The key Indian stock indices slumped by around 0.7% as European and US stocks declined. Metal, banking and IT stocks fell the most. Intraday volatility was high as traders rolled over positions. The markets may see further gains if the indices remain above certain support levels, but may correct otherwise. Piramal Healthcare acquired assets from BioSyntech, a medical device company, while Rabobank sold an 11% stake in YES Bank for Rs. 1,000 crore.

1. Market Outlook
India Research
June 23, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
The key benchmark indices slumped to fresh intraday lows in late trade as BSE Sensex -0.7% (126.9) 17,750
European stocks extended losses and US index futures turned negative. Reliance Nifty -0.7% (36.8) 5,317
Industries edged lower in volatile trade, while metal, banking and IT stocks fell. MID CAP -0.0% (1.5) 7,064
The market dropped in early trade as most Asian stocks fell. It trimmed losses SMALL CAP 0.1% 6.0 8,960
before weakening once again in morning trade. Intraday volatility was high as BSE HC 0.1% 3.2 5,661
traders rolled over positions in the derivatives segment. Both the Sensex and BSE PSU -0.4% (33.5) 9,223
Nifty closed down by 0.7% each. The BSE mid-cap index closed down by BANKEX -0.8% (90.2) 11,012
0.02%, while the small-cap index closed up by 0.1%. Among the front-liners, AUTO -0.4% (35.2) 8,222
HUL, ITC and Tata Power were up by 3–5%, while Sterlite Industries, ACC, METAL -1.9% (296.5) 15,290
Jaiprakash Associates, Jindal Steel and Tata Steel were down by 2–3%. Among OIL & GAS 0.0% 2.2 10,386
the mid-caps, Sterlite Technologies, Karnataka Bank, Dishman Pharma, Essar BSE IT -1.2% (67.5) 5,369
Ship Ports and Geekay Finance were up by 5–8%, while Kwality Dairy, KGN
Industries, Yes Bank, DB Corp. and HCL Infosystems declined by 3–5%.
Global Indices Chg (%) (Pts) (Close)
Markets Today Dow Jones -1.4% (148.9) 10,294
NASDAQ -1.2% (27.3) 2,262
The trend deciding level for the day is 17781 / 5327 levels. If NIFTY trades
FTSE -1.5% (80.2) 5,247
above this level during the first half-an-hour of trade then we may witness a
Nikkei -1.2% (125.1) 10,113
further rally up to 17837 – 17924 / 5344 – 5371 levels. However, if NIFTY
trades below 17781 / 5327levels for the first half-an-hour of trade then it may Hang Seng -0.4% (93.1) 20,819
correct up to 17694 – 17639/ 5300 – 5284 levels. Straits Times -0.5% (13.3) 2,872
Shanghai Com 0.1% 2.5 2,589
Indices S2 S1 R1 R2
SENSEX 17,639 17,694 17,837 17,924 Indian ADRs Chg (%) (Pts) (Close)
NIFTY 5,284 5,300 5,344 5,371 Infosys -1.9% (1.2) $62.0
Wipro -3.5% (0.8) $21.7
News Analysis Satyam -2.8% (0.1) $4.9
ICICI Bank -3.1% (1.2) $37.8
Piramal Healthcare acquires BioSyntech assets
HDFC Bank -2.1% (3.3) $151.3
Rabobank sells 11% stake in YES Bank for Rs1,000cr
Refer detailed news analysis on the following page. Advances / Declines BSE NSE
Net Inflows (June 18, 2010) Advances 1,293 531
Rs cr Purch Sales Net MTD YTD Declines 1,599 793
FII 2,134 1,439 695 4,843 25,379 Unchanged 101 42
MFs 511 557 (46) 468 (6,662)
Volumes (Rs cr)
FII Derivatives (June 22, 2010)
BSE 4,840
Open
Rs cr Purch Sales Net NSE 12,460
Interest
Index Futures 8,096 8,311 (215) 21,285
Stock Futures 6,027 6,773 (746) 30,449
Gainers / Losers
Gainers Losers
Price Price
Company Chg (%) Company Chg (%)
(Rs) (Rs)
Essar Ship. 91 5.2 Yes Bank 272 -3.5
BPCL 550 4.4 Sesa Goa 376 -2.9
Dabur India 198 3.9 India Cement 112 -2.8
HPCL 355 3.6 Jai Corp. 254 -2.7
IOC 346 3.6 Sterlite 179 -2.7
Please refer to important disclosures at the end of this report Sebi Registration No: INB 0109965391

2. Market Outlook | India Research
Piramal Healthcare acquires BioSyntech assets
Piramal Healthcare announced signing of a definitive agreement to acquire BioSyntech’s
assets for a consideration of CAD 3.9mn. Piramal had subscribed to common shares of
BioSyntech in FY2006, which then constituted 17% of BioSyntech’s equity. By virtue of this
investment, Piramal had exclusive marketing rights to market, sell and distribute
BioSyntech’s current and future products for India and some neighboring Asian markets.
BioSyntech is a medical device company specializing in the development, manufacture and
commercialization of advanced biotherapeutic thermogels for regenerative medicine (tissue
repair) and therapeutic delivery.
BioSyntech’s platform technology is a family of hydrogels called BST-Gel, some of which
are liquid at low temperatures and solid at human-body temperature. These gels can be
injected or applied to a specific local site and offer beneficial properties for local repair of
damaged tissues such as cartilage, bone and chronic wounds and provide the benefit of
avoiding invasive surgery. The company’s lead, late-stage product, BST-CarGel, is
currently undergoing an international pivotal trial, which is expected to be completed by
September 2010. The potential global opportunity for the product is estimated to be worth
US $300mn–500mn. If the trials are successful, the product can likely be launched by June
2011. Currently, we are not changing our estimates on back of the same and maintain
our Neutral stance on the stock.
Rabobank sells 11% stake in YES Bank for Rs1,000cr; may launch solo
banking operations
The Netherlands-based Rabobank sold 3.73cr shares in YES Bank, which works out to an
11% stake, paring its total shareholding to 4.9%. Shares were sold in a series of bulk deals
at an average price of Rs263 per share, amounting to over Rs1,000cr. Rabobank was one
of the initial investors in YES Bank, founded in 2004, in which Rana Kapoor and Ashok
Kapoor were the Indian partners. Rabobank has been showing interest in setting up its own
banking business in India and, hence, is obliged under the regulations to reduce its
shareholding in YES Bank below 5% to get the approval for a full banking license in India.
The stock is currently trading at 2.1x FY2012E ABV. We maintain a Neutral rating on the
stock.
June 23, 2010 2

3. Market Outlook | India Research
Economic and Political News
Government to take up new SEZ requests on July 13
Murli Deora hints at fuel price increase
Auto, taxi fares up in Delhi; Mumbai may follow suit
Corporate News
Reliance Industries to pay US $1.35bn for 45% stake in Pioneer field
Tata Steel's Rs15-lakh-crore Jamshedpur expansion plan gets MoEF nod
GVK's 800MW power project in AP to be built by Hyundai, L&T
Sun settles patent row over Parkinson's drugs with Orion
Steel Exchange to set up Rs315cr power plant
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Events for the day
Great Offshore Dividend, Results
Sunil Hi-Tech Results
June 23, 2010 3

4. Market Outlook | India Research
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