It was a roller-coaster week for the markets. Early on, it seemed as if it just needed an excuse to capitulate. And there was no dearth of those… the Mauritius bogey, monsoon fears, pledged share pangs. But come weekend, and the markets seemed to be on steroids. The folks at the studio kept close track.

Aditi: It was a classic case of the Monday blues. Reports that the government is reconsidering the tax treaty with Mauritius sent shivers down the spine of many an FII. After all, who likes to forego a free lunch?

Vikram: And with FIIs being more than a force to reckon with in our markets, the indices seemed to go into freefall. The powers-that-be had to make the right noises to calm frayed nerves.

Aditi: But that relief was temporary. The Met Department soon threw another wet blanket by downgrading the monsoon forecast from ‘normal' to ‘below normal'.

Vikram: Whatever the reason, many stocks got mauled by the bears early in the week. At the top of this list were GTL and GTL Infra. Rumours of lenders offloading pledged shares and talk of failed capital raising plans saw these stocks thoroughly beaten out of shape.

Aditi: Others too were not spared the whip! Maruti Suzuki fell to its 52-week low, with parent Suzuki pruning its India forecast sharply. ADAG stocks, Reliance Infrastructure and Reliance Communications too dipped sharply after news of their exclusion from the Sensex 30 list.

Vikram: Market behemoth RIL which has been dogged by negative news for quite some time now also took a beating. But it recouped some losses later in the week, on news of a gas discovery in the Krishna Godavari basin.

Aditi : In fact, the markets too staged a strong comeback. The engines revved up on Thursday, and on Friday, it was full blast. I guess that the declining crude oil prices lifted spirits on the bourses. The bulls and bears seem to be engaged in a grand tug-of-war.

Vikram : Another battle royale has been set in motion in West Bengal. The new government there has passed a law to take over land acquired by Tata Motors in Singur for its now-abandoned Nano factory. The company has been quick to go to court. Expect a protracted, legal battle.

Aditi: Also up in arms are PSU bank employees. They plan to strike work on July 7, protesting what they see as the ‘de-regulation' of the industry.

Vikram: Hmmm… expect some more big protests in the coming days. Price hikes in diesel, LPG and kerosene are bound to face stiff opposition. But the government had little choice..

Aditi: Quite a week, it was. There was also the sad news of noted economist Suresh Tendulkar passing away.

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