We’ve
gone through this before and we shall overcome. Three blasts in quick
succession have indeed rattled the financial-cum-business hub. Nifty
futures in Singapore are pointing to a slightly lower start. History
suggests that the Indian markets have always shown resilience in the
face of such dastardly attacks. So, expect some recovery later in the
day.
What
is also encouraging is that FIIs resumed their buying binge on
Wednesday after a one-day breather. Monsoon has also gathered momentum
after a brief lull in late June. Talking of macro, inflation data for
June will be released today. It is likely to show a spike due to the
fuel price hike. The RBI next meets on July 26.
TCS and Bajaj Auto results are the other important events to keep in mind.
Since
the Nifty has failed to pierce the 200-DMA, that level becomes crucial
from short-term perspective. However, there may be few hiccups along the
way.
US
stock futures and the dollar are down after Moody’s warned that it may
cut US government's AAA bond rating due to rising risk of default. Asian
stocks are in the red.
