Festival Day in India meant a round of Dollar buy bids from mid cap houses finally culminating in the first sell call from Nirmal Bang and the commentary following from the 5212 bottom of the nifty to 5248 in the august series right now.
BALRAMPURCHINI and MANAPPURAM are keeping the bull moves and the Rupee responding to Eurozone confidence ahead of the big curtain raiser on the exclusive showing of the Euro escapes with Grexit, the market hipefully having been conditioned ot the resilient levels of the Euro. The big positive in this afternoon open seems to be that Commodities have resumed the big traded own rather than the Dollar making a comeback, trade dollars keeping the Dollar competitive for its Domestic economy.
Goldman Sachs and its GSAM President Jim O Neil reasserted India’s pre eminnece int he BRICs and did ask for a relook at valuations, however, right now India is not just the best but the only market moving northwards and keeping fundamental growth an ongoing agenda rather than a -‘distinct’- far out possibility
Inflation taargets were reasonably ‘upgraded’ by Anand Rathi to 8.5% and 7% only in April 2014 but me thinks it is easier run than the Done Dollar swinging it and as the long term Rupee target remains 53 at CS and SC Bis also long, the currency will first try 55 an dgive these two Europeans a reprieve to write home about