Opening Bell: Today, the start is likely to remain jubilant, though markets may not get a gap-up opening. Marketmen will be getting some support with the statement of Prime Minister Manmohan Singh in a high-level committee meeting that sustained growth in manufacturing was critical if the country had to grow at 8-9 per cent. In the meeting it was decided that more domestic manufacturing capabilities would be created. Traders will be eyeing the movement of rupee, whether the depreciations gets checked with the regulators measures or not. There will be some cautiousness too, as the International Monetary Fund (IMF) has cut India’s growth outlook for 2013-14 to 5.6 percent from the 5.8 percent it projected in April. The textile sector stock will be in action as the government will come out with an action plan to increase competitive strength of the textiles sector and boost exports within four weeks. The beleaguered garment exporters are finding the currency depreciation as a blessing in disguise for the sector. The steel stocks too will be watched, as government has set a target of trebling steel production capacity to 300 million tonne by 2025. Read more at rsec.co.in/market-and-news/equity/market-outlook/daily
Posted on: Wed, 10 Jul 2013 03:55:58 +0000
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