Mumbai: The fiscal cliff deal lifted equity markets around the world as the threat of tax increases and spending cuts tipping the US economy into recession, receded. The Dow Jones Industrial Average rallied 2.4%, clocking its best day since December 2011. The S&P 500 Index gained 2.5% and Nasdaq Composite rose 3.1%. Analysts said that rally may not last as there be even greater confrontations between the White House and the Republicans over the budget in coming months, reports Financial Times.

In Asia, Hong Kong’s Hang Seng declined 0.2% after the rally on Wednesday as investors locked in profits. The energy sector was losing ground as crude-oil prices fell, while mainland Chinese property shares continued to rise, reports MarketWatch. Markets in China and Japan remained shut for the third consecutive day.

In India, the Rangarajan Committee is seeking to free up gas prices and migrate to an entirely new model for oil and gas exploration, reports Mint. The panel has recommended that domestic gas price should be indexed to international prices and there should be sharing of revenue between the contractor and the government for hydrocarbon excavation.

The government may increase import duty on gold to control the widening current account deficit that hit an all-time high of 5.4% of GDP in the July-September quarter. Last year, custom duty on gold was increased twice to reduce imports.

Jet Airways may see some action following reports that Etihad Airways is close to buying 24% stake in Jet for 1,500-1,800 crore. Etihad will be paying 20-25% premium over the current stock price and the deal is likely to be concluded within 10 days.

Tata group shares may see some action after Cyrus Mistry, the newly appointed chairman in a letter to employees said that they will invest Rs45,000 crore in the next two years across businesses and regions.

Telecom stocks will be in the limelight after the telecom regulator recommended a separate wireless operating licence for spectrum, paving the way for increased competition and lesser regulatory interference, reports Mint. The unified licence will also help in reducing revenue loss.

Reliance Industries is looking at merging four of its associate companies in real estate with its main property development subsidiary - Reliance Commercial Land and Infrastructure for cost efficiencies and getting in investors, reports Business Standard.

Lastly, the winter chill has finally set in and for the first time since 1969, Delhi’s maximum temperature fell below 10 degrees, also making it the coldest day in the past 44 years, reports Times of India.