Sell in May and go away!

In all things it is better to hope than to despair

- Goethe

However, there is hope. Things might just perk up a wee bit amid reports that the Government could dilute the controversial GAAR to pacify agitating FIIs and breathe some life into the market. Another positive news is that monsoon is likely to be normal yet again. Also, the Cabinet has approved raising the cap on voting rights in private banks. The Nifty will see two new entrants today in Asian Paints and Bank of Baroda. They will replace R Power and RCOM. Important results for the day include ICICI Bank, Axis Bank, Jindal Steel, HCC, Hexaware and Siemens.

Asian markets are indecisive and largely flat. US markets rallied overnight while European indices finished mixed. While markets in the UK and Germany rose, that in France was flat. Spanish stocks slid after the S&P downgraded the debt-stricken nation by two notches.

VIX has dropped substantially. So, we could see dull and rangebound trade in the near term before there is any meaningful turnaround. Stick to a wait-and-watch approach and be stock specific.

ADR/GDR
	Latest (US$)	Price % chg	% Prem/Disc
Dr. Reddys	34.3	0.2	1.5
HDFC Bk	33.8	0.1	9.6
ICICI Bk	32.5	0.6	1.4
ITC	4.7	3.1	0.1
Infosys	46.9	1.6	4.5
Ranbaxy	9.8	(0.5)	1.9
Reliance	28.3	0.1	(0.4)
Wipro	9.8	0.0	27.9
SBI	82.3	(1.9)	0.0
Tata Motors	29.8	0.4	0.5
Sterlite	8.2	(0.2)	2.4
L&T	23.6	(0.3)	1.0

Indian market		% change
	Last close	1 day	3 mth	YTD
Sensex	17,131	(0.1)	(0.6)	10.8
Nifty	5,189	(0.6)	(0.3)	12.2
BSE 100	2,115	(0.3)	0.7	14.2
BSE 200	6,630	(0.3)	1.1	14.7
CNX Midcap	7,389	(1.3)	4.2	20.9
BSE Smallcap	6,726	(0.4)	3.6	21.2
Developed market		% change
	Last close	1 day	3 mth	YTD
Dow Jones	13,205	0.9	4.3	8.1
Nasdaq	3,051	0.7	8.3	17.1
S&P 500	1,400	0.7	6.4	11.3
FTSE	5,749	0.5	0.3	3.2
CAC	3,229	(0.1)	(2.7)	2.2
DAX	6,740	0.5	3.5	14.3
Hang Seng*	20,890	0.4	1.9	13.3
Nikkei*	9,557	(0.1)	8.1	13.0
S&P/ASX200*	4,369	(0.1)	1.9	7.7
* Markets are open
Emerging market		% change
	Last close	1 day	3 mth	YTD
Shanghai Comp	2,397	(0.3)	3.3	9.0
Brazil Bovespa	62,198	0.7	(1.1)	9.6
Mexico Bolsa	39,212	0.4	5.5	5.8
Kospi*	1,970	0.3	0.3	7.9
Micex	1,447	(1.0)	(4.0)	3.2
Taiwan*	7,510	(0.2)	3.8	6.2
Straits*	2,989	0.2	2.5	12.9
* Markets are open
Institutional activity
(Rs cr)	Cash	F&O	MTD	YTD
FIIs	(281)	(183)	(582)	43,456
MFs	16	-	(526)	(5,955)
FIIs Prov.	(376)
MFs Prov.	63
Commodities		% change
	Last close	1 day	3 mth	YTD
Crude (US$/bbl)	104.1	(0.4)	4.5	5.3
Gold (US$/oz)	1,656	(0.1)	(4.8)	5.9
Copper (US$/mt)	8,454	1.8	(1.4)	11.4
Aluminium (US$/mt)	2,047	0.9	(8.8)	2.6
Zinc (US$/mt)	2,028	1.8	(7.4)	11.0
Advance/Decline stocks
(Nos)	A	B	S	Total
Adv	41	712	214	967
Dec	54	898	185	1,137
Unch	109	547	89	745
A/D ratio (x)*	0.8	0.8	1.2	0.9
*A/D excluding Unch
Trade value
(Rs cr)			% chg
Cash NSE	12,258		17.0
Cash BSE	2,355		15.6
Total Cash	14,614		16.8
Delivery (%)	48.3		-
Derivatives	190,370		(4.3)
Currency		% change
	Last close	1 day	3 mth	YTD
Rs/US$	52.56	0.0	(4.7)	1.0
Rs/EUR	69.41	(0.0)	(6.3)	(1.0)
US$/GBP	1.62	(0.0)	2.9	4.1
US$/EUR	1.32	(0.2)	(0.2)	1.8
Yen/US$	80.88	(0.1)	(5.2)	(4.9)
Bond market
	Last Close (%)		Bps chg
10yr Gsec	8.64		0.00
Call rate	8.10		(0.30)