Markets End on a Negative Note

Weak IIP numbers, and rising crude prices, which may result in a fiscal strain on the economy, exerted pressure on the bourses, as the Sensex and Nifty, both, ended almost at the day's lows of 19,263 down 189 points and 5,786 off 56 points respectively. Oil and gas exploration major Reliance Industries, along with HDFC, HDFC Bank and Tata Motors dragged the Sensex down today. The markets, which opened in the red today, gained marginally during the initial hour of trade. The Sensex touched its peak of 19,426, but, rampant selling in auto and realty stocks, along with slipping heavyweights, saw the bourses dip into the red. Negative movements continue ever since. Amongst the sectoral indices, healthcare and stocks managed to stay afloat in positive terrain, but both the indices clocked in negligible gains at 6,126 and 3,638 respectively. Divis Lab at Rs 707 was the top gainer on the Healthcare index up 3%, followed by Cadila Health at Rs 845 and Sun Pharma at Rs 450, both up 2%. Sun Pharma gained on newspaper reports the home-grown pharma firm is eyeing a marketing alliance for the Indian market with the US-based drugmaker Merck & Co.