Indices in red!

The tepid start to the Indian equity markets very quickly gave way to profit booking, pushing the indices into the red within minutes of market opening. The fiery run up in PSU banks witnessed yesterday too seem to be a distant cry – the only buzz that was discernible was within the mid cap space, esp in stocks with newsflow around themselves – the Gold Finance Companies for instance, thanks to the RBI’s announcement of letting them lend upto 75% of the Gold Value. The other stocks that are likely to get active as the session progresses are from the TECHNOLOGY sector, as people start taking calls on how INFY will come through with its earnings tomorrow! Otherwise, it seems to be a sideways, indecisive sort of a market that could continue within this narrow range for a few more days.