Markets trim gains post Feb IIP data

The markets trimmed some of the gains after lower-than-expected industrial production data for February 2012. According to the data released today, the IIP for the month of February 2012 is at 4.1% against a consensus of around 6.6%-6.8%

In late morning deals the BSE Sensex was at 17,329, up 130 points after toucing a high of 17,366 and the Nifty at 5,270, up 44 points after touching a high of 5,282.

On the global front, Asian shares eased on Thursday while the euro firmed, reflecting investor caution. Nikkei, Strait Times, Hang Seng, Taiwan and Shanghai have gained between 0.1-1%.

Among the sectoral indices on the BSE, Capital Goods, FMCG and Bankex were the top gainers with rise over 1% each.

Back home, banking stocks edged higher ahead of Reserve Bank of India's (RBI) monetary policy review on Tuesday, 17 April 2012. BSE Bankex has surged over 1%. SBI, ICICI Bank, HDFC and HDFC Bank have gained between 1-2%.

BSE Capital goods index have spurted over 1% after capital goods growth stood at 10.6%. BHEL and L&T have surged between 1-2%. 

In the FMCG pack, both ITC and HIndustan Unilever were both up over 1% ahead of inflation data due Friday on hopes that inflation would ease further.

AMong other shares, Financial Technologies was up 4% at Rs 774, extending its Wednesday’s 6% rally, on reports that the market regulator Securities and Exchange Board of India (Sebi) has agreed in the Supreme Court on Wednesday to amend its rules and dispose of MCX-SX’s application for recognition as a stock exchange within three months.

Vakrangee Softwares has rallied 13% to Rs 33.60 on the National Stock Exchange, after stock turns ex-bonus and ex-stock split today.

Shares of probable delisting candidates from multinational companies (MNC) are in limelight in morning trades on successful delisting of Alfa Laval from Indian bourses. Astrazeneca Pharma, Novartis India, Timken India, Fresenius Kabi Oncology, Oracle Financial Services Software, Honeywell Automation India and INEOS ABS (India) are among few delisting candidates according to brokerage firm ICICI Direct, trading higher by 2-8% on the National Stock Exchange.

Market breadth was strong with 1,614 gainers and 723 losers on the BSE.