Capabilities are high

If we all did the things we are capable of doing, we would literally astound ourselves.

- Edison

The recent rally appears to be losing steam given Wednesday’s tame end. Any further gains from here on are contingent upon the Centre walking the talk on reforms. Reports say there is very little consensus among states on allowing FDI in multi-brand retail. News of an impending diesel price hike has been doing the rounds for a quite a while as well. The UPA II’s resolve on reforms will also be tested in the ongoing monsoon session of parliament.

A spate of private research outfits have slashed India’s FY13 GDP growth forecast. A failed southwest monsoon has added to the long list of macro-economic problems. Data on credit offtake, deposit mobilisation and overseas borrowings is pretty bleak. Friday’s IIP data for June is likely to be disappointing as well.

The opening today is likely to be a tad higher though, as FIIs continue to pump money into Indian equities. Asian markets are mixed while Chinese stocks are subdued after data showed that Chinese inflation hit a fresh 2-1/2 year low in July. Main stock indices in the US and Europe finished flat overnight.

Tata Motors – Revenue Rs432,747mn (28.9% yoy), PAT Rs 28,923mn (45.1% yoy).

ADR/GDR
	Latest (US$)	Price % chg	% Prem/Disc
Dr. Reddys	30.1	(0.4)	0.7
HDFC Bk	35.3	0.3	8.9
ICICI Bk	35.1	(1.1)	1.5
ITC	4.7	(0.1)	0.4
Infosys	41.5	0.1	0.6
Ranbaxy	9.2	3.0	(1.1)
Reliance	28.7	1.1	0.4
Wipro	8.1	0.5	27.3
SBI	81.3	1.0	9.3
Tata Motors	22.1	0.8	1.6
Sterlite	7.8	(0.1)	1.5
L&T	25.7	(0.2)	1.3

Indian market		% change
	Last close	1 day	3 mth	YTD
Sensex	17,601	(0.0)	6.8	13.9
Nifty	5,338	1.0	7.3	15.4
BSE 100	2,155	(0.1)	6.3	16.4
BSE 200	6,730	(0.1)	5.9	16.5
CNX Midcap	7,272	(0.2)	3.1	19.0
BSE Smallcap	6,596	(0.4)	1.9	18.8
Developed market		% change
	Last close	1 day	3 mth	YTD
Dow Jones	13,176	0.1	2.7	7.8
Nasdaq	3,011	(0.2)	2.6	15.6
S&P 500	1,402	0.1	3.5	11.5
FTSE	5,846	0.1	5.7	4.9
CAC	3,438	(0.4)	10.2	8.8
DAX	6,966	(0.0)	7.6	18.1
Hang Seng*	20,207	0.7	(0.6)	9.6
Nikkei*	8,923	0.5	(1.3)	5.5
S&P/ASX200*	4,323	0.2	1.1	6.6
* Markets are open
Emerging market		% change
	Last close	1 day	3 mth	YTD
Shanghai Comp	2,153	(0.4)	(10.6)	(2.1)
Brazil Bovespa	58,951	2.1	(1.4)	3.9
Mexico Bolsa	40,851	(0.5)	4.4	10.2
Kospi*	1,928	1.3	(1.1)	5.6
Micex	1,449	(0.1)	4.7	3.4
Taiwan*	7,384	0.9	(1.2)	4.4
Straits*	3,052	(0.5)	5.2	15.3
* Markets are open
Institutional activity
(Rs cr)	Cash	F&O	MTD	YTD
FIIs	862	1,021	2,411	42,194
MFs	-	-	51	(7,996)
FIIs Prov.	1,114
MFs Prov.	(795)
Commodities		% change
	Last close	1 day	3 mth	YTD
Crude (US$/bbl)	93.6	0.2	(3.4)	(5.3)
Gold (US$/oz)	1,617	0.3	1.7	3.4
Copper (US$/mt)	7,551	(0.4)	(7.8)	(0.5)
Aluminium (US$/mt)	1,878	0.2	(6.9)	(5.9)
Zinc (US$/mt)	1,858	(0.2)	(5.8)	1.7
Advance/Decline stocks
(Nos)	A	B	S	Total
Adv	93	886	266	1,245
Dec	106	1,179	320	1,606
Unch	4	83	28	115
A/D ratio (x)*	0.9	0.8	0.8	0.8
*A/D excluding Unch
Trade value
(Rs cr)			% chg
Cash NSE	11,348		15.1
Cash BSE	2,382		12.7
Total Cash	13,730		14.7
Delivery (%)	-		-
Derivatives	115,863		4.7
Currency		% change
	Last close	1 day	3 mth	YTD
Rs/US$	55.42	0.6	(4.1)	(4.2)
Rs/EUR	68.49	0.1	1.1	0.4
US$/GBP	1.57	0.2	(2.8)	0.9
US$/EUR	1.24	0.1	(4.2)	(4.5)
Yen/US$	78.49	0.1	1.5	(2.0)
Bond market
	Last Close (%)		Bps chg
10yr Gsec	8.14		(0.01)
Call rate	8.05		0.00