Mkts ranged; SBI, DLF, ICICI, Tata Steel, L&T gain

The markets are trading rangebound. The Nifty is swinging between 2693.65 and 2620.60. SBI, DLF, ICICI Bank, Tata Steel, L&T, PNB, SAIL, Maruti, Reliance Infrastructure, HDFC, and Tata Motors are trying to support the markets. However, selling continues in Infosys, ONGC, Bharti, Wipro, NTPC, RIL, ITC, Reliance Communications, Hero Honda, Hindalco, Ranbaxy Laboratories, Satyam, BHEL, and TCS.

The Sensex fell 41 points to 8,697 and the Nifty lost 19 points to 2,638, at 2:07 hours IST. However, BSE Midcap Index gained 1% and Small Cap Index rose 0.3%.

Market breadth is mixed; about 1414 shares have advanced while 1335 shares have declined. Nearly 449 shares are unchanged.

On the global front, European markets are trading weak. FTSE 100 fell 0.60 points to 4,098. CAC and DAX tumbled 1.10% and 1.49% to 3,118 and 4,464, respectively.

Markets @ 12:42 pm : Mkts choppy; RIL seeing high volatility

The benchmark indices are still trading volatile. Buying is seen in banking, metal, power, realty and select capital goods stocks. Midcap and smallcap stocks are on buyers' radar. However, selling continues in ONGC, Bharti, Infosys, Wipro, Idea, HUL, Hero Honda, Sun Pharma, Satyam, and Hindalco. Reliance Industries is the most volatile stock in today's session.

The Sensex rose 20 points to 8,759 and the Nifty gained 0.65 points at 2,658, at 12:42 hours IST. BSE Midcap Index shot up nearly 1.5% and Small Cap Index rose 0.7%.

Among the frontliners, Tata Steel, DLF, Suzlon Energy, SBI and ICICI Bank rose 4-8.5%.

Market breadth is slightly positive; about 1424 shares have advanced while 1329 shares have declined. Nearly 445 shares are unchanged.

In the midcap space, GMDC, Advanta, Kingfisher Airlines, LIC Housing Finance and Shoppers Stop jumped 8-14%. Among the small cap stocks, Force Motors, Piramal Glass, Indo Tech Transformers, Sparsh BPO Svcs and Techno Electric gained 10-20%.

Markets @ 11:32 am : Mkts volatile; Nifty hovering around 2650

The benchmark indices are trading volatile. Buying is seen in SBI, Reliance Industries, Tata Steel, ICICI Bank, SAIL, L&T, HDFC, TCS, Sterlite, Suzlon Energy, DLF, Unitech, and Tata Motors. However, Bharti, ONGC, Infosys, ITC, Wipro, HUL, Idea, Hero Honda, Satyam, Ambuja Cements, Hindalco, Maruti, Tata Power, and M&M are pulling the indices down.

The Sensex lost 28 points to 8,711 and the Nifty fell 13.5 points to 2,644, at 11:32 hours IST. BSE Midcap gained 1% and Small Cap Index rose marginally.

Market breadth is slightly weak; about 1301 shares have advanced while 1444 shares have declined. Nearly 453 shares are unchanged.

Markets @ 10:31 am : Mkts weak; Bharti, ONGC, NTPC, Infosys, TCS down

The markets are trading weak and are seeing some volatility. Telecom, technology, FMCG, power, select oil and capital goods stocks are under pressure. However, major metal stocks are on the buyers' radar. The Nifty is trading below 2650 level.

The Sensex fell 82 points to 8,657 and the Nifty lost 29 points to 2,628, at 10:31 hours IST. BSE Midcap and Small Cap indices gained marginally.

Bharti Airtel, ONGC, NTPC, Infosys, TCS, ITC, HDFC Bank, BHEL, DLF, Maruti, HDFC, Tata Power, Ambuja Cements, Hindalco, M&M and Reliance Communication are weak. However, Tata Steel, Sterlite Industries, SAIL, Suzlon Energy, Tata Motors and Unitech are gainers.

Amit Khurana, Head-Equity, Collins Stewart, expects the markets to remain rangebound. “The markets will be unable to break this range for quite sometime. With the stimulus packages that the government is likely to announce, the market may hold within its range. However, the market would take time to discount any news flows going forward.”

Market breadth is in favour of declines; about 1242 shares have advanced while 1509 shares have declined. Nearly 447 shares are unchanged.

On the global front, Asian markets are trading mixed. Shanghai, Hang Seng, Nikkei and Straits Times rose 1-1.6%. However, Kospi and Taiwan fell 0.5-1%.

Markets @ 9:57 am : Mkts choppy; RIL, SBI, Tata Steel, L&T, SAIL up

The markets bounced back in early trade following positive global cues, but immediately turned volatile. The Nifty is hovering around 2650 level.

At 9:57 am, the Sensex rose 21 points to 8,760 and the Nifty gained 2.7 points at 2,660.50. CNX Midcap 100 went up 29 points to 3,258.

Unitech, Tata Steel, Reliance Infrastructure, Reliance Industries, Tata Motors, Suzlon Energy, HDFC, Jaiprakash Associates, ICICI Bank, DLF, SAIL, L&T, SBI and Dr Reddys Labs are gainers.

However, ONGC, Bharti Airtel, Infosys, HDFC Bank, ITC, Wipro, TCS, Idea, Maruti, Sun Pharma and Ambuja Cements are under pressure.

Dr Reddys Labs jumped nearly 4%, as German drug maker AOK shortlisted the company for supply of several drugs. AOK had called for tenders for supply of 64 products.

Tata Steel rose 5.5% after its consolidated numbers. Its net sales increased to Rs 44,198.97 crore from Rs 32424.9 crore and net profit was up at Rs 4,703.64 crore versus Rs 3342.4 crore. Margins shot up to 17.6% versus 15.2%.

US markets rallied, rebounding from the market's worst tumble since October, after General Electric announced plans to maintain its dividend and the Federal Reserve extended terms of three emergency loan programs.

On closing bell, Dow Jones ended up 270 points at 8419, Nasdaq ended up 51 points at 1449 while the S&P 500 index rose 33 points at 848.

Market Cues:

US markets rally 4%, Asian markets mixed

NSE multiplies lot sizes of 243 F&O stocks by 2-14X to bring contract sizes above Rs 2 lakh

SEBI's move on cross margining may lead to higher arbitrage volumes

FIIs net buy $38.1 million in equity on December 1: SEBI

MFs net sell Rs 75 crore in equity on December 1: SEBI

NSE F&O Open Interest up Rs 616 crore at Rs 39,540 crore

F&O Cues:

Futures Open Interest down Rs 217 crore, Options Open Int up Rs 833 crore

Nifty Futures shed 8 lakh shares in Open Interest, at 5-point discount

Nifty Open Int Put-Call ratio at 1.05 Vs 1.03

Nifty Puts add 16 lakh, Calls add 11.8 lakh shares in Open Int

Nifty 2500 Put adds 6.8 lakh shares in Open Int

Nifty 2600 Put adds 6.2 lakh shares in Open Int

Nifty 2600 Call adds 5.7 lakh shares in Open Int

Nifty 2700 Call adds 4.9 lakh shares in Open Int

Stock Futures add 1.8 crore shares in Open Int