We have come to the last trading day of the week and this has been a week spent in consolidation. There has been nothing much that has happened in the market. Global markets and local markets have just been pausing after a big breakout last week and we have not taken any meaningful strides.

Last Friday, there was a breakout but one needs to see if we can liven up a little bit because the market is searching for the direction once again after that big breakout. Globally, things seem to have gone a bit tepid just now.

The cues are not terribly negative but globally markets are pausing right now - consolidation is the word. It’s frankly becoming a bit boring now for the last few days because markets have gone to 4,000 on the Nifty and 14,000 on the Sensex and then suddenly for 3-4 days, it has gone to sleep completely.

But that has been the nature of this market, it’s a little difficult to digest - lack of momentum, lack of movement, lack of great velocity at these kind of levels. But that’s not happening right now but the market will do what it has to do and we have to go through these phases of consolidation periodically. But this morning, it looks like it will be another flat morning of trade. It could be just another flat week for the market.

Global cues:
 
It has been quiet this morning in Asia. Nikkei is pretty flat and not doing much. Straits Times is up a little bit. Taiwan is down a little bit. Kospi is down 1.5% and that is quite a slip and the Hang Seng is down about 0.5% as well.

There are no great cues, not a sell off as such but it is a mildly subdued market. Among other emerging markets, while Russia was up, China, Indonesia and Brazil are a bit soft. So the cues aren’t exactly great this morning from the global side.

Contd on Pg 2....