November 29, 2011

Indian market Sensex Nifty BSE 100 BSE 200 CNX Midcap BSE Smallcap Developed market Dow Jones Nasdaq S&P 500 FTSE CAC DAX Hang Seng* Nikkei* S&P/ASX200*
* Markets are open

Last close 16,167 4,851 1,967 6,165 6,714 6,153 Last close 11,523 2,527 1,193 5,313 3,013 5,745 18,106 8,355 4,054

1 day 3.0 3.0 2.7 2.6 1.8 1.7 1 day 2.6 3.5 2.9 2.9 5.5 4.6 0.4 0.8 (0.1)

% change 3 mth (1.5) (1.4) (3.1) (3.5) (6.8) (12.8) % change 3 mth (0.1) (1.4) (1.4) 3.6 (4.5) 1.3 (8.9) (5.6) (4.9) % change 3 mth (6.9) 2.1 1.5 0.6 (3.1) (8.3) (3.7)

Politics sours sentiment

YTD (21.2) (20.9) (22.4) (22.6) (24.2) (36.4) YTD (0.5) (4.7) (5.2) (10.0) (20.8) (16.9) (21.4) (18.3) (14.6)

Politics is for the present, but an equation is for eternity. - Albert Einstein quotes. Governments move to open up retail trade to foreign companies has kicked up a major political storm. Not just opposition parties but a couple of key UPA allies and the Kerala Congress unit are also resisting the decision. Parliament has hardly done any business of significance in five sittings. It may not function normally until the FDI in retail issue is settled. The PM has called an all-party meet on the sensitive matter. However, it remains to be seen if the ruling partly will be able to assuage the concerns of a vast majority. The political rumblings are likely to have some effect on the markets. The start is likely to be a muted one despite a powerful rally on Wall Street and European markets. Asian benchmarks are mostly up but seem to be losing steam. Reports suggest that Q2 GDP is likely to fall sharply. Some even fear a dip below 7%. Q1 GDP grew by 7.7%, weakest in six quarters. For the day, investors will have to contend with reports on US consumer confidence, US housing prices and EU consumer confidence.

Emerging market Shanghai Comp Brazil Bovespa Mexico Bolsa Kospi* Micex Taiwan* Straits*
* Markets are open

Last close 2,398 56,017 35,558 1,841 1,466 6,948 2,690

1 day 0.6 2.0 2.8 1.4 3.9 0.7 (0.2)

YTD (14.6) (19.2) (7.8) (10.2) (13.1) (22.6) (15.7)

Institutional activity (Rs cr) FIIs MFs FIIs Prov. MFs Prov. Commodities Crude (US$/bbl) Gold (US$/oz) Copper (US$/mt) Aluminium (US$/mt) Zinc (US$/mt) Advance/Decline stocks (Nos) Adv Dec Unch A/D ratio (x)*
*A/D excluding Unch

Cash (756) 152 (303) 307 Last close 97.5 1,709 7,471 2,017 1,954 A 167 34 1 4.9

F&O 1,983 -

MTD (4,582) 687

YTD (3,337) 5,191

1 day (0.7) (0.2) 3.7 1.8 2.5 B 1,383 672 103 2.1

% change 3 mth 11.7 (4.4) (17.6) (13.9) (12.0) S 279 203 23 1.4

YTD 6.7 20.3 (22.6) (18.0) (20.0) Total 1,831 911 127 2.0

Sensex intra-day
16,300 16,200 16,100 16,000 15,900 15,800 15,700 15,600 15,500

Trade value (Rs cr) Cash NSE Cash BSE Total Cash Delivery (%) Derivatives Currency Rs/US$ Rs/EUR US$/GBP US$/EUR Yen/US$ Bond market 10yr Gsec Call rate Last close 51.97 69.48 1.55 1.33 78.15

8,643 1,885 10,527 43.5 80,615 1 day (0.6) 0.5 (0.1) (0.0) 0.2 % change 3 mth (11.4) (3.9) (5.6) (8.2) (1.7)

% chg (13.0) (11.8) (12.8) (5.7) YTD (14.0) (13.9) (0.8) (0.5) 3.8 Bps chg 0.01 (0.03)

15,400 9:00 10:05 11:10 12:15 13:20 14:25 15:30

ADR/GDR Dr. Reddys HDFC Bk ICICI Bk ITC Infosys Ranbaxy Reliance Wipro SBI Tata Motors Sterlite L&T Latest (US$) 29.8 26.6 28.7 3.8 51.0 8.8 30.4 9.4 70.2 17.0 8.0 24.5 Price % chg 2.4 3.0 4.1 2.7 2.1 2.0 5.2 2.8 7.3 6.2 4.7 2.2 % Prem/Disc (0.1) 4.4 (0.6) (0.0) 0.5 1.7 0.7 31.3 2.4 (2.6) (0.5) (0.4)

