Wall Street closed marginally in the red despite of warning from Moody's that it would downgrade Spain. Meanwhile "all is not well" at Dalal Street which might witness further selling pressure today.
News Bytes
* RIL, Tata Steel among top advance tax payers
* BoB inks Spanish JV to ride credit card boom
* Lanco Infratech to acquire Australian coal mine
* Essar, Kobe join hands to develop auto steel
Markets - Choppy but not much downside
We expect markets to trade with a negative bas. Having said that we do not expect major downsides from current levels. Investors should start picking stocks at these levels as come January we will believe renewed FII selling will take markets to higher levels.