Happy Thursdays! Manmohan’s charm does away with GAAR , 57 Rupee Dollar goes away like a bad dream!

One single discussion on probability of GAAR going away was finally enough for the USD to sink back against the Rupee, falling half a percent int he last hour of trading. 

Markets also recognised PM Manmohan Singh was here to stay at the top of the MoF “cirriculum” for the next few weeks which likely coincides with that vital dose of politically sensitive reform and with GAAR away foreign investors will be more understanding

Expiry was a razor sharp edge of the new world kind of adventure with the Bank Nifty straddling a 10000 target and at that time a strong rupee- dollar trade, while other sectors lost most of their beauty and the nifty actually ended flat definitely influenced by the expiry. A quasi quad itching was thus in motion nad all tail events probability increased with such perfection of timing in expiry of speculation in the rupee, the rising probability of speculation in bank and growth stocks and the first 24 hours of Manmohan Singh as Finance Minister. 

Meanwhile Malaysian Palm Oil joined Facebook in proving what IPOs prove. As Facebook recovers to $32 and user forecasts of 1.74B (from Goldman Sachs) by end 2013, the Felda IPO for $3 B gave people outside Shenzhen a reason to live, Asia withstanding a drought of capital better than others but only in the corrupt economies from Malaysia and Thailand to the city state in Singapore Singapore dollar has come back from $1.30 against the USD to $1.28 and is getting stronger as the nation tries to manage the transfer of convenient business to the city in currency derivatives, IPOs and US exports. It is also trying again to strengthen its exchanges and its investments thru Temasek. sister fund GIC which also owns enough of UBS to warrant an AGM in Singapore, signed up for a residential project in Bangalore with Brigade Enterprises. 

The sale of 5% stakes in Axis and YES bank went off peacably during market hours too. Both remain good picks, the markets relying on the latter for a change, evident as Axis gave under much more mpressure after expiry trades Bank nifty ready to start from a lower base tomorrow AM for the 5400 run



One thought on “Happy Thursdays! Manmohan’s charm does away with GAAR , 57 Rupee Dollar goes away like a bad dream!

Comments are closed.

Up ↑

%d bloggers like this: