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| Markets ignore strong IIP nos, slip further in red |
| BS Reporter / Mumbai Aug 12, 2009, 12:38 IST |
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The markets have extended losses. The Sensex is now down 312 points at 14,762.
The Nifty is down 90 poinst at 4,381.
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(Updated a 1219 hrs)
 In spite of better-than-expected IIP numbers for June, the markets have continued to slip further into red. The Sensex dropped 318 points to a low of 14,757. The index is now down 292 points at 14,781.
The Nifty, on the other hand, is down 85 points at 4,385.
Tata Steel has slumped 5.2% to Rs 439 after a cut in its long steel products. TCS has tumbled 5% to Rs 514.
Hindalco has shed 4% at Rs 101. Mahindra & Mahindra, Tata Power and Sterlite have dropped 3.5% each to Rs 756, Rs 1,228 and Rs 613, respectively. ICICI Bank, Wipro, Hindustan Unilever, Larsen & Toubro and DLF have dipped 3% each.
SBI, Jaiprakash Associates, Infosys, Tata Motors, ONGC, Reliance Infrastructure, Reliance Communicaions, Reliance, NTPC, Maruti Suzuki and HDFC have also dropped 1-2% each.
Among the other Nifty stocks, HCL Technologies and Cairn India have declined 4% each to Rs 249 and Rs 234, respectively.
However, Bharti Airtel has gained 3% at Rs 394. Sun Pharma has added 2% to Rs 1,230.
In Nifty, pharma stocks, Ranbaxy and Cipla are marginally up.
The market breadth is fairly negative. Out of 2,323 stocks traded 1,568 have declined while 675 have advanced.
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