Industrial production grew 5.4% as compared to 4.1%, but below 8.9% figure in June 2007. Manufacturing sector was the main gravitational pull, the main culprit pulling down the IIP growth. Manufacturing which accounts for two-thirds of the IIP fell down dramatically from 11.1% in June 2007 to 5.9% in June 2008. Crude prices hit $112.31/bbl. Gold crashed to Rs.11,300. Around 4-5 months back i had mentioned that the major money lender Indian banks, may also burn their hands. Leading news paper are now anticipating that the Banks will see rise in bad loans, especially in the retail segment after the latest bout of intrest rate thighteting.
Yesterday Nifty opened at 4620 made a high4649.85 to close at 4552. It is clearly seen in the chart that the Nifty is still facing good resistance at 4625.
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