This week promises to be one of excitement and it started off on a good note.
The Congress and BJP have kicked up their campaigns for the upcoming Lok Sabha polls. The IIP data for December will be out on Thursday. The PM’s economic advisory council lowered its growth forecast for the economy in the current fiscal year ending March 2009 to 7.1% (down from 7.7%). It also said that the fiscal deficit would balloon to 8% of the GDP if subsidies are included. However, the council was optimistic that the economy would show a fairly strong recovery in the second half of the fiscal and projected the growth rate between 7-7.5% in 2009-10. This optimism is based on lower borrowing cuts, tax cuts, higher government spending and a fall in global commodity prices.
On the global front, the U.S. Senate is set to vote on Obama regime’s new stimulus plan on Tuesday. A revamped bank rescue package is also on the cards.
The market
The Sensex resumed with a positive gap at the opening bell. The index lost some ground in the late morning trades to touch the day's low of 9329. However, it regained its lost momentum towards the final hour on the back of hectic buying in metal, capital goods and consumer durable stocks to end the session at 9584. Nifty gained 77 points to close at 2920. The market breath was positive and JP Associates, Tata Steel and Reliance Infrastructure were the index heavyweights that soared.
Asian indices all ended in the red, barring Hang Seng which closed in the green.
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