update

The Indian markets suffered sharp cuts in last session, with major indices losing over one and half a percent for the day. Although the economic reports were better than expected but markets swayed on global tunes. Today, the start is likely to be in green and markets may recover from their slump, however there will be some cautiousness too ahead of RBI monetary policy. Though, the central bank is unlikely to cut rates at its August 5 monetary policy announcement, but may prepare ground for an easier rate regime. Meanwhile, the Finance Ministry has said that achieving the Rs 6.24 lakh crore indirect tax collection target is a “challenge” as the tax buoyancy would depend upon revival of the economy and manufacturing sector. There will be some buzz in the realty stocks on reports that the Union Government will introduce Real Estate Development Regulatory Bill in the winter session of Parliament. The pharma stocks too may come under pressure, as the Indian drugmakers may soon have to cough up 12-15 per cent more in annual facility fees as the Food and Drug Administration (FDA) has announced new rates.