1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Thursday, May 10, 2012
Domestic Markets Snapshot Views on markets today
Name of Index May 8 May 9 Change (%) • Indian markets fell for the second straight day to
reach their lowest closing level in 16-weeks yesterday
Sensex 16,546.18 16,479.58 -0.40%
tracking global markets as the deepening worries over
CNX Nifty 4,999.95 4,974.80 -0.50%
the euro zone are weighing on risk assets globally,
BSE Mid-cap 6,053.89 5,994.50 -0.98% with the post-Greek election uncertainty hitting Asian
BSE IT 5,533.39 5,545.03 0.21% shares. The worsening global risk environment is
BSE Banks 11,051.80 10,842.68 -1.89% combining with the concerns over taxation of foreign
FII Activity (`Cr) investors in India and doubts about the country's
economic and fiscal outlooks. As a result, markets are
Date Buy Sell Net turning defensive, especially as foreign investors has
8-May 1,910 2,279 -369 turned net seller and sold nearly `10bn in the last two
7-May 2,191 2,784 -593 sessions. Except FMCG and IT, all sectoral indices
Total May 12,207 12,321 -115 closed on negative note with real estate, metal, bank
2012 YTD 248,585 205,239 43347 and power stocks were major losers. Reliance
Industries (RIL) edged lower on reports the firm has
MF Activity (`Cr) reduced estimates for proven gas reserves from its
Date Buy Sell Net Indian blocks by 6.6% to 103.958 billion cubic meters
7-May 622 596 26 due to lower-than-expected output from its east coast
4-May 472 675 -204 gas field. Mahindra & Mahindra lost 3.2% on news that
fire broke out in one of the storage areas for a plant
Total May 1,798 2,272 -474
that manufactures its Scorpio and Xylo TCF vehicles in
2012 YTD 46,792 53,366 -6574
North Maharashtra. ITC shares added 5.73%, reversing
Volume & Advances / Declines a slump over the previous seven sessions, as analysts
NSE BSE say the changes to the pricing methodology for a
proposed excise duty would be positive for cigarette
Trading Volume (Cr) 66.25 22.97
manufacturers. Ranbaxy Laboratories gained 4.2%
Turnover (`Cr) 11,014 2,069
after its Jan-March net profit rose four-fold, boosted by
Advances 404 936 forex gains and Lipitor sales.
Declines 1,066 1,796
• Market breadth was lower at ~0.52x as investors sold
Unchanged 70 124 large cap stocks. On provisional basis, FIIs sold equity
Total 1,540 2,856 of `3.76bn while domestic institutions bought equity of
Global Markets `1.62bn in cash segment.
• Asian shares are mostly up today, after a sharp
Index Latest Values Change (%)
decline over last few days, as investors started
DJIA 12,835.06 -0.75%
recovering some of the losses.
NASDAQ 2,934.71 -0.39%
• We expect moderately positive opening for the Indian
Nikkei * 9,065.03 0.22%
markets today, following the cues from the Asian
Hang Seng * 20,314.72 -0.08% markets. However, the uncertainties over global
* as of 8.25AM IST economic developments and the domestic worries
Currencies / Commodities Snapshot would weigh on the markets.
Latest Previous Economic and Corporate Developments
Quote Close • The Cabinet is expected to consider today the bill for
Indian Rupee per $ 53.75 53.14 setting up coal sector regulator to ensure
Indian Rupee per € 69.52 69.09 transparency in the allocation of coal blocks and to
NYMEX Crude Oil($/bbl) 96.69 96.81 expedite the resolution of pricing disputes.
