IIP DAT AND IT'S EFFECT ON STOCK MARKET/y stock market goes in red today?
IIP Data june 2011 today : April manufacturing sector growth has come in at 6.9% versus 14.4%, capital goods growth at 14.5% versus 35.5%, mining sector growth at 2.2% versus 9.2%, basic goods growth at 7.3% versus 6.7% and electricity growth at 6.4% versus 6.5% , all on YOY
The Stock market is subdued on Friday ahead of the release of FII data for April due at around noon. Also weighing on sentiment to a certain extent, most Asian markets are trading lower this morning, notwithstanding a positive close on Wall Street overnight for the first time in over a week.
The benchmark 30-share Sensex is currently down 163.82 points at 18,222, while the broader Nifty index is down 52.70 points at 5,468.35. However, second-line stocks are rising modestly and the market breadth remains slightly positive.
ITC is down 1.8 percent on turning ex-dividend. Matuti Suzuki is down 1.5 percent, extending its recent losses. Hero Honda Motors is down a percent, Reliance Infrastructure is declining 0.9 percent, Reliance Industries is losing 0.8 percent, Bharti Airtel is down 0.6 percent and Tata Motors is losing half a percent.
Metal stocks such as Tata Steel and Sterlite Industries have pared early gains and slipped into the red, while Hindalco is rising 0.8 percent. Data released today showed that Chinese imports grew 28.4 percent year-on-year in May, compared to the 22 percent increase expected, easing concerns about slowing growth in the world's second largest economy. China's trade surplus, meanwhile, increased in the month, but remained below forecasts.
GAIL is down marginally after the company indicated that it would spend $2 billion on acquisitions, including shale gas assets in the United States and Australia. TCS, Wipro, ONGC, Cipla, Larsen & Toubro and HDFC are posting modest gains.
Glenmark Pharmaceuticals is up about 2 percent after it received the U.S. health regulator's approval for Mupirocin ointment. GCV Services is adding a percent after its board approved a five-for-one stock split. MindTree is gaining 0.7 percent after it unveiled a portfolio of its EtherMind Bluetooth 4.0 dual-mode solutions for in-car health applications.
The benchmark indexes Sensex and the Nifty ended a range-bound session flat below the unchanged line on Thursday, as lingering concerns about global growth and interest rate worries spooked investor confidence.
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