The start today is likely to be sedate...

The start today is likely to be sedate in the wake of a steep selloff in ‘western’ markets.

It was assumed that something big lay in store as the FM himself had indicated. However, the RBI’s package to shore up the battered rupee failed to impress the markets. Top government officials are talking of more economic measures in the days to come. .

Who takes charge of this crucial ministry can have a bearing on the sentiment temporarily.

European markets plunged, with peripheral indices pacing the slump, as optimism about the EU summit faded. Also, Moody’s has downgraded 28 Spanish banks while Cyprus has become the latest eurozone member to request a bailout. Greek finance minister Vassilis Rapanos has resigned for health reasons.

US stocks closed sharply lower as well, with Wall Street pessimism growing on prospects of concrete results from a meeting of European leaders later in the week.

Gold and silver gained in New York trading while crude oil declined.

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