Morning Update

Equity environment is deteriorating very fast. Slowdown in the Chinese Economy has added to the woes of the market. In the near term there appear to be more reasons for the markets to go down rather than consolidate or resume an uptrend. Though valuations are attractive and buying from a long term perspective makes sense, yet the near term looks very murky and could spring some nasty surprises unless some major positive development happens in the domestic or global markets.