Global markets around the world remained on a firm uptrend in the week gone by. The optimism was fuelled by the European Central Bank's (ECB) decision to launch a bond-buying program in March to stimulate the deflation-hit eurozone. Under the program, corporate and government bonds to the tune of 60 bn euros a month will be purchased. The higher liquidity is likely to drive global equity markets higher. France was the biggest gainer up 6% for the week. Even the German and UK indices registered gains of over 4%. The US markets were up by a 0.9% for the week.
The Asian indices hit new highs as ECB unveiled its 1 trillion euro stimulus package on the last trading day of the week. India was the biggest gainer recording a gain of 4.1% for the week. Each of the Japan, Singaore and Hong Kong indices were up by more than 3%. However the Chinese index was marginally down by 0.7%.
Meanwhile, India's Minister of Steel and Mines Narendra Singh Tomar on 19 January 2015, said that simplification and transferability brought in the MMDR Act, 1957 through the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015 will attract private investment in the mining sector. Addressing a meeting of mines ministers and secretaries from across the country, Tomar said that the ordinance is a revolutionary step in revival of mining sector in the country, hitherto stagnated due to various reasons. He added that the classification of minerals will lead to their better scientific exploration and with more power to the states mining process will be expedite. Citing the example of falling levels of iron ore production in the country, Tomar urged state governments to revive mining in all earnestness. Mining ministers and secretaries from different states expressed optimism over the amendments, and offered constructive suggestions for its implementation on the ground level, the Ministry of Mines said in a statement. It was agreed that delays in environment and forest clearances had to be resolved by MoEF for providing unhindered support in growth of mining.
The last trading day of the week saw an uptick in Brent crude due to market certainty after the death of Saudi Arabia's king, Abdullah. However the US crude fell on signs of oversupply. Saudi Arabia's new king, Salman, is expected to continue the OPEC's policy of maintaining output to protect market share.
International Monetary Fund (IMF) on 19 January 2015, said India's economy will be world's fastest-growing major economy in the year through March 2017. While the IMF trimmed its global growth forecast for this year and the next year, the fund said that the growth forecast is broadly unchanged for India as weaker external demand is offset by the boost to the terms of trade from lower oil prices and a pickup in industrial and investment activity after policy reforms. IMF estimates India's growth accelerating to 6.5% in the fiscal year through March 2017.
The Indian stock markets breached the 29,000 level for the first time to end the week at a life-time high of 29,279. Improving macroeconomic conditions coupled with European stimulus measures helped key indices to reach new highs. Barring FMCG, all sectoral indices ended the week on a positive note with the stocks in capital goods, metal and banking sectors leading the gains.
Meanwhile, Finance Minister Jaitley reportedly said at an event in Davos, Switzerland on 22 January 2015, that the government has a roadmap to cut down fiscal deficit to below 3% of GDP in next few years. The government intends to rationalise subsidies, Jaitely said.
The Indian stock markets will remain closed on Monday, 26 January 2015, on account of Republic Day. The US President Barak Obama will be the chief guest for the main Republic Day celebrations— the first by any American president. Obama will arrive in India on 25 January 2015, on a three-day visit to the country. During his visit, investors will keenly watch for issue of any joint statements or inking of any major deals between the two countries.
The Asian indices hit new highs as ECB unveiled its 1 trillion euro stimulus package on the last trading day of the week. India was the biggest gainer recording a gain of 4.1% for the week. Each of the Japan, Singaore and Hong Kong indices were up by more than 3%. However the Chinese index was marginally down by 0.7%.
Meanwhile, India's Minister of Steel and Mines Narendra Singh Tomar on 19 January 2015, said that simplification and transferability brought in the MMDR Act, 1957 through the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015 will attract private investment in the mining sector. Addressing a meeting of mines ministers and secretaries from across the country, Tomar said that the ordinance is a revolutionary step in revival of mining sector in the country, hitherto stagnated due to various reasons. He added that the classification of minerals will lead to their better scientific exploration and with more power to the states mining process will be expedite. Citing the example of falling levels of iron ore production in the country, Tomar urged state governments to revive mining in all earnestness. Mining ministers and secretaries from different states expressed optimism over the amendments, and offered constructive suggestions for its implementation on the ground level, the Ministry of Mines said in a statement. It was agreed that delays in environment and forest clearances had to be resolved by MoEF for providing unhindered support in growth of mining.
The last trading day of the week saw an uptick in Brent crude due to market certainty after the death of Saudi Arabia's king, Abdullah. However the US crude fell on signs of oversupply. Saudi Arabia's new king, Salman, is expected to continue the OPEC's policy of maintaining output to protect market share.
International Monetary Fund (IMF) on 19 January 2015, said India's economy will be world's fastest-growing major economy in the year through March 2017. While the IMF trimmed its global growth forecast for this year and the next year, the fund said that the growth forecast is broadly unchanged for India as weaker external demand is offset by the boost to the terms of trade from lower oil prices and a pickup in industrial and investment activity after policy reforms. IMF estimates India's growth accelerating to 6.5% in the fiscal year through March 2017.
The Indian stock markets breached the 29,000 level for the first time to end the week at a life-time high of 29,279. Improving macroeconomic conditions coupled with European stimulus measures helped key indices to reach new highs. Barring FMCG, all sectoral indices ended the week on a positive note with the stocks in capital goods, metal and banking sectors leading the gains.
Meanwhile, Finance Minister Jaitley reportedly said at an event in Davos, Switzerland on 22 January 2015, that the government has a roadmap to cut down fiscal deficit to below 3% of GDP in next few years. The government intends to rationalise subsidies, Jaitely said.
The Indian stock markets will remain closed on Monday, 26 January 2015, on account of Republic Day. The US President Barak Obama will be the chief guest for the main Republic Day celebrations— the first by any American president. Obama will arrive in India on 25 January 2015, on a three-day visit to the country. During his visit, investors will keenly watch for issue of any joint statements or inking of any major deals between the two countries.
