Markets jittery, August IIP falls

Markets dip on back of the industrial output data for the month of August which has slowed to 5.6% versus 9.56% forecasted by 20 economists polled by Reuters. The Sensex has fallen 139 points to 20,201 and the Nifty has declined 48 points to 6088.

Profit booking een in Capital goods index as, as growth in this sector fell drastically from 9.2% to -2.6% year on year. The index is down 1% led by losses in Praj Industries, down 2.3%, followed by BEML, down 1.7%, Jyoti Structures, down 1.4% and Thermax and Usha Martin, also down 1.4% each.   

Selling pressure is also seen in the metal index as well, the index is down 1.2%, From the Metal pack, Hindalco Industries, if the top loser, down 2.4%, followed by JSW Steel, down 2.5%, SAIL and Jindal Saw, are down over almost 2% each.

IT stocks are leading the gains ahead of the IT bellwether Infosys results expected this week. Tech Mahindra, is up 1 %, Wipro, is up 1.6% and TCS, up 1.2% are leading the gains from IT pack.

Besides Hindalco, HDFC, down 2.1%, Tata Steel, down 1.5% and HDFC Bank, down 1.4% are top losers on the Sensex.

Broader markets are also leading the losses, the midcap index is down 0.5% and the smallcap index is flat.

Market breadth turns negative, 1460 stocks have declined while 1091 have advanced