We bring up this point to draw attention to the vast amount of work that needs to be done to reach from where we are right now to where we will HAVE to be in few years time. Laws will have to be changed, infrastructure will have to be created - all from Ground Zero. There's a lot of work to be done we have not yet started. The remittance reached the Overseas Branch of our bank about a week ago. The Sensex has been vacillating over last week.
Sentiment continues to remain lacklustre.
We retain our view that the Sensex should climb to 5000 over the next few weeks, whereafter a renewed fall below 4400 is a possibility. Trustworthy bullishness develops only if and when the market moves above 5200-5300 and stays there. The Euro fell to 0.92 and crashed to a record low of 0.9023, a possibility pointed out by us on 21st March, when the market was trading at 0.9730. The reason put forth for the current decline was the Tower of Babel like confusion emanating from the ECB members. Also, the realization dawned on the market that there was not going to be any intervention to protect the Euro, at least not now.