This document provides a market summary and commentary for the Indian market on December 24, 2010. Key highlights include: - The BSE Sensex closed up 0.45% at 20,074 and the NSE Nifty rose 0.53% to 6,012, with gains across various indices. - In global markets, the Dow Jones and FTSE 100 rose slightly while the Nasdaq and Nikkei fell. Asian markets opened mixed. - Various sectors such as consumer durables, metals and FMCG saw gains over 1%, while autos fell 0.52%. - Crude oil fell slightly to $91.4 per barrel while gold and silver closed flat. The rupee

1. December 27, 2010
Volume: 1 | Issue: 389| November 1, 2010
INDIAN MARKET 24-Dec 23-Dec % Change COMMENTARY
BSE Sensex 20,074 19,983 0.45 INDIA
NSE Nifty 6,012 5,980 0.53 After spending most of the week in a tight range the key Indian stock indices finally gave investors
BSE Midcap 7,627 7,608 0.25 something to cheer about ahead of the Christmas weekend.ADAG stocks were on fire and RCOM surged
BSE Smallcap 9,354 9,325 0.32 by 10%. Tyre stocks gained after the Government decided to cut the import duty on natural rubber.
Nifty Junior 11,984 12,014 (0.25) Public sector oil marketing companies came under some pressure after crude oil prices moved past the
CNX Midcap 8,699 8,686 0.15 US$91 per barrel mark. The BSE Sensex closed at 20,074, up 0.45% over the previous close. The NSE Nifty
rose 0.53% ending at 6012.The best part about Friday's session was that the advance was across the
board, with the broader market also participating in it. The BSE Small-cap index and the BSE Mid-cap
index gained ~0.3% each.
GLOBAL MARKETS 24-Dec 23-Dec % Change
Dow Jones Ind (USA) 11,573 11,559 0.12 The market breadth was positive with 1,573 shares rising and 1,263 shares falling on the BSE.
Nasdaq Composite(USA) 2,665 2,671 (0.22)
S&P 500 (USA) 1,257 1,258 (0.10) GLOBAL MARKETS
FTSE 100 (UK) 6,009 5,996 0.22 Investors kept an upbeat outlook in light preholiday trade on Thursday as data buttressed views of
DAX (Germany) 7,058 7,057 0.01 steady economic growth, with stocks on track for a fourth straight week of gains. New home sales and
Nikkei 225 (Tokyo) 10,279 10,346 (0.65) prices edged up in November, while consumer sentiment rose in December to its highest level since
Hang Seng (Hong Kong) 22,834 22,903 (0.30) June, reports showed. The Dow Jones industrial average ended the week in green up by 0.12% The
Shanghai Comp (China) 2,835 2,855 (0.71) Standard & Poor's 500 Index dipped 0.10%, to 1,257. The NasdaqComposite Index eased 0.22%, to
2,665.
KOSPI (South Korea) 2,029 2,038 (0.42)
STI (Singapore) 3,144 3,138 0.20 We have a mixed opening from the Asian markets Nikkei is up by 0.50%,,STI is up by 0.24% .
MSCI Emerging Market 427 428 (0.23)
MSCI Frontier Market 593 591 0.26
BOND MARKETS 24-Dec 23-Dec Change CORPORATE/ ECONOMY NEWS
10yr G-Sec Yield 7.96 8.01 (0.05) Tata Steel, the largest shareholder in mining firm Riversdale, said that it is looking at various
1yr G-Sec Yield 7.34 7.34 0.00 options, including bidding solo, for the Australian entity which has already received a 3.9 billion
LIBOR (6m) 0.46 0.46 0.00 Australian dollar bid from Rio Tinto.A consortium of five state-run companies International Coal
LIBOR (1m) 0.26 0.25 0.01 Ventures Ltd (ICVL) is also exploring the possibility of bidding for Riversdale.
Interbank Call rate 7.0 6.9 0.08
Welspun Group's Welspun Infra Projects today said it has acquired 35 per cent stake in Leighton
Contractors (India) for Rs 470-crore to pursue infrastructure opportunities in India.
