29-05-2012

Markets opened on a flat note but as the day progress moved on higher side. On the sectoral front bankex, power and CD ended on the gainers side. The advance decline ratio was in favour of advancing counters (Advances = 1714/ Declines=1008).

Pattern Formation: On the Daily chart, we are witnessing nifty has closed above short term moving averages 5&20 SMA and oscillator showing come oversold position.

Future Outlook: In view of the above pattern formation, market can move up to 200 DMA which is act 5080-5085. In the coming days on the down side 4920-4880 will be act as a support. We can see some stock specific movement in market in coming days.


Data Alert From Overseas -
•  German Prelim Consumer Price Index m-o-m.



Domestic Sector News –
•  Pharmaceutical: The Commerce Ministry has raised concern against Department of Pharmaceuticals' inaction of bringing the patented drugs under price negotiation system. There is no provision for patented drugs in the new drug pricing policy.
•  Power: State-owned Maharashtra State Electricity Distribution Co has proposed an increase of about 8.5% in power tariff for over 15 mln residential consumers. It also has suggested raising the discount on tariff for industrial consumers from 80 paisa to 2.50 rupees per unit on power used.
•  Telecommunication: The telecom companies may have to shell out significantly lower money for the airwaves in the upcoming auction, if the telecom panel on spectrum sale accepts the proposal of halving the spectrum tenure to 10 years. The Department of Telecommunications expects to finalise
the norms for mergers and acquisitions and spectrum sharing by end of June



Domestic Stock Specific News -
•DEEPAK FERTILISERS & PETROCHEMICALS: Plans to use its cash reserves to expand in the chemicals space, which may include acquisitions.

• FORTIS HEALTHCARE: Has hived off its non-core businesses and related assets in to a separate company, which it will list on Singapore Exchange to raise 20 bln rupees.

• INDIAN HUME PIPE CO: Will soon sign a pact with Dosti Realty for development of its slum-encroached land at Wadala in Mumbai.

• JINDAL STEEL & POWER: Is planning to buy stake in around 3-4 mining companies in Australia, within next six months and will spend around $10-$25 mln for each as the company tries to secure its raw material supply, and foray into mining business in future.



International News -
•  Govt bond yields hits highest since November at 6.5% in Spain.




Today’s Result –
ABGSHIP, Acropetal, Adffoods, Aegischem, Ambikco, Angind, APOLLOHOSP, Archidply, Auropharma, Ausoment, Autolitind, Bbtc, Bepl, Bindalagro, Biofilchem, Birlacot, BRFL, Brooks, Chemplast, Chettinad, Compuage, Denso, Dssl, Eihotel, Ekc, Emmbi, Essdee, Fch, Filatex, Gallantt, Gangotri, Genesys, Geojitbnpp, Gillanders, Ginnifila, Gmrinfra, GODFRYPHLP, Goenka, Heritgfood, Hindcopper, Hindpetro, Hocl, Hopfl, Horizoninf, Hoteleela, Hsil, Ifbagro, Impal, Ipcalab, Jbfind, Jsl, Jumbo, Kabraextru, Kei, Koltepatil, Kotharipro, Kovai, Krisnafila, LITL, Magnum, Marksans, Mcdholding, Mcdowell‐N, Mindacorp, Mindaind, Mspl, Nbcc, Ncc, Nitinfire, Omnitech, ONGC, Orientabra, Oswalagro, Pdumjeind, Pdumjepulp, Penind, Philipcarb, Phoenixltd, Piind, Pnc, Polyplex, Powergrid, Prajind, Prakash, Pricol, Provoge, Psl, PVR, Radaan, Ramanews, Ramky, Ratnamani, Refex, RENUKA, Rmcl, SAIL, Sakthifin, Saloraintl, Sanghvifor, Schneider, SCI, Selmcl, Spmlinfra, Sswl, Sunflag, SUNPHARMA, Suprajit, Talbroauto, Tantiacons, TATAMOTORS, Technofab, Tnpl, Treehouse, Vaibhavgem, Venkeys, Vlsfinance, Vsttillers, Vtxind, Welcorp, Wstcstpapr, Zodiacloth.

Results Announced on 28-05-2012 -

• Amara Raja Batteries Jan-Mar net profit 58.28 cr rupee vs 41.11 cr rupees (Y-o-Y).
•  Coal India Jan-Mar consol net profit 4013.41 cr rupee vs 4220.92 cr (Y-o-Y).
•  Mcleod Russel Jan-Mar net loss 157.39 cr rupees vs 122.94 cr loss (Y-o-Y).
•  Balrampur Chini Jan-Mar net profit 129.93 cr rupees vs 112.78 cr (Y-o-Y).
•  3M India Jan-Mar net profit 21.77 cr rupees vs 28.30 cr (Y-o-Y).
•  Gujarat NRE Jan-Mar net loss 45.51 cr vs 51.64 cr rupees profit (Y-o-Y).
•  Motherson Sumi Jan-Mar cons net profit 194.83 cr rupees vs 138.90 cr rupees (Y-o-Y).
•  Oil India Jan-Mar net profit 444.81 cr rupees vs 562.61 cr rupees (Y-o-Y).
•  Bharat Forge Jan-Mar net profit 55.12 cr rupees vs 100.65 cr rupees (Y-o-Y).
•  National Fertilizers Jan-Mar net profit 56.87 cr vs 26.72 cr rupees (Y-o-Y).
•  Bajaj Electrical Jan-Mar net profit 48.99 cr vs 57.45 cr rupees (Y-o-Y).
•  Electrosteel Casting Jan-Mar net profit 5.89 cr rupees vs 38.50 cr rupees(Y-o-Y).
•  Sundaram Finance Jan-Mar net profit 98.21 cr rupees vs 98.20 cr rupees (Y-o-Y).
•  Neyveli Lignite Corp Jan-Mar net profit 605.21 cr rupees vs 586.45 cr rupees (Y-o-Y).
•  Bombay Dyeing Jan-Mar net profit 185.18 cr rupees vs 81.95 cr rupees (Y-o-Y).
•  NMDC Jan-Mar net profit 1642.28 cr rupees vs 2098.62 cr rupees (Y-o-Y


Board Meeting (Purpose) - LKP FIN (Buy Back of Shares), Steelcast (Stock Split), Sudar Garments (General).

WEEKLY REPORT

Key developments during the week

•  India Apr CPI farm labourer inflation 7.84% vs 6.84% Mar
•  Govt hikes General Provident Fund rate to 8.8% from 8.6%
•  Govt ups Special Deposit Scheme interest rate to 8.8% from8.6%
•  Rupee falls to new all‐time low of 56.27 vs 56.15.
•  Goldman Sachs cuts India FY13 GDP forecast to 6.6% from 7.2%
•  India adds 6.49 mln GSM mobile users in Apr vs 6.87 mln Mar
•  HCL Tech to provide production, content mgmt svcs to UBM Canon
•  GAIL signs gas purchase agreement with Turkmenistan
•  NTPC commissions unit 5 of Rihand super thermal power plant
•  Dabur to foray into sun protection cream mkt with Uveda Sun Block
•  Havells' Europe arm ties up 77.5 mln euro to refinance term loan
•  Delhi HC reserves judgement in Indraprastha Gas vs PNGRB case
•  NMDC inks pact with Rashtriya Ispat for pellet unit at Vizag
•  Source says Kavveri Telecom in exclusive talks to acquire US co
•  Tech Mahindra launches 1 more delivery, development centre in Noida
•  ScotiaMocatta official sees India gold imports dn 20‐25% in 2012

Domestic events week ahead

• May 31: GDP estimates for Jan‐Mar and revised estimates for 2011‐12, by CSO.
• May 31: Government finances for 2011‐12 (Apr‐Mar) and April, by CGA.
• May 31: CPI for industrial workers for April, by Labour Ministry.
• Jun 1: Manufacturing PMI for May, by HSBC.
• Jun 1: Trade data for April, by commerce and industry ministry.
• Jun 1: Automobile sales data for May, by SIAM.
• Jun 1: Cement production, despatches in May, by CMA.

Global events week ahead

•May 29 : German Prelim Consumer Price Index (CPI) m‐o‐m
• May 30 : Retail PMI of Europe
• May 31 : German Retail Sales m‐o‐m, Prelim GDP q‐o‐q, Crude Oil Inventories & Unemployment Claims of US
• June 1 : Final Manufacturing Purchasing Managers' Index of Europe, Unemployment Rate of Europe, Unemployment Rate & ISM Manufacturing PMI of US

Weekly Sector Outlook and Stock Picks

Auto sector ‐ Down this week;
Tata Motors, M&M results eyed Auto stocks are likely to remain flat‐to‐weak in the next five trading sessions. The recent steep hike in petrol prices and weakening of the rupee against dollar is likely to weigh on shares of automobile companies this week. On Wednesday, state‐owned oil marketing companies hiked petrol prices by 11.5%, or 7.54‐7.98 rupees per ltr. The auto counter will also take cues from the earnings of two major automakers in the coming week, with Tata Motors Ltd reporting its Jan‐Mar earnings on May 29 and Mahindra & Mahindra announcing quarterly earnings on May 30. "The sales numbers for May due on Friday will also determine the trend for the stocks.

Pharma sector – Seen volatile this week on May F&O expiry Shares of pharmaceutical stocks are seen remaining volatile this week as the May series of derivates expiry on Thursday would keep the broad market fickle. Pharmaceutical counters will also track the movement of rupee. Taro Pharmaceutical Industries Ltd, the Israeli subsidiary of Sun Pharmaceutical Industries Ltd, has reported a net profit of $47.3 mln in the quarter‐ended March, up 84% from a year ago. Besides Taro's success, Sun Pharma's US business is seen getting a major boost from sales of high‐margin cancer drug, generic Lipidox, in the quarter gone by. Sun Pharmaceutical Industries will declare its Jan‐Mar earnings on May 29. The stock is also likely to get upbeat following the approval for generic Azelastine hydrochloride from the US Food and Drug Administration. For other major pharmaceutical companies, apart from the broad market's drive, the movement will be news driven. Also, the Group of Minister's decision on the National Pharmaceutical Pricing Policy would impact pharmaceutical counters. The GoM seeks to regulate prices of 348 essential drugs and its combinations sold across the country. The panel had earlier met in April‐end, but had deferred its decision on capping the prices of essential medicines due to lack of consensus among stakeholders and the ministries concerned. Also, a recent report said around 500 pharmaceutical companies, which were sent notice by the Department of Pharmaceuticals to furnish the overcharged amount of drugs as per their estimates, might have to pay a collective penalty of 40 bln rupees for not responding to the notices.

