ENAM's view on market

Nandan Chakraborty, ENAM said that, "The world has remained fixated on events in Europe even as US Q1 GDP growth was revised downward and job growth braked sharply in May. Fortunately for us, even crude fell sharply below the USD 100 mark. However, falling crude is being offset by a falling rupee."

He further added, "With India's Q4FY12 GDP growth hitting a 9-year low, it should probably jolt the government from its complacency. We hope the government follows through with a diesel price hike. The RBI too may have to persist with its pro-growth stance with at least another 50 bps each cuts in Repo and CRR."