Markets skid in noon trades

The markets have made further inroads into the red in late-noon trades as the IIP numbers signalled a definite slowdown in economic activity and the unfavourable cues from the global market front only added to the gloom. The Sensex is quoting at 18226, weaker by 166 points and the Nifty is at 5469, down 51 points. All the sectoral indices are in the red, with FMCG, realty and oil being the leading sectoral losers on the BSE.

India's industrial output growth dipped in April in a sign that rising cost of credit and inflation was slowing the economy. Production at factories, mines and utilities grew an annual 6.3%, lower than an 8.83% annual rise in March. This data was the first of a new series with a different base year of 2004-05, new components and weightings. Under the old series, annual industrial output growth in April was 4.4%. And on the Asian front, Hang Seng, Taiwan and Seoul have lost in the region of around a per cent each.

The index heavyweights are having a rough ride. ITC has slipped by 1.7% at Rs 191 to top the losers list on the BSE. Reliance Infra, RIL and Maruti has lost 1.7% each at Rs 542, Rs 937 and Rs 1196 respectively.

On the other hand, TCS has added 01.4% at Rs 1190, ONGC has added 0.4% at Rs 266 and Hindalco has gained 0.3% at Rs 184.

The market breadth has turned negative. Out of 2860 stocks traded on the BSE, 1102 stocks have advanced while 1635 have declined.