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Sensex volatile; Tata Steel up 4.5 pc

Mumbai: The Nifty slipped below the 5400 mark due to weak Asian cues. It was weighed down by ICICI Bank, Reliance Industries and Infosys. However, significant slowdown of December industrial output growth at 1.8 per cent as against 5.9 per cent month-on-month did not see much reaction in the market. The CNBC-TV18 poll had estimated the IIP number at 3.45 per cent.

The Sensex was down just 80 points at 17,751. Meanwhile, the Nifty fell 27 points to 5,385. Asian markets too were down 0.6-1.2%; only Shanghai falls just 0.3 per cent.

Major contributors to the IIP – capital goods and mining sectors growth came in negative in December. However, growth in other sectors like consumer durables, non-durable consumer goods, consumer goods and electricity was lower than last month.

Deputy chairman of Planning Commission Montek Singh Ahluwalia sees pick up in the industrial activity in January-March. However,Samiran Chakrabarty, Head of Research, Standard Chartered Bank is not expecting any sign of industrial recovery.

Back in the market, ICICI Bank and HDFC Bank were down 0.7-1.6 per cent while SBI was down just 0.2 per cent.

Technology stocks like Infosys and TCS lost 0.6-1.4 per cent. Index heavyweight Reliance Industries declined 1 per cent while ONGC rose 0.55 per cent.

In the metal space, Sterlite Industries and Hindalco dropped nearly 2 per cent wheras Tata Steel shot up nearly 4 per cent.

Among others, LT and Bharti Airtel were up 0.3 per cent and 0.9 per cent, respectively.

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