The joy of reaching new highs seems to be short-lived for now. The euphoria is temporarily down and the market appears to be moving sideways. On the domestic front, attention is of course on the political developments and proceedings in Parliament. Globally, the taper issue remains centre-stage.
The outlook is a flat to weak start. Investors will wait to get some direction from global cues for now. The rupee will also be closely eyed; the upcoming November trade data will guide the rupee in the short term.
In Parliament, legislative work in Lok Sabha and Rajya Sabha were hit after protests over the 2G JPC report and the TDP and Congress MPs moving a no-confidence motion on the Telangana issue. Voices within the Congress are getting louder and senior party leader Mani Shankar Aiyar was quoted as saying that the Congress needed time in opposition to reinvent itself.