Nifty consolidates, shrugs off Jan IIP data

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs BSE | NSE 10/02/12

The 50-share NSE Nifty was consolidating at current levels. It shrugged off January Index of Industrial Production (IIP) data despite seeing initial positive reaction. The IIP came in at 16.7% as against 1% in January 2008.

December IIP data was also revised upwards to 17.6% from 16.8% and April-January industrial growth was at 9.6% versus 3.3% (YoY). All the sectors, except Consumer non-durables, showed good growth. January manufacturing sector growth was at 17.9% versus 1%; mining was at 14.6% versus 0.7 %; electricity was at 5.6% versus1.8%; basic goods was at 10.7% versus -0.7%; capital goods was at 56.2% versus 15.9%; intermediate goods was at 21.3% versus -7.2%; consumer goods growth was at 4.2% versus 3.6% and consumer durable goods growth was at 31.6% versus 2.1% while consumer non-durables growth was at -3.1% versus 4% (YoY).

Asian markets were mixed in trade; Shanghai fell 1% while Nikkei gained 0.8%. Other markets were flat in trade.

Metal, auto and oil & gas exploration companies' shares were seeing buying interest along with Bharti, ITC, ICICI Bank, TCS, Ranbaxy and Tata Power.

However, selling continued in capital goods despite strong growth in January capital goods growth numbers. NTPC, HDFC Bank, HDFC, HUL, Infosys, Sun Pharma, Jaiprakash Associates, Idea, Reliance Infrastructure and Suzlon were the other losers.

The Sensex was trading at 17163, down 5 points while the Nifty was at 5135, up 2.3 points. The Nifty March Future was trading with 5 points premium.

In the midcap space, Asian Star, Usha Martin, KGN Industries, Fortis Health and Ackruti City gained 3-5% while REI Six Ten, Shree Renuka, M&M Financial, Balrampur Chini and Bannariamman lost 3-7.7%.

In the smallcap space, Shirpur Gold, Sunil Hitech Engg, Oscar Inv, KNR Construction and Visa Steel were up 5-8% while Take Solutions, Prraneta Ind, Mah Polybutenes, Thinksoft and Gemini Comm fell 5-7.8%.