the 2011-12 marketing year in the first week of November after assessing global prices and reconciling local production estimates.

The shares of broadcasting companies and cable service providers such as Wire and Wireless India (WWIL), Hathway Cable, Den Networks and Dish TV rallied for the second day in a row after the government approved an ordinance on digitisation of cable network.

On the sectoral front, IT index was the top gainer. The index added 1.2% or 67 points to 5,621. Oil & Gas jumped nearly 1% to 3,403. Consumer Durables, Auto, Power, FMCG and Bankex indices were also trading marginally higher.

At the same time, Realty index was the top loser on the sectoral charts, down 26 points or 1.4% to 1,825. Metal, PSU and Capital Goods indices were also among the laggards.

The broader markets were trading on a listless note. The BSE mid-cap index was trading higher by a point at 6,158 and the small-cap added 4 points to 6,891.

The overall market breadth was neutral as 1,213 stocks advanced while 1,275 stocks declined.