To reduce the budget deficit, India plans to borrow 50,000 crores by pledging the shares it holds in the corporates.
Fitch ratings said in its 2012 outlook that the Indian economic growth to rebound to 7.5 in FY12-13 from 7% in current fiscal.It adds that after taking no steps for sometime the Government has taken initiatives on SEZs and increasing the foreign participation in debt market.These moves are likely to have a positive impact.
Telecom stocks faced selling pressure as DoT said 3G mobile roaming services are illegal.IT stocks fell as the Oracle's(Third largest Software Company) earnings fell short of street expectation in the US.
US GDP is revised to 1.8% for the third quarter and the analysts predicted it to be unchanged from the previous estimates of 2%. Continuing the trend for past few weeks, US jobless claims fell to April 2008 lows.US indices ended up by more than half a percent.
Japanese Markets are shut for the day as the country celebrates Emperor's Birthday.Rest of Asia is trading positive.
European indices rallied as the UK Q3 GDP is revised higher.Though the indices advanced, the volumes were thin ahead of the holiday season.
I expect our markets to open positive tracking the global peers.Stay cautious at higher levels.European indices are set to open positive for the day.
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