Capital Goods sector ‐ Seen volatile in line with market

Shares of capital goods and engineering companies are likely to remain volatile in the week in line with the market, where traders are likely to roll over positions to the June derivatives series from the May series ahead of the latter's expiry Thursday. Shares of Suzlon Energy Ltd will be in focus as the company posted a higher‐than‐estimated net loss of 300 cr rupees. Although trading in these shares is seen choppy in the next few sessions.

FMCG Sector ‐ To regain value as broad market seen weak

Shares of fast‐moving consumer goods companies are seen regaining value in the week ahead, as investors are seen returning to the FMCG category owing to continued broad market weakness. In the past week, all major FMCG shares, except for Marico, lost 0.7‐3.2% value. Even the BSE's FMCG index lost 2.3% at a time when broader markets managed to remain more or less flat, with the National Stock Exchange's Nifty index and the BSE's Sensex gaining 0.6% and 0.4%,
respectively. The fundamental demand for FMCG products continues to be strong; companies having a dominant portfolio in the foods segment are seen growing more than those having exposure to home and personal care products owing to favourable macroeconomic factors such as demography and under‐penetration of products.

Cement Sector ‐ Seen range‐bound this week; sales data eyed

Shares of major cement companies are seen trading range‐bound this week amid lack of any sector‐specific triggers.Investors will wait for monthly despatch data on Friday to take further view on the sector. There may be a negative bias inanticipation of price cuts by cement companies in the coming week as monsoon sets in. Cons truction activity in the country typically halts during the rainy season. Prices in north have declined by 5‐20 rupees per (50‐kg) bag led by subdued demand on account of disruption in the supply of construction materials and shortage of labour. Cement makers are also likely to get hit due to a sand mining ban by Punjab and Haryana from Apr 1. Street is also likely to keep a close eye on the government's decision on fuel pricing. A rise in prices of diesel is viewed as negative for the sector, as it will increase the transportation cost for cement companies. Additionally, shares of cement makers are likely to remain under pressure on expectations that the Competition Commission of India, which is investigating allegations of price rigging by companies, may announce its order soon. As such, shares of cement companies have taken a beating.

IT Sector ‐ Seen range‐bound this week; global cues eyed

Shares of major information technology companies are likely to trade range‐bound this week amid lack of strong sectorspecific triggers. There may be a negative bias, as investors remain cautious after negative global news that came in last week. California‐based IT major, Hewlett Packard Co, Thursday raised concerns over the business  outlook in Europe and the US. HP has cut its full‐year guidance for revenue per share to at least $4 per share from $4.84 earlier. It also plans to
lay off around 27,000 employees by the end of 2014. Additionally, software exporters, which were rejoicing with every fall in the rupee against the dollar, are now a worried lot as the extreme volatility in the rupee makes it difficult for them to plan for the future. "Rupee's depreciation is beneficial for information technology companies. Most major Indian IT companies get around 70% of their revenue from the US.

Oil Sector ‐ PSU retailers may move in narrow range this week

Shares of state‐owned oil marketing companies are seen moving in a narrow range this week as better‐than‐expected Jan‐Mar earnings will support the stocks even as the initial euphoria over the sharp hike in petrol prices fizzles out. Petrol accounts only for a fraction of sales of the oil marketing companies and more than half of the revenue loses are incurred on sale of diesel. The announcement of highest‐ever hike in petrol prices—7.50 rupees for a litre‐‐had raised hopes of a
similar move by the government on prices of regulated fuels. However, the meeting of an empowered group of ministers that was to take place last week to consider a revision in prices in diesel and cooking gas, was cancelled as key allies of the United Progressive Alliance opposed any hike in prices of the politically‐sensitive fuels. If diesel prices are not hiked in the
near term it will result in higher consumption of the fuel as petrol is 80% costlier, and compound the revenue losses of the oil retailers in the long term. Meanwhile, crude prices continue to soften and the rupees, too, has made some recovery after hitting an all‐time low of 56.37 for a dollar on Thursday.

Telecom Sector ‐ To take cues from Telecom panel meet on Sat

Telecom stocks this week will take cues from the outcome of the second round of the Telecom Commission meet on Saturday, which will take a final view on the revised recommendations of the Telecom Regulatory Authority of India. The Telecom Commission, which met on Thursday, last week, deliberated part of the recommendations by the regulator on spectrum auction norms. The commission in its meeting decided that minimum of 10 Mhz of spectrum should be made
available for auction, against 5 Mhz recommended by TRAI. The commission also favoured the liberalisation of spectrum. TRAI has suggested a reserve price of 36.22 bln rupees per 1 Mhz of spectrum in the 1800 MHz band at a pan‐India level, which has been termed as exorbitantly "high" by telecom service providers. Bharti Airtel had gained 6% in the last two trading days last week after the company announced that it has acquired 49% stake in Qualcomm's AP's India entities.
Bharti Airtel has made an initial investment of approximately $165 mln to acquire 49% interest in Qualcomm AP's India entities that hold broadband wireless licences in Delhi, Mumbai, Haryana, and Kerala. The broad market this week is expected to be volatile on account of the expiry of the May futures and options contracts series Thursday.

Steel Stocks Outlook ‐ Seen rangebound; SAIL Jan‐Mar earnings eyed

Shares of major steel companies are likely to trade in a range with a positive bias this week. Investors will eye the Jan‐Mar earnings of state‐owned Steel Authority of India Ltd. SAIL will report its fourth quarter earnings on Tuesday May 29th .However, Steel Minister Beni Prasad Verma has not been very happy with SAIL's performance. He said there has been a
drop in the company's sales and even expansion plans are not on track. SAIL hopes to reach 19 mln tn production capacity by March. The company has embarked on a 720‐bln‐rupee expansion to take its steel‐making capacity to 24 mln tn by 2013‐14 (Apr‐Mar). The steel industry continues to remain under pressure due to slowdown in do mestic and global demand. Steel prices, which had gained during Jan‐Mar this year, have also started falling due to lacklustre demand. The

macroeconomic picture globally remains gloomy, with uncertainty over the European political scenario and slowdown in China. The Indian scenario is bleak too, with industrial production for March falling by 3.5%.

Bank sector‐ Subdued; F&O position rollovers on Thu eyed

Bank stocks are expected to remain subdued in the coming week with investors keeping a close eye on rollovers in May futures and options on Thursday, looking for leads on market appetite for long positions in bank stocks. Although rollovers from May to June derivatives positions are expected in broad market led by Nifty, investors are seen cautious in rolling over bank stock positions. There is a concern that the Reserve bank of India's ability to reduce policy rates has been  hindered by the petrol price hike, which is expected to fuel inflation levels and limit growth.

                               Market Range for Week 4800‐ 5180



Resistance – Nifty facing Resistance level @4950 level above this level it may go up to @5050 &@ 5150 level.


Support ‐ Support comes for market @4880 level for Nifty; below this level Nifty next support @4850 and @4800 will be the major support for Market.









Technical – Last week Nifty opened at 4888 & it made a high of 4956.Last week we have seen some volatile trade with in  a range in the market. Nifty made a low of 4803 & closed at 4920.Last week Nifty gain 153 points from its low & on weekly basis it closed at 29 point’s higher. Sensex made a weekly high of 16366 & a low of 15847 almost it gain 519 points in the week from its low.So overall last week we have seen some volatile trade with in very narrow range.

For the coming week the market range we expect 4800‐5180.


Weekly  View –
Last week we had expected market range (4750‐5150) & market made a high of 4956 & made a low of 4803, so overall it hold over both side range. In last week report we had mentioned, on daily chart market was below short term moving averages, but osilator was in oversold position.On weekly chart market was below downward sloping line, but it was above 200WMA & long term trendline, because of all that we had mentioned we can see some oversold rally & major
resistacne will be 4950‐4960 & all we have seen same. Now on daily chart nifty made a “Morning Star” formation & osilator showing some oversold position, but facing resistance on lower channel line.On weekly chart taking support around 200WMA & still holding long term trendline, so overall if market close above 4950‐4960 we can see some upside movement in the market up to 5050‐5080‐5120 & downside 4850‐4800 can act as a good support.Next week F&O expiry is also there so we can see some volatility in the market.On Friday, the Dow lost 75 points, or 0.6%. The S&P500 slid 03 points, or 0.2%. The Nasdaq fell 02 points, or 0.1%.Despite the weakness on Friday, all three indexes posted gains for the week, snapping a three‐week losing streak. The
Dow gained 0.7%, the S&P500 rose 1.7% & the Nasdaq added 2.1%.

Market Commentary

The market may remain volatile as traders roll over positions from the near‐month May 2012 series to June 2012 series. The May 2012 derivatives contracts expire on Thursday, 31 May 2012

The government will  announce Q4 March 2012 gross domestic product (GDP) data on Friday, 31 May 2012. The Indianeconomy expanded 6.1% in the October‐December quarter from a year earlier, the weakest pace of expansion in more
than two years, hurt by slower growth in manufacturing output and a contraction in mining production.

Automobile and cement shares will be in focus as companies from these two sectors will start unveiling monthly salesvolume data for May 2012 from Friday, 1 June 2012.

HSBC's monthly purchasing managers' index (PMI), which indicates the health of the manufacturing sector, is likely to bereleased next week. The HSBC India PMI, compiled by Markit, rose to 54.9 in April from 54.7 in March.

