Nifty slips after hitting new 52-week high

After hitting a fresh 52-week high, the Nifty slipped into the red following the announcement of industrial production numbers, which were below the market expectations. The Nifty shed 12 points to trade at 5,122. The index had hit a new 52-week high of 5,182 just before the IIP numbers were announced.
The Sensex was down 34 points at 17,154.

The industrial output in October, as measured by the index for industrial production, rose 10.3 per cent from a year earlier, the Central Statistical Organisation said on Friday. “The business confidence is still up and it should not be dented by this number. The economy is likely to see much better IIP numbers in the coming months,” said Dr Samiran Chakraborty, Head of India Research, Standard Chartered Bank

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In the Sensex pack, BHEL was the top gainer. The stock rose nearly 2 per cent.

Infosys, Tata Motors and Wipro were the other gainers in the group.

Bharti Airtel, however, slipped 2 per cent.

US stocks ended with moderate gains on Thursday after the Commerce Department said rising exports helped narrow the nation's trade gap to $32.9 billion in October.

The Dow Jones industrial average rose 68.78, or 0.7 percent, to 10,405.83, pushing it back into the winning column for the month. The Standard & Poor's 500 index rose 6.40, or 0.6 percent, to 1,102.35, while the Nasdaq composite index rose 7.13, or 0.3 percent, to 2,190.86.

Asian markets were also trading higher today. Hong Kong’s Hang Seng rose 1.6 per cent and Japan’s Nikkei soared 2.5 per cent.

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