The market slumped last week as investors booked profits after strong gains in previous months. The Sensex fell 3.61% and Nifty fell 3.77% in the week ending July 11, 2014. Investors were disappointed by the Union Budget which lacked major reforms and a clear roadmap for reducing subsidies. However, infrastructure spending was increased which may boost growth. Bank, auto and capital goods stocks declined the most while Sun Pharma and ITC gained. The outlook is cautious next week pending macroeconomic data and corporate earnings results.

1. India MarketSummary fortheweekended 11-7-2014
I Review of the Week
Market review for the week ended 11 July 2014
• The market slumped last week as investors booked profit after a strong rally in the past few months.
• An upward momentum in Indian shares kicked off after BJP led NDA government won a thumping
victory in general election in May this year.
• Investors build up position in the equity market ahead of the Union Budget 2014-15 on expectations
of far-reaching reforms.
• The new Indian government's maiden Budget on Thursday, 10 July 2014, however, fell short of the
hype.
• It lacked any major policy reforms and roadmap for reduction of subsidies. But Narendra Modi's
administration earmarked substantial sums for new infrastructure, which should revitalise growth.
• Sensex fell 3.61% to 25024.35 and Nifty fell 3.77% to 7459.60 for the week ended on Friday, 11 July
2014. Among 30 Sensex shares, 24 declined and the remaining shares rose.
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2. India MarketSummaryfortheweekended 11-7-2014
Government Policies during the week
• Finance Minster Arun Jaitley in the Union Budget 2014-15, presented on
Thursday, 10 July 2014, made a number of announcements in Budget
Economic data
• India's industrial production grew an annual 4.7% in May, the highest since
October 2012
• Domestic passenger car sales increased 14.76% to 1.6 lakh units in June
2014 over June 2013.
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3. Corporate Announcements
• Shares of capital goods companies slumped. State-run Bharat Heavy Electricals
(Bhel) slumped 15.01%. It was top Sensex loser last week.
• Engineering and capital goods major Larsen & Toubro (L&T) tumbled 9.64%
• Bank stocks edged lower. State Bank of India (down 10.28%), ICICI Bank
(down 7.31%), Axis Bank (down 6.12%) and HDFC Bank (down 5.16%), edged
lower.
• Coal India fell 8.02%. The Economic Survey 2014-15 suggested that restructuring
of Coal India (CIL) needs to be pushed through swiftly with a view to raise coal
output to feed fuel-starved power plants.
• Auto stocks declined. Bajaj Auto (down 7.34%), Hero MotoCorp (down 5.73%),
Mahindra & Mahindra (down 5.35%), Maruti Suzuki India (down 5.21%) and
Tata Motors (down 4.9%), edged lower.
• Metal and mining stocks dropped. Tata Steel (down 6.62%), Hindalco Industries
(down 3.81%) and Sesa Sterlite (down 3.77%), edged lower.
• Pharma major Sun Pharmaceuticals Industries rose 4.64% to Rs 741.45. It was the
top Sensex gainer last week.
• Dr Reddy's Laboratories rose 0.99% to Rs 2,704.95.

4. Corporate Announcements
• India's largest cigarette maker by sales ITC rose 3.83%. In the Union
Budget 2014-15, Finance Minister Arun Jaitley proposed to increase the
specific excise duty on cigarettes in the range of 11% to 72%.
• FMCG major Hindustan Unilever (HUL) rose 2.65% to Rs 640.90.
• IT major Infosys gained 2.68% to Rs 3,325.80. The company's
consolidated net profit fell 3.5% to Rs 2886 crore on 0.8% decline in
revenue to Rs 12770 crore in Q1 June 2014 over Q4 March 2014. Infosys
expects its consolidated revenue to grow 7%-9% in dollar terms in the year
ending 31 March 2015 (FY 2015). The guidance is unchanged compared to
the one the company had given at the time of announcement of Q4 March
2014 results in April this year. The guidance in rupee terms has also been
kept unchanged from that given in April as the company has assumed rupee
dollar conversion rate of 60 which is exactly the same conversion rate
given in April guidance. The company expects its revenue to grow 5.6%-
7.6% in rupee terms in FY 2015
•

5. India MarketSummary fortheweekended 11-7.2014
Top Gainers and Losers of the week (NSE)
COMPANY
PRICE ON PRICE ON CHANGE
Jul 11, 2014
(Rs)
Jul 04, 2014
(Rs)
(%)
IDFC LIMITED 148.6 134 10.90%
SUN PHARMA 744.05 709.8 4.80%
ITC LTD 345.9 333.4 3.70%
HIND. UNILEVER 641.85 625.15 2.70%
INFOSYS LTD 3,326.65 3,245.95 2.50%
COMPANY
PRICE ON PRICE ON CHANGE
Jul 11, 2014
(Rs)
Jul 04, 2014
(Rs)
(%)
BHEL 223.25 262.9 -15.10%
JINDAL STEEL 280.05 324.8 -13.80%
NMDC LTD 160.8 183.9 -12.60%
PNB 874.5 980.05 -10.80%
BANK OF BARODA 782.65 875.5 -10.60%

6. India MarketSummary fortheweekended 11-7-2014
II Forth coming week
Government policies / announcements
• Nil
Economic data
• The government is scheduled to announce the rate of inflation based on
the wholesale price index (WPI) for the month of June 2014 on 14 July
2014.
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7. India MarketSummary fortheweekended 11-7-2014
Market outlook
• Selling may continue next week amid lack of any major event.
• There could be some stock-specific action based on April-June
2014 corporate earnings announcements.
• Macroeconomic data, trend in investment by foreign portfolio
investors (FPIs), trend in global markets, trend in other global
emerging markets, the movement of rupee against the dollar
and crude oil price movement hold key. .
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