IIP data and weak opening of European markets. IT and
banks led the rally while capital goods and metals were the losers.
Industrial production fell by 2.3 per cent in March from 5.5 per cent rise in the same month of 2008. The worst hit was capital goods sector which fell 8.2 per cent against growth 20.3 per cent in the same period a year ago. According to market experts, the worst is over and growth will pick up.
At 12:51, National Stock Exchange’s Nifty was at intra-day high of 3591.65, up 37.05 points or 0.90 per cent. The index touched an intra-day low of 3534.20 in trade so far.
Bombay Stock Exchange’s Sensex was at 11,824.20, up 154.02 points or 1.32 per cent. The index touched an intra-day high of 11837.01 and low of 11625.39.
“Indices which failed to cross mentioned hurdle of 3690-3700 earlier gave off sharply in past two trading session making above mentioned levels extremely important in near term. On a positive side, FII turned net buyer as per provisional figures in yesterday’s trade. Support on lower side exist around 3470 levels of Nifty. As mentioned earlier, Traders need to remain extremely cautious and keep strict trailing stop loss on all long positions and execute the same in case they get hit.
As for intraday trades, we would once again re-iterate our earlier view. Stock specific volatility will continue to prevail. Support for the day exists around levels of 3470-3480 range. While hurdle continues to remain around levels of 3575-3585 range on higher side,” said Reliance Money report.
BSE Midcap Index was down 0.57 per cent and BSE Smallcap Index was up 0.07 per cent.
Biggest Nifty gainers were Wipro (4.56%), Nalco (4.31%), Hindalco (3.74%), Infosys Technologies (3.64%) and Punjab National Bank (3.52%).
Losers comprised Hero Honda (-3.43%), Suzlon (-3.2%), Tata Steel (-2.62%), Siemens (-2.53%) and SAIL (-2.12%).
Market breadth on BSE favoured declines with 1197 declining shares outnumbering 1044 advances.
European markets opened weak following decline in banking space. FTSE 100 was down 0.23 per cent, CAC 40 slipped 0.45 per cent and DAX declined 0.55 per cent.