Important Results ‐ Balramchin, Fortis, Coalindia, IOC, NFL, NMDC, ONGC, Auropharma, GMRInfra, SAIL, Tatamotors, Colpal, DLF, Gail, KFA, M&M, RCF, Mphasis.

23-05-2012

Markets opened on a gap-up note supported by positive global cues, but once again indices unable to sustain at higher level and closed in red. On the sectoral front IT, TECk and CD ended on the gainers side whereas metal and bankex ended on the losing side. The advance decline ratio was in favour of declining counters (Advances = 1082/ Declines=1565).

Pattern Formation: On the Daily chart, we are witnessing market failed to cross bullish engulfing
candle high which is at 4957.

Future Outlook: In view of the above pattern formation, it is evident that the momentum on the upside would continue only if nifty trades above the bullish engulfing pattern which is at 4957. Hence in coming trading session if nifty trades above 4920 level then only it is likely to test 4950-4980 level. On the downside, 4820-4780-4750 may act as support for the day. We maintain our previous view unless high of Bullish engulfing pattern is not crossed which is at 4957, one should adopt cautious approach towards the market.


FII & DII activity on 22-05-2012 – FII net buyers in index future to the amount of Rs 571.92 cr , in index options net buyers to the amount of Rs 30.41 Cr, in stock futures net buyers to the amount of Rs 247.39 Cr & in stock options net buyers to the amount of Rs 13.42 Cr. Overall FIIs were net buyers  by Rs 863.14 Cr.

Capital Market Segment – FII trading activity net sellers of Rs 283.34 Cr & DII trading activity net buyers of Rs 207.60 Cr




Data Alert From Overseas -
•  Japan Monetary Policy Statement and BOJ Press Conference.
•  EU Economic Summit.
•  US Crude Oil Inventories at 8:00 pm.

Domestic Sector News –

• AVIATION: Government is considering mass sacking of Air India's striking pilots, and a partial shutdown of the airline.
• CEMENT: The government has extended the anti-dumping duty on white cement imported from Iran and United Arab Emirates till Apr 11, 2013.
• FERTILIZER: Government's new investment policy for urea will see a major dilution due to the rise in natural gas prices in the international market.
• OIL & GAS: Petroleum Minister S. Jaipal Reddy has said there is an immediate need to hike fuel prices owing to depreciation of rupee against the dollar.
• TELECOM: Department of Telecommunications has said bilateral investment treaties invoked by three foreign telecom investors in the license cancellation matter will not apply as the cancellation came by an order of the Supreme Court.



Domestic Stock Specific News -

•Rupee falls to new all-time low of 55.20 vs 55.03 Mon end
• Pranab says global slowdown led to rupee fall, decline in exports
• Official says SBI may recast 37-bln-rupee loans given via consortium.
• ONGC, Oil India, GAIL to bear 181-bln-rupee subsidy burden Jan-Mar.
• Phillips 66 to provide gasification technology to RIL Jamnagar unit.
• Thomas Cook Group to sell 77% in India arm at 50 rupees/share
• India FY12 FDI equity inflow at record $36.5 bln, up 88% on year
• Govt says retrospective changes in tax laws not to hit FDI inflows
• RComm to begin road shows for FLAG telecom listing next week


International News -
• Fitch downgrade Japan to A+, outlook negative.


Today’s Result –
Amdind, Batliboi, BHEL, Canbk, Chennpetro, Cosmofilms, Dhanuka, Dharsugar, Dskulkarni, Elgirubco, FCSsoft, Gkwlimited, Grindwell, Gtntex, HGS, Hondapower, Indramedco, Jbchepharm, Jyothylab, Lakpre, Laxmimach, Microtech, MRPL, Mukandengg, Munjalshow, Nelcast, NRC, Patspinltd, Peacockind, RBL, RECLtd, Seinv, Stel, Subex, Sundrmbrak, Tataglobal, Tdpowersys, Techm, Uniply, Vaswani, Vinylindia, Wabcoindia.

Results Announced on 22-05-2012 -

•Power Finance Corp Jan-Mar net profit 818.30 cr rupees vs 607.53 cr rupees (Y-o-Y).
• Tata Comm Jan-Mar net profit 38.20 cr rupees vs 25.17 cr rupees (Y-o-Y).
• Gitanjali Gems Jan-Mar net profit 45.25 cr rupees vs 66.29 cr rupees (Y-o-Y).
• Wockhardt Jan-Mar net loss 191.64 cr rupees vs 161.83 cr rupees PAT (Y-o-Y).
• Opto Circuits Jan-Mar consol net profit 209.34 cr rupees vs 111.05 cr rupees (Y-o-Y).
• Tata power Jan-Mar consol net loss 629 cr rupees vs 625 cr rupees Profit (Y-o-Y).

Board Meeting (Purpose) - Honda Siel Power (Dividend), Premier Expl (Dividend), AMD Inds (Dividend), Rane Brake (Dividend), REC (Dividend), Indraprastha Med (Dividend), Jyothy Lab (Dividend), SE Investments (Dividend), BHEL (Dividend), Sentinel Tea (Dividend), Lakshmi Mach (Dividend), Lakshmi Prec (Dividend), Sundaram Brake (Dividend), Cosmo Films (Dividend), T D Power Systems (Dividend), Dhanuka Agri (Dividend), Mangalore Ref (Dividend), TATAGLOBAL (Dividend), Dharani Fin (Dividend), Tech Mahindra (Dividend), Dharani Sugars (Dividend), DS Kulkarni (Dividend), Microsec Fin Serv (Dividend), Modern India (Dividend), Munjal Showa (Dividend), Nelcast (Dividend), Vinyl Chemicals (Dividend), Grindwell Nor (Dividend), Paraan (Dividend), Hinduja Glob (Dividend).

21-05-2012

Future Outlook:   In view of the bullish candlestick pattern both on weekly as well as on the daily chart suggests high probability of upside momentum. In coming trading session if nifty trades and close above 4908 level then bullish engulfing pattern would get activated. In such scenario nifty is likely to test 4950 – 5000 - 5120 level. However a weekly close above 4957 would be encouraging and one may expect momentum on the upside to continue further. On the flip side below
4761 the next support is at 4656 level.    Since the corrective move on the daily chart is making lower highs, rallies are likely to attract selling pressure. Hence one has to adopt cautious approach towards the market and trade with strict stop loss.


Domestic Sector News –
•  AVIATION: Air India's pilots' strike entered its 13th day on Sunday, with pilots ignoring the government's plea to return to work. Government plans to make it mandatory for airlines to fly
feeder flights into big cities from nearby places, making it mandatory for them to have small turbo-prop aircraft in their fleet. Airports Authority of India will develop 225 airports across
the country by 2020.
•  TELECOM: Augere Wireless, a company backed by France Telecom and private equity funds, plans to sell its 4G internet and data network spectrum in two states and quit India on
regulatory uncertainty in the country.

Domestic Stock Specific News

•  India Apr CPI combined inflation rate 10.36% vs 9.38% Mar.
•  Rupee hits new all-time low against dollar.
•  Govt says may issue compliance orders on austerity measures.
•  Suzlon asks FCCB holders to extend maturity by up to 45 days.
•  Sun Pharma gets US FDA OK for generic of Plavix tablets.
•  Prism Cement arm H&R Johnson ups capacity of Andhra JV tile unit.
•  Redington arm in pact to sell Samsung's handsets in Africa.
•  GEI Industrial close to buying fabrication co for 200 mln rupees.
•  Cola India hopes to break fuel pact deadlock in two weeks.
•  Reliance Ind, Himachal Futuristic Communications tie up for 4G launch.
•  Ranbaxy plans to relaunch skincare brand Sotret in US

International News -

German producer prices rose at a slower than expected pace in April in both monthly and annual terms, up only 0.2% on the  month and 2.4% on the year

Today’s Result –

Adanient, IVP, Tatacomm, Akzoindia, Kalpatpowr, Vasconeq, Alkali, Laopala, Vimtalabs, Banswras, Manjushree, Voltamp, Gitanjali, Nationalum, Wyeth, Gokex, Pfizer, Zeel, Impexferro, Raneengine.



Results Announced on 18-05-2012  -

• State Bank of India Jan-Mar net profit 4050.27 cr rupee vs 20.88 cr rupees (Y-o-Y).
•  Tata Steel Jan-Mar net profit 1560.51 cr rupee vs 1707.71 cr rupees (Y-o-Y).
•  Coal India Jan-Mar standalone net profit 1223.52 cr rupees vs 1385.79 cr rupees (Y-o-Y).
•  Deepak Fert Jan-Mar net profit 45.48 cr rupees vs 52.72 cr rupees (Y-o-Y).
•  EClerx Services Jan-Mar cons net profit 30.41 cr rupees vs 29.53 cr rupees (Y-o-Y)

WEEKLY REPORT

Key developments during the week



• Rupee hits new all‐time low against dollar
•  India Apr CPI combined inflation rate 10.36% vs 9.38% Mar
•  India Apr WPI inflation rate 7.23% vs 6.89% Mar
•  Govt says may issue compliance orders on austeritymeasures
•  Pantaloon Retail sells 38.5% in Future Capital to arm FutureValue
•  Indian cos expansion may be hit as market conditions poorfor IPOs
•  WGC says global gold demand down 5% Jan‐Mar as Indiademand falls
•  Bharti Airtel introduces new "affordable" 3G tariff plans
•  Ind‐Swift, Wockhardt UK launch generic atorvastatin tablets in UK
•  RIL buys back 14.13 mln shares as of May 15 for 10.29 bln rupees
•  RBI says India to offer $2‐bln FX swap facility to SAARC
•  Infosys to supply technology to Airtel‐Axis Bk mobile banking ops
•  Piramal Healthcare to buy Decision Resources for around $635 mln
•  Uttar Pradesh seeks bids to set up Kushinagar international airpor
•  Pranab says plan to introduce Direct Taxes Code Bill nextsession
•  RBI says India Mar services exports $12.89 bln, imports$9.08 bln
•  Glenmark arm gets US FDA OK for anti‐epileptic lamotrigine generic

Domestic events week ahead  
•  May 22: Budget session of Parliament to end


Global events week ahead  

•May 22: Consumer Price Index y‐o‐y of Britain.
• May 23: Trade Balance of Japan, Crude Oil Inventories of US
• May 24: German Final GDP q‐o‐q of Europe, French Flash Manufacturing & Services PMI,   Europe Flash Manufacturing & Services PMI, Unemployment Claims of US


Weekly Sector Outlook and Stock Picks


Auto sector ‐ To track broad market this week Shares of automobile companies are likely to move in line with the overall market in the coming week. The market is waiting for Jan‐Mar earnings of Mahindra & Mahindra Ltd and Tata Motors Ltd due in the last week of May for further cues. The recent moderation in sales numbers, depreciating rupee and the uncertainty in the international markets are likely to keep the stocks under pressure. India's passenger cars sales in April grew at the slowest pace for the month in 10 years at a mere 3.4%.


