A resolution to Greece could send markets everywhere up in relief rallies. At the same time, there is optimism on the Chinese front, where the Shanghai Composite has rebounded 13 per cent in the past three sessions, to come off recent lows.
The market went into a sharp downtrend. Weak domestic macroeconomic data coincided with global currency uncertainty and a statement from the Reserve Bank of India (RBI) Governor ruled out a rate cut in the next policy review.
The bull run continued as the European Central Bank (ECB) decided to cut rates and loosen up money supply. The indices hit new highs on Monday with the Nifty touching 8,180. The move was broad-based with Advances far outnumbering Declines.
The indices closed at all-time highs on the eve of settlement after seeing some nervousness a few days before. The Supreme Court's judgement that all coal block allocations after 1993 were illegal has led to a lot of confusion in the energy sector.
Markets continue to trade firm since early trades led by Reliance Industries after it announced better-than-expected earnings over the weekend. The Nifty has been hovering around 7,700 levels as of now.
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