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Sensex makes marginal gains during truncated week

IANS 08 Nov 2014, 16:45:54 PM IST

Mumbai: Indian equities markets saw a volatile trade session in the truncated week ended Nov 7, with the main index remaining flat with a marginal gain of 2.8 points or 0.01 percent.

"Current account deficit and fiscal deficit are turning more positive and inflation is also subsiding very fast. However, credit off take, IIP and investment cycle are still showing weakness," said Rajesh Iyer, head of investment advisory services at Kotak Wealth Management.

"There could be some downgrade of FY15 GDP growth estimates but FY16 growth number looks promising. Globally commodity prices have corrected sharply and are expected to remain weak due to the strong Dollar."

On Friday financial ratings firm India Ratings and Research Friday downgraded its gross domestic product (GDP) growth forecast to 5.6 percent from 5.7 percent due to expected low rise in industrial activity.

"Although the macro-economic environment has improved significantly since mid-2013, we believe that a non-inflationary and sustained economic growth of seven percent or above, over the medium term, is not possible without continued economic reforms and policy thrust," the ratings firm was quoted in a statement.

The benchmark Sensex was down by 0.01 percent in the week ended Nov 7 from its previous weekly close on Oct 31. The index closed at 27,868.63 points, while it had ended trade at 27,865.83 points points on Oct 31.