The index of industrial production for the month of June 2008 stands at the expected 5.4% as against 4.1%(revised) for the month of May 2008. IIP figures stood at 8.9% in the corresponding period last year, so t was well short of the mark.Mining and electricity grew by just 2.9% and 2.6% respectively and manufacturing sector grew by 5.9%.

The Indian stock markets which were on a roll since the last 5 trading sessions,cut back to its rise yesterday.Sensex and nifty reacted sharply to the IIP figures which were well below the last year’s figures.As soon as the IIP figures came in the markets started its downward march. Sensex lost 292 points to close at 15,212 levels.

Much to the surprise of the investors the sensex gained 926 points or 6.35% in the last 5 trading sessions.Is this the return of the bulls or a bear market rally? We need to wait and watch to make this out. Currently it looks nothing other than a bear market rally.Crude oil touching $113/barrel is a good news coming in from across the board.

The US markets had closed in red yesterday and reacting to this the Asian markets are trading lower with Nikkei-225 in deep red currently.So we may expect a gap down opening in Indian markets as well.Some intra day trading tips for today include: Divis lab(1534),Orbit corp(cmp 298),Nagarjuna Fertilizers(cmp 43),Bajaj Holdings(cmp 452),GNR Infra(cmp 111),Indian Bank(cmp 127).

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