Indian markets rose about 1% on Friday recovering from losses in the previous session. Markets are still up over 10% for the year due to foreign investor purchases. However, caution remains over the timing of interest rate cuts. Asian stocks are mixed today with Chinese stocks down on growth concerns while Japanese exporters are up. The Indian markets are expected to have a flat opening tracking uncertain Asian markets.

1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Monday, March 26, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Mar 22 Mar 23 Change (%) • Indian markets rose about 1% on Friday in low
Sensex 17,196.47 17,361.74 0.96% volumes, recovering from steep losses in the previous
CNX Nifty 5,228.45 5,278.20 0.95% session, as software service exporters such as Infosys
BSE Mid-cap 6,312.62 6,350.92 0.61%
gained after global rival Accenture raised its profit
outlook for the year. Indian markets lost about 0.6%
BSE IT 6,012.12 6,095.08 1.38%
on the week, marking their fifth consecutive weekly
BSE Banks 11,712.09 11,860.42 1.27%
loss, and caution still lingers over how soon the central
FII Activity (`Cr) bank can cut interest rates after the government
Date Buy Sell Net announced higher borrowing plans in its 2012/13
21-Mar 3,488 2,836 652 budget last week. Goldman Sachs raised India to
20-Mar 2,121 1,926 196
"marketweight," saying domestic growth will pick up,
while stock valuations remain "relatively attractive".
Total Mar 40,962 32,495 8467
Indian stocks are still sitting on gains of over 10% for
2012 YTD 174,019 129,254 44764
the year, thanks to about `470bn ($9.2bn) in
MF Activity (`Cr) cumulative net purchases by foreign investors, which
Date Buy Sell Net is helping underpin sentiment. Except metal and
21-Mar 484 518 -35 consumer durables, all sectoral indices closed on
20-Mar 497 571 -74
positive note with real estate, IT, bank and FMCG
stocks were major gainers. Reliance Industries rose
Total Mar 7,346 8,448 -1102
1.02% on bargain hunting after Thursday 4.15% fall.
2012 YTD 32,706 37,835 -5129
The government has reportedly approved RIL's
Volume & Advances / Declines $1.529Bn plan to produce over 10 million standard
NSE BSE cubic meters per day of gas from four satellite fields in
Trading Volume (Cr) 66.88 23.48 the flagging KG-D6 block. Indian software service
exporters rose after Accenture Plc posted better-than-
Turnover (`Cr) 11,445 2,372
expected earnings. Infosys Ltd gained 1.6%, while
Advances 783 1,470
Tata Consultancy Services Ltd added 1.5%.
Declines 684 1,431
• Market breadth was marginally strong at ~1.03x as
Unchanged 76 121
investors bought sold large cap stocks. On provisional
Total 1,543 3,022
basis, both FIIs and domestic institutions bought
Global Markets equities worth `0.1bn and `1.86bn, respectively.
Index Latest Values Change (%) • Asian stocks are mixed today, as slowing growth
DJIA 13,080.73 0.27% worries pulled down Chinese stocks while exporters
NASDAQ 3,067.92 0.15% led gains in the Japanese shares.
Nikkei * 10,031.37 0.20% • We expect a flat opening for the Indian markets,
Hang Seng * 20,684.30 0.07% tracking the uncertain Asian equities. Further, ahead
* as of 8.25AM IST of the F&O expiry the markets may remain volatile.
Currencies / Commodities Snapshot Economic and Corporate Developments
Latest Previous • An Empowered Group of Ministers (EGoM), headed by
Quote Close
Finance Minister Pranab Mukherjee, will meet today to
Indian Rupee per $ 51.21 51.22
decide on allowing an additional export of up to one
Indian Rupee per € 67.86 67.60 million tonnes of sugar in the 2011-12 marketing year.
NYMEX Crude Oil($/bbl) 106.66 106.87
• The Finance Ministry and the Reserve Bank of India
Gold ($/oz) 1,665.00 1,662.30
are likely to finalise the market borrowing programme
Silver ($/oz) 32.20 32.25 for the first half of the next financial year on March 27.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Karuturi Global is set to seal a joint venture with a
Previous Current Change leading sugar producer from India as part of its
Company Name
Close(`) Price(`) (%) massive expansion in Ethiopia into agri-commodities.