BSE Turnover Rs Cr('000) Sensex Godrej Properties Ltd has opened bookings for the 2nd phase of Godrej Frontier, its residential project
20100 4.0 in Gurgaon. The company had sold over 200 apartments, translating to over 480,000 sqft, in the 1st
20050 3.5 phase within 2 days of its launch on 23rd October this year.
20000 3.0
2.5 Indian refiners processed less crude for the fourth straight month in November as against last year.
19950 Domestic refiners processed 3.16mn barrels per day (bpd) in November, 3.7% less than a year ago, but
2.0
19900 recovering from a 4.8% decline in October despite softening refining margins for the month. Reliance
1.5
19850 Industries Ltd. and Bharat Petroleum Corp., have reportedly reduced crude-oil processing in
1.0
November for the fourth consecutive month.
19800 0.5
19750 0.0 Shares of six stocks belonging to the Anil Dhirubhai Ambani Group gained between 2.75% to
20-Dec 21-Dec 22-Dec 23-Dec 24-Dec 9.89%, on momentum buying, playing a catch-up with rest of the market, after underperforming
over the past year. Reliance Communications (up 9.89%), Reliance Broadcast Network (up
5%), Reliance Capital (up 2.75%), Reliance Media Works (up 5.22%), Reliance Power (up
4.31%), and Reliance Infrastructure (up 3.55%), advanced.
NSE Turnover Rs Cr('000) Nifty
6020 14 The IPO of Ravi Kumar Distilleries will list today. The IPO had been subscribed 2.22 times as it garnered
6000 12 bids for 2.55 crore shares compared with 1.15 crore shares on offer.
5980 10
88.38 #DIV/0!
8 Reliance Life Insurance, an Anil Ambani group company, is targeting a two-fold rise in its asset under
5960 management (AUM) to over Rs 30,000 crore by the end of 2011-12 from Rs 17,000 crore at present.
6
5940 4 National Hydroelectric Power Corporation (NHPC) is set to ramp up its power generation capacity in
5920 2 the country to 5,322 MW by the end of the 11th Five-Year Plan in March, 2012.
5900 0
20-Dec 21-Dec 22-Dec 23-Dec 24-Dec
`

2. December 27, 2010
Volume: 1 | Issue: 389| November 1, 2010
SECTOR 24-Dec 23-Dec % Change CORPORATE NEWS
Consumer Durables 6,106 5,998 1.79 The country's largest lender State Bank of India is planning to open another 30
Metal 17,274 17,041 1.37 overseas offices in the next year to increase its global balance sheet size.
FMCG 3,585 3,538 1.33
Healthcare 6,580 6,515 1.01 Japanese tyre maker Bridgestone Corporation said that it is investing Rs 170 crore at
Power 2,933 2,910 0.78 its factory in Indore to manufacture truck and bus radial tyres by May next year.
Realty 2,765 2,744 0.76
Capital Goods 15,196 15,093 0.68 State-run NMDC is likely to raise iron ore prices by three per cent next week for the
January- March quarter, a move which could prompt domestic steel makers like JSW and
Teck 3,962 3,937 0.64
Tata Steel to increase prices in the New Year.
IT 6,694 6,681 0.20
Bankex 13,016 13,014 0.01 Bharati Enterprises, which has a 25 per cent stake in Bharti-AXA Mutual Fund, a unit of
Oil&Gas 10,629 10,641 (0.10) Axa SA, is likely to sell its stake in the mutual fund firm to Bank of India.
PSU 9,326 9,341 (0.17)
Auto 10,017 10,069 (0.52) Electrical components maker Havells India expects to double its capacity for compact
fluorescent lamps (CFLs) within the next two years.Havells's plant in India will produce
10 million CFLs in the next two years, as the company looks to leverage its Sylvania
brand, which was launched in India recently.
Bharti Airtel will delist its Lusaka-listed Celtel Zambia unit following a mandatory offer
to buy out minority shareholders that raised its shareholding to almost 97 per cent.
