Markets continue to remain under pressure as bulls are finding it difficult to stage a bounce back. IIP which was released today also was unable to cheer the bulls.India's industrial production expanded at a strong pace in January, continuing the momentum it has gained in the past few months, data released by the government showed today.
However, growth in industrial output slowed slightly from the previous month, stoking some worries about future prospects, especially once the fiscal stimulus is withdrawn and interest rates starts to rise.
Among the 30 components of Sensex, 16 stocks are in the positive and 14 are in the negative terrain. ICICI Bank, ITC, Bharti Airtel and SBI are among the top gainers. On the other hand, HDFC Bank, HUL, HDFC and Infosys are among the major losers.
At 1:23 pm (IST), the BSE 30-share Sensex was flat at 17,157 and NSE Nifty was flat at 5,133.
Shares of Fortis Healthcare have advanced by 3.7% to Rs184.5 after the company announced the acquisition of a 23.9% strategic stake in Parkway Holdings Limited, from TPG Capital (formerly Texas Pacific Group).
Parkway is counted as Asia's premium healthcare provider, with a network of 16 hospitals having 3,400 beds spread over six countries, including India. The deal size is estimated to be about US$ 685.3 million (S$959.4 million).
The scrip opened at Rs186 it touched an intra-day high of Rs187 and a low of Rs181 and has recorded volumes of over 6.3mn shares on NSE.
Ranbaxy Laboratories announced that it was planning to achieve US$3bn in consolidated turnover by 2012 as part of its medium-term business plan.
The stock is trading flat at Rs461. It scrip opened at Rs462 it touched an intra-day high of Rs464 and a low of Rs456 and has recorded volumes of over 1m shares on NSE.