The market opened on a flat note. The Sensex was up 12.96 points at 19952 while the Nifty gained 2.30 points to be at 6052.45. Investors are likely to be a bit cautious ahead of key economic data Index of Industrial Production (IIP) and wholesale prices of March. A CNBC-TV18 poll sees it growing by about 2.1 percent

Meanwhile, consumer durable stock markets (up 1.3 percent) were holding up the indices. Maruti, ONGC, NTPC, M&M and ICICI Bank were early gainers in the Sensex.

HMT surged 6.8 percent as the government’s recast plan is going to be implemented in phased manner. Last month, the cabinet had approved Rs 1,083 crore revival package for HMT. Stocks that were major losers in the Sensex included  Cipla, HDFC, Jindal Steel, RIL and L&T.

Companies that are going to announce March quarter earnings are NTPC, Ashok Leyland, Apollo Tyres, Rcom, Cummins India, Central Bank, Punj Llyod, Claris Life, Sobha Developers, Essar Oil, Geodesic, Balrampur Chini, Varun Shipping, Shriram EPC, Graphite India and Electrosteel casting.

Stock-specific news-  Bajaj Hindusthan, Educomp, MTNL, Aban Offshore, Glenmark Pharma, ITDC, Motilal Oswal Fin will be excluded from S&P BSE Mid Cap Index from May 13.  While, SREI Infra, MphasiS, EIL, GMR Infra, Torrent Power, Indian Bank, Triveni Turbine will be included in S&P BSE Mid Cap Index from May 13.

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