Budget day - management and obstacles!

The budget evolved from a management tool into an obstacle to management.
The worst fears just came true with the Economic Survey articulating that the current slowdown in the US would have an impact on the Indian economy. For today, like in most cases, the weak US markets will have an impact on our bourses even as the Big Budget Day is here.
Like most of the Budget eve days, the indices more or less ended flat. The global cues this morning are nothing to cheer about. Bernanke’s views on the banking sector and weak reports on economic growth revived worries about a recession and hurt sentiment. Asian stocks fell for yet again following the US cues.We see a weak opening with lackluster trade till the budget is announced. Based on sector sops, expect action in those counters.

Sustaining a high GDP growth of 9% while reining in inflation would be a tough challenge. An increase in the overall growth to double digits would entail additional reforms and came out with a policy prescription, the survey maintained. But the Finance Minister may not be Left with many options. The Left parties have voiced their concern on reforms stating that ‘this kind of progress’ only spells economic disaster.
In fact, the survey suggests measures like partial sale of the identified profit-making non-navaratna PSUs, a higher share for foreign equity in retail trade and further opening up of the banking and insurance sectors to foreign direct investment (FDI). All this will not augur well with the Left parties. Coalition compulsions will result in most reforms taking a back seat.
The Dow fell 0.88%, the broader Standard & Poor's 500 index was down 0.89% and the Nasdaq fell 0.94%.
Crude oil climbed to a record of $103.05 after the dollar dropped to an all-time low against the euro.
Asian stocks fell for yet again following the US cues. The yen strengthened to almost a three-year high against the dollar. The dollar also headed for its biggest monthly loss against the euro since September. Japan's Nikkei 225 Stock Average lost 2.5% to 13,573.36, and is set for the fifth weak month.
In other media reports:
Sun Pharma gets FDA approval for torsemide tablets in multiple strengths.
Apollo Hospitals to set up facility in Mauritius.
Suven Life Sciences in talks with US based pharma major for drug discovery.
Ceat plans Rs5bn radial tyre facility.
Aban Offshore gets US$25mn contract for three wells offshore Myanmar.
Northgate Technologies’ arm Globe7HK taps Chinese market.
NIIT Technologies buys German based SofTec Gmbh.
ICICI UK Plc, wholly owned by ICICI Bank, started operations in Germany by opening its Frankfurt branch.
Ambuja Cements to buy three cargo ships for Rs1.5bn.
Glenmark Pharma to transfer local drug ingredients and generic finished drug business to a subsidiary.
Indiabulls Real Estate approves proposed investment of up to 100% in Dev Property Development Plc.
Essar Oil to raise US$2bn.