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Post Market Update:Sensex falls 189 points on lower IIP, oil concerns

Weak IIP numbers and rising crude prices, which may result in a fiscal strain on the economy, exerted pressure on the market, with the Sensex closing 189 points lower
Indian indices
The Indian markets continued its downward trend for the fourth straight session. The markets remained under pressure after the lower-than-expected index of industrial production (IIP) data for February 2011 at 3.6%. Rising crude oil prices further weighed on the sentiments. Investors got into major profit booking today, with realty and auto shares leading the decline.

The Sensex started the first day of week 69 points lower at 19383 and trimmed losses in early trade to hit the day?s high of 19426. From higher level, the index began to fall and remained under pressure, hitting the day?s low of 19243 in late trade. The Sensex fell 189 points to settle at 19263 and the Nifty stood at 5786, down by 56 points
Market sentiment
The market breadth stood weak. Of the 2,973 stocks on the BSE, 1,134 advanced while 1,746 declined. However, 93 stocks remained unchanged.