The summary provides an overview of the key points from the Indian markets daily note: 1) Indian markets posted their second straight rise led by export-focused software companies and financials on renewed growth hopes from firm European markets and recent strong buying by foreign funds. 2) Technology companies Tata Consultancy Services and Infosys gained on a weaker rupee while software firm Tech Mahindra rose after approving a merger with Mahindra Satyam. 3) Market breadth was positive with more advances than declines as investors bought large cap stocks while FIIs were net buyers of Indian equities.

1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Thursday, March 22, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Mar 20 Mar 21 Change (%) • Indian markets posted their second straight rise
Sensex 17,316.18 17,601.71 1.65% yesterday, their best single-day percentage rise in
CNX Nifty 5,274.85 5,364.95 1.71% nearly two weeks, led by export-focused software
companies and financials on renewed growth hopes.
BSE Mid-cap 6,335.90 6,459.33 1.95%
Firm European markets, gain in US index futures and
BSE IT 5,986.40 6,084.90 1.65%
recent strong buying by foreign funds of Indian stocks
BSE Banks 11,836.77 12,126.16 2.44% also aided sentiment. A favourable liquidity backdrop
FII Activity (`Cr) fuelled by foreign fund flows ahead of fourth quarter
earnings is expected to overcome fiscal and political
Date Buy Sell Net
concerns which have been a drag on local stocks in
20-Mar 2,121 1,926 196
recent past. All sectoral indices closed on positive note
19-Mar 2,378 2,192 186 with capital goods, real estate, bank and power stocks
Total Mar 37,474 29,660 7815 were major gainers. Technology companies Tata
2012 YTD 170,531 126,419 44113 Consultancy Services and Infosys, which draw more
MF Activity (`Cr) than 50% of revenue from the United States, gained
3.6% and 1.3% respectively, after a weaker rupee
Date Buy Sell Net pushed buying in the sector. Software services firm
19-Mar 600 690 -89 Tech Mahindra rose 5.6% after its board approved
16-Mar 567 885 -318 merging Mahindra Satyam with itself. Mahindra
Total Mar 6,365 7,359 -993 Satyam also ended up 4.7%. Cement stocks extended
2012 YTD 31,725 36,746 -5020 recent gains on reports cement firms have hiked
prices by `7 to `10 per bag of 50 kilogram, effective
Volume & Advances / Declines 17 March 2012, after the finance minister announced
NSE BSE rationalization of excise duty on packaged cement.
Trading Volume (Cr) 77.34 31.24 GVK Power & Infrastructure jumped 4.2% after its
Turnover (`Cr) 13,199 3,302 Australia unit's chief executive said that the company
was looking to sell its stakes in the Alpha coal project
Advances 1,043 1,758
and related port and rail assets in Australia to help
Declines 419 1,136
fund the $10bn cost of the projects.
Unchanged 86 130
• Market breadth was positive at ~1.55x as investors
Total 1,548 3,024
bought large cap stocks. On provisional basis, FIIs
Global Markets bought equity of `6.22bn while domestic institutions
Index Latest Values Change (%) sold equity of `2.94sbn in cash segment.
DJIA 13,124.62 -0.35% • Asian markets opened sharply positive but traded mix,
NASDAQ 3,075.32 0.04% as China's weak HSBC PMI data pulled down the
Nikkei * 10,126.71 0.40% Chinese shares while Japan's surprise trade surplus
Hang Seng * 20,811.68 -0.22%
helped Japanese shares.
* as of 8.25AM IST • We expect a cautious opening for the Indian markets,
following the mixed cues from the Asian markets.
Currencies / Commodities Snapshot
However, rising oil prices and the news that India is
Latest Previous
pushing its refiners to cut imports from Iran may
Quote Close
dampen sentiments.
Indian Rupee per $ 50.62 50.66
Indian Rupee per € 66.95 66.94 Economic and Corporate Developments
NYMEX Crude Oil($/bbl) 106.58 107.27 • India will get a $240mn soft loan from the Asian
Gold ($/oz) 1,648.00 1,650.00 Development Bank (ADB) for development of
Silver ($/oz) 32.08 32.20 infrastructure projects in different states through
public-private partnership (PPP).