BSE Upper Circuit Breakers
Company Name 24-Dec 23-Dec % Change Real estate firm Housing Development and Infrastructure Ltd (HDIL) said that it has
Jindal World 297.5 247.9 20.00 launched the second phase of its mega-township project, Paradise City, being
Shalibadra Finance 47.4 43.1 10.00 developed at Palghar.
Uniply Industries 15.4 14.0 10.00
Amani Trading 123.9 118.0 5.00 Tata Group is0 planning to increase its number of budget hotels to over 70 from 25 at
Elder Health 83.0 79.0 5.00 present in the next few years, taking advantage of the potential in the hospitality sector.
Gujarat State Petroleum Corporation (GSPC) has discovered a "huge reservoir of gas"
in an onland exploration block in Ankleshwar, Gujarat.
Ceat Ltd, India's fourth largest tyre maker, plans to continue 1-2 per cent price hikes of
its tyres having decided big price increases unfeasible. High prices of natural rubber has
BSE Lower Circuit Breakers played havoc with profit margins of tyre makers with domestic rubber prices jumping
Company Name 24-Dec 23-Dec % Change nearly 50 per cent so far this year.
Sujana Metal 15.4 16.2 (5.00)
Spectacle 52.9 55.7 (5.00) After sealing the area of the nitrogen gas leak that left two persons dead, Dr Reddy's
Laboratories (DRL) is to be served a notice on the incident that occured at its
Bheema Cem 34.2 36.0 (5.00)
manufacturing plant at Bollaram on the outskirts of Hyderabad
Shree Ashtavinayak 10.2 10.7 (5.00)
Ensa Steels 17.0 17.9 (5.00) Timken India, manufacturer of engineered bearings, alloy steels, and related
components and assemblies plans to expand its tapered roller bearing manufacturing
capacity in India by approximately 2.4 million races of upto 8 inch tapered roller
bearings per annum.The expansion plan has been approved by the board in view of the
growing demand in construction, other off-highway vehicles, heavy trucks and other
commercial transportation systems both in India and globally. The commercial
production from this capacity addition is expected to start in the second quarter of 2011
and will require an estimated investment of Rs 36 crore.
COMMODITY 24-Dec 23-Dec % Change COMMODITY / CURRENCY NEWS
Crude Oil (USD/bbl) 91.4 91.5 (0.11)
Gold (Rs/10gm) 20,475.0 20,438.0 0.18
Silver (Rs/kg) 44,410.0 44,440.0 (0.07) Light Sweet Crude Oil on Fridaywas down by 0.11% at $91.4 per barrel. Gold closed up by
0.18% at Rs 20,475 and Silver closed flat at Rs. 44,410.
CURRENCY 24-Dec 23-Dec % Change The Indian Rupee closed higher against the dollar at 45.11 as the Indian equity
INR / USD 45.11 45.16 (0.11) benchmarks ended on positive note.
USD / Euro 1.31 1.31 (0.15)
Yen / USD 82.86 83.04 (0.22)

3. December 27, 2010
Volume: 1 | Issue: 389| November 1, 2010
FUTURES PREMIUM/DISC Cash Futures P/D% ECONOMY / POLICY NEWS
Concor 1231.0 1,251.0 1.62 After garnering about Rs 2,000 crore from the sale of land in Mumbai's prime
Core Project 321.5 326.3 1.49 locations, the National Textile Corporation has fixed a reserve price of Rs 300
Sterlinbio 101.1 101.9 0.74 crore for its two-acre property in Bangalore.
BGR Energy 696.1 701.0 0.70
Optocircui 254.9 256.6 0.67 Bombay Stock Exchange Ltd. (BSE) and Taqwaa Advisory and Shariah
Hotel Leela 46.0 46.3 0.65 Investment Solutions (TASIS) will launch the BSE TASIS SHARIAH 50 Index on
PFC 322.9 321.8 (0.34) Monday, Dec 27, 2010. The Index will be the first Shariah Index created in India
utilizing the strict guidelines and local expertise of a domestic, India-based
Bajajhldng 866.7 863.9 (0.32)
Shariah advisory board. The BSE TASIS Shariah 50 index consists of the 50
Abirlanuvo 836.5 834.4 (0.25) largest and most liquid Shariah compliant stocks within the BSE 500.
