Oil is up 5 percent at $129 per barrel but given the magnitude of moves in what has been seen in oil prices, a 5 percent move is should be construed as bullish. There were headlines out of Kremlin, which reasserted the demands from Ukraine – four demands, which have been outlined. So there is no real backing off on geopolitical tensions, which has been seen.

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And, of course, the all important Fed meeting is on the 16th and the Fed basically goes into a blackout period, which means we get inflation numbers in the next couple of days, but unlikely we will hear commentary from Fed officials, and especially in episodes of market stress, you'll hear from Fed officials coming in trying to soothe the market, etc. It's unlikely we will hear that all the way till the meeting actually takes place and the outcome is known on the 17th.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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