Markets unmoved by strong IIP numbers

The NSE Nifty continues to flirt around the 5,000-mark. The index touched a high of 4,999, and then retraced a bit despite better-than-expected IIP numbers. The Nifty is now up 48 points at 4,993.

India's Industrial output grew strongly by 10.4% in August 2009 as against 6.89% in the preceeding month. Markets were expecting a growth of around 9.2-9.4%.

Among the Nifty stocks - Reliance Infrastructure has surged nearly 3% to Rs 1,294. TCS has rallied 2.8% to Rs 562.

SBI and Tata Communications have gained 2.3% each at Rs 2,068 and Rs 475, respectively.

Bharti Airtel, Maruti and Reliance have advanced over 2% each to Rs 343, Rs 1,480 and Rs 2,100, respectively.

Infosys, Reliance Communications, Wipro and Reliance Capital are up 1.7% each.

On the other hand, Hero Honda has slipped 1.7% to Rs 1,646, and Gail is down 1.4% at Rs 382.

Meanwhile, the BSE Sensex is up 171 points at 16,814. The market breadth continues to favour the bulls. Out of 2,583 stocks traded so far, 1,550 have advanced while 961 shares have declined.