India's manufacturing sector activity contracted for the first time in over four and a half years in August as both output and business orders witnessed a significant decline, an HSBC survey said today.
Since May, the index was barely managing to remain above the crucial 50 mark that divides growth from contraction. But business conditions in the manufacturing sector deteriorated during August for the first time in over four years, with both output and new orders falling at faster rates.
According to HSBC, amid reports of fragile economic conditions and subdued client demand, new orders placed at Indian manufacturers fell in August. Moreover, new business from abroad also declined, ending an 11-month sequence of growth.
The report further noted that input and output price inflation slowed despite the weakening of the currency, which likely reflect the softening demand conditions and, therefore, declining pricing power.
>>> NIFTY <<<
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Nifty broken our on chart but should cross some more important resistance like 50% fib level. 5606 and 5720 should resist in days to come. Lot of news floating on both national and international levels may impact nifty. Lets see.
>>> YES BANK <<<
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Yes Bank done first Target today.
>>> IDFC <<<
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IDFC - corrective upmove started with potential upside of 87 and 90.
Cheers!!!
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