Markets fall yesterday from early highs on weak IIP data

In a sharp reaction to the steep fall in industrial growth for January 2008. The stock markets opened with a strong note because of the US federal Banks announcements but then it could not sustain the upward trend because of the news in the domestic market of the decelarating industrial growth. Industrial Production growth contracted sharply in Jan 2008 decelerating to 5.3 % compared to 11.6 % in Jan 2007. Growth in IIP is much lower than the expectations. The growth from consumer durables has moved into negative territory.