While Fitch s statement had nothing new to offer as it is a well-known fact that developed market governments are getting more indebted, the downgrade of US rating to AA+ from AAA is seen as being sentimentally negative for riskier assets.
Well, we are very closely looking at the metal space. I think this is more of a contra view, I would say, because not many market participants are too excited about it. But the way we read the charts, I think a special move is coming. We are already seeing JSW Steel do so well, trading at lifetime highs and clearly good for a lot more.
Indian shares shrugged off Thursdays selloff in global equities, with the countrys leading equity benchmarks resuming their ascent and extending their record-breaking run with both indices advancing 0.5%.
Reliance Industries as well as state-owned oil and gas companies, property, automobile and heavyweight financials were at the vanguard of Thursday s rally that also pushed the broader market to newer heights.
I do believe that the last 18 months was all about playing 20-20 in the markets. You had to take those bets over few weeks to few months and if you did not get out, you were on the receiving end very-very quickly, so that was the last 18 months.