Morning Notes LKP Advisory 12-Mar-2015 FII's & DII's in equity Indices 10-Mar 9-Mar % Chg. Major Indices 10-Mar 9-Mar % Chg. S&P BSE SENSEX 28,659 28,710 -0.18% CAC 40 Index 4,998 4,882 2.37% 10-Mar 8,700 8,712 -0.14% DAX Index 11,806 11,500 2.66% S&P CNX NIFTY Rs.Crs Buy Sell Net FII / FPI Investments 4344 4789 -445 DII's Investments 1697 2036 -339 S&P BSE MID CAP 10,816 10,860 -0.40% Dow Jones Industrial A 17,635 17,663 -0.16% S&P BSE SMALL CA 11,284 11,320 -0.32% FTSE 100 Index 6,722 6,703 0.28% FII's contribution to the total turnover 41% Nasdaq Composite Ind 4,850 4,860 -0.20% DII's contribution to the total turnover 17% FII's in Derivatives BSE Sectoral Indices S&P BSE REALTY 1,724 1,717 0.42% Major Asian Indices 10-Mar 9-Mar % Chg. S&P BSE TECk 6,350 6,325 0.40% Nikkei 225 18,724 18,665 0.31% Shanghai Composite 3,291 3,286 0.15% Net Taiwan SE Index 9,523 9,537 -0.14% OI 10-Mar Rs.Crs Index Fut Index Opt Stock Fut Stock Opt 2,208 2,205 0.11% S&P BSE AUTO 19,547 19,556 -0.05% S&P BSE BANKEX 21,841 21,853 -0.05% KOSPI Index 1,981 1,985 -0.20% Chg.OI 8,148 8,158 -0.11% Hang Seng Index 23,718 23,897 -0.75% FIIs' contribution to the total Derivatives turnove S&P BSE IT 11,675 11,717 -0.36% S&P BSE CONSUMER D 10,292 10,331 -0.38% Commodities (MCX) 10-Mar 9-Mar % Chg. Futures (NSE) 10-Mar 9-Mar 7,825 7,862 -0.48% Aluminium (31MAR201 110 111 -0.90% USDINR 27-MAR-2015 63.07 63.00 0.10% S&P BSE CAPITAL GOO 17,622 17,717 -0.54% Copper (30APR2015) 365 368 -0.72% EURINR 27-MAR-2015 66.71 67.76 -1.55% S&P BSE HEALTHCARE S&P BSE POWER S&P BSE FMCG S&P BSE PSU 337 123 -297 -46 21487 55534 59464 3059 0.4% 1.0% 1.0% 1% 23% % Chg. 17,010 -0.82% Crude (19MAR2015) 3,000 3,061 -1.99% JPYINR 27-MAR-2015 51.92 51.86 0.11% 9,458 9,539 -0.84% Gold (3APR2015) 25,685 25,919 -0.90% FTSE100 (20-MAR-201 6717 6893 -2.55% S&P BSE METAL 9,698 9,859 -1.64% Silver (5MAY015) 35,049 35,697 -1.82% S&P500 (20-MAR-2015) 2051 2067 -0.81% LTP BHARTIARTL 390 22 6.0 NTPC 155 5 3.1 TECHM 2920 80 2.8 M&M 1256 28 2.3 KOTAKBANK 1376 28 2.1 LTP UNITECH 20 1 IDEA 164 10 6.4 BHARTIARTL 390 22 6.0 RCOM 66 2 IDBI 76 2 NATCOPHARM FORTIS UNITECH STAR 7.0 Chg % Chg HINDALCO 131 -7 -5.1 CAIRN 224 -7 -2.9 SSLT 192 -6 -2.8 TATASTEEL 325 -6 -1.9 BANKBARODA 177 -3 -1.8 Company LTP HINDALCO 130 Chg % Chg -8 -5.5 GODREJCP -56 -4.7 224 -8 -3.5 3.1 ADANIPORTS 308 -10 -3.2 3.0 HINDPETRO 618 -17 -2.7 Company LTP Chg % Chg 134 17 14.2 1792 149 9.1 156 12 8.7 20 1 7.0 1064 55 5.4 LTP Chg % Chg IFBIND 620 101 19.4 SHRENUJ 52 6 11.8 JSL 40 4 10.7 22 2 10.0 337 29 9.4 SSWL LTP 1144 Company SHARONBIO Company CAIRN Top Losers BSE Midcap Top Gainers BSE Midcap RESPONIND LTP Chg % Chg Top Losers BSE 100 Company Company Top Gainers BSE Smallcap Chg % Chg Top Losers CNX Nifty Company Top Losers BSE Smallcap Top Gainers BSE 100 Top Gainers CNX Nifty 16,870 S&P BSE OIL & GAS Chg % Chg HMT 48 -6 -11.0 PMCFIN 49 -5 -9.9 JUSTDIAL 1139 -110 -8.8 SPARC 503 -38 -7.1 ECLERX 1557 -87 -5.3 Company LTP MTNL Chg % Chg 21 -5 -18.9 AJIL 76 -8 -9.9 ITI 24 -3 -9.5 1 -0.1 -9.0 236 -20 -7.9 SHALPRO ABGSHIP Domestic Market View Markets to make some recovery on supportive regional cues The Indian markets continued their bearish trend and ended modestly lower in the last session, as traders preferred to book profits at every rise. Today, the start is likely to be in green and some recovery can be expected after the series of fall, supported by an International Monetary Fund’s latest report raising its forecasts of India’s economic growth to 7.2% in the current fiscal year, compared to 5.6% as predicted earlier. Traders will also be getting some support with the statement of Revenue Secretary that the GST rollout is on track. He has also said that the roadmap for the removal of corporate tax exemptions announced in the Union Budget are also set to be announced during the course of this year. Though, there will be some cautiousness too ahead of the release of February CPI and January IIP data after the market hours. Telecom stocks will keep buzzing as the total bid value jumped up to Rs 96,000 crore, higher by Rs 3,800 crore from the previous day on the seventh day of the spectrum auction, with fierce bidding in all circles except Bihar, Karnataka, Kolkata, Tamil Nadu, UP (east) and UP (west) in 800 MHz. Domestic Market OverView Benchmarks end lower for third straight session Extending their southward journey for third straight day, Indian equity benchmarks ended the volatile day of trade slightly in the red as investors remained on sidelines ahead of data on industrial production for January and consumer price index for February scheduled to be announced on Thursday. Marketmen also traded with caution and were unwilling to take fresh positions ahead of the proceedings in the Parliament particularly with respect to the passage of key bills such as Land Acquisition Bill in Rajya Sabha. However, losses remained capped as some support came with report that India’s current account deficit (CAD) narrowed considerably to $8.2 billion or 1.6% of gross domestic product (GDP) for the quarter ended December 2014 down from $10.1 billion or 2% of GDP on end-September 2014. Sentiments remained downbeat on report that foreign portfolio investors (FPIs) sold shares worth a net Rs 748.13 crore on March 10, 2015, as per provisional data released by the stock exchanges. Meanwhile, stocks related to metal counter fell on concerns over the impact of the investigations by the Central Bureau of Investigation. Additionally, public sector oil marketing companies (OMCs) edged lower as global crude oil prices rebounded on Wednesday after data showed US crude stocks fell for the first time in two months. On the flip side, select stocks from Auto space edged higher with the Society of Indian Automobile Manufacturers (SIAM) reporting that domestic car sales grew 7% to 1,71,727 units in February, however there was 9% drop in rural motorcycle sales last month. Moreover, telecom stocks remained in action with aggressive bidding by mobile phone operators in auction of mobile airwaves, which led the government accumulate Rs 94,000 crore by the end of auctioning after five days of bidding. Global Market Overview Asian markets end mostly in red on Wednesday The Asian markets ended mostly in red on Wednesday, amid concerns about an interest rate hike in the US. Growth in China’s investment, retail sales and factory output all missed forecasts in January and February, leaving investors with little doubt that the economy is still losing steam and in need of further support measures. The figures came a day after data showed deflationary pressures in the factory sector intensified in February, and is likely to reinforce expectations of more interest rate cuts and other policy loosening to avert a sharper slowdown in the world’s second-biggest economy. Industrial output grew 6.8% in the first two months of the year compared with the same period a year ago, the weakest expansion since late 2008. Chinese Retail Sales fell to an annual rate of 10.7%, from 11.9% in the preceding month while Chinese Fixed Asset Investment fell to a seasonally adjusted 13.9%, from 15.7% in the preceding month. US markets closed lower on rate hike concerns The US markets closed lower on Wednesday, with growing expectations of a rate hike by the Federal Reserve. The Congressional Budget