Consolidation at 5600 finally took conventional overtones after almost two weeks of positive moves on the Indian indices as the markets trade down 35 points  today. Government in fact had announced fast tracking of 109 projects in infrastructure to at least get all the approvals done as only 22 seemed to be missing financial closure and were stuck for administrative approvals regarding land use etc. 

However the reaction from Non Cong states as the bandh gets underway today and the politically agile response from the government approving 9 LPG cylinders per family for only Cong ruled states as soon as Mamata di announced her withdrawal from the government with Greece expecting a 25% cut in GDP if Europe were to end in a recession and China continuing a run of low PMIs and almost stalled manufacturing well into t he end of the year of the Dragon, it is still more likely you get positive fund flows into India and in fact though I am not a psephologist, it seems like the way UPA has proceeded might get Congress into government again. I would vote them in. The government has also shown it self willing to follow up on those policy pronouncemnts though nothing has improved yet and Infracos could accumulate a lot of interest on new levels , even JPASSIAT at 75 or IDFC at 135

Posted via email from The India Investment Post