Curtains down on conviction!

Conviction is worthless unless it is converted into conduct. - Thomas Carlyle.

It’s may be curtains down for the famous bull fight in Catalonia, Spain. The blood sport will now be banned throughout Catalonia from January 2012. The semi-autonomous region is the first mainland part of Spain to outlaw bullfighting. But coming to the bourses, the fight between the bulls and bears will continue. Recent behaviour on the street suggests both camps lack conviction. The ferocity of the bulls is nowhere in sight except occasionally on some side counters.



We expect a sluggish start and a choppy session in view of the F&O expiry. The finish will hinge on F&O adjustments, earnings and more importantly global cues. Action will continue in select non-index counters.

RIL results have been a little disappointing and may continue to pressure the overall sentiment. Results will continue to pour in over the next few days and will have a role in shaping the market’s direction. What is also slightly worrisome is the drop in core sector growth in June.

US stocks fell on the Fed’s latest assessment of the US economy and a dour report on durable goods orders. Stocks also fell in Europe. China is the only market holding in the green in Asia.

Results Today: Alok Industries, Aban Offshore, Apollo Tyres, Arvind, Bata India, Bank of Maharashtra, BOB, Federal Bank, GHCL, GE Shipping, GSPL, HCL Tech, HDIL, Hero Honda, Hexaware, Ipca Labs, JB Chemicals, Kalpataru Power, Nagarjuna Fertilizers, National Fertilizers, NHPC, Novartis India, ONGC, OBC, Petronet LNG, SAIL, Siemens, TTML and UltraTech Cement.

FIIs were net buyers of `5.93bn in the cash segment on Wednesday (provisionally), according to the NSE web site. Local funds were net sellers of `6.9n. In the F&O segment, they were net buyers at `8.49bn. On Tuesday, the FIIs were net buyers of `815mn in the cash segment. Mutual Funds were net buyers at `87mn on the same day.