Market Today

The market recovered today after last two days' slide. The BSE Sensex had lost 347.89 points or 2.29% in the previous two trading sessions. Inflation measured by the wholesale price index (WPI) declined 1.17% in the 12 months to 11 July 2009, as compared with previous week's annual decline of 1.21%, government data showed today, 23 July 2009. Inflation has been declining for the sixth straight time in the 12 months to 11 July 2009 In a move that my boost sentiment, foreign institutional investors (FIIs) and the non-resident Indians (NRIs) have been allowed to invest in Indian Depository Receipts (IDR), according to the operational guidelines issued by the Reserve Bank of India on Wednesday, 22 July 2009. FIIs, including the Securities & Exchange Board of India (Sebi) approved sub-accounts of the FIIs registered with Sebi and NRIs may invest, purchase, hold and transfer IDRs of eligible companies resident outside India and issued in the Indian capital market, subject to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000. India's infrastructure sector output grew 6.5% in June 2009 from a year earlier, higher than an unrevised 2.8% in May 2009, government data released today, 23 July 2009 showed. During April-June 2009 period, the output rose 4.8%, compared with 3.5% in the same period last year. The infrastructure sector accounts for 26.7% of India's industrial output.