Markets continue to hover around the tight range with Indices making wild swings between negative and positive zone. At 1130 hrs, the Sensex was up 15 points at 16,481 and they Nifty slipped 2 points at 4,965 levels.
On the global front, Asian markets are trading mixed. Nikkei has gained by nearly 1%. Strait Times, Hang Seng, Taiwan Index are trading marginally higher. However, Kospi and Shanghai Composite are trading slightly lower.
Back home, index heavyweight Reliance Industries has zoomed 4% as the company will consider share buyback on January 20. It will also declare its third quarter numbers on the same day. BSE Oil & Gas index has spurted by nearly 3%.
However, on the flip side, TCS has tumbled by 3% post Q3 results. TCS reported an 18.26% jump in consolidated net profit to 2,802.77 crore for the quarter ended December 2011 post market hours yesterday. Wipro and Infosys are down by nearly 2% each.
From the banking space, ICICI Bank has fallen by nearly 2%. SBI is marginally down. However, HDFC Bank is up by nearly 1%.
Interest rate sensitive Realty segment extended their gains for straight sixth trading session on expectations that the RBI will start cutting interest rates in the coming months to support the slowing economy. DLF has zoomed by nearly 3%.
Shares of power companies are in limelight ahead of the Prime Minister's meeting with chiefs of power companies to discuss various issues related to the sector later today.
Ratan Tata, Anil Ambani and Gautam Adani will discuss issues such as coal shortage, distribution companies' strained finances and rate problems involving new ultra mega power projects (UMPPs).
Among the individual stocks, Reliance Infrastructure, Reliance Power and Tata Power have gained between 2-3%.
The broader markets are trading on a marginally positive note, both climbing up by nearly 0.3%.
Automotive Axles has soared 10% on reporting a net profit of Rs 19.73 crore for the first quarter ended December 2011, on the back of higher operational income. The auto parts and equipment maker had reported a net profit of Rs 9.76 crore in year ago quarter. Net sales grew 64% at Rs 293 crore on year-on-year basis.
KEC International has moved higher by 5% after the company said it has secured an order worth of Rs 340 crore from Sterlite Technologies for the construction of 785 kv and 400 kv transmission lines in Maharashtra and Gujarat.
The market breadth in BSE remains positive with 1,253 shares advancing and 1,054 shares declining.