1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Friday, May 11, 2012
Domestic Markets Snapshot Views on markets today
Name of Index May 9 May 10 Change (%) • Indian markets fell for the third straight day to hit their
lowest level in more than 16 weeks as central bank
Sensex 16,479.58 16,420.05 -0.36%
measures to bolster the rupee had a muted impact and
CNX Nifty 4,974.80 4,965.70 -0.18%
as fears grow about sustained foreign selling. European
BSE Mid-cap 5,994.50 5,998.32 0.06% markets also slid further after a weak opening, as
BSE IT 5,545.03 5,540.27 -0.09% investors feared that surprised weakness in China trade
BSE Banks 10,842.68 10,833.81 -0.08% data would further strengthen dollar against euro. Blue
FII Activity (`Cr) chips such as State Bank of India and Infosys extended
recent declines on Thursday, despite appeasing
Date Buy Sell Net measures from the government and the Reserve Bank
9-May 2,211 2,569 -357 of India. The government on Monday delayed a
8-May 1,910 2,279 -369 controversial plan for taxation by a year, while on
Total May 14,418 14,889 -472 Thursday the central bank announced measures to
2012 YTD 250,796 207,807 42990 boost dollar liquidity and ease intra-day rupee volatility.
However, both measures were not seen as enough to
MF Activity (`Cr) turn the tide in Indian markets, especially as global risk
Date Buy Sell Net sentiment tumbles because of renewed concerns about
7-May 622 596 26 the euro-zone. Except oil & gas and consumer durable,
4-May 472 675 -204 all sectoral indices closed on negative note with metal,
auto, power and pharma stocks were major losers.
Total May 1,798 2,272 -474
Jindal Steel & Power dropped 2.7% as Jindal steel’s
2012 YTD 46,792 53,366 -6574
Bolivian ore project is on shaky ground, after the
Volume & Advances / Declines Bolivian government encashed yet another $18mn bank
NSE BSE guarantee from the Indian firm for not meeting
contractual terms. Maruti Suzuki ended down 3% after
Trading Volume (Cr) 64.05 21.54
Suzuki Motor Corp, which owns a 54.2% stake in the
Turnover (`Cr) 9,693 2,067
local unit, posted a lower-than-expected Q4 operating
Advances 616 1,239 profit and gave muted guidance.
Declines 852 1,524
• Market breadth was lower at ~0.81x as investors sold
Unchanged 83 145 large cap stocks. On provisional basis, FIIs bought
Total 1,551 2,908 equity of `3.17bn while domestic institutions sold equity
Global Markets of `1.43bn in cash segment.
• Asian markets are mostly down today, with earnings
Index Latest Values Change (%)
lending support to Japanese stocks, while investors are
DJIA 12,855.04 0.16%
awaiting a batch of Chinese economic data due later in
NASDAQ 2,933.64 -0.04% the day.
Nikkei * 9,012.47 0.03%
• We expect a flat opening for the Indian markets, as
Hang Seng * 20,055.73 -0.85% investors are keenly waiting for industrial production
* as of 8.25AM IST and monthly inflation numbers due next week.
Currencies / Commodities Snapshot Economic and Corporate Developments
Latest Previous • India is projected to see a faster growth of 7.5% this
Quote Close fiscal on the back of higher savings and investment
Indian Rupee per $ 53.25 53.75 rates, even as most of the Asia-Pacific economies are
Indian Rupee per € 68.86 69.52 likely to expand at a slower pace, says a UN report.
NYMEX Crude Oil($/bbl) 96.00 97.08 • Planning Commission deputy chairman Montek Singh
Gold ($/oz) 1,587.00 1,595.10 Ahluwalia expressed confidence that the country can
Silver ($/oz) 28.87 29.15 finance a current account deficit (CAD) of 3%. CAD
touched 4.3% of GDP during the last quarter 2011-12.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Reliance Industries has acquired shares in HDFC,
Previous Current Change ICICI Bank and Axis Bank as part of long-term
Company Name
Close(`) Price(`) (%) investments. These financial investments, estimated
Glenmark Ph 339.75 363.80 7.08 to be worth `1,200Cr, include purchase of shares of
Hexaware Tech 114.45 120.70 5.46 six banks, three each from the public and private
Chambal Fert 66.65 69.30 3.98 sectors, and one housing finance major, HDFC Ltd.
Cairn India 308.45 320.65 3.96 The banks whose shares RIL has acquired also
Britannia Inds 533.00 554.00 3.94 include SBI, Punjab National Bank and Canara Bank.
(BSE Mid-Cap) • The management and pilots of debt-trapped carrier
Kingfisher Airlines are set for another showdown.
Previous Current Change Nearly 50 Kingfisher pilots from Delhi reported sick
Company Name
Close(`) Price(`) (%)
on Thursday, leading to cancellations of 14 flights.
Glenmark Ph 339.75 363.80 7.08
Godfrey Phil 3356.35 3544.20 5.60 • DLF, with the aim of cutting its big debt load,
Hexaware Tech 114.45 120.70 5.46 recently set up a core team of five to six people to
Amara Raja 284.75 298.00 4.65 focus on the process of sale of non-core assets.
HATHWAY CAB 163.85 171.05 4.39 • DB Corp's `176Cr share sale offer has been
oversubscribed by 103%. The offer for sale of 90
TOP LOSERS lakh shares of DB Corp, which publishes leading
Hindi daily 'Dainik Bhaskar', received bids for 93.09
(BSE A-Group)
lakh shares.
Previous Current Change
Company Name • Suzlon Group-subsidiary REpower Systems bagged
Close(`) Price(`) (%)
HDIL 66.45 62.95 -5.27 an order to supply 19 wind turbines, each having a
Suzlon Energy 20.55 19.55 -4.87 power of 2.05 MW, from RWE Innogy for its Nowy
Lupin 543.35 521.35 -4.05
Staw wind farm project in Poland.
Andhra Bank 109.60 105.20 -4.01 US markets
Century Tex 290.30 280.10 -3.51 U.S. stocks broke their longest losing streak in nine
months Thursday, helped by a dip in jobless claims and
(BSE Mid-Cap)
signs of stabilization in Europe, but a steep drop in
Previous Current Change Cisco Systems Inc. helped send the Nasdaq Composite
Company Name
Close(`) Price(`) (%)
Index lower.
GVK Power 12.80 11.90 -7.03
Responsive Inds 91.70 86.55 -5.62 The Dow Jones Industrial Average rose 19.98 points, or
HDIL 66.45 62.95 -5.27 0.2%, to 12,855.04. The S&P 500 Index also ended up
Shree Global Trd 99.50 94.55 -4.97
but off its highs of the day, gaining 3.41 points, or
0.3%, to 1,357.99. The Nasdaq ended down 1.07
Redington India 86.30 82.10 -4.87
points, or 0.04%, at 2,933.64.
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 / Friday Monday Tuesday
Regions 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 Producer Price Index Retail Sales (MoM)
(YoY)
Reuters/ Michigan Retail Sales ex Autos
Consumer Sentiment (MoM)
Index
Business Inventories
Global China Producer Price Germany's Gross
Index (YoY) & Consumer Domestic Product n.s.a
Price Index (YoY) (YoY)
China Industrial Germany's Gross
Production (YoY) & Domestic Product s.a
Retail Slaes (YoY) (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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