India Morning Report: Oh Look! A rare Indian fire eating plant(!) -it’s just a correction

Markets start the week exactly where they were slowly losing steam and marked by investor exits even as a week’s holiday made it clear there were no buyers coming back and accumulation in infra and banking stocks proceeding unhindered, the banknifty closing last week at 15300 and higher in Tuesday’s trading ‘after the long weekend’

Markets fall below 7900 marks in mid morning trading, unidirectional since the a.m. and are unlikely to get buying support all week, though indices might well stop the rot at 7800 level marks or just below the same. The first trades of the week after the Monday holiday continued the weekend, look like the everlasting last hope for IT led return before the results season, but the IT stocks, playing purely on negative market sentiment as investors exit the broader markets will likely end the rally with a big whimper as results remain challenged but the Rupee moves down at notch to below 61.50 levels




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