Rupee News

Service sector activity in India expanded for the first time in 11 months in May, the results of a survey by Markit Economics and HSBC bank showed Wednesday.

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India's industrial production increased much faster-than-expected in April and consumer price inflation slowed more-than-expected in May, boosting hopes of better prospects for the economy after the new government took charge late last month.

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India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday.

Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months.

All main economic sectors recorded growth during the quarter with the services sector logging the biggest increase of 10.4 percent. That was followed by 10.2 percent growth in output in the utilities sector.

The crucial manufacturing and mining sectors rebounded during the June quarter, marking gains of 3.5 percent and 2.1 percent, respectively. Construction sector output rose 4.8 percent. Farm output increased 3.8 percent.

The Reserve Bank of India expects that economic growth in the range of 5-6 percent can be sustained in 2014-15.

The country's newly formed government, led by Prime Minister Narendra Modi, aims to achieve growth in the range of 7-8 percent within the next three to four years and bring the fiscal deficit down to 3 percent of the GDP.

However, if risks relating to the global recovery, the monsoon and geo-political tensions intensify, the balance of risks could tilt to the downside, the central bank warned earlier this month while leave key interest rates unchanged.

Service sector activity in India expanded for the third consecutive month and manufacturing growth hit a seventeen-month peak in July, the latest purchasing managers' survey showed.

Mr Modi has promised to make it easier to do business through speedier clearances and stable tax policies, allowing investors in Asia's third-largest economy hope of a rosier future after years of low growth and high inflation.

Mr Modi has to spur the economy to far higher rates of growth in order to provide jobs for the increasing numbers of young people joining the work force, and lift millions of Indians out of poverty.

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W1 price was on bearish breakdown and it was bounced from S1 Pivot at 7243 for the bear market rally: the price is testing 7772 resistance level to above for the Central Pivot at 8177 as the next target for the bullish reversal

Instrument	S1 Pivot	Yearly PP	R1 Pivot
NSE Nifty Index	7243	8177	8820

Trend:

• W1 - bear market rally

India's central bank left its key interest rate and policy stance unchanged on Thursday.

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