Indian markets opened negative this morning despite January inflation cooling to a three-year low as sentiment among investors seems to have dipped. Even foreign investors are not enthused with the hope of a likely rate cut in March.
While Sensex opened 0.23 percent lower at 19452, the Nifty opened 0.29 percent lower at 5880.
"The IIP numbers are not really trusted these days and reports state that the Saumitra Chaudhuri committee is looking at omitting items from the IIP basket, which are not being produced or reported on a regular basis," said IIFL in a note.
Meanwhile, oil marketing companies are likely to take a call on a petrol and diesel price hike today. While diesel is expected to go up by 50 paise/litre, petrol may go up by Rs 1/litre.
Suzlon is the biggest loser today. The stock is down 14 percent after its losses widened for the third quarter.
Globally, Wall Street witnessed a flat and lackluster trading session, as disappointing GDP data from the Euro zone overshadowed optimism over an upbeat jobless claims report and a flurry of M&A announcements.
The European markets were in the red across the board following a report that showed the euro zone fell deeper into recession with GDP contracting 0.6 percent in the final quarter of 2012. The drop was the biggest since the first quarter of 2009. For the year, GDP fell by 0.5 percent.