Indian markets are correcting in line with the global markets. How long this phase will continue is an open ended question because when will the US Fed act is something which is still not clear at this point. If one looks at the Indian market, just before this global issue came up they have been doing well, both in terms of the performance at the level of Nifty and broader market breadth which has not been that bad as it used to be in March when it was Indian specific correction. The way things are panning out even in this correction, the probability that Indian markets will be able to outperform global peers seems to be high at this point of time. So, in a way these corrections are opportunities for a medium to long term perspective but only if you buy stocks where they meet certain parameters, especially in small cap segments where risk and reward are of different nature.
