370)this.width=370">A day before the Budget, the Economic Survey on Thursday predicted up to 8.75 per cent growth in 2010-11 while recommending a gradual roll back of stimulus -- a move that could entail hike in excise duty and service tax.
Warning that high double digit food prices could lead to "higher-than-anticipated" general level of inflation, the Survey called for effective steps to be taken to remove supply-side bottlenecks together with other policies.
The Survey said the government policy, other calibrated measures and tax reliefs as contained in the stimulus have helped the economy shrug off effects of slowdown triggered by global financial meltdown in 2008.
The buoyancy in the economy in tandem with reforms would make India possibly the fastest growing economy in the next four years, it said while recommending that there was a need for improving government financial by way of raising tax and non-tax revenues and containing deficit.
Last week, the Prime Minister's Economic Advisory Council too had suggested partial roll back of stimulus measures, including raising excise duty and service tax rates.
The Survey also echoed this view: "The broad-based nature of the recovery creates scope for a gradual rollback, in due course, of some of the measures undertaken over the last 15-18 months. . . so as to put the economy back on to the growth path of nine per cent annually."
The economy is projected to grow by 7.2 per cent this fiscal with industrial and services sectors growing at 8.2 and 8.7 per cent, respectively. Full recovery is likely over the next two fiscals with up to 8.75 per cent growth in 2010-11 and nine per cent the subsequent year.
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Sachin Tendulkar’s unbeaten 200 is a testimony to his fitness and commitment even as he heads for his 37th birthday. He is looking as fit as
Having played till the age of 39, I know that discipline, good, healthy living and focus can add years to one’s career. What I lost in pace and stamina, I gained in control and guile. In Tendulkar’s case, too, he has smartly sorted out his game. He might not have the eye he had in his late 20s, or the speed — those are the peak years of every batsman. However, Tendulkar has compensated for those areas with excellent shot selection and placement. I always maintain that Test cricket and one-day cricket are two different areas, one cannot be connected to the other. However, Tendulkar’s rich vein of form in the longer version seems to have relaxed him and given him the freedom to play in an unburdened manner. Though I did not see the knock, the statistics I have got are staggering. The fact that he got the score in 147 balls itself is a huge achievement and by reaching 200 he bettered one of the best one-day knocks I have seen, by Saeed Anwar. The latter was one of the sweetest timers of the ball, and that knock in Chennai was when he was at the peak of his form. To have bettered that Tendulkar must have really turned on the magic with some scintillating shots. There may be many who will say that the wicket helped strokeplay and that there was nothing in it for the bowlers. But no matter what the wicket is like, to stand through 50 overs and score 200 is a very, very special effort — an achievement that his contemporaries, Ricky Ponting and Brian Lara, would have been proud of. If I had had to pick up a guy as the one to score the first one-day double ton, it would have been Virender Sehwag. He is young, belligerent and in unbelievable touch. However, it was his illustrious senior who pipped him at the post. Tendulkar seems to have rediscovered an exuberance and enjoyment which seems to have taken his game to a different level, and India would be hoping that he maintains this rhythm for some time. This achievement would mean a lot to Tendulkar, even though he has many records to his name because every opener must have had an eye on this record. A double century has only been a theoretical possibility in limited overs so far, so in many ways Tendulkar has achieved something unusual. True, he has many feathers on his cap, but this one is a really special one. An absolutely phenomenal record by a truly phenomenal player. | |
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Bulletin : Flawless Tendulkar 200 gives India series Players/Officials: Sachin Tendulkar Matches: India v South Africa at Gwalior Series/Tournaments: South Africa tour of India Teams: India | South Africa | ||
Sachin Tendulkar, who broke the record for the highest individual ODI score, overtaking Saeed Anwar and Charles Coventry on his way to the format's first double-hundred, has said his ability to bat the entire 50 overs was a testament to his fitness after having played the game for more than 20 years.
"It feels good that I lasted for 50 overs, a good test of my fitness. I'd like to bat another 50 overs at some stage and see that the fitness level doesn't drop," Tendulkar said after his effort helped India take a unassailable 2-0 lead in the series. "The ball was coming onto the bat and I was striking the ball well. So when everything falls into its place, it feels nice. It was one of the innings where I felt I was moving well. Since I was timing the ball well, I could be more aggressive and put pressure on the bowlers."
Tendulkar, while dedicating his feat to the people of India, credited coach Gary Kirsten for the team's success in both forms of the game after the debacle in the World Cup in the Caribbean. "I've enjoyed various challenges; after the 2007 World Cup things have looked different and I'm enjoying the game," he said. "The credit also goes to Gary [Kirsten], he has really held the team beautifully. It's about togetherness and playing for each other. You see during the practice sessions that Gary himself trains as hard as anyone else, or probably harder than anyone else as he's the one giving us practice all the time."
Tendulkar said he sensed an opportunity to break the record and reach a double-century when he had gone past 175 in the 42nd over. The record eventually came in the 46th over, and the 200 in the 50th. "When I was near 175-180, I thought I could get a 200 as there were quite a few overs left," he said. He added that he would prefer his achievement to be upstaged by an Indian. "I don't play for records, I play for enjoyment and play with lots of passion. That's how cricket started. I didn't start playing cricket to break all the records; it's happened along the way. The dream was to play for India and do my best.
"I don't think any record is unbreakable. Records are made to be broken. I hope that if this record is broke, it's done by an Indian."
This was India's third-highest score in ODIs, and Tendulkar said the 400-mark would not have reached if not for some big hitting by Yusuf Pathan and MS Dhoni. "I thought a target of 340-350 would be a good one, but Yusuf Pathan and MS Dhoni came in and hit the big shots and cleared the ropes consistently and helped us pass 400."
