Yesterday markets plummeted due to sell off lead by FII due to Q3 no’s season and also IIP data could not cheer the markets. Now many banks have exposure to Maytas and Satyam are in trouble and due to exposure of 500 crores by SBI lead to more sentiment worsening.
US markets closed in the red consecutive fifth day with losses of 2-3% view of crude fall of 8%.
Asian markets are doing flat to negative and likely to drag down more by closing.
Indian markets are set to open –ve with 1-2% down and Infy No’s going to announce will decide market direction and likely fail to cheer the markets today and could see 4-5 % fall in today’s trade. Oil and energy sector could fall more.
Traders are to be very cautious and not to take aggressive long positions till Nifty breaches 2900 levels. Heavy selling likely in today’s trade ahead of Q3 No’s.
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