From a distance

The foolish man seeks happiness in the distance, the wise grows it under his feet.

- James Oppenheim

From a distance, the world looks bright and green and our indices are set smile. The opening is likely to be higher, as global sentiment has improved on talk of coordinated central bank action in case of an adverse result of the weekend Greek election.

But closer home, as if the economic slowdown and the eurozone debt crisis were not enough, we have repeatedly been hit by political upheavals. The race for the Rashtrapati Bhavan has turned into a tussle between the Congress and TMC. Both camps have dug in their heels. The outcome may not have a bearing on political stability but it will definitely add to the credibility deficit of UPA II.

In the near term, markets will swing to the beat of important events like Greek elections, RBI policy meet, FOMC meet and the G-20 Summit. US markets closed higher. European indices finished mixed, with Italian and Spanish stocks surprisingly out-performing despite soaring bond yields. Greece’s main index rallied a whopping 10%.

Instead of taking each day as it comes, we have reached a situation where one needs to take each news as it comes. Make use of short-term pop-ups to lighten your position.

ADR/GDR
	Latest (US$)	Price % chg	% Prem/Disc
Dr. Reddys	27.8	(1.1)	(0.1)
HDFC Bk	29.8	(3.4)	3.9
ICICI Bk	29.8	(1.0)	1.7
ITC	4.4	(0.1)	(0.1)
Infosys	44.4	1.3	(0.9)
Ranbaxy	8.7	0.0	3.2
Reliance	25.7	(1.0)	0.1
Wipro	8.8	0.8	25.1
SBI	78.0	(2.1)	1.2
Tata Motors	20.7	(2.2)	1.9
Sterlite	7.3	(1.5)	0.2
L&T	23.3	(3.3)	0.2

Indian market		% change
	Last close	1 day	3 mth	YTD
Sensex	16,678	(1.2)	(5.6)	7.9
Nifty	5,055	(1.3)	(6.1)	9.3
BSE 100	2,045	(1.3)	(6.7)	10.5
BSE 200	6,400	(1.3)	(6.7)	10.8
CNX Midcap	6,977	(1.4)	(9.7)	14.2
BSE Smallcap	6,322	(0.7)	(6.8)	13.9
Developed market		% change
	Last close	1 day	3 mth	YTD
Dow Jones	12,652	1.2	(4.5)	3.6
Nasdaq	2,836	0.6	(7.2)	8.9
S&P 500	1,329	1.1	(5.2)	5.7
FTSE	5,467	(0.3)	(8.0)	(1.9)
CAC	3,032	0.1	(15.3)	(4.0)
DAX	6,139	(0.2)	(14.1)	4.1
Hang Seng*	19,011	1.1	(11.0)	3.1
Nikkei*	8,591	0.3	(15.1)	1.6
S&P/ASX200*	4,058	0.4	(5.1)	0.0
* Markets are open
Emerging market		% change
	Last close	1 day	3 mth	YTD
Shanghai Comp	2,310	0.6	(2.7)	5.0
Brazil Bovespa	55,352	(0.5)	(18.3)	(2.5)
Mexico Bolsa	37,440	0.8	(1.8)	1.0
Kospi*	1,860	(0.6)	(9.0)	1.9
Micex	1,346	(0.0)	(17.2)	(4.0)
Taiwan*	7,148	1.0	(12.0)	1.1
Straits*	2,786	0.4	(7.9)	5.3
* Markets are open
Institutional activity
(Rs cr)	Cash	F&O	MTD	YTD
FIIs	272	#N/A	791	42,305
MFs	(71)	-	(137)	(5,671)
FIIs Prov.	105
MFs Prov.	(283)
Commodities		% change
	Last close	1 day	3 mth	YTD
Crude (US$/bbl)	84.7	0.9	(19.4)	(14.3)
Gold (US$/oz)	1,626	0.1	(2.0)	4.0
Copper (US$/mt)	7,406	0.4	(12.6)	(2.4)
Aluminium (US$/mt)	1,916	(0.5)	(12.3)	(3.9)
Zinc (US$/mt)	1,901	1.0	(7.7)	4.0
Advance/Decline stocks
(Nos)	A	B	S	Total
Adv	38	687	286	1,011
Dec	166	1,243	292	1,701
Unch	1	78	40	119
A/D ratio (x)*	0.2	0.6	1.0	0.6
*A/D excluding Unch
Trade value
(Rs cr)			% chg
Cash NSE	8,457		(13.1)
Cash BSE	1,715		(17.3)
Total Cash	10,172		(13.9)
Delivery (%)	36.5		-
Derivatives	105,129		6.8
Currency		% change
	Last close	1 day	3 mth	YTD
Rs/US$	55.82	0.2	(10.6)	(4.9)
Rs/EUR	70.19	0.6	(6.9)	(2.1)
US$/GBP	1.55	(0.1)	(1.0)	0.0
US$/EUR	1.26	(0.0)	(3.4)	(2.6)
Yen/US$	79.10	(0.3)	5.7	(2.8)
Bond market
	Last Close (%)		Bps chg
10yr Gsec	8.33		0.29
Call rate	7.95		(0.10)