Boschltd 6240.6 6,225.0 (0.25)
Cumminsind 751.7 750.1 (0.21) TASIS employs a strict, proprietary screening process utilizing their knowledge
Gail 513.8 512.7 (0.20) of and local access to listed Indian companies to ensure that all stocks included
within the BSE TASIS Shariah 50 are strictly compliant with Islamic Shariah law.
INSTITUTIONAL ACTIVITY (Rs Cr) 2-Dec 1-Dec YTD TASIS has adopted financial screening norms that are more conservative than its
FII Cash Net 463 447 129,858 peers, making the product ideal for Islamic investors seeking investments that
FII Stock Futures 697 753 (11,902) adhere to the strict, conservative Shariah compliance norms.
FII Index Futures 606 937 (11,184)
China’s central bank on Saturday increased benchmark interest rates for the
Mutual Fund 229 294 (29,460)
second time in just over two months, as policymakers continue their efforts to
rein in stubbornly high inflation
VALUATIONS P/E P/B DIV YLD
BSE 23.1 3.8 1.0
NSE 24.0 3.8 1.0
BSE500 Mcap/GDP Ratio 0.65
MOVERS & SHAKERS
4.91
TOP 5 FRONTLINE GAINERS TOP 5 MIDCAP GAINERS TOP 5 SMALLCAP GAINERS
Name Rs % Name Rs % Name Rs %
Reliance Comm 141.90 10.51 BF Utilities 844.3 19.47 Jindal World 297.45 19.99
Reliance Infra 814.80 3.40 JUBL FOOD 631.25 5.53 Hercules Hoist 310.65 15.12
Sterlite Inds 184.80 2.58 Bajaj Hind 117.7 5.32 Hanung Toys 226.6 9.71
Hindalco Inds 239.35 2.42 MVL 24.25 4.75 Bajaj Hind Sugar 23.7 7.73
ITC 169.85 1.8 HCL Infosystems 113.85 4.59 Hawkins Cook 1123.3 7.29
TOP 5 FRONTLINE LOSERS TOP 5 MIDCAP LOSERS TOP 5 SMALLCAP LOSERS
Name Rs % Name Rs % Name Rs %
Tata Motors 1306.1 -3.17 Money Matters 144.25 -4.97 Lloyds Metal 40.5 -7.11
BHEL 2284.75 -1.01 Shree Ashtavina 10.25 -4.65 Asian Hotels (East) 336 -6.15
ICICI Bank 1119.05 -1.01 Simplex Infra 414.15 -4.47 Relaxo Foot 346 -5.58
ONGC 1294.6 -0.48 Ballarpur Inds 37 -3.65 Sahara One 159 -5.36
HDFC 698.95 -0.28 Jain Irrigation 207.25 -2.93 Graviss Hospitality 26.85 -5.29
BULK DEALS
SCRIPT NAME CLIENT NAME TYPE QTY % PRICE
NSE
ASHCONIUL Bp Fintrade Private Limited BUY 0.98% 5.8
CINEMAX Union Investment Luxembourg Uniasia BUY 1.07% 53.5
ISPATIND Jaypee Capital Services Ltd. BUY 0.53% 22.4
R.P.P. Infra Projects Ltd Crosseas Capital Services Pvt. Ltd. SELL 0.55% 60.8
Talwalkar Fitness Ltd Credit Suisse (Singapore) Limited A/C Credit Suisse (Singap SELL 0.52% 256.6
BSE
ABG Shipyard Reliance Mutual Fund BUY 0.60% 367
Amulya Leas Sangeeta Pareeku BUY 0.52% 36.5
Arvind Intl Jmp Securities Pvt Ltd BUY 0.26% 20.56
MOIL LTD Crosseas Capital Services Private Limited SELL 0.64% 465.5
Kinetic Engr Iifl Capital Mumbai Fund SELL 0.48% 163.6