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