Indian
markets are down for three straight days. The F&O expiry has been
higher, but short positions are believed to have been carried over amid a
spate of headwinds.
We
expect another muted start today as world markets are still nervous
about the political gridlock in the US over the sensitive issues of debt
and deficit.
Corruption
cases continue to hog the headlines. Social activist Anna Hazare is
apparently not happy with the draft Lokpal Bill approved by the Cabinet,
and has threatened another fast-unto-death.
On
the other hand, the fate of scam-tainted Karnataka chief minister BS
Yeddyurappa has been sealed with the BJP asking him to step down in the
wake of the Lokayukta report on illegal iron ore mining.
The
monsoon session of parliament begins next week and promises to be
another stormy affair. A few very important bills are slated to be
presented in parliament. Hopefully, the warring political class will set
aside their differences and clear at least some of them.
Lots of results are due today and in the next few days. US GDP data will be a key monitorable for the day.
