The markets ended marginally in green amid a rangebound session.Sensex ended flat but Nifty closed with modest gains eyeing the 4,300 mark. In terms of cues, Asia ended mixed with a negative bias and even Europe opened weak.

Telecom, capital goods and oil refinery stocks are trading in green. The rupee is trading weak against the dollar at 40.95, giving boost to metal stocks but IT index ended in red. Also select banking, cement, oil marketing and pharma stocks ended lower.

New listings like Time Technoplast, Netflier, Icra have did well in today's market.

Sensex was up 13.36 points or 0.09% at 14501.08, and the Nifty up 26.30 points or 0.62% at 4285.7.

Jagdish Malkani, Member, NSE, said that the markets have surprised him with their strength. "In the wake of jittery world markets, the Bear Stearns problem in the US, the Dow and the S&P etc. finding hard to hold on to gains, Asia has also been nervous. So within that, we are proving to be quite a beacon in the last two or three trading sessions," he said.

He feels that the markets are looking forward to the next quarter's results. "I think largely backed by great corporate performances, announcements etc., the market is by and large waiting for the quarterly results, which will start coming out within the first 10-15 days. But overall, it is fairly robust, especially considering the F&O, June month is drawing to a close and previous Junes have been quite jittery in the last few years," he said.

Malkani feels that the market might see a correction of as much as 1000 points. "I am still in the camp that at some stage, one will have that famous 1000 odd Sensex point correction sooner rather than later. But yes, partly liquidity and partly the feeling among the FIIs in particular, that this domestic play, corporate India on a roll manufacturing those IIP numbers - all that will stay on top. Lets face it; some of what’s happening in our corporate space is quite dramatic.So, I think all that put together is leading to this. But at the same time it’s the same old basket of a few star stocks that are leading the indices up. It’s still not broad enough for our liking," he added.

K Ramachandran of BNP Paribas feels that the global cues are helping the Indian markets. He feels that the market has not moved decisively anywhere. "I do not think there is any clarity that has emerged on the domestic front but the fact that the global markets continued to do by and large well, has helped the Indian markets to edge up and there is not much news on the monetary policy front. So, if at all anything, the rupee has weakened a little bit against the dollar; so some kind of dollar defending measures have come about from Reserve Bank - which in other words will mean release of liquidity into the system. So I think that is probably helping the markets and also global positive cues are helping the market but otherwise the market is heading nowhere. I do not think it has moved decisively either in the up or the down direction. It is waiting for a major trigger to come and for the markets to take a decisive direction."

He suggests caution, to investors. "I would be on the cautious side, although I think there are number of stock specific stories, which seems to be delivering very good returns and which will always help a portfolio to outperform. So there are these stories and I think one has to be on the look out for these stories because equity markets in the medium-term still looks good. So there is no basis for cashing out of this market. But I think if you have to invest in the market as a broad basket, then I think we need to be little cautious and probably wait a while longer and look at the quarterly results before making further commitments," Ramchandran said.

The Sensex is not ruling at all time high, he feels. “Sensex is not ruling at all time highs; I think it may just cross the all time high and just by way of reflex action, because the rest of the indices are ruling at all time highs. But is the market in real term going to make any significant high? I doubt very much, I think that the markets will remain in some kind of range, maybe largish range from 14,700-14,800 to 13,700-13,800, a 1000-point range. But I do not think it is going really decisively move in either direction at least for the next three months.”