1. Market Outlook
India Research
October 6, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
The markets opened the trading session on a flat note with a negative bias BSE Sensex -0.3% (68.0) 20,408
amid unfavorable global cues. However, the markets soon gained momentum Nifty -0.2% (13.6) 6,146
and moved in the positive territory. The up move was limited as selling pressure MID CAP 0.8% 64.8 8,335
was witnessed at higher levels and the indices traded in a narrow range SMALL CAP 1.1% 118.8 10,557
exhibiting volatility. Further, the positive opening for the European markets BSE HC 0.2% 15.2 6,226
supported the up move in the domestic market, but it did not last long and the BSE PSU 0.2% 24.1 10,550
indices ended the session on a weak note. The Sensex and Nifty closed down BANKEX -0.3% (43.2) 14,322
0.3% and 02%, respectively. BSE mid-cap and small-cap indices outperformed AUTO 0.7% 72.8 9,892
the Sensex, gaining 0.8% and 1.1%, respectively. Among the front liners,
METAL -0.3% (58.4) 17,566
RCOM, Reliance Infra, Mahindra & Mahindra, JP Associates and ACC gained
OIL & GAS 0.6% 60.0 10,721
2-4%, while HDFC, HDFC Bank, Hindustan Unilever, Bharti Airtel and Hindalco
BSE IT 0.0% (1.3) 6,076
were down 1-3%. Among mid caps, Sintex Ind., Indiabulls Financial Services,
Global Indices Chg (%) (Pts) (Close)
Kalpataru Power, Hindustan Oil and Patni Computer Systems gained 5-8%,
while Man Infra, Amtek Auto, Eicher Motors, MVL and Shree Global Traders Dow Jones 1.8% 193.4 10,945
lost 2-3%. NASDAQ 2.4% 55.3 2,400
FTSE 1.4% 79.8 5,636
Markets Today Nikkei 1.5% 137.7 9,519
The trend deciding level for the day is 20450/6151 levels. If NIFTY trades Hang Seng 0.1% 20.5 22,639
above this level during the first half-an-hour of trade then we may witness a Straits Times 0.2% 4.9 3,162
further rally up to 20518 - 20628/6183 - 6221 levels. However, if NIFTY trades Shanghai Com 1.7% 45.0 2,656
below 20450/6151 levels for the first half-an-hour of trade then it may correct
up to 20340 - 20273/6113 - 6080 levels. Indian ADRs Chg (%) (Pts) (Close)
Infosys 1.3% 0.9 $69.7
Indices S2 S1 R1 R2
Wipro 1.8% 0.3 $15.7
SENSEX 20,273 20,340 20,518 20,628 Satyam -3.3% (0.1) $3.8
NIFTY 6,080 6,113 6,183 6,221 ICICI Bank 1.4% 0.7 $51.7
HDFC Bank 1.5% 2.8 $189.8
News Analysis
Axis Bank plans to raise US $200mn through CP Advances / Declines BSE NSE
GSK Consumer to add new categories in food Advances 1,684 786
Refer detailed news analysis on the following page. Declines 1,290 609
Net Inflows (October 04, 2010) Unchanged 130 45
Rs cr Purch Sales Net MTD YTD
FII 4,750 2,831 1,919 8,639 92,999 Volumes (Rs cr)
MFs 518 871 (353) (371) (23,721) BSE 7,327
NSE 17,767
FII Derivatives (October 05, 2010)
Open
Rs cr Purch Sales Net
Interest
Index Futures 975 1,700 (725) 16,312
Stock Futures 1,211 2,388 (1,176) 41,250
Gainers / Losers
Gainers Losers
Price chg Price chg
Company Company
(Rs) (%) (Rs) (%)
Sintex Industries 431 7.9 Adani Enterprises 662 (3.1)
Essar Oil 144 7.7 Amtek Auto 160 (2.4)
Indiabulls Fin. 157 7.3 United Spirits 1,629 (2.4)
Canara Bank 624 6.7 HDFC 741 (2.4)
1
Hindustan Oil 253 5.8 NMDC 278 (2.2)
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

2. Market Outlook | India Research
Axis Bank plans to raise US $200mn through CP
Axis Bank plans to raise US $200mn of commercial paper (CP). The notes would be rated
A-1, the second-highest short-term investment grade, and will be supported by a letter of
credit from Bank of America, N.A. The bank plans to use the money from the notes to fund
its three overseas branches. At the CMP, the stock is trading at 3.0x on FY2012E ABV.
We have an Accumulate rating on the stock, with a Target Price of Rs1,703.
GSK Consumer to add new categories in food
GlaxoSmithKline Consumer Healthcare (GSK Consumer) is looking to expand its existing
portfolio across categories and is evaluating entering newer categories in the health foods
and beverages space. The company has revamped its flagship Horlicks brand and expects
to maintain its leadership position at 52% (market share) in this fiscal. In the beverages
category, the company has launched its global energy drink, Lucozade Sport, in the
country. In the OTC products category, GSK Consumer is expected to re-launch its global
oral care brand, Aquafresh, in India. Management is expecting one-fifth of growth to come
from the new categories (biscuits, snack bars and noodles) in CY2011.
While, we maintain our underweight stance on the FMCG sector and recommend selective
stock approach, we maintain an Accumulate rating on GSK Consumer with a Target Price
of Rs2,118, as we roll over to CY2012E numbers.
October 6, 2010 2

3. Market Outlook | India Research
Economic and Political News
India's rubber import increased by over 50% to 28,720tonnes in September
18.18mn mobile users added in August: TRAI
Common Wealth Games may add US $5bn to the economy: Government
Inflation above comfort zone: Subir Gokarn
NELP-IX to be launched next week
Corporate News
Lanco Infratech raises Rs5,549cr debt to fund Vidarbha project
Jindal Stainless hikes investment in Orissa project to Rs6,400cr
Tata Motors starts open sales of Nano in Maharashtra, Karnataka, UP, WB
JSW Energy commissions power project in Rajasthan
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Events for the day
Pfizer Results
Wyeth Results
October 6, 2010 3

4. Market Outlook | India Research
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