Market opened with a negative note and plunged almost by 2% on weak Infy results and discouraging IIP numbers.Nifty tanked by 101.3 points and ended at 5514.8 whereas Sensex ended at 18376.83 with a fall of 344.56 points.
All BSE Sectoral Indices ended in red territory.Realty Index was the top loser by 2.93% followed by IT,Teck, Capital goods,Auto and Consumer Durable Indices by 2.87%, 2.47%, 2.44%, 2.42% and 2.34% respectively.
In Nifty50 stocks, Dr reddy was the top gainer by 0.55% and ended at 1548.15 whereas Infy was the top loser by 4.62% and ended at 2786.1.
Infy was the turnover topper by the value traded and Rushil was the most traded stock by the quantity traded today on NSE.
Advance / Decline Ratio was negative by 3.07:1 as 1070 stocks declined and 349 stocks gained today on NSE.
IIP Numbers :
Industrial growth has slowed down in May. Index of Industrial Production (IIP) has come in at 5.6% on a year-on-year basis. industrial growth in April-May this year averaged 5.7%, compared to 10.8% in the same period last year.
The manufacturing sector, which accounts for over 75% of the total weight of the index, grew by just 5.6% in May, 2011, as against 8.9% in the same month of 2010.
Similarly, the mining sector grew by a meagre 1.4% in May, 2011, as against 7.9% in the same month last year.
Another area of concern was poor offtake of capital goods, which grew by just 5.9% during the month under review as compared to 15.8% in the corresponding period of the previous year.
Growth in output of intermediate goods also registered a sharp decline to 0.9% in May from 11.7% in the corresponding year-ago period.
Overall, consumer goods saw lower growth of 5.4% in May, 2011, as against 7.4% in May, 2010.
The IIP performance is even worse as per the old series of index, with a base year of 1993-94, which recorded industrial growth at 3.6% in May, 2011, as against 12.2% in the same month last year.
Major Global Indices :
Hang Seng : -684.07
Nikkei : -143.61
FTSE : -85.15
CAC : -89.81
DAX : -127.88
Dow Futures : -76.00
Nasdaq futures : -20.75
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