Monday, November 12, 2012

IIP DATA PARES EARLY GAINS

IIP data which indicated slower recovery made metals, auto, cement and infra stocks to lose grounds. Benchmark indices NIFTY and Sensex were up in early trade snapping last week end's downward trend. However IIP data, particularly inflation numbers were not well taken by the market. NIFTY closed flat at 5684. Metal stocks Tata Steel, Jindal and Hindalco all closed in red. In spite of good October sales number auto stocks ended in red on negative sentiments. Hero, M&M and Maruti closed in negative territory where as Tata Motors closed flat and Bajaj Auto gained Rs8. ACC, Ambuja and L&T closed with minor losses. FIIs net bought to the extent of Rs230cr where as DIIs have net sold for Rs 130cr in cash market.

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