Straight from the Specialists
(Any opinions expressed here are those of the author, and not necessarily of Thomson Reuters)
By Ambareesh Baliga
With consensus building for the Nifty to cross 6,100 and move into a new range, buoyed by the better-than-expected results for Reliance Industries, we saw the markets correcting with mid-caps and small-caps cracking. The markets recovered on Friday to close the week with marginal gains at 6,074.
The pattern in July, August and November was similar, with the markets defying consensus, taking us by surprise on the downside and breaking out of the range on the top.
Finance Minister P. Chidambaram continued to assure the markets with positive comments on personal taxation, a fiscal deficit he is still confident of maintaining, and the introduction of long-awaited insurance and pension bills in the budget session. He was on a four-nation tour to woo foreign investors as FIIs poured in $350 million last week.