Senex up ahead of IIP data, RIL up on defence clearance

The Indian markets opened positive ahead of the release of the index of industrial production (IIP) data, which will provide hints on whether the economy is seeing any green shoots of recovery.

While the Sensex opened 35 points higher at 19681, the Nifty opened flat at 5941.

According to a Reuter’s poll, IIP, which includes output at factories, mines and utilities, was estimated to have risen an annual 1.2 percent in January after unexpectedly falling 0.6 percent in December.

RIL, Wipro, ONGC, Coal India, Gail India, Tata Motors, ICICI Bank, HDFC, Hero MotoCorp, Maruti, Jindal Steel, Tata Steel, Mahindra & Mahindra, are among gainers in Sensex and Nifty.

Infosys, TCS, Bharti Airtel, Bajaj Auto, HDFC Bank, Tata Power, Cipla, are among losers in Sensex and Nifty.

Reliance Industries is up 0.82 percent after reports that the Defence Ministry cleared Reliance Industries’ producing KG-D6 block and gas discovery area NEC-26 along with most of the areas where it had either barred any oil and gas activity or put stringent conditions.

Berger Paints is up 2.2 percent, after the company said it will acquire the architectural operations of Sherwin Williams Paints India for an undisclosed sum. The acquisition will be carried out through Berger’s wholly-owned subsidiary, Brushworks Paints Ltd.

US stocks gained on hopes that lawmakers would pass a budget. The Dow climbed 0.3%, closing at a record high for the fifth day. The S&P 500 gained 0.3% and is less than 10 points away from its all-time closing high. The Nasdaq was up 0.2%.

Asian stocks are at a 19-month high boosted by comments from the Bank of Japan deputy-governor nominee Kikuo Iwata who said decisive monetary easing is needed. Nikkei is up 0.6%