Markets range bound

The markets had surged in opening trade tracking firm Asian markets.But the markets are range bound in the afternoon trade.Markets have given up some of the early gains due to selling pressure in IT and Auto stocks, but are still trading in the green.At 13.05 pm the sensex is at 12689,44 points up,while Nifty is trading 11 points up at 3691.

Debutante Astral Poly Technik,was another firm to list meekly on the bourses.Cement shares were in demand following a report that the government may offer a five-year tax break to cement plants set up after 1 April 2007. Grasim Industries gained 3% top Rs 2106, Gujarat Ambuja Cements rose 3% to Rs 110.75 and ACC gained 1.9% to Rs 754.

The Bank of Japan (BoJ) today kept interest rates unchanged at 0.5%. BoJ also left its assessment of the economy unchanged in a monthly report on Tuesday. "Japan's economy is expanding moderately," the central bank said in its report for March. The BoJ also maintained its outlook that the economy will continue expanding moderately.