- Indian markets snapped their three-day winning streak on Wednesday as data showed a slowdown in growth in the services sector in March and weak global stocks hurt sentiment. The Sensex closed down 0.63% while the Nifty fell 0.66%. - Most sectoral indices closed in the negative with real estate, metals, banks and oil & gas being the major losers. However, market breadth was marginally positive. Both FIIs and domestic institutions were net buyers of equities. - Asian markets were mostly lower following a weak US jobs report and yen gains pressuring Japanese exporters. The report expects a weak opening for Indian markets, tracking Asian cues.

1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Monday, April 09, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Apr 3 Apr 4 Change (%) • Indian markets snapped three-day winning streak and
Sensex 17,597.42 17,486.02 -0.63% closed on negative note on Wednesday as data
showing slowdown in growth in the services sector in
CNX Nifty 5,358.50 5,322.90 -0.66%
March 2012 and weak global stocks hurt investors’
BSE Mid-cap 6,475.50 6,473.87 -0.03%
sentiment. The HSBC Markit Business Activity index
BSE IT 6,113.68 6,106.42 -0.12% fell to a five-month low of 52.3 in March as optimism
BSE Banks 12,015.76 11,925.08 -0.75% about the business outlook faded. However, the same
FII Activity (`Cr) indicator showed input prices charged to consumers
inched up, suggesting inflation could remain high.
Date Buy Sell Net
Global stock were traded weak markets after Spanish
3-Apr 2,010 1,641 369 borrowing costs jumped at a bond auction, which
30-Mar 7,061 5,763 1298 came a day after U.S. equities were already hit when
Total Apr 2,010 1,641 369 the Federal Reserve appeared less inclined to provide
2012 YTD 202,244 156,548 45696 more stimulus. Except power and consumer durables,
all sectoral indices closed on negative note with real
MF Activity (`Cr)
estate, metal, bank and oil & gas stocks were major
Date Buy Sell Net losers. Real estate stocks also reversed recent gains,
3-Apr 525 406 119 ending down on fears a less aggressive central bank
2-Apr 334 421 -87 would further hit a sector with struggling earnings.
Total Apr 859 827 32 Coal India fell 0.34% after the reports that the
government has issued a presidential decree to force
2012 YTD 36,804 42,346 -5542
CIL to guarantee long-term fuel supply to private
Volume & Advances / Declines power firms, as it used its discretionary authority to
NSE BSE trump independent directors who resisted pressure
Trading Volume (Cr) 61.18 25.42 from the Prime Minister's Office and said such pacts
would harm the company. Maruti Suzuki gained 0.47%
Turnover (`Cr) 8,797 2,127
after Morgan Stanley upgraded the stock to
Advances 702 1,446
"overweight" and raised its target price on the stock,
Declines 771 1,344 saying India's top car maker's earnings would recover
Unchanged 82 126 in the year ending March 2013.
Total 1,555 2,916 • Market breadth was however marginally strong at
Global Markets ~1.08x as investors bought mid and small cap stocks.
On provisional basis, both FIIs and domestic
Index Latest Values Change (%)
institutions bought equities worth `0.46bn and
DJIA 13,060.14 -0.11%
`1.27bn, respectively.
NASDAQ 3,080.50 0.40%
• Asian markets mostly lower today, as the yen's gains
Nikkei * 9,585.91 -1.06%
after a weak U.S. employment report Friday and
Hang Seng * 20,593.00 -0.95% Japan's return to current account surplus in February
* as of 8.25AM IST pressured exporter stocks in Japan.
Currencies / Commodities Snapshot • We expect a weak opening for the Indian markets,
Latest Previous tracking the cues from the Asia.
Quote Close
Economic and Corporate Developments
Indian Rupee per $ 51.17 51.09
• The Power Ministry has set a target of generating
Indian Rupee per € 66.72 66.75
9,20,000 million units of electricity this year, of which
NYMEX Crude Oil($/bbl) 102.07 103.31
over 1,50,000 million units would come from the
Gold ($/oz) 1,639.50 1,628.50 private sector alone, says a Central Electricity
Silver ($/oz) 31.77 31.73 Authority report.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • BHEL has approached the Tamil Nadu government to
Previous Current Change reconsider its decision on cancelling a joint venture
Company Name
Close(`) Price(`) (%) (JV) for the Rs 8000-crore Udangudi power project in
Bajaj Finserv 666.75 703.90 5.57 downstate Tuticorin.
Pantaloon Retl 167.30 174.40 4.24
• Mahindra Satyam (formerly Satyam Computer
Apollo Tyres 80.40 83.45 3.79 Services Limited) said that a group of investors led
BHEL 264.20 273.55 3.54 by Aberdeen Asset Management have claimed
Max India 169.20 175.00 3.43 damages of over $150mn (approximately `750Cr)
(BSE Mid-Cap) from the company for the losses they suffered post
the confession of accounting frauds by its founder B
Previous Current Change Ramalinga Raju in 2009.
Company Name
Close(`) Price(`) (%)
Bajaj Corp 120.35 129.15 7.31 • Cipla is set to tap the European inhaler market with
Bajaj Finserv 666.75 703.90 5.57 generic drug launches in those markets. The
India Cements 108.75 113.90 4.74 company, with its product pipeline of 11 products, is
Kansai Nerolac 904.35 945.25 4.52 mainly targeting a smaller pie of the blockbuster
KSK Energy 59.05 61.70 4.49
drug Seretide—a $2.5bn product.
• Faced with a shortfall in gas production from its KG-
TOP LOSERS D6 field, Reliance Industries Ltd (RIL) is set to make
its debut in the marketing of imported natural gas.
(BSE A-Group)
India Gas Solutions, the equal joint venture between
Previous Current Change RIL and British Petroleum (BP) set up to source and
Company Name
Close(`) Price(`) (%)
market natural gas in India, will shortly bring in
Essar Oil 59.75 56.75 -5.02
liquefied natural gas (LNG) through the terminals of
Unitech 30.20 29.10 -3.64
Shell India and Petronet LNG.
Jindal Steel 543.00 525.90 -3.15
• With a view to tap opportunities provided by the
GMR Infra 31.20 30.25 -3.04
increasing construction activities in the Tier II and III
Opto Circuits 193.50 187.90 -2.89
cities, flooring and interior solutions provider Nitco
(BSE Mid-Cap) plans to have 250 exclusive stores 'Le Studio' in the
Previous Current Change next three years, a senior company official has said.
Company Name
Close(`) Price(`) (%) US markets
REI Agro 11.71 10.87 -7.17
U.S. stocks on Thursday closed with weekly losses as
Sobha Dev 329.95 315.00 -4.53
investors weighed Europe’s return to the headlines
Unitech 30.20 29.10 -3.64
against positive weekly claims data ahead of Friday’s
Edelweiss Capital 30.50 29.45 -3.44
nonfarm payrolls report for March.
CHOLAFIN 182.50 176.65 -3.21
The Dow Jones Industrial Average on Thursday declined
14.61 points, or 0.1%, at 13,060.1. The S&P 500 Index
fell nearly 1 point to 1,398.08. The Nasdaq Composite
Index added 12.41, or 0.4%, points to 3,080.50.
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 / Monday Tuesday Wednesday Thursday
Regions 9/Apr 10/Apr 11/Apr 12/Apr
India IIP Data
US ICSC-Goldman Store Monthly budget
Sales statement
Wholesale Trade
Data
Global China inflation data Bank of japan UK trade balance
Interest rate data
decision
Japan Economic Germany WPI Data
survey and outlook
UK Housing price
balance data
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