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Weak IIP data drags markets down
Wed, 12 Jun Closing

Indian equity markets ended the day in the red after the IIP data revealed that the factory output grew 2% in April, confirming a slowdown in the industrial sector. Also, with consumer price index inflation coming in at higher-than-expected 9.31% for May, there is near consensus among economists that RBI will not go in for any aggressive policy rate cut on Monday. While the BSE Sensex closed lower by 101 points, the NSE-Nifty closed lower by 28 points. Both the BSE Mid Cap and the BSE Small Cap Cap closed on a negative note. Consumer Durable and Metal stocks were the biggest losers.

As regards global markets, Asian indices closed in the red. European indices have opened in the green. The rupee was trading at Rs 58.01 to the dollar at the time of writing.

According to a leading financial daily, Retail inflation for May 2013 came at a higher than expected 9.31%, dashing hopes of a RBI policy rate cut on Monday. The consumer price index (CPI) based inflation for May was however lower than the retail inflation of 9.39% in April 2013. For May 2013, retail inflation in both rural and urban areas saw a decline on a sequential basis. While retail inflation in rural areas came down to 8.98% (9.16% in April 2013), in the case of urban areas it was 9.65% (9.73% in April 2013).

According to a leading financial daily, Wipro is planning to triple its headcount in Germany by hiring over 1,000 people over the next three years with an aim to expand its operations in the key European nation. At present, the company has over 500 employees in Germany, which serve more than 30 clients. Wipro expects to see significant traction in the retail, automotive, telecom, healthcare, banking and energy sectors in Germany in the years to come. To drive stronger incremental growth in the future, Wipro is looking to address the requirements of medium-sized enterprises in the region, in addition to its existing focus on large global enterprises. The company has developed a three-pronged strategy for Germany. In Germany, it has IT development centres in Munich, Meerbusch, Nuremberg and sales offices in Frankfurt, Munich, Cologne and Meerbusch.

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