Trades In A Narrow Range

The Indian markets continue to trade on a flat, positive note with the Sensex and Nifty up by almost 0.25% each. They are expected to continue in a narrow range for the day due to the expiry of the Oct series contract.

Among the sectoral indices, Oil & Gas ,Metals and Auto are witnessing leading gains of 0.49%, 0.35% and 0.29% respectively. Others like Bankex and FMCG are also in the positive territory. Realty, Consumer Durables, Power and Tech are trading lower in the range of 0.13%-1.10%.

In the other Asian markets, Hang Seng and Shanghai are down by 0.22% and 0.59% respectively. Japanese Index Nikkei is up by 1.11%, lifted by exporters as the Yen weakened on growing expectations that the Bank of Japan would further ease the monetary policy next week.

The European indices opened their initial trades in the negative territory, but recovered immediately. The FTSE, CAC and DAX are currently trading higher in the range of 0.12%-0.37%. However, the overall sentiment is still negative. The Q3 results from the likes of WPP and UPM-Kymmene highlighted worries over the global growth outlook, and the earnings kept equities in a tight range.

Back home, Sterlite Industries is leading index gainer, trading 2.03% higher at Rs 100.50 per share after the company reported decent results for the Sept 2012 quarter. Other leading index gainers such as HDFC, M&M, NTPC and Bajaj Auto are up in the range of 0.80%-1.20%. Leading among the losers are Dr Reddy Labs, Maruti Suzuki, SBI and Sun Pharma, down by 1.22%, 1.19%, 1.14% and 1.04% respectively.

Among individual stocks, Reliance Industries has gained 0.61% to touch Rs 814.50 after news that the Petroleum Ministry has exempted the company from the Comptroller and Auditor General's performance audit. RIL has also received approval for its KG D6 output plan.

Jaiprakash Power rose by 3.74% to Rs 40.25 after the company reported a good set of quarterly results.

The market breadth, which indicates the overall health of the market, is negative as of now. On the BSE, 1440 shares have declined, 1176 have advanced and 123 shares are unchanged.