Nifty slips ignoring strong IIP data

Nifty today saw a highly volatile session, Markets managed to open flat and then slipped into red. 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. Sensex was down 153 points to end at 16,696 while Nifty closed at 4,952.65 ending 51 points down.

Industrial growth continued its upward march with factory production rising 9.1 per cent in September against 6 per cent in the same period last year. The Realty index was the top loser, shedding 3%, followed by the Metal index that was down 2.6%.

In Asia, the Nikkei in Japan was down 0.7%, while Australia’s S&P/ASX ended lower by 0.2% at 4,747. Shanghai SE Composite was flat and Hang Seng index in Hong Kong fell 1%.

In Europe, stocks were trading in the red. The DAX in Germany was down 0.3% and the CAC 40 index in France was down 0.3%. The FTSE in the UK was flat.

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

Tags: daily tips, hot stocks, iiip data, live news on nifty, live news on nse, live news on sensex, nse bse tips

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