Office forecasts the US annual budget deficit to reach $486 billion, $18 billion higher than the agency’s shortfall projection in January. CBO adjusted its federal debt estimate for fiscal 2015 due to an anticipated increase in government spending for Medicaid, Medicare and student loan programs. The agency also lowered its 10-year cumulative deficit forecast to $7.2 trillion between 2016 and 2025, a $431 billion decrease from the January forecast. Federal debt would equal 73 percent or 74 percent of the US gross domestic product over the next few years and climb to 77 percent of the country’s GDP by 2025. The Dow Jones Industrial Average lost 27.55 points or 0.16 percent to 17,635.39, Nasdaq was down by 9.86 points or 0.20 percent to 4,849.94 while, S&P 500 dropped 3.92 points or 0.19 percent to 2,040.24. LKP Advisory Index Futures (OI in '000 Shares) NIFTY Total Open Interest Future Chg Spot Chg Prem / 10-Mar (%) 10-Mar (%) Disc 10-Mar -0.14 52.2 26,899 0.6 8,752 -0.09 8,700 Chg (%) CNXIT 12,424 -0.43 12,352 -0.42 71.2 16 17.6 BANKNIFTY 19,188 -0.81 19,044 -0.05 144.3 2,759 3.6 Increasing OI, Increasing Delivery Qty & Increasing Price in Stock Futures (Open Interest in '000 Shares) Symbol HCLTECH IGL RECLTD UNITECH PFC TECHM IDBI MOTHERSUMI Total OI 10-Mar % Chg. Del Qty Cash Market 10-Mar % Del. Prev % Del. Increase Del Qty Spot (Rs.) Fut (Rs.) Spot Chg (%.) Fut Chg (%.) Prem / Disc 3,463 36% 1,631,018 62% 76% 479,301 2059 2062 0.7% 0.4% 2.5 783 14% 119,944 54% 33% 54,357 437 441 1.2% 1.4% 3.9 2.4 7,521 12% 1,294,589 44% 46% 118,258 348 350 0.8% 1.1% 183,348 10% 21,341,652 21% 17% 13,028,448 20 20 6.5% 7.0% 0.2 5,388 10% 893,592 34% 28% 418,156 287 289 0.7% 0.8% 2.0 3,139 9% 866,833 65% 68% 384,547 2922 2930 2.9% 2.8% 8.3 40,640 9% 854,396 16% 15% 253,040 76 77 3.0% 3.2% 0.5 3,091 6% 730,823 49% 56% 183,776 487 490 1.6% 1.7% 2.9 IDEA 19,278 5% 7,273,096 52% 44% 1,796,329 164 164 6.5% 5.9% -0.1 BHARTIARTL 13,046 5% 7,131,630 51% 46% 1,385,304 390 391 5.9% 5.6% 1.6 Spot (Rs.) Fut (Rs.) Spot Chg (%.) Fut Chg (%.) Prem / Disc Increasing OI, Increasing Delivery Qty & Decreasing Price, (Open Interest in '000 Shares) Symbol Total OI 10-Mar % Chg. Del Qty Cash Market 10-Mar % Del. Prev % Del. Increase in Del Qty JUSTDIAL 1,055 28% 785,115 49% 60% 497,216 1139 1147 -8.8% -8.9% 8.0 ABIRLANUVO 1,825 8% 453,368 74% 54% 335,148 1615 1622 -2.1% -2.4% 7.7 IDFC 71,094 7% 2,878,934 46% 37% 1,014,658 169 170 -1.6% -1.4% 1.4 CESC 2,421 6% 351,809 23% 41% 198,653 593 596 -0.2% 0.0% 3.5 APOLLOHOSP ADANIPORTS SRTRANSFIN LT AXISBANK TVSMOTOR 482 6% 67,997 49% 37% 26,343 1347 1355 -0.8% -0.8% 7.8 10,562 6% 1,706,596 33% 32% 1,257,586 308 310 -3.1% -2.9% 2.3 999 5% 289,075 62% 61% 33,524 1167 1174 -2.1% -2.1% 7.7 8,220 5% 1,000,883 49% 36% 272,715 1740 1752 -0.7% -0.6% 12.3 31,252 5% 2,073,835 31% 27% 320,710 584 588 -0.3% -0.1% 4.3 4,629 5% 1,214,554 47% 35% 597,187 285 287 -3.3% -2.9% 1.7 Open Interest Break-up (Rs. in Cr.) 10-Mar 09-Mar Change in OI % Chg INDEX FUTURES 28,935 28,637 298 1.04 INDEX OPTIONS 110,171 107,419 2,752 2.56 TOTAL INDEX 139,106 136,056 3,050 2.24 STOCK FUTURES 73,418 71,883 1,535 2.14 STOCK OPTIONS 17,714 17,038 676 3.97 TOTAL STOCKS 91,132 88,921 2,211 2.49 GRAND TOTAL 230,238 224,976 5,261 2.34 FII's 139,543 138,251 1293 0.94 90,694 86,725 3969 4.58 Others LKP Advisory Corporate News ¾ Mahindra USA (MUSA), the wholly-owned subsidiary of Mahindra & Mahindra (M&M), and Yahoo Sports Radio are hitting the air with a comprehensive nationwide marketing partnership to support the continued robust growth of the Mahindra brand and the company’s extensive dealer network. The campaign provides Mahindra with a