Steady start in a shaky world - IIFL

The political stalemate continues in Washington and investors globally are concerned about any collateral damage that can happen. In India, the market is set to shrug off any worries for now and pay attention to activities closer home. The Cabinet has dumped its controversial ordinance and the Bill aimed at shielding convicted politicians.

Asian Development Bank (ADB) has lowered its India economic growth forecast for 2013-14 to 4.7 %, significantly lower than the 6 % projected in April this year. But Finance Minister P Chidambaram says it is fair to say that growth will pick up in the second half and, anything higher than 5% and closer to 5.5% should be considered very satisfactory.

The outlook is a steady start. The Nifty may manage to stay around the 5800 levels for most part of the day. Not much cues coming in from the global markets as yet. There is a chance of a government default on October 17 if Congress fails to raise the debt ceiling. This issue will dominate proceedings for some days.

Source : Equity Bulls

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