Markets stuck in a narrow range

L&T top gainer among the Sensex stocks

Markets are trading in a narrow range in the morning deals. The Sensex has slipped 8 points to 18,785 and the 50-share Nifty is down 4 points at 5,713. The markets are stuck in a tight range and since the opening the Sensex has traded in a range of 50 and the Nifty has so far traded in a range of 16 points.

Meanwhile, Hero MotoCorp, Infosys, Jindal Steel, Tata Power, Reliance Industries, ITC, ONGC, Mahindra & Mahindra, Gail India, Coal India and HDFC are among the top losers from the Sensex pack.

On the other hand, Larsen & Toubro is the top gainer. The stocks has advanced nearly 2% to Rs 1,700 neaer its new 52-week high after it beat analysts’ expectations with 17% year-on-year sales growth and a 42% rise in net profit in the quarter ended September. Dr reddy's Labs, Cipla, ICICI Bank, Sterlite Industries, Bharti Airtel and SBI are also trading higher 0.6-1% each.

Among the individual stocks, Peninsula Land has locked in 20% upper circuit at Rs 70, extending its previous day’s rally after reporting six-fold jump in net profit at Rs 82.71 crore for the quarter ended September 2012 against Rs 13.68 crore in previous year quarter. Total income from operations has increased by 479% to Rs 287 crore on year-on-year basis.

Rain Commodities is trading higher by 6% at Rs 43.60 after the company said its subsidiary has agrees to buy Rutgers, a Belgium-based manufacturer of coal tar pitch for euro 702 million (approximately  Rs 4,900 crore).
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(Updated at 9.30 AM)

Markets opened on a flat note tracking subdued global cues. The Sensex opened marginally weaker by seven points at 18,786 and the 50-share Nifty started lower by 5 points at 5,712.

In the Asian markets, shares edged higher on Tuesday but sentiment was cautious, after global shares faltered overnight on weak corporate results and outlook, and with Asia's corporate reporting season underway. Hang Seng has advanced 146 points at 21,697 and Nikkei was up 7 points at 9,017. While, the Seoul Composite was down 9 points at 1,932 and Shanghai Composite index is down 13 points at 2,119.

Back home, in the broader markets, the smallcap index started up 0.3% and the midcap index gained 0.2%, both outperforming the Sensex which was flat with a negative bias.

Among the sectoral indices, FMCG, IT, Auto, Consumer Durables and Oil & Gas started off  0.1-0.4% lower. Meanwhile, Capital Goods, Realty, Health care, Bankex and PSU gained 0.2-0.8%.

The top gainers among the Sensex-30 in the opening trades were L&T and ICICI Bank up 1% each followed by BHEL, SBI, Dr Reddys Lab, Sterlite and NTPC adding 0.3-0.7%.

On the losing side were Hero MotoCorp, ITC, Coal India, Tata Power, Infosys, Bajaj Auto and HDFC Bank down 0.3-1%.

The market breadth was positive owing to the strength in the broader markets. 831 stocks advanced while 459 stocks declined on the BSE.