Asian markets this morning are also up sharply.

Asian markets this morning are up sharply. The bad news is that crude oil has gained over $5 to cross $128 per barrel. Also, the weekly inflation number will continue to cast its spell on the market. In a related development, RBI Governor YV Reddy has hinted that the central bank may go for another round of monetary tightening to contain inflation. And, there's speculation that the RBI may even tinker with policy rates to anchor inflationary expectations.