Last Close (%) 8.84 8.65

News
Corporate snippets Reliance Industries has sent an arbitration notice to the Oil Ministry over the move to disallow some of the expenditure the firm has made in the KG-D6 gas fields as punishment for falling output. (BS) The State Bank of India-led consortium of banks has broadly agreed to the financial restructuring plan of Air India. (BL) Ericsson has signed a five-year deal with Bharti Airtel to provide managed services for its Indian operations. (ET) Infosys BPO has decided to set up rural centres in Tier II and Tier III towns in foreign countries. (BL) A seven-member consortium of Indian companies led by the Steel Authority of India has been awarded the rights to mine iron ore in Afghanistan (ET) Cairn India and ONGC have restarted exploration activity in the discovered Krishna Godavari basin onshore block. (BL) Gitanjali Gems has announced conversion and redemption of foreign currency convertible bonds worth US$110mn. (BS) Larsen & Toubro is planning to foray into wind-based power projects. (FE) The government has said demanding a good conduct bond from workers by Maruti Suzuki India management during the recent labour unrest at its Manesar plant was an "arbitrary act" and amounted to "unfair labour practice". (BS) Punj Llyod Group has bagged Rs4.69bn order from ONGC for laying a submarine pipeline in Mumbai High oil and gas field in Western Offshore. (FE) Suzlon will acquire around 50,000 acres of land across eight states, to build a pipeline for future orders. (BS) TATA Consultancy Services depreciation cannot be called trend. (BS) said rupee a definitive Economy snippets The Indian fertiliser industry has decided not to raise the retail prices of their products as of now and absorb the impact of rupee depreciation. (BS) The governments total public debt rose 2.7% to Rs32.14tn as on September 30 this year from Rs31.29tn as on June 30. (BS) The telecom ministry has moved the Cabinet to waive spectrum usage charges to the tune of Rs1.2tn for all airwaves used by the three services Army, Air Force and the Navy. (ET) States have rejected the Centres request to bring domestic natural gas and re-gasified Liquefied Natural Gas in declared goods category list which would restrict sales tax on them to four per cent. (BS) At a meeting in Kochi, senior RBI officials told leading banks to refrain from unbridled currency speculation. (ET)

Bosch will invest upto Rs2.5bn in aftermarket business in next three years as it aims to increase revenue from the division to Rs30bn. (FE)

Market Mantra

Technicals
Nifty price/volume
NSE Nifty [N59901] 4769.30, 4859.10, 4766.40, 4851.30, 539711104 3.00% Price Avg3(S,100,S,200,S,50) Log IRIS 5800 5600 5400 5200 27 5000 4800 Source : www.SpiderSoftwareIndia.Com Vol Cr

Karnataka Bank (BUY, above Rs81.50, Target Rs87): Karnataka Bank has given an upside breakout after consolidating in rounding bottom formation which resembles bullish structure. Also, the stock gave a close above its short-term moving averages. Breakout is also seen in daily RSI after formation of rounding bottom, this provide supplementary evidence of sustainable upmove in the counter and stock is likely to head towards Rs88 in the medium term. We advise buying the stock above Rs81.50 with stop loss of Rs78.50 for an immediate target of Rs87. (Duration 5 days) Aurobindo Pharma (SELL, below Rs91.50, Target Rs87): The recent uptrend in Aurobindo Pharma has been stalled around its 10-EMA after a formation of bearish candlestick on Thursdays candlestick chart and closed near the days low. The implication could be prices retracing almost 50% of recent rally (from Rs80 to Rs95). It suggests that the likelihood of further upside over the short-term has diminished. For now, the risk/return of establishing long positions is less than ideal. We recommend going short on Aurobindo Pharma December Futures below Rs91.50 with stop loss of Rs94 for Target of Rs87. (Duration 4 days).

50.00

11:AM

Dly

The recovery post 4,640 gathered strength on Monday as Nifty marched ahead towards 4,900 with support from the global markets. Currently Nifty is holding well above placed consolidation zone of 4,680-4,780, a close above the same for two consecutive trading sessions, would confirm a trend reversal. Support/Resistance levels
Nifty Sensex Close 4,851 16,167 Support 4,780 15,980 Resistance 4,905 16,410

Abnormal change in delivery

Stock Patni Gujfluoro Ingvysyabk Tataelxsi Bajajhind NSEDely (%) 85.8 84.6 70.0 42.3 50.6 Prev NSEDely (%) 17.6 25.6 24.6 15.2 18.5 Price % chg (0.2) (1.1) 3.6 0.2 1.4

Positive breakout
Company name Indian Metals S Kumars Nation Edelweiss Fin Se Jm Financial Ltd Spicejet Ltd Karnataka Bank Crompton Greaves Karuturi Global Ivrcl Ltd Apollo Tyres Ltd CMP 308.2 31.0 26.5 16.6 22.9 81.2 128.9 4.8 35.4 64.7 10 Days MVG avg 288.9 29.1 25.0 15.6 21.6 77.0 122.3 4.5 33.6 61.5 Price % chg 6.7 6.4 6.2 6.1 5.8 5.5 5.4 5.3 5.3 5.2 20 Days MVG avg 305.1 33.6 25.8 16.7 22.9 82.0 131.6 5.0 36.4 59.8

Negative breakout
Company name Shree Cement Essar Ports Ltd Bharat Heavy Ele Hindustan Const City Union Bank Godrej Industrie Shoppers Stop Sun Tv Network Niit Tech Ltd Lanco Infratech Dish Tv India CMP 2,054.5 71.2 280.8 22.6 44.1 187.0 367.4 269.1 212.4 12.6 65.1 10 Days MVG avg 2,026.9 70.1 276.3 22.2 43.3 183.3 359.8 263.1 207.5 12.3 63.5 Price % chg 1.4 1.5 1.6 1.7 1.8 2.0 2.1 2.3 2.4 2.5 2.6 20 Days MVG avg 1,991.9 76.5 300.6 25.0 44.4 192.9 354.5 267.7 215.8 14.0 68.8

Market Mantra

Technicals
Pivot table
Company Pivot Res 1 Res 2 ABB 616 624 631 ACC 1,173 1,219 1,266 Ambuja Cem 149 152 155 BHEL 280 285 290 BPCL 529 548 566 Bharti 385 392 400 Cairn 305 308 312 Cipla 322 327 333 DLF 210 212 214 Gail 389 394 400 Grasim 2,303 2,333 2,363 HCL Tech 390 397 403 HDFC Bank 440 446 452 Hero Honda 2,047 2,069 2,092 Hindalco 122 128 134 HUL 381 385 389 HDFC 638 658 677 ICICI Bank 744 760 776 Idea 98 100 102 Infosys 2,633 2,653 2,674 ITC 196 199 202 L&T 1,279 1,297 1,315 M&M 713 724 735 Maruti 970 982 995 Nalco 53 54 55 NTPC 159 161 163 ONGC 259 265 272 Powergrid 97 98 99 PNB 912 944 976 Ranbaxy 448 455 461 Rcom 72 73 75 Reliance 777 792 807 Reliance Infra 407 412 418 Reiance Power 88 87 86 88 89 90 Satyam 67 63 57 69 73 76 Siemens 706 685 669 701 722 743 SBI 1,780 1,731 1,703 1,760 1,808 1,856 SAIL 85 84 82 85 87 88 Sterlite 105 103 102 104 106 108 Sunpharma 514 496 486 507 524 542 Suzlon 23 23 23 23 23 24 Tata Com. 193 185 181 189 197 204 TCS 1,089 1,076 1,067 1,086 1,098 1,111 Tata Motors 182 176 173 180 185 191 Tata Power 94 92 91 94 95 97 Tata Steel 387 380 376 385 391 398 Unitech 24 24 23 24 24 25 Wipro 372 369 364 373 376 380 Zee 121 119 116 121 124 127 A pivot is a level at which the market direction changes for the day. These points can be critical support and resistance levels for that day. Pivot levels are only broad indicators and not necessarily our view on the stock or index. CMP (Rs) 613 1,193 150 282 536 388 306 325 210 389 2,315 390 441 2,033 124 382 647 750 98 2,636 196 1,280 714 965 53 160 262 97 921 449 72 784 407 Supp 1 605 1,146 147 277 517 380 302 320 207 383 2,285 384 435 2,011 118 378 627 734 96 2,616 193 1,261 703 953 52 158 255 96 889 443 71 769 402 Supp 2 594 1,120 145 273 505 375 300 317 205 378 2,268 377 430 1,975 114 375 616 724 95 2,599 191 1,244 693 936 52 156 252 96 866 437 70 761 397

Top gainers
Company Educomp Solution Financial Techno Amtek India Ltd Unity Infraproje Nocil Ltd Price (Rs) 216.6 653.3 98.9 25.2 17.4 Price % chg 15.6 13.4 13.6 9.3 9.1 % YTD chg (59.3) (26.9) 189.2 (75.3) (16.2)

Top losers
Company Cesc Ltd Mic Electronics Pantaloon Retail Donear Inds Ltd Peninsula Land Price (Rs) 261.9 7.3 223.2 19.3 35.1 Price % chg (4.6) (4.6) (4.6) (2.8) (2.5) % YTD chg (28.3) (77.9) (39.2) (44.7) (44.9)

Volume Toppers
Company Ht Media Ltd Ess Dee Aluminiu Dalmia Bharat Su Hinduja Tmt Ltd Infotech Ent Price (Rs) 121.3 135.5 14.0 325.7 124.1 Price % chg 3.4 (0.6) (1.4) 2.9 5.3 Vol % chg 5,943.8 4,324.1 4,166.7 1,925.8 1,799.6

Sector watch
BSE Indices BSE Bankex BSE Realty BSE HC BSE Metals BSE Oil & Gas BSE Auto BSE IT BSE Power BSE FMCG BSE PSU BSE Cap Goods BSE CD BSE 200 BSE 500 BSE Mid Cap BSE Small Cap CNX 500 Last close 10,104 1,623 6,023 10,356 8,172 8,471 5,505 1,942 3,975 6,897 9,724 5,843 1,967 6,165 5,697 6,153 3,840 1 day 3.4 2.8 1.5 4.9 3.4 1.3 1.9 2.5 1.9 3.1 2.0 1.1 2.7 2.6 1.5 1.7 0.0 Price % chg 1 week (11.2) (15.6) (2.4) (14.7) (11.0) (11.5) (5.6) (12.4) (4.3) (9.4) (11.9) (11.9) (9.0) (9.1) (9.2) (11.6) (9.2) 1 mth (5.3) (3.3) 2.5 (11.2) (1.0) 2.2 11.0 (12.4) 0.3 (9.3) (19.0) (6.1) (3.1) (3.5) (7.9) (12.8) (3.5) 50 DMA 11,340 1,852 6,083 12,306 8,666 8,721 5,462 2,258 4,002 7,745 11,750 6,510 2,117 6,661 6,372 7,298 4,145

Note: Ideas given under the Technicals section are for intraday purpose or up to a period of three trading sessions. Stocks recommended under this heading are not necessarily part of our fundamental buy or sell list.

