Markets remain rangebound, HUL top gainer

Auto shares dip on weak sales nos

Markets continued to trade sideways tracking firm global cues. The Sensex was up 69 points at 17,388 levels and the Nifty gained 20 points at 5,268 levels.

On the global front, Asian shares edged higher and the dollar recovered against the yen on Wednesday after strong US factory  activity data eased concerns about a loss of momentum in the world's biggest economy.

Japan's Nikkei stock average opened up 0.5%, regaining some ground after falling to a 2-1/2-month closing low on Tuesday.

Back home, the BSE consumer durables sector has gained 1.7% to 6,705. IT, FMCG and bankex have added around 1% each. BSE auto is down 0.8% at 10,555.

Hindustan Unilever has gained 3% at Rs 429 and is the top gainer on the Sensex after reporting a 21% year-on-year (yoy) growth in net profit at Rs 687 crore for the fourth quarter ended March 31, 2012 on back of high volumes and prices.

From the banking segment, ICICI Bank, SBI and HDFC Bank have gained by nearly 1% each.

Telecom major Bharti Airtel has gained 2%. India's largest telecom company, Bharti Airtel has reported a net profit of Rs 1,006 crore in the quarter ended March 31, 2012. The company said that profit was below market expectations due to higher costs on tax, foreign exchange and amortization.

"BHARTIARTL looks positive. We believe initially covering of the short positions that we had seen in the previous trading sessions will take BHARTIARTL to higher levelswe believe firts target for BHARTIARTL should be 325-327, a decisive close above this can take to 339-341 levels," said Shshank Mehta, Derivatives Strategist, Shah Investor's Home Ltd.

TCS, DLF, Hero MOtoCorp and Jindal Steel are some of the other gainers. Meanwhile, Tata Motors has dropped 2.3% to Rs 309. The company reported 40% fall in total sales (including exports) of Tata commercial and passenger vehicles at 60,086 units in April 2012 on month-on-month (m-o-m) basis. The automobile major had sold 100,414 vehicles in the previous month. Other auto losers include Bajaj Auto and Maruti Suzuki. ONGC and Coal India are also in the red.