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Reliance Power (R-Power) has got a stay from the
Previous Current Change Delhi High Court against a notice for penalty of
Company Name
Close(`) Price(`) (%) `400Cr by the procurers of power from its
TTK Prestige 2780.75 3188.25 14.65 Krishnapatnam ultra mega power project (UMPP) in
HDIL 93.90 101.95 8.57 Andhra Pradesh.
JUBL FOOD 1039.55 1122.80 8.01 • MMTC is expecting more than 30% growth in gold
Godrej Inds 236.20 254.20 7.62 retail sales during this fiscal.
Indiabulls Fin 225.15 242.00 7.48
• Coal India may divert fuel supply from PSUs, that
(BSE Mid-Cap) have not commissioned their end-use plants, to
power plants in case of any shortfall in fulfiling
Previous Current Change
Company Name commitment under the supply agreements from its
Close(`) Price(`) (%)
TTK Prestige 2780.75 3188.25 14.65 own production.
Century Tex 312.90 346.75 10.82 • Engineering major Larsen & Toubro (L&T) is likely to
MRF 9692.05 10579.05 9.15 have dropped its plan to come up with a 1600 mega
HDIL 93.90 101.95 8.57 watt power plant in West Bengal due to land hurdles.
BGR Energy 326.45 353.30 8.22 • A panel of secretaries today referred the issue of
residual government stake sale in Balco and
TOP LOSERS Hindustan Zinc to Vedanta Group to an empowered
(BSE A-Group) group of ministers (EGoM), which will meet soon to
take a decision.
Previous Current Change
Company Name
Close(`) Price(`) (%) • The Unitech Group has agreed in principle to sell its
Engineers India 271.05 266.85 -1.55 stake in Uninor to joint venture partner Telenor at a
Muthoot Fin 164.15 162.30 -1.13 fair value. The proposal was made before the
Hindalco Inds 138.65 137.25 -1.01 Company Law Board (CLB) by Unitech lawyers on
Pipavav Defence 81.25 80.45 -0.98 Monday in a closed-door meeting, according to
Oracle Fin 2613.15 2587.90 -0.97 people close to the development.
(BSE Mid-Cap) US markets
U.S. stocks closed mostly lower Wednesday with energy
Previous Current Change
Company Name shares hit by Baker Hughes Inc.’s weak forecast and
Close(`) Price(`) (%)
MVL 13.35 12.40 -7.12 Hewlett-Packard Co.’s restructuring plans pulled down
Amtek India 106.20 103.20 -2.82 the investor sentiments.
Glodyne Tech 382.30 372.35 -2.60 The Dow Jones Industrial Average dropped 45.57
EID Parry 199.45 195.00 -2.23 points, or 0.4%, to 13,124.62. The Nasdaq gained 1.17
Religare Enter 390.35 382.30 -2.06 point, or 0.04%, to 3,075.32, led by Google Inc.
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3. K E Y N O T E
INSTIT UT IONAL R ES EAR C H
India and Global Economic Calendar
Countries / Thursday Friday Monday Tuesday
Regions 22/Mar 23/Mar 26/Mar 27/Mar
India Forex Reserves Data
Weekly Supplement
of RBI
US Continuing Jobless New Home Sales Pending Home Sales S&P/Case-Shiller
Claims (MoM) (Feb) Index Home Price Indices
(YoY)
Initial Jobless Claims Dallas Fed Mfg Consumer Confidence
Survey
Fed's Bernanke Richmond Fed
Speech Manufacturing Index
Global Germany's UK's Nationwide UK's Gross Domestic
Purchasing Manager Housing Prices n.s.a Product (QoQ) and
Index Manufacturing (YoY) and (MoM) (YoY)
and Services
Eurozone's Germany's Gfk UK's Total Business
Purchasing Manager Consumer Confidence Investment (YoY) and
Index Manufacturing Survey (QoQ)
and Services
UK's Retail Sales Germany's IFO - UK's CBI Distributive
(YoY) and (MoM) Business Climate and Trades Survey -
Current Assessment Realized (MoM)
Eurozone's Industrial
New Orders s.a.
(MoM) and (YoY)
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