Market Slip Because of Bad IIP Data

Bad IIP data took their toll on the markets with both benchmark indices breaching their psychologically important levels of 16,000 and 4800, respectively. Barring IT, all sectoral indices closed negative with metal being the worst among them. Other sectors with substantial losses were oil & gas, banking, realty, auto and capital goods. The Sensex closed at 15870, down 343 points from its previous close, and the Nifty shut shop at 4765, down 102 points. The CNX Midcap index closed with 2.1% loss while the BSE Smallcap index was down 1.5% in today's trade. The market breadth was negative with advances at 263 against declines of 1037 on the NSE. The top Nifty gainers were Wipro, TCS, HCL Tech and Infosys while the biggest losers included Tata Power, Hindalco, SAIL and JP Associates.

Now on 15th Advance Tax and on 16th RBI policy two most important factor comes if it is positive market jump very fast if not market slip down likely nifty 4200 to 4300 and Sensex touch likely 14000 to 12000.