sweeping, multi-platform presence on Yahoo Sports Radio’s network of over 500 radio station affiliates. In this new partnership, Mahindra will be a presenting sponsor of Yahoo Sports Radio’s coverage updates of several of the largest sporting events of the year, including the recently completed coverage of Super Bowl XLIX and the upcoming March Madness Collegiate Basketball events. ¾ Sharon Bio-Medicine has received the certification for the approval of Good Manufacturing Practices (GMP) for both, Capsules and Tablets from United Kingdom - Medical & Health Care Product Regulatory Agency (UKMHRA) for its expanded area of Formulation and Tablets unit located at Selaqui, Uttarakhand. ¾ Omkar Speciality Chemicals (OSCL) has commissioned its Unit No VI, located at Plot No B-15 & B-15, Lote Parshuram MIDC, Chiplun, in Maharashtra. The plant with a volumetric capacity of 300 Metric Tonnes Per Annum (MTPA) will manufacture a number of advance intermediates for pharma industry catering to essential life-saving drugs and veterinary APIs with the state of the art facility for production and quality control. Besides, with the commissioning of the above facility, the status of various operational capacities in OSCL and its subsidiaries has reached a total capacity of 4920 MTs per annum. ¾ Mahindra Two Wheelers (MTWL), part of the $16.5 billion Mahindra & Mahindra (M&M) has entered into a partnership with mobile commerce platform -- Paytm -- for online retailing of Mahindra Centuro motorcycles and Mahindra Rodeo UZO range of scooters. ¾ Bharat Heavy Electricals (BHEL) has achieved one more milestone by successfully commissioning another 270 MW coal based thermal power plant in Maharashtra. Incidentally, on the same day, BHEL has also commissioned the second 660 MW supercritical thermal unit at NTPC Barh in Bihar. The unit was commissioned at RattanIndia Power’s (formerly Indiabulls Power) upcoming thermal power project located at village Nandgaonpeth in Amravati district of Maharashtra. ¾ Wipro, a leading global information technology, consulting and business process services company, is reportedly planning to officially launch business process outsourcing (BPO) services in the domestic market with major focus on transaction processing works instead of pure voice-based BPO services. Currently, the company has a very little presence in the BPO space in the country and the service is mainly focused on global markets. The company is creating two horizontal practices around ‘digital India’ and ‘smart city’ with separate teams to exploit business opportunities in these areas. ¾ VHCL Industries has received an export order worth Rs 30 crore from an overseas customer for supply of ‘Specialty Plastic Recycled Granules’. These granules have been developed to enhance product performance while reducing cost for the end user. ¾ In a bid to create awareness on road safety, Hindustan Zinc (HZL) has entered into partnership with Rajasthan Parivahan Nirikshak Sangh (RPNS), a body affiliated to All India Federation of Motor Vehicles Department Technical Executive Officers Association, Bangalore. ¾ The US Food and Drug Administration (USFDA) auditors have inspected two manufacturing facilities of Shilpa Medicare located at Karnataka. The result of the audit has been awaited by the company. ¾ In a bid to scale up its non-cigarette fast-moving consumer goods (FMCG) business, Diversified conglomerate ITC is scouting for more acquisitions. The company is aiming cumulative brand turnover from non-cigarette segment to increase to Rs 15,000 crore in the next two-three years. ¾ Goa Carbon has reported production of 13,694.70 MT (million tonnes) of Calcined Petroleum