The 11AM Update – PMI at 53 for July 2012, Rupee cracks up big gains, Retail Mall wannabes power on


English: 1 French Indian Rupee, 1938
English: 1 French Indian Rupee, 1938 (Photo credit: Wikipedia)

The Rupee finally rid itself of its obstinacy as the market thru out some of the smaller shorts like me out before pulling down to 55.71 and the equities pulled up apparently on the news of 52.9 soemhow a surprise to this market though very obvious from the trends including the downbeat 6 months of 2012 till date. Backlogs contracted while employment was positive in the latest Manufacturing PMI readings. Still the index should enegender more positivity and continuing flows into the Indian market

Shoppers Stop reported a good turnover as did Westside and StarBazaar owners Trent Ltd. Shoppers stop reported INR5B inquarterly retail POS sales of its INR7.64 B turover while Trent reported INR  2B in Sales > Sales at both grew just below 20% Profits ere muted at Shoppers stop for its lower margin retail pos sales but sales grew on new store openings as same store sales were up just 1% including the new chains Hypercity (food and groceries) and Mothercare, MAC(fashion) and Crossword.

Nifty is ruling at 5230




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