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July’s IIP is flat. Markets hold on gains.

July IIP flat

The industrial production growth in July 2012 was 0.1% higher as compared to the level in the month of July 2011. The cumulative growth for the period April-July 2012-13 over the corresponding period of the previous year stood at -0.1%.

Some of the highlights of the IIP data are as follows :
Manufacturing growth: -0.2% vs 3.1%

Mining sector growth: -0.7% vs 0.7%

Electricity sector growth: 2.8% vs 13.1%

Capital goods growth: -5% vs -13.7%

Consumer durables growth: 1.4% vs 9%

Consumer non-durables growth: 0.1% vs 4.1%

Basic goods growth: 1.5% vs 10%

Intermediate goods growth: -1.1% vs -0.1%

June IIP unchanged at -1.8%

Markets hold on gains

The Sensex gained 72 points at 17,926, with the announcement of IIP data. Meanwhile, the Nifty remained above the 5400 level, rising 19 points to 5,405.

Tata Motors extended gains to 3%. Country’s largest coal mining company Coal India was up 2%.

Software services exporters TCS and Wipro gained 1.7% each. Private sector lender ICICI Bank rose 1% while its rivals HDFC Bank and SBI moved up 0.5% each.

Shares of Hindustan Unilever, Larsen & Toubro, Infosys, Tata Steel and Dr Reddy’s Labs were up 0.5-1%.

Jindal Steel dropped for the third consecutive session, falling 2.7% on concerns over de-allocation of coal blocks. Drug producer Cipla tanked 1.7%.

Telecom operator Bharti Airtel and power producer NTPC were down 0.7% each.



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