Market Mantra

Deals
Insider trades
Company name
Alchemist Realty Ltd Anant Raj Industries Ltd Anant Raj Industries Ltd Axis Bank Ltd Cni Research Ltd Dcm Shriram Consolidated Ltd Everest Kanto Cylinder Ltd Gujarat Pipavav Port Ltd Il&Fs Investment Managers Ltd Il&Fs Investment Managers Ltd Il&Fs Investment Managers Ltd Indusind Bank Ltd Intellivate Capital Ventures Ltd Kirloskar Brothers Investments Ltd Kirloskar Oil Engines Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Kotak Mahindra Bank Ltd Lokesh Machines Ltd Lokesh Machines Ltd Lokesh Machines Ltd Lokesh Machines Ltd Lokesh Machines Ltd Lokesh Machines Ltd Lokesh Machines Ltd Lokesh Machines Ltd Lt Foods Ltd Lupin Ltd Lupin Ltd Lupin Ltd Maharashtra Polybutenes Ltd Maharashtra Polybutenes Ltd Mahindra & Mahindra Financial Services Ltd Mahindra & Mahindra Ltd Mahindra Ugine Steel Company Ltd Nocil Ltd Oudh Sugar Mills Ltd

Acquirer
Sparrow Asia Diversified Opportunities Fund Anil Sarin Anil Sarin M V Subramanian K P Ostwal HUF Sumant Investments Pvt Ltd Pushkar Khurana Harsh Tulsiani Shahzaad Dalal Shahzaad Dalal Shahzaad Dalal Haresh Gajwani Leena V Modi Rahul C Kirloskar Kirloskar Industries Ltd Arun N Arun N Puneet Kapoor R Sundarraman Sudhir Khanna C Sri Rekha C Sri Rekha C Sri Rekha C Sri Rekha C Sri Rekha C Sri Rekha C Sri Rekha C Sri Rekha Raghuvesh Holdings Pvt Ltd Chandrakant S Bhangale Nandu Bhise Sofia Mumtaz Mrs. Sangeeta Brijmohan Rathi Mrs. Sangeeta Brijmohan Rathi Uday Y Phadke Prudential Management & Services Pvt Ltd Girdharilal Agrawal Navin Fluorine International Ltd Uttam Commercial Ltd

Transaction date
2/11/2011 22/11/2011 22/11/2011 22/11/2011 23/11/2011 21/11/2011 22/11/2011 17/11/2011 23/11/2011 05/10/2011 14/11/2011 15/11/2011 16/11/2011 23/11/2011 22/11/2011 21/11/2011 22/11/2011 11/11/2011 14/11/2011 14/11/2011 14/11/2011 14/11/2011 21/11/2011 21/11/2011 21/11/2011 21/11/2011 22/11/2011 22/11/2011 22/11/2011 22/11/2011 23/11/2011 23/11/2011 23/11/2011 23/11/2011 21/11/2011 21/11/2011 16/11/2011 16/11/2011 22/11/2011 15/11/2011 21/11/2011

B/S
S B B B B B B B S S S B S B B S S S S S B B B B B B B B B S B B B B S B B B B

Qty ('000)
1,750 30 30 2.276 12.15 23.088 40 0.5 22.135 64.66 48.777 1 15.74 47 3450 1 1 10 14.7 10 6 6 6 6 5.5 5.5 8.5 8.5 27.292 2 1.875 5 83 83 2.367 215.056 1.655 60.5 35.302

Shares transactions (%)

0 2 -

Holding after transaction (%)

9.8 9.8 1.3 56.5 3.6 1 1 1 31 19 2 1 0 0 1 5 3 0

FIIs trades
Scrip name Bank of Baroda Volume ('000) 4.6 Price (Rs) 741.5 Prem/Disc (%) 0.1

Market Mantra

Derivatives
Nifty volatility Index declined to 26.64 from 29.12, decreased by 8.52%. Total Nifty futures shed 0.40mn shares in open interest. Call open interest for December series added 0.03mn shares in Open Interest. Put open interest for December series added 0.85mn shares in Open Interest. Nifty put call ratio of open interest now stands at 1.29 vs 1.26. Nifty put call ratio of volume now stands at 1.03 vs 1.05. Maximum open interest in calls for December series is at 5,000 strike prices. Maximum open interest in Puts for December series is at 4,500 strike prices. Nifty December 4,800 Call shed 0.58mn shares in open interest. Nifty December 4,700 Put added 0.88mn shares in open interest. Strategies Long Bharat Forge Dec Future between Rs267-268 for the Target price of Rs277 with a Stop loss placed at Rs264. Lot size: 1000 Remarks: Net maximum profit of Rs10,000 and net maximum loss of Rs5,000. Short Bajaj Auto Dec Future between Rs16341636 for the Target price of Rs1600 with a Stop loss placed at Rs1654. Lot size: 250 Remarks: Net maximum profit of Rs9,000 and net maximum loss of Rs4,500.
Nifty snapshot
Near month price Near month Pre/Disc Mid month price Mid month Pre/Disc OI* (000) Volume (000) PCR (OI) PCR (Vol) Roll-over (%) Current 4,870 19.0 4,890 38.3 22,666 18,696 1.3 1.0 5.9 % Chg 3.4 2,011.1 3.4 83.1 (1.7) (18.9) 1.9 (1.4) 17.9

