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The uncertainty in the market continues with increasing risk arising from the second wave of Covid attack in India in the context of a third wave in parts of Europe. But the relief is that the second wave is less intense than the first. This and the fact that vaccination is accelerating is likely to support markets. In this race between Covid spread and vaccination, the latter will eventually succeed. The market knows that. So, volatility is here to stay for some time before stability emerges. A major trend in the market now is the comeback of pharma stocks in recent days and the weakness in banking stocks. Pharma may continue to find favour, but high quality banking stocks are unlikely to languish. Q4 results of IT, banking majors and top-rung  FMCG would be good. Market response will happen before the results are announced

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