SENSEX 16292.98 -127.07
NIFTY 4928.90
-36.80
USD/INR 0053.81 +00.71
NASDAQ 2953.29 +19.65
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UPDATEDTIME 09.28 PM 11 MAY 2012
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The Sensex slipped sharply in trade after poor IIP data numbers hit
investor sentiment. The fall in the index was led by ITC, Infosys and ONGC.
India's industrial output unexpectedly contracted 3.5 percent in March from a year earlier, government data showed on Friday. Analysts expected IIP to grow by 1.8 percent in March 2012 compared to 4.1% in Feburary 2012, according to an ET Now poll. Experts expected the FY12 IIP to grow 3.5-4 percent.
Manufacturing, which constitutes about 76 percent of industrial production, shrank 4.4 percent from a year earlier, the statistics office said.
The capital goods output contracted by 21.3 percent against a growth of 14.5 percent in the same month last year. Larsen & Toubro, part of BSE Capital Goods index ,slipped 1.6 percent after the data was announced. Other capital goods stocks are also losing ground, with construction firm Punj Lloyd down 2.8 percent and Suzlon Energy down 3.3 percent.
The IIP data is very disappointing. The slowdown is due to the manufacturing sector. They need to address the issue of calculating IIP. The RBI is concerned with the high levels of inflation," C Rangarajan, chairman of Prime Minister's Economic Advisory Council.
Keki Mistry, VC & CEO of HDFC Bank, is of the view that hopefully this is the lowest IIP numbers that we are seeing, and we will expect better numbers in the year ahead.
The 30-share Sensex, which had lost 493 points in last three-day, fell further by 127.07 points, or 0.77 per cent to close at 16,292.98, after touching the day's low of 16,233.76.
The Nifty was trading at 4,928.90, down 36.80 points, or 0.6 percent. It touched a high of 4,954.05 and a low of 4,906.15, in today's trade.
The rupee dropped to an intraday low of 53.61 to the dollar while the 10-year bond yield fell 2 basis points to 8.54 percent.
Shares in Jubilant Food Works gain 2.86 percent to Rs 1,081.00 after CLSA upgrades the stock to buy from " outperform," while maintaining its target price at Rs 1,380 after Q4 results.
Shares of SKS Microfinance today surged 19 percent after the Union Cabinet approved a bill to regulate the micro finance industry and bring the micro lenders under the purview of the Reserve Bank.
All sectoral indices, led by realty, capital goods and FMCG, were trading in the negative zone with losses of over 1 percent. The BSE Midcap Index was down 0.9 percent and the BSE Smallcap Index slipped 0.7 percent. The BSE Realty Index slipped 1.7 percent, the BSE FMCG Index dropped 1.1 percent and the BSE IT Index fell 0.9 percent.
Ranbaxy (4.5%), Sun Pharma (3.9%), Tata Power (2.7%), Maruti (2.2%) and Hindalco (2.5%) are among the Sensex losers.
The top Sensex gainers include JP Associates, which was trading 3.2 percent higher at Rs 62.25, and Bajaj Auto, which rose 2 percent to Rs 1,535.38.
BSE-FMCG sector index fell by 1.27 per cent to 4,617.93 while the BSE-Metal index dropped by 1.17 per cent to 10,106.70.
India's industrial output unexpectedly contracted 3.5 percent in March from a year earlier, government data showed on Friday. Analysts expected IIP to grow by 1.8 percent in March 2012 compared to 4.1% in Feburary 2012, according to an ET Now poll. Experts expected the FY12 IIP to grow 3.5-4 percent.
Manufacturing, which constitutes about 76 percent of industrial production, shrank 4.4 percent from a year earlier, the statistics office said.
The capital goods output contracted by 21.3 percent against a growth of 14.5 percent in the same month last year. Larsen & Toubro, part of BSE Capital Goods index ,slipped 1.6 percent after the data was announced. Other capital goods stocks are also losing ground, with construction firm Punj Lloyd down 2.8 percent and Suzlon Energy down 3.3 percent.
The IIP data is very disappointing. The slowdown is due to the manufacturing sector. They need to address the issue of calculating IIP. The RBI is concerned with the high levels of inflation," C Rangarajan, chairman of Prime Minister's Economic Advisory Council.
Keki Mistry, VC & CEO of HDFC Bank, is of the view that hopefully this is the lowest IIP numbers that we are seeing, and we will expect better numbers in the year ahead.
The 30-share Sensex, which had lost 493 points in last three-day, fell further by 127.07 points, or 0.77 per cent to close at 16,292.98, after touching the day's low of 16,233.76.
The Nifty was trading at 4,928.90, down 36.80 points, or 0.6 percent. It touched a high of 4,954.05 and a low of 4,906.15, in today's trade.
The rupee dropped to an intraday low of 53.61 to the dollar while the 10-year bond yield fell 2 basis points to 8.54 percent.
Shares in Jubilant Food Works gain 2.86 percent to Rs 1,081.00 after CLSA upgrades the stock to buy from " outperform," while maintaining its target price at Rs 1,380 after Q4 results.
Shares of SKS Microfinance today surged 19 percent after the Union Cabinet approved a bill to regulate the micro finance industry and bring the micro lenders under the purview of the Reserve Bank.
All sectoral indices, led by realty, capital goods and FMCG, were trading in the negative zone with losses of over 1 percent. The BSE Midcap Index was down 0.9 percent and the BSE Smallcap Index slipped 0.7 percent. The BSE Realty Index slipped 1.7 percent, the BSE FMCG Index dropped 1.1 percent and the BSE IT Index fell 0.9 percent.
Ranbaxy (4.5%), Sun Pharma (3.9%), Tata Power (2.7%), Maruti (2.2%) and Hindalco (2.5%) are among the Sensex losers.
The top Sensex gainers include JP Associates, which was trading 3.2 percent higher at Rs 62.25, and Bajaj Auto, which rose 2 percent to Rs 1,535.38.
BSE-FMCG sector index fell by 1.27 per cent to 4,617.93 while the BSE-Metal index dropped by 1.17 per cent to 10,106.70.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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