Indian Markets swing between gains & losses in the last week - Microsec

Indian markets swung between gains & losses where PMI Manufacturing data been the dragger while the INR appreciation been the trigger during the week.

On domestic front, Operating conditions across the Indian Manufacturing sector deteriorated for the second consecutive month in September. HSBC India Manufacturing Purchasing Managers' Index (PMI) increased marginally to 49.6 in September 2013 from 48.5 in August but remained below 50 mark. A reading above 50 indicates expansion while a reading below 50 shows contraction.

India's south-west monsoon (June-September) has been above normal this year; with 6% above LPA rainfall. Despite the very first week of the season, the cumulative seasonal rainfall continues to remain above normal for the country as a whole. The rainfall has been geographically well distributed too. Only six subdivisions (Arunachal Pradesh, Assam & Meghalaya, Nagaland, Manipur, Mizoram & Tripura, Jharkhand, Bihar and Haryana, Chandigarh & Delhi) mainly from the Northeastern region of the country remained rain-starved for most part of the season.

On global front, For the first time in nearly two decades, the U.S. Federal Government staggered into a partial shutdown on October 01 after congressional Republicans stubbornly demanded changes in the nation's health care law as the price for essential federal funding and President Barack Obama and Democrats adamantly refused. A Government shutdown won't mean the entire country will grind to a halt, but it will have an impact on the daily lives of Americans. The rules governing a shutdown say federal workers must be classified as essential or non-essential, so that key government functions can carry on in the event of a fiscal crisis.

The U.S. Initial Jobless Claims increased by 1,000 to a seasonally adjusted 308,000 for the week ended September 28, 2013 from a revised 307,000 in the previous week.

Source : Equity Bulls

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