Moneycontrol
Apr 12, 2012 02:28 PM IST | Source: Moneycontrol.com

Sensex shrugs IIP data, jumps to day's high; banks lead

The BSE Sensex moved to near day's high again as it shrugged off industrial output for February. The broader markets continued to outperform benchmarks - the BSE Midcap and Smallcap indices were up 1.2% each.

Sensex shrugs IIP data, jumps to day's high; banks lead

The BSE Sensex moved to near day's high again as it shrugged off industrial output for February. The broader markets continued to outperform benchmarks - the BSE Midcap and Smallcap indices were up 1.2% each.


The BSE Bankex spiked 1.8% as country's largest lenders State Bank of India and ICICI Bank surged 2% each while rivals HDFC Bank was up 1%. Axis Bank rallied 2.7%.


The BSE benchmark climbed 161.5 points or 0.94% to 17,360.87 and the NSE benchmark gained 53 points to 5,279.75.


Listen to the accompanying audio for more mid-market updates..


The growth in February industrial production (IIP) came in at 4.1%, which is an improvement over the January number. The January IIP number has been revised to 1.1% from 6.8% (provisional). The Central Statistical Organization revised January IIP figure after it spotted an error in sugar output numbers. Based on the January provisional numbers, a CNBC-TV18 poll had estimated February IIP growth flat at 6.7% .


Shares of ITC, top cigarette manufacturer jumped 1.5% and FMCG major HUL went up 1%.


Engineering and construction company Larsen & Toubro rose 1.5% and state-owned Bharat Heavy Electricals was up 2%.


Oil & gas producer Reliance Industries and top telecom operator were up 1% each.


However, technology stocks were moderately lower ahead of fourth quarter earnings by Infosys. CNBC-TV18 expects a fall of 3.4% QoQ in net profit of Rs 2290 crore for the quarter ended March 2012.


In the second line shares, Schneider Electic, Max India, AstraZeneca, Whirlpool and Novartis India shot up 5-9.5%.


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At 11:12 hours IST: Sensex off day's high post Feb IIP at 4.1%


The BSE Sensex shed some gains post lower than expected industrial output data for the February and revision in January data. However, positive growth in mining and capital goods sectors helped the market hold 100 points gains. Index of industrial production came in at 4.1%, which was very lower as compared to expectations of 6.7% and January's IIP of 6.8%.


January IIP revised to 1.1% as against 6.8% (provisional). Capital goods sector grew 10.6% versus negative 5.7% and mining moved up at 2.1% versus 1.2% YoY. Consumer non-durable goods growth came in at 5.1% and electricity sector grew at 8% in February. Manufacturing sector increased at 4% as against 7.5% in corresponding period.


The BSE benchmark rose 113 points to 17,312.63 led by 23 components. Meanwhile, the NSE benchmark gained 36.3 points at 5,263.15.


Shares of ICICI Bank and State Bank of India gained 1-1.5%. Index heavyweight Reliance Industries went up 0.7%.


Engineering and construction company Larsen & Toubro rose 1% and state-owned BHEL moved up 2%.


Advancing shares outnumbered declining in the ratio of 4:1.


At 10:14 hours IST: Nifty holds 5250; NBCC drops, MT Educare jumps on listing


The BSE Sensex stayed higher with more than 100 points gains led by consistent support from 25 components. Index of industrial production data for February will be announced by the government today; CNBC-TV18 expects at 6.7% as against 6.8% in January.


CNBC-TV18 reported quoting finance ministry sources that the government won't tax FIIs retrospectively, which too helped the market maintain early gains.


The BSE benchmark was up 136 points at 17,335.37 and the NSE benchmark rose 44 points to 5,270.80 while the broader markets outperformed benchmarks. The BSE Midcap and Smallcap indices were up 1% each.


Major sectoral indices like the BSE Capital Goods, Power, Bank, Metal, FMCG and Auto gained 1-1.5%.


Country's largest lenders State Bank of India and ICICI Bank were up 2% and 1.4%, respectively, while rival HDFC Bank went up 0.9%.


Capital goods majors Larsen & Toubro and BHEL gained 1.5-2%. Cigarette major ITC spiked 1.2% and FMCG leader HUL too rose over 1%.


However, shares of TCS, Sun Pharma, ONGC and Wipro were marginally lower. Infosys was quite volatile ahead of its Q4 earnings tomorrow.


New listings - NBCC tanked 10% to Rs 95.25 as against issue price of Rs 106 a share while MT Educare shot up 13% to Rs 90.35 versus issue price of Rs 80.


Vakrangee Software shot up nearly 9% post price adjustment for the bonus and stock split. The company fixed April 13, 2012 as the record date for eligibility of the shareholders to get sub-divided shares (from Rs 10 to Re 1) and bonus shares (in the ratio of one share for every one share held).


About three shares advanced for every share declining on the National Stock Exchange.


At 9:19 hours IST: Sensex up 100 pts; banks, cap goods lead


The BSE Sensex spiked more than 100 points in early trade on Thursday, supported by banks, capital goods and metal stocks. Infosys, country's second largest software services provider gained 0.3% ahead of Q4 earnings tomorrow, which are expected to be lower.


The BSE benchmark was up 122.5 points at 17,321.8 and the NSE benchmark rose 40.35 points to 5,267.20.


Most beaten down stocks saw buying today. Metal stocks like SAIL, Sterlite, Hindalco, Tata Steel and Sesa Goa gained 1-3%.


Infrastructure stocks like JP Associates, BHEL and L&T too moved up. ACC and Ambuja Cements went up 1-2%, which had tanked 4-5% yesterday.


Country's largest lenders State Bank of India and ICICI Bank were up 1.3-1.5%.


However, HUL, ITC, Dr Reddy's Labs and Wipro were marginally lower.


The CNX Midcap Index was up 53 points or 0.7% to 7,647. About three shares advanced for every share falling on the National Stock Exchange.


In the second line shares, Dena Bank, DCB, UCO Bank and Vijaya Bank were up 2-2.5%.


Max India shot up nearly 4% after reports suggested that Japan's MS&AD Insurance is close to buying 26% stake of New York Life in Max Life JV for USD 544 million.


Gas transporters - Indraprastha Gas, Petronet LNG and Gujarat Gas moved up 1-3%.


Noida Toll Bridge was up 2.5% and Viceroy Hotels jumped 5%.


Kingfisher Airlines surged 4.5% and McDowell Holdings went up 5%. Jet Airways and SpiceJet gained more than 1%.

On the global front, Asian markets like Shanghai, Hang Seng and Straits Times were up 0.3-0.5% while Kospi fell nearly 1%.

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