For the week ending Aug 2, 2008 the inflation figures have come out to 12.44% as against 12.01% for the previous week. The inflation figures stood at 4.39% in the corresponding period last year. The increased figures were attributed to costlier food products like pulses, fruits, maize and vegetables. The prices of the pulses increased by 3-4% each. Fruits, vegetables and marine fish prices became dearer by 2% each.

The sixth pay commission which was given the Govt nod yesterday would also have an impact on the already soaring inflation figures. But the Finance Minister has said that the impact of 6th pay commission has already been factored in. The Govt is expecting the inflation to touch 13% before it cools down to 8-9% later this year. Barclays Capital has even gone forward to say that the Indian inflation may touch 17% in the coming months before settling down.

Meanwhile the sensex lost 369 points yesterday in its biggest loss in the last 3 weeks when we were seeing a bear market rally. Sensex closed at 14,724 levels; it is below the psychological barrier of the 15,000 mark. Nifty too lost 90 points to close at 4,431 levels. Realty and banking stocks were the worst hit ones with DLF, ICICI, SBI losing significantly. FIIs turned net sellers in the tune of Rs 915 crores on Aug 13th, 2008.

Only IT stocks were doing well with Infosys technologies being the major gainer. The markets would go into a long week end with the Independence Day today. I wish all the readers of the blog a very Happy Independence Day. Jai Hind!

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