After a weak start on the back of a lower earnings forecast by IT major Infosys, the market regained some lost ground as stocks from other sectors found some support, and then edged up into positive territory post release of a better-than-expected industrial production report for August 2012.
The Sensex, which had drifted down to 18,696.10 in early trades, losing more than 100 points in the process, is currently at 18,813.30, up 8.55 points from its previous closing mark.
The Nifty index of the National Stock Exchange is up 6.85 points or 0.12% at 5714.90, more than 50 points off the day's low of 5659.35.
According to the data released by the government this morning, the Index of Industrial production (IIP) for the month of August grew at a robust 2.7% beating forecasts. According to revised estimates, the index had grown at a meagre 0.2% in July .
The manufacturing sector grew at 2.9% as against a contraction of (-) 0.2% in July. The mining sector grew at 2% emerging from its contraction of (-) 0.7% in July. In the April-August period, industrial production expanded an annual 0.4 percent.
Realty, metal, power, bank and healthcare stocks are attracting buyers. FMCG and oil stocks too have edged higher on fairly strong buying support. Automobile and capital goods stocks are trading mixed, while information technology stocks, which drifted down sharply early on, are trading off their lows now.
ACC and Ambuja Cements
, the cement majors, are up 3.8% and 3.7%, respectively on strong buying enquiries. Jaiprakash Associates
has notched up a gain of 2.8%. Ultratech Cement is trading 1.3% up.
Lupin is trading stronger by 2.7%. Punjab National Bank
, Jindal Steel
, Tata Steel
, Tata Consultancy Services
, Mahindra & Mahindra
, Tata Power
, HDFC Bank
, Reliance Infrastructure
and GAIL India
are up 1% - 1.8%.
Infosys, which had declined to 2311 in early trades after the company lowered its earnings forecast, has recovered some lost ground and is currently trading at Rs 2415, down 4.6% from its previous closing price.
Wipro is down nearly a percent at Rs 354.80. Bajaj Auto
, Larsen & Toubro
, Power Grid Corporation
, Bharti Airtel
and Kotak Bank are down with modest losses.