9:55 am IMF: India’s economic growth rate should pick up to 7.5 percent in the 2016/17 fiscal year, the International Monetary Fund said, aided by a collapse in oil prices and relatively low exposure to current global financial turbulence. Summing up its latest review of Asia’s third-largest economy, the Fund forecasts that economic growth would pick up from 7.3 percent in the 2015/16 fiscal year that ends on March 31. “The broad message is that India’s growth trajectory is pretty strong by international standards – not to mention the advanced economies,” IMF Resident Representative Thomas Richardson 9:45 am International market: Marc Faber, the investor who has made a name on pessimistic market calls, said Wednesday he believes stocks are “extremely oversold” and could be poised for a rally. To be sure, the editor and publisher of The Gloom, Doom & Boom Report confirmed he believes the stock weakness at the beginning of the year was just the start of more bad things to come, but in the nearer term, he is more bullish. In particular, momentum stocks got hit hard, and can move higher from current prices, Faber said. The oil sector could “easily rebound” by 10 to 20 percent, he added. “That could drive the market up to maybe around 2,050, but I don’t necessarily see new highs, and if new highs happen, they will happen with very few stocks participating,” he said. 9:30 am Business: Future Group is likely to tie-up with Trent Hypermarket for distributing private fast moving consumer goods (FMCG) labels. It may announce the Trent tie-up on Tuesday. CNBC-TV18 learns the company will distribute private FMCG labels via Trent’s Star Bazaar stores. With this, its private FMCG label sales are expected to touch Rs 20,000 crore by 2021. Currently, Trent Hypermarket has 20 Star Bazaar Stores. Don’t miss: SBI seeks Mallya’s arrest in Kingfisher loan default case The market extended rally on Thursday with the Sensex rising 183.31 points or 0.76 percent to 24426.29 and the Nifty climbing 52.40 points or 0.71 percent to 7421.25. Hindalco, Tata Motors, Tata Steel, SBI, HDFC, PNB and Vedanta rallied 1-2 percent while ICICI Bank and GAIL fell on profit booking. The Indian rupee has climbed further as it opened with a gain of 14 paise on today at 67.40 per dollar. It closed at 67.54 in previous session. Mohan Shenoi of Kotak Mahindra Bank said, “Improved oil and commodity prices and pick-up in US economic data has changed the sentiment to risk-on.” “Dollar has weakened against commodity currencies and the rupee has gained against dollar on buoyant equity markets following the Union Budget.” Wall Street logged a mildly positive close overnight and as economic activity was seen firming up in the world’s largest economy. Asian markets were trading broadly higher though traders would look forward to Friday’s release of non-farm payrolls data.
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