Sensex sheds 57 points on poor IIP numbers

Mumbai, Nov 12 (IANS) A benchmark index for Indian equities markets was down 57 points in afternoon trading Monday, shedding early gains as disappointing index of industrial production (IIP) numbers came out.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,691.02 points, was trading at 18,626.41 points in the afternoon session, down 0.31 percent or 57.27 points from its previous close at 18,683.68 points.

The benchmark Sensex touched a high of 18,750.92 points and a low of 18,614.61 points during intra-day.

India’s industrial output contracted 0.4 percent in September, dragged down by deceleration in production in manufacturing, capital and consumer durables sectors.

Eight core industries that have a combined weight of 37.90 percent in the IIP logged a negative 0.4 percent growth year-on-year in September. In the corresponding month of 2011, these industries had registered a growth of 2.5 percent.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange was trading 0.92 percent or 14.00 points lower at 5,672.25 points.

There was heavy selling pressure in metals, capital goods, oil and gas and automobile stocks.

The BSE metal index was down 86.80 points, followed by capital goods index, down 84.23 points, oil and gas index, down 63.88 points, and auto index, down 53.10 points.

Among other Asian markets, Japan’s Nikkei was down by 0.93 percent, while Hong Kong’s Hang Seng ended trade 0.24 percent higher. Shanghai’s Composite Index was up 0.49 percent.

IANS 2012-11-12 14:04:14