The NDA government was elected to power one year ago with a single party majority after 30 years. This was the genesis of expectations becoming sky high and many thought that the PM was a man with a magic wand. He is a good administrator, visionary and expert negotiator without doubt, but overhauling and putting the economy on track is a task which cannot be done overnight. Expectations can never be met and therefore we hear a large number of people saying they expected more.

What has been achieved in one year is on the ground all about setting things right. Issues which would benefit tomorrow and for time to come. The low hanging fruit has been left untouched to be collected when so required. The bureaucracy has been brought on board, the key element of defence preparedness has been taken on with the uranium deal with Australia which serves the purpose of energy and the Rafale Jet deal with the government of France is in the right direction.

The word SCAM means nothing anymore and people have forgotten what it was after the second five year term of UPA ended. The transparent way coal blocks were auctioned is a pointer. One wonders why so many people from the media are anti Modi? The answer lies in what a very senior journalist who I would not quote said that Modi cut out all foreign junkets of journalists when he travels abroad. PM Modi has travelled visiting quite a few countries and he kept pace with Manmohan the PM.

Back to our markets they have done a good job last week of resurrection and logged gains of about 2.3%. This week we see expiry of May series where currently bulls have a clear upper hand. The current value of NIFTY of 8,458.95 points is a good 277.45 points or 3.39% higher than the April expiry of 8,181.50 points. Barring a crash there is no way that the bulls will let go this lead with a mere 4 days of trading to go.

Primary markets seem to have gone quiet after the lukewarm response to recent issues. PNC Infratech lists on Tuesday the 26th May. This issue was fully subscribed overall but individually the retail and HNI buckets which account for half an issue size remained under-subscribed. The non-participation of retail and HNI’s may be compared with a marriage reception without the band baaja or baraatis.