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Strong start to the month
Mon, 2 Sep Closing

Indian equity markets started the day on a positive note despite below than expected GDP numbers. Markets extended gains in the afternoon session on back of heavy buying witnessed in metal and mining stocks after robust China's manufacturing data. All the sectoral indices ended the day in green. Realty, metal and FMCG sectors were the leading pack of gainers. While the BSE Sensex closed higher by 266 points, the NSE-Nifty closed higher by 78 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.

As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 65.91 to the dollar at the time of writing.

The manufacturing sector deteriorated for the first time in almost four years in August, according to widely-tracked HSBC Purchasing Managers' Index (PMI). The PMI for manufacturing fell to 48.5 points in August from 50.1 points in July, indicating a contraction in the sector. A reading above 50 points indicates growth and that below 50 points depict contraction. This is for the first time since March 2009 that the sector has witnessed contraction. This was led by a decline in new orders, especially export orders. The export orders declined for the first time in 11-months in August. Consumer goods producers registered a slight decline despite expectations of a rise considering the upcoming festive season.

According to a leading financial daily, Coal India produced 31.68 million tonnes (MT) of dry fuel in the month of August, missing its target of 32.73 MT. The company also missed its offtake target of 35.54 MT during the month. Coal India's actual offtake in August was 35.10 MT. Against the output target of 173.04 MT in the first five months of the current fiscal, coal India produced 167.3 MT of coal. However, no reasons were given by the company for missing both the output and offtake target. The Coal Ministry has set a production target of 482 MT and offtake of 492 MT for Coal India for 2013-14.

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