India Morning Reprt: The markets take fresh positive strides

Reliance Infra’s transfer of equity out of Airport Metro to a Trust to avoid the losses blotting its balance sheet is a new challenge Infrastructure Financing brings to the Indian Financial system and in time the innovation will get its due after everyone has had its say. According to Global Accounting regulaions though, it would be clear of any ‘aftermath’ in terms of corporate governance challenges in accounting and hwo is finally right is not such an easy question as one reading the ET might imagine. ET still gives factual details in toto for the transaction.

The Indian Rupee moves up in style as the expected fall or stasis did not really materialise the market embedding a distinct upside and continuing at 5400 levels from 5360 last week and 5300 being near a bottom

The shorts in SUNPHARMA, YES or ITC have not materialised and if someone convinced you to , you should sitch back to buys. Though Cipla may not be back as a side dish for the stasis. Lupin.,, Stride Arco in Healthcare, Orchid and Opto adding mid cap interest and banks led by ICICI Bank will run the lead impact on indices and portfolios. Also accumulating would be infracos excepting the midcaps and the education startups/ consolidation (Welfare infrastructure) and resource companies like Sesa Goa and even aviation including Spicejet and Jet Airways.

The reason for ICICI Bank going up however is its commercial busines and not its social branding or retail banking which is stuck for the sector at the plateau in disposable spending after most of the down days of the Economy were belied by a rise in disposable spend.

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