Commenting on the current market situation, Amar Ambani, Head of Research, IIFL said, “Market, which appeared to be deeply oversold finally saw some relief. The market is seeing the meeting between Prime Minister Modi and the industry as an encouraging sign to help kickstart investments. Technically, despite closing below the head and shoulder neckline of 7620 on Monday, indices staged a strong rebound. The rally was led by the interest rate sensitive stocks like the banking, auto and the realty stocks followed by the capital goods, metals and oil & gas stocks. Even the mid-cap stocks were seen participating in the upswing. Going ahead, we expect the volatility to rise further as market participants would take cues from August export & import data, July IIP, August inflation and CPI data."