FII derivative data

(Rs cr) Index Futures Index Option Stock Futures Stock Options Buy 2,184 9,920 1,671 242 Sell 1,653 9,009 1,141 230 Net 531 911 530 11 Contracts (22,085) (18,061) (7,816) 4,554 OI % chg (4) (1) (1) 31

Institutional activity
(Rs cr) FII's MF's FIIs Prov. MFs Prov. Cash (755.9) 151.8 (302.6) 307.3 F&O 1,982.8 MTD (4,582.3) 686.6 YTD (3,336.6) 5,191.0

Overall market
Index Future (Rs cr) Stock Future (Rs cr) Index Options (Rs cr) Stock Options (Rs cr) Index Future (Cont '000) Stock Future (Cont '000) Index Options (Cont '000) Stock Options (Cont '000) PCR (OI) PCR (VOI) 28-Nov11 11,214 9,604 38,812 1,863 503 435 2,359 108 1.0 0.5 25-Nov11 13,112 10,998 59,185 2,228 598 497 2,454 97 1.1 0.5 24-Nov11 27,262 30,135 198,016 3,870 1,229 1,427 8,314 166 1.0 0.6 Value % chg (14.5) (12.7) (34.4) (16.4) (15.8) (12.3) (3.9) 11.2 (1.6) (4.4)

Nifty open interest chart

600 450 300 5,000 150 0 5-Sep-11 28-Sep-11 24-Oct-11 21-Nov-11 4,500 4,000 OI & Vol (lacs) Nifty 6,500 6,000 5,500

Nifty strikes open interest

13,000 11,000 9,000 7,000 5,000 3,000 1,000 (1,000) 4600 4700 4800 4900 5000 5100 5200 OI Call in ('000) Put

Sector-wise OI
7 4 1 -2 Real Estate Metals FMCG Textile Power Sugar IT Automobiles Total Stock Future Logistics Cement Capital goods & Infra Pharma Fertilizers Banking Oil & Gas Telecom Others Media % Chg

Market Mantra

Derivatives
Futures open interest gainers
Scrip Indianb Tatachem Ptc Suntv Jindalsaw Cesc Pfc Cumminsind Drreddy Gspl Dabur OI ('000) 404.0 604.0 5,812.0 1,343.0 926.0 640.0 10,161.0 281.4 552.8 3,220.0 2,506.0 % change 30.7 21.3 11.9 11.3 10.0 9.6 9.3 8.9 8.6 7.0 6.5 CMP (Rs) 192.0 346.6 47.7 270.9 127.8 263.0 170.4 354.7 1,561.5 86.9 97.0 % change 1.0 (0.5) 2.1 (1.3) 3.4 (4.6) 4.3 (1.3) 1.1 1.9 0.4 Volume ('000) 222.0 470.0 2,028.0 963.5 406.0 560.0 4,864.0 144.9 167.0 768.0 494.0 % change 212.7 (13.6) 76.0 (1.0) (26.7) (39.3) 59.3 19.7 (50.3) 13.3 13.8 Prem/Disc (Rs) (2.1) (3.1) (0.6) (2.3) (1.3) (1.1) (1.4) (0.9) (9.8) (0.8) (0.9)

Futures open interest losers

Scrip Ttml Suzlon Gvkpil Dlf Ongc Ucobank Tatasteel Aban Sesagoa Bankindia Hdil OI ('000) 24,388.0 78,360.0 46,256.0 20,552.0 7,584.0 12,304.0 20,321.5 2,558.5 8,248.0 3,578.5 20,650.0 % change (86.4) (85.1) (80.6) (63.3) (61.6) (38.7) (38.4) (17.9) (12.6) (12.4) (11.7) CMP (Rs) 14.9 23.3 11.1 208.9 259.0 62.1 386.7 347.2 182.0 332.9 68.1 % change 5.7 4.0 5.7 3.8 4.7 5.8 4.8 7.4 5.7 3.5 3.8 Volume ('000) 2,506.0 15,808.0 8,600.0 9,097.0 2,808.0 2,548.0 8,114.5 1,155.0 3,396.0 639.5 10,754.0 % change (58.8) (17.7) (25.5) (46.7) 37.0 31.5 2.0 (18.3) (5.8) (17.7) (25.5) Prem/Disc (Rs) (0.2) (0.2) (0.1) 0.8 2.7 (0.6) 0.3 7.9 (1.2) 2.1 (0.6)

