Down-tick in HSBC Manufacturing PMI dampens investor sentiments - Eastern Financiers

Markets ended on a flattish note after erasing early gains as weak global cues coupled with poor growth in Core Sectors and a down-tick in HSBC manufacturing PMI dampened investor sentiments. The Nifty closed at 5704.40, up 21.85 points or 0.38 % and the Sensex zoomed 28.98 points or 0.15 %.

Eight core sectors output fell 2.5% in February, against a growth of 3.1% in the previous month and a whopping 7.7% expansion in February, 2012, dashing the hope of policy makers that the industry will revive in the third quarter of the current financial year.

Cooling domestic and foreign demand dragged on Indian manufacturing growth in March, with the sector expanding at its slowest pace since November 2011. The HSBC manufacturing Purchasing Managers' Index (PMI), which gauges business activity in Indian factories but not its utilities, fell to 52 in March, after a surge to 54.2 in February.

Source : Equity Bulls

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