Asian markets have lost some ground (0.5-3%) this morning.

Asian markets have lost some ground (0.5-3%) this morning. This could lead to some cooling in our markets as well. With inflation softening and the macro picture not looking too bad vis-a-vis other economies we may not see any immediate sell off. The concern is the relentless outflows by the overseas investors. In fact, on a day when the Sensex and the Nifty shot up by 3% each, the local funds chose to cash out while the buying from FIIs too was at best modest.