Sensex gains 63 points

Soon after the Sensex crossed the 6,700 mark, it spurted up another 45 points during the mid-session and has remained rangebound since then.

The index has currently climbed 68 points (up 1.15%) from its previous close to 6,735 and is moving in a narrow range of 6730 - 6750. The overall breadth of the market is positive. Although the auto and banking stocks are in the red zone, strong buying support in the PSU, FMCG and IT counters have triggered a steady bull rally.

L&T came off its day's high and is marginally up by Rs 3 at Rs 1,104. Bhel shaved of its earlier gains and is 3% below its previous close at Rs 887.

Heavyweight banking stocks have under come under the grip of heavy selling pressure. SBI and ICICI Bank have edged lower to Rs 69 and Rs 398. However, Bank of India, Andhra Bank, Canara Bank and OBC are up 3% each.

Dr Reddy's shed 1% (down Rs 7) to Rs 715 while Cipla nudged ahead by a per cent to Rs 287. Ranbaxy has leaped 3% to Rs 1,105.

Bajaj Auto and Tata Motors have dropped marginally to Rs 1,230 and Rs 449. Hero Honda has slipped 3% (down Rs 15) to Rs 578.

HLL reported huge gains on all round buying support and has jumped 6% to Rs 139. The stock rose on heavy volume of 9.4 lakh shares. ITC advanced a per cent to Rs 1,547.

ONGC marched up 2% to Rs 921. The government has approved a hike in natural gas prices to Rs 3200 per thousand standard cubic meters from Rs 2850 for power and fertiliser units.

Reliance Industries has maintained a steady gain of 1.2% at Rs 537 throughout the trading session, while HPCL rose 3% (up Rs 11) to Rs 341.