Sensex slips on dismal Dec IIP, banks flat; Re loses
IIP came in at negative 0.6 percent, pulled down by sloth manufacturing and consumption growth. At 11.21 AM, the Sensex fell 9.34 points at 19451.23, and the Nifty went down 6.55 points at 5891.30.
Nifty gave up all its gains as December Index of Industrial Production (IIP)reflected sluggisness in the economy. December IIP came in at negative 0.6 percent, pulled down by sloth manufacturing and consumption growth. A CNBC-TV 18 poll had expected it at 1.1 percent. Bond yields moved up and the INR depricated to fresh two -week high level of Rs 53.96 to a dollar.
At 11.21 AM, the Sensex fell 9.34 points at 19451.23, and the Nifty went down 6.55 points at 5891.30.
ONGC was rewarded by investors after it posted better-than-expected numbers and remained topper on the bourses. The stock bolstered it gains to trade 2.6 percent up at Rs 316 per share. Private sector banks were marginally up with HDFC Bank, ICICI Bank and HDFC in the lead. Public sector banks like SBI and Bank of Baroda were trading marginally lower than their previous closing figues.
In auto space Bajaj Auto, Maruti Suzuki and Tata Motors were up around 1 percent. JP Associates was the biggest index loser after it posted disappointing quarterly numbers, the stock was down 4.5 percent. Infosys and TCS werte trading with 2 percent and 0.5 percent cuts respectively.
Unitech and DB Realty remained biggest losers in trade, both falling nearly 20 percent. HDIL and Indiabulls fell 5.5 percent each.