Most active stock calls

Scrip Sbin Tatasteel Sbin Sbin Reliance Lt Tatamotors Tatasteel Reliance Sbin Strike 1800 400 1750 1700 800 1300 180 380 780 1900 OI ('000) 215.8 634.5 92.9 101.0 272.0 144.3 810.0 328.5 168.3 107.6 % change 10.0 (0.7) (8.6) (37.9) (3.8) 13.6 16.8 0.2 (0.4) (18.9) CMP(Rs) 59.0 13.1 80.0 112.0 23.1 44.0 10.6 22.5 33.5 27.0 Volume ('000) 4,197.0 2,785.0 2,256.0 1,962.0 1,988.0 1,189.0 1,526.0 1,764.0 1,601.0 1,313.0

Most active nifty calls

Strike 5000 4900 4800 5100 5200 5300 5400 4700 5500 5600 OI ('000) 4,935.4 3,677.2 3,174.9 4,987.1 3,590.9 2,415.1 2,127.5 2,187.4 2,370.9 1,989.6 % change 5.5 3.8 (15.5) 10.8 6.2 (5.7) (2.1) (13.2) 0.7 (1.5) CMP(Rs) 74.0 119.7 179.2 42.0 22.4 11.3 5.8 249.7 3.4 2.1 Volume('000) 12,802.3 12,108.7 8,509.2 6,564.9 4,758.1 2,591.2 2,147.8 2,301.6 1,100.1 881.1

Most active stock puts

Scrip Sbin Sbin Lt Tatasteel Lt Tatamotors Tatasteel Reliance Sbin Sbin *OI= Open Interest Strike 1700 1600 1200 360 1250 170 380 760 1800 1650 OI ('000) 102.5 174.0 150.8 396.5 75.0 798.8 252.5 172.5 80.6 67.8 % change 99.0 46.4 36.7 50.8 63.9 63.4 56.8 31.9 286.2 4.0 CMP(Rs) 46.2 20.0 20.9 8.5 34.1 5.5 14.5 17.8 91.1 30.1 Volume ('000) 2,390.0 1,598.0 1,038.0 1,193.0 667.0 935.0 876.0 856.0 666.0 742.0

Most active nifty puts

Strike 4700 4600 4800 4500 4400 4300 4200 4900 4000 4100 OI ('000) 6910.3 4931.4 5392.3 6919.4 4075.1 2552.7 2488.1 2265.8 5069.4 1498.7 % change 14.7 11.2 16.1 (3.1) (7.6) 0.5 (2.1) 5.1 (7.0) 1.4 CMP(Rs) 81.2 58.0 110.2 40.8 27.7 18.8 12.8 149.3 6.0 8.7 Volume('000) 13301.9 9132.4 7505.4 7339.5 5077.9 3368.7 2828.9 1799.7 2055.8 1624.6

Market Mantra

Mutual Funds
Fund focus UTI Opportunities Fund
Fund manager Latest NAV NAV 52 high/low Latest AUM Class Options Anoop Bhaskar Rs25.3 Rs28.9/24.9 Rs1,702cr Equity diversified Growth & dividend Min investment Entry load Exit load Benchmark Asset allocation Expense ratio

Invest
Rs5,000 Nil 1% before 1 year BSE 100 Equity (89%), Cash (10%) 1.94% (Absolute returns (in %) are based on previous close) Assets (Rs Cr) 4,499 4,130 1,702 NAV (Rs) 191.5 92.7 25.3 1wk (3.0) (2.4) (3.0) 1mth (6.9) (6.7) (5.6) 3mth 0.2 0.2 (0.7) 6mth (9.3) (12.9) (5.6) 1yr (11.7) (13.2) (8.2) 2yr 8.7 8.3 11.2 3yr 105.6 103.2 120.2 5yr 48.2 49.5 78.8

Top Recommended Funds

Equity Diversified/Largecap Franklin India Bluechip(G) ICICI Prudential Dynamic - (G) UTI Opportunities Fund (G) Equity Midcap DSP-BR Small & Mid Cap - (G) HDFC Mid-Cap Opp Fund (G) IDFC Premier Fund (G) Equity Tax saving Fidelity Tax Advantage (G) HDFC Tax Saver (G) ICICI Prudential Tax Plan (G) Hybrid DSP-BR Balanced Fund (G) HDFC Prudence Fund (G) ICICI Pru Balanced(G) Debt Money market DSP-BR Money Manager -RP (G) Reliance Money Manager (G) UTI Treasury Advantage (G) Debt Floating rate ICICI Pru Floating Rate -D (G) Kotak Floater LTP (G) Tata Floater Fund (G) 2,704 3,872 3,971 170.8 16.5 15.6 0.2 0.2 0.2 0.7 0.8 0.8 2.0 2.2 2.3 16,367 9,458 8,950 22.5 1,400.2 2,628.3 0.2 0.2 0.2 0.7 0.7 0.7 2.1 2.1 2.2 1,143 3,032 1,259 19.1 198.6 120.5 (3.0) (1.8) (2.5) (7.8) (5.9) (8.5) (2.1) (3.7) (1.6) 1,259 1,606 1,141 15.3 14.3 16.2 (1.8) (0.6) (2.5) (8.1) (4.1) (7.5) (5.5) (4.5) (4.8)

