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Shocker! March IIP falls 3.5 percent, Sensex plunges

The highly volatile index of industrial production (IIP) fell by 3.5 percent in March, which stunned market watchers who had expected the index to post a rise of 1.5-1.7 percent.
The mining sector tumbled 1.3 percent, while the manufacturing sector sank 4.4 percent for the month. Electricity, however, grew 2.7 percent.
Capital goods have declined by 21.3 percent. Basic goods, however, climbed 1.1 percent while consumer durables also rose 0.2 percent.

Capital goods have declined by 21.3 percent. Basic goods, however, climbed 1.1 percent while consumer durables also rose 0.2 percent. Reuters

While the market generally does not assign too much importance to the data due to its volatility and other credibility issues, the March data  still depressES experts as a further sign of the slowing down of the economy.
Expectations from IIP had already been low since core sector growth was a meagre 2.1 percent last month (February). The core sector comprises eight infrastructure sectors and they account for 38 percent of the IIP, so it is a good leading indicator of the index.
February’s IIP rose by 4.1 percent, helped by 6.9 percent growth in the core sector.