Markets end flat on disappointing IIP nos: Metal down

12 March 2008

The markets ended ended flat after trading in green for major part of the day. The weakness was seen despite encouraging cues from the US and Asia, which closed higher. Nifty was down nearly 150 points from the day's high and Sensex was down 550 points from the highs. Metal stocks were the worst hit with Sail, Tata Steel and Hindalco among the top losers.

Jan Industrial growth was at 5.3% versus 11.6%, YoY lower than market expectation; capital goods growth was at 2.1% versus 16% last year. This negatively impacted the markets and specifically the capital goods which are off the highs.

Sensex closed up 4.83 points or 0.03% at 16127.98, and the Nifty up 6.10 points or 0.13% at 4872.00.

About 1389 shares have advanced, 1594 shares declined, and 70 shares are unchanged.

The BSE Midcap Index ended at 6,909.85 down 1.2%.

The BSE Smallcap Index ended at 8,531.92 down 0.3%.