After several days of downward spiral, the key Indian indices finally managed to close positive. The broader market continued to be under pressure though. Even for the frontline indices, it was a bit of a struggle. So, one isn’t sure to what extent we are out of the woods. The intermediate trend might still be down in the near term. It will take a few positive days with better volumes to move northwards confidently. The past couple of weeks has been particularly stormy for the Indian market in the face of a string of negative events.
We see a steady to positive start and perhaps a better day ahead. There are no cues from Wall Street as the US markets were shut on account of the Martin Luther King Jr. day. European benchmarks finished pretty flat after a lackluster day. Asian markets were down on Monday, led by a steep fall in China but they seem to have recovered today.
The result season is starting to gather momentum. So far the earnings reports have been quite mixed. But watch out for TCS, which has delivered another stellar quarter.
