The IIP data which came in at -3.5% clearly shocked the markets, which fell dramatically after the numbers were revealed. However, it recovered a little later on hopes that the lower IIP rates may prompt the RBI to cut repo rates once again.

Europe continued to remain weak following the shocking loss of $2 billion revealed by JP Morgan. The biggest bank in the US, has revealed a trading loss of at least $2bn on account of complicated investments.

Shares that gained ground today were Jaiprakash Associates, Bajaj Auto, Tata Motors and Axis Bank. The shares that lost ground in trading today were Ranbaxy Laboratories, Grasim, Hindalco and Sun Pharma. Shares of Indian Bank dropped more than 8% today, following a disappointing set of numbers reported by the company.

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