Core infrastructure industries decelerated in May'14. Electricity, coal, cement and fertilizers have been robust. Natural gas, which has been in a prolonged lull for the last three years, also showed resilience. Growth in electricity, steel and cement is a harbinger of improvement in construction.

''Mining growth would lead to a modest revival in manufacturing. Growth being elusive and inflation high, the RBI is unlikely to alter policy rates now. A rate- cut cycle is likely to kick-start in 3QFY15, however,'' said Anand Rathi Shares and Stock Brokers.

''The improvement in operational and procedural aspects in mining would help the coal sector grow further. Fertilizers, which grew the most since Feb'10, also look promising. Electricity, steel and cement (a combined weighting of 19%) are likely to continue to grow robustly,'' it said.

''Despite compressing for the third year, May's small contraction makes us hopeful of an earlier-than-expected recovery in this sector. On the negative side, the shrinking in refinery products and crude is a worry, because of their large weights. The base for the core sector is favorable till Nov'14,'' it added.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.