Bears freak out!

A man who has committed a mistake and doesn't correct it, is committing another mistake.-Confucius

As if the world and its worries were not enough, a freak trade in Reliance Industries took place which saw the index heavyweight plunge to Rs840.55 during the day.

The bulls may find some relief this morning as the market gets off to a flat start.

India’s exports increased by 36.2% to US$16.8bn in April, the sixth consecutive month of growth. Auto numbers have been very encouraging in May.

Better-than-expected readings on the US economy failed to cheer the main US indices. The weakness was attributed to slower manufacturing growth in China besides reports that Israel's aircraft were targeted by Lebanese anti-aircraft guns. BP shares fell 15% as it battles with the worst oil spill in US history.

The euro, which has been at the receiving end flirted with fresh four-year lows of US$1.21. The yen weakened after Japanese Prime Minister Yukio Hatoyama said he would resign in eight months. The Bank of Canada raised rates and chances are New Zealand would do the same next week.