1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Wednesday, November 2, 2011
Domestic Markets Snapshot Views on markets today
Name of Index Oct 31 Nov 1 Change (%) • Indian markets dropped for the second straight day
Sensex 17,705.01 17,480.83 -1.27% and closed on negative yesterday tracking global
markets as the concerns over European debt issue
CNX Nifty 5,326.60 5,257.95 -1.29%
raised after Greece told that it will take a referendum
BSE Mid-cap 6,297.99 6,252.75 -0.72%
from the people on austerity measures. The issue
BSE IT 5,828.26 5,776.77 -0.88%
increased the uncertainties as fate of rescue package
BSE Banks 11,454.03 11,277.95 -1.54% depends on Greek people majority of which are not in
FII Activity (`Cr) favour. The sentiments turned more bearish for the
markets after Chinese manufacturing surveys
Date Buy Sell Net
disappointed the investors. The China's manufacturing
1-Nov 1,915 1,935 -21
Purchasing Managers Index (PMI) fell to 50.4 in
31-Oct 2,587 2,229 359
October, slowing from the prior month's reading of
Total Nov 1,915 1,935 -21 51.2, surveys indicating that China may face slowing
2011 YTD 521,314 539,311 -17,998 growth and higher prices. Metal stocks also took a big
MF Activity (`Cr) hit after credit-rating firm Standard & Poor's
downgraded debt for Korean steel giant Posco to A-
Date Buy Sell Net
from A with a negative outlook. All sectoral indices
1-Nov 667 1240 -573
closed on negative note with auto, real estate, bank
31-Oct 945 1222 -276
and metal stocks were major losers. HPCL closed up
Total Nov 667 1240 -573 0.74% after a top official said the state-run oil refining
2011 YTD 242,933 221,461 21,472 and marketing firm is considering a further increase in
Volume & Advances / Declines petrol prices to cut down losses. BPCL and Indian Oil
also closed up 1.03% and 1.37%, respectively, after
NSE BSE
the news. Hindustan Construction closed down nearly
Trading Volume (`Cr) 9,772 2238
5.45% after the Indian Express newspaper reported,
Advances 501 1177 citing unnamed sources that the government of
Declines 964 1609 Maharashtra is set to initiate criminal proceedings
Unchanged 72 129 against top officials of its unit Lavasa Corp.
Total 1537 2915 • Market breadth was weak at ~0.73x as investors sold
Global Markets large cap stocks. Both FIIs and domestic institutions
sold equities worth `0.21bn and `5.73bn, respectively.
Index Latest Values Change (%)
• Asian markets declined sharply after weak US markets
DJIA 11,657.96 -2.5%
overnight, as Greece’s recent call for a confidence
NASDAQ 2,606.96 -2.9%
vote and referendum raised doubts about Europe’s
Nikkei * 8,665.20 -1.9%
latest efforts to stem its debt crisis.
Hang Seng * 19,123.19 -1.3%
• We expect a gap down opening for the Indian markets
* as of 8.25AM IST today as the world markets reacted negatively to
Currencies / Commodities Snapshot Greece news.
Latest Previous Economic and Corporate Developments
Quote Close
• Petrol prices are likely to be increased by Rs 1.82 a
Indian Rupee per $ 49.00 49.28
litre this fortnight as a fall in rupee has increased the
Indian Rupee per € 69.46 67.44
cost of imported crude oil.
NYMEX Crude Oil($/bbl) 91.47 92.19
• India's exports grew by 36.3% on an annual basis to
Gold ($/oz) 1,727.00 1,712.00
$24.8bn in September, 2011, demonstrating
Silver ($/oz) 33.37 32.72
impressive year-on-year expansion despite a
slowdown in the US and Europe.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • Fortis Healthcare India will acquire the international
Previous Current Change hospital assets of its promoters for $665mn
Company Name
Close (`) Price (`) (%) (approximately `3,300Cr) in an all-cash deal.
Havells India 356.35 380.85 6.88
• Essar Oil will stop adding retail outlets after
Gujarat Mnrl 176.20 187.80 6.58
achieving the target of 1,700, due to uncertainties in
CRISIL 884.35 933.90 5.60
the fuel retailing business. The company has 1,640
Aditya Birla Nuv 906.60 947.20 4.48
retail outlets, including 1,388 operational and 252
Colgate Palmoliv 1002.70 1041.20 3.84
under construction.
(BSE Mid-Cap) • State Bank of India ruled out any immediate hike in
Previous Current Change savings deposit rates, even as private sector lenders
Company Name
Close(`) Price(`) (%) have raised interest within days of the Reserve Bank
Essar Ports 80.30 92.05 14.63
of India (RBI) deregulating such rates.
IPCA Lab 253.90 274.55 8.13
• Amid rising concerns about funding for the power
Havells India 356.35 380.85 6.88
sector, public sector lender Punjab National Bank
Himadri Chem 53.40 57.00 6.74
(PNB) has started restructuring loans doled out to
Gujarat Mnrl 176.20 187.80 6.58
State Electricity Boards (SEBs), many of which are
deep in the red.
TOP LOSERS
US markets
(BSE A-Group)
US stocks sharply dropped on heightened uncertainty
Previous Current Change
Company Name over whether Greece would derail European efforts to
Close(`) Price(`) (%)
Central Bank 108.45 102.00 -5.95 curb the region’s sovereign debt.
JPINFRATEC 59.90 56.60 -5.51 The Dow Jones Industrial Average ended down 235.86
Muthoot Fin 183.60 174.25 -5.09 points, or 2%, to 11,719. Nasdaq declined 77 points, or
GMR Infra 27.70 26.30 -5.05 2.9%, to 2,607.
Lanco Infra 16.45 15.70 -4.56
(BSE Mid-Cap)
Previous Current Change
Company Name
Close(`) Price(`) (%)
Deccan Chron 51.75 48.50 -6.28
Ballarpur Inds 29.55 27.75 -6.09
Central Bank 108.45 102.00 -5.95
JPINFRATEC 59.90 56.60 -5.51
Muthoot Fin 183.60 174.25 -5.09
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