SENSEX NIFTY
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.

11:56

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%.

11:12
The BSE Sensex shed some gains post lower than expected industrial output data for the February and revision in January data, but immediately recovered due to positive mining and capital goods data.

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10:16
The BSE Sensex and Nifty rose as banks extended gains from the previous session on hopes for a cut in cash reserve ratio, while Larsen & Toubro and other capital good stocks gained ahead of industrial output data later in the morning.

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10:14
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.

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09:19
The BSE Sensex spiked up more than 100 points in early trade, 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.

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