1. K E Y N O T E
INSTITUTIONAL RESEARCH
India Morning Note
Monday, March 19, 2012
Domestic Markets Snapshot Views on markets today
Name of Index Mar 15 Mar 16 Change (%) • Indian markets fell for the second straight day on
Sensex 17,675.85 17,466.20 -1.19% Friday in a volatile session to reach their lowest
closing level in more than one week after Finance
CNX Nifty 5,380.50 5,317.90 -1.16%
Minister Pranab Mukherjee in Union Budget 2012-13
BSE Mid-cap 6,405.36 6,361.59 -0.68%
set only modest targets for trimming a ballooning
BSE IT 6,080.88 6,069.03 -0.19%
fiscal deficit and as there was lack of any big-bang
BSE Banks 12,203.29 11,969.50 -1.92% reform announcement in the Budget. The finance
FII Activity (`Cr) minister also raised services tax and excise duty to
Date Buy Sell Net 12% from 10%. Implementation of the Direct Tax Code
(DTC), the proposed reforms in the direct tax system,
15-Mar 2,388 2,205 183
will miss the deadline of 1 April 2012. Except FMCG
14-Mar 4,185 2,110 2075
and auto, all sectoral indices closed on negative note
Total Mar 29,485 22,970 6515
with oil & gas, power, capital goods and metal stocks
2012 YTD 170,415 125,408 45007 were major losers. Oil exploration stocks dropped after
MF Activity (`Cr) the government raised cess on crude petroleum oil
Date Buy Sell Net production to `4,500 per metric tonne from `2,500 per
tonne in Union Budget 2012-13. Cigarette and tobacco
14-Mar 640 1,113 -473
related stocks rose in choppy trade after government
13-Mar 464 483 -19
announced increase excise duty on 'demerit' goods
Total Mar 4,728 5,495 -767
including certain cigarettes. ITC Ltd gained 3.5% after
2012 YTD 30,088 34,882 -4794 the government proposed raising the excise duty on
Volume & Advances / Declines cigarettes. Gold-related stocks were hurt by the
NSE BSE
budget after the basic customs duty on the yellow
metal was doubled. Manappuram Finance Ltd lost
Trading Volume (Cr) 99.71 30.82
3.6%. PSU OMCs rose after the finance minister
Turnover (`Cr) 16,434 3,581
announced proposal for a direct cash transfer on LPG
Advances 449 1,044
and kerosene subsidy. Cement stocks rose after the
Declines 1,035 1,801 Finance Minister rationalized excise duty on packaged
Unchanged 68 120 cement. India Cements, Ambuja Cements and
Total 1,552 2,965 Jaiprakash Associates rose by between 0.1% to 3.31%.
Global Markets • Market breadth was weak at ~0.58x as investors sold
Index Latest Values Change (%)
large cap stocks. On provisional basis, FIIs bought
equity of `8.83bn while domestic institutions sold
DJIA 13,232.62 -0.15%
equity of `7.71bn.
NASDAQ 3,055.26 -0.04%
• Asia markets are stronger today, with stronger crude-
Nikkei * 10,148.22 0.18%
oil prices supporting energy firms across the region,
Hang Seng * 21,300.95 -0.08%
while profit-taking pressured stocks in mainland China.
* as of 8.25AM IST
• We expect a positive opening for the Indian markets
Currencies / Commodities Snapshot
today, following the cues from the Asian markets.
Latest Previous However, disappointment from budget may keep
Quote Close
pressure on the upside.
Indian Rupee per $ 50.19 50.16
Economic and Corporate Developments
Indian Rupee per € 66.07 66.10
NYMEX Crude Oil($/bbl) 107.30 107.06 • In FY12, the government had set its divestment target
at `400bn.
Gold ($/oz) 1,662.80 1,655.80
Silver ($/oz) 32.65 32.57 • The fiscal deficit in the fiscal year ending on March 31,
2012 will be 5.9% of GDP.
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2. K E Y N O T E
INSTITUTIONAL RESEARCH
TOP GAINERS Buzzing Stocks
(BSE A-Group) • IFC to invest $60mn in Apollo Hospitals.
Previous Current Change • Dredging Corporation of India to add new dredger
Company Name
Close(`) Price(`) (%) worth `500Cr.
Amtek Auto 135.95 142.25 4.63
ITC 208.50 216.10 3.65
• Essar Steel to commission pellet unit in Odisa.
IRB Infra 191.05 197.75 3.51 • ONGC will invest `33,065.31Cr in 2012-13 as
Voltas 125.30 129.05 2.99 compared to `31,316Cr capex for current fiscal.
M&M 659.10 676.95 2.71 • Coal India board may meet next week for new fuel
supply pact.
(BSE Mid-Cap)
• Country's largest manganese miner, MOIL plans to
Previous Current Change
Company Name enter power generation business.
Close(`) Price(`) (%)
Standard Charter 78.50 94.20 20.00 US markets
VST Inds 1259.95 1375.60 9.18
U.S. stocks mostly declined Friday, limiting weekly
Shoppers Stop 340.75 367.05 7.72 gains and halting the Dow’s longest up ride in more
Dewan Housing 244.60 256.10 4.70 than a year, after an index of consumer confidence
Amtek Auto 135.95 142.25 4.63 unexpectedly fell in March.
The Dow Jones Industrial Average fell 20.14 points, or
TOP LOSERS
0.2%, to 13,232.62. The S&P 500 added 1.57 point, or
(BSE A-Group) 0.1%, to 1,404.17. The Nasdaq Composite declined
Previous Current Change 1.11 points, or 0.04%, to 3,055.26.
Company Name
Close(`) Price(`) (%)
NMDC 171.45 158.00 -7.84
Sun Pharma 586.65 545.05 -7.09
Jain Irrigation 109.50 102.75 -6.16
Cairn India 367.70 345.55 -6.02
Zee Entert 133.65 125.90 -5.80
(BSE Mid-Cap)
Previous Current Change
Company Name
Close(`) Price(`) (%)
Jain Irrigation 109.50 102.75 -6.16
Anant Raj Inds 62.90 59.10 -6.04
Educomp Sol 206.35 194.40 -5.79
Lanco Infra 19.95 18.80 -5.76
Tata Teleservice 14.95 14.10 -5.69
Keynote Capitals Institutional Research (research@keynotecapitals.net) (+9122-30266000)

3. K E Y N O T E
INSTIT UT IONAL R ES EAR C H
India and Global Economic Calendar
Countries / Monday Tuesday Wednesday
Regions 19/Mar 20/Mar 21/Mar
India Consumer Price Index
US NAHB Housing Market Index Housing Starts (MoM) Existing Home sales Data
Building Permits (MoM) MBA mortgage application
Global UK's Consumer Price Index UK Bank of England Minutes
(MoM) and (YoY)
Germany's Producer Price UK public sector net
Index (MoM) and (YoY) borrowings
Japan Merchandise trade
balance
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