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| India Infoline Research Team / 08:59 , May 18, 2012 |
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Borrowing costs for Spain surged even as data confirmed a recession. Bankia shares crashed on reports of large deposit withdrawal. Moody's has downgraded 16 Spanish banks as well as 4 Spanish regions... |
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Your problem is to bridge the gap which exists between where you are now and the goal you intend to reach. - Earl Nightingale
It’s a falling Friday at start as indices brace for a big gap-down. The seemingly endless bloodbath in world markets continues and it’s a no-brainer that the source of continued trepidation is Greece and growing concern about the possible spread of the debt contagion to Spain and Italy.
Borrowing costs for Spain surged even as data confirmed a recession. Bankia shares crashed on reports of large deposit withdrawal. Moody's has downgraded 16 Spanish banks as well as 4 Spanish regions. Steep drop in commodities, especially crude, is a positive. But, unfortunately for India the crash in the rupee has negated much of those gains.
Risk remains a dangerous word for now and safety is top priority. The dollar and treasuries remain safe havens. Even gold has not been spared. The 10-year US bond yield is at record low. Stock indices in the US and Europe continue to tumble while Asian markets are shaky. In short, the trend remains down with 4800 on the Nifty under threat.
Q4 FY12 result preview:
SBI – Revenues Rs119.8bn (+48.7% yoy),
PAT Rs35.9bn (-% yoy).
ADR/GDR
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Latest (US$)
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Price % chg
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% Prem/Disc
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Dr. Reddys
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30.2
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(1.2)
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(1.2)
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HDFC Bk
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28.7
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(2.7)
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4.6
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ICICI Bk
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28.4
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(1.8)
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(1.7)
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ITC
|
4.2
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(2.2)
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(2.6)
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Infosys
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42.5
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(2.1)
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(2.4)
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Ranbaxy
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9.1
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(2.7)
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1.0
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Reliance
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24.9
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(0.6)
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(1.0)
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Wipro
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8.7
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(0.6)
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21.9
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SBI
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67.9
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(0.1)
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0.1
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Tata Motors
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24.1
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(1.1)
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(3.1)
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Sterlite
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7.1
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(1.4)
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(2.1)
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L&T
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21.4
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(4.2)
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(0.0)
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Indian market
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% change
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Last close
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1 day
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3 mth
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YTD
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Sensex
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16,070
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0.3
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(12.1)
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4.0
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Nifty
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4,870
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0.2
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(12.5)
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5.3
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BSE 100
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1,984
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0.1
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(12.3)
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7.2
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BSE 200
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6,223
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0.1
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(12.1)
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7.7
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CNX Midcap
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6,887
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(0.2)
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(13.1)
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12.7
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BSE Smallcap
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6,270
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0.1
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(11.9)
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13.0
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Developed market
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% change
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Last close
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1 day
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3 mth
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YTD
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Dow Jones
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12,442
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(1.2)
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(3.9)
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1.8
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Nasdaq
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2,814
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(2.1)
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(4.7)
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8.0
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S&P 500
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1,305
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(1.5)
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(4.1)
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3.8
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FTSE
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5,338
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(1.2)
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(9.6)
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(4.2)
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CAC
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3,012
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(1.2)
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(12.4)
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(4.7)
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DAX
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6,309
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(1.2)
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(7.9)
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7.0
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Hang Seng*
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18,779
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(2.2)
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(12.6)
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1.9
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Nikkei*
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8,670
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(2.3)
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(7.6)
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2.5
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S&P/ASX200*
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4,075
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(2.0)
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(2.9)
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0.5
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* Markets are open
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Emerging market
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% change
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Last close
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1 day
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3 mth
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YTD
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Shanghai Comp
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2,360
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(0.8)
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0.1
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7.3
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Brazil Bovespa
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54,038
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(3.3)
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(18.4)
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(4.8)
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Mexico Bolsa
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37,261
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(0.7)
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(1.7)
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0.5
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Kospi*
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1,802
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(2.3)
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(11.0)
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(1.3)
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Micex
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1,288
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(3.5)
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(17.9)
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(8.2)
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Taiwan*
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7,205
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(2.1)
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(8.7)
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1.9
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Straits*
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2,780
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(1.5)
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(7.3)
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5.1
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* Markets are open
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Institutional activity
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(Rs cr)
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Cash
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F&O
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MTD
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YTD
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FIIs
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(482)
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372
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(166)
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43,303
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MFs
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#N/A
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-
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(282)
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(6,239)
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FIIs Prov.
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(10)
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MFs Prov.
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254
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Commodities
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% change
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Last close
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1 day
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3 mth
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YTD
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Crude (US$/bbl)
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92.6
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0.0
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(10.3)
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(6.3)
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Gold (US$/oz)
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1,576
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0.1
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(8.5)
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0.8
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Copper (US$/mt)
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7,695
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(0.0)
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(5.8)
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1.4
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Aluminium (US$/mt)
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2,014
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1.0
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(5.1)
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1.0
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Zinc (US$/mt)
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1,897
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(0.1)
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(1.4)
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3.8
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Advance/Decline stocks
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(Nos)
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A
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B
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S
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Total
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Adv
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104
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975
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1,601
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1,440
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Dec
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98
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984
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1,654
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1,270
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Unch
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2
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101
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165
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136
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A/D ratio (x)*
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1.1
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1.0
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1.0
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1.1
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*A/D excluding Unch
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Trade value
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(Rs cr)
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% chg
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Cash NSE
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9,737
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(7.7)
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Cash BSE
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1,767
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(2.2)
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Total Cash
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11,504
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(6.9)
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Delivery (%)
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37.4
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-
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Derivatives
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114,386
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(7.6)
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Currency
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% change
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Last close
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1 day
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3 mth
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YTD
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Rs/US$
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54.49
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(0.0)
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(9.6)
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(2.6)
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Rs/EUR
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69.04
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(0.4)
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(6.2)
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(0.4)
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US$/GBP
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1.58
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(0.2)
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(0.6)
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1.4
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US$/EUR
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1.27
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(0.2)
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(4.3)
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(2.2)
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Yen/US$
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79.41
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0.2
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0.3
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(3.1)
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Bond market
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Last Close (%)
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Bps chg
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10yr Gsec
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8.51
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(0.00)
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Call rate
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8.20
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0.40
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