Thursday's euphoria following an increasing in petrol prices died down and sanity was restored. In Europe bargain hunting saw a further rally in stocks. The UK FTSE, German DAX and the French CAC were all trading higher by 0-1% at 3.15 PM IST.
Analysts believe that the rally of the last two days across the globe maybe more a technical bounce as the problems in Greece continue to linger.
Among the stocks that gained on the Indian markets today were GAIL, Jaiprakash, Tata Steel and Reliance Infrastructure. Among the shares that lost ground today were Auto stocks like Maruti Suzuki and Mahindra and Mahindra which continue to reel under the shock of a petrol price hike.
Markets are expected to continue to track global cues and are likely to move in a narrow range, as they have been doing for the last few weeks.