Markets remain flat, RIL leads

Markets are trading on a flat note in the noon deals on the back of profit booking visible in the power, realty and capital goods stocks. The Sensex is up 21 points at 17,728 and the Nifty has advanced 9 points to 5,370 levels.

On the macro economic front, India's gross domestic product (GDP) is estimated to grow an annual 6.9% in the 2011-12 fiscal year, a government statement said on Tuesday, citing provisional estimates.

Back to markets, Ranak Merchant, Technical Analyst- Strategies with Sushil Financial Services expects key resistance levels for nifty is 5,400. "5,400 level is the key resistance level for the Nifty. Index is likely to take a breather around these levels."

Meanwhile, index heavyweight Reliance Industries is the top gainer among the Sensex stocks. it has advanced nearly 2% to Rs 848 levels after the foreign brokerage house Goldman Sachs upgraded the company to buy from neutral, citing a potential lift in margins on increased refining and recovering oil demand.

Jindal Steel, ICICI Bank, Hero MotoCorp, ITC, Cipla, HDFC Bank, TCS, ONGC, Hindalco, Coal India and Wipro are also trading higher by 0.3-1.7% each.

At the same time, Bharti Airtel is the top loser among the Sensex stocks, down 2.4% at Rs 379. Sun Pharma, BHEL, Hindustan Unilever, Gail India, NTPC, DLF, Mahindra & Mahindra, Tata Steel and Sterlite Industries are also among the laggards.

Oil & Gas index is the top sectoral gainer. The index is up 1.2% or 107 points to 8,797 levels. Consumer Durables index has also jumped 1% to 5,954 levels. Banking, PSU, IT and FMCG stocks are also witnessing some bit of buying in trades so far.

Profit booking is visible in power, realty, capital goods and auto stocks. the BSE Power index is the top sectoral loser, down 1% at 2,151 levels. Realty index has also shed nearly 1% or 17 points to 1,838 levels. Capital Goods, Auto, Metal and Healthcare indices are also in the red.

Cairn India, HPCL, BPCL, Petronet LNG and Indian Oil are the top gainers from the oil and gas space.

Among the power stocks, Adani Power is the top loser, down 9% to Rs 75 on reporting a net loss of Rs 358 crore for the third quarter ended December 2011, as against a net profit of 109 crore in the same period a year ago. High cost of imported coal, non-availability of transmission lines and foreign exchange losses derailed its performance, reports suggest. However, net sales grew 111% at Rs 1,059 crore on year-on-year basis.

Thermax, GVK Power, PTC India, ABB and Lanco Infra from the power sector are also among the laggards.

Among the individual shares, Mangalam Cement has zoomed 20% to Rs 156 after reporting a net profit of Rs 33.05 crore for the third quarter ended December 2011 against a net loss of Rs 3.38 crore in the same period a year ago.

The broader markets are trading on a list less note. the BSE mid-cap index has shed 6 points to 6,116 levels and the small-cap index is up 20 points at 6,801 levels.

The overall breadth is neutral as 1,368 stocks are declining while 1,283 are advancing.