Unitech 28.30 30.25 6.89 According to officials from Karuturi, the idea is to
GODREJ PROP 619.40 660.60 6.65 develop 5,000 TCD (tonnes crushed per day) which
ADANI POWER 64.35 67.95 5.59 will require about 15,000 hectares of sugarcane
Dish TV India 55.35 57.90 4.61 plantations and the plant may cost in the range of
Cadila Health 718.15 750.85 4.55 about `400Cr.
(BSE Mid-Cap) • Maruti Suzuki India has increased the prices of its
vehicles by up to `17,000 following the rise in excise
Previous Current Change duty in the Budget. The increase in prices will affect
Company Name
Close(`) Price(`) (%)
the company's models ranging from small car M800
Century Tex 327.30 359.05 9.70
to mid-sized sedan SX4.
Unitech 28.30 30.25 6.89
GODREJ PROP 619.40 660.60 6.65 • Kingfisher Airlines has agreed to pay only up to
MAH HOLIDAY 269.10 285.25 6.00 `10Cr of its `76Cr service tax dues this financial
Polaris Fin Tec 160.90 170.15 5.75
year, a top government official said.
• Essar Steel has used about three million cubic
TOP LOSERS meters water illegally in Chhattisgarh for
transporting iron ore slurry from its beneficiation
(BSE A-Group)
plant to pellet unit in Visakhapatnam.
Previous Current Change
Company Name • The Indian Oil Corporation Ltd has signed an
Close(`) Price(`) (%)
Engineers India 265.95 255.40 -3.97 agreement with the Tamil Nadu Industrial
Voltas 121.15 116.35 -3.96 Development Corporation (Tidco) for setting up a
Indiabulls Fin 240.30 232.10 -3.41
`4,500Cr LNG terminal in Chennai. The initial
capacity of the facility will be 5mn tonne per annum
Mangalore Ref 64.85 62.70 -3.32
(tpa).
Adani Ports 126.35 123.10 -2.57
• ONGC's overseas exploration arm ONGC Videsh Ltd
(BSE Mid-Cap) (OVL) will see its first-ever decline in production this
Previous Current Change year on account of geopolitical factors in Sudan and
Company Name
Close(`) Price(`) (%) Syria. In the first three quarters of the current
Hotel Leela 33.90 32.05 -5.46 financial year, the company's production dropped
Voltas 121.15 116.35 -3.96 over four per cent to 6.76 million tonnes of oil and oil
Anant Raj Inds 59.25 57.15 -3.54 equivalent gas against 7.06 million tonnes in the
Rajesh Exports 118.40 114.25 -3.51 corresponding period last year.
National Fert 79.85 77.10 -3.44 • GAIL India Ltd is evaluating several proposals for
equity stakes and long-term supply deals in the
United States, Middle East and Southeast Asia.
US markets
U.S. stocks rose Friday on a round of bargain hunting
and a surge in energy shares, curbing what still turned
out to be the worst week of the year for two stock
benchmarks.
The Dow Jones Industrial Average rose 34.59 points, or
0.3%, to 13,080.73. The S&P 500 gained 4.33 points, or
0.3%, to 1,397.11. The Nasdaq Composite rose 4.60
points, or 0.2%, to 3,067.92.
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 26/Mar 27/Mar 28/Mar 29/Mar
India
US Pending Home Sales S&P/Case-Shiller Durable Goods US GDP Data
Index Home Price Indices Orders
(YoY)
Dallas Fed Mfg Consumer Durable Goods
Survey Confidence Orders ex
Transportation
Richmond Fed EIA Crude Oil Stocks
Manufacturing Index change
Global UK's Nationwide UK's Gross Domestic Eurozone's M3 Germany
Housing Prices n.s.a Product (QoQ) and Money Supply (YoY) Unemployment data
(YoY) and (MoM) (YoY) anf for (3m)
Germany's Gfk UK's Total Business Germany's UK GFK consumer
Consumer Investment (YoY) Consumer Price spending
Confidence Survey and (QoQ) Index (YoY) and
(MoM)
Germany's IFO - UK's CBI Distributive Japan
Business Climate Trades Survey - manufacturing, CPI
and Current Realized (MoM) & Unemployment
Assessment data
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