A Whiff of the cliff…

"Let go over a cliff, die completely, and then come back to life - after that you cannot be deceived" - Zen Proverb The New Year has got off to a happy start and amidst all the drama surrounding the fiscal cliff situation, indices are clocking gains world over. The positive action is set to continue in our market too and the indices could see gains at start again. The Nifty Futures managed to cross the 6,000 mark. Positive momentum has set in as the Nifty achieved a breakout from the trading range of 5850-5930 closing near the 5950 levels. Global cues remain encouraging with Asian markets too joining the party. The question now is can the US Congress strike a compromise deal and prevent the fiscal cliff. The House is set to vote in a few hours on the Senate bill. Tim Geithner has says he has begun a "debt issuance suspension period" that would last through Feb. 28. In other words extraordinary measures will be taken to ensure that the debt limit does not exceed $16.394 trillion. German Chancellor Angela Merkel said the reforms ‘that we've introduced are beginning to have an impact, adding that ‘the crisis is far from over.’ The Hang Seng index is up 1.5% while Taiwan index is 0.7% up. Japanese and Chinese stock markets are closed. Trends in FII flows: The FIIs were net buyers of Rs6.65bn in the cash segment on Tuesday, while the domestic institutional investors (DIIs) were net sellers of Rs4.06bn, as per the provisional figures released by the NSE. The foreign funds were net buyers of Rs14.30bn in the cash segment on Monday, according to the SEBI figures. Global Data Watch: Bank Holiday CHF, Bank Holiday JPY, Day after New Year's Day NZD, RBA Commodity Index SDR (YoY) (Nov) AUD, Markit Manufacturing PMI (Dec) EUR, Markit Manufacturing PMI (Dec) EUR, Markit Manufacturing PMI (Dec) EUR, Markit Manufacturing PMI (Dec) EUR, Markit Manufacturing PMI (Dec) EUR, Markit Manufacturing PMI (Dec) EUR, Markit Manufacturing PMI (Dec) GBP. Consumer Price Index (YoY) (Dec)Preliminar EUR,Consumer Price Index (MoM) (Dec)Preliminar EUR, Harmonised Index of Consumer Prices (MoM) (Dec)Preliminar EUR, Harmonised Index of Consumer Prices (YoY) (Dec)Preliminar EUR, Redbook index (MoM) (Dec 23) USD, Redbook index (YoY) (Dec 23) USD, Markit Manufacturing PMI (Dec) USD, Construction Spending (MoM) (Nov) USD, ISM Manufacturing PMI (Dec) USD, ISM Prices Paid (Dec) USD In other news in the media: Adani Power has requested the Coal Ministry to grant long-term coal linkage for its proposed thermal power plant in Maharashtra. (BL) Indorama Ventures plans to expand its annual US polyethylene terephthalate (PET) production capacity by 540,000 tonnes at an undisclosed brownfield location. (BL) Gujarat Ambuja Exports Ltd has started trial run production of its 750 tonnes per day (TPD) new maize processing, derivatives and other value-added products processing unit in Haven district of Karnataka. (BL) Aurobindo Pharma Ltd has received final approval from the US Food & Drug Administration to manufacture and market Rizatriptan Benzoate tablets. (BL) Mahindra Satyam seems to have tightened their recruitment drive ahead of the proposed merger. It said it would go for only need-based hiring next year, besides the 1,500 college graduates it planned to pick for the next financial year. (BL) Punjab & Sind Bank board has approved capital raising of up to Rs10bn through preferential allotment route. (BL) The Government today slashed the import tariff value of gold and silver marginally to US$539 per 10 gm and US$979 per kg, respectively, amid volatile movement in the global prices of precious metals.(BL) The combined output of eight key infrastructure sectors fell to 1.8% in November, from 7.8% in the same month last year and 6.5% in October, due to drop in production of coal, natural gas and cement.(ET) Securities market regulator plans to revise the rules on insider trading and front-running , as it gets down to synchronizing the rules with those set down by the government in the Companies Bill, which was approved by the LokSabha a fortnight ago. The main indices have gained over 25% during the year which was eventful for various reasons. Indiainfoline gives you a snapshot of the year that has gone by in a chronological manner. Few pages are dedicated to each month and towards the end you will find links to all the weekly stories that have taken place in 2012. We are sure you will like to return to this page to revisit events of the year gone by.