IIP numbers drag markets

The Nifty has retraced sharply after touching a new 18-month high of 5,182.55 as the IIP (index of industrial production) numbers were below expectations. The Sensex is quoting at 17,161, lower by 27 points, and the Nifty is at 5,117, lower by 17 points.

The October IIP came in at 10.3% as against 9.6% in September and 0.1% in October 2008.

Bharti Airtel (shed Rs 8 or 2.5% at Rs 333), ITC (lower by Rs 3 or 1.4% at Rs 250) and M&M (lower by Rs 12 or 1.1% at Rs 1028) are the prominent losers on the BSE.

Infosys (stronger by Rs 251 or 0.8% at Rs 2465), BHEL (higher by Rs 19 or 0.8% at Rs 2312) and Grasim (up Rs 10 or 0.4% at Rs 2400) are the leading Sensex gainers.

The market breadth is strong. Out of 2,679 stocks traded on the BSE, there are 1,641 advancing stocks as against 947 declines.

Bharti Airtel tops the value charts on the BSE so far, clocking a turnover of Rs 47.31 crore, followed by Tata Steel at Rs 44.47 crore, Reliance at Rs 34.50 crore, DLF at Rs 30.26 crore and Jindal Steel at Rs 27.71 crore.

Unitech has clocked the highest volumes of 9.71 million shares, followed by Suzlon at 8.17 million, Bharti Airtel at 3.26 million, Reliance Communications at 2.90 million and HDIL at 2.38 million.