A downward revision in India 's
GDP growth forecast by the Prime Minister's Economic Advisory Council - the
PMEAC cut India 's
GDP growth forecast to 5.3% for the fiscal year ending March 2014 - hurt
sentiment and prompted investors to press sales at several counters.
The BSE benchmark Sensex, which declined to 19,675.68 in late afternoon trade, after rising to 19,999.37 earlier in the day, ended the session with a loss of 49.12 points or 0.25% at 19,732.76. The Nifty index of the National Stock Exchange closed at 5850.60, slightly below its previous close of 5850.70. The Nifty touched a high of 5884.30 and a low of 5822.90 during the day.
The data on industrial production in July, released by the government after trading hours on Thursday, beat expectations, but did not enthuse investors any significantly. According to the data, industrial production rose 2.6% in July 2013 as against a contraction of 1.8% in June 2013. While manufacturing sector registered a growth of 3% and electricity generation rose 5.2%, mining sector saw a contraction of 2.3%. Production of basic goods rose 1.7% in July 2013, and capital goods production was up 15.6%. Production of intermediate goods rose 2.4%, while consumer goods production saw a 0.9% decline in the month.
Meanwhile, inflation based on the consumer price index decelerated in August 2013. According to a report from the government, the rate of inflation based on the combined consumer price index for urban and ruralIndia
decelerated to 9.52% in August 2013 from 9.64% in July 2013. Food and beverages
inflation came in at 11.06% in August 2013, the data showed.
The BSE benchmark Sensex, which declined to 19,675.68 in late afternoon trade, after rising to 19,999.37 earlier in the day, ended the session with a loss of 49.12 points or 0.25% at 19,732.76. The Nifty index of the National Stock Exchange closed at 5850.60, slightly below its previous close of 5850.70. The Nifty touched a high of 5884.30 and a low of 5822.90 during the day.
The data on industrial production in July, released by the government after trading hours on Thursday, beat expectations, but did not enthuse investors any significantly. According to the data, industrial production rose 2.6% in July 2013 as against a contraction of 1.8% in June 2013. While manufacturing sector registered a growth of 3% and electricity generation rose 5.2%, mining sector saw a contraction of 2.3%. Production of basic goods rose 1.7% in July 2013, and capital goods production was up 15.6%. Production of intermediate goods rose 2.4%, while consumer goods production saw a 0.9% decline in the month.
Meanwhile, inflation based on the consumer price index decelerated in August 2013. According to a report from the government, the rate of inflation based on the combined consumer price index for urban and rural
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