1. Market Outlook
India Research
June 9, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
The benchmark indices opened positive following cues from Asian markets, BSE Sensex -1.0% (164.0) 16,617
which traded in green after opening weak. US markets closed in red yesterday. Nifty -0.9% (46.9) 4,987
Indian markets witnessed steady morning and afternoon sessions, led by
MID CAP -0.6% (37.6) 6,758
banking stocks. However, a sharp sell-off took markets past previous session’s
SMALL CAP -0.6% (47.1) 8,468
close to intraday lows in late afternoon trade. Markets witnessed marginal
BSE HC -0.2% (13.5) 5,456
recovery in the final session. The market breadth reversed, with losers
outnumbering the gainers in the final session. The Sensex and Nifty ended the BSE PSU -0.7% (59.3) 8,933
day with losses of 1.0% each. Mid-cap and small-cap indices outperformed the BANKEX -1.2% (126.5) 10,461
Sensex and closed lower by just 0.6% each. Among the front-liners, Tata Power, AUTO -1.0% (74.7) 7,683
Cipla, HDFC, ITC and NTPC were up by 1–2%, while Hindalco, Reliance METAL -2.2% (311.2) 13,889
Communication, Bharti Airtel, ICICI Bank and DLF were down by 3–6%. In the OIL & GAS -1.4% (137.7) 9,817
mid-cap segment, M&M Finance, Gee Kay Finance, Kwality Dairy, P&G and BSE IT -0.7% (38.8) 5,167
Kingfisher Airlines were up by 4–9%, while REI Agro, Whirlpool, GTL Infra, KS
Oils and India Bulls Real Estate were down by 4–9%. Global Indices Chg (%) (Pts) (Close)
Dow Jones 1.3% 123.5 9,940
Markets Today
NASDAQ -0.2% (3.3) 2,171
The trend deciding level for the day is 16691 / 5009 levels. If NIFTY trades
FTSE -0.8% (40.9) 5,028
above this level during the first half-an-hour of trade then we may witness a
Nikkei 0.2% 17.1 9,538
further rally up to 16822 – 17026 / 5050 – 5113 levels. However, if NIFTY
trades below 16691 / 5009 levels for the first half-an-hour of trade then it may Hang Seng 0.6% 109.3 19,487
correct up to 16487 - 16356 / 4946 – 4905 levels. Straits Times -0.2% (5.3) 2,747
Shanghai Com 0.1% 2.2 2,514
Indices S2 S1 R1 R2
SENSEX 16,356 16,487 16,822 17,026 Indian ADRs Chg (%) (Pts) (Close)
NIFTY 4,905 4,946 5,050 5,113 Infosys 1.5% 0.8 $57.4
Wipro 0.6% 0.1 $20.2
News Analysis Satyam 1.2% 0.1 $5.0
ICICI Bank 0.7% 0.2 $35.4
 Consolidated Construction Consortium secured an order worth Rs200cr
HDFC Bank 3.7% 4.9 $139.4
 Sadbhav Engineering – Rights Issue
Refer detailed news analysis on the following page.
Advances / Declines BSE NSE
Net Inflows (June 7, 2010) Advances 1,125 433
Rs cr Purch Sales Net MTD YTD Declines 1,673 887
FII 1,614 1,339 275 168 20,704 Unchanged 129 36
MFs 232 523 (291) 195 (6,936)
Volumes (Rs cr)
FII Derivatives (June 8, 2010)
Open BSE 3,464
Rs cr Purch Sales Net
Interest NSE 11,555
Index Futures 1,468 1,792 (324) 14,191
Stock Futures 1,114 1,164 (50) 26,186
Gainers / Losers
Gainers Losers
Price Price
Company Chg (%) Company Chg (%)
(Rs) (Rs)
Hind Copper 471 3.1 Hindalco Inds 132 (5.8)
Bajaj Holding 693 2.7 Reliance Com 168 (4.7)
Guj Minerals 122 2.4 KSK Energy 164 (4.2)
Thermax 696 2.3 Essar Oil 122 (4.1)
Asian Paints 2,233 2.2 IB Real Estate 144 (4.0)
Please refer to important disclosures at the end of this report Sebi Registration No: INB 0109965391

2. Market Outlook | India Research
Consolidated Construction Consortium secured an order worth Rs200cr
Consolidated Construction Consortium Ltd (CCCL) has secured an order worth Rs200cr
from the Airports Authority of India. The project has been awarded to CCCL for the
construction of a new integrated terminal building at Goa Airport. The company’s order
book stands at Rs3,560cr or 1.8x FY2010E revenue. In light of the rich valuations that the
stock trades at, we maintain our Neutral view on the stock.
Sadbhav Engineering – Rights Issue
Sadbhav Engineering (SEL) has fixed June 17, 2010, as the record date for its rights issue.
The company plans to raise Rs125cr via rights issue and detachable warrants, convertible
into equity shares. The ratio for the rights shares at Rs725/share has been decided at one
rights share for every twenty shares held as on record date. Money to be raised via the
rights shares route amounts to Rs45.3cr.
Detachable warrants in the ratio of three warrants for every one rights share are also to be
issued at Rs425/share. Each warrant will be entitled for conversion into one equity share.
The warrant exercise period shall commence after three months from the date of allotment
of rights shares, up to 18 months.
Post factoring in money raised via the rights issue and attached warrants, the equity base
of SEL will stand expanded at Rs15.0cr, as against Rs12.5cr currently. We believe the
company will utilise the proceeds of rights issuance partly to repay debt and partly for
equity investments in road BOT assets.
At the CMP, any fresh exposure to SEL is not recommended; as fair value derived post
factoring in expanded equity base (ex-right and warrants) leaves little upside to gain from.
Hence, we continue to maintain our Neutral view on the stock and recommend investors to
avoid subscribing to the rights issue.
June 9, 2010 2

3. Market Outlook | India Research
Economic and Political News
 Govt. wheat procurement down by 7% for the year
 Special Courts to try Economic Offences likely
 State FMs seek Dual Rate, exclusion of local body taxes & electricity duty from GST
Corporate News
 TCS bags ISE trading, clearing platform order
 Patni signs JV pact with Japan's JR Kyushu
 Ranbaxy launches generic cholesterol drug in South Africa
 Punj Lloyd gets Rs180cr contract from RGIPT
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
June 9, 2010 3

4. Market Outlook | India Research
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