Although the nuclear cloud still looms large over Japan there has been some relief with radiation levels dropping. The IAEA says the situation is not alarming. A UN weather agency adds that winds are blowing radioactive material towards the ocean. For the time being, stocks in Japan and other Asian markets have bounced back from a two-day rout. US stocks too closed off session lows after the Fed upgraded its economic assessment. European markets ended sharply lower.
A higher start for India and a relatively calm session appears in store; perhaps a positive finish, provided the overseas markets don’t experience any fresh turbulence. Yet, stay cautious and don’t tell get brave as yet; overall things still remain fragile and volatile.
Meanwhile, crude oil has cooled off even as the turmoil in the Middle-East has deepened with Bahrain declaring a state of emergency. In Libya, Gaddafi forces are in control.
Back home, advance tax numbers appear fine though not spectacular. Cabinet has cleared the GST Bill and the RBI is most likely to hike rates by 25 bps.
