Hopes of further rate cuts, fiscal boost to play on market sentiment

"The second half of Friday's session conveys buoyancy returning to the market. Unless the US markets tank tonight in reaction to the failure of the auto makers' bailout, (although it seems unlikely) there could be some downside for our markets. But our markets seem poised for a steady upmove with another round of fiscal stimulus on the cards," said Sandeep Shenoy, head-equities at PINC Research. Moreover, the image of FIIs scrambling en masse to the exit doors has changed with the reversal of trend in FII activity in the month of December. Till date this month, FIIs have turned buyers to the tune of Rs 2048.7 crore in equities, according to SEBI data. Anlaysts feel that the trend is likely to remain intact till the month end.