After a fairly lackluster week, hope are of a good rally today - at least at start. Overseas markets are fired up after European leaders agreed to a new $229bn bailout plan for debt-plagued Greece that includes private sector support. They also empowered their 440-bn euro rescue fund to buy debt of the struggling eurozone nations.
The euro has jumped against the dollar. The yen is down as global investors resume their buying of risk assets. Separately, there are reports that the Obama administration is cutting a deal with House Republicans to boost the US debt ceiling and reduce deficits by ~ $3 trillion over 10 years without any immediate increase in revenues.
Indian markets will also take cues from corporate results. So far, earnings have been mixed with a few nasty surprises. In the coming days, the focus will be on the RBI’s policy action, F&O expiry, monsoon and the parliament session. FIIs, meanwhile seem to have switched to a lower gear.
