Flat start: RIL, inflation in focus - IIFL

India can pat itself that the worst storm has passed without much loss to human lives. Cyclone Phailin which saw windspeeds of up to 210 km has now waned. The storm reportedly affected 1.2 crore people leaving huge destruction to crops and property along the Indian coastline across Odisha and Andhra Pradesh. At least 8.73 lakh people were evacuated from 99 blocks spread over 12 districts in the two states.

The outlook is a flat to negative open. The inflation number for September will be closely watched while Reliance will be in focus as it announces its results mostly after market hours. The Index of Industrial Production ( IIP) growth slowed to 0.6% in August from an upwardly revised 2.75% in July. The Finance Minister P Chidambaram has said the government would not hesitate to take difficult decisions to keep them under check.

The shutdown continues for over a dozen days with the Senate on Saturday defeating a procedural move by majority Democrats to bring up a clean debt limit bill. The vote was 53-45. It needed 60 votes to pass.

Source : Equity Bulls

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