Today markets were down, the sensex was down by 175 points to 25597 and the Nifty was down by 39 points to 7848. The P notes issue caused the markets to go down. P notes are issued in Mauritius and they are not taxed for Capital Gains in India it is tax free. As of now, the law states till 2017 the investments in p Notes will not be taxed they will be taxed only after 2017. Many have said it is a good step but the issue of taxation has spooked the markets. The Markets were raising well till yesterday ie Tuesday but have now fallen. It might be also a technical correction as Markets were overbought. Not much of panic has set into the Markets this might be a reason for correction and a little panic. Good stocks can be bought and profits to be booked periodically. Markets are expected to move sideways till a clear picture regarding P Notes emerges. HAPPY TRADING AND INVESTING.