Pithaly

Markets have completely shocked and taken huge beating on account of disappointing IIP numbers, rising inflation, crude and no revision in Infosys' guidance in dollar terms. Huge sell off seen in technology, capital goods, power, oil, banking and metal stocks. Global cues have not played any big role in today's session. All BSE indices ended in red.

The Sensex fell 574.9 points and Nifty 147.75 points to hit intraday low of 13,351.34 and 4014.45, respectively. Sensex closed with a loss of 456.39 points or 3.28% at 13,469.85. Nifty closed at 4049.00, down by 113.2 points or 2.72%.

Nifty Futures discount ended at 20 pts; discount widened to 50 points post IIP numbers. Nifty futures added 48.5 lakh shares versus 22 lakh shares pre IIP. Nifty Mini witnessed hectic activity; 4th highest turnover seen at Rs 6656 crore after RIL, Infosys, Reliance Capital. Fresh shorts have seen in tech and capital goods stocks.

Infosys, L&T, HDFC, ICICI Bank, Satyam, Reliance Industries, ONGC and TCS were biggest draggers for indices.

Growth in Index of Industrial Production (IIP) of May has declined at 3.8% as against 10.6% in same period of last year, which is below expectations. May Manufacturing growth was also down at 3.9% from 11.3% (YoY) and Capital Goods at 2.5% versus 22.4%.

http://www.moneycontrol.com/india/news/local-markets/disappointing-iip-nos-rising-oil-thrash-mkts-it-cg-crash/17/35/346641