We again saw profit taking on the blue chips and some cautious buying into the mid cap names, particularly Orco. However, Orco shrugged off 2.3% on the day but given its year-to-date performance of 23% it was more of a profit taking rather than a fundamental directional trade. For today we expect lower trading, with profit taking across the board. Weak earnings overseas and falling European yields are to pressure prices lower across the emerging markets. We continue to favour selected mid cap names over blue chips for near term performance.