Calm after the storm

Money is like a sixth sense - and you can't make use of the other five without it - William Somerset Maugham.

Money makes the world go round goes a famous adage. Some of the top news headlines are all linked to the big bucks. The Supreme Court has pulled up the Government for its lackadaisical approach to Black Money. There has been a startling discovery of a huge treasure in a Kerala temple.



Talking of money, FIIs have been pretty kind of late. Now there is good news on the FDI front as well. FDI inflows more than doubled in May to $4.6bn. FDI had been steadily falling over the past several months, pressuring the Centre’s external account.

We might just see some moderation after last week’s rally. Asian markets are clueless due to lack of cues from Wall Street. US markets were shut for Independence Day. European stock indices finished mixed.

The Nifty is likely to consolidate in a range of 5550-5750 in the near term. A breakout of this range will determine the next leg of markets’ direction. Earnings may prove to be a major catalyst. ECB’s policy meet and US jobs data are the key global events to keep track of this week.