- The Sensex declined 1.25% overnight after the Reserve Bank of India kept its benchmark rate steady at 7.25% but said it would "forfeit some monetary policy discretion to address external sector concerns." Translation: Slowing inflation and growth might normally lead to easier policy, but the bank is instead focused on supporting the rupee.
- Marketfields' Michael Shaoul notes an Indian small cap index off 27% YTD to a 4-year low is a pretty good gauge of the stress in the domestic economy. An Indian small cap ETF: SCIF -5.3% today.
- Individual stocks: ICICI Bank (IBN -3.3%), Tat Motors (TTM -4.7%), Dr. Reddy's Labs (RDY -4.4%).
- Not bullish on Indian consumer names, Credit Suisse does take a liking to one with U.S. exposure: Wipro (WIT +1.1%).
- Other ETFs of note: EPI -3.9%, INDY -3.2%, PIN, INP, INDA, INXX, SCIN, INDL.
India sinks on hawkish RBI comments
Jul 30 2013, 13:24 ET