Coke for the month of February 2015. Of the total production achieved for the month, Bilaspur plant produced 2,279.90 MT, Goa plant produced 5,077.80 MT of Calcined Petroleum Coke while Pradeep plant produced 6,337.00 MT. LKP Advisory ¾ HDFC Mutual Fund has bought 1.96 lakh shares of APL Apollo Tubes through open market route. The shares were purchased on an average price of Rs 365.05 valuing the transaction to Rs 7.15 crore. On the other hand, EMBLEM FII has sold 2 lakh shares of the company for an average price of Rs 365.15 through open market route. ¾ In a bid to raise its steel-making capacity to 40 million tonnes per annum (mtpa) by 2025, JSW Steel is planning to focus on acquisitions as well as expansion through the brownfield and greenfield routes. ¾ Adani Power is reportedly in advanced talks with Adhunik Group to buy Adhunik Power. The deal negotiations are hovering between Rs 3,500 to 4,000 crore which is the expected enterprise value of Adhunik Power. Adhunik Metaliks will use the proceeds to re-pay part of the debt pile on its books. ¾ Wipro, a leading global information technology, consulting and business process services company has been awarded with a ANSI/TIA-942:2014 Rated 3 design conformity certificate for its state-of-the-art data centers at Greater Noida-II and Pune. ¾ Housing Development Infrastructure (HDIL) has launched an affordable housing project at Kurla in Mumbai. The project, Premier Legend, offers 1 and 2 BHK flats with superior amenities like a gymnasium, kids play area and landscaped garden among others. ¾ Cholamandalam Investment & Finance Company has tied-up with Cognizant to digitally transform its vehicle finance business operations, from loan origination through recovery, in order to reduce costs, improve business agility, and deliver an integrated customer experience. ¾ Dr Reddy's Laboratories has established a new formulation development laboratory at its facility in Miyapur in Hyderabad. This was part of expansion of its existing custom service facilities. ¾ Maruti Suzuki India will proactively inspect and replace the `right hand door latch assembly’ of 33,098 vehicles comprising 19,780 units of Alto 800 and 13,318 units of Alto K10 manufactured between December 08, 2014 and February 18, 2015. The company’s dealers in the domestic market will contact owners of all the affected vehicles. The dealer workshop technicians will inspect the condition and carry out the necessary replacement, free of cost. ¾ HCL Technologies, a global business and IT service provider, and Aegon, a multinational life insurance, pensions and asset management company, have opened their joint cXstudio, aimed at delivering customer experience excellence through the adoption of the latest digital technologies. ¾ Asian Paints has signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to set up a manufacturing facility for paints and intermediates at Pudi Village, Rambilli Mandal, Vishakhapatnam District in Andhra Pradesh. ¾ Himachal Futuristic Communications (HFCL) has incorporated a wholly owned subsidiary (WOS) on February 23, 2015 by the name ‘HFCL Advance Systems’. The registered office of the aforesaid company is situated at 8, Electronics Complex, Chambaghat, Solan in state of Himachal Pradesh. .Economy ¾ Govt revives plans of setting up fertilizer plant in Iran The government has revived plans to set up a fertilizer plant in Iran with an investment of about Rs 5,000 crore. The proposal is to set up a urea/ammonia JV Project with capacity to produce 1.3 MT Urea for import to India. However, the government has requested the Persian Gulf nation to offer long term gas contract for manufacturing