The Central Statistics Office (CSO) on said that the growth in India's GDP during 2012-13 is estimated at 5%, the lowest in a decade and significantly lower than the growth rate of 6.2% in 2011-12. On the other hand, the Ministry of Finance claimed that the GDP growth rate is pegged at 5.5% for the same period. When asked for explanation the Ministry of Finance said that since the GDP growth is turning around, it is likely that the CSO's advance estimate of 5% GDP growth for 2012-13 will be revised upwards and the final estimate will be closer to the finance ministry's estimate of a growth rate of 5.5% or slightly more. We may conclude that the worst is behind us and going forward we can expect better years ahead.

What to expect from the market now?

The market bounced back but the bounce did not inform us that the worst is over. In fact we clearly mentioned in yesterday’s newsletter that such kind of bounce is possible as the market is in the oversold territory. Today let us closely watch the market and see if Nifty can sustain above 5950!