Markets remained flat after the government announced Index for Industrial Production for October which was better-than-expected at 8.2%. According market experts the Oct IIP was expected around 4.5% on the back of a lower base effect.
Infoys, Reliance Industries, ITC were among the top Sensex gainers.
At 11AM, the Sensex was up 58 points at 19,445 and the Nifty was up 13 points at 5,912.
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(Updated at 11AM)
Markets firmed up in late morning deals on the back of better-than-expected industrial production in October which stood at 8.2%. The market had expected industrial production for October around 4.5%.
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The manufacturing sector, which constitutes about 76% of industrial production growth, was at 9.6% vs -6% year-on-year. The basic goods sector growth was at 4.1% vs 1.2% y-o-y. The consumer goods sector growth was at 13.2% vs 0.1% y-o-y. The electricity sector growth was at 5.5% vs 5.6% y-o-y. The capital goods growth was at 7.5% vs -26.5% y-o-y
At 11:20AM the Sensex was up 49 points at 19,436 and the Nifty was up 10 points at 5,909.
In the Sensex pack, top gainers were index heavyweights Infosys, Reliance Industries and ICICI Bank. Among other Sensex shares Mahindra and Mahindra was up 2% tracking gains of its group company Tech Mahindra which rallied on reports that more than 7% of total equity of the company (Tech Mahindra) changed hands via bulk deals.
Software shares firmed up on the back of a weak rupee. Apart from Infosys, Wipro and TCS were also among the top Sensex gainers.
Two-wheeler majors Hero Honda and Bajaj Auto were up over 1.4% each on hopes that sales growth during the third quarter (Oct-Dec) would continue to remain strong on the back of demand during the festive season.
Among other shares, ABG Shipyard has firmed up by 4% at Rs 385 after the company said it has received an order from Indian Navy worth Rs 485 crore for the construction of Cadet training ship. The company has signed a repeat order for construction of one additional Cadet Training Ship for Indian Navy (Ministry of Defence) valuing Rs 485 crore,” ABG Shipyard said in a statement.
Kingfisher Airline was up nearly 5% for the second day in a row and locked in upper circuit of Rs 16.45 with no sellers on the counter after the company has confirmed that it is in talks with Etihad Airways and other investors to take a stake in the embattled carrier.
In the broader market the BSE Mid-cap index was up 0.1% while the Small-cap index was up 0.2%.
Market breadth continued to remain positive with 1,226 gainers and 1,184 losers on the BSE.