Markets languish post-IIP data

Sensex sheds 157 points

The markets continue to trade low, led by disappointing March Index of Industrial Production data. According to the release, March IIP data was at -3.5% with the capital goods segment contracting the most at -21.3%. The BSE Sensex is at 16,264, down 157 points and the Nifty is at 4,917, down 49 points.

Earlier in the day, the BSE benchmark index touched the day's high at 16,395 and the day's low at  16,234.

In Asia, the Nikkei share average sank below 9,000 on Friday to mark its sixth straight week of losses as weak China industrial data and a persistently strong yen, riding on fears of a widening euro zone debt crisis, dragged on investor sentiment. The index is at 8,953, down 0.63%. The Hang Seng and Shanghai Composite indices are down 1% each.    

All the sectoral indices are in the red. BSE Healthcare, Metal, FMCG and Realty indices are leading the losses, down 2% each.

BSE Capital Goods index is at 8,780, down 1%.

On the Sensex, Sun Pharma Industries has shed 4% at Rs 571 and is the top loser. Other prominent losers include Maruti Suzuki,L&T, ITC, Hindalco Industries and ONGC, down 3% each. The gainers from the pack are BHEL and Tata Motors, up 1% each. Bajaj Auto, Hero MotoCorp and SBI are down marginally.

Aptech is trading higher by 3% at Rs 76, extending its yesterday's 11% gain. Reports suggest that investor Rakesh Jhunjhunwala has hiked stake in the company by 2.2%. According to the bulk data, Jhunjhunwala, purchased 10.95 lakh shares of the company for Rs 70.44 per share, valuing the deal to Rs 7.71 crore.

IRB Infrastructure has tanked 11% to Rs 108 on the Bombay Stock Exchange. The stock has declined 37% in past seven trading days following the alleged involvement of it chairman and managing director, Virendra Mhaiskar, and three members in a murder.

The overall market breadth is negative as 1,798 stocks have declined against 699 advancing ones, on the BSE.