Sensex, Nifty to see smart gains at start

The reasons of course are upbeat global cues following the minutes of FOMC. US indices gained handsomely with S&P 500 adding 1.62%, Dow Jones rising 1.42% and Nasdaq closing with gains of 1.79%. Asian markets too are faring well.

After seeing a tumble on Wednesday there seems to be some magic on the street as investors digest the Fed Reserve’s minutes of the October meeting. It could well be time to raise short-term interest rates at the mid-December policy meeting. “Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labor market, and inflation, these conditions could well be met by the time of the next meeting,” the minutes stated. Back home, the government seems to be going on overdrive announcing various decisions including cabinet nod for 10% stake sale in Coal India, IPO of Cochin Shipyards, and clearance of 3% interest subsidy for exports. Road ministry got approval to revive 34 stalled projects. Direct payment of a production subsidy to the farmers was also announced. NHAI was authorized to allow extension of concession period for all current projects in BOT (Toll) mode that are languishing during the construction period due to causes NOT attributable to the concessionaire. Direct subsidy to farmers for sugarcane sold to sugar mill was among the sweeteners announced.

The outlook is a smart start. The reasons of course are upbeat global cues following the minutes of FOMC. US indices gained handsomely with S&P 500 adding 1.62%, Dow Jones rising 1.42% and Nasdaq closing with gains of 1.79%. Asian markets too are faring well.

Chief Economic Adviser Arvind Subramanian said that Inflation is completely under control and it is well within the target of the Reserve Bank.

CRISIL’s analysis of India’s top 25 realtors, comprising ~95% of the market capitalisation of the sector, shows that as much as Rs 30,000 crore of debt obligations will face high refinancing risk with demand in their respective markets expected to be tepid over the medium term.

Indian drug makers such as Cipla and Glenmark are among some 30 companies bidding for tens of products to be hived off in the US, as part of Teva's acquisition of Allergan's generics business, according to reports.

The Cabinet Secretary, P.K. Sinha has reviewed the prices and availability of essential commodities, especially pulses, tomatoes, onions and edible oils in an inter-ministerial meeting held here today.

Tata Steel took a step towards beginning a new chapter by dedicating its Kalinganagar Steel plant to the State of Odisha. Tata Steel's Kalinganagar steel plant will set a high benchmark in technology and other performance parameters in the country excelling in operations and ensuring a total commitment to enhancing stakeholder value.