Gold ($/oz) 1,592.90 1,594.20 • The government said it will soon start auctioning 54
Silver ($/oz) 29.14 29.20 coal blocks that have an estimated 18.22 billion
tonnes of reserves.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • RIL said it signed a $2bn equivalent loan with nine
Previous Current Change banks covered by Euler Hermes Deutschland AG
Company Name
Close(`) Price(`) (%) earlier this week in Germany. The loan will be used
Emami 439.10 475.45 8.28 to finance goods and services procured from German
ITC 227.30 240.05 5.61 suppliers as part of RIL's petrochemicals expansion
Ranbaxy Lab 493.70 512.45 3.80 projects at Jamnagar, Hazira, Silvassa and Dahej.
Apollo Tyres 82.10 84.60 3.05 • The Hindustan Petroleum Corporation Ltd. board
Glenmark Ph 329.75 339.75 3.03 would consider signing crude import agreement with
(BSE Mid-Cap) the State Oil Company of Azerbaijan Republic
(SOCAR), a top official said. The Azerbaijani company
Previous Current Change has come forward to supply crude and the proposal
Company Name
Close(`) Price(`) (%)
will be taken up with the HPCL doard, said K Murali,
Rallis India 119.75 130.45 8.94
director (refineries). Murali said the initial quantities
Emami 439.10 475.45 8.28
from Azerbaijan would be in the range of 0.5 million
VST Inds 1776.65 1877.00 5.65
tons.
Berger Paints 117.60 122.55 4.21
India Infoline 45.80 47.65 4.04
• Vakrangee Softwares bagged Rajasthan Common
Service Centres (CSC) Project from Department of
TOP LOSERS Information Technology & Communication.
• The power generation business of Cummins India
(BSE A-Group)
Limited announced an increase in prices of up to 3%
Previous Current Change for its diesel generator sets and generator set
Company Name
Close(`) Price(`) (%)
engines in the range of 7.5 kVA and 3000 kVA,
Manappuram Fin 24.20 20.70 -14.46
attributing the same to current industry dynamics
GMR Infra 24.30 22.60 -7.00
and projected market conditions. The price increase
HDIL 71.15 66.45 -6.61
will be effective from June 1, 2012.
United Spirits 696.35 651.35 -6.46
• In a bid to cash in on the declining denim capacities
Andhra Bank 116.50 109.60 -5.92
in China, Arvind is set to partner with a local denim
(BSE Mid-Cap) mill there to tap the Chinese market.
Previous Current Change US markets
Company Name
Close(`) Price(`) (%)
US stocks declined Wednesday, leaving the Dow
Manappuram Fin 24.20 20.70 -14.46
industrials in the red for a sixth session, as investors
Arvind 89.10 77.10 -13.47
fretted about political uncertainty in Greece.
GVK Power 14.05 12.80 -8.90
HDIL 71.15 66.45 -6.61
The Dow Jones Industrial Average ended at 12,835.06,
off 97.03 points, or 0.8%. The S&P 500 index shed 9.14
REI Agro 10.47 9.83 -6.11
points, or 0.7%, to 1,354.58. The Nasdaq Composite
index dropped 11.56 points, or 0.4%, to 2,934.71.
Keynote Capitals Institutional Research (research@keynotecapitals.net) (+9122-30266000)

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 10/May 11/May 14/May 15/May
India Forex Reserves Data Monthly WPI based
inflation data
Weekly Supplement
of RBI
Cumulative
Industrial Output,
Industrial Output &
Manufacturing
Output
US Continuing & Initial Producer Price Index Retail Sales (MoM)
Jobless Claims (YoY)
Trade balance Reuters/ Michigan Retail Sales ex Autos
Consumer (MoM)
Sentiment Index
Import Price Index Business Inventories
Global China Trade Balance China Producer Price Germany's Gross
Index (YoY) & Domestic Product
Consumer Price n.s.a (YoY)
Index (YoY)
UK Industrial China Industrial Germany's Gross
productions Production (YoY) & Domestic Product
Retail Slaes (YoY) s.a (QoQ)
UK Producer Price
Index - Input (YoY &
MoM) n.s.a
UK Producer Price
Index - Output (YoY
& MoM) n.s.a
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