On Wednesday, the latest data on the domestic industrial activity was disappointing as the Index of Industrial Production (IIP) for December contracted 0.6% y-o-y.
Experts feel markets are likely to remain volatile. "Markets could remain volatile in a narrow range of plus / minus 25 points on Nifty throughout the session. Immediate support for Nifty is at 6060, while resistance is at 6125 level," HDFC Securities said in a note.
Among sectoral indices, BSE Bankex (-1.77%), BSE Oil & Gas (-1.58%) and BSE Consumer Durables (-0.16%) were the major losers. Among individual stocks, Cipla (-7.62%), Coal India (-3.24%) and ONGC (-3.13%) were the major losers.
Cipla on Wednesday reported 17% year-on-year fall in consolidated net profit to Rs 284 crore for the quarter ended December.
Experts feel this a good time to enter the markets. "Our long-term March 2015 target for Sensex is 34,000. Another 4-5% fall would be ideal to buy into quality cyclical stocks," said Gaurav Mehta, VP, Ambit Capital.
Among Asian indices, the Nikkei (-1.79%), Hang Seng (-0.54%) and Kospi (-0.46%) were trading in the red.