Mumbai, Jan 4 (IANS): Indian equities markets continued to trade in a tight range Wednesday noon with traders booking some profits and taking a breather after the rally in the previous session.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,967.49 points was ruling at 15,877.51 points around 12 p.m. -- 61.85 points or 0.39 percent down from its previous close at 15,939.36 points.

The Sensex had gained over 421 points in Tuesday's trade.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also was trading lacklustre at 4,745.1 points, down 0.42 percent or 20.2 points from its previous close.

Broader markets were also quiet. The BSE 500 index was ruling 0.19 percent down from its previous close.

PSU stocks were on the rise on reports that the cabinet was likely to allow state-run firms buy-back shares. Capital goods too rose, while auto and telecom scrips saw selling.

The market breadth was positive with 1,362 stocks advancing, compared to 1,019 on the decline. Another 119 remained unchanged.

Prominent gainers on the 30-scrip Sensex included BHEL, ICICI Bank, Tata Motors and ONGC.

Many of the Asian markets, which were closed, had their first full trading day in the new year.

Taking cues from the positive overnight closing in Europe and US bourses, the Japanese Nikkei moved up 1.24 percent and closed at 8,560.11 points. Hong Kong's Hang Seng saw some profit booking and was ruling 0.71 percent lower at 18,742.82 points.

The Chinese Shanghai Composite index was also down 0.67 percent at 2,184.74 points.