Today,we expect a cautious opening as Asian markets are mixed. The Hang Seng and Shanghai have posted strong gains. Other regional markets are either flat or marginally in the red. In the US on Thursday, the Dow Jones ended up while the Nasdaq and S&P 500 were almost unchanged. Wall Street was closed on Friday due to the Fourth of July holiday. European markets ended lower on Friday.
The gains in the Indian market on Wednesday and again on Friday suggest that the bulls still have some fight left in them.For a change, the action would be more on the political front for the earlier part of this week. The SP has reportedly started demanding that private oil companies like RIL, Essar and Cairn pay windfall profit tax. Most market participants may view this as a proxy war between the Ambani brothers as Anil Ambani is ‘close’ friends with the SP leadership.
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