Volatile Market Today

Volatility was high. After an initial slide, the market soon
bounced back and moved into the green on reports the key government
departments have drawn up a slew of proposals to populate an
ambitious reform agenda for the first 100 days of Dr Manmohan
Singh's second term as the Prime Minister of India. The market once
again slipped into the red shortly. The market bounced back with
the Sensex surging to the day's high in mid-morning trade as Asian
stocks rose. But the rally was short-lived as the market slipped in
the red once again in early afternoon trade.

Dr Singh was renominated as Congress Parliamentary Party leader on
Tuesday (19 May 2009) and is expected to stake claim today to head
the new Government of the UPA which saw BSP and SP scramble to give
it unexpected support to have 44 seats more than the required
majority. The 76-year-old economist-turned-politician is likely to
be sworn in as Prime Minster of India for the second term on Friday
22 May 2009, a day after the 18th death anniversary of Rajiv
Gandhi.

Singh may stake claim to be the Prime Minister (PM) for a second
term after meeting of the leaders of the UPA today where he is
likely to get a formal backing of the ruling Congress-led alliance.