Benchmark indices reversed previous day’s gains as the Sensex fell 407.40 points or 1.18 percent to 34,005.76 and the Nifty declined 121.90 points or 1.15 percent to 10,455.

About 1,424 shares advanced against 1,336 declining shares on the BSE.

Nifty Midcap index outperformed equity benchmarks, rising 0.3 percent.

There is strong co-relation between  India and global markets, he feels.

“We are bullish in India in the medium term and expect quantitative easing to be extended by Japan or EU,” he said in an interview to CNBC-TV18.

Grandfathering of long term capital gains for FIIs is positive, he said.

India Cements’ Q3 net profit fell 56.9 percent YoY to Rs 15.2 crore and revenue declined 4.3 percent to Rs 1,213 crore.

Operating profit slipped 11.3 percent to Rs 167.3 crore and margin contracted to 13.8 percent from He expects 3 rate hikes in USA this year.

India Cements’ Q3 net profit fell 56.9 percent YoY to Rs 15.2 crore and revenue declined 4.3 percent to Rs 1,213 crore.

Operating profit slipped 11.3 percent to Rs 167.3 crore and margin contracted to 13.8 percent from