Today, there was an outperformance in Indian markets if compared with other Asian peers, analysts said. It was a bad day for Asian markets. All major Asian indices were down over 2.5%. The reason was renewed credit concerns that came from the US and also news that Morgan Stanley reported a USD 3.7 billion write down over and above the USD 940 million losses they had already reported. There is also fear that a change in accounting policy could lead to major sell off going ahead. Tthe Shanghai market took the biggest plunge in the last four months, down nearly 5%. Taiwan, Korea, and Nikkei were down nearly 3% each.
Hang Seng was down 3% and PetroChina, which had a fabulous listing, was down 7%. China's largest offshore oil producer, CNOOC was down 7%. Traders believe that valuations are compelling investors to sell their stocks and people now are diversifying into some other related companies and economies. The Taiwan index was down 4% and sold off nearly USD 450 million. In the last five trading sessions, FIIs have sold nearly USD 1.7 billion in Taiwan, they added.
Tomorrow all eyes will be on Ben Bernanke as he testifies and gives a statement on Capital Hill today on US economic outlook. The US markets will be reacting to Morgan Stanley write down numbers, which has come. We are waiting for Bank of England and ECB to come out and report what has been their stance on the interest rate outlook. These two banks have yet to report their interest rate decision and Ford Motor result will be announced today in the US, so there will be updates on sale of Jaguar and Land Rover.
Today, there was an outperformance in Indian markets if compared with other Asian peers, analysts said. It was a bad day for 
