Paris-based think tank OECD has said leading indicators point towards weakening growth in India though it forecast rapid recovery in rich nations,including those in euro zone.
The CLIs (Composite Leading Indicators) for the United Kingdom,Canada,Brazil and Russia point to growth close to trend rates while the CLI for India indicates weakening growth, the think tank said.
The monthly indicator for the 33 OECD member countries increased marginally to 100.5 in February from 100.4 in the previous month.
For India,the CLI slipped to 96.8 in February from 97.1 per cent in January. The assessment is contrary to projections of the Indian government which expects growth to improve to over 6 per cent from 5 per cent in the last fiscal.
Sensex up from 7-month low
The BSE benchmark Sensex today bounced back from seven-month low levels to close 188 points up snapping a five-day losing streak on robust gains in HDFC,Infosys,TCS and ICICI Bank shares.
Heavy buying in bluechips in the last two hours of trading tracking firm opening in Europe helped Sensex close at 18,414.45,a rise of 187.97 points or 1.03 per cent.
The Nifty also shot up by 63.60 points or 1.16 per cent to 5,558.70.