There were slight recovery in afternoon trade. The Nifty has held above the key 5900-levels led by oil & gas & autos even as capital goods & realty slumped.
The Sensex was up 56.68 points or 0.29% at 19517.25 while the Nifty rose 11.75 points or 0.20% at 5909.60. The midcap index was down over half a percent.
Sentiment in market was dented after industrial output in December fell to negative 0.6 percent, which is lower than the 0.8 percent decline (revised from 0.1 percent) seen in the month before. A CNBC-TV18 poll had estimated the index of industrial production (IIP) for December at 1.1 percent.
Top gainers on the BSE were ONGC (2.5%), Sun Pharma (2.2%), Bharti Airtel (1.9%) and Reliance (1%).
From the earnings calendar-JP Associates slumped after margins slipped below estimates to just over 22% and the bottomline fell more than 60%. SAIL and JSPL are the key numbers to watch out for today
Top losers on the Sensex were Jindal Steel, Infosys and Sterlite Industries
Meanwhile, the fallout of 2G scam sliced through the realty index, with Unitech cracking 20%. In a Network18 exclusive, the CBI suspected its own prosecutor of aiding Unitech MD Sanjay Chandra, one of the accused in the 2G case. Unitech responded saying Sanjay Chandra never met prosecutor AK Singh on the 2G case.
DB Realty too collapsed (down 15.9%) on revelation that Shahid Balwa's name is mentioned in the telephonic conversation between Singh and Unitech's Chandra.
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.
At 09.19 AM, the Sensex moved up 36.50 points to 19497.07, and the Nifty was trading 8.80 points higher at at 5906.65. ONGC was the top gainer on Nifty with over 2 percent gains.
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Market technically overbought; paper supply to weigh: Dutt