After dropping 27 paise in the previous two sessions, the rupee's strength was linked to anticipation of spectrum auction inflows and a weak American currency overseas.

However, steep fall in dollar overseas amid continued capital inflows restricted the rupee decline. The dollar index was down by 0.44 per cent against six other major currencies due to rise in euro-zone manufacturing sector.

The composite HSBC emerging markets index of manufacturing and services purchasing managers' surveys fell to 51.6 in December from 52.1 in November.

The benchmark S&P BSE Sensex snapped its two-week gains, tumbling 342 points in the just concluded trading week on fresh selling in capital goods, power, PSU, auto, refinery, metal and banking sectors.

\"I am concerned that we have not been as successful as we need to be in generating employment in the manufacturing sector. This is an aspect of performance which we are working hard to correct,\" he said.

A sudden gust of profit-booking after mid-session due to weak European cues triggered by fall in China's manufacturing index, washed out initial gains, pulling the benchmark S&P BSE Sensex down by a whopping 252 points to close below 21K-mark at two-week low of 20,888.33.

News you may have missed over the fortnight

Services and manufacturing sector during November showed expansion across emerging markets barring India where it fell for the fifth month running, an HSBC survey said.

Prime Minister Manmohan Singh said India needs to develop a strong domestic manufacturing base in electronics and telecommunication, adding that the usage of internet is quite low in the country.

India's services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, an HSBC survey said.

Chidambaram based his optimism on several factors such as improvement in Current Account Deficit, output of the services sector and recovery of exports.

Services and manufacturing activities across emerging markets rose at the fastest pace in seven months in October, even as India registered its fourth successive dip in private sector output during the month, an HSBC survey says.

The HSBC Emerging Markets Index remained only just above the neutral threshold of 50 in September, signalling muted output growth in emerging markets.

Base metals have been dancing to the tune of global forces. Under pressure in the first six months of the year, they staged a sharp rebound in July. Money Today talks to experts to gauge how the market is likely to play out in the next few months.

Standard Chartered lowered India's growth forecast for the current financial year to 4.7 per cent from earlier 5.5 per cent, citing \"upside risks\" to inflation and fiscal deficit.

A HSBC survey said that private sector activity across the emerging market economies including India contracted for the first time in over four years in July as manufacturing output registered a decline and services sector witnessed stagnation.

During June, the HSBC composite index for India, which maps both manufacturing and services sectors, stood at 50.9, whereas for China it was 49.8.

The HSBC/Markit purchasing managers index (PMI) for the services industry fell from May's three-month high 53.6 to 51.7 in June.

Broadcaster Multi Screen Media has roped in 11 sponsors and 80 per cent of its ad inventory has been sold.

Growth in emerging economies remained subdued in March as the faster growth in China was countered by weaker expansions in Brazil, India and Russia, an HSBC survey said.