Noon: Markets turn choppy on grim economic data

The inflation for the week ended 31 January slipped to 4.39% from 5.07% of the previous week. But dismal data was declared for December’s industrial output that dropped by 2%, mainly due to fall in the manufacturing output and consumer durables growth.

Sectors that are facing significant amount of selling are IT, technology, oil and gas and FMCG. But certain heavy weight sectors regained from Wednesday’s losses like realty, auto, power metal and consumer durables

The Bombay Stocks Exchange benchmark Sensex opened the day flat as Asian markets reflected weak trade. At 1pm the 30-share BSE index had shed 47.55 points to fall at 9,570.99. The NSE Nifty has also made up for some losses and was a mere 3.60 points down at 2,922.10 around 1:10pm.

Media stocks were boosted as the government waived import duty on Newsprint to provide relief to the print media industry and resulting in surge of shares like Deccan Chronicle and Mid-Day.

DLF stocks rebounded today leading the rally on BSE by 5.60% at Rs159.30, along with Mahindra and Mahindra by 4.65% at Rs293.65. Shares of Reliance industries made significant gains as Reliance Infra rose by 3.14% at Rs558.50 and Reliance Communications by 2.14% at Rs177.00.

But many heavy weight stocks were under selling pressure like Ranbaxy Laboratories that fell by 3.03% at Rs214.50, Infosys Technologies by 2.58% at Rs1,269.00, Maruti Suzuki by 2.40% at Rs617.35, and ONGC by 2.04% at Rs692.60.

Meanwhile Asian markets also traded in red as US stimulus plan disappointed investors and the new bank rescue plan hurt financial stocks. Japan’s Nikkei slid by 3% and Hong Kong’s Hang Seng by 2.01%.

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