Moneycontrol BureauDespite hitting its 52-week lows on Tuesday, Nifty held onto the 7500 level. SGX Nifty is indicating a positive start for trade today. It was trading at 7,537 level, up 50 points at 8:00 AM. On Tuesday, Index of Industrial Production (IIP) data showed contraction in industrial production by 3 percent as manufacturing growth plummets. Inflation has accelerated by 5.6 percent due to sharp spike in food prices. Another disappointment came from the TCS earnings yesterday. The IT giant’s third quarter dollar revenue missed estimates, but the profit and margins were in line. The domestic business dragged its currency growth by 60 basis points. Globally, US stocks recovered slightly and closed higher on Tuesday. The Nasdaq outperformed to close up 1 percent after posting eight-straight days of losses. In Europe, equities gained despite continued wariness surrounding low oil prices and China's economic slowdown.IMF chief Christine Lagarde said that slower but more sustainable, economic growth in China will benefit the world in the long-term. Meanwhile Ken Peng of Citi Private Bank believes that the China growth concerns are not over yet. In commodities, oil prices remained near their lowest in more than a decade on oversupply concerns. Brent and Nymex are currently trading above USD 30 dollars per barrel. Analysts at Barclays, Macquarie, Bank of America Merrill Lynch, Standard Chartered and Societe Generale all have slashed their 2016 oil forecasts this week. Standard Chartered also said that oil could fall as low as USD 10 per barrel.Gold fell on Tuesday as the dollar strengthens against a currency basket.
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