Weekly Recap: Only Idiots Pay Taxes in India

world.2015-05-22.2015-05-29

Equities

Major
DAX(DEU) -3.40%
CAC(FRA) -2.62%
UKX(GBR) -0.67%
NKY(JPN) +1.47%
SPX(USA) -1.06%
MINTs
JCI(IDN) -1.86%
INMEX(MEX) -0.67%
NGSEINDX(NGA) +0.11%
XU030(TUR) -3.68%
BRICS
IBOV(BRA) -2.58%
SHCOMP(CHN) -0.98%
NIFTY(IND) -0.30%
INDEXCF(RUS) -3.39%
TOP40(ZAF) -3.34%

Commodities

Energy
Brent Crude Oil +0.20%
Ethanol -1.97%
Heating Oil -0.39%
Natural Gas -8.87%
RBOB Gasoline +0.56%
WTI Crude Oil +0.75%
Metals
Gold 100oz -1.28%
Copper -2.47%
Palladium -0.91%
Platinum -3.00%
Silver 5000oz -2.34%

Currencies

USDEUR:+0.14% USDJPY:+2.12%

MINTs
USDIDR(IDN) +0.50%
USDMXN(MEX) +0.59%
USDNGN(NGA) -0.21%
USDTRY(TUR) +2.47%
BRICS
USDBRL(BRA) +3.05%
USDCNY(CHN) +0.00%
USDINR(IND) +0.48%
USDRUB(RUS) +4.62%
USDZAR(ZAF) +2.16%
Agricultural
Coffee (Arabica) -0.51%
Orange Juice -3.43%
Cocoa -0.09%
Coffee (Robusta) -0.85%
Cotton +1.58%
Lean Hogs +0.12%
Sugar #11 -2.60%
Wheat -7.09%
Corn -2.43%
Feeder Cattle +1.33%
Cattle +0.16%
Lumber -0.04%
Soybean Meal +0.72%
Soybeans +1.00%
White Sugar -0.43%

Credit Indices

Index Change
Markit CDX EM -0.36%
Markit CDX NA HY +0.04%
Markit CDX NA IG -0.54%
Markit iTraxx Asia ex-Japan IG +1.53%
Markit iTraxx Australia +0.90%
Markit iTraxx Europe +2.70%
Markit iTraxx Europe Crossover +4.86%
Markit iTraxx Japan +0.36%
Markit iTraxx SovX Western Europe +0.13%
Markit LCDX (Loan CDS) +0.00%
Markit MCDX (Municipal CDS) -0.59%
This was not a good week for equity markets. The dollar rallied after taking a spring break and credit spreads widened.

Nifty Heatmap

CNX NIFTY.2015-05-22.2015-05-29

Index Returns

index performance.2015-05-22.2015-05-29

Sector Performance

sector performance.2015-05-22.2015-05-29

Advance Decline

advance.decline.line2.2015-05-22.2015-05-29

Market Cap Decile Performance

Decile Mkt. Cap. Adv/Decl
1 (micro) -2.36% 67/62
2 -1.83% 58/71
3 -3.67% 58/70
4 -0.95% 63/66
5 -2.40% 59/69
6 -0.38% 63/66
7 -2.68% 58/71
8 -0.33% 66/62
9 -1.20% 61/68
10 (mega) -1.04% 68/61
Not really sure what will replace the Modi rally. Are we back to reality?

Top Winners and Losers

BPCL +8.67%
HINDPETRO +10.08%
INFRATEL +10.32%
TECHM -16.89%
ADANIENT -11.13%
RELINFRA -8.34%
Looks like the market really hated Tech Mahindra’s results…

ETF Performance

BANKBEES +1.87%
CPSEETF +1.82%
INFRABEES +1.54%
PSUBNKBEES +0.47%
NIFTYBEES -0.14%
JUNIORBEES -0.82%
GOLDBEES -0.96%
Public sector banks remain a bane on Indian society. PSUBNKBEES lets you measure how much of a bane they are…

Yield Curve

yieldCurve.2015-05-22.2015-05-29

Bond Indices

Sub Index Change in YTM Total Return(%)
GSEC TB +0.26 +0.08%
GSEC SUB 1-3 +0.26 -0.16%
GSEC SUB 3-8 +0.01 -0.30%
GSEC SUB 8 -0.01 +0.22%
Everybody and their grandmother is expecting a rate cut on June 2nd…

Investment Theme Performance

Equity Mutual Funds

Bond Mutual Funds

Thought for the weekend

This is what Ajay Banga, CEO of Master Card had to say in a recent conference about India:

And only idiots like me pay taxes there…not paying taxes is a bloodsport in India, right. And that’s going to be, that’s one of the biggest reasons why acceptance in India is poor, acceptance is probably less than a million merchants, there is probably 10 million merchants and 1 million take cards and even they say the take cards, you show up with your card and the first thing will be told is, do you pay cash instead and it’s just the whole way it works, right. That’s going to take time to change.

Source (audio): talkpoint.com