Pri Market Commentary ...

Today,we expect a weak day with the US market falling sharply overnight and most Asian markets trading lower this morning. Some more correction is not ruled out, as traders will lock in gains after the recent rise. Plus, the mood is likely to remain bearish after RIL’s Q1 numbers disappointed with an underperformance in its refining operations.Meanwhile, inflation has remained more or less stable in the second week of July at 11.89%, though it still remains at a 13-year peak. The other worrying aspect is that interest rates could inch higher as the RBI may announce further tightening next week.