Markets ignore IIP data, end in the negative

The markets opened on a flat note today and slipped into red almost immediately. Strong IIP numbers helped the index rebound into the green to touch a high of 16,897. The market, thereafter, turned volatile on the back of global cues, ignoring the earlier gains.

Profit taking in the late-noon session saw the index slumping once again into the red and tumble to a low of 16,605 - down 292 points from the day's high.

The Sensex recovered marginally towards the close and ended off the day's low at 16,696  - down 154 points.

The Nifty ended down 51 points at 4,953 - slipping once again below the 5,000 mark which it had crossed yesterday.

The market breadth was marginally negative. Out of 2,806 stocks traded 1,516 declined while 1,201 advanced.

Index shakers...

Banking and metal stocks were the major draggers, accounting for more than half the loss of the Sensex.

ICICI Bank and SBI together were responsible for a loss of over 70 points in the benchmark index. The stocks dropped 3.4% each to Rs 895 and Rs 2,296, respectively. HDFC Bank slipped 1% to Rs 1,715.

Metal stocks were the other big loser. Tata Steel and Sterlite dropped 2.5% each to Rs 512 and Rs 837, respectively. Hindalco was down 2% at Rs 129.

DLF declined 3.5% to Rs 371. HDFC, Jaiprakash Associates, Maruti Suzuki, reliance Infrastructure and ITC shed 1-2% each.

...and the movers

IT stocks were the only major gainers in the market today following a string of acquisitions by the major companies. Wipro and TCS gained 1.5% at Rs 625 and Rs 654, respectively. Infosys was flat at Rs 2,323.

Reliance Communications advanced 2% to Rs 175.

Value and volume toppers...

Indiabulls Realestate topped the value chart on the BSE with a turnover of Rs 1,648.30 crore, followed by Educomp Solutions (Rs 225.78 crore), DLF (Rs 211.65 crore), Reliance (Rs 185.92 crore) and HDIL (Rs 163.62 crore).

The volume chart was led by Indiabulls Real Estate with trades of over 68 million shares, followed by Suzlon (20.15 million), Mahindra Satyam (13.28 million), First Source (11.74 million) and Unitech (10.72 million).