"Forecasting India's GDP has become like predicting the English weather," one senior economist with an international ratings agency told Reuters, and many economists are taken aback by GDP numbers that are substantially higher than their predictions post demonetization. The government has seized on the strong growth numbers, with Prime Minister Modi telling a crowd in UP that, "Hard work is more important than Harvard."

Economists are pointing to government figures showing growth in consumer spending hitting a four-year high, even as sales of beverages, home appliances and vehicles fell. In some sectors numbers released for January and February sales by companies such as Maruti Suzuki, have shown stronger domestic sales compared to the same period last year. 

DLF's Board of Directors has approved a proposal for promoters to sell 40% of their stake in a rental unit, which is expected to raise about Rs. 12,000 crore. The amount raised will reduce DLF's debt, in a transaction the company is calling a "game changer" for the firm. 

Stock in spotlight: Trigyn Technologies, which began to rise yesterday even before the announcement of winning a 12 year IT contract with the state of Maryland. 

Photo of the day: Deer cross the road in front of Indonesia's honor guard, outside the Presidential palace. Adek Berry/AP