Sensex see-saws; RIL, M&M, GAIL top gainers

The market has not been showing any confident moves and continues to trade in a narrow range with positive bias as oil & gas and IT stocks witnessed buying interest. However, realty, power and capital goods stocks traded in the negative. Analyst expect indices to remain range-bound in the long term.

Heavyweights like Reliance, Infosys, ICICI Bank, TCS and ONGC were helping the bourses to remain in the green. Naresh Kothari, President of Edelweiss Capital says the market may not see momentum building on either side. He expects key benchmark indices to remain range-bound for the long-term. At 13.45 hrs IST, the Sensex was up 66.62 points or 0.37% at 18152.82, and the Nifty was up 17.55 points or 0.32% at 5438.15. About 1102 shares advanced, 1526 shares declined, and 1013 shares remained unchanged. Top gainers on the Sensex - Reliance at Rs 920.05 up 2.02%, M&M at Rs 679.90 up 1.58%, TCS at Rs 1,166.65 up 1.31%, ONGC at Rs 276 up 0.73% and Bajaj Auto at Rs 1,295.50 up 0.69%. Top losers on the Sensex - Reliance Comm at Rs 83.75 down 2.73%, Tata Power at Rs 1,221.50 down 2.26%, DLF at Rs 225.40 down 1.91%, Hero Honda at Rs 1,803 down 1.83% and Reliance Infra at Rs 556.70 down 0.78%. Engineering major Larsen and Toubro (L&T) posted a 26% rise in its net profit for the fourth quarter (December to March), which rose to Rs 1,686 crore versus Rs 1,337.4 crore, year-on-year, YoY. Its net sales were up 11% at Rs 15,078 crore versus Rs 13,585.1 crore. The stocks has touched a 52-week low of Rs 1,475 and trading at Rs 1,503.55, down Rs 2.20, or 0.15%.
_PAGEBREAK_ Nifty rangebound; oil & gas, FMCG up Indian benchmark indices were continued to trading in rangebound. Buying was seen oil & gas and FMCG stocks while selling pressure was seen in realty, capital goods and power stocks. Broader indices were also trading quiet. Domestic market has witnessed much volatility in the past few weeks due to various factors like macroeconomic issues, earnings downgrades and interest rate hikes. Analysts on the street feel that the market has got derated and unless concerns over macroeconomic issues simmer down, the market won