Tendulkar added that India were not relaxing despite having put up a mammoth score, for they were aware South Africa were the only team to have chased down a target in excess of 400. "This was the team that chased 434 against Australia. So we didn't get complacent and told ourselves that we had just got through the half-way stage by scoring 401. And what we did in the second half was extremely important. We were aiming at getting early wickets and putting them out of the game."
Dhoni, who witnessed Tendulkar surpass the record from the other end, said: "I think one of the best innings, you can say. It's always good to be on the other side, watching him score 200 runs. When he is tired and can't play the big shots, he was very clever to use the pace of the bowler and it's very difficult for the bowlers as they don't know where exactly to bowl."
India lost Virender Sehwag early, and Tendulkar was assisted in three sizable stands where runs came at a brisk pace, with Dinesh Karthik, Yusuf and Dhoni. "Once Viru got out, it was important to get some kind of a partnership going. They [Tendulkar and Karthik] went on with their innings, and they set a platform after which we were sure we would get 350-plus which would be a difficult target," Dhoni said. "Yusuf was sent up the order and with the talent he's got, he can be a great asset to the side."
Yusuf scored a quickfire 36 and was particularly lethal during the batting Powerplay, while Dhoni proved destructive at the death, bludgeoning 68 off 35 in a century-stand with Tendulkar in just 53 balls. "I have changed my batting a bit, but the situation demanded that kind [attacking] of innings," Dhoni said. "The ground is a small one, and we were a bit worried about the dew factor. But once they lost 3-4 early wickets, it was difficult for them to get back into the game."
For South Africa and their stand-in captain Jacques Kallis, it was a case of the basics gone wrong. "The toss was quite vital. Our basics were just weren't good enough today. We were outplayed," Kallis said. "We lost wickets at crucial stages, our basics let us down. A fantastic innings by Sachin; he took advantage of some good conditions and he played superbly. We let ourselves down in some areas."
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Src: Cricket Websites and ET
Breadth and background indicators were poor. The BSE 500 was down 0.1 per cent and the Midcaps were down 0.4 per cent while the Nifty Junior was down 0.5 per cent. Advances were outnumbered more than 4:1 by declines. Volumes were low and many smaller stocks weren't traded at all. The FIIs were moderate buyers while domestic institutions were net sellers.
Outlook: The market is in another short-term downtrend and it is likely to test support between 4,650 and 4,750 again. In all probability the next 5-10 sessions will see range-trading between 4,650 and 4,950 with a fair amount of intra-day volatility. We will get a clearer picture of the direction of intermediate and long-term trends over the next week.
Rationale: The short-term signals are negative and the market is not yet oversold enough to trigger a technical bounce on Monday. The last bottom was 4,675 on February 8. That was just above the 200 Day Moving Average, which suggests the long-term bull market is still intact. If the next bottom is at, or above 4,675, the pattern of higher lows would suggest that the intermediate downtrend, (which is now in week 6), is changing. A close below the 200 DMA (between 4,670 and 4,720 depending on calculation mode) would, on the other hand, suggest the long-term trend has gone bearish.
Counter-view: There is bound to be some short-covering and speculative buying immediately pre-Budget in settlement week. If the market does climb past 4,929 on the upside, we will have a pattern of higher highs, which would again signal an improving intermediate trend. The market is unlikely to “make up its mind” before the Budget so, range-trading between roughly 4,650 and 4,950 seems the most likely pattern until settlement.
Bulls and Bears: Most sectors fell last week and stocks outside the F&O ambit suffered from lack of liquidity as well. Trader should stay out of all but the largest scrips in this situation. Metals and realty were especially badly affected by selling. Sugar also saw a lot of selling. Telecom was hard-hit by a combination of poor quarterly results and Bharti's Zain deal, which was considered cause for selling by many operators.
Banks and IT were outperformers, with the Bank Nifty and CNXIT indices both up by over 1 per cent. But both sectors looked weak by Friday. There was some defensive buying in pharma and some speculative buying in energy stocks.
As things stand, a lot of pivotal scrips are sitting close to critical supports. Given the poor breadth signals, the chances are, some will crash. In other cases, profit-booking and renewed buying could trigger a bounce but that is more likely to occur close to settlement.
MICRO TECHNICALS
Bharti Airtel
Current price: Rs 278.80
Target Price: Rs 255
The stock has broken key support at Rs 300 on heavy selling and could be heading for a multi-year low at around Rs 255. There is some support at Rs 275-280 and again at Rs 265. Keep a stop at Rs 285 and short. Cover 50 per cent of the position at Rs 265 and reset the stop loss to Rs 270. Clear the position at Rs 255.
SBI
Current price: Rs 1,905
Target Price: Rs 1,850
The stock has been sold down to a critical support. If SBI closes below Rs 1,900, it will fall to Rs 1,850 and maybe lower, to Rs 1,800. Keep a stop at Rs 1,920 and short. Increase the position below Rs 1,900. Book 75 per cent profit at Rs 1,850 and reset the stop to Rs 1,860 with a new target of Rs 1,800.
Bharat Forge
Current price: Rs 243.65
Target Price: Rs 265
The stock has been sold down to a strong support. It has the potential to bounce back till around the Rs 265 level. Keep a stop at Rs 240 and go long. Book partial profits at Rs 255 and reset the stop loss till Rs 250. Clear the position at Rs 265.
HDIL
Current price: Rs 302
Target Price: Rs 320
The stock has found firm support at the current price and it could easily make a technical recovery till the Rs 320 mark. Keep a stop at Rs 295 and go long. Book partial profits at Rs 314 and reset the stop to Rs 310. Clear the position above Rs 320.
(The target price and projected movements given above are in terms of the next five trading sessions unless otherwise stated.)
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