While
the harvest festival is being celebrated in some parts of our country,
political leaders around the globe are under pressure to sow some seeds
to enable recovery from the financial crisis. US President Obama has
proposed yet another stimulus to boost growth in a sluggish economy. The
question is will his plans pass in the Congress? Even if some of them
do, will they have the desired effect? Nobody has a clue right now.
Meanwhile, Fed chief Bernanke hasn’t offered anything new, perhaps postponing it to this month’s FOMC meet.
Back
home, the Government has its hands full with a slew of challenges –
both economic and political. With Sonia Gandhi back from surgery hopes
are some decisive response may be there.
The
start looks a bit wobbly as investors digest a whole host of news.
Asian stocks are mostly up. European indices managed slender gains while
US benchmarks ended lower. Inflation in China has slowed in August
though the results are above forecast.
After the recent gains, the Nifty could consolidate near 5100 levels before attempting to breach 5225.
