Indian Markets gain nearly 4% last week - Microsec

Indian markets settled the volatile week on a cheerful note with benchmark indices gaining nearly 4%. The intensions and initiatives of the new RBI Governor helped in changing the sentiments on the currency and equity markets. BSE Bankex, PSU, Oil & gas and Capital goods were the major gainers over the week.

On domestic front, Indian's HSBC Manufacturing (Purchasing Managers' Index) PMI sank to 48.5 in August 2013 from 50.1 in July, the lowest reading since March 2009. An index reading above 50 indicates expansion in the sector, while one below suggests decline. India's Foreign Exchange Reserves have dipped to USD275.5 billion in the week ended 30 August, 2013, hitting the lowest level since June 2010.

India's cumulative seasonal rainfall for the country as a whole till September 04, 2013 was 8% above the LPA. The cumulative seasonal rainfall activity continued to be excess over all the four homogeneous regions except east & northeast India, where it was 26% below LPA.

On global front, The U.S. Unemployment Rate fell to 7.3 percent in August 2013 from 7.4 percent in July, its lowest since December 2008. The U.S. Initial Jobless Claims decreased to a seasonally adjusted 323K in the week ended August 30, 2013 from 332K (revised) in the previous week.

Euro Zone's Manufacturing PMI increased to a 26-month high of 51.4 in August 2013 from 50.3 in July, as growth improved in Germany, the Netherlands, Austria, Ireland, Italy and Spain, while France and Greece registered a contraction, although the rate of decline in factory activity in Greece eased significantly.

China's Manufacturing PMI rose to 51.0 in August 2013 from 50.3 percent in July.

Source : Equity Bulls

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