As far as how this is impacting closed-end funds and ETFs, the moves are below and the 52-week ranges have been offered so that investors can see just how much pain has been there in the last year:

WisdomTree India Earnings (NYSE: EPI) is up 0.9% at $17.93 and the 52-week trading range is $15.44 to $25.58. 

PowerShares India (NYSE: PIN) is up 0.8% at $18.30 and the 52-week range is $15.96 to $24.59.

India Fund, Inc. (NYSE: IFN) is up 0.4% at $21.46 and the 52-week trading range is $18.61 to $33.99. 

Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) is up 0.7% at $15.75 and the 52-week trading range is $13.59 to $24.57.

These are no ETFs nor closed-end funds but there are some key ARDs to watch:

Infosys Limited (NASDAQ: INFY) was recently butchered on its earnings and revenue warnings and shares are only up marginally at $52.00 versus a 52-week range of $46.12 to $74.52.

Tata Motors Ltd. (NYSE: TTM) is up 2.2% at $21.18 versus a 52-week range of $14.33 to $29.06.

ICICI Bank Limited (NYSE: IBN) is up only 0.25% at $30.95 against a 52-week range of $24.14 to $51.50.

Sterlite Industries (India) Limited (NYSE: SLT), which operates as a non-ferrous metals and mining company, is up 1% at $8.67 versus a 52-week range of $6.64 to $16.60.

$35 billion might not sound like much when you consider the U.S.-sized stimulus packages and when you consider that India has almost 1.2 billion people versus about 310 million in the U.S.  The 2010 GDP on a purchasing power parity was put at about $4.06 trillion and that comes to only about $3,500 in GDP per capita.

$35 billion matters, even if it is going to take more to jumpstart the economy after months and months of tightening and restive monetary measures as the nation fought inflation at the expense of growth.

JON C. OGG

All you have to do is look at the exchange-traded funds and closed-end which track the emerging markets and the BRIC nations (and those surrounding the BRICs).  Ugly is not quite the right description and we will explain more after showing just how bad the carnage is.  Greece is no emerging market, but it is on the path to default faster than emerging markets used to default.

The ETFs for the broad emerging markets is not a good signal for their equity markets.  The revolutions of early 2011 did not help, nor did the food inflation, but the economic slowing is taking a hit here left and right.  iShares MSCI Emerging Markets Index (NYSE: EEM) closed down 2.1% at $34.36 and the 52-week trading range is $34.29 to $50.43 (52-week low was Monday).  Vanguard Emerging Markets Stock ETF (NYSE: VWO) closed down 1.75% at $35.20 and the 52-week trading range is $35.13 to $50.92 (52-week low was Monday). 

We have included the most active ETF chart on each from Stockcharts.com at the end of this report.  The data on the BRICs is almost shocking…

BRAZIL

Brazil may have energy independence and the Olympics headed its way, but the implosion there has been massive.  The BOVESPA lost 2.9% of its value on Monday and let’s just say that its high-flyers are now grounded due to more than just weather.  It seems that minerals and forestry are not going to generate cash, just like it missed out on royalties from the term “Brazilian” in personal grooming. 

iShares MSCI Brazil Index (NYSE: EWZ) closed down 2.1% at $50.89 and the 52-week trading range is $50.71 to $81.77 (52-week low was Monday).  Market Vectors Brazil Small-Cap ETF (NYSE: BRF) closed down 3.15% at $37.96 and the 52-week trading range is $37.73 to $63.78 (52-week low was Monday).  iShares MSCI Chile Investable Market Index (NYSE: ECH) closed down 3.8% at $51.16 and the 52-week trading range is $50.92 to $80.38 (52-week low was Monday).  Aberdeen Chile Fund, Inc. (NYSE: CH) closed down 4.9%  at $13.45 and the 52-week trading range is $13.37 to $26.56 (52-week low was Monday).

ETF’s and closed end fund gainers representing India are as follows:

PowerShares India (NYSE: PIN) up 15% at $17.00 at 9:07
WisdomTree India Earnings (NYSE: EPI) up 23% at $17.20 at 9:07
Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) up 17% at $18.85 at 9:07
India Fund, Inc. (NYSE: IFN) up 20% at $25.93 at 9:07
iPath MSCI India Index ETN (NYSE: INP) up 23% at $48.75 at 9:08

The key Indian ADR shares are as follows:

Infosys Technologies Ltd. (NASDAQ: INFY) up 13% at $36.35 at 9:09
ICICI Bank (NYSE: IBN) up 31% at $23.39 at 9:09
Rediff.com India Ltd. (NASDAQ: REDF) up 32% at $3.30 at 9:09
Satyam Computer Services (NYSE: SAY) up 13% at $2.05 at 9:09
Sterlite Industries (NYSE: SLT) up 19% at $10.98 at 9:10
Tata Motors (NYSE: TTM) up 13% at $8.59 at 9:10
Wipro Ltd. (NYSE: WIT) up 9% at $11.65 at 9:10

This election is expected to allow the government to have a greater degree of flexibility to boost economic reform and growth.  The prior communist parties had not been favorable for issues such as insurance, privatizations, and pensions.

