Stubborn behaviour

“Many are stubborn in pursuit of the path they have chosen, few in pursuit of the goal.”

- Friedrich Nietzsche

The market is treading along with no clear goal in sight. While, the GAAR deferment saved the day on Monday, eurozone worries caused a tumble on Tuesday. Weakness persisted on Wednesday and the volatile Nifty closed below 5000 again.

Greece and Spain continued to be major source of fear. Efforts to form a government in debt-plagued Greece have failed. Spanish shares plunged amid growing talk that troubled lender Bankia SA will be nationalised. Spanish bond yields crossed 6% again.

In the US, the Dow is experiencing its worst losing streak since August 2011. Oil and gold futures extended losses while the dollar was firm. Large markets in Europe escaped steeper losses and Asian indices are mixed.

We see a slightly positive opening but market players are likely to remain skittish amid persistent FII selling and weakness in the rupee. Watch out for the IIP data on Friday. Result-oriented action is likely to continue. Global markets may continue to be driven by eurozone problems. Fresh batch of Chinese data will also be followed closely along with Fed chief Ben Bernanke’s latest speech.

ADR/GDR
	Latest (US$)	Price % chg	% Prem/Disc
Dr. Reddys	31.6	(2.3)	0.8
HDFC Bk	31.3	(1.4)	9.7
ICICI Bk	30.4	(0.9)	(0.4)
ITC	4.5	4.4	0.2
Infosys	44.4	(1.3)	1.0
Ranbaxy	9.6	1.7	0.7
Reliance	25.8	(2.4)	(0.3)
Wipro	9.1	(0.4)	21.0
SBI	70.4	(4.9)	0.5
Tata Motors	27.2	(2.5)	(0.2)
Sterlite	7.3	(2.0)	1.2
L&T	21.5	(2.2)	0.0

Indian market		% change
	Last close	1 day	3 mth	YTD
Sensex	16,480	(0.4)	(7.2)	6.6
Nifty	4,975	(2.7)	(7.6)	7.6
BSE 100	2,027	(0.7)	(7.1)	9.5
BSE 200	6,358	(0.7)	(6.8)	10.0
CNX Midcap	7,055	(2.6)	(6.4)	15.4
BSE Smallcap	6,470	(1.2)	(6.1)	16.6
Developed market		% change
	Last close	1 day	3 mth	YTD
Dow Jones	12,835	(0.8)	0.3	5.1
Nasdaq	2,935	(0.4)	1.1	12.7
S&P 500	1,355	(0.7)	0.9	7.7
FTSE	5,530	(0.4)	(5.5)	(0.8)
CAC	3,119	(0.2)	(7.5)	(1.3)
DAX	6,475	0.5	(3.3)	9.8
Hang Seng*	20,354	0.1	(2.1)	10.4
Nikkei*	9,072	0.3	1.4	7.3
S&P/ASX200*	4,289	0.3	1.0	5.7
* Markets are open
Emerging market		% change
	Last close	1 day	3 mth	YTD
Shanghai Comp	2,413	0.2	2.6	9.7
Brazil Bovespa	59,786	(1.0)	(6.6)	5.3
Mexico Bolsa	39,123	(0.2)	2.6	5.5
Kospi*	1,951	0.0	(2.2)	6.8
Micex	1,384	(0.1)	(10.2)	(1.3)
Taiwan*	7,513	0.5	(4.4)	6.2
Straits*	2,899	(0.1)	(2.1)	9.5
* Markets are open
Institutional activity
(Rs cr)	Cash	F&O	MTD	YTD
FIIs	(369)	1,093	(114)	43,355
MFs	-	-	(474)	(6,431)
FIIs Prov.	(376)
MFs Prov.	162
Commodities		% change
	Last close	1 day	3 mth	YTD
Crude (US$/bbl)	96.9	0.1	(1.8)	(2.0)
Gold (US$/oz)	1,594	0.3	(7.5)	1.9
Copper (US$/mt)	8,165	(0.3)	(6.6)	7.6
Aluminium (US$/mt)	2,008	(0.4)	(10.8)	0.7
Zinc (US$/mt)	1,938	(1.7)	(9.8)	6.0
Advance/Decline stocks
(Nos)	A	B	S	Total
Adv	48	667	1,157	1,440
Dec	154	1,335	2,103	1,270
Unch	2	86	160	136
A/D ratio (x)*	0.3	0.5	0.6	1.1
*A/D excluding Unch
Trade value
(Rs cr)			% chg
Cash NSE	11,014		1.0
Cash BSE	2,002		(3.7)
Total Cash	13,016		0.3
Delivery (%)	38.8		-
Derivatives	116,228		(9.0)
Currency		% change
	Last close	1 day	3 mth	YTD
Rs/US$	53.83	1.3	(8.0)	(1.4)
Rs/EUR	69.82	0.8	(5.9)	(1.5)
US$/GBP	1.61	0.1	2.4	3.8
US$/EUR	1.29	0.1	(1.9)	(0.1)
Yen/US$	79.77	0.2	(2.7)	(3.6)
Bond market
	Last Close (%)		Bps chg
10yr Gsec	8.57		0.00
Call rate	8.30		0.00