the soil nutrient at feasible rates. The government has nominated companies like Rashtriya Chemicals and Fertilizers (RCF), Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) and Gujarat State Fertilizers Corporation (GSFC) for the proposed 1.3 million tonne urea joint venture plant. These Indian companies’ have appointed SBI Capital to identify the Iranian partners for the Joint Venture Project. LKP Advisory Notably, both the nations have been in discussions for setting up of a fertilizer plant in the Persian Gulf nation since 2013, but talks failed to fructify stuck over gas price issue. However, India has revived its plans after Iranian authorities approached the government officials and expressed willingness to partner with them in this project. ¾ Government to support oil PSUs in case of US sanctions: Dharmendra Pradhan Government is likely to lend a helping hand to Indian oil PSUs in protecting their economic interest from being impacted in the eventuality of US sanctions against them for investing in Iran. Recently, Government Accountability Office (GAO) of US named Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and Oil India (OIL) along with two Chinese firms for having energy ties with Iran, an act for which it can impose sanctions against them. Petroleum Minister Dharmendra Pradhan though has not elaborated the details but has said that we will look at ways how our companies won’t be affected by any adverse situation. He further said that “India will take its own stand, independent diplomatic stand on the issue,” he said. “Certainly economic interest of our companies and country will be priority.” The US Iran Sanctions Act provides for steps against persons, including foreign firms, investing more than $ 20 million in Iran’s energy sector in any 12-month period. ONGC, IOC and OIL have been named for having 40 per cent, 40 per cent and 20 per cent interest respectively in the Farsi block of Iran, though the three companies have said that exploration contract (for Farsi block) expired in 2009 and that they had not carried out any activity after 2007 in the Farsi Block. They had proposed investing $5.5 billion to produce gas from the 21.68 trillion cubic foot discovery they made in the offshore area located near the Saudi Arabian border. ¾ Domestic car sales grew 6.85% to 1,71,727 units in February In an encouragement to the auto makers, the Society of Indian Automobile Manufacturers (SIAM) reported a strong February car sales numbers. As per SIAM data domestic car sales grew 6.85% to 1,71,727 units in February, compared to 1,60,717 units in the year ago period. SIAM stated that even though growth will remain in single digits, the passenger car sales is inching toward the lower end of the growth guidance given by automobile trade body of 5-10% in Fy15 (2014-15) as passenger vehicle sales in the first 11 months of the year to end-March rose 4 per cent to 2.36 million. There was some concern from weakening rural sales that led to a 9% drop in motorcycle sales last month and could impact other segment in the long term as the rural market accounts for nearly half of the two wheeler demand.Overall two-wheeler sales fell 0.99% to 12,08,084 units in February from 1220141 in the year ago period. Commercial Vehicle sales continued on recovery path as its sales rose 10.13% to 52,843 units in February. Sales of heavy and medium trucks grew 38% to 18,767 units as demand picked up in the mining, infrastructure and freight related segments. ¾ Government likely to revise the ‘5/20’ rules for Indian carriers In its effort to bring a balance between domestic and foreign carriers, the government is planning to revise the