- The key Indian indices edged higher at the beginning of trading due to sustained foreign buying and monsoon revival, but later slipped into negative territory as Asian stocks declined. However, they regained some ground as services sector growth continued. - TCS, Wipro and Infosys gained 2-4%, while Bharti Airtel, ACC and Tata Steel lost 1-2%. Mid-caps like Jai Corp and Hathway Cables rose 6-9%, while REI Agro and Punj Lloyd fell 4-7%. - The report provides outlook for the day's trading and lists various companies releasing earnings results.

1. .
Market Outlook
India Research
August 5, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
The key benchmark indices edged higher in early trade on data showing
BSE Sensex 0.6% 102.6 18,217
sustained buying by foreign funds over the past two months and on revival of
Nifty 0.5% 28.3 5,468
the monsoons. The market reversed initial gains and slipped into the red in
MID CAP 0.0% 2.3 7,519
morning trade as Asian stocks declined. However, it regained in mid-morning
SMALL CAP 0.5% 49.8 9,516
trade as data showed the services sector expanded for the 15th month in July
10. It slipped again into the red in mid-afternoon trade as European stocks and BSE HC -0.2% (12.5) 5,613
US index futures fell but surged in late trade. The Sensex and Nifty recovered BSE PSU 0.0% (2.8) 9,666
and ended up by 0.6% and 0.5%, respectively. BSE mid-cap index closed BANKEX -0.2% (26.3) 11,903
almost flat, while small-cap index closed up by 0.5%. Among the front liners, AUTO 0.3% 23.0 8,469
TCS, Wipro, Infosys, BHEL and Reliance Infra gained between 2–4%, while METAL -0.3% (53.2) 15,583
Bharti Airtel, ACC, Tata Steel, RIL and JP Associates lost between 1–2%. Among OIL & GAS -0.8% (79.8) 10,254
mid caps, Jai Corp, Hathway Cables, Bayer Corp, Essar Ship Ports and India BSE IT 3.3% 178.0 5,641
Bulls Fin. gained between 6–9%, while REI Agro, Punj Lloyd, Standard Global Indices Chg (%) (Pts) (Close)
Chartered, Jubilant FoodWorks and Kwality Dairy lost between 4–7%. Dow Jones 0.4% 44.1 10,680
NASDAQ 0.9% 20.1 2,304
Markets Today
FTSE -0.2% (10.3) 5,386
The trend deciding level for the day is 18187 / 5459 levels. If NIFTY trades
Nikkei -2.1% (204.7) 9,489
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18820 – 18343 / 5490 – 5513 levels. However, if NIFTY Hang Seng 0.4% 92.2 21,550
trades below 18187 / 5459 levels for the first half-an-hour of trade then it may Straits Times -0.4% (12.9) 3,002
correct up to 18124 – 18030 / 5437 – 5406 levels. Shanghai Com 0.4% 11.5 2,639
Indices S2 S1 R1 R2 Indian ADRs Chg (%) (Pts) (Close)
SENSEX 18030 18124 18280 18343 Infosys 1.2% 0.7 $63.4
NIFTY 5406 5437 5490 5513 Wipro 1.4% 0.2 $13.9
Satyam -0.8% (0.0) $5.0
News Analysis ICICI Bank 0.9% 0.4 $42.0
HDFC Bank 0.2% 0.4 $162.1
Result Review: GIPCL
Result Preview: Anant Raj
Refer detailed news analysis on the following page. Advances / Declines BSE NSE
Advances 1,557 690
Net Inflows (August 03, 2010)
Declines 1,417 643
Rs cr Purch Sales Net MTD YTD
Unchanged 94 50
FII 3,085 2,408 667 1,542 49,483
MFs 578 605 (27) 7 (12,616)
Volumes (Rs cr)
FII Derivatives (August 04, 2010) BSE 4,796
Open NSE 12,379
Rs cr Purch Sales Net
Interest
Index Futures 1,166 1,168 (2) 16,005
Stock Futures 1,179 1,027 152 34,532
Gainers / Losers
Gainers Losers
Price Price
Company chg (%) Company chg (%)
(Rs) (Rs)
Jai Corp. 288 8.7 Punj Lloyd 121 (5.4)
Essar Shipping 92 6.3 IB Power 28 (2.9)
Indiabulls 171 6.3 JSW Energy 125 (2.5)
TCS 870 4.4 IVRCL Infra 176 (2.4)
Wipro 429 4.0 Jain Irrigation 1,238 (2.4)
1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

2. Market Outlook | India Research
Result Review-1QFY2011
GIPCL
GIPCL’s 1QFY2011 top line remained flat at Rs253cr, despite the increase in sales volume
due to the reduction in fuel costs, which is a pass on. On the operating front, the
company's OPM stood at 25.4%, up 86bp yoy on account of lower fuel costs and other
expenses. The bottom line rose 42.3% yoy to Rs41.9cr, which is in line with our estimates.
Bottom-line growth was aided by lower interest and tax expense. We maintain Buy on the
stock with a Target Price of Rs135.
Result Preview-1QFY2011
Anant Raj
Anant Raj is scheduled to announce its 1QFY2011 results. We expect ARIL to report a
76.4% qoq increase in revenue to Rs60cr, driven by the Kapashera project and rental
income. We expect OPM to remain healthy at 80%, owing to its low historical cost of land.
Consequently, we expect PAT to increase by 30.1% qoq to Rs38.7cr. At the CMP, the stock
is trading at 44% discount to our one-year forward NAV of Rs209. We maintain Buy on the
stock with a Target Price of Rs178.
August 5, 2010 2

3. Market Outlook | India Research
Economic and Political News
India M&A deals treble to US $50bn this year so far
FDI plunges by 45% to US $1.41bn in June 2010
PowerMin mulls Rs50,000cr fund for projects
Maha cabinet nod for 'green tax' on vehicles
Corporate News
IOC contributes Rs1,012cr to Bihar exchequer
Era Infra achieves financial closure of a Rs692cr road project
Maruti Suzuki launches Alto K10
M&M plans to enter motorcycle biz by year-end
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Events for the day
Anant Raj Inds Results
Ansal Housing Results
Aurobindo Pharma Results
BAG Films Results
Dredging Corp Results
Essar Ship Ports Results
Galaxy Entertainment Results
Garware Polyester Results
Gujarat Industries Power Results
Man Infra Results
Oracle Financials Results
Varun Shipping Results
August 5, 2010 3

4. Market Outlook | India Research
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