The BSE Sensex was in a pessimistic mode today and finished the day with a nearly 100 points deficit.

Remarking on the weak spot in the market technical analyst Vishwas Agarwal believed that the weakness was mainly because of factors upsetting the international markets, which were also down today.

He added that a few spheres that had caught rather a sharp increase in the past few days including cement and banking were calming down slightly. Simultaneously some increase is envisioned in fence sitters like ITC, Reliance Capital and Infosys.

Vishwas feels that the market mood is not pessimistic at the time, but he says that the current drop in a few stock prices may have a destructive upshot on the response running in the market and could diminish the desires of any large jump from here on.

This time Reliance Industries (RIL) is coming forward with its Q1 numbers on Saturday July 28, 2007.

Vishwas says, “I think RIL will surprise the market this time round. RIL and IPCL could take a sharp jump from hereon. Possibly with the volatility in the market, they may also show some volatility but I personally feel the market will peak out only with the jump of RIL.”