The Indian markets opened little changed on Monday, tracking a mixed trend in other Asian markets after data showed China's exports fell by 14.6 percent in March from a year earlier, compared to expectations for a 9 percent gain.
Closer home, the latest IIP data offered some solace to the Modi government which is looking to kick-start the investment cycle.
The benchmark BSE Sensex is currently up 30 points or 0.10 percent at 28,909, while the broader Nifty index is virtually unchanged at 8,782.
The broader markets continued to outperform, with the BSE mid-cap and small-cap indexes rising 0.6 percent and 1 percent, respectively.
SBI is rising 0.6 percent. The country's largest lender by assets reduced the interest rate on home loans by another 10 basis points with effect from April 13.
Mortgage lender HDFC, which cut its retail prime lending rate on Friday, is gaining a percent.
NMDC is rallying 2 percent. State-run insurer LIC has raised its stake in the iron ore miner to 10.12 percent.
Reliance Industries is moving up 0.6 percent. The company announced successful commissioning of two petrochemical plants for making polyester plastic used in clothing, packaging, foods & beverages and plastic bottles.
Larsen & Toubro is adding 0.9 percent. The engineering & construction giant has signed a memorandum of understanding with French firm Areva for cooperation to maximize localization of the 9,900-MW nuclear power plant to be built at Jaitapur, Maharashtra.
Sun Pharmaceutical Industries is rising 0.9 percent after its board approved allotment of 33.49 crore equity shares to the shareholders of erstwhile Ranbaxy pursuant to merger of Ranbaxy into the company.
Among top decliners, Sesa Sterlite, Tata Motors, Dr Reddy's Laboratories, Mahindra & Mahindra and GAIL are down 1-2 percent.
NTPC is losing 0.4 percent after commissioning unit no. 3 of its 200 MW Koldam Hydro Power Project.
The benchmark indexes Sensex and Nifty rose more than 2 percent each last week after Moody's upgraded India's sovereign outlook to "positive" from "stable" and said there could be a ratings upgrade in the coming months, if policymakers were successful in their efforts to introduce growth-enhancing and growth-stabilizing economic and institutional reforms.
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