Markets near day's low on IIP nos

Markets have slumped once again following announcement of the IIP numbers.

The Sensex has dropped 142 points near its low at 20,447. Nifty is down 28 points at 6,165.
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(Updated at 1026 hrs)

Markets have recovered from the early morning lows on buying in healthcare and power stocks.

The Sensex in the morning opened at 20,503 and dropped to a low of 20,421 on negative cues from global peers. The index has now recovered its losses and is at 20,573 - down 18 points.

Nifty is trading flat at 6,195.

BSE healthcare index has gained 0.7% at 6,694. However, the realty, IT and metal indices are down nearly 1% each.

Investors are jittery ahead of key policy decisions in the G-20 summit at Seoul. The government will be announcing the IIP data later today.

On Thursday, the WPI inflation grew 12.3%, while the fuel price index climbed 10.6% in the year to October 30.

Government has decided to sell shares of Manganese Ore, following Coal India and the FPO of Power Grid. The IPO for Manganese Ore is likely to hit the markets in November end, reports suggest.

Cipla has gained 1.8% in morning trades to Rs 338 in spite of a 5% dip in Q2 net profit. The drug major posted a profit of Rs 263.01 crore as against Rs 275.74 crore in the same quarter in the previous fiscal.

Sun Pharma and Ranbaxy are two other pharma companies who have added 1.5% each in trades. Dr Reddy's is up 1% at Rs 1,754.

HDFC has gained 1.7% at Rs 725. Bajaj Auto, Sterlite, HDFC Bank and Cairn India are in green.

Meanwhile, BHarti AIrtel has dropped 2.4% to Rs 309. Reliance Communications is down 1.6% at rs 173. However, Idea Cellular has jumped 1.6% to Rs 70.

DLF, Reliance Power, IDFC, SBI and Hindalco are some of the other major Nifty losers.