Indian markets remained rangebound last week - Microsec

The Indian markets remained rangebound throughout the week due to lack of any trigger and the RBI's monetary policy failed to bring any kind of cheers in the market as well.

On domestic front, India's Manufacturing PMI decreased to 53.2 in January 2013 from 54.7 in December 2012.

India's Eight Core Industries grew 2.6% YoY for the month ended December 2012 against 1.6% YoY in November 2012.

India's GDP growth for FY2011-12 was revised down to 6.2% from 6.5% reported earlier. However, GDP growth estimate for FY2010-11 was shapely scaled up to 9.3% from 8.4% reported earlier and estimates for FY2009-10 were revised to 8.6% from 8.4%.

On global front, China's Official Manufacturing PMI fell to 50.4 in January 2013 from 50.6 in December 2012. However, privately-compiled survey by HSBC, put the monthly PMI at 52.3, rising from the previous month's 51.5.

The U.S. GDP fell at a 0.1% annual rate in Q4 of 2012, after growing at a 3.1% in Q3. That was the worst performance since Q2 of 2009.

The U.S. Unemployment rate edged higher to 7.9% in January 2013 from 7.8% in December 2012.

U.S. Conference Board's index decreased to 58.6 in January 2013-the weakest since November 2011, from a revised 66.7 in December 2012.

The Fed in its two-day FOMC meeting confirmed that the economic growth stopped toward the end of the last year. The Fed also made it clear that it plans to continue its latest round of quantitative easing, in which it's buying USD85 billion in Treasuries and residential mortgagebacked securities a month, and that interest rates will remain at record lows until unemployment drops.

Source : Equity Bulls

Keywords