Business Standard

Markets slump after disappointing March IIP data

FMCG, Capital Goods shares top losers

Related News

Markets have drifted lower in late morning trades after disappointing March Index of Industrial Production data. According to the release, March IIP data was at -3.5%. The was down  142 points at 16,278 and the fell 47 points to 4,919.

______________________________________
(Updated at  9:45am)

The markets are trading lower in the trades tracking weak Asian cues and selling among Oil & Gas and Technology segments. At 9:45, the 30-share Sensex was at 16,362 down 58 points and the 50-share Nifty was at 4,944 down 22 points.  
 
The rupee movement and the IIP data for March due later today will also be keenly watched. stocks advanced for the first time in seven sessions on Thursday on relatively encouraging US jobs data.

The Dow Jones industrial average closed up 0.2% at 12,855, while the Standard & Poor's 500 Index rose 0.3% to 1,358.

Asian shares, however, retreated on Friday, spooked by JPMorgan's $2 billion huge loss from a failed hedging strategy. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%, while Japan's Nikkei share average opened up 0.1%.

Back home, the Nifty is likely to seek support around 4,930-4,910, while it can face resistance around 5,000-5,020, analysts say.

On the sectoral front, BSE Oil & Gas, Realty and Technology indices have declined between 0.5-0.7% followed by counters like Realty, FMCG, Healthcare, Metal, PSU, Consumer Durable, Banks and Power, all slipping marginally. However, Capital Goods, Power and Auto are trading marginally positive.

Maruti Suzuki is the top Sensex gainer, down over 2%.

From the Oil & Gas space, index heavyweight Reliance Industries has declined over 0.5%. ONGC has dipped by nearly 1%.

DLF from the Realty segment has slipped by 1%. DLF has set up a core team of five to six people to focus on the process of sale of non-core assets, reports suggest.

Other notable include Sun Pharma, Infosys, M&M, Tata Power, Hindalco, Coal India, ITC, Bharti Airtel and TCS, all declining between 0.5-1%.

On the gaining side, Auto shares are witnessing some buying interest. Bajaj Auto is the top Sensex gainer, up over 1%. Hero Moto and Tata Motors have gained by almost 1%.

The BSE-Mid cap Index and the BSE-Small cap are trading marginally lower.

Among other shares, SKS Microfinance has rallied 19% to Rs 106 after India's largest micro-lender announced its decision to reduce headcount by 1,200 employees and close down 78 branches in Andhra Pradesh.

The market breadth was weak with 847 declines and 598 gainers.

Read more on:   
|
|
|
|
|

Read More

Markets post best gains in 3-months on Fed optimism

The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE

Quick Links

 

Market News

Untimely rainfall in Punjab affects cotton arrival in mandis

In crop year 2013-14 , raw cotton in Punjab was sold in the range of Rs 4,650-Rs 4,725 a quintal (on an average)

LLPs can be admitted as sub-brokers, says Sebi

The matter was clarified by the stock market regulator following an exchange query

Markets end flat; Sensex snaps 7-month rally

Markets ended flat shrugging off RBI's neutral stance on key policy rates

RBI takes small steps to deepen markets

The central bank said it will cut the HTM ceiling on bonds from the current 24% to 22%

Small fund houses see huge erosion in FMP assets

FMP assets of some AMCs plunge between 45% and 80%

Back to Top