SNAPSHOT
Despite concluding three out of the five trading session of the week in the negative zone, Indian benchmarks still negotiated a close in the green territory with gains of well over half a percent on the week on week basis. In their journey, the key indices also went on to break the two week downtrend but failed to hold on to the psychological 5,600 and 18,650 levels. Investors went through a hectic week as an assortment of reports popped through the period keeping investors in a dilemma and frontline indices in a sticky situation. Bullishness seemed to be returning to the markets which were evident from the fact that the frontline indices showed some resilience and did not capitulate despite an assortment of disappointing economic reports. To start with it was the GDP data released on Tuesday which showed that nation's economy grew by 7.8% in the fourth quarter ending March this year, mainly due to poor performance of the manufacturing sector. On Wednesday, the HSBC PMI figures based on a survey of around 500 companies were released which showed manufacturing activity in India in May slowed from a month earlier, yet output remained robust, reflecting the underlying strength in business conditions.
Furthermore an official data released by the Ministry of Commerce showed that India's six core industries grew by 5.2% in April 2011 as compared to 7.4% in the previous month and 7.5% in the same month of last year. Another data released by the commerce ministry showed that India's trade deficit in April narrowed to $8.98 billion from $11.03 billion in the same period a year earlier, however, the trade deficit rose (month on month) to $8.98 billion in April from $5.6 billion in March.
Read More: Equity Research Weekly Report
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