Among the stocks that gained ground today were Tata Power, which rallied 3.60% at Rs 100.75. DLF, Jaiprakash Associates and Reliance Infrastructure were other shares that rallied sharply in trade today.

Metal and mining stocks like NMDC, Sterlite and Sesa Goa also rose sharply in trade. Among the laggards in today's trade were Ranbaxy, Maruti Suzuki, ACC and Siemens.

Markets are expected to remain range bound, as any runaway gains will be capped by high inflation and policy indecision by the Central Government. Markets at the start of the year were expecting a series of interest rates cuts by the RBI, however, expectations are now muted on account of high crude prices.

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