Soft start to an action-packed week - IIFL

There seems to be no hurry to take action. The shutdown in US continues with no signs of an end to the impasse. What is worse now is that the upcoming debt ceiling impasse could plunge the US into a recession. The US inched towards its firstever default on the government's debt as a House vote on a straightforward bill to boost the borrowing authority without concessions from President Barack Obama was ruled out.

The global cues suggest we are in for a weak start. Infosys results and IIP numbers are on tap at the end of this trading week. But we will have to content with the other issues, mostly global before that. The rupee may see some strength for the day.

India is preparing a plan to allow greater overseas participation in the domestic currency futures market to protect the rupee. The plan could draw from the recommendation of the high-powered expert committee on making Mumbai an international financial centre regarding the creation of a bond-currency-derivatives chain, says a report.

Source : Equity Bulls

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