January IIP grew 6.8% Ø :: CSEC Research

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January IIP grew 6.8%

Ø       The S&P CNX Nifty opened near 5400 mark and declined more than a percent from the day high to close at 5359. The volumes were on the higher side, the FII bought shares worth Rs 12,986 mn.

Ø       IIP for the month of January 2012 registered a growth of 6.8 percent. The IIP numbers were above street estimates. Manufacturing and Electricity grew at 8.5 percent and 3.2 percent while mining witnessed degrowth of 2.7 percent.

Ø       Bank Nifty gained more than a percent on the back of CRR cut from the RBI. State bank rallied 3 percent and topped the index gainers list.

Ø       Shares of Natco pharma was in action as the management informed that it had received a compulsory licence from the Indian patents office to manufacture and sell a generic version of Bayer's cancer treatment drug Nexavar.

Outlook

Ø       U.S. stocks rose for a third session on Friday, with the S&P 500 and Nasdaq tallying a fourth week of gains, after another strong monthly jobs report

Ø      In today trade Asian markets are up nearly a percent and the SGX Nifty is trading near 5450 mark. Going ahead Indian market is likely to open on a positive note.

 

Regards,

CSEC Research