Nifty rangebound; Ranbaxy, Ambuja Cement, ICICI up

MUMBAI: Indian markets were witnessing a choppy session due to lack of cues from global peers. Gains in FMCG, oil&gas and metals stocks were offset by losses in banks, IT and realty space.

"We are in for a sedate opening and another day of rangebound consolidation, as investors remain wary after last week's drubbing. The undertone continues to be cautious amid macroeconomic headwinds like high inflation and rising borrowing costs. Crude oil has recovered after last week's crash and is back above US$100 per barrel.

Corporate earnings have been mixed at best. FII flows have not been supportive of late. Policy-making at the Centre has been in a limbo for a while now and may not pick up pace anytime soon.

In a nutshell, the market will largely remain stable without any clear bias. Investors ought to focus on stock centric action, as the main indices are not going anywhere in a hurry. The near term outlook is uncertain with a rangebound trade likely between 5450 and 5630. The 100-DMA is at 5680 and 200-DMA is placed around 5750.

Oil & Gas PSUs will be in focus amid reports that the EGoM will on Wednesday consider fuel price hike and possible steps to reform pricing of petroleum products," said IIFL report.

At 9:40 am; National Stock Exchange's Nifty was at 5540.90, down 10.20 points or 0.18 per cent. The broader index touched a high of 5558.80 and low of 5537.50 in trade so far.

Bombay Stock Exchange's Sensex was at 18530.22, up 1.26 points or 0.01 per cent. The 30-share index hit a high of 18568.25 and low of 18485.42 in early trade.

BSE Midcap Index was up 0.06 per cent and BSE Smallcap Index moved 0.19 per cent higher.

Amongst the sectoral indices, BSE Bankex was down 0.85 per cent, BSE IT slipped 0.50 per cent and BSE Realty Index declined 0.16 per cent. BSE FMCG Index was up 1.69 per cent, BSE Oil&gas Index moved 0.57 per cent higher and BSE Metal Index advanced 0.31 per cent.

Ranbaxy Laboratories (-1.69%), Ambuja Cement (-1.54%), Hero Honda (-1.47%), HDFC Bank (-1.38%) and ICICI Bank (-1.26%) were the top Nifty losers.

Hindustan Unilever (4.04%), Hindalco (1.73%), ONGC (1.53%), ITC (1.38%) and Sterlite Industries (1.24%) were the major gainers.

Market breadth was positive on the NSE with 719 gainers against 649 losers.