MUMBAI: Indian markets were moving in range close to intermediate support levels after a rally in last session. Sharp decline was seen in shares of metals and mining companies after the government approved draft mining bill. A group of ministers formed to approve the draft mining Bill, has agreed to earmark 100 per cent of the royalty paid by major mineral mining companies, to compensate people displaced by such projects. The panel, chaired by finance minister Pranab Mukherjee , which met on Thursday , also agreed to earmark 26 per cent of the profit made by coal mining companies, in favour of people directly affected. Major minerals would include iron ore, bauxite, copper and other minerals. Typically royalty is a tax calculated as a percentage of price. The current royalty rate for iron ore is 10% and revenue garnered from royalty go to state governments. At 12 pm; Bombay Stock Exchange's Sensex was at 19036.71, down 41.59 points or 0.22 per cent. The 30-share index hit a high of 19131.70 and low of 18962.47 intraday. National Stock Exchange's Nifty was at 5711.80, down 17.15 points or 0.30 per cent. The broader index touched a high of 5740.40 and low of 5689.10 in trade so far. On the daily chart, we are observing that the prices are approaching near the downward sloping trenline joining the two significant highs of 21109 & 20665 / 6339 & 6181. Markets after four days of consolidation have given a strong close near the downward sloping trendline. Considering the price action, it can be inferred that the positive momentum may continue for some more time. On the upside if indices trade above19098 / 5737 levels then they are likely to test 19287 - 19437 / 5800 - 5850 levels. On the downside, 18890 - 18767 / 5673 - 5632 may act as support for the day," said Angel Broking note. BSE Midcap Index was down 0.01 per cent and BSE Smallcap Index moved 0.18 per cent lower. Amongst sectoral indices, BSE Metal Index was down 2.07 per cent, BSE Oil&gas Index slipped 0.68 per cent and BSE Capital Goods Index declined 0.68 per cent. BSE Realty Index was up 2.31 per cent and BSE Auto Index moved 0.76 per cent higher. Sterlite Industries (-4.12%), Hindalco Industries (-2.02%), ICICI Bank (-1.85%), Jaiprakash Associates (-1.83%) and Jindal Steel (-1.75%) were the major Sensex losers. DLF (2.41%), Hero Honda (1.30%), ONGC (1.15%), Bajaj Auto (1.10%) and Reliance Infrastructure (1.10%) were amongst the top gainers. Market breadth was negative on the BSE with 1399 declines against 1165 gainers.

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