1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Friday, July 27, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Jul 25 Jul 26 Change (%) • Indian markets fell for the second straight day
yesterday and reached their lowest closing level in
Sensex 16,846.05 16,639.82 -1.22%
more than seven weeks as lenders were hit by
CNX Nifty 5,109.60 5,043.00 -1.30%
expectations the central bank will keep interest rates
BSE Mid-cap 6,066.29 5,940.94 -2.07% on hold next week, concerns arising from erratic
BSE IT 5,237.37 5,158.25 -1.51% monsoon rains this year and earnings disappointment
BSE Banks 11,784.32 11,586.94 -1.67% dented ITC and BHEL. Investors fear that the
FII Activity (`Cr) government will hold off on widely anticipated fuel
subsidy and retail reforms because of renewed
Date Buy Sell Net opposition from party and coalition allies, which
25-Jul 1,771 2,020 -249 extended recent falls in state-run oil stocks. BSE
24-Jul 1,568 1,779 -211 Sensex was down 206.23 points or 1.22%, up close to
Total Jul 39,645 30,612 9032 40 points from the day's low and off about 260 points
2012 YTD 363,170 313,127 50042 from the day's high.
• Interest rate sensitive real estate fell on speculation
MF Activity (`Cr)
the Reserve Bank of India (RBI) will keep its key policy
Date Buy Sell Net rate viz. the repo rate unchanged at a monetary policy
25-Jul 485 453 31 review on Tuesday, 31 July 2012. Organized retailers
24-Jul 510 477 33 extended recent losses triggered by reports that
Total Jul 6,960 9,086 -2126 leaders from Samajwadi Party and leftist parties have
2012 YTD 70,103 78,074 -7971
opposed FDI in multi-brand retail outlets.
• Tulip Telecom fell a staggering 25.98% at `88.05 after
Volume & Advances / Declines
credit rating agency Fitch Ratings downgraded Tulip's
NSE BSE National Long-Term rating to 'Fitch A-(ind)' from 'Fitch
Trading Volume (Cr) 92.65 21.41 A+(ind)' and placed the rating on Rating Watch
Turnover (`Cr) 13,041 2,175 Negative (RWN). ITC lost 2.1% after India's largest
Advances 312 842 cigarette maker lagged market forecasts despite a
20% jump in April-June profits, due to slower-than-
Declines 1,159 1,934
expected growth in cigarette volumes. JSW Steel fell
Unchanged 66 121
3.9% after quarterly profit was half of what analysts
Total 1,537 2,897 had expected due to a foreign exchange loss and
Global Markets higher raw material costs.
Index Latest Values Change (%) • Market breadth was weak at ~0.44x as investors sold
DJIA 12,887.93 1.67% large cap stocks. On provisional basis, FIIs sold equity
of `11.81bn while domestic institutions bought equity
NASDAQ 2,893.25 1.37%
of `4.23bn in the cash segment.
Nikkei * 8,561.71 1.40%
• Asian markets reacted positively to the European
Hang Seng * 19,258.74 1.94%
developments and strong close of the US markets.
* as of 8.25AM IST
• We expect a strong opening for the Indian markets,
Currencies / Commodities Snapshot counting on the rise in the Asian markets.
Latest Previous Economic and Corporate Developments
Quote Close
Indian Rupee per $ 55.49 56.16 • Cabinet to mull 4 options on spectrum pricing on
Tuesday.
Indian Rupee per € 68.14 68.24
NYMEX Crude Oil($/bbl) 89.57 89.39
• Cabinet to view 1% subvention proposal for Rs 25L
homes.
Gold ($/oz) 1,613.40 1,615.00
• IMD says monsoon rains 20% below average in week
Silver ($/oz) 27.49 27.45
to July 25.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS
(BSE A-Group)
Previous Current Change Buzzing Stocks
Company Name
Close(`) Price(`) (%)
Sun TV Network 285.80 297.40 4.06
• Wockhardt sells its nutrition business to Dannone for
Ruchi Soya 81.85 84.45 3.18
`1280Cr.
Ambuja Cements 174.00 179.30 3.05 • RIL , BP revised downwards the investment required
Sun Pharma 609.85 624.00 2.32 for developing the MA oilfield in KG-D6 block by
Adani Ports 115.10 117.50 2.09 $276mn to $1.96bn
• SBI raises $1.25bn through a dollar-denominated
(BSE Mid-Cap)
bond issue.
Previous Current Change
Company Name • Onmobile Global mandates Avendus to assess its
Close(`) Price(`) (%)
Bayer Crop 774.75 867.75 12.00 value, atleast two shareholders looking to sell stake.
MTNL 26.80 29.60 10.45 • Deutsche Securities buys 9.15% stake in SKS
Puravankara Proj 66.80 72.80 8.98 Microfinance via QIP.
Allcargo Logistics 139.40 147.75 5.99 • Govt may ask Coal India to import coal for power
Jet Air India 327.30 339.40 3.70 companies.
US markets
TOP LOSERS
Positive remarks from European Central Bank President
(BSE A-Group)
Mario Draghi, robust US economic data and short
Previous Current Change recovery led to positive close for the US markets
Company Name
Close(`) Price(`) (%) overnight.
Pipavav Defence 77.65 62.15 -19.96
IOB 80.80 72.10 -10.77
Reliance Power 95.50 89.35 -6.44
JSW ENERGY 52.20 48.85 -6.42
Pantaloon Retl 167.35 156.75 -6.33
(BSE Mid-Cap)
Previous Current Change
Company Name
Close(`) Price(`) (%)
Tulip Telecom 118.95 88.05 -25.98
Era Infra 143.60 114.90 -19.99
Glodyne Tech 341.95 273.60 -19.99
Pipavav Defence 77.65 62.15 -19.96
Parsvnath Dev 57.75 46.25 -19.91
Keynote Capitals Institutional Research (research@keynotecapitals.com) (+9122-30266000)

3. K E Y N O T E
INSTIT UT IONAL R ES EAR C H
India and Global Economic Calendar
Countries / Friday Monday Tuesday Wednesday
Regions 27-Jul 30-Jul 31-Jul 1-Aug
India Forex Reserves RBI policy Trade deficit
Data
Bank Loan Growth Infrastructure output
US GDP Annualized & Dallas fed mfg Personal consumption FED monetary policy
GDP Purchase Price index price index & interest rate
Index
Reuters / Michigan consumer confidence ISM mfg PMI
Consumer
Sentiment Index
Construction
spending
Global Germany Consumer Eurozone Japan labor cash Germany market
Price Index (YoY & Consumer & earning & mfg data
MoM) Industrial construction order
Confidence
Germany Retail UK conumer Germany
Sales (YoY & MoM) credit and money Unemployment rate
supply
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