The markets have however retreated and will likely continue back to 7500 levels as speculative favorites like construction fail to take hold and only Domestic Pharma and real infra stories like Glenmark and IDFC lead in a blazing trail of glory. Other Domestic biggies like Lupin and Cipla might come back as defensives in a weak market as well.
Inflation for Indl Workers slid to near 5% marks last weak and manufacturing PMI was a rosy 53 ahead of the expectedly buoyant release of Services PMI this week. The US GDP for Q2 at 4% augurs well for the global health and The Rupee can continue back against Oil cementing gains from the fall in Oil prices instead of staying below 61 levels. The Fiscal deficit challenge act will be much easier with the benefit of a positively enforcing growth cycle this time around and GDP can easily score above 6% in the Q1 estimates to follow next week. Speculatively sold Puts in the new series continue to gain initial traction but with the series showing a growth in interest across all levels between 7300 and 7500 the market confidence will take time to build up llimiting the series range on the upside to 7800 despite the Economic gains showcased in the data