If only…

To create more positive results in your life, replace ‘if only’ with ‘next time.’ – Anonymous.

If only the rally could continue like the five previous weeks when the frontline indices had galloped on Tuesdays. That wasn't the case on Tuesday with the Sensex and the Nifty breaking a five-session winning streak.

The start today will be sedate at best. Asian markets are mostly up while the US and Europe stocks pared losses overnight. Reports point to some progress in talks to save Greece from a default. Also, Fed chief Bernanke has reiterated his readiness for more stimulus if the need arises. One must remain on guard after a sharp and swift rally.



The culprit for Tuesday's insipid session was the advance GDP estimate for FY12. It shows less than 7% growth for the first time in three years. Hopefully, the final reading will be a little higher. The Indian economy has lost steam and the Government needs to act now to give it a fillip. The upcoming Budget will be crucial in this context. But, before that the market will have to grapple with state elections. A favourable result for the UPA will be seen as a positive. On the flip side, the undertone might be hit in case of an adverse outcome for the Congress.

The FIIs were net buyers of Rs 6.18bn in the cash segment on Tuesday while the domestic institutional investors (DIIs) were net sellers at Rs 8.54bn, as per the provisional figures released by the NSE.

The FIIs were net buyers of Rs 5.14bn in the F&O segment on Tuesday, according to the provisional NSE data.

The foreign funds were net buyers of Rs 11.04bn in the cash segment on Monday, as per final SEBI data. Mutual Funds were net buyers at Rs 893mn on the same day.

Major Results Today: Bharat Forge, Bharti Airtel, Brigade, Essar Shipping, JSW Ispat, Jubilant Foodworks, Kalpataru Power, Kavveri Telecom, KS Oil, ONGC, Orchid Pharma, Power Grid Corp, Shyam Telecom, Tech Mahindra and Tulip Telecom.

Global Data To Watch: Japan's trade balance and current account, Germany's trade balance and current account, US crude oil stocks and US mortgage applications.