Range-bound trade continues

Markets continue to trade in range amid slightly weaker cues from the European markets. The Nifty is down four points at 5426, and the Sensex is down seven points a 18074.

European markets dropped in early trade as banking and mining stocks
pared gains. HSBC Holding declined 1.3% and BHP Billiton also fell by 1.4%. BMW and Deutshe Post are up over 3% on better than expected earnings.

The FTSE is down 31 points at 5365, the DAX is down 16 points at 6276, and the CAC is down nine points at 3743.

Other Asian markets, too, have pared gains with Nikkei ended up 1.3%, the Hang Seng and Kospi are up marginally and Shanghai Composite is up 1.7%.

IT index is the laggard in trade today, down 0.8% at 5446. Mphasis and Financial Tech are down 1.6% each. TCS and Infosys are down 0.8% each.

Reliance Communications continues to slip, is down 2.4% at Rs 174. ITC is also down 2.3% at Rs 155, Reliance Power, Ambuja Cements, Larsen & Toubro and Suzlon are all down over 1%

Amongst the gainers, Bankex is up 0.9% at 11,992 and Oil gas
index is up 0.5% at 10,314.

ICICI Bank continues to rise for the second day up 2.3% at Rs 961,
following Hero Honda which is up 1.9% at Rs 1,858 on back of strong July sales which were up 17%.

Other prominent gainers on Nifty are BPCL up 1.5% at Rs 653 and
Axis Bank up 1% at Rs 1,364.

Market breadth is positive for every 1,470 stocks advancing 1,358
stocks are declining.