Good times ahead for mkts: How soon?

The Sensex was making lower tops and lower bottoms it seems now it has breached that phenomenon and as we saw yesterday it closed at a higher high ahead of 16,127 odd levels and then from that level it has breached and currently it is trading at about 16,300 levels.

Is this a positive sign? What we have seen early is that Sensex tried to break through from its phenomenon. So newer highs were created. But then again a bigger fall came and every time then the Sensex is making lower tops over here, it is always making lower bottoms also.

Reliance Q4 net seen up 31%, ONGC 61%

Reliance, India's most valuable firm at $93 billion and its leading private oil company, is expected to ride on strong refining margins and natural gas sales in the coming quarters. The company, which may sell a stake in its D6 gas block off India's east coast to an oil major, is expected to produce up to 80 million cubic metres of gas per day from its deep-sea fields in the region from the second half of 2008/09.
ONGC State-run oil and gas explorer ONGC is expected to report net profit grew by nearly two-thirds to Rs 4314 crore ($1.1 billion) from Rs 2682 crore a year ago. ONGC, which produces 80 percent of India's crude, is required by the government to sell oil from its domestic output at heavy discounts to subsidise state-run refiners in order to keep retail fuel prices low, which eats into the company's profits.