- The Indian stock markets reversed gains from the previous day and closed lower due to risk aversion in global markets and fears about the impact of an earthquake in Indonesia. - Key indices like the Sensex and Nifty fell around 0.3% while mid-cap stocks declined more. Selling pressure was seen in metal, consumer durable, oil & gas and capital goods stocks. - Market volatility is expected to continue ahead of important domestic economic data releases and the RBI's monetary policy meeting next week.

1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Thursday, April 12, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Apr 10 Apr 11 Change (%) • Indian markets reverse the previous day gain and
Sensex 17,243.84 17,199.40 -0.26% closed on negative note amid high volatility as a
global flare-up of risk aversion hit blue chips such as
CNX Nifty 5,243.60 5,226.85 -0.32%
Reliance Industries, though broader losses were cut as
BSE Mid-cap 6,370.45 6,330.39 -0.63%
banking stocks gained on speculation the RBI could
BSE IT 5,980.82 5,991.98 0.19% cut the cash reserve ratio. Fears about the potential
BSE Banks 11,766.02 11,788.84 0.19% impact in southern India from a powerful 8.6
FII Activity (`Cr) magnitude earthquake off Indonesia also kept
investors on edge. Nevertheless, the market staged an
Date Buy Sell Net
intraday rebound in volatile late trade on higher
10-Apr 1,903 2,942 -1039 European stocks, but could not sustain the gain and
9-Apr 1,085 1,338 -253 closed lower. Investors are looking for a series of
Total Apr 6,409 7,198 -789 important data in the days ahead, with IIP on
2012 YTD 206,643 162,104 44538 Thursday, Infosys result on Friday, inflation on Monday
and the Reserve Bank of India's policy meeting on
MF Activity (`Cr)
April 17. The downward movement was mainly led by
Date Buy Sell Net selling pressure in metal, consumer durable, oil & gas
9-Apr 194 401 -207 and capital goods stocks while pharma, bank, IT and
4-Apr 372 417 -45 FMCG stocks witnessed some buying activities which
Total Apr 1,426 1,645 -220 gave some support to the markets. Cement stocks fell
sharply amid reports that the Competition Commission
2012 YTD 37,371 43,164 -5794
of India was soon likely to announce ruling on alleged
Volume & Advances / Declines price cartelisation in the sector. A negative ruling was
NSE BSE expected to hurt profits and pricing power of cement
Trading Volume (Cr) 68.53 23.98 manufacturers. Shares in Indian airlines jumped on
expectations the government will soon allow foreign
Turnover (`Cr) 11,065 2,383
carriers to invest in local airlines, providing a lifeline to
Advances 568 1,232
cash-starved and debt-laden carriers such as
Declines 902 1,539 Kingfisher Airlines. Jet Airways rose 5%, while SpiceJet
Unchanged 76 121 rose 5.5% and Kingfisher gained 6.7%.
Total 1,546 2,892 • Market breadth was lower at ~0.80x as investors sold
Global Markets large cap stocks. On provisional basis, both FIIs and
domestic institutions sold equities worth `4.45bn and
Index Latest Values Change (%)
`0.83bn, respectively.
DJIA 12,805.39 0.70%
NASDAQ 3,016.46 0.84%
• Asian markets moderately up today, after of strong US
markets overnight.
Nikkei * 9,470.52 0.12%
Hang Seng * 20,178.36 0.19%
• We expect a positive opening for the Indian markets.
However, the markets may remain highly volatile
* as of 8.25AM IST
ahead of key economic developments, which include
Currencies / Commodities Snapshot IIP data today, inflation on Monday and monetary
Latest Previous policy on Tuesday next week.
Quote Close
Economic and Corporate Developments
Indian Rupee per $ 51.33 51.47
• The country's industrial output growth in February is
Indian Rupee per € 67.41 67.44
expected to fall below 6.8% recorded in January even
NYMEX Crude Oil($/bbl) 102.61 102.70
though there are some signs of pick-up in
Gold ($/oz) 1,658.70 1,659.00 manufacturing and consumer goods, according to
Silver ($/oz) 31.58 31.52 consensus.
Keynote Capitals Institutional Research (research@keynotecapitals.net) (+9122-30266000)
Keynote Capitals Institutional Research is also available on
Bloomberg KNTE <GO>, Thomson One Analytics, Reuters Knowledge, Capital IQ, TheMarkets.com and securities.com
Keynote Capitals Institutional Research - winner of “India’s Best IPO Analyst Award 2009” by MCX-Zee Business
To unsubscribe from this mailing list, please reply to unsubscribe@keynotecapitals.net

2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • A SAIL-led consortium will bid for copper and gold
Previous Current Change reserves in the mineral-rich country, steel minister
Company Name
Close(`) Price(`) (%) Beni Prasad Verma said on Wednesday. Verma met
Strides Arco 596.00 631.90 6.02 Afghanistan President Hamid Karzai on Tuesday
Financial Tech 706.45 747.10 5.75 during his visit there and discussed various aspects
Max India 181.65 188.25 3.63 of bilateral cooperation and mutual development.
