Indian stock markets closed with huge loss on Tuesday due to poor IIP numbers. Traders booked profits in select counters. Banking, Technology and Pharmaceutical counters were trading weak.

NSE Nifty slipped below 4600 mark while BSE Sensex closed with a loss of 291 points at 15,212. NSE Nifty closed 68 points lower at 4552.

ICICI Bank, HDFC Bank, SBI, PNB and Bank of India closed with huge loss on Tuesday. Among Pharmaceutical counters, Ranbaxy Labs and Dr Reddy’s ended the day lower.

A Prasanna of ICICI Securities expects GDP to stay around 7.5% for FY09. Mr. Prasanna expects RBI to keep repo-rate at current level during the next policy updates.

US markets closed positive on Monday as Oil prices continued their fall. Oil prices have gone below $114 per barrel for first time since May, 2008. World markets may witness a bounce if the oil prices remain weak.