JON C. OGG

The company’s Chairman Raju admitted to cooking the books for the lastfew years.  It seems the company had phony profits and a highly inflated balancesheet.  He resigned and another director resigned.  Indian officials areexamining the role of auditors and the role of directors.  This is allon the heels of what was going to be one horrible mismatched merger inrecent weeks.

DSP Merrill Lynch has also withdrawn as the company’s advisor.  Aboutall that can be said on the decency side here is that the company’sboard of directors is still meeting this Saturday.

The last trades early this morning are  under $3.00 pershare.  MarketWatch even put out a headline with the reference of theIndian-Enron.

Interestingly enough, this killed India’s overall stock market morethan it hurt IT-outsourcing competitors.  Infosys Technologies Ltd.(NASDAQ: INFY) is hardly down this morning.  Same goes for Wipro Ltd.(NYSE: WIT).

The Bombay SENSEX fell by 7%.  You might as well expect weakness to be seen in the Powershares India (NYSE: PIN), WisdomTree India Earnings (NYSE: EPI), and the India Fund, Inc. (NYSE: IFN) for additional fallout.

Jon C. Ogg
January 7, 2009

• PowerShares India (NYSE: PIN) up 4.5% at $11.31
• WisdomTree India Earnings (NYSE: EPI) up 4.1% at $10.37
• Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) up 1.4% at $12.39
• India Fund, Inc. (NYSE: IFN) up 4.1% at $17.47
• iPath MSCI India Index ETN (NYSE: INP) up 4% at $28.72

We also added in an after-report list to the ADR’s and active stocks we track that trade in the U.S. to show a broad interest as well.

Jon C. Ogg
November 26, 2008

This will have the proposed tick of "EPI" on the NYSE.  What is most interesting is that it is said to be an "earnings weighted ETF" and it will offer pure exposure to local Indian securities rather than just the US-listed ADR securities.  This will also be more of an open-ended fund so that its assets will actually fluctuate more in-line with the underlying securities as opposed to swinging at wider premiums or discounts to the net asset values that closed-end funds and some ETF’s encounter.

EPI will select from a broad universe of approximately 150 profitable companies included in the WisdomTree India Earnings Index on the annual index screening date. EPI will be listed on the NYSE Arca.  You can access the full release here.

The current major ETF that traders use is the iPath MSCI India Index ETN (NYSE: INP) or traders go to the closed end fund called the India Fund, Inc. (NYSE: IFN) or the Morgan Stanley India Investment Fund, Inc. (NYSE: IIF). 

This may offer investors a chance to invest in a broader basket of Indian shares without the added volatility that can be caused from the premium and discount to net asset values.  Now we just have to wait about 5 or 6 weeks to see how well it works and how active the trading is.

• Tata Buying Jaguar & Ford?
• Is investing in Africa the last emerging market frontier?

Jon C. Ogg
January 24, 2008

Investors are looking to see how far down the Karachi Stock Exchange will drop and one of the best proxies as to see how this will affect the Pakistani stocks is to look at the closest markets.  India is the closest and most tied (good and bad) to Pakistan, and the worries that this could create additional instability in the region has the ETF and the Indian funds that trade in the U.S. down considerably:

• The major ETF that tracks India is the iPath MSCI India Index ETN (NYSE: INP), and it is trading down some 5% at $96.10 today.  Its 52-week trading range is $46.13 to $110.09.
• There are two closed-end funds that track the performance of Indian stocks. India Fund, Inc. (NYSE: IFN) is also down some 5.1% at $59.40 today, and its 52-week trading range is $35.51 to $71.54.  The second is less actively traded, but the Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) is down some 6% at $50.75, and its 52-week trading range is $38.29 to $66.56.
• One open-ended mutual fund that we will not know how that trades really until tomorrow after we have a chance to see how those trade is the Matthews India Fund (MINDX).  These only trade at N.A.V. at the end of each day and these traded at $24.29 yesterday.  This fund started out 2007 at $15.62, so it is also up considerably.
• A couple of the more liquid stocks that trade as ADR’s in the U.S. are ICICI Bank Ltd. (NYSE: IBN) and Tata Motors Ltd. (NYSE: TTM), and both are down close to 5% today.

This is potentially a very large political and geopolitical event that could end up with much greater repercussions than a mere 3%or 5% move.  The hardest part of interpreting these price reactions is that Wall Street is staffed with a skeleton crew this week and part of next week.  These are the go to stock and fund names to track the financial market reactions to the situation.

Jon C. Ogg
December 27, 2007