The Sensex seems to have decent support at 18,300, says Ambareesh Baliga of Karvy Stock Broking, on NDTV Profit. This kind of correction may last for the next 2-3 days, provided global markets dont fall much from here, he says. There is weakness in the medium term, as international flows may slow down in the next 4-6 months, he says. So the Sensex may drift towards 16,000 rather than 20,000 in the next few months, he adds.

Finance Minister P Chidambaram expects the Indian economy to grow at 8.5% in FY08, reports NDTV Profit. He is addressing the Economic Editors' Meet. Rising investment rate will sustain economic growth he says. Inflation is low because of curbs on oil prices, he says. The rupee gain versus dollar is on strong fundamentals, he adds. High growth in capital goods sector will continue, he says. India is expected to grow fastest among BRIC nations, he adds.