Market View for tomorrow 5/06/2008

Markets will now move on. From tomorrow morning, I don’t think this oil price hike will be the central issue for the market. When we get to a few Friday’s later, we will keep talking about inflation and what impact this has had on inflation or WPI number. To that extent, it will become material for the market.All adjustments, which need to be made in terms of specific stocks or the market per se, any adjustment of trader positions before and after the event would have been done by the end of the day.Tomorrow morning this will become a little bit of a non-event. But for that and for the near term, one will see some adjustments, particularly in short covering, which has taken the Nifty to above 4,700, on the back of a big constituent ONGC which has moved up quite sharply.