The BSE Sensex barely moved even as July factory output grew 0.1 per cent year-on-year against estimates of 0.5 per cent growth. July's IIP, however, was better than the 1.8 per cent contraction witnessed in June 2012.
At 11.10 a.m., the Sensex traded 70 points or 0.4 per cent higher at 17,922 while the Nifty stayed above the key 5,400 mark.
"This weakness in growth has been persistent and has been driven by weak manufacturing," Dr. Brinda Jagirdar, general manager & head, economic research at State Bank of India told NDTV Profit.
The weak data would bolster the case for a rate cut when the Reserve Bank meets next week.
At 11.10 a.m., the Sensex traded 70 points or 0.4 per cent higher at 17,922 while the Nifty stayed above the key 5,400 mark.
"This weakness in growth has been persistent and has been driven by weak manufacturing," Dr. Brinda Jagirdar, general manager & head, economic research at State Bank of India told NDTV Profit.
The weak data would bolster the case for a rate cut when the Reserve Bank meets next week.
