Fundamentals April 29, 2013

Nik's Diary

The Indian markets opened flat to positive mirroring flat opening trades in the SGX Nifty and most other Asian markets. The US markets showed a mixed performance on Friday on the back of disappointing data on 1QCY2013 economic growth and a mixed response to the latest batch of earnings. According to new government statistics, GDP expanded at a 2.5% (as against an expectation of 3.1%) annual rate in 1QCY2013, up 0.4% from 4QCY2012. Meanwhile, the European markets ended Friday's session in negative territory, snapping its recent upward trend. The pull back was largely attributed to profit taking following this week's strong run. The gains accumulated this week were largely due to speculation that the ECB will cut rates at its upcoming meeting next week. Meanwhile, Indian markets ended weak on Friday, as investors awaited cues from the Reserve Bank of India's monetary policy meeting due this week. A broaderrebound in commodities, the rupee's weakness on the back of month-end importer demand for dollars and weak European stocks following five straight sessions of gains also kept investors at bay.

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