Eye on IIP, Trade Data and Unitech - Consortium

Nifty and Sensex declined marginally by 6 points and 24 points to close at 5921 and 19461 resp. Market was lackluster as most of the Asian markets shut today on account of China New year holiday. Markets had declined in the last eight trading sessions. Higher crude oil price, lower than expected M&M & Hindalco results pulled down the market. Moreover, traders were cautious ahead of WPI & IIP numbers and SBI quarterly results this week.

Tech stocks witnessed profit booking from the intra-day high. Others like Capital Goods and FMCG stocks declined. On the other hand, Realty and Pharma stocks witnessed fresh buying.

Select PSU stocks witnessed smart rally on expectation of higher dividend. Both, MMTC and State Trading Corporation were locked in a 20% upper circuit. Dredging Corporation gained by 10%.

Tech stocks witnessed profit booking (Index down 0.5%). Wipro declined by 1% to close at Rs409 after intra-day high of Rs421. Others like Tech Mahindra, TCS and HCL Tech slipped by 1-2%.

Cement stocks witnessed sharp declined due to disappointed quarterly results by ACC and Ambuja Cement. ACC slipped by 3.5% to close at Rs1258. Others like Ambuja Cement and India Cement declined by 1% and 2% respectively.

Realty stocks witnessed fresh buying (index up 0.9%). DLF has gained by 1% to close at Rs271. HDIL and India Bull Real gained 1% each. Pharma stocks witnessed bargain hunting (Index up 0.7%).

Cipla has by 4% to close at Rs395. Media reports that the company has postponed plans to acquire a South African firm on account of high valuation. Dr Reddy gained by 2% to close at Rs1899. However Dishman Pharma nosedived by 6% to close at Rs93 due to lower than expected Q3 result.

For the day coming by, markets are likely to open flat to marginally positive. On macro front, the CSO will unveil data on industrial production for December 2012 today, 12 February 2013. Industrial production is seen rising 1.1% in December 2012, according to the median estimates of a poll of economists carried out by Capital Market. Industrial production declined 0.1% in November 2012. Also India is due to release the country's balance of payments today.

FIIs buying remain supportive but were negated by DIIs selling. However, on the derivates front FIIs data was encouraging. Nifty resistance for today lies at 5924/5944 and support exists at 5879/5840.

Source : Equity Bulls

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