Pharma sector ‐ Seen underperforming broad market this week Pharmaceutical stocks are seen underperforming the broad market, which is likely to see a temporary pull‐back driven by short‐covering. Pharmaceutical stocks are defensive in nature, which tend to move against the broad market. However, the broad market will also track the movement in International bourses and any negative trigger may pull down the indices to the lower trading range. Local markets will predominantly take cues from the developments in Europe and rupee movement against the dollar this week.Stock movement will remain news‐driven with many companies expecting approvals from the US Food and Drug Administration. Cadila Healthcare is expecting the USFDA to approve its Ahmedabad plant, which was inspected in March this year. If the company gets the approval, then it may launch 7‐10 injectables in the market soon. Also in the queue are Ranbaxy Laboratories and Ipca Laboratories, which are seeking the USFDA's nod. While Ranbaxy is looking for approval for
its molecule Isoproneon that is in the developmental stage, Ipca Laboratories is expecting the US regulator's nod for its Indore plant. Also, the Group of Minister's decision on the National Pharmaceutical Pricing Policy would impact pharmaceutical counters. The GoM seeks to regulate prices of 348 essential drugs and its combinations sold across the country. The panel had earlier met in April‐end, but had deferred its decision on capping the prices of essential medicines due to lack of consensus among stakeholders and the ministries concerned.

Capital Goods sector ‐ In line with market ; BHEL earnings eyed Shares of capital goods and engineering companies are likely to track the market, sentiment for which is seen weak, and
will take cues from Bharat Heavy Electricals Ltd's Jan‐Mar earnings on 23 rd May. Action, if any, would be stock‐specific.Shares of Larsen & Toubro Ltd have risen since Monday last week after the company posted higher growth in topline and bottomline for Jan‐Mar. L&T's net profit grew 14% to 1920.41 cr rupees in Jan‐Mar, and net sales rose 20% to 18775.1 cr rupees. The company guided for 15‐20% growth in sales and order inflow for 2012‐13, even though it failed to meet the
5% order inflow guidance for 2011‐12.

FMCG Sector ‐ Seen gaining on defensive buying by investors Shares of fast‐moving consumer goods companies are seen gaining in the week ahead as investors continue to play defensive and shore up investments in these stocks. It is expected that these shares are likely to continue as investors continue to park money in defensive categories such as FMCG and Pharmaceutical stocks. In the Jan‐Mar quarter, sales volume growth of some big companies such as Hindustan Unilever, Asian Paints Ltd and Dabur India were above street expectations, which is encouraging investors. Domestic sales volume growth of FMCG companies will remain healthy as penetration levels and per capita usage will remain attractive for years to come, and both rural and urban India will drive demand. The only possible glitch in the volumes story could be the Packaged Commodities Rules, 2011 which, when implemented, could lead to slower volume expansion. The rules are expected to come into force in July.


Cement Sector ‐ Seen rangebound with negative bias this week Shares of major cement companies may continue see a rangebound trade with a negative bias this week, as investors are likely to remain cautious due to reports the Competition Commission of India may impose heavy fines on ement makers in an alleged price rigging case. The news has been weighing on the stocks for the past two months.


IT Sector ‐  Seen slightly up on rupee depreciation vs dollar Shares of information technology companies are seen up in the week ahead because of rupee's depreciation against the dollar. However, the disappointing results and guidance given by tier‐I companies including Infosys and Wipro that indicate gloomy demand environment will continue to weigh on these stocks. The local currency has been depreciating on the back of risk aversion seen globally. If the rupee continues to depreciate, it is really going to help the software companies and is in fact the sole positive factor for the sector. Depreciation in the rupee against the dollar benefits the Indian software exporters as they get nearly 65% of their revenue from the US.



Oil Sector ‐ PSU retailers up, RIL subdued this week Shares of state‐owned oil retailers are seen up this week ahead of their earning for Jan‐Mar. Bharat Petroleum Corp is reporting its earnings for the quarter on Friday 25 th May. Jan‐Mar is a usually a good quarter for these companies as they
get the major part of the compensation due to them from the government for subsidized sale of  fuels. The bottomline of all the three companies is expected to rise manifold. Apart from the earnings, softening of the crude prices will also lift the shares. The rupee's decline, against the dollar, though remains a concern and limits the upside. There is a possibility of fuel price hike (diesel, LPG and kerosene) during June 2012 will drive the stock in the near term.r ‐ PSU retailers up, RIL subdued this week Shares of state‐owned oil retailers are seen up this week ahead of their earning for Jan‐Mar. Bharat Petroleum Corp is reporting its earnings for the quarter on Friday 25
th May. Jan‐Mar is a usually a good quarter for these companies as they get the major part of the compensation due to them from the government for subsidized sale of fuels. The bottomline of
all the three companies is expected to rise manifold. Apart from the earnings, softening of the crude prices will also lift the shares. The rupee's decline, against the dollar, though remains a concern and limits the upside. There is a possibility of fuel price hike (diesel, LPG and kerosene) during June 2012 will drive the stock in the near term.



Telecom Sector ‐  In range with slight negative bias this week Telecom stocks are seen trading rangebound to slightly down this week due to lack of any positive trigger in the near term. The stocks have been trading with a weak bias on account of regulatory uncertainty, with telecom companies strongly opposing the recommendations of the Telecom Regulatory Authority of India on spectrum auction norms. Investors' sentiment on the market remains bearish as inflows from foreign institutional investors have slowed down due to policy paralysis, retrospective tax proposals by the government and also due to the worsening Eurozone debt crisis.

                                     Market Range for Week 4750‐ 5150

Resistance – Nifty facing Resistance level @4950 level above this levelit may go up to @5050 &@ 5150 level


Support ‐ Support comes for market @4850 level for Nifty; below this level Nifty next support @4800 and @4750 will be the major support for Market.


Technical – Last week Nifty opened at 4934 & it made a high of 4957.Last week we have seen some volatile trade in the market. Nifty made a low of 4788 & closed at 4891.Last week Nifty drag 168 points from its high & on weekly basis it closed at 37 point’s lower. Sensex made a weekly high of 16390 & a low of 15809 almost it drags 581 points in the week from its high.So overall last week we have seen some volatile trade with stock specific action in the market.

For the coming week the market range we expect 4750‐5150.

17-05-2012

Markets opened down with a gap witnessed gradual upside momentum as the day progressed which led the indices to close near days high. On the sectoral front Capital Goods, Metal and IT led the rally whereas FMCG was the only sector which ended on the losing side. The Advance decline ratio was in favour of advancing counters (Advances = 1365/ Declines=1329).



Pattern Formation: On the Daily chart, we are witnessing a pattern thatresembles Bullish Engulfing candlestick pattern. The said pattern would get activated once nifty starts trading above 4957 level.

Future Outlook: In view of the above pattern formation, it is evident that the momentum on the upside would continue only if nifty trades above the bullish engulfing pattern which is at 4957. Hence in coming trading session if nifty trades above 4957 level then only it is likely to test 5000 – 5050 level. On the downside, 4920 – 4868 may act as support for the day. Unless high of Bullish engulfing pattern is not crossed which is at 4957, one should adopt cautious approach towards the market.




Data Alert From Overseas -
•Unemployment Claims at 6:00 pm



Domestic Sector News –
•AUTOMOBILES: Maharashtra will cap tax on vehicles imported or owned by companies at 20%.
• AVIATION: Air India begins international operations to the US and Europe even as striking pilots asked the government to initiate primary talks.
• METALS & MINING: The Odisha government and POSCO have agreed to set up 8-mln-tn-per-annum steel plant near Paradip in the state. This capacity is lower than the 12 mln tn proposed
earlier.
• OIL & GAS: By March 2012, the state-owned oil marketing companies had blocked as many as 3.8 mln liquefied petroleum gas connections for customers with more than one connection,
or another piped natural gas connection.
• TELECOM: The Telecom Regulatory Authority of India may reconsider its recommendations on auction of spectrum if the Centre sends them back to the body asking for a re-look.


Domestic Stock Specific News -
•  Rupee hits all-time low at 54.46/$1 vs 54.29 prev low.
•  Fin min official says rupee to be under pressure; no need topanic.
•  RBI says India to offer $2-bln FX swap facility to SAARC.
•  Infosys to supply technology to Airtel-Axis Bk mobile banking ops.
•  Piramal Healthcare to buy Decision Resources for around $635mln.
•  Ranbaxy gets US FDA nod for generic of painkiller MS-Contin.



International News -
• Euro area annual inflation was 2.6% in April 2012, down from 2.7% in March2 A year earlier the rate was 2.8%.

Today’s Result –

Asahiindia, Gujalkali, Satyamcomp, BAJAJ‐AUTO, Jpinfratec, Suryalaxmi, Bajajhldng, Jppower, Thangamayl, Elnet, Krebsbio,UBL, Essarshpng, Peninland, Wwil, Gtlinfra, PFS, Zicom.

