FUNDAMENTAL OVERVIEW * Indian markets closed lower this week after the rupee weakened further and FII inflows slowed. The rupee fell past 57 against the US dollar, nearing its all-time low. * Separately, the Government and the RBI unveiled measures to curb gold imports and the RBI set 1.44% real yield on the maiden inflation-indexed bonds. * Southwest monsoon gradually moved to cover the state of Maharashtra. It is set to progress further into Gujarat and Rajasthan over the next few days. * However, the HSBC India Manufacturing PMI touched a 50-month low in May while the HSBC Services PMI rebounded to a 3-month high. * Barring M&M, the monthly sales volumes from most automakers were pretty subdued, reflecting the ongoing sluggishness in consumer demand. * Meanwhile, the global equity markets turned jittery amid growing tensions over the fate of the Federal Reserve’s stimulus programmes. US economic data were mixed this week. * Japanese markets were very volatile as the yen strengthened. European markets also declined even as the ECB held interest rates steady. * In stock centric action, RCOM was in focus after the company signed a tower sharing deal with Reliance Jio Infocomm. * At the company’s AGM, RIL chairman Mukesh Ambani said the company plans US$26 billion, or INR 1.5 lakh cores worth of investments over the next three years. * Just Dial made its debut on the bourses with strong listing gains.
Posted on: Sun, 09 Jun 2013 01:51:25 +0000
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