Enjoy the start

Don't put off for tomorrow what you can do today, because if you enjoy it today, you can do it again tomorrow. - James A. Michener. Equities across the globe have risen smartly of late. The Nifty is on the verge of crossing 5300. The start is set to be positive for our market too. Asian markets are holding firm despite a mixed session on Wall Street, with investors hoping for fresh monetary easing from the Federal Reserve. European stocks pared gains on disappointing US manufacturing data. US’ ISM manufacturing PMI shrank for the first time in three years. Measures announced by the European leaders at the recently concluded EU summit have managed to temper some of the concerns surrounding the eurozone debt crisis. However, the latest statistics show that economic growth remains under threat across the world. Unemployment is pretty elevated in the developed world. Recession-like conditions in the Developed Markets is hurting the Emerging Markets. Policymakers are running out of options to shore up growth due to lack of elbow room on the fiscal front. Even the central banks look to have exhausted most of their ammo. All eyes will be on Thursday’s meeting of the ECB and Bank of England apart from Friday’s US jobs report. IIP, inflation, RBI policy meeting, earnings, Rupee and monsoon will drive the sentiment for the Indian markets this month. Trend in FII flows: The FIIs were net buyers of Rs 5.91bn in the cash segment on Monday while the domestic institutional investors (DIIs) were net sellers of Rs 4.47bn, as per the provisional figures released by the NSE. The FIIs were net buyers of Rs 1.93bn in the F&O segment on Monday, according to the provisional NSE data. Global Data Watch today: Australia Building Permits (May), Australia RBA Interest Rate Decision, Australia AiG Performance of Services Index (Jun), Japan Labor Cash Earnings (May), UK Consumer Credit (May), UK M4 Money Supply (May), UK PMI Construction (Jun), Eurozone Producer Price Index (May), UK BRC Shop Price Index (Jun), US ISM New York Index (Jun), US Factory Orders (May) and US Total Vehicle Sales (Jun).