Results Announced on 16-05-2012 -

•Reliance Media Jan-Mar consol loss 125.31 cr rupee vs 174.36 cr loss (Y-o-Y).
• ICSA India Jan-Mar net loss 138.82 cr rupees vs 330.24 cr rupees profit (Y-o-Y).
• Firstsource Jan-Mar cons net profit 23.07 cr rupees vs 38.25 cr (Y-o-Y).
• Videocon Ind Jan-Mar net profit 50.32 cr rupees vs 166.69 cr rupees (Y-o-Y).

EX- Dividend + Board Meeting


EX- Dividend - DIC India.

Board Meeting (Purpose) - Rossell India (Dividend), Bajaj Auto (Dividend), Bajaj Holdings (Dividend), Koutons Retl (General),Suryalakshmi (Dividend), THANGAMAYIL (Dividend), Diamines & Chem (Dividend), Navkar Build (General), United Brew (Dividend), Elnet Tech (Dividend), Peninsula Land (Dividend), Emami Paper (Dividend), Zicom Elect (Dividend)

16-05-2012

Markets opened down with a gap witnessed gradual upside momentum as the day progressed which led the indices to close near days high. On the sectoral front Capital Goods, Metal and IT led the rally whereas FMCG was the only sector which ended on the losing side. The Advance decline ratio was in favour of advancing counters (Advances = 1365/ Declines=1329).

Pattern Formation: On the Daily chart, we are witnessing a pattern that resembles Bullish Engulfing candlestick pattern. The said pattern would get activated once nifty starts trading above 4957 level.

Future Outlook: In view of the above pattern formation, it is evident that the momentum on the upside would continue only if nifty trades above the bullish engulfing pattern which is at 4957. Hence in coming trading session if nifty trades above 4957 level then only it is likely to test 5000 – 5050 level. On the downside, 4920 – 4868 may act as support for the day. Unless high of Bullish engulfing pattern is not crossed which is at 4957, one should adopt cautious approach towards the market.



Data Alert From Overseas -
• Europe Core CPI y-o-y at 2:30.
• US Industrial Production m-o-m at 6:45
• US Crude Oil Inventories at 8:00.


Domestic Sector News –

• BANKS: The government is consulting state-owned banks before finalising new licences to telecom companies winning spectrum in auctions to be held later this year to ensure the bids are
bankrolled easily.
• AVIATION: State-owned oil-marketing companies have cut the price of aviation turbine fuel by an average 284.84 rupees a kL in the four metropolitan cities.
• OIL & GAS: The oil ministry has written to the Prime Minister's Office seeking help for state-owned oil marketing companies, which have seen sharp deterioration in their debt-equity ratios
as oil import costs have shot up due to a fall in the rupee.
• PHARMACEUTICAL: The Foreign Investment Promotion Board may be allowed to clear stake purchases by foreign companies


Domestic Stock Specific News -
• Pranab says plan to introduce Direct Taxes Code Bill nextsession.
• Govt says probing Bharti on alleged money laundering, FXviolation.
• RBI says India Mar services exports $12.89 bln, imports $9.08bln.
• Glenmark arm gets US FDA OK for anti-epileptic lamotriginegeneric.
• Honda Motorcycle unveils 110cc mobike at 44,642 rupees, ex-Delhi.
• Govt says Mauritius so far unwilling on tax pact review; talks on.in Indian drugmakers.



International News -
• German gross domestic product grew a surprise 0.5% in the first quarter.



Today’s Result –
3IInfotech, Ashimasyn, Bajajfinsv, Bajfinance, Bbl, Dishtv, Indterrain, Jklakshmi, Sutlejtex, Wabcoindia, Zeelearn, Zeenews.


Results Announced on 15-05-2012 -

•MMTC Jan-Mar net profit 89.47 mln rupees vs 15.35 cr rupees(Y-o-Y).
• Karuturi Global Jan-Mar consol net profit 81.14 cr rupees vs 43.60 cr (Y-o-Y).
• Tulip Telecom Jan-Mar consol net profit 66.03 cr rupees vs 82.67 cr (Y-o-Y).
• Muthoot Finance Jan-Mar net profit 235.13 cr rupees vs 139.32 cr (Y-o-Y).
• Infinite Computer Jan-Mar net profit 20.70 cr rupees vs 30.24 cr (Y-o-Y).
• Cummins India Jan-Mar net profit 144.57 cr rupees vs 143.97 cr (Y-o-Y).
• Aditya Birla Nuvo Jan-Mar net profit 63.61 cr rupees vs 94.89 cr (Y-o-Y).
• Dishmen Pharma Jn-Mar consol net profit 31.29 cr vs 22.79 cr rupees (Y-o-Y).
• Shree Cement Jan-Mar net profit 114.27 cr rupees vs 65.73 cr (Y-o-Y).
• Atul Ltd Jan-Mar net profit 27.82 cr rupees vs 12.53 cr rupees (Y-o-Y).
• Indiainfoline Jan-Mar net profit 43.81 cr rupees vs 18.14 cr rupees (Y-o-Y).


EX- Dividend + Board Meeting -


EX- Dividend - Raymond.

Board Meeting (Purpose) - Edelweiss Capital (Dividend), Bajaj Finserv (Dividend), Hindustan Compo (Dividend), Sutlej Textiles (Dividend), Bajfinance (Dividend), IPCA Lab (General), Tonira Pharma (General) Bharat Bhushan Share (Dividend),Bharat Bijlee (Dividend), JK Lakshmi Cem (Dividend), Kennametal (Dividend), Zee News (Dividend), KJMC Global (General),ZF Steering ( Dividend).

15-05-2011

Market Outlook:
Markets opened on subdued note witnessed selling in the latter half of the session to close in red. On the  sectoral front Oil & Gas, Bankex, Realty  contributed to the fall whereas  Health Care, IT and Consumer Durable ended with  marginal  loses.  The Advance decline ratio was in favour of declining counters (Advances = 1047/ Declines=1657).

Pattern Formation: On the Daily chart, for the fourth consecutive trading sessions we are witnessing narrow range body formation. Further, the 20-day EMA and the 200-day SMA is on the verge of giving a negative crossover. This is sign of weakness.

Future Outlook:  In view of the above formation on the daily chart, it is evident that  markets are cautious at current level. In coming trading session 4874 is crucial level, if breached then nifty may test 4850 - 4820
level. On the flip side, if nifty for the first hour manages to trade and close above 4910 level then only a pullback up to 4940  - 4980 levels could be expected, as hourly are extremely over sold.

Data Alert From Overseas  –
• French Prelim GDP q-o-q at 11:00 am.
• German Prelim GDP q-o-q at 11;30 am
• Europe Flash GDP q-o-q at 2:30 pm.


Domestic Sector News –
• AVIATION: Air India's board has approved a 50-bln-rupee asset monetization plan under a financial restructuring plan. As per the plan approved by the government, Air India plans to monetise assets worth 5 bln rupees every year.
• INFORMATION TECHNOLOGY: NASSCOM has stuck to its 2012-13 (Apr-Mar) growth forecast of 11-14% for the industry.
• OIL & GAS: State-owned oil retailers are pushing the government to allow a hike of 8 rupees a litre in petrol prices.
• TELECOM: The Telecom Commission will meet on May 24 to discuss TRAI's recommendations on auctioning spectrum.The government will focus first on TRAI's recommendations on 2G spectrum auction, and then address the department's other recommendations. TRAI favours lowering foreign direct
investment limit in tower firms to 74% from 100% now


Domestic Stock Specific News  -
• India Apr WPI inflation rate 7.23% vs 6.89% Mar.
• Moody's cuts fincl strength rtg of ICICI Bk, HDFC Bk, Axis Bk, LIC.
• Moody's cuts LIC FX insurance fincl strength rtg to Baa3 vs Baa2.
• Speciality Restaurants sets IPO price band at 146-155 rupees/shr.
• IMD likely to forecast southwest monsoon onset date on Tue.
• Jain Irrigation to acquire Kibbutz Naan's 50% stake in JV co.
• BHEL gets 3.80-bln-rupee order for 160 MW Rajasthan power plant.
• Sun Pharma gets US FDA OK for generic of Parkinson's drug Stalevo.

International News -
• Industrial production in the eurozone fell by 0.3% in March.

Today’s Result –

Abirlanuvo, Advanihotr , Akzoindia , Adhunik , Agrodutch ,Alchem , Cumminsind , FSL ,Amar , DCHL , Gammonind ,Amlsteel , Dcmfinserv,  Gisolution  ,Anikinds  ,  Deccance  ,  GSS  ,AQUA  ,  DEN  ,  Guficbio  ,Arihant,  Dhampursug,  Harrmalaya, Assamco  , Dishman , HCIL, Atul, Dynamatech, Heliosmath, Austral, Easunreyrl , Hindnatgls, Bang , Elderpharm, Hindujafo, BANKBARODA
,  Emamiinfra, Horizoninf  ,Bglobal,  EMCO,  Icsa  ,Bilenergy  ,  Emtexind  ,  Il&fsengg, Birlapower, Erainfra  ,  Indiainfo, Celebrity, Esselpack, Indothai ,Cmahendra , Eurocera , Indowind ,Consofinvt , Euromulti , Indswftltd ,Cranessoft , Firstwin, Indterrain ,Infinite, Pael, Shreecem, Jaibalaji, Pantaloonr, Simbhsugar, Jindcot, Paracables, Sirpaper, Jktyre, Paral, Srhhlindst ,Karmaeng , Paraspetro,  Srhhypoltd, Karurkcp,  Pateleng,  Sterlinbio, Kesarent,  Pbainfra,  Stertools, KGL,  Pioneeremb,  Supremeinf ,Kineticmot,  Plethico,  Suryapharm, Kndengtech,  Praeng,  Taksheel, Kohinoor,  Rajvir,  Teledatait, Kopran  ,  Ramsarup  , Thomascott, Logixmicro  , Ranasug  ,  irumalchm  ,Lumaxauto  , Ranklin,  Tulip, Lykalabs  , Regenceram  ,  Tulsyan  ,Madrasfert  , Relmedia , Twilitaka , Mahscooter , Rkdl , Ugarsugar ,Mawanasug , Ruchira , Unitech ,Metkore , S&spower , Valueind , Mmtc , Sagcem , Varunship ,Muthootfin , Sakuma , VHL ,MVL , Salsteel , Videoind ,Nehaint , Samtel , Vipul ,Neocure , Shahalloys ,
Viseshinfo ,Oisl , Shiv‐vani , Visuintl ,Orginfo , Zenithcomp , Zenithinfo

