Benchmark indices edged higher on Thursday on the back of upbeat industrial output (IIP) data and easing inflationary pressures.
was trading 29.70 points or 0.46% higher at 6,546.60 points at 1.20 pm IST.
The index of industrial production for the month of January stood at 0.1%, highest since September 23, while the consumer price index (CPI) inflation for February slowed down to a 25-month low at 8.10%.
Experts feel markets are likely to consolidate. “As expected, NSE Nifty is consolidating within a range. Positive momentum is likely to continue and NSE Nifty may touch 6800. It may consolidate within a range of 6400 – 6600 in the near term. Support is at 6460 and 6350,” Standard Chartered said in its morning note.
Among sectoral indices, the BSE Oil & Gas (2.52%), BSE Bankex (1.94%) and BSE Auto (1.37%) were the major gainers.
Among individual stocks, ONGC (2.76%), State Bank of India (2.53%) and Mahindra & Mahindra (2.52%) were the major gainers on the 30-share Sensex.
Asian markets showed a mixed trend. The Nikkei (-0.10%), Hang Seng (-0.50%) and Straits Times (-0.51%) were trading in the red. Jakarta Composite (0.69%), Shanghai Composite (1.07%) and Taiwan Taiex (0.73%) were trading in the green.
European indices were trading under pressure. FTSE (-0.97%), DAX (-1.28%) and CAC (-1%) were trading in the red.