Sebi-Irda row casts shadow on mkts, Sensex down 80 pts

Mumbai, Apr 12 (PTI) Markets took a breather Monday and
the benchmark Sensex slipped 80 points as sentiment was
subdued amid a clash between the two regulators--Sebi
and Irda--over an equity-linked insurance product.
Further, over 15 per cent growth in industrial output for
February failed to lift the sagging market.
The 30-share BSE index Sensex was down 80.14 points or
0.45 per cent at 17,853 points, with 18 components declining.
The index had briefly remained positive in the opening
trade, rising as much as 62.11 points to 17,995.25 level.
The 50-share Nifty Index of the National Stock Exchange
declined by 0.41 per cent to 5,339.70 points.
Analysts said the tussle between the two regulators over
regulating equity-linked insurance product Ulips brought in
some negativity in the market.
"Negative investor sentiment over the regulation of Ulips
by the two regulators and lower-than-expected IIP data took a
hit on stock markets," Ashika Stock Broking Research Head
Paras Bothra said.
India's factory output rose 15.1 per cent in February,
from 0.2 per cent a year ago, helped by stimulus measures and
robust domestic demand.
Last week, the barometer had recorded its ninth straight
weekly gain--its best since March-June 2009 when it rose for
14 consecutive weeks.
Financial sector stocks edged lower on fears of hardening
interest rates at the central bank's monetary policy review
scheduled on April 20. MORE PTI