Following weak Asian cues and continuing Friday's weak trend, Indian markets have opened in the red this morning.

The major indices are down more than a percent after the first half hour of trade.

All Asian markets are down today, set for their longest losing streak in three months. Major losers include Sanyo Electric which led declines in Japan after a report said it may post a loss, missing a forecast for its first profit in three years. Honda Motor led Asian exporters lower after a slump in U.S. housing starts raised concern consumer spending will slow.

Some analysts believe that this may be the start of an intermediate correction which was much needed in the Indian markets.