That means the benefits of having a Modi government for the next 20 years are already showing on RSS, Gujarat and yet not visible if coincident on the larger economy, leaving me puzzled why the markets jumped like they did on Wednesday. Regardless, we’d much rather wait for another Happy Thursday with ICICI Bank, IDFC and Yes Bank reporting thru the day today for September 2014, a good six months for all 3, for the banks because they come out of a growth rut as industry leaders with credit growth in below double digits in August and September and for IDFC as it drills down to its lower cost of funds becoming a shade better gaining on incoming competition as Infrastructure financing makes a comeback to the top acievement motivations of India Inc. Of course, Arvind Subramaniam int he meantime as our new CEA might have a few comparisons with the vastly superior governance out of China, but that we are indeed in Foreign policy terms now more conversant with the global world view than isolating ourselves, we have a better chance of recovery in the broader economy itself.
Meanwhile, another thing to remember during the day’s and November’s trading would be that ICICI Bank grows both Fee and Interest Income at equal or better pace than just focusing on Interest spreads/Jaws and NIMs whatever be the currency of the day for Loan interest income expected to grow a hefty 15% for the quarter and more for the half year
Bharti Airtel and Maruti also report on date. Markets will likely peak today by end of trading for a correction if the sentiment does not consolidate given the big earnings day for Dalal street.