Sensex rangebound; Shipping Corp, Ashok Leyland up over 5% !!!

The BSE Sensex continued to move in a range around its previous closing value due to lack of local and global cues. Shares of Jindal Steel & Power gained 1.4 percent ahead of second quarter numbers today; Profit after tax is likely to increase 2.6 percent year-on-year to Rs 898 crore in the quarter. The 30-share BSE benchmark fell 16 points to 18,830.42 and the 50-share NSE benchmark was down 5 points to 5,733.45. United Spirits touched 52-week high of Rs 1,425 (gaining 6 percent) as sources say the UB Group-Diageo agreed on financial & management contours and they may may announce deal of stake sale tomorrow. In the second line shares, Shipping Corporation of India surged nearly 6 percent after the company reported a profit of Rs 297 crore in the second quarter of FY13 as against loss of Rs 140 crore in a year ago period. Ashok Leyland rose 5 percent as its September quarter results were significantly ahead of estimates. The company reported a big operational surprise and margins grew 210 basis points QoQ despite tough macro environment.