Markets slip further, Nov IIP upbeat at 5.9%
Shrikant / 12 Jan 2012
The Indian markets have continued their negative trend, increasing their losses in the afternoon session. Meanwhile, the Nov IIP data has come in far better than expected, at 5.9%.
The Indian markets have continued their negative trend, increasing their losses in the afternoon session.
Meanwhile, the Nov IIP data has come in far better than the expected at 5.9% on account of good growth seen in the Electricity, Consumer Goods and Consumer Non-Durables sectors. The Capital Goods output, which was seen struggling at a negative 25.5% last month, has also managed to make some ground, standing at negative 4.4% for Nov 2011. For the April-Nov period this fiscal, the IIP growth stands at 3.8% as against 8.4% in the same period last year. The markets, however, have been held down by the IT and Teck stocks, after the weak dollar revenues outlook by Infosys.
The other Asian indices have closed in the negatives. Shanghai and Hang Seng closed on a flat note, and Nikkei closed with 0.95% negative returns.
The European markets though, have opened with a marginal positive today.
Benchmark Indices
Index
Rate
% Change
FTSE
5,672.77
0.03%
CAC
3,210.88
0.19%
DAX
6,159.71
0.12%
Hang Seng
19,106.12
-0.24%
Nikkei
8,385.59
-0.74%
Shanghai
2,275.01
-0.05%
Sensex
16,005.85
-1.05%
Nifty
4,818.55
-0.87%
From the sectoral indices, the Power index has risen 0.89% after the Nov IIP data showed that power generation in the country grew by 14.6% in Nov 2011, compared to 4.6% in the same month of 2010. Metals and Bankex have gained by 0.71% and 0.68% in the afternoon session. The Teck and IT indices are still down by 4.20% and 5.70% respectively. Realty, CG and Oil & Gas are seen losing some points.
Of the 30 Sensex stocks, SBI has gained 28 points so far. Sterlite, Hindalco, Coal India, Tata Power and NTPC have also gained by over 1%. Infosys has lost further ground, and is currently trading lower by 7.46% than yesterday’s closing. Wipro and TCS are also seen in the red.
Among the ‘A’ group stocks, United Breweries has gained further, and is currently trading firm with 13.67% gains. United Spirits is also up with 8.76% gains. TTK Prestige, on the other hand, has plunged by 8.71% after its quarterly results.
The market breadth, which indicates the overall health of the market, has turned negative. Out of a total of 2930 stocks, 1444 stocks declined, 1372 stocks advanced and 114 stocks remained unchanged.
In our opinion, the markets will continue to remain negative ahead in the day. Investors should take note of IT stocks, which may be affected by the Infosys results.
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