Markets slip on disappointing Dec IIP numbers

Markets slipped into red in early noon deals on account of weak IIP numbers for the month of December which came in at negative 0.6%. This was due to weak demand from the European markets, which is India's largest trade partner. At 11:25 hrs, the Sensex was down 10 points at 19,451 and the Nifty was down seven points at 5,890.

The broader markets remained weak with both the smallcap and the midcap indices down nearly 0.8% each.

From the sectoral indices, Oil & Gas, Health Care, PSU, Auto and Bankex indices were up 0.3-0.7%. Meanwhile, Realty index slipped over 5% followed by It, Metal and Power indices, down 0.7-0.8%.

The top gainers among the Sensex-30 were ONGC, Sun Pharma, Bajaj Auto, HDFC Bank and Dr Reddys Lab, up 0.8-2.5%.

The ones weighing on the indices were metal names like Jindal Steel down nearly 3% followed by Sterlite and Infosys losing 1.5% each. The other notable losers were Tata Power, Cipla, Hero MotoCorp and Hindalco down 0.6-1%.

The market breadth was very negative on the BSE. 1,430 stocks declined while 804 stocks advanced.