What is your view on the Nifty and the Sensex and markets overall for the trading on 21 of October? Do you see a sharp correction?

The market movement in the last few days has been driven by specific results like HDFC Bank, Infosys etc which flattered on the positive side. On Tuesday, Hindustan Unilever came with good set of results and that will hold the markets on Wednesday.

In fact, Hindustan Unilever could now play a much larger role as the company has shown over 15% growth in sales revenues despite tough market conditions, largely driven by rural sales. In the case of HUL, rural segment was a clear outperformer.

Nifty index is now trading just about 100 points shy of 12,000 but that level could still prove to be a major hurdle. The Nifty will really need some strong thrust from the banking space to move higher. As of now IT and FMCG have given tidings of a good quarter.

FPIs were net buyers worth Rs.1585 crore while DFIs sold Rs.1633 crore on Tuesday. While the pressure from the domestic players persists, there seems to be a clear turnaround from the FPIs, who turned buyers in this month. It will be good for the markets if it continues.

On Tuesday, the Dow and the NASDAQ were mildly in the positive, but the European markets were flat to negative. The SGX Nifty is trading in early trades down nearly 15-20 basis points but clearer picture will emerge after Asia starts trading and is hazy of now.