The News International Team
1:50 pm Industry growth in 2015? Post the conclusion of the workshop on ‘Make in India’ on Monday, DIPP secretary Amitabh Kant says specific sector-wise action plan will be implemented, while adding that the industry raised issues on predictable tax regime, infrastructure deficit, inverted duty structure and land availability.
Secretaries finalised one year and three year action plan on Make in India. This is the first time ever that the prime minister and his Cabinet interacted with India Inc to discuss manufacturing issues.
He says there is no reason why India should not increase its share in global exports. There is a need to grow exports at 25 percent to push manufacturing growth to 15-16 percent. He says the government as well as the industry cannot allow export pessimisn in manufacturing strategy.
The industry also raised several issues regarding clearances from the environment ministry. The ministry on its part assured industry on steps being taken and that it is convinced that manufacturing needs impetus.
1:30 pm Market outlook: Sanjay Dutt, director, Quantum Securities does not foresee a Budget-rally and neither does he think there will be new highs for the Indian equity market in 2015 because the macro issues for India still persists. He thinks 2015 could be a struggle for the market and a year of consolidation contrary to street expectations. However, individual stock opportunities do exist.
According to him the Modi-rally or the sentiment driven rally is now over and so the market is vulnerable to correction to sub- 8000 levels. So, one now needs to focus on fundamentals and structural changes on the ground. Meanwhile, he is also not upbeat on the upcoming third quarter results and globally too thinks fifty percent of the markets are going through their own set of problems. So with backdrop of this kind of a landscape, the fundamentals for the Indian market may not change rapidly, says Dutt. Even the US market is set for a correction now, he thinks.
Don’t miss: Land ordinance partial relief for infra projects: GoldmanThe market is sluggish with no major trigger to drive it. The Sensex is down 43. 55 points at 27352.18, and the Nifty is down 9.75 points at 8236.55. About 1221 shares have advanced, 1362 shares declined, and 107 shares are unchanged.
Oil stocks slipped as Reliance, Tata Steel, Sesa Sterlite, Bharti Airtel and Hero MotoCorp are among the losers while BHEL, NTPC, Dr Reddy’s Labs, HUL and L&T.
Gold ticked higher on weaker equities, but gains were limited as the dollar was perched at a near-nine-year high versus a basket of major currencies, undermining the metal’s appeal as a hedge.
For the year, gold is down about 1.5 percent, hurt by a stronger dollar and expectations of an interest rate hike in the United States. The recent plunge in oil prices have also hurt bullion’s appeal as a hedge against oil-led inflation.
Gold slumped 28 percent in 2013 as investor demand waned on the back of a robust US economy and better-yielding stocks. Many analysts have forecast more declines in gold prices.