- Indian shares rose for a second consecutive session on Monday as banking stocks rallied on expectations that the cash crunch constraining the sector would ease in the new fiscal year due to government spending and central bank intervention. - Sentiment was also supported by foreign buying and improved global risk sentiment after China's manufacturing index rose. - Market breadth was strong with advances outnumbering declines by over 2 times as investors bought large cap stocks. Foreign institutional investors were net buyers of Indian stocks.

1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Tuesday, April 03, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Mar 30 Apr 2 Change (%)
• Indian shares rose for a second session in a row on
Monday, as banking stocks rallied on expectations the
Sensex 17,404.20 17,478.15 0.42%
cash crunch that had constrained the sector would
CNX Nifty 5,295.55 5,317.90 0.42% ease in the new fiscal year thanks to government
BSE Mid-cap 6,346.38 6,414.81 1.08% spending and a more vigilant central bank. Sentiment
BSE IT 6,081.87 6,117.44 0.58% was supported by foreign buying of Indian stocks,
BSE Banks 11,751.18 11,870.61 1.02% despite fears last week about taxation for overseas
investors, while global risk sentiment improved after
FII Activity (`Cr) China's manufacturing index rose to an 11-month
Date Buy Sell Net high. Investors are more optimistic in April, however,
29-Mar 3,948 5,248 -1299 on hopes the Reserve Bank of India will deliver a rate
cut at its April 17 meeting while government spending,
28-Mar 3,253 3,004 249
starting this week, could help ease a credit crunch in
Total Mar 60,116 52,385 7731 the banking sector. The upward movement was mainly
2012 YTD 193,173 149,144 44029 led by gain in consumer durable, power, capital goods,
MF Activity (`Cr) and real estate stocks while oil & gas, metal, pharme
and auto stocks witnessed some selling pressure.
Date Buy Sell Net Titan Industries surged 6.2% on a Press Trust of India
29-Mar 641 634 7 report that a unit of the Commerce Ministry will allow
28-Mar 446 501 -55 the company to import gold directly from overseas
Total Mar 10,287 11,742 -1456 market. India's largest utility vehicles and tractors
maker by sales Mahindra & Mahindra (M&M) gained
2012 YTD 35,647 41,129 -5483
1.66% after the company posted 25% increase in sales
Volume & Advances / Declines at 47,001 units in March 2012 over March 2011. L&T
NSE BSE rose 1.96% as its construction division has won new
orders valued over `1875Cr across various business
Trading Volume (Cr) 58.59 21.60
segments in March 2012. Reliance Industries fell
Turnover (`Cr) 9,254 2,050 1.34% due to fears falling refining margins and
Advances 1,105 1,932 reduced output from its KG-D6 gas blocks would hit
Declines 405 852 fiscal Q4 earnings.
Unchanged 54 95 • Market breadth was strong at ~2.27x as investors
Total 1,564 2,879 bought large cap stocks. On provisional basis, FIIs
bought equity of `2.45bn while domestic institutions
Global Markets sold equity of `0.73bn in cash segment.
Index Latest Values Change (%) • Asian markets posted solid gains on Tuesday after
DJIA 13,264.49 0.40% signs of strength in a gauge of U.S. manufacturing, but
NASDAQ 3,119.70 0.91% Japanese shares down on stronger yen.
Nikkei * 10,068.19 -0.41% • We expect a positive opening for the Indian markets
Hang Seng * 20,599.79 0.38%
today riding on the global rally and improved
sentiments on US economic data. Rising expectations
* as of 8.25AM IST
that the RBI will cut key interest rates will also boost
Currencies / Commodities Snapshot investor confidence.
