On Friday this market did something it had not managed in a week. It tore straight through the ceiling. Nifty closed 23622.90, up 461 points, almost 2 percent, with the entire move packed into the last 90 minutes. The Sensex ran 1695 points to 75527.95. And the desk sitting short two and a half lakh contracts had one job that afternoon, cover while it is cheap. It bought back just 23000 and stopped, betting the peace rally would cool over the weekend. The weekend just answered. Crude fell again, Korea jumped almost 5 percent, Japan five and a half, and GIFT Nifty points to a second gap up of 360 points. The read today is simple and has not changed in three sessions. You buy the dips.

Friday's strength sat right. Banks led, financials topped the table up 3.15 percent, the bank index ran 2.97 and realty 3.5. Bajaj Finance added 5.56, HDFC Ban ...