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The fag-end of the year was buoyant with the decision of Infosys Technologies' to sponsor American Depository Share (ADS) that drove the stock to a 11-month high. Euphoria continued further with the `unanimous' decision of the Cabinet Committee on Disinvestment (CCD) at an informal meeting to sell off its stake in HPCL through a strategic sale route while offloading its equity stake to public in case of BPCL. The burying of the three-months-long differences over the issue in such a swift manner, though surprising, was gladly received by the market players. While this comes as a Ramzan gift, the market further steadied with bank stocks attracting major attention as the Finance Minister hinted at the possibility of another bank rate cut during the second week. This multiple-factor effect helped in improving the breadth of the market which otherwise was getting tilted in favor of software stocks.

Breaching of psychological barrier of 3000-mark along with much better market breadth and volumes increased the chances of the Sensex staying above this mark. However, the charts have a different story to tell; expecting possible hitches during its upward journey in the ensuing week.

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