Results Announced on 14-05-2012  -

• Adani Power  Jan-Mar  net loss Rs. 290.16 cr rupees vs  profit of Rs. 174.32 cr rupees (Y-o-Y).
•  Larsen & Toubro Jan-Mar net profit 4456.50 cr rupees vs Rs. 3957.89 cr rupees (Y-o-Y).
•  Compact Disc Jan-Mar  net profit 3.76 cr rupees vs 6.53 cr rupees (Y-o-Y).
•  JSW Steel Jan-Mar net profit 752.18 cr rupees vs 832.66 cr rupees (Y-o-Y).
•  Indraprastha Gas Jan-Mar net profit 80.75 cr rupees vs 69.15 cr rupees (Y-o-Y).
•  Dolphin Offshore Jan-Mar net profit 6.17 cr rupees vs 11.73 cr rupees (Y-o-Y).
•  CCL Products Jan-Mar net profit 16.72 cr rupees vs 9.16 cr rupees (Y-o-Y).
•  Monnet Ispat Jan-Mar net profit 83.09 cr rupees vs 76.57 cr rupees (Y-o-Y).
•  ARSS Infrastructure Jan-Mar net loss 72.96 cr rupees vs 35.28 cr rupees loss (Y-o-Y).
•  HMT Jan-Mar net loss 8.64 cr rupees vs 19.72 cr rupees loss (Y-o-Y).
•  Abbott India Jan-Mar net profit 27.08 cr rupees vs 5.94 cr (Y-o-Y).
•  Ashok Leyland Jan-Mar net profit 258.73 crrupees vs 298.22 cr rupee (Y-o-Y).
•  KS Oils Jan-Mar net loss 105.79 cr rupees vs 33.06 cr PAT (Y-o-Y).
•  SREI Infra Jan-Mar net profit 13.21 cr rupees vs 14.20 cr (Y-o-Y).
•  Kemrock Ind Jan-Mar net profit 14.50 cr rupees vs 20.42 cr rupee (Y-o-Y).
•  Lovable Lingerie Jan-Mar net profit 6.52 cr rupees vs 21.65 cr rupee (Y-o-Y).

EX- Dividend  + Board Meeting -


EX- Dividend – Automobile Corp,  D B Corp.

Board Meeting (Purpose) –  8K Miles Software (Bonus), Aditya Birla Nuv (Dividend), Advani Hotels Dividend), Haldyn Glass (Dividend), Rabha Plast (General ), Himadri Chem (Dividend), India Infoline (Dividend),  Atul (Dividend), INFINITE (Dividend), Sagar Cements (Dividend), JK Tyre (Dividend), Shree Cement (Dividend), Chettinad Cem (General), Cummins India (Dividend), Deccan Cements (Dividend), Maharashtra Scoot (Dividend), Dhampur Sug Mil (Dividend, Dividend on Preference Shares), Torrent Cables (Dividend), Ugar Sugar (Dividend), Emco (Dividend), Muthoot Fin (Dividend), Vardhman Hold (Dividend),  Welcast Steel (Dividend), Parle Software (Dividend).

11-05-2012

MARKET TECHNICAL OUTLOOK

Markets opened on a positive note but were unable to sustain earlyhour gains as selling emerged at higher level which led the indices toclose marginally in red. On the sectoral front Metal and Auto
contributed to the fall whereas Oil & Gas and Consumer Durable ended with marginal gains. The Advance decline ratio was in favour of declining counters (Advances = 1239/ Declines=1524).


Pattern Formation: On the Daily chart, for two consecutive trading sessions we are witnessing narrow range body formation. Further the 20-day EMA and the 200-day SMA is on the verge of giving a negative crossover. This is sign of weakness.

Future Outlook: In view of the above formation on the daily chart, it is evident that market is cautious at current level. In coming trading session 4950 is crucial support if breached then nifty may test 4900 –4870 level. On the flip side if for first hour nifty manages to close above 4990 level then we may witness a pullback rally up o 5050 – 5070 level.


Data Alert From India –
• Index of Industrial Production for March by CSO.




Data Alert From Overseas –
• Producer Price Index Input m-o-m of Britain at 2:00 pm.
• Core Producer Price Index m-o-m of US at 6:00 pm.


Domestic Sector News –
• BANKING: RBI has asked banks to draft a board-approved policy regarding takeover of loan accounts from another bank.
• COAL: Ministry has directed coal companies to supply coal topower plants commissioned until Mar 31 as well as those to becommissioned in 2012-13 (Apr-Mar).
• ENERGY: Competition Commission of India has rejected cartelisation charges leveled against state-owned oil retailers in bio-diesel purchases.
• PHARMACEUTICALS: Several drug manufacturers, accused of colluding with the Drug Controller General of India and medical experts to allegedly violate approval norms, have denied the
charges.
• TELECOM: Supreme Court will today hear the Presidentialreference seeking its opinion on various issues arising out of the judgment that found auction was the best suited route for
allocation of natural resources.


Domestic Stock Specific News -
• India's exports return to positive territory; Apr exports up 3.2%.
• RBI says 50% of FX account balances must be converted into rupees.
• India Apr car sales up 3.4% on year at 168,351 units.
• Govt says not yet received SC notice on RIL KG-D6 arbitration.
• Kingfisher's Delhi ATR pilots report sick on non-payment of salary.
• Suzlon arm REpower gets order for 19 wind turbines in Poland.
• Head says MTNL has proposed returning broadband wireless spectrum.



International News -
• U.K. manufacturing output rose 0.9 % from February, when it fell a downwardly revised 1.1 %.


The FII total buying on 10-05-2012 is Rs 317.42 cr while DII total selling Rs 143.53 cr.

Today’s Result –

Abcil, Greavescot, MTNL, Ahleast, Gslnova, Nandanexim, Astrazen, Hathway, Nilkamal, Avanti, ICRA, OFSS, Balajitele, Indianb, Patintlog, Cebbco, Jdorgochem, Salonacot, Dalmiasug,  Kanorichem, Shaktipump, Dcmsrmcons, Kcpsugind, Smobility, DRREDDY, Krishnaeng, Tanla, Elforge, Kwality, Tcifinance, Essaroil, Lakshmiefl, Thermax, FEDERALBNK, Libertshoe, Torntpower, Graphite, Lloydeleng.

Results Announced on 10-05-2012 -



•Prism cement Jan-Mar net profit 36.54 cr rupees vs 35.69 cr rupees (YoY).
• Apollo tyres Jan-Mar net profit 72.25 cr rupees vs 66.19 cr rupees (YoY).
• Jubilant Foodworks Jan-Mar net profit at 29.33 cr rupees vs 19.32 cr rupees (YoY).
• NTPC Jan-Mar net profit 2593.44 cr rupees vs 2781.84 cr rupees (YoY).
• Cadila Healthcare Jan-Mar cons net profit 170.88 cr rupees vs 178.97 cr rupees (YoY).
• Dewan Housing Finance Jan-Mar net profit 93.76 cr rupees vs 58.65 cr rupees (YoY).
• Usha Martin Jan-Mar net profit at 7.6 mln rupees vs 330.3 mln rupees (YoY).
• Escorts Jan-Mar PAT 18.12 cr rupees vs 73.22 cr rupees (YoY).
• Cipla Jan-Mar net profit 291.74 cr rupees vs 214 cr rupees (YoY).
• HEG Jan-Mar net profit 4.99 cr rupees vs 34.36 cr rupees (YoY).
• Lupin Jan-Mar net profit 248.89 cr rupees vs 243.75 cr rupees (YoY).
• Canara Bank of India Jan-Mar net profit at 829.09 cr rupees vs 898.90 cr rupees (YoY).
• Century Plyboards Jan-Mar cons net profit at 698.69 cr rupees vs 514.92 cr rupees (YoY).


EX- Dividend + Board Meeting -

EX- Dividend – Bosch.


Board Meeting (Purpose) – ABC Bearings (Dividend), Greaves Cotton (Dividend), Nitta Gelatin (Dividend), Oracle Fin 1(Dividend), Aeonian Invest (Dividend), Asian Hotels (Dividend), ASM Tech (Dividend), Hatsun Agro (General), Balaji Tele (Dividend), ICRA (Dividend), Indian Bank (Dividend), Shantivijay Jew (Dividend), Daiichi Kark (Dividend), DALMIASUG (Dividend), Sungold Cap (General), DCM Shriram Cons Dividend, Kanoria Chem Dividend, KCP Sugar Dividend, Dr Reddys Lab (Dividend), Thermax (Dividend), Torrent Power (Dividend), Federal Bank (Dividend), Transcorp Intl (Dividend), Graphite India (Dividend), Nilkamal (Dividend).

10-05-2012

Markets opened lower, traded in a narrow band with choppiness to close in red. On the sectoral front Realty, Metal and Bankex contributed to the fall whereas FMCG and IT ended on the gainers side. The Advance decline ratio was in favour of declining counters (Advances = 936/ Declines=1796).

Pattern Formation: On the Daily chart, we are witnessing a Dojicandlestick pattern. Further prices are far away from the short term5&20-dayEMA, hence a pullback cannot be ruled out.

Future Outlook The narrow range body formation which resembles aDoji reflects indecisiveness prevailing at current level. Further, prices are away from the short term moving averages this suggests that a pull back of the current fall cannot be ruled out. In coming trading session, if indices for first hour manage to close above 5002 level then it may test 5040 – 5080 level. On the flip side 4950 – 4900 are likely to act support for the day.

