High time for action

Action may not always bring happiness, but there is no happiness without action.

― William James

After the deafening silence from our respected Prime Minister in recent times, we hope his pep talk with key aides and top bureaucrats on the first day as the interim Finance Minister would bear some fruit soon.

But besides inspiring words, the country badly needs a string of booster shots via decisive policy action on several fronts. India’s stagnant economy will pick up some pace even if some of these materialise in the next few days. High expectations have met with disappointments lately. So, don’t get carried away.

We are likely to see a cautious start, as investors wait for Dr. Manmohan Singh to breathe some life into the struggling Indian economy. The two-day EU summit also begins today in Brussels. Investors are hoping that EU leaders will set aside their differences and announce credible measures to quell the protracted debt crisis. Germany’s stance is likely to be crucial.

Asian markets are up on the back of encouraging US economic data. The F&O expiry is unlikely to bring positive excitement given the uncertain macro-economic backdrop.

ADR/GDR
	Latest (US$)	Price % chg	% Prem/Disc
Dr. Reddys	28.5	1.1	1.0
HDFC Bk	31.2	0.8	8.1
ICICI Bk	30.6	2.3	2.4
ITC	4.4	0.2	0.3
Infosys	43.2	1.6	0.1
Ranbaxy	8.8	3.9	3.1
Reliance	25.6	1.3	1.2
Wipro	8.8	1.3	26.2
SBI	75.0	0.7	1.4
Tata Motors	21.3	(1.1)	1.7
Sterlite	7.3	3.9	3.8
L&T	24.0	0.8	1.6

Indian market		% change
	Last close	1 day	3 mth	YTD
Sensex	16,968	0.4	(0.9)	9.8
Nifty	5,142	0.5	(1.0)	11.2
BSE 100	2,086	0.4	(1.3)	12.7
BSE 200	6,526	0.4	(1.4)	12.9
CNX Midcap	7,194	1.1	(4.1)	17.7
BSE Smallcap	6,444	0.3	(0.1)	16.1
Developed market		% change
	Last close	1 day	3 mth	YTD
Dow Jones	12,627	0.7	(3.8)	3.4
Nasdaq	2,875	0.7	(7.4)	10.4
S&P 500	1,332	0.9	(5.2)	5.9
FTSE	5,524	1.4	(4.9)	(0.9)
CAC	3,063	1.7	(10.7)	(3.1)
DAX	6,229	1.5	(11.0)	5.6
Hang Seng*	19,169	(0.0)	(8.2)	4.0
Nikkei*	8,817	1.0	(13.4)	4.3
S&P/ASX200*	4,051	0.2	(6.7)	(0.1)
* Markets are open
Emerging market		% change
	Last close	1 day	3 mth	YTD
Shanghai Comp	2,211	(0.3)	(3.2)	0.5
Brazil Bovespa	53,109	(1.4)	(18.4)	(6.4)
Mexico Bolsa	39,491	0.4	1.5	6.5
Kospi*	1,816	(0.1)	(10.6)	(0.5)
Micex	1,366	1.7	(10.2)	(2.6)
Taiwan*	7,186	0.0	(10.6)	1.6
Straits*	2,844	0.1	(5.7)	7.5
* Markets are open
Institutional activity
(Rs cr)	Cash	F&O	MTD	YTD
FIIs	86	1,641	561	42,194
MFs	-	-	376	(5,979)
FIIs Prov.	86
MFs Prov.	(15)
Commodities		% change
	Last close	1 day	3 mth	YTD
Crude (US$/bbl)	80.4	0.2	(23.8)	(18.7)
Gold (US$/oz)	1,575	0.1	(5.3)	0.8
Copper (US$/mt)	7,420	0.6	(13.4)	(2.2)
Aluminium (US$/mt)	1,833	1.5	(15.0)	(8.1)
Zinc (US$/mt)	1,758	(1.1)	(13.2)	(3.8)
Advance/Decline stocks
(Nos)	A	B	S	Total
Adv	123	1,108	229	2
Dec	77	1,014	217	1
Unch	3	112	27	0
A/D ratio (x)*	1.6	1.1	1.1	2.0
*A/D excluding Unch
Trade value
(Rs cr)			% chg
Cash NSE	8,002		5.1
Cash BSE	1,545		1.3
Total Cash	9,547		4.4
Delivery (%)	39.9		-
Derivatives	148,134		(5.6)
Currency		% change
	Last close	1 day	3 mth	YTD
Rs/US$	57.14	0.2	(11.2)	(7.1)
Rs/EUR	71.34	0.1	(5.1)	(3.6)
US$/GBP	1.56	0.1	(2.0)	0.2
US$/EUR	1.25	0.2	(6.2)	(3.6)
Yen/US$	79.47	(0.3)	4.3	(3.2)
Bond market
	Last Close (%)		Bps chg
10yr Gsec	8.11		0.00
Call rate	8.00		0.00