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The growth was largely led by increase in production in core sector industries barring crude oil and natural gas.
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Steel giant ArcelorMittal said it
has bought back in cash securities worth USD 583.19 million of
the USD 600 million bonds, which are due to mature in 2020 and
2021.
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The BoP surplus in the October-December quarter stood at USD 4.1 billion against USD 13.2 billion year-on-year, according to RBI.
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Rohit Arora, EM Asia Interest Rates Strategist at Barclays Capital told CNBC-TV18 that yield high will start impacting emerging markets if it is not controlled in another three weeks.
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Manufacturing activity in India fell unexpectedly in the last quarter to 51.30, according to official data released Monday. Analysts had expected HSBC Markit Manufacturing PMI to rise to 52.50 in the last quarter.
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The contents of the new reforms list, which has been published by the Greek press and involves raising an extra 4.7-6.1 billion euros (USD 5.09-USD 6.61 billion) in government revenues, represents "a clear step in the right direction" according to economists at Barclays Capital.
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"Our downward revision is based on our belief of a shift in the government's attitude and it is now less focussed on achieving the 7.5 percent growth target," analysts at Barclays said in a note.
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Calm appeared to have returned to emerging markets over the past week after concerns about a slowing Chinese economy and a US stimulus wind-down sent fast money investors fleeing and whipped up near-panic selling of currencies.
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Easing inflation will also make life easier for a Reserve Bank of India (RBI) that has an arduous task of pulling the economy out of a stagflation-like situation. Economic growth has been stuck below 5 percent for the past four quarters but prices have risen at a fast clip.
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Gold prices have remained weak globally due to absence of physical demand for the yellow metal across China and India, Suki Cooper, precious metals analyst, Barclays Capital said.
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Twitter, whose public debut is the most highly anticipated IPO since Facebook's USD 16 billion offering in May 2012, began trading under the ticker 'TWTR'.
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Tokyo's Nikkei climbed 1 percent to a three-week high. It is up 41 percent this year and its 30-day implied volatility has risen sharply above that in the United States and Europe, Datastream figures showed.
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Siddhartha Sanyal, Chief India Economist, Barclays Capital sees the rupee trading at 61/USD in the next three-six months.
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Macro concerns will impact few parts of the market - financials, industrials and materials, while rupee fall will help export-oriented sectors like IT, healthcare or import parity sectors like petrochemicals and energy. This in turn provides an opportunity for traders.
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Speaking to CNBC-TV18, Siddhartha Sanyal, chief India economist, Barclays Capital says the government is likely to announce a few measures to combat the steep rupee fall in the medium-term.
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In an interview to CNBC-TV18, Nick Verdi, Barclays Capital spoke about rupee. He has a 12-month target for the rupee at 61 per dollar.
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This set of measures is expected to be rolled back not necessarily in the next few weeks or maybe a month, but by Q4 they should be rolled back. Siddhartha Sanyal is factoring in the first cut in repo rate sometime in December 2013 because of the growth inflation dynamics
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Nick Verdi, Barclays Capital says the RBI is unlikely to lower rates anytime soon as the macro conditions are still weak.
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A 2% exports growth expectation has raised some worries. StanChart plans to watch out for the export performance closely, while the news on imports looks more promising
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In an interview to CNBC-TV18, Nick Verdi, Currency Strategist - Asia at Barclays Capital said that this up-word move in US Treasury Yields should be faded. According to him If this one source of weakness is taken away then the Indian rupees (INR) should get some relief.
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Siddhartha Sanyal of Barclays Capital believes that as gold becomes less of a lucrative import, trade deficit can come in the range of USD 16 billion a month and then it might significantly fall below USD 15 billion as well.
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Barclays Capital's Nick Verdi advises investors to buy rupee at this stage. He believes if the US payroll numbers are better-than-expected, it would lead to a selloff in the US treasuries and perhaps a negative reaction in the emerging markets.
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MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1.2 percent to its lowest since early September, after posting its worst week since May 2012 with a drop of 4.5 percent last week.
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The rupee started stronger on Monday morning, but reversed and fell in mid morning trades after the weaker than expected PMI data and poor equity market performance.
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Bhuvnesh Singh, head of research at Barclays Capital says at Barclays they are overweight on healthcare stocks, some pharma stocks like Sun Lupin. They also like Cairn India and BPCL from the oil and gas sector.
