Indian indices closed negative after 2 weeks of positive trend - Religare

The key benchmark indices closed negative after two weeks of positive trend. BSE Sensex touched the all-time high level of 6415 on Monday after a strong performance of Bharatiya Janata Party (BJP) in assembly elections. The indices were unable to sustain at higher level and plunged. Going ahead, Corporate advance tax payment for Q3 December 2013, data on inflation based on the wholesale price index, outcome of the ongoing Winter Session of the Parliament, outcome of the Reserve Bank of India's mid-quarter monetary policy review and outcome of the two-day policy meeting of the Federal Open Market Committee will dictate near term trend on the domestic bourses.

Index of industrial production (IIP) declined 1.8% in October 2013, against 2.0% growth in the previous month September 2013. The decline in the output of manufacturing sector at 2.0% and mining sector at 3.5% mainly led to decline in IIP for October 2013. Meanwhile, the marginal 1.3% growth in the electricity generation restricted further dip in industrial production during October 2013.

Source : Equity Bulls

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