India manufacturing output falls for second month: HSBC PMI
The PMI for manufacturing, although marginally up from the previous month, stood at 49.6 points in September from 48.5 points in August, indicating moderate contraction in the sector.
A reading above 50 indicates growth and below that depict contraction.
The PMI quarterly average for the second quarter of this year was the lowest since the fourth quarter of 2008.
Employment fell for the first time in around 19 months, mainly due to reduction in new order levels. There was a sharp rise in input costs this month, with all three sectors covered by the survey signalling "stronger rates of cost inflation in the latest month".
Faced with fewer projects, companies reduced their workforce numbers for the first time since February 2012.
According to official data, high imports of gold and oil pushed Current Account Deficit (CAD) to 4.9 per cent of GDP at USD 21.8 billion in the April-June quarter of the current fiscal.
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Nifty paused the fall today and shows some pull back due to positive CAD news last evening. Though Shutdown Looms may take a toll on US dollar which may favour Indian INR, I hope US may soon come to a conclusion in congress which may once again impact Rupee. HSBC PMI did not cheer the market.
Though the fall was Puased, important resistance 5784, 5810 and 5835 looks crucial and looks like a Sell on Rise is good for now. Lets See.
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As said 61.8% giving a good support. Lets wait for more clarity.
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Booked More Profit on ONGC. Met our Target, though looks week and more downside possible.
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Today LT made a low of 776 which is near to our first target 770. Now as per H&S pattern, expect stock to slide more. Lets See.
