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Indian industries grew well in January. Markets flat despite good IIP

The Indian industries witnessed a good growth in the month of January, as per the latest IIP figures. The IIP figures for January have come at 6.8% to indicate a bounceback. This shows a recovery in the industrial sectors, especially in the manufacturing sector. Sectorwise, the mining output saw a contraction of 2.7 per cent in the month of January, while the manufacturing and electricity sectors have recorded a strong growth of 8.5 per cent and 3.2 per cent. Capital goods sector has once again seen a contraction.

Meanwhile the markets are trading flat, despite the news about strong IIP numbers. Many speculate that the stronger IIP numbers would lead the RBI to take decisions of not cutting the rates in the future policy announcements.

At 1 PM, the Nifty is at 5355, up by 21 points or 0.4%.

Stocks that have gained during the trade include Reliance industries – up by 2.3%, Idea Cellular – up by 2.4%.

L&T has shown a whopping gain of over 4% to make the stock trade at 1354. Punj lloyd has followed with 1.6% gains.

ICICI Bank is up by 1.75%. SBI is holding on to the gains of 3.4%.

Some of the losers include the IT major – Infy – down by 1.7% and TCS – down by 0.9%.

ONGC has also fallen with 1.3% decline. M&M, from the auto space is down by 1.7%.

Sesagoa is down by 1%. Sun TV has declined by over 1%. Crompton Greaves and Petronet LNG are trading mildly in the red.


 

 

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