The Indian markets have not reacted sharply to the European markets openeing in the red. The Sensex is up 75 points at 18,635 and the Nifty is at 5,597 up 20 points.FTSE and DAX is down 0.4% while CAC has shed 0.7%.
Deepak Singh Tanwar from Sound Equity & Consulting says that the outlook is positive but since the rally has been sharp, a breather of day or two is not ruled out.Kotak Mutual Fund too cautions that Indian markets at the current valuations are trading slightly ahead of times, which means that the upside may be capped and may face some headwinds in the shorter term but we remain positive in the medium term on India
On the NSE, Bank and Realty continue to be in the red while IT has moved into the positive.
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