Weak IIP data reverses early Sensex gains

After rallying 119 points in morning deals, the BSE8217;s benchmark 30-share Sensitive Index Sensex fell by 37 points on Wednesday as the weaker-than-expected industrial growth data weighed on the sentiment.

The Sensex closed at 15,505.36, its lowest close in a week, with 22 stocks falling. The market rose as much as 0.76 per cent in morning deals but turned negative soon after data showed industrial output in July rose 7.1 per cent from a year earlier, the slowest growth since October last year. 8220;We were nearing record highs, and at this time there is much less fund buying as people are waiting for Fed8217;s rate decision. And lower industrial output growth had its impact on banks and stocks like ITC,8221; said BSE dealer Pawan Dharnidharka.