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Equity Market Overview
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June 2011
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Indian markets underperformed the developed markets
| • | Domestic indices underperformed the developed markets in May |
| • | The negative trend in the domestic markets was led by Lower than expected results from few large caps, resilient inflation and weak global cues |
| • | Encouraging IIP numbers and softening of commodity prices failed to provide support to the market. Industrial activity in March 2011 came at 7.3%, higher than the expectations, mainly driven by robust growth in capital goods and consumer durables |
| • | WPI inflation for the month of April 2011 remained at a elevated levels - up 8.66% as compared to 9.0% seen in Mar, 2011. Food inflation continues to soften but non-food primary articles is a concern |
Global markets moved up on good corporate results but inflation worries remain
| • | US markets lost ground during the month due to massive sell-off in commodities coupled with subdued employment activity that intensified worries of a faltering economic recovery |
| • | Adverse reports on the Euro-Debt crisis continued to put pressure on markets. |
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