The markets on Friday opened positive but drifted to lower levels on announcement of a sharp surge in inflation data. The wholesale price index (WPI) rose 7.41% in 12 months to March 29, 2008, accelerating from the previous week’s annual rise of 7%. The rate is the highest since November 13, 2004 when it stood at 7.68%. However, afternoon trades saw the markets paring some losses post a positive Index of Industrial Production (IIP) data got released. The IIP rose 8.6% in February 2008 yoy, rising from the previous month’s upwardly revised 5.8% growth. As a result, both the benchmark indices, the Sensex and Nifty ended with gains of around 1%. Amongst the sectoral indices, the Capital Goods and Oil & Gas were the major gainers ending the day 3% higher. Among the frontliners, Reliance Energy, Satyam Computers, Reliance, L&T and BHEL gained 2-4%, while Ranbaxy, ITC, HUL, Infosys and Ambuja Cements lost ground by 1.5-3.5%. In the Mid-cap segment, Kalyani Steels, India Infoline, Orchid Chem and Gateway Dist gained 6.5-8.5%, whereas Aztrazen Pharma, Phoenix Mills, Coromandel Fertilizers, Mindtree and IL&FS lost 3-5%.

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