Markets are finally opening at 7300 and it looks increasingly bleak for fund managers waiting out there for another breakdown in the markets. However, IT portfolios continuing holding will bleed and The Rupee will soon follow if Debt markets indeed pad up with inflows from FIIs.
I guess a fund industry roll back is imminent in true BJP /market non nexus democratic traditions for the domestic junk sale purveyors with SBI again staffing every two penny sour dream left on Indian soil from L&T BHEL and Maruti to others already mentioned, leaving som again forewarned to be cautious and avoid a bad taste in the mouth.
Today’s prognosis again, a bad lullaby for IT, with Rupee weak to turn the IT sector a red hot furnace . As mentioned, I am not going to be doing much of writing this day and tomorrow.
BPCL starts catching up , with a 3 Re stretch in the call auction likely below the close in the markets today.Pharma remains a buy, IT remains a big sell ( using the higher levels of today) and the Bank nifty is pumped and primed from 14550 levels again.
I would prefer shorting Sun Pharma and DRL in different pairs again, but cross indutry pairs are unlikely to fly andI guess that answer will purely be a statistical exercise.