Today, Indian Market may open 3-4% up, the bulls banked on the government and for a change they can deposit their worries somewhere. The US markets welcomed the current regime's rescue effort to rid banking giant Citigroup of its ills and avert a major worldwide catastrophe. For a second successive session, US stocks rallied, as president-in-waiting Barack Obama officially announced his economic team. The twin bit of good news had a soothing effect across global equity markets, with European stocks joining the bull party.Meanwhile, Finance minister P Chidambaram has asked the country to perish the thought of recession and cherish hopes of a rebound by the middle of next year.
Emerging markets too notched up pretty decent gains, with the Bovespa in Brazil surging over 9% and Russian stocks rising more than 7%. The global rally in equities also seemed to rub off on commodities, with crude oil climbing 9% and gold rallying hitting a five-week high. It remains to be seen though, whether the euphoria can be converted into a sustained year-end rally. For that to happen, we need an end to the almost daily dose of negative news from across the globe.
