Market Commentary:
Ø The frontline Indian benchmarks have lost some ground in late morning trade, reversing the early morning's gains after the government data showed lower-than-forecast growth in industrial production in December. Also, most markets in Asia were trending down today, notwithstanding the further spending cuts announced by Greece to obtain more international funds and avert a default next month.
Ø While the Large-Cap indices are down marginally, their Small-Cap and Mid-Cap peers are still holding in the positive territory. This has led to a favorable market breadth. INDIA VIX is up by more than 2%.
Ø The Index of Industrial Productivity (IIP) plunged to lower than expected levels of 1.8% in December versus 5.9% in December. The IIP grew at 3.6% for the April-December time period.
Ø On the global front, investors kept a cautious view over Greece's debt restructuring prospect, after Athens struck a deal on fiscal reforms, paving the way for securing a crucial financial aid. Hang Seng is down by nearly 1%.
Ø According to our systems we could see some more upside between 5500-5600 and strong support is at 5300.
Ø From intraday perspective support on nifty remains at 5390 while resistance remains to be at 5430.
* INDICES: Sensex -61 at 17770 (-0.34%), NIFTY -24 at 5388 (-0.44%), CNXMIDCAP +26 at 7559 (0.34%)
* SECTORAL PERFORMANCE: BANKEX -0.33%, AUTO 0.27%, CAPITAL GOODS 0.27%, HEALTHCARE -0.3%, Metal 0.51%, OIL & GAS -0.35%, IT -0.46%, FMCG -0.15%, PSU 0.45%, REALTY -0.45%, Consumer Durables 0.6%, POWER 0.21%
* MARKET BREADTH: 280 Advances, 216 Declines (BSE 500)
* TODAY'S GAINERS: SESA 3.88%, TATA 3.76%, BPCL 3.04%, SAIL 1.93%, PNB 1.46%
* TODAY'S LOSERS: JPA -2.41%, CAIR -2.31%, ACEM -2.22%, MSIL -2.21%, STLT -1.96%
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