Markets remain range bound

Markets continue to remain range bound after witnessing a strong rally yesterday. At 950 hrs, the Sensex was up 30 points at 16,505 and they Nifty inched up 6 points at 4,972 levels. . 

On the global front, US stocks advanced on Tuesday, but sharply pared gains late in the session. The Dow Jones industrial average rose 60.01 points, or 0.48 per cent, to 12,482.07 at the close. The Standard & Poor's 500 Index added 4.58 points, or 0.36 per cent, to 1,293.67. Asian markets are trading on a mixed note.

On the domestic front, index heavyweight Reliance Industries has zoomed 4% as the company will consider share buyback on January 20. It will also declare its third quarter numbers on the same day. BSE Oil & Gas index has zoomed by nearly 2%.

Telecom major Bharti Airtel is up by nearly 1%.

However, BSE Technology index is down by nearly 1%. TCS reported an 18.26% jump in consolidated net profit to 2,802.77 crore for the quarter ended December 2011 post market hours yesterday. The stock is down by nearly 3%. Wipro has declined by nearly 1%. Infosys is down by nearly 2%.

BSE Capital Goods index is down by nearly 1%. L&T is down by nearly 1%.

Banking shares too are under pressure. ICICI Bank and SBI have plunged between 1-3%.   

The broader markets are trading on a mixed note. 

Essar Oil has slumped by 20% post SC said company is not eligible for sales tax benefit. Company will pay sales tax to the Gujarat State Government of approximately Rs 6,300 crore.

Infrastructure stocks like Lanco Infratech and GMR Infra are down between 2-5%.

Sugar stocks like Bajaj Hindusthan and Balrampur Chini have fallen by nearly 3% each.

However, Kingfisher, Spicejet and Jet Airways have shot up by over 6% after FDI in aviation was cleared yesterday in a meeting. Now proposal for 49% FDI in aviation will be sent for cabinet approval.