Friday the 13th…Indices flatten after choppy trade- It was a choppy day of trade with global cues mostly lower. The action seemed to be more outside the market with attention on the announcement of Narendra Modi as BJP’s prime ministerial candidate expected later in the day.
Given the cautious situation in the market after a recent rally, investors chose to ignore better than expected July industrial production data and CPI date. The country’s industrial production, which declined for the last two months, saw a growth of 2.6% for the month of July following an improvement in the manufacturing and power sectors. The Consumer Price Index based inflation also moderated to 9.52% in August from 9.64% in July, following a fall in inflation for most items, excluding vegetables. However, for urban areas, CPI-based inflation rose to 10.32% in August from 10.26% in July. For rural areas, it fell from 9.14% to 8.93%.
India's economy is expected to grow 5.3% this fiscal year, as per the prime minister's economic advisory panel. This was sharply lower than an earlier estimate of 6.4% but higher than the previous year.
Coming back to today’s trading session, the BSE realty, power, capital goods and auto index were among the major gainers. Even the BSE mid-cap and the small-cap index rose by 0.6% each.
On the other hand, BSE consumer durables, IT and the telecom index were among the top laggards.
Finally, BSE Sensex closed at 19,732 down 49 points, while NSE Nifty closed flat at 5,850
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