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"There are positive developments that can strengthen the rally in the market. Steadily declining trend in the dollar index and the US bond yields, declining crude and sharp dip in FII selling in the cash market are big positives for the market. If the US CPI inflation data expected tonight dips below 3.6 % that will be a shot in the arm for the bulls.

The concerns triggered by the Israel-Hamas conflict had resulted in the creation of big short positions in the market, and now these shorts are being covered pushing the markets up. Results of TCS is a mixed bag with the top line disappointing and the bottom line and margins coming good. The market will wait for the results of Infosys and HCL Tech due today for taking a view on the IT segment. The rally in banking stocks have more steam left."