For
some time now, global developments have been changing by the minute.
Thankfully, Friday’s steep fall is likely to be reversed (at least in
early trade) as global tidings are mostly encouraging. Italy has named a
new premier while its parliament has passed tough austerity measures to
control the debt crisis. Lucas Papademos took office on Friday as the
new Prime Minister of Greece to save the debt-strapped nation from
bankruptcy. Japan's economy has returned to growth after three quarters
of contraction.
Asian
markets are up and about. US shares rallied on Friday as did their
European counterparts. So, the opening is set to be pretty good. The
question is whether the early gains will be sustained amid a spate of
domestic macro-economic issues.
With
the dismal IIP report for September still fresh in memory, investors
will have to contend with inflation data for October. Lots of earnings
will be released in the next couple of days.
Retail stocks may gain amid report of a Cabinet note on allowing FDI in multi-industrial production (IIP) and inflation numbers.
