Still some steam left

                                                        “Steam is no stronger now than it was a hundred years ago but it is put to better use”

- Ralph Waldo Emerson.

Suddenly, the world seems to be a better place for harried investors. Hopefully, the ongoing relief rally may still have some steam left in it. So, make the most of the opportunity before fresh bad news drags things back. The opening is likely to be positive again. Use every rise to scale back bullish bets, as we seem to be witnessing just a technical upswing. The plethora of problems that the markets are confronting is yet to be addressed satisfactorily. Of course headlines talk about action on various fronts but by now we have learnt to wait and watch for some real outcome.

The eurozone remains at the core of the current mess. Doubts are also being raised about the strength of the US and Chinese economies. Market players are hoping for emergency intervention by central banks but the same may not come thorough.

The ECB’s move to refrain from cutting rates or committing to more LTRO is case in point. Investors will tune into Fed chief Ben Bernanke’s testimony to Congress today to see if he drops any hints on QE3. Also watch out for an important Spanish debt auction.

ADR/GDR
	Latest (US$)	Price % chg	% Prem/Disc
Dr. Reddys	29.1	1.3	(0.4)
HDFC Bk	29.7	6.0	5.5
ICICI Bk	30.1	5.9	3.0
ITC	4.2	4.2	(0.0)
Infosys	45.0	3.8	3.0
Ranbaxy	8.9	0.0	0.0
Reliance	25.6	6.1	(0.9)
Wipro	9.1	5.8	22.0
SBI	77.6	7.3	(0.5)
Tata Motors	21.7	8.0	2.4
Sterlite	7.0	7.8	3.7
L&T	22.4	12.7	(2.0)

Indian market		% change
	Last close	1 day	3 mth	YTD
Sensex	16,454	2.7	(4.0)	6.5
Nifty	4,997	3.1	(4.3)	8.1
BSE 100	2,026	2.5	(4.6)	9.5
BSE 200	6,345	2.4	(4.6)	9.8
CNX Midcap	6,946	2.6	(7.0)	13.7
BSE Smallcap	6,285	1.5	(5.6)	13.2
Developed market		% change
	Last close	1 day	3 mth	YTD
Dow Jones	12,415	2.4	(3.3)	1.6
Nasdaq	2,845	2.4	(3.1)	9.2
S&P 500	1,315	2.3	(2.8)	4.6
FTSE	5,384	2.4	(7.0)	(3.4)
CAC	3,058	2.4	(9.8)	(3.2)
DAX	6,094	2.1	(8.7)	3.3
Hang Seng*	18,829	1.7	(8.7)	2.1
Nikkei*	8,633	1.2	(9.8)	2.1
S&P/ASX200*	4,114	1.5	(0.7)	1.4
* Markets are open
Emerging market		% change
	Last close	1 day	3 mth	YTD
Shanghai Comp	2,320	0.5	(3.1)	5.5
Brazil Bovespa	54,156	3.2	(18.0)	(4.6)
Mexico Bolsa	37,275	0.5	(0.7)	0.5
Kospi*	1,849	2.6	(7.5)	1.3
Micex	1,313	1.2	(16.5)	(6.3)
Taiwan*	7,093	0.5	(10.3)	0.3
Straits*	2,768	0.3	(5.0)	4.6
* Markets are open
Institutional activity
(Rs cr)	Cash	F&O	MTD	YTD
FIIs	(630)	1,434	(1,342)	40,605
MFs	-	-	348	(6,007)
FIIs Prov.	269
MFs Prov.	489
Commodities		% change
	Last close	1 day	3 mth	YTD
Crude (US$/bbl)	85.6	0.7	(19.4)	(13.4)
Gold (US$/oz)	1,620	0.0	(3.9)	3.6
Copper (US$/mt)	7,407	0.5	(10.6)	(2.4)
Aluminium (US$/mt)	1,939	0.2	(11.5)	(2.8)
Zinc (US$/mt)	1,871	(0.7)	(6.0)	2.4
Advance/Decline stocks
(Nos)	A	B	S	Total
Adv	185	1,364	300	1,849
Dec	18	613	263	894
Unch	0	83	40	123
A/D ratio (x)*	10.3	2.2	1.1	2.1
*A/D excluding Unch
Trade value
(Rs cr)			% chg
Cash NSE	11,678		36.0
Cash BSE	2,010		14.0
Total Cash	13,688		32.3
Delivery (%)	41.4		-
Derivatives	108,848		48.6
Currency		% change
	Last close	1 day	3 mth	YTD
Rs/US$	55.37	(0.5)	(9.0)	(4.2)
Rs/EUR	69.28	0.2	(4.4)	(0.8)
US$/GBP	1.55	(0.1)	(1.6)	(0.4)
US$/EUR	1.26	(0.1)	(4.4)	(3.0)
Yen/US$	79.32	0.2	2.2	(3.0)
Bond market
	Last Close (%)		Bps chg
10yr Gsec	8.37		(0.00)
Call rate	8.15		(0.10)