Latest Previous Economic and Corporate Developments
Quote Close
• State-owned oil firms have hiked auto LPG prices by `6
Indian Rupee per $ 50.65 50.80
per litre, the third increase this year. Liquefied
Indian Rupee per € 67.69 67.65 Petroleum Gas (LPG) used as fuel in automobiles,
NYMEX Crude Oil($/bbl) 104.95 105.23 called auto LPG, will cost `49.72 per litre as against
Gold ($/oz) 1,678.00 1,677.50 `43.65 per litre price till last month, according to
Silver ($/oz) 33.03 33.08
Indian Oil Corporation, the nation's largest fuel
retailer.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Coal India Ltd (CIL) has posted a one per cent growth
Previous Current Change in production to 435.84 million tonnes (mt) during
Company Name
Close(`) Price(`) (%) the financial year 2011-12, as against 431.32 during
Titan Inds 228.60 242.70 6.17 the previous fiscal. It also comes out with a target
Godrej Inds 258.55 274.30 6.09 for 464.1 mt in 2012-13. In absolute terms, the
Bata India 769.20 809.55 5.25 firm’s production saw a rise of 4.52 mt over the
Power Finance 184.00 193.65 5.24 corresponding period last year.
REC 205.55 216.25 5.21 • NTPC has added a record capacity of 2,820 Mw
(BSE Mid-Cap) during the year 2011-12, surpassing its earlier
record of 2,490 Mw during 2010-11.
Previous Current Change
Company Name • Indian Oil Corp (IOC) said its refineries have
Close(`) Price(`) (%)
PTC India 61.15 67.15 9.81 recorded the highest ever crude processing of 55.6
HATHWAY CAB 164.70 178.10 8.14 million tonnes (mt) during 2011-12, surpassing the
Balkrishna Inds-$ 259.00 280.00 8.11 previous best of 53.0 mt achieved in the previous
Responsive Inds 85.75 92.55 7.93 year.
TV18 Broadcast 27.65 29.70 7.41 • Marico, the consumer goods major, is eyeing a five
per cent stake sale to fund its `600Cr acquisition of
TOP LOSERS Paras Pharmaceuticals' personal care portfolio.
(BSE A-Group) • SpiceJet will import aviation turbine fuel (ATF)
through a private oil marketing company at an
Previous Current Change
Company Name airport in southern India on a pilot basis to check the
Close(`) Price(`) (%)
Aurobindo Phar 118.90 113.90 -4.21 economic viability of the process.
OIL INDIA 514.95 495.40 -3.80 • BEML initiated the process of setting up Aerospace
Pidilite Inds 177.55 172.45 -2.87 Manufacturing Division at SEZ Park near Bangalore
Apollo Hosp 638.75 620.55 -2.85 International Airport, Devanahalli.
Ranbaxy Lab 469.00 456.85 -2.59 US markets
(BSE Mid-Cap) The Nasdaq Composite Index (COMP) rose 28.13 points,
or 0.9%, to 3,119.70.
Previous Current Change
Company Name
Close(`) Price(`) (%)
MVL 8.60 8.18 -4.88
VAARAD 28.95 27.55 -4.84
BEML 651.50 620.85 -4.70
Aurobindo Phar 118.90 113.90 -4.21
Pidilite Inds 177.55 172.45 -2.87
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 / Tuesday Wednesday Thursday Friday
Regions 3/Apr 4/Apr 5/Apr 6/Apr
India Forex Reserves Data
Bank Loan Growth
US Factory Orders ADP Employment Initial & Continuing Average Hourly
(MoM) Change Jobless claims Earnings (YoY &
MoM); Average
Weekly Hours
Total Vehicle Sales ISM Non Unemployment
manufacturig data Rate; Nonfarm
Payrolls
Consumer Credit
Change
Global Eurozone's Producer Eurozone ECB Press China HSBC Service Japan Leading
Price Index (MoM) conference & PMI Economic Index
and (YoY) Interest rate (Feb)
decision
UK's BRC Shop Price Germany PMI & UK industrial Japan Coincident
Index (MoM) factory order data production Index (Mar)
UK PMI Data UK BoE Interest rate
decision
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