Market in a consolidation phase

US markets closed in the red yesterday based on poor housing starts report despite strong earnings report by heavy equipment maker caterpillar. European markets also closed in the red yesterday. Key Asian markets have opened marginally in the red and we expect a subdued opening for our markets too.

Commodities were little changed with oil ending at $78.50 and Gold at $1,056.

The results season is on the full swing and yesterday majors like Sesa Goa and TechM declared results. Sesa Goa results were lower than expectations (performance is usually lower in 2QE due to monsoon). TechM results were per expectations if one were to exclude the forex gains made by the company. Yes bank also came out with a good set of numbers and the bank is expected to raise further capital to strengthen its Tier I and II capital base.

Among results to watch out for today are Hero Honda and JP Associates.

Further, from tomorrow onwards, the Nifty composition is going to include JP Associates and IDFC to replace Nalco and Tata Comm.

Market is currently in a consolidation phase and it is tough to conclusively say which direction the market is going to head towards. Based on technicals if the market trades below 5100 it will test support of 5077 and 5049 while in case the market breaches the level of 5135 then it will test recent high of 5180 and test even 5300.

Rediscovering board games

In recent weeks, husband and I have taken fancy to Scrabble. Apart from being a good distraction from TV (where we can never agree on channels) which seldom has good programs except on weekends probably, we found this a better way to spend time and exercise our rusted minds. At the moment the novelty factor has not rubbed off so every day our TV time is spent on Scrabble. We plan to add Carrom and other board games to our activity list soon.

During my childhood days, I seldom associated late evenings with TV. There was no TV till early mid-80s. And then also there was a black-n-white box. As long as I can remember there was boring Krishi Darshan that used to come at 7PM. All the interesting programs would come only after 9PM by which time, I would be fast asleep. Once it got dark and we stopped playing outside, it would be time to play indoor games like Carrom, Scrabble, Chess, Slots. Monopoly was reserved for Sundays since it was a long game.

As adults, our perspective of fun and entertainment has changed radically. TV, cinemas and eating out occupy most of our weekend time-pass. The best form of entertainment we can get during Diwali is only teen-patti. And yet we find 'entertainment' in the monotony of these activities. We've forgotten the joy of painting, drawing, knitting, philately, numismatics or doing any fun activity that we used to as kids. Hubby and I hope to change this for ourselves and rediscover the joys of board games.