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Sensex, Nifty volatile ahead of CPI, IIP; ITC, Maruti up 1%

Hindalco, Sun Pharma, NTPC, Wipro and Coal India are major laggards in the Sensex. Among the gainers are Cipla, Maruti, ITC, Bharti and GAIL.

11:13

The News International Team

The market is volatile ahead of IIP and CPI data release. The Sensex is down 9.61 points at 26986.26 and the Nifty is down 8.25 points at 8077.45. About 1420 shares have advanced, 1085 shares declined, and 81 shares are unchanged.

Hindalco, Sun Pharma, NTPC, Wipro and Coal India are major laggards in the Sensex. Among the gainers are Cipla, Maruti, ITC, Bharti and GAIL.

Index of industrial production (IIP) for July is likely to fall to 1.7 percent while the consumer price index (CPI) for August may soften to 7.7 percent, says a CNBC-TV18 poll. Both the macro-economic data points will be released post market hours today and between, the CPI will be crucially watched even from a bond market perspective.

The estimate for July IIP is that it is going to see a growth of 1.7 percent versus 3.4 percent on a month-on-month (M-o-M) basis. It is expected to scale down from what was seen for entire Q1 FY15 and this will eventually help the industry’s growth in Q1 of gross domestic product (GDP) as well. The range for IIP, it is expected to be anywhere between 0.5 percent and 3 percent, says the poll. May IIP was revised higher to 5.5 percent versus 4.7 percent earlier.

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