Markets flat post November inflation data

Markets are trading on a flat note after the government released the inflation data for the month of November. The Sensex is up 72 points at 16,074 and the S&P CNX Nifty is at 4,822, up 21 points.

The WPI inflation for the month of November came in at 9.11% compared to 8.2% during the same period a year ago. Fuel inflation increased to 15.48% from 14.79% and manufacturing inflation increased marginally, to 7.7% from 7.66% on a monthly basis.

According to Somil Mehta, Senior Technical Analyst with Sharekhan, "The supports for the Nifty are at 4,700 and 4,640 and the resistance is at Nifty are 4,870 and 4,960."

J P Assocites, SBI, ITC, Bharti Airtel, Jindal Steel and Bajaj Auto are among the gainers on the Sensex.

On the other hand, Sun Pharma, Tata Steel is the top loser on the benchmark index, down nearly 2% to Rs 384. Coal India is also trading lower by 1.5% at Rs 303. HDFC, Tata Power, NTPC, Sterlite Industries, Mahindra & Mahuindra and DLF are also trading in the red.

Shares of Arvind are trading higher by 2.2% at Rs 82 on hopes of additional revenues from  the joint venture with Germany based PD Fiber Glass Group for the manufacturing of glass fibre.

Areva T&D India has slipped 29% to Rs 140 on the National Stock Exchange on demerging its distribution (medium voltage) business operations into wholly-owned subsidiary, Smartgrid Automation Distribution and Switchgear Limited.

On the sectoral front, FMCG index is the top gainer, up 0.8% at 4,023. Some bit of buying is visible in ther banking, oil & gas
and healthcare stocks. At the same time, BSE Power index is the top loser, down 0.75% at 1,877. Consumer Durables, Realty, Metal and PSU stocks are also under a mild selling pressure.

Colgate Palmolive, Dabur, Nestle and HUL are among the gainers from the FMCG space. From the power pack, NHPC is the top loser. It is followed by Adani Power, Power Grid, Siemens, JSW Energy, Tata Power and Thermax.

The mid-cap and small-cap indices are trading on a flat note.

The overall market breadth is marginally positive as 1,250 stocks are advancing while 1156 are declining.