After reacting positively to the robust macroeconomic numbers, Indian stock markets witnessed consolidation at record high levels. This was in the wake of investors’ provisional transition to major commodities from equities. Crude oil prices surged ahead of their three-year high levels amid flat production at 32.41mbpd by OPEC in December, apart from protests in Iran. Gold hit new highs with demand pick-up from domestic jewellers, supported by overall strong global trend, amid weak US dollar. Further, the markets remained cautious ahead of the Q3 corporate earnings season kicking-off. In the near-term, corporate earnings, inflation numbers are estimated to hit 5 per cent plus which would drive the markets.