(10.1) (8.0) (10.2) (16.5) (10.7) (14.3)

14.5 24.5 13.5 148.8 150.1 142.6 47.2

(11.1) (12.4) (12.9)

(15.4) (17.5) (15.4)

9.5 5.8 8.0

109.0 119.5 138.0

57.6 35.9 31.5

720 6,356 290

59.5 191.7 44.3

(1.9) (1.5) (1.2)

(5.3) (6.0) (3.2)

(3.1) (3.8) (0.5)

(8.5) (8.7) (3.9)

(10.5) (10.8) (3.5)

5.1 14.0 15.2

72.8 122.2 82.4

57.2 72.3 30.3

4.2 4.3 4.4

8.4 8.6 8.6

14.0 14.1 13.9

20.7 21.3 20.6

41.9 40.8

4.0 4.6 4.6

8.0 9.0 9.1

13.1 14.9 15.0

19.1 22.4 22.2

40.5 45.0 44.0

NFO Update
Fund name Tata FMP Series 38B Kotak FMP Series 67 DWS Fixed Term Fund - Series 93 ICICI Prudential FMP Sr 60 3 Years Plan E IDFC FMP Two Year Series 2
#OE: Open Ended, CE: Close Ended

Open date 21-Nov 29-Nov 21-Nov 21-Nov 24-Nov

Close date 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov

Type CE CE CE CE CE

Class Debt - FMP Debt - FMP Debt - FMP Debt - FMP Debt - FMP

Recent Actions

Fidelity Mutual Fund declares dividend under Fidelity Equity Fund & Fidelity Tax Advantage Fund. The quantum of dividend will be Rs1 per unit. The record date has been fixed as December 1, 2011. UTI Dividend Yield Fund declares 4% dividend. The record date has been fixed as November 30, 2011. AIG Quarterly Interval Fund Series II declares dividend. The quantum of dividend will be Rs.20.14 and Rs.20.23 per unit for retail as well as dividend plans, respectively. The record date has been fixed as December 2, 2011. IDFC Mutual Fund IDFC SSI Medium Term Plan A Fund declares dividend. The quantum of dividend is Rs. 0.1009 per unit. The record date has been fixed as December 2, 2011. UTI Fixed Income Interval Fund-Annual Interval Plan IV declares dividend. The record date has been fixed as November 30, 2011.
Disclaimer: Mutual Fund is subject to market risk, please read the offer document carefully before investing.

Market Mantra

House Recommendations
House Recommendations

The large cap Buys and Sells are relative outperformer and underperformer bets vis--vis the Nifty respectively. Reduce portfolio weight in stocks with Sell rating. Midcap Buys are based on absolute return expectations. Top Large-cap Buys
Stock Sector Sector View

Axis Bank Hindalco ICICI Bank Infosys ITC Lupin M&M Tata Motors Tata Steel TCS

Banking Metals Banking IT FMCG Pharmaceuticals Automobiles Automobiles Metals IT

Positive Neutral Positive Neutral Positive Positive Neutral Neutral Neutral Neutral

CMP (Rs) 991 124 750 2,636 196 470 714 182 387 1,089

M-Cap (Rs bn) 408.9 238.1 864.2 1,513.7 1,530.1 209.8 438.2 537.9 371.2 2,130.4

Source: India Infoline Research

Best Mid-cap Buys

Stock Sector

Glenmark Pharma Manappuram General Finance Indian Hotels Radico Khaitan

Source: India Infoline Research

Pharmaceuticals Finance Hotels Breweries

CMP (Rs) 310 55 60 119

M-Cap (Rs bn) 83.9 46.3 45.6 15.7

Top Sells
Stock ABB Bank of India Hotel Leelaventure Sector Capital goods Banking Hotel Sector View Negative CMP (Rs) 613 335 34 M-Cap (Rs bn) 129.8 183.1 13.1

Positive
Negative

Source: India Infoline Research

Market Mantra

Economy
GDP growth (Quarterly)
14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 5.0 7.7 7.0 9.0 GDP (LHS) (Rs bn) (%) 11.0 GDP Growth % (RHS) 13.0

Inflation
12.0 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) May-11 Oct-11 Mar-07 Aug-07 Nov-08 Jan-08 Jun-08 Sep-09 Feb-10 Dec-10 Oct-11 25.0 20.0 16.1 15.0 10.0 5.0 0.0 May-11 Nov-10 Mar-11 Jan-11 Aug-11 Jul-11 Apr-09 Jul-10 (%) 9.7

G-Secs yield
9.5 8.5 7.5 6.5 5.5 4.5 3.5 Nov-10 Sep-10 Aug-11 Dec-09 Sep-11 Nov-11 Jan-11 Feb-10 Feb-11 Jun-10 Jun-11 Apr-10 Apr-11 Jul-10 (%) 10 Yr Gsecs 1 Yr Gsecs

M3 growth
75,000 70,000 65,000 60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 ` M3 (LHS) (Rs bn) M3 yoy % (RHS) (%) 70,106

