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The much awaited inflation figures were out today and it touched a three year high of 7% mark basically due to the prevailing higher food prices. And all the worst, it coming at this particular junction when the Congress Govt is in its last legs at the center before the elections. This could mean a lot for them. The Govt and RBI are trying hard to contain the inflation figures by CRR or interest rate hike.
Reacting to this the Indian share markets lost 490 points from its previous close to settle at 15,343 points. The biggest losers include M&M, BHEL,HDFC and L&T. Over the entire week sensex lost 6.2% and nifty lost about 5.9 %. Meanwhile there is also some new that US employers slashed 80,000 jobs in the month of March 2008, which is the most in the last 5 years and third continuous month of losses. This clearly indicates of recession like situation over there.
But of late the Indian markets are reacting weird with non stop falls even though we are seeing some sort of upward movement in Asian and US markets sometimes. Are the Indin markets decoupled from the western markets?? Well this has been the center point of many discussions. Lets hope we get an answer to this in future.
The fourth quarter results may boost the markets if they be good. But somehow that also doesn’t looks to be so. The results of BHEl, BEML, BEL etc were way below the market expectations of 30-40% growth. Hopefully we’ll see some sort of upward trend in coming days.
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