Volatile Nifty holds 5350 ahead of IIP data; M&M rises 3%

Indian shares were trading higher with marginal gains ahead of industrial output data. Experts expect index of industrial production (IIP) in the vicinity of a contraction of around 0.6% to a growth of around 1.3% for June.
 
The BSE benchmark was up 60.65 points at 17,661.21 and the NSE benchmark rose 14 points to 5,352.20. The broader markets too were marginally higher.

Atul Badkar of Edelweiss Securities says, it doesn't look like the Nifty is in a hurry to stop. "I think there is some consolidation. We may probably taper back towards 5,300. It looks like we will go towards the 5,400 sooner or later," he adds.

Country's largest private sector lenders ICICI Bank and HDFC Bank were up 1% and 0.7%, respectively while their rival State Bank of India was up 0.2%.

Utility vehicle maker Mahindra & Mahindra shot up over 3% after strong numbers in first quarter. Commercial vehicle maker Tata Motors gained 1% ahead of Q1 earnings today.

Software services exporters TCS, Infosys and Wipro moved up 0.6%-1%. FMCG majors ITC and HUL were up 0.8% and 1.3%, respectively.

Power producers NTPC and Tata Power gained more than 0.6%. Oil & gas producers Reliance Industries and ONGC were trading marginally higher.

Telecom operator Bharti Airtel crashed another 4% after shedding 7% yesterday due to disappointed numbers in Q1 and outlook for next quarters.

Cairn India lost nearly 3% after the news that Rahul Dhir will step down as MD and CEO of the company with effect from August 31. Housing finance company HDFC was down over 2%.

Advancers outnumbered decliners by 1037 to 803 on the BSE.