Less hope, just cope!

Everything that is done in the world is done by hope. - Martin Luther.

We hoped to share some brighter backdrop before the open. But alas, Friday the 13th hit the debt-stricken eurozone hard. Standard & Poor’s lowered the debt ratings of as many as nine nations. S&P stripped France and Austria of their coveted "AAA" ratings and reduced Portugal’s debt status to junk.

Separately, talks aimed at finalizing voluntary writedowns for holders of Greek sovereign debt fell through, raising concerns about a default. Greece, France and the rest of the eurozone will continue to be in focus this week as well.



The euro tumbled in the wake of S&P’s shock and awe action. The Dollar index is ruling comfortably above the 81 mark. Brent crude is around $110 a barrel and Gold is above $1,600 an ounce.

In the US, markets fell on talk of imminent downgrades in Europe and JP Morgan’s disappointing results.

In short, the backdrop is not bright as we kick off a new trading week. The start is likely to be down as most Asian peers are in the red. No ‘big’ earnings are due from the domestic side today. The important event for our markets will be the inflation data for December.

The rally in the broader market looks too good to be true. Be extremely cautious and vigilant.

The US financial markets are shut today for the Martin Luther King day holiday.

The FIIs were net buyers of Rs 2.93bn in the cash segment on Friday, as per the provisional figures released by the NSE. The domestic institutional investors (DIIs) were net sellers at Rs 1.77bn.

The FIIs were net buyers of Rs 8.44bn in the F&O segment on Friday, according to the provisional NSE data.

The foreign funds were net buyers of Rs 5.25bn in the cash segment on Thursday, the SEBI data shows. Mutual funds were net sellers at Rs 4.21bn in the cash segment on the same day.

Global Data Watch: Germany WPI, Spanish bond auction and European Central Bank (ECB) president Mario Draghi's speech.

Results Today: Aster Silicates, Automotive Stampings, Dewan Housing Finance, Ind-Swift Labs, ING Vysya Bank, Motilal Oswal, Reliance Industrial Infrastructure, South Indian Bank and Tata Elxsi.