CRR, Repo
10.0 9.0 8.50 8.0 7.0 6.0 6.0 5.0 4.0 Nov-10 Sep-10 Aug-11 Dec-09 Sep-11 Dec-10 Nov-11 Jun-10 Feb-11 Feb-10 Jun-11 Apr-10 Apr-11 Jul-10 (%) CRR Repo

IIP and Six key infra industry growth

14 12 10 8 6 4 2 0 May-10 May-11 Sep-09 Sep-10 Sep-11 Jan-10 Jan-11 1.9 2.3 IIP growth Six key infra ind growth (%) 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0

Market Mantra

10

15

20

25

30

35

40

45

FDI

1,500

2,500

3,500

4,500

5,500

6,500

500

(500)

150

350

550

750

950

(650)

(450)

(250)

(50)

Jun-06 Dec-06 Jun-07 Dec-07

Sep-09
Jan-10 (US$ mn) Mar-10 May-10 Jul-10

(US$ bn)

(Rs bn)

Economy

Market Mantra

Fiscal deficit

Nov-09

Jan-10

Mar-10

May-10

Jun-08
Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11

Trade deficit (Quarterly)

Jul-10

Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

73

Sep-11

10

15

20

(10)

250

260

270

280

290

300

310

320

330

(5)

100.0

20.0
Nov-09 Jan-10 Feb-10 Apr-10 Jun-10 Jul-10 Sep-10 Oct-10 Dec-10 Feb-11 Mar-11 May-11 Jul-11 Aug-11 Oct-11 309 (US$ bn) INR/USD INR/GBP INR/EURO INR/100 Yen 73.3 83.8

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Oct-09

Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11

(US$ bn)

Nov-09

Jan-10

Mar-10

RBI forex reserves

Currency movement

May-10

Jul-10

Aug-10

Oct-10

Dec-10

Jan-11

Current account deficit (Quarterly)

Mar-11

May-11

Jul-11

Sep-11

52.0

67.6

Nov-11

Event Calendar
Monday Tuesday Wednesday Thursday Friday Saturday

November 01
Sep Exports YoY% 36.4% vs 44.3% Sep Imports YoY % 17.2% vs 41.8% ACC, Ambuja Cem, Abirla Nuvo, Bajaj Electricals, Central Bk, Divis Lab, HPCL, PNB, Rolta

November 02

November 03

November 04

November 05

L&T Fin, OnMobile, Piramal Life, Trent, Karur Vysya

Ashok Leyland, Gujarat Gas, Jubilant Food, TVS Motor, Manappuram Fin, Kesoram Ind, TTML, SAIL, Sun TV

Bharti Airtel, Tulip, ONGC, Marico, NCC, Nestle, Glaxo Cons, Glaxo Pharma

MTNL, Motherson Sumi, BRFL

November 07
United Spirits, Punj Lloyd, Madras Cement, Jain Irrigation, Emami, Parsvnath, Guj NRE Coke

November 08
Aban, IDFC, BOI, Opto Circuit, Pidilite, ABB

November 09
Apollo Tyre, CESC, Glenmark, IOC, Ranbaxy, Oil India, GMR Infra, Voltas, Luin, PFC, Bombay Dyeing, Jai Corp

November 10
Tata Steel, Hindalco, Cadila, GVK Power, Satyam Comp

November 11
Sep IIP data 1.9% vs 4.1% Jet Airways, Tata Chem, LITL, Adani Power, Mundra Port, Britannia, Anant Raj Ind, MOIL

November 12

November 14
Oct inflation data 9.73% vs 9.72% Tata Motors, M&M, India Cement, Amara Raja Batt, Phil Carbon

November 15

November 16
US Oct IIP data 0.7% vs 0.2% US capacity utilization 77.85 VS 77.4%

November 17

November 18

November 19

Tata Power

November 21

November 22
US GDP qoq 2% vs 2.5%

November 23
US Durables goods order US initial jobless claims

November 24

November 25

November 26

November 28
US new home sales mom

November 29
US consumer confidence US house price index mom

November 30
Q3 India GDP YoY%

Blue: Economic data, Black: results

Market Mantra

Recommendation parameters for fundamental reports: Buy Absolute return of over +10% Market Performer Absolute return between -10% to +10% Sell Absolute return below -10%

Published in 2011. India Infoline Ltd 2011 This report is for the personal information of the authorised recipient and is not for public distribution and should not be reproduced or redistributed without prior permission. The information provided in the document is from publicly available data and other sources, which we believe, are reliable. Efforts are made to try and ensure accuracy of data however, India Infoline and/or any of its affiliates and/or employees shall not be liable for loss or damage that may arise from use of this document. India Infoline and/or any of its affiliates and/or employees may or may not hold positions in any of the securities mentioned in the document. The report also includes analysis and views expressed by our research team. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The recipients of this material should take their own professional advice before acting on this information. India Infoline and/or its affiliate companies may deal in the securities mentioned herein as a broker or for any other transaction as a Market Maker, Investment Advisor, etc. to the issuer company or its connected persons. This report is published by IIFL India Private Clients research desk. IIFL has other business units with independent research teams separated by 'Chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc and therefore, may at times have, different and contrary views on stocks, sectors and markets. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to local law, regulation or which would subject IIFL and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

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