existing ‘5/20’ rules for Indian carriers to operate international flights. The civil aviation ministry wants the criteria to fly abroad be based on technical and financial parameters rather than the number of years of operation or the number of aircraft. As per the existing norms, a domestic carrier wishing to fly abroad must possess a valid permit of operation, lease or purchase at least 20 aircraft and have at least five years experience in the domestic skies. The ministry may also consider taking away unused bilateral rights with existing airlines and give them to other carriers, including the new entrants who may be allowed to fly abroad. In 2014, Indian carriers utilised 32 percent of the traffic rights on international routes against total entitlements available, while the utilisation by foreign airlines stood at 62 percent during the same period. On lucrative European routes, Indian carriers used less than 10 per cent of the capacity allocated to them, leaving most of the market share to foreign airlines. In the Asia-Pacific region, foreign carriers have a 55 per cent share, while on India-US routes, domestic airlines hardly fly, despite the unlimited rights they have. LKP Advisory ¾ Q3 current account deficit narrows; reaches 1.6% of GDP In an encouraging development, India's current account deficit reached $8.2 billion, or 1.6% of gross domestic product, in the October-December quarter, lower than the previous quarter but double from a year earlier. The current account deficit had reached $4.2 billion or 0.9% of GDP a year earlier, while it reached $10.1 billion or 2.0% of GDP in the previous quarter. The reduction in Q3FY15 CAD was primarily on account of net exports of services which picked up in q-o-q terms on the back of an improvement in net earnings through travel and software services, and lower net outflows under primary income (profit, dividend and interest). However, balance of payment (BoP) stood in surplus for fifth consecutive quarter at $13.2 billion during October- December quarter. It was also almost double the $6.9 billion surplus in the previous quarter. This considerable improvement on a y-o-y basis on the back of a higher growth in merchandise exports and a marginal rise in merchandise imports, with a sizable increase in net financial flows financing the CAD and enabling a large build-up of reserves. The merchandise trade deficit at $39.2 billion widened on a q-o-q basis on account of a larger decline in merchandise exports (7.3 per cent) than in merchandise imports (4.5 per cent); in terms of y-o-y changes too, the trade deficit in Q3 2014-15 widened due to a decline in exports (1.0 per cent), while imports increased (4.5 per cent). On a BoP basis, a net accretion of $ 13.2 billion to India’s foreign exchange reserves in Q3 of 2014-15 was reported, almost double the accretion in the preceding quarter, but was lower than the same quarter of the previous year, bolstered by special non-resident and banks’ overseas borrowings. CAD during the first nine months of the fiscal, shrank to $26.2 billion or 1.7 percent of GDP against $ 31.1 billion or 2.3 percent of GDP during the same period last fiscal. The trade deficit narrowed to $ 112.5 billion in the April-December period from $ 116.9 billion in the same period year-ago. For the first three quarters, the total accretion to the forex kitty was of $31.3 billion against a $ 8.4 billion in the same three quarters of previous fiscal. Source: Reuters, Ace Equity & LKP Research LKP Advisory Tech View CNX Nifty Technical View Nifty continued to trade in a range taking support near 8650 levels and finding resistance at 8780 levels. the index is