The markets inched into positive territory in the late morning session, after opening on a negative note, but slipped into the red again soon after. The Sensex at 18,558 was off 27 points, while the Nifty at 5,556 was down 9 points on lowered IIP figures.
The March IIP numbers, released a little earlier, show a growth of 7.3% for March 2011. IIP growth slowed to 7.8% in the 2010-11 fiscal, as compared to an expansion of 10.5% recorded in the 2009-10 fiscal.
Mining sector growth dropped to 0.2% versus a y-o-y growth rate of 12.3%, while manufacturing sector growth slowed to 7.9% vresus 16.4% y-o-y. Basic goods growth was registered at 4.3% as compared to 10.8% recorded during the corresponding period last year. Other figures released include lectricity growth at 7.2% versus 8.3% y-o-y, consumer goods growth at 7.7% versus 9.3% y-o-y, and capital goods growth at 12.9% versus 36% y-o-y.
DLF was the top gainer on the Sensex at Rs 231 up 2%, followed by Bajaj Auto at Rs 1,335 up 1.4% and ONGC at Rs 303 up 1%.
Hindalco Industries at Rs 200 was the top loser on the Sensex down more than 2%, while Sterlite Industries at Rs 174 shed 1.6% and HDFC at Rs 658 slipped 1%.
The broader markets were flat, albeit with a positive bias, with the Mid-cap index at 6,923, and the Small-cap index at 8,446.
In the sectoral space, the Realty index was up 1% at 2,163, followed by the Auto counter at 9,529 up 0.8% and the FMCG index at 3,768 up 0.5%.
The Metal index at 15,539 shed 1%, while the IT counter at 6,062 off 0.2%.
WIth 1,204 advances and 1,102 declines, the market breadth was positive.
