Index of Industrial Production (IIP) | CPI data today 12 Feb
Indian stock markets closed flat ahead of the Index of Industrial Production (IIP) & CPI data
Today’s market ahead of Index of Industrial Production (IIP) and CPI data: Indian stock markets opened positive amid negative cues from the other Asian market’s cues. The benchmark indices continued to trade marginally higher most of the day. In the last hour markets erased all morning gains and closed almost flat.
The market sentiments remained positive in the morning with Moody’s Investors Service in its latest report stated that India’s economic recovery reduces the risk of a sharp deterioration in public sector banks (PSBs) asset quality. But it said the capital would remain insufficient to support credit growth and absorb unexpected shocks. Some support also came as leading trade bodies are expecting that the outbound shipments will rise in the coming months as the uncertainty in global markets began to subside.
However, the gains are capped and some correction seen in the markets as traders remained on the sidelines ahead of the release of the Index of Industrial Production (IIP) data for December and the Inflation rate of India (CPI) for January later today.
On the global front, Asian markets were closed in the red today. Many of the Asian markets are not trading today due to Lunar New Year Holiday. The European markets are trading in the red today as the UK economy contracts by a record 9.9% in 2020. The US futures index Nasdaq and Dow futures are trading marginally lower at 4 pm IST.
Key indices ahead of an Inflation rate of India (CPI) and the Index of Industrial Production (IIP) data
At the close, Nifty fell 10 points or 0.06%, and at 15163.30 levels while Sensex gained only 12.78 points or 0.03% and closed at 51544.30 levels. The Bank Nifty on the spot price gained 356.80 points or 1% and ended at 36108.90 levels.
The Nifty midcap and smallcap 100 indexes closed mixed today. The Nifty midcap 100 index fell 53.75 points or 0.23% and closed 22914.35 levels. The smallcap 100 index closed higher by 15.35 points 0.19% and ended at 7930.70 levels.
The top five gainers in the Nifty50 index for the day were Adani Ports, ICICI Bank, Axis Bank, Infosys, and Wipro. The top five losers in the Nifty50 index for the day were ITC, GAIL, Sun Pharma, ONGC, and Coal India. The most active stocks in the Nifty50 index for the day were Reliance, ITC, and SBI.
On a sectoral basis, Banking, Financial, Infrastructure, Logistic, and Capital Goods sectors closed in the green. On the losing side, Metals, FMCG, Healthcare, Oil & Gas, and Automobile sectors closed in the red today.
Indian stock market on a weekly closing today
Indian stock market indices managed to close above 1 percent on a weekly basis. The markets mostly traded sideways during the week in absence of any major trigger. Sensex on a weekly basis gained 812.67 points or 1.60% and closed at 51544.3 levels while Nifty jumped 239.05 points or 1.60% and ended at 15163.3 levels. The Bank Nifty on the spot price gained 454.4 points or 1.27% and closed at 36108.9 level.
The midcap and smallcap index also closed higher on a weekly basis. The Nifty midcap index up by 488.45 points or 2.18% and closed at 22914.35 levels. The small-cap index closed higher by 293.7 points or 3.86% and ended at 7930.70 levels
F&O market updates today: Nifty & Bank Nifty futures
The Nifty futures share price today opened at 15172.05, it made a negative opening of 12.9 points. It has touched an intraday high at 15236 and a day’s low at 15071.05
The Nifty futures share price has given a movement of 164.95 points. In the end, it fell 23.1 points or 0.15%, and closed at 15161.85 levels.
The Bank Nifty futures share price opened at 35770 It made a gap down opening of 38.75 points today. It has touched an intraday high at 36347.75 and a day’s low at 35720.15
During the day, the Bank Nifty futures share price has given a movement of 627.6 points. In the end, it gained 350.7 points or 0.98% and closed at the 36759.45 levels.
Index of Industrial Production (IIP) for Dec and CPI data for January
The inflation rate of India (CPI) for January 2021 is recorded at 4.06% as per the data released by the Ministry of Statistics & Program Implementation (MoSPI) on Friday. CPI inflation was at 4.59% in December 2020.
The Index of Industrial Production (IIP) data grew at 1.04% in December 2020, this is as compared to a 1.9% contraction in November according to MoSPI data released on 12 February.
The CPI and IIP data came better than expected. As the data released post market hours on Friday, the Indian stock market will react positively on Monday.
Conclusions:
Indian stock markets closed on a flat note ahead of the Inflation rate of India (CPI) data for January and Index of Industrial Production for December. The banking and finance index outperformed the key indices today, the bank nifty closed 1 percent higher. On Monday, markets will first react to the Inflation (CPI) and Index of Industrial Production (IIP) data. Going ahead the global market sentiments will set the market direction.
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