Today was a classic example of sentiment trading.
Markets had been primed and nervous for weeks about the Fed rate hike, and when the decision to keep rates unchanged was finally announced, it led to a huge "relief rally" that we saw today. I think this will be temporary.
With rates likely to edge up in December, all future rallies (and corrections) will come with a note of caution. It's not just Fed weighing in on the markets. We have uncertainty about the China situation, earnings growth locally, monsoon issues and the Bihar election. All of these -- and more -- will be discussed (and traded) over the next 3 months.