30 Sensex moved up by 1.5% to close at 21,064 during the week ended. Nifty moved down by 1.4% to close at 6,262 during the same period.

Sensex moved up on back good result from Infosys. RIL contributed to the market in expectation of good result.

Consumer inflation retreated to a 3-month low and wholesale inflation to a 5-month low, raising hopes that the RBI may not hike rates at its policy review meeting later this month.

The World Bank upgraded its forecast for global economic growth to 3.2 percent for 2014, and said that India would be among the developing countries to grow the fastest between 2013 and 2016.

RIL Result: Reliance Industries Q3 beats forecast; profit up marginally. Reliance Industries (RIL) reported marginal increase of 0.16% in net profit on year-on-year basis for third quarter of financial year 2014 to Rs 55.11 billion. Analysts on average had expected profit of Rs 53 billion. EBITDA margins came in at 7.36%.

Net sales of the company were at Rs 1,035.21 billion for the quarter ended Dec. 31, 2013, up 10.26% over prior year period. Other income climbed 32.47% to Rs 23.05 billion for the quarter ended Dec. 31, 2013 as compared to Rs
17.40 billion in the same period last year. Reliance reported gross refining margin (GRM) of USD 7.6 a barrel during third quarter.

Wipro: Wipro consolidated Q3 profit climbs 17.5%. Wipro, India's third largest software exporter's, reported a rise of 17.49% on consolidated basis to Rs 20,272 million for the quarter ended December 31, 2013. On sequential basis, Wipro reported a rise of 4.37% in quarterly profit.

Consolidated revenues for the quarter ended Dec. 31, 2013 went up by 18% y-o-y to Rs 113.3 billion. IT Services Revenues in Rupee terms was Rs 103.3 billion (USD 1,668 million1), an increase of 20% YoY. ''We expect revenues from our IT services business to be in the range of USD 1,712 million to USD 1,745 million including the revenues from our acquisition,'' the company said.

Rupee Update:

USD/INR closed at 61.54 against its open at 61.50. USDINR had opened at a near one week low after US Fed Reserve Chairman Ben Bernanke said that asset purchases did not pose a risk to the US economy. Investors expect the Fed to maintain its asset purchases after Bernanke said that asset purchases would only be of help to the US and would only be credible to growth.

There was some pressure on Rupee after lower initial jobless claims for the US but it was likely offset after the speech. Bernanke"s speech helped improve sentiments.

NIFTY- 6, 262
CRUDE OIL-Rs 5, 777/barrel
GOLD-Rs 29, 265/10 gram
Rs/$-Rs 61.54

Market is expected to correct from this level. There is less of conviction in the market. We expect volatility to continue ahead of F&O expiry and RBI credit policy. Swing traders could bet as per the momentum. Option strategy is best suited for this type of market.