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Businesses slashed inventories at the wholesale level for a record 10th consecutive month in June, a decline that has contributed to the longest recession since World War II.

According to Fennell; mom-and-pop investors continue to jump in the U.S. stock market that has led to record gains and a 24% rise in the S&P 500 this year, while institutional investors are taking profits. Despite the outflows from U.S. stock market during the last week, international stock funds attracted $3.5 billion, marking their ninth straight week of new demand.

Crude oil futures slided over 1 per-cent in the native market on Wednesday as investors & speculators exited positions in the energy commodity tracking a bearish trend in the overseas market as an eighth straight rise in US crude oil stockpiles last week aggravated fears over a global supply glut.

Rising for the second straight day, the rupee gained 9 paise to 66.09 against the US dollar in early trade on Friday, as the greenback fell in overseas markets on hopes that the post the liftoff, any rate hike by the US Federal Reserve would only be gradual.