Rakesh Arora, Macquarie says reporting season is reflecting the fragile nature of recovery and has not provided anything to cheer about as yet.
At the same time, the probability of a Fed 'lift-off' in December 2015 has increased post recent minutes, indicating that risk-off may come back in vogue, he feels.
Back home, all eyes are on Bihar elections to lift sentiment and take the market beyond the range, says Arora.
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