Its been a topsy-turvy week for the indices. The Nifty has come back to the lower end of its trading band thanks to Infosys yesterday. But the mood today will be a bit better after what TCS had to say last evening.
Global markets, however, continue to remain quite edgy, so it doesnt look like the market can forge a major recovery this morning.
A few days back there was some optimism after the Euro Summit, because belief was that at least for the near term the band aid was working. But it is unraveling all too quickly, so once again the yields have started moving higher, the downgrades are coming in thick and fast and the euro is just not able to get its way past 1.23. All this remains a little disconcerting for global risk on generally speaking. The fact that Brent crude has also gone back above a USD 100 a barrel is a little bit of a discomfort on the margin for India as well.
Even yesterday, while foreign institutional investors (FIIs) remained buyers on the cash market,