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MARKET 0UTLOOK
NEWS AFFECTING INDIAN MARKETS
May WPI inflation eases to 4.7%
US FDA issues import alert on 2 Dabur India facilities
Ranbaxy issue resolved, informs Apollo Pharmacy
CAD likely to be at 4% in Q4 FY13: Raghuram Rajan
The markets lost moderately during the week. The Sensex was down -2.94% while
the Nifty was down -1.23% during the week. Nifty is coming in the range of 5650-
5900
From the global perspective,European shares erased an early advance to trade flat
on Friday as investors braced for a batch of U.S. economic data later in the session.
The FTSE furo first 300 traded at 1,174.43 by 1029 GMT, having reversed from a
session high of 1,180.63, with light trade at just 30 percent of the 90-day daily
average exaggerating market moves. Investors were waiting for US May inflation
figures due at 1230 GMT and sentiment data at 1355 GMT which could provide fresh
clues as to when the U.S. Federal Reserve, due to meet on June 18-19, might start
revising its stimulus policy. "Into that we could be swinging back and forth in the
last seven days' trading pattern That said, volumes are really starting to dry up now
for the summer so it's not going to take a huge amount of effort to move us out of
that range." Solid U.S. data on Thursday assuaged concerns over whether the world's
biggest economy could withstand a scaling back of the Fed's stimulus. Policy risk has
contributed to a drop of nearly 7 percent from five-year highs hit towards the end of
May. But some investors reckon the stimulus fears were just an excuse to take
profits on the index which, despite the recent sell-off, is up some 24 percent over the
last year, with any winding down of stimulus likely to be a protracted affair. Mining
shares, which are sensitive to the health of the global economy, helped stabilize the
index, building on sharp gains in the previous session with a 1.3 percent advance.
Sentiment on basic resources stocks was helped as Citi lifted its rating on the sector
to "overweight", citing valuation grounds, in a broader note saying it remained
positive on European equities.
For the week, The Sensex was down -2.94% while the Nifty was down -1.23%
during the week.
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