Positive IIP numbers fail to enthuse markets

The markets chose to ignore the strong index of industrial production (IIP) numbers to shed nearly one per cent in a volatile session of trade. The Sensex closed at 15696.03, lower by 153.57 points, and the Nifty faced resistance around the 5,000 mark to end at 4,952.65, down 51.30 points. Realty, metal and banking sectors were the major draggers.

Dalal Street had strengthened more than 400 points on the previous day and about 10 per cent in the past six trading sessions. The IIP showed factory production rose 9.1 per cent in September against 6 per cent in the same period last year. Manufacturing output was up by 9.3 per cent against 6.2 per cent in the same month last year and mining was up by 8.6 per cent compared to 5.8 per cent in the corresponding period.