India Morning Report: Playing Global catch up, to get down to business?

Indian markets corrected well and Oil is below $100 on the expensive Brent edition so India should have plenty to rejoice during the day’s action but will likely use tihe chance to pressure the new Put positions clustering to 8200 and higher levels for the series as US markets broke down after a prolonged stay above new 2000 levels on the S&P 500. It does not mean much, do not buy anything new. The deals in India Glycols ( deliveries up 1300%) and Carborundum Universal lit up bourses the last week. An interesting report in BS points out the side effects of concentrated Bull chip strategies as Top 10 stocks including our ICICI Bank and HDFC Bank reached 25% of equity MF assets

The rupee too seems cowering under some pressure of expectations instead of going up in style as its respite to 60.30 was cut down to size in yesterday’s trading while the Middle East continues to enjoy a $3 premium over ‘retail price’ for Asian customers and that just means Brent Crude on ICE and other contracts has to follow below $97, a matter of time

I expect the markets are on the verge of bucking the global trend brought on by the US markets

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