Mid Market-Disappointing inflation data drags markets deeper into negative terrain Analysis for May 14, 2012

Disappointing inflation data dragged down domestic bourses deeper into the negative terrain during afternoon trade as acceleration in inflationary pressures dampened the scope of another rate cut to boost growth in Asia"s third largest economy. India"s annual inflation stood at 7.23 per cent in April 2012, compared to 6.89 per cent in March 2012.

Weak global cues also added to the negative sentiment as most Asian stocks fell on concerns that Greece may be squeezed out of the Euro as the nation struggles to form a government.

At 12:23 PM, BSE SENSEX was at 16,200.35, down by 92.63 points or by 0.57 per cent and the NSE Nifty was at 4,903.90, down by 25.00 points or by 0.51 per cent. The BSE Sensex touched intraday high of 16,390.33 and intraday low of 16,200.31. Meanwhile, the BSE MIDCAP was at 5,899.79, down by 48.92 points or by 0.82 per cent, while the BSE SMLCAP was at 6,366.48, down by 28.90 points or by 0.45per cent.

On the Sectoral front, Banking and Realty were down 1.68 per cent and 1.06 per cent, respectively.

Out of the 30 Sensex stocks, there were 12 advances and 18 declines.

The top losers of the BSE Sensex were ONGC (down 2.28 per cent at Rs 248.85), HDFC Bank (down 1.92 per cent at Rs 501), DLF (down 1.60 per cent at Rs 184.30), BHEL (down 1.45 per cent at Rs 217.95) and SBI (down 1.41 per cent at Rs 1,826).