Over the past few days the speed bump on the index movement has been hit, or so it seems. There seems to be a tug-or-war like situation on the movers of the index, with counters such as RIL, automotive players such as Bajaj Auto, Tata Motors and Hero Moto Corp., etc. Steel counters such as SAIL and Tata Steel; and other beta counters but small time influencers such as Rcom, Sterlite are proving to benefit the index. The draggers include a few IT names INFY, Wipro and financial counter such as SBI which declared soft results were the target of the bears.
Until such time that we are still a bit tentative on the counters that were listed above, and we are yet to push the valuations on the ones where there is bullishness, expect today like logjam where the markets would see swings that were seen.
Today the thankful aspect was that despite ending of the earnings season, the market seems to have stayed put; and that is actually a consolation on the background of what has happened in 2011. Also, it looks like until, at least the global markets are positive this stagnancy would continue. Now the action really would shift meaningfully onto events. UP Elections, govt. stability, RBI policy and host of events taking center stage over the next few weeks.
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