India Morning Report August 08, 2012: New era ushered in by Reliance, Land Acquisition Reform Act

An atmosphere as electric as that of india trying to break the 6% curse of the nineties to get into a double digit groawth orbit has probably been recreated with the author of “100 mini steps …” Raghuram Rajan making it as the Chief Economic Advisor of the current government, batting for financial sector liberalisation with a defined roadmap and allied activities by the government including tentative approvals for Reliance budgets for KGD6 for 3 years.

A little hiccup or two in the extension of the Spectrum allocation to January 2013 from Kapil Sibal likely would not have spoilt the broth but there is definitely enough as the markets asked for in the July run for them to break the 5350 mark resistance and crossover to the side where a liquidity infused run is aaiting theese markets. the Land Acquisition Act again touted to hit the parliamen twith changes will be taken by the market as an article of good faith.

FIIs continue to invest , with INR 7B in Nifty futures according to Udayan and INR 9 B in Nifty purchases on tuesday. The best thing is that the bottom has correspondingly moved up though some would have been shut out of this rally with its hiccups in the same place for 2-3 months taking their toll on the investors, market makers and traders. 


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