The markets witnessed a very choppy session in the past week. In the beginning of the week, the markets opened with an upside note but at the end of the week, markets closed with a negative side. The major event was from the RBI, which announced their first quarter monetary policy on the last Tuesday of July. The central bank left the rates unchanged except for SLR, which reduced from 24 per cent to 23 per cent. RBI cut its growth forecast and gave its inflation outlook as economic conditions deteriorate. Telecom stocks were in the news too, as the cabinet was to discuss the reserve price and usage of spectrum, deferred payment options by operators and rollout obligations. The law ministry said that the government cannot impose financial penalties on mobile phone companies for entering into 3G roaming agreements. The telecom majors both Bharti and Idea are weak and the trend may continue for some more time.

UNITED STATES: CUBA, IL: It is not just Indian farmers suffering from drought. Jeremy Tilton adds hay to a ration of feed he is preparing in a feed mixer for cattle he is raising on pastureland near Cuba, Illinois. The cattle being raised on the pasture in previous years were self-sustaining during the summer months. Now Tilton has to bring in feed to supplement the pasture grass which has been burned up by heat and drought. Farmers in the Midwest and elsewhere continue to struggle after more than half the counties in the United States have been designated disaster areas, mostly due to drought conditions throughout the Midwest. Pics/Getty Images/AFP