Correction in IT a little worrying: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Fund Manager, Ashwanigujral.com, shares his views on markets.

ET Now: What is your call on the index?

Ashwani Gujral: The market trend remains down. We have broken decisively below 7500 and have not attempted to get back above it even a single time. So there does not seem to be any doubt on the market moving lower. Today, IT was down and that is in some senses a little worrying and a little puzzling because if crude is going up, rupee should come down. In that case, IT should go up. But this correction in IT if it gets severe, then the market will also come down more sharply because banks and Nifty in general remain weak. So there is no question still of going long on anything. For ITC, the tax should be increased to 100 per cent because lung cancer is an epidemic and we do not realise the kind of cost this company is imposing on people. So just quit smoking and let the company die. We have no problem with that.