Looks like the Supreme Court has decided to switch on to its ‘Ultra Active’ mode even as the UPA II remains in ‘Sleep’ mode. The latest setback to the Congress-led regime has come in the form of the quashing of CVC’s appointment by the apex court.
The post-Budget momentum may continue today as well, at least at the start. We may even go into the weekend without a “red” day, provided the global cues remain supportive.
The Nifty has managed to stay above 5500, and if all goes well it might re-test 5655 shortly, which corresponds to 200 DMA.
And, banks could pace the advance after the Cabinet cleared the Banking Laws Amendment Bill that seeks to align the voting rights in proportion with the shareholding.
In global action, Asian markets are mostly up, led by the Nikkei. US stocks had their best day in three months, spurred by a steep drop in weekly jobless claims. Oil too softened just a touch on reports of a possible truce in Libya. But, it remains fairly elevated. Watch out for the all-important monthly US payroll data due out on Friday.
