Knee deep in troubled waters, the Congress-led UPA government may not have reached where they intended to go but says it is confident that growth in FY14 will be better than FY13 and could exceed 6%. The Prime Minister unveiled a report card on its ninth anniversary of being in the office citing their achievements on various fronts. Finance Minister P. Chidambaram promised to roll out more reforms going ahead, in the backdrop of S&P having warned that India stands 1 in 3 chances for a sovereign ratings downgrade.
The opening today is set to be weak; in fact it could be a gap down opening given the subdued global cues. US markets had risen in early trade after Fed chairman Ben Bernanke said that withdrawing monetary stimulus prematurely could derail the economic recovery. However, minutes of the Fed meeting revealed that few members of the monetary policy committee were willing to lower down the Fed's bond-buying program as soon as June if the economic recovery becomes sustainable.
Results Preview: Tata Steel Rev Rs365bn (+7.4% yoy), PAT Rs4.7bn (+9.3% yoy); SBI NII Rs116bn (0.7% yoy), PAT Rs37.8bn (-6.6% yoy).