Markets Trading In A Range, HDFC Shines

The India markets continue to remain volatile in a narrow range, swinging between negative and positive. The Nifty is trading up by 12 points at 6055 and Sensex has gained 51 points to trade at 19,940. Both the indices are trading up in range of 0.14%-0.26%.

The advance-decline is on the positive side in the afternoon session. On the NSE, 625 shares are in the green and 617 shares are in red.

Top 5 NSE Gainers: HDFC is the top gainer so far, up by 2.37%. Power Grid Corporation, Tata Motors, Lupin and HUL also remain in gains.

Top 5 NSE Losers: Bank of Baroda is trading down by 2.05%, followed by Ranbaxy Labs, Tata Steel, Hero MotoCorp and Bharti Airtel.

Most of the sectoral indices are firm in the afternoon trading session. FMCG and IT are in the positives. Capital Goods and Bankex are currently in the red.

On the global front, the Asian shares rose to their two-year high as strong Chinese trade data added to the positive sentiment. Taiwan Weighted and Straits Times are trading up by more than 1%, followed by Hang Seng, Nikkei 225 and Shanghai Composite.

Buzzers: Brigade Enterprises has surged 8% to Rs 79 after reporting an almost four-fold jump in net profits to Rs 28.39 crore for the quarter ended March 31, 2013 following impressive growth in operational income. The real estate developer had a profit of Rs 8.03 crore in the year ago quarter.

Ajanta Pharma has rallied 11% to Rs 915 after the promoters announced a stake buy in the company. The stock has seen good volumes activity. The stock opened trades at Rs 819 and made a high of Rs 918, which is its lifetime high on the NSE.

The Nifty is in a consolidation phase after a strong rally seen in the last couple of trading sessions. We feel that the index will trade in a range of 6000-6090.