Data Alert From Overseas –

• US Unemployment Claims and Trade Balance at 6:00 pm.
• Fed Chairman Bernanke Speaks


Domestic Sector News –
• BANKING: The RBI has said banks can use funds from foreigncurrency non- resident (bank) deposits to meet rupee workingcapital or capital expenditure needs of corporate entities or
exporters who meet some specific norms.
•COAL: Government has identified 54 coal blocks having total reserves of about 18.22 bln tn for allocation. Cabinet is expected to consider the bill for setting up a coal sector regulator to
ensure transparency in the allocation of blocks and to expedite the resolution of pricing disputes.
•OIL AND GAS: Petroleum and Natural Gas Regulatory Board has said it is unable to determine the marketing margin that the gassuppliers can charge as these companies have not provided the
necessary information.
• POWER: Power ministry plans to take power producers'concerns about the draft fuel supply agreements with the coalministry soon.


Domestic Stock Specific News -
• Govt asks oil cos to sell petroleum coke via auction in local mkts.
• Fin secy says tax anti-avoidance norms to be finalised in 2 mos.
• M&M source says fire at Nashik unit early today; under controlnow.
• HCL Tech launches maintenance, repair solutions for railways.
• Vakrangee Soft gets 7.5-bln-rupee Rajasthan e-governance project.


International News -
•Germany exported commodities to the value of Euro 98.9 billionand imported commodities to the value of Euro 81.5 billion in March 2012.


Today’s Result –

Agcnet, Ahlwest, Apcotexind, Apollotyre,Balpharma , Cadilahc, Canbk, Cipla, Escorts, Gujsidhcem, HEG, Impexferro, Jctel, Jisljaleqs, Jublfood, Kaleconsul, Keycorpser, KKCL, Kokuyocmln, Lupin, Mangtimber, Morarjetex, Navnetpubl, Nelco, NTPC, Prakashcon, Prismcem, PTL, Rubymills, Sintex, Smspharma, Spanco, Tecilchem, Ushamart, Zodjrdm.


Results Announced on 09-05-2012 -

• Union bank of India Jan-Mar net profit at 773.19 cr rupees vs 597.57 cr rupees (YoY).
• PNB Jan-Mar net profit at 1424.06 cr rupees vs 1200.90 cr rupees (YoY).
• NIIT Ltd Jan-Mar net profit at 43.27 cr rupees vs 35.42 cr rupees (YoY).
• Ranbaxy Lab Jan-Mar consol net profit 1246.76 cr rupees vs 304.38 cr rupees (YoY).
• Uttam Galva Steel Jan-Mar net profit 40 cr rupees vs 14.05 cr rupees (YoY).
• ABB Jan-Mar net profit 47.64 cr rupees vs 59.55 cr rupees (YoY).
• GVK Power & Infrastructure Jan-Mar net loss 1.42 cr rupees vs 2.24 cr rupees loss (YoY).
• IRB Infrastructure Jan-Mar net profit 120 cr rupees vs 103 cr rupees (YoY).
• Arvind Jan-Mar net profit 62.52 cr rupees vs 56.07 cr (YoY).
• Zydus Wellness Jan-Mar cons net profit at 23.49 cr rupees vs 18.81 cr rupees (YoY).

EX- Dividend + Board Meeting -


EX- Dividend – Goodyear India, Hexaware Tech, National Oxygen.

Board Meeting (Purpose) – Priya (Dividend), AGCNET (Dividend), PTL Enterprises (Dividend), HEG (Dividend), Apcotex Inds (Dividend), Apollo Tyres (Dividend), JUBL FOOD (Dividend), Cadila Health (Dividend), Canara Bank (Dividend), Sintex Inds (Dividend), Kewal Kiran (Dividend), Dewan Housing (Dividend), Lupin (Dividend), Futuristic Sec (Dividend), Futuristic Sol
(Dividend), Usha Martin (Dividend), NTPC (Dividend), Prism Cement (Dividend).

08-05-2012

 Market is expected to open on flat note, we can see Nifty spot to trade around 5110-5100 in opening trade, if Nifty spot able to cross the 5130 level we could see some support buying to initiate in market, Nifty spot is having resistance at 5130-5160 above 5160 we can see some comfort in market and it could move till 5200, whereas Nifty spot is having supports at 5080-5050 below that we may see some selling pressure in market and it could slide lower till 5000.


Data Alert From Overseas –

•German Industrial Production m-o-m at 3:30 pm.

Domestic Sector News –

• COAL: The gap in demand and supply of coal has further widened to 161.5 mln tn in 2011-12.

• ENERGY: Power Minister Sushilkumar Shinde said around 80,000 MW power generation capacity is under construction during the 12th Five Year Plan period ending Mar 31, 2017. Central
Electricity Authority has sought intervention from the Prime Minister's Office on fuel supply agreements as several companies have refused to sign a pact with COAL INDIA amid
differences over penalty to be paid by the latter if it fails tosupply 80% of the contracted fuel to them.




• PHARMACEUTICALS: Government has stopped giving permission to foreign companies and overseas investors to buy into Indian drugmakers until clear guidelines regarding foreign direct investment in the sector are finalised.

• TELECOM: Qualcomm will get airwaves that will allow it to start 4G services and proceed with its business plans. However, the company will be penalised for the delay in applying for internet
service providers' licence. The government is in favour of an outof- court settlement with Sistema on the 2G licence issue

Domestic Stock Specific News -

•Govt defers anti-tax avoidance rule by one year to FY14.
• Govt withdraws proposal of excise duty levy on jewellery.
• Moody's says RBI Basel-III norms credit positive for Indian banks.
• Subros JV partner DENSO plans new unit in Haryana for 2.7 blnrupee.
• Jet Air suspends Mumbai-Johannesburg route to focus onprofits.
• Bharti Airtel launches 4G services in Bengaluru.

International News -
•German factory orders increased 2.2% in March.


Today’s Result –

Aparinds, Gardensilk, Purva, Asianpaint, Gichsgfin, Revathi, Bajajhind, Glenmark, Smartlink, CEATltd, Hanung, Srtransfin, Centralbk, Hindalco, Sudar, CESC, IDFC, Suranaind, Crestani, Jayagrogn, Tatacoffee, Denabank, Kotakbank, TRF, Eimcoeleco, Megasoft, Ubengg, Emamiltd, Nextmedia, Ucalfuel, ESL, Orienthot, Whirlpool, Fmgoetze, Punjabchem .

Results Announced on 07-05-2012 -

•Jubilant Life Jan-Mar consol loss 63.53 cr rupees vs 61.72 cr PAT (YoY)
• SKS Microfinance Jan-Mar net loss 329.52 cr rupee vs 69.76 cr loss (YoY)
• HDFC Jan-Mar net profit 1326.14 cr rupees vs 1141.95 cr (YoY)
• GSK Consumer Healthcare Jan-Mar net profit 131.97 cr rupees vs 110.62 cr rupees (YoY)
• Bank of India FY12 consol net profit 2724.86 cr rupees vs 2542.42 cr rupees (YoY)
• Bosch Jan-Mar net profit 335.82 cr rupees vs 274.39 cr yr ago (YoY)
• South Indian Bank Jan-Mar net profit 121.95 cr rupee vs 81.77 cr (YoY)
• Andhra Bank Jan-Mar net profit 339.67 cr rupees vs 312.78 cr (YoY)


EX- Dividend + Board Meeting -
EX- Dividend – Marico, Orient Refractories, State Bank Trav


Board Meeting (Purpose) – Akanksh Cel (General), Glenmark Pharma (Dividend), Shriram Trans (Dividend), Asian Paints (Dividend), Smartlink Net (Dividend), IDFC (Dividend), Ceat (Dividend), Steelcast (General), Central Bank (Dividend), SuranaInds (Dividend),Swastik Safe (Dividend),  Kotak Mah Bank (Dividend), Tata Coffee (Dividend), Dena Bank (Dividend), Eimco Elecon (Dividend), TRF (Dividend), Emami (Dividend), Oriental Hotels (Dividend), Paushak (Dividend), GIC Housing
(Dividend),Puravankara Proj (Dividend).

WEEKLY REPORT

Key developments during the week

•  India Apr HSBC composite PMI up marginally at 53.8 from53.6 Mar

•  India Apr HSBC manufacturing PMI inches up to 54.9 from 54.7 Mar

•  Moody's puts ratings of Axis Bank, HDFC Bank, ICICI Bank on review

•  Cabinet likely to take up FDI in aviation only after Budget Session

•  HC adjourns Indraprastha Gas plea vs regulator order to May 8

•  Shiv‐Vani Oil gets 2‐year order for offshore drilling, buys rig 
•  Abbott inks pact with Biocon arm for nutrition R&D centrein India

•  M&M April tractor sales 16,797 units, down 9.35% on year

•  Subex gets RBI clearance for restructuring $131‐mln FCCB

•  Alstom T&D completes balance of plan work for Essar's power project

•  Reliance Broadcast, RTL group JV plan action channel by Jun end

•  TCS gets order from Botswana's Letshego for core banking software

•  Telenor warns TRAI proposals may force it to skip 2G auction

•  Alstom T&D India gets 840‐mln‐rupee order from Chhattisgarh co

•  Vikas WSP begins building 38,400‐tn plant in Jodhpur

Domestic events week ahead

•May 11: Index of Industrial Production for March, by CSO.

Global events week ahead

• May 7 : G7 Meetings, Monetary Policy Meeting Minutes of Japan

• May 8 : German Industrial Production m‐o‐m

• May 9 : Crude Oil Inventories of US

• May 10 : Trade Balance of Britain, Trade Balance, Federal Budget Balance & Unemployment Claims of US

• May 11 : Producer Price Index (PPI) m‐o‐m & Prelim University of Michigan Consumer Sentiment

Weekly Sector Outlook and Stock Picks

Pharma sector ‐ Market to eye Cipla, Ranbaxy Jan‐Mar earnings

Movement in shares of pharmaceutical companies in the coming week is likely to be stock‐specific, as corporate earningsfor the quarter‐ended March will lend direction. Broader market developments too could impact pharmaceuticalcompanie’s shares, generally considered a safer bet in turbulent times. Ranbaxy Laboratories Ltd will declare its earningsfor the fourth quarter on 9th May and Cipla Ltd on 10th May. The broader market is expected to remain weak as sentimentis likely to remain subdued. Investors will await clarity on taxation issues as the Finance Bill will be tabled in the Parliamentthis week. Also, weakening of the rupee and election outcomes in the four European countries, France, Italy, Greece, and Germany, may determine the course of action.

