Talking of macro-economic factors, inflation data will be released after the markets close today. It is likely to dip a bit from 12.34%. Some see it falling below 12% shortly, and if oil prices continue to slide, it may soon be in single digits again. The Government will also release IIP numbers for July tomorrow. Industrial output had grown by 5.4% in June. Data released by the Government yesterday showed that core sector growth for July slipped to 4.3% from 7.2% last year.
The yo-yo pattern is likely to continue for a while. Among the other worries is the relentless outflows by FIIs, which in turn is partly responsible for the fall in the rupee.
