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Market eye week ahead: Confidence in reforms driving Indian stocks
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21 September 2012
REUTERS - Indian stock investors head to a new week on a roll after a slew of big ticket reforms has sent indexes to their highest since July 2011.
India is set to announce additional measures, with investors hoping most for a hike in foreign direct investment limits in the insurance sector, reforms in the goods and services tax, and a debt restructuring for state electricity boards.
Politics will also be important after key ally Trinamool Congress withdrew its support to the ruling coalition, although investors were comforted after Samajwadi Party extended its outside support to Prime Minister Manmohan Singh's government.
Foreign investor flows will be key after they bought a net $1.15 billion in Indian stocks in the three sessions from Sept 14-18.
The government is also set to release second-half borrowing plans amid widespread expectations India will breach its 5.1 percent fiscal deficit target for the year ending in March 2013.
The expiry of derivatives on Thursday could keep trading volatile.
Mon-Tues: India Investment Forum in New York. Listed participants include RBI Deputy Gov Subir Gokarn and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
Mon: Farm Ministry's output forecast for the 2012/13 crop year.
Mon: Oil & Natural Gas Corp.'s annual shareholders meeting.
Friday: India's April-August fiscal deficit data and June quarter balance of payments.
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