13.30 pm IST: Indian market was nearly flat on Friday with both indices making transitions from positive to negative territory. The BSE Sensex was down by 20 points while NSE Nifty was up by 4 points at 1.30 pm IST. PMEAC has lowered the GDP growth forecast for India to 5.3% for 2013-14.
Due to higher inflation the domestic demand has decreased in India. This is a major concern as the country was expecting to rely more on domestic consumption to isolate itself from the economic cycles in overseas markets.