Tepid Sensex finds few takers, HDFC Bank, Tata Motors gain

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs

The market continued to hover around its previous closing value due to mixed trade in global markets, ahead of emergency meet of euro area finance ministers to discuss Greece debt deal. The Sensex was down just 32 points at 17,675.52 and the Nifty declined 7 points to 5,361.25.

Philip Poole, global head of emerging markets at HSBC is upbeat about Greece. He tells CNBC-TV18 that the nation is getting close to a solution to the crisis and that a debt swap deal is most likely before March.

Back home, shares of Hindalco crashed 6% on dismal performance by its subsidiary Novelis in Q3. ONGC, IDFC, Bharti Airtel, Sun Pharma and L&T were down 1-2.5%. Reliance Industries, ITC, HDFC, TCS, SBI and Sterlite fell 0.5-1%.

However, Tata Motors, Bajaj Auto, NTPC, Hero Motocorp, HDFC Bank, Cairn India, Reliance Power, Reliance Communications and Siemens were biggest gainers among largecaps, rising 1.5-3%.

In the second line shares, Fresenius Kabi and Puravankara Projects shot up 11-14%. Tata Investment Corp, Delta Corp and Blue Star gained 6-8%. However, Responsive Industries, Muthoot Finance, Manappuram Finance, Vaarad Ventures and India Infoline lost 3-8%.

Smallcaps like Gati, Jayaswal Neco, Hindustan Dorr-Olive, Andrew Yule and HEG rallied 10-16% while Venkys, Warren Tea, ARSS Infra, Odyssey Corp and Asian Hotels fell 5-6%.

The market breadth remained positive; about 1563 shares advanced while 985 shares declined on the BSE. The broader markets moved up 0.8%.

At 11:44 hours IST : Nifty in narrow range; broader markets outperform

The Nifty was moving in a tight range of 5,345-5,365. All markets across the globe are waiting for the outcome of an emergency meet of eurozone finance ministers over Greek debt deal.

Back home, the Sensex fell just 37 points to 17,670 and the Nifty declined 8 points to 5360.

Index heavyweights and oil & gas majors Reliance Industries and ONGC were down 0.5% and 2.2%, respectively.

Shares of largest aluminium producer Hindalco Industries fell over 5% due to disappointing results from its subsidiary Novelis, which reported a loss of USD 12 million in Q3. Company is also going to declare its Q3 results today.

Among the others, L&T, ITC, TCS, Wipro and Bharti Airtel were down 0.5-1%.

Among the banks and financials stocks, SBI and HDFC were marginally lower while HDFC Bank rose 1.6%.

However, Tata Motors, Bajaj Auto, NTPC and Hero Motocorp gained nearly 2%. HUL, BHEL, DLF, Jindal Steel, Tata Power and Cipla were up 0.5-1%.

The broader markets outperformed the benchmarks - the BSE Midcap and Smallcap indices rose 0.8% each.

Advancing shares outnumbered declining shares on the BSE.