Much lower than expected growth in industrial output data for March sent the BSE Sensex and NSE Nifty more than 1% lower. Experts on average had expected industrial output at 1.5% for March.
Prime Minister's economic advisory panel chief C Rangarajan feels IIP data for March is very disappointing as it had not expected a contraction in industrial output.
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Chelsea Saldanha.According to the statistical report, capital goods growth came in at negative 21.3% and manufacturing too stood at negative 4.4%. Mining sector growth also stayed negative at 1.3%. However, growth in basic goods reported at 1.1% and consumer durables at just 0.2%.
The BSE benchmark tanked 180 points or 1.10% to 16,240.05 and the NSE benchmark fell 58 points to 4,907.65. The broader markets too were down 1%.
Country's largest lenders State Bank of India and ICICI Bank fell nearly 1%. Engineering and construction major Larsen & Toubro was down more than 2%.
JSW Steel tanked 7% after the Supreme Court has ordered CBI probe against the company and BJP's BS Yeddyurappa in mining case. JSW ISPAT Steel and JSW Energy were down 3-4%.
Cigarette major ITC tumbled nearly 3% on profit booking and Infosys, India's No. 2 software services exporter was down over 2%.
State-owned oil & gas producer ONGC plunged 3% and even power producer NTPC lost 2%.
Top car maker Maruti Suzuki and utility vehicle manufacturer Mahindra & Mahindra were down 2-3%.
However, shares of Bajaj Auto, Wipro, BHEL, Tata Motors and GAIL outperformed with moderate gains.
About two shares declined for every share rising on the BSE.
In the second line shares, Shriram City, Manappuram Finance, Monnet Ispat, Jubilant Foodworks and Allcargo rallied 2-6% while IRB Infrastructure, Sintex Industries, Tata Global Beverages, HOEC and India Cements slipped 5-12%.
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At 10 hours IST: Nifty stays below 4950; banks, technology stocks downThe NSE Nifty stayed below the 4950 level due to consistent sell-off in banks, oil & gas, technology and metals stocks. Market experts feel the next support level would be at 4800 level as benchmarks have been falling in five out of six sessions since last Friday.
Sudarshan Sukhani, s2analytics.com sees the market closing the week on a lower note. He expects Nifty to breach 4,900 levels today. “If it is not done today, then it may certainly happen in the next week,” he added.
The BSE benchmark fell 94 points to 16,326.24 and the NSE benchmark was down 33.5 points to 4,932.20. The BSE Midcap and Smallcap indices too were under pressure, losing 0.7% each.
Country's largest lenders State Bank of India, ICICI Bank, HDFC Bank and Axis Bank were down 0.4-0.7%.
Even India's largest software services exporter Tata Consultancy Services and Infosys declined 0.3% and 1.6%, respectively.
Index heavyweight Reliance Industries slipped 0.5% while state-owned oil & gas producer ONGC dropped 1.25%.
Shares of cigarette major ITC went down 1%, continuing the fall for second consecutive session after shooting up nearly 6% on Wednesday.
Healthcare stocks like Sun Pharma, Ranbaxy Labs and Dr Reddy's Labs tumbled 1-2%.
However, two-wheeler majors Bajaj Auto and Hero Motocorp rose 0.8% each. Tata Motors gained just 0.3% while Maruti Suzuki lost 2.8%.
Cement stocks like Ambuja Cements and ACC were down over 2%.
At 9:20 hours IST: Sensex, Nifty open 0.5% lower; SKS Microfinance up 17%The BSE Sensex and NSE Nifty opened 0.5% lower on Friday morning following weak Asian cues. Oil & gas and technology stocks were under pressure.
SKS Microfinance shot up 17% after cabinet cleared Microfinance Bill yesterday, overriding state legislations on microfinance institutions.
The BSE benchmark was down 33.54 points at 16,386.51 and the NSE benchmark declined 14 points or 0.28% to 4,951.65.
IDFC, Maruti Suzuki, Asian Paints, PNB, Axis Bank, State Bank of India, Kotak Mahindra Bank, JSPL, Ambuja Cements, SAIL, Hindalco, ITC, Cairn and ONGC were under pressure in early trade.
However, Cipla gained 1% after it met analysts' expectations for fourth quarter numbers.
BPCL, Sesa Goa, Infosys, BHEL and DLF were supporting the market.
The CNX Midcap Index fell 25 points to 7,038 and the Nifty Junior was down 51 points at 9,703.
In the second line shares, Aptech gained 3% as Rakesh Jhunjhunwala acquired 2.2% stake in the company yesterday at Rs 70.44/share, raising stake to 34.20%.
Manappuram General Finance gained 2.5% and KPIT Cummins rallied 3%.
Future Capital gained 0.4% as CNBC-TV18 reported quoting sources that Warburg Pincus seeks majority stake in the company.
Sintex Industries tanked 4% after its net profit fell 46% YoY to Rs 91 crore for the fourth quarter of FY12.
Infrastructure stocks caught in bears' grip. IVRCL, Lanco Infra, IRB Infrastructure, GVK Power and GMR Infrastructure lost 2-3%.
Results Reaction: Lupin was down 2% while Jain Irrigation gained 2%.
Kingfisher Airlines plunged nearly 5% and United Spirits was down 1.7%.