Kotak Mah Bank 545.05 560.00 2.74 SAIL-led consortium and Afghanistan government
Hexaware Tech 116.95 120.00 2.61 are likely to ink a final pact in May to develop
Hajigak iron ore mines and set up steel and power
(BSE Mid-Cap) plants there.
Previous Current Change • Jet Airways has said there has been some delays in
Company Name
Close(`) Price(`) (%)
its payments to airports due to rising fuel costs and
Godfrey Phil 3333.50 3542.95 6.28
a depreciating rupee.
Strides Arco 596.00 631.90 6.02
Financial Tech 706.45 747.10 5.75 • National Thermal Power Corporation Limited (NTPC)
Jet Air India 340.60 358.50 5.26 has expressed confidence to cross its power
Fresenius Kabi 153.40 159.70 4.11
generation target during the 12th five year plan.
• Piramal Healthcare on Wednesday announced it has
TOP LOSERS received European regulatory nod to sell BST-CarGel,
a bio-orthopaedic product. The approval will enable
(BSE A-Group)
Piramal to commercialise BST-CarGel in all of the
Previous Current Change countries in the European Union. It will also serve as
Company Name
Close(`) Price(`) (%)
the basis to obtain commercial authorisation for the
Gujarat Gas 341.95 316.85 -7.34
product in areas such as West Asia.
Century Tex 368.05 345.35 -6.17
Reliance Cap 381.45 360.55 -5.48
• Ashok Leyland is to enter Britain’s mid-range truck
market through a tie-up by its Prague-based
ACC 1300.80 1236.65 -4.93
subsidiary, Avia Ashok Leyland.
United Brew 538.75 513.45 -4.70
US markets
(BSE Mid-Cap)
U.S. stocks rose overnight, after Spanish and Italian
Previous Current Change bond yields fell and aluminum maker Alcoa Inc.
Company Name
Close(`) Price(`) (%)
reported a surprising profit.
COX KINGS 155.95 143.70 -7.86
India Cements 104.85 96.75 -7.73 The Dow Jones Industrial Average rose 89.46 points, or
Gujarat Gas 341.95 316.85 -7.34 0.7%, to 12,805.3. The S&P 500 Index gained 10.12
Century Tex 368.05 345.35 -6.17
points, or 0.7%, to 1,368.71. The Nasdaq Composite
added 12.24 points, or 0.8%, to 3,016.46.
Edelweiss Capital 31.55 30.25 -4.12
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 12/Apr 13/Apr 16/Apr 17/Apr
India IIP Data Forex Reserves Data Monthly Inflation RBI's Monetary
Policy
Weekly Supplement
of RBI
US Initial Jobless claims Consumer Price Retail Sales Housing Starts
Index & Consumer (MoM)
Price Index Ex Food
& Energy (YoY &
MoM)
Producer price Index Retail Sales & Retail Empire State Index Capacity Utilization
Sales Ex Autos and Home builders'
(MoM), index
Trade balance Reuters/ Michigan Business Inventories Building Permits
Consumer (MoM)
Sentiment Index
Global UK trade balance UK Producer Price UK's Building
data Index - Input (YoY & Permits (MoM) and
MoM) n.s.a (YoY)
Germany WPI Data UK Producer Price Japan's Industrial
Index - Output (YoY Production (MoM)
& MoM) n.s.a and (YoY)
European central China Industrial
bank (ECB) monthly Production (YoY),
report GDP (YoY), Retail
Sales (YoY)
KEYNOTE CAPITALS LTD.
4th Floor, Balmer Lawrie Building, 5, J. N. Heredia Marg, Ballard Estate, Mumbai 400 001. INDIA
Tel. : 9122-2269 4322 / 24 / 25 • www.keynotecapitals.com
Disclaimer: This report is purely for information purpose and is based on public information. News content is attributable to
various media, unless specified otherwise. All market related statistical data pertains to the immediately preceding trading day,
unless stated otherwise. Neither the information nor any opinion expressed in this report constitutes an offer, or an invitation to
make an offer, to buy or sell the securities mentioned herein. We or any of our directors, officers or employees shall not in any
way be responsible for any loss arising from the use of this report. Investors are advised to apply their own judgment before
acting on the contents of this report. The report has not been edited due to time constraints.