Markets pulled down

The markets surged in the early trade ,but came off the higher levels and slipped into red.The markets have resumed trading after sun outage and they continue to trade weak at the lower levels. On the macroeconomic front, the inflation numbers came in high at 6.46%. Due to higher than expected inflation numbers the markets have further lost ground.

At 12.45 pm sensex is down 104 points at 12440,while Nifty is trading 31 points down at 3612.Two firms listed at a discount to their IPO prices, extending a recent trend of new scrips getting listed below their IPO prices.Page Industries was trading at Rs 279.60 on NSE. The stock debuted at Rs 329 compared to the IPO price (Rs 360). A strong 9.4 lakh shares changed hands in the counter on NSE.Raj Television Network was trading at Rs 210 on NSE. The stock debuted at Rs 225 compared to the IPO price of Rs 257. As many as 8.8 lakh shares changed hands in the counter on NSE.

Reliance Industries shed 0.2% to Rs 1280.25. Reliance Industries is close to signing a deal for a 59% stake in a $20 billion joint venture with US-based Dow Chemical Company, a newspaper report said on Friday.