Capital Goods sector ‐ To trade with a negative bias

Shares of capital goods and engineering companies are likely to trade with a negative bias in line with the broad marketthat will witness weak sentiment. Any action would be stock‐specific, with the Street specifically eyeing ABB Ltd and Thermax Ltd's Jan‐Mar earnings due May 9 and May 11. Last week, most capital goods and engineering shares were among the worst performing stocks on the National Stock Exchange and BSE. Larsen & Toubro Ltd lost 4.5%, while Bharat Heavy Electricals Ltd lost 4.9%. The BSE Capital Goods index lost 5.32% even as NSE and BSE ended down nearly 2% each.

Auto sector ‐ Stock‐specific news to lend direction to shares

Only stock‐specific action is expected in the automobile space in the coming week. No automobile manufacturer isreporting its Jan‐Mar earning in the coming week. However, the market is likely to take cues from the expected results of auto companies due later in the month. Other than the corporate results, no major trigger is expected. Ashok Leyland Ltd will declare its Jan‐Mar earnings on May 14 and Mahindra & Mahindra Ltd on May 30. Auto stocks have been outperforming the market and there is no prime premise or macroeconomic trigger for them in this week based on which the shares are likely to trend.

FMCG Sector ‐ Seen up on positive earnings momentum

Fast‐moving consumer goods companie’s shares are likely to gain in the coming sessions as Jan‐Mar results reflect good earnings momentum. Hindustan Unilever reported a 20.59% growth in net sales for Jan‐Mar, Godrej Consumer Products' Jan‐Mar net profit was up 36% and net sales were up 31%, Dabur India's Jan‐Mar performance, with a 16% growth in consolidated net profit, and 23% rise in sales. Jan‐Mar earnings of FMCG companies have been satisfactory, and sales volume and margin growth trajectory ahead looks good, so investor confidence could return to the sector.Last week, the BSE FMCG index lost 1.5% in value but Nifty and the Sensex lost over 2%. Caution ahead of elections in four key European countries and poor economic data from the US also weighed on indices.

Cement Sector ‐ Seen down this week as sector enters weak season

Shares of major cement companies are likely to decline this week as the sector enters its seasonally weak period whenthere is no demand due to a halt in construction activity during monsoon.Prices of the commodity have already startedcorrecting, with cement makers cutting prices in Gujarat and Delhi. After posting strong year‐on‐year growth in cement despatches for a few months, off take in April slowed, reflecting a likely slump in demand. This trend is likely to continue in the coming months.

IT Sector ‐ In thin range this week; Cognizant earnings eyed

Shares of major information technology companies are likely to move in a narrow range this week, and may take cuesfrom the earnings of the NASDAQ‐listed Cognizant Technology Solutions. The US‐based company will detail its earningsMonday. Guidance from Infosys and Wipro was disappointing while TCS (Tata Consultancy Services) and HCL (Technologies) posted decent results. Due to this, there is no clarity on whether the issue is with the (information technology) sector or if it is company‐specific. Perhaps guidance for Q2 (Apr‐Jun) and Q3 (Jul‐Sep) by Cognizant will make the picture clear. Infosys, India's second‐largest software exporter, guided for revenue growth of 8‐10% in 2012‐13 (Apr Mar) against NASSCOM's outlook of 11‐14% growth in the industry. This is worrisome as Infosys's revenue growth usually tops that of the industry. Wipro had no balm to offer investors either. The company expects its performance to be weak in

Apr‐Jun amid slowdown in its Indian operations. Tata Consultancy Services, however, seems confident it will grow faster than the industry.

Oil Sector ‐ Oil marketing companies seen rangebound this week

Shares of state‐owned oil marketing companies are likely to remain rangebound this week amid softening crude prices and weakening rupee along with a buzz of hike in petrol prices soon. There is no clear direction for the stocks in the immediate term and the movement in the shares of Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd will reflect movement in rupee‐dollar and crude. Some reports last week quoted the Organisation of Petroleum Exporting Countries as saying that it is working hard to bring down oil prices and is pumping much more oil than its official target as output from Iran has been dwindling. Softening of crude prices will benefit oil marketing companies as the government is unlikely to raise prices of diesel, kerosene, and cooking gas soon because of political compulsions. However, the treet

was abuzz with talk that the government may soon allow these companies to increase petrol prices. At current prices, the companies are losing almost 8 rupees on a litre of petrol and 14 rupees onm sale of a litre of diesel.

Telecom Sector ‐ Seen down this week on regulatory uncertainty

Bearishness in telecom stocks is seen continuing this week on account of prevailing regulatory uncertainties. Telecom stocks have remained subdued in the last few sessions after the Telecom Regulatory Authority of India recommended high reserve price for the auction of spectrum. The high reserve price and TRAI recommendations on spectrum refarming have been termed as "destructive" for the industry by major telecom operators. Weakness in the broad market will also keep the telecom stocks under pressure.

Steel Stocks Outlook ‐ Down this week; to track trend in market

Shares of major steel companies are likely to fall further this week tracking the bearish trend in the market. Weak outlook on the Indian economy and the steel sector is weighing on the market. Also, there are concerns over the government reviewing India's tax treaty with Mauritius, and weakness in the rupee against the US dollar. Last week, NMDC, the country's largest iron ore miner, hiked prices by 10%. This is likely to add to the cost burden of steelmakers such as JSW Steel, Rashtriya Ispat Nigam, and Essar Steel. While some steelmakers have decided to pass on this hike in costs to customers, some others have not. Rashtriya Ispat Nigam has increased the prices of its long and flat steel products 0.2‐ 3.3%. JSW Steel has decided to maintain prices, and Essar Steel is still contemplating a hike. As demand remains weak,some steelmakers will not be able to pass on the input cost hike to consumers, which may add to their cost pressures.

 Market Range for Week 4880‐ 5300

Resistance – 
Nifty facing Resistance level @5150 level above this levelit may go up to @5220 &@ 5280 level.

Support
Support comes for market @5050 level for Nifty; below this level Nifty next support @4980 and @4920 

will be the major support for Market.

Technical – Last week Nifty opened at 5201 & it made a high of 5279.Last week we have seen some selling in the market.Nifty made a low of 5070 & closed at 5086.Last week Nifty drag 209 points from its high & on weekly basis it closed at 123 point’s lower. Sensex made a weekly high of 17432 & a low of 16776 almost it drags 656 points in the week from its high.So overall last week we have seen some selling from higher level in the market.

 For the coming week the market range we expect 4880‐5300.

 Weekly Chart View –

Last week we had expected market range (5050‐5380) & market made a high of 5279 & made a low of 5070, so overall it hold over both side.

In last week report we had mentioned, on daily chart market was near to 100& 200DMA support level, but it was not able to cross 50DMA.on weekly chart it was facing resistance around 100WMA, we had also mentioned market facing resistance around 5350‐5380 & all we have seen market fail to cross that level & from higher level we have seen selling in the market.Now on daily chart market close below 100 & 200DMA & osilator also showing negative crossover.On weekly chart market close below 50WMA & osilator showing negative crossover, only silverline is that market still hold downward sloping line. So overall now 5050 will be important support level if it closes below we can see some more selling pressure in the market & upper side 5250‐5280 will be major resistance for market.

On Friday Dow lost 168 points, or 1.3%. The S&P500 slid 22 points, or 1.6%. The major indexes all ended lower for the week, after posting two consecutive weekly gains.The S&P500 fell 2.3% over the last five trading days. The Dow lost 1.3% & the Nasdaq fell 3.7%.

Market Commentary ‐

Investors are closely watching India Inc's Q4 March 2012 and year ending March 2012 (FY 2012) earnings. Focus is on the guidance provided by the management for the year ending March 2013 (FY 2013) to gauge the earnings outlook. The results announced so far have been mixed.

The current weakness of the rupee against the dollar will benefit exporters and impact importers adversely ‐‐ a weak rupee makes imports costlier. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. A weak rupee will increase the competitiveness of Indian merchandise exports.

The Finance Bill 2012 is scheduled to be debated and passed in Parliament next week. In his Budget 2012‐13, Finance Minister Pranab Mukherjee proposed tax‐avoidance legislation viz. General Anti‐Avoidance Rules (GAAR). He also has proposed to amend the Income Tax Act, 1961 with retrospective effect to bring into tax net overseas mergers and  acquisitions involving domestic assets

India Inc. and multinational companies alike have been complaining about the provision in GAAR that puts the onus of proof that a transaction was not undertaken to avoid tax on the company or investor concerned. GAAR is aimed at curbing tax avoidance by structuring a business or effecting a transaction with the objective of avoiding the tax liability instead of rational commercial considerations. For instance, the creation of a shell company in a tax haven like Mauritius to invest in India will come under the provisions of GAAR. It empowers the tax authorities to distinguish transactions aimed at avoiding tax from those driven by commercial consideration. Foreign institutional investors are also worried that GAAR will override India's tax treaty with Mauritius, which exempts capital gains from being doubly taxed. Most foreign funds invest in the Indian stock markets through the Mauritius route.

Important Results ‐
Andhrabank, Glaxo, HDFC, Bankindia, Glenmark, Rolta, Asianpaint, Centralbk, Hindalco, IDFC,Kotakbank, Denabank, ABB, PNB, Ranbaxy, Unionbank, NTPC, Sintex, Canbk, Cipla, Lupin, Drreddy, Federalbnk, Amtekauto, Bhusanstl, Chamblfert.