After a strong start and a subsequent retreat that very nearly pushed it into the red, the Indian stock market rebounded this morning, only to falter again despite a stronger than expected industrial production data for October.
The Sensex, which declined to 19,381 after surging to 19478.79, is currently up 9.49 points at 19,396.63. The Nifty index of the National Stock Exchange is up 1.75 points at 5900.55, off the day's low of 5892.25.
According to the data released by the government a little while ago, industrial production for October 2012, came in at 8.2%, much higher than an expected 4.5% growth. The government has revised September IIP to 0.7%, from the earlier 0.4%.
While the manufacturing sector grew at 9.6%, as compared to -6% in the corresponding month last year, basic goods sector saw a 4.1% surge in October 2012, as against 1.2% in the same month last year.
The consumer goods sector grew at 13.2%, as compared to 0.1% and the electrictity sector saw a growth of 5.5%, down slightly from 5.6% last year, while the capital goods sector recorded a 7.5% growth as gained a dismal -26.5% in the same month last year.
Information technology and automobile stocks are trading firm. Select consumer durables, healthcare and oil stocks are trading higher. Realty, bank, metal, power and FMCG stocks are mostly subdued.
Jaiprakash Associates is up nearly 2.5%. Mahindra & Mahindra is trading nearly 2% up. HCL Technologies, Hero Motocorp, Bajaj Auto, Sun Pharmaceutical Industries, Lupin, Tata Consultancy Services, Infosys, Wipro, Reliance Industries, IDFC and ICICI Bank are up with sharp to moderate gains.
Hindustan Unilever is trading lower by 2.4%. Ultratech Cement, HDFC, Tata Power, ONGC, GAIL India, Kotak Bank, Jindal Steel & Power, Ranbaxy Laboratories, Bank of Baroda, BPCL and Cairn India are also trading weak.
Shares of ABG Shipyard Limited are up sharply following an announcement from the company that it has received an order worth Rs 485 crore from Indian Navy for the construction of Cadet training ship.
Mahindra Satyam moved up by over 5% following the Andhra Pradesh High Court staying the order issued by the Enforcement Directorate to attach the Rs 822 crore cash reserves of the company lying with various banks in Hyderabad.