Honey, I shrunk the market! - IIFL

After a frightful Friday and a Manic Monday, there is no much change in sentiment or outlook. Brokerages are racing ahead to downgrade India even as Indian leaders give lame excuses for the current state of affairs. There is no leader today who can allay fears or assuage anxiety. Little wonder that the Indian market in dollar valuation remains below the trillion-dollar level for the second day at US$ 947bn.

India may have escaped a sovereign ratings downgrade by one ratings agency as Moody's on Monday reiterated its stable outlook on India's Baa3 sovereign rating. Fiscal policy is the weakest aspect of Indian economy, said Moody's.

The outlook is a weak start again. Some buying could come in mostly from traders who would look at a small bump up as the Sensex has shed around 1000 points in two days. Global cues are not encouraging either.

The rupee fell to yet another new low of Rs. 63.13, down 2.3% on Monday. Yields on the 10-year benchmark bond 7.16% 2023 rose to 9.2%.

Source : Equity Bulls

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