expected to continue its range bound move today. The next triggers are likely to come from macroeconomic data to be released today evening which will closely watched by market participants. The market breadth though witnessed some improvement but remained skewed toward declines indicating pressure may again play havoc at higher levels. The index is expected to open on positive note and test 8750 levels today. If Nifty fails to breach 8780 level today then it can fall back to 8700 levels during the day. IMPORTANT LEVELS FOR THE DAY Support BSE NSE BANKNIFTY S1 28,558 8667 18885 S2 28,379 8611 18683 R1 28,849 8758 19211 R2 29,028 8814 19413 Pivot 28,704 8,713 19,048 Resistance LKP Advisory Tech View PIVOT POINTS Scrip Name CMP RB2 RB1 PP SB1 SB2 ACC Scrip Name CMP RB2 RB1 PP SB1 SB2 1640 1700 1670 1646 1622 1593 GAIL 389 410 397 386 376 362 ADANIENT 649 682 664 649 635 616 GLENMARK 831 890 863 840 818 790 ADANIPORTS 308 333 320 310 299 287 GMRINFRA 17 17 17 17 16 16 ADANIPOWER 52 55 53 52 50 48 GODREJIND 331 336 333 330 327 323 ALBK 106 109 107 105 103 101 GRASIM 3701 3799 3737 3687 3637 3576 AMBUJACEM 260 271 265 260 255 249 HAVELLS 283 299 291 285 279 272 ANDHRABANK 82 85 83 83 82 80 HCLTECH 2059 2183 2121 2071 2020 1958 APOLLOHOSP 1347 1418 1384 1356 1328 1294 HDFC 1323 1363 1341 1324 1306 1285 APOLLOTYRE 174 179 176 174 171 168 HDFCBANK 1056 1073 1063 1056 1049 1040 ARVIND 295 312 304 297 291 283 HDIL 115 120 117 114 112 108 ASHOKLEY 75 78 76 75 74 72 2613 2661 2633 2611 2589 2561 ASIANPAINT 809 830 820 812 804 794 HEXAWARE 279 293 286 280 275 268 1112 1177 1146 1120 1094 1063 HINDALCO 130 148 139 132 125 116 584 603 593 586 578 568 HINDPETRO 619 665 644 626 609 587 2098 2196 2149 2112 2074 2027 HINDUNILVR 969 1006 984 966 948 925 AUROPHARMA AXISBANK BAJAJ-AUTO HEROMOTOCO BANKBARODA 177 185 181 178 174 170 HINDZINC 170 173 171 170 169 167 BANKINDIA 218 227 222 218 214 209 IBREALEST 75 78 76 74 73 71 BATAINDIA 1222 1261 1239 1222 1204 1183 ICICIBANK 333 344 338 333 328 322 BHARATFORG 1305 1346 1318 1295 1272 1244 IDBI 76 82 79 76 73 70 BHARTIARTL 390 426 402 382 362 338 IDEA 164 178 169 161 153 144 BHEL 258 269 263 259 254 249 IDFC 169 176 173 170 167 163 BIOCON 428 447 438 430 423 414 IFCI 36 37 36 36 35 34 BPCL 751 791 772 757 741 723 IGL 437 452 443 435 428 418 CAIRN 224 235 230 225 221 215 INDIACEM 99 102 100 99 98 96 CANBK 407 419 412 407 402 396 INDUSINDBK 890 921 906 893 881 866 CENTURYTEX 573 606 585 567 550 528 INFY 2182 2295 2241 2197 2153 2099 CESC 593 650 624 602 581 555 IOB 46 48 47 46 45 44 CIPLA 718 757 738 723 707 688 IOC 341 359 350 343 336 327 COALINDIA 369 375 372 369 366 362 IRB 240 251 245 241 236 231 2111 2167 2134 2108 2081 2049 ITC 338 343 341 339 337 334 CROMPGREAV 176 183 180 176 173 169 JINDALSTEL 191 199 194 190 186 180 DABUR 268 281 273 266 259 251 JISLJALEQS 65 67 66 65 64 63 DISHTV 84 87 85 84 82 80 JPASSOCIAT 27 28 28 27 27 26 1774 1838 1803 1775 1747 1712 JPPOWER 12 12 12 11 11 11 145 154 148 144 139 133 JSWENERGY 109 117 113 109 106 102 3468 3683 3557 3456 3355 3229 JSWSTEEL 931 973 953 937 921 901 COLPAL DIVISLAB DLF DRREDDY EXIDEIND 184 189 186 184 181 179 JUBLFOOD 1552 1605 1578 1555 1533 1506 FEDERALBNK 138 142 140 138 137 135 JUSTDIAL 1139 1347 1251 1173 1095 999 LKP Advisory Tech View Scrip Name CMP RB2 RB1 PP SB1 SB2 Scrip Name CMP RB2 RB1 PP SB1 SB2 KOTAKBANK 1376 1429 1395 1367 1339 1304 TATACHEM 450 459 454 450 446 441 131 135 133 131 130 128 TATACOMM 428 446 434 425 416 404 66 68 67 66 65 65 TATAGLOBAL 158 162 160 158 156 154 466 483 474 467 460 451 TATAMOTORS 551 578 565 555 544 531 LT 1740 1792 1766 1746 1725 1700 TATAMTRDVR 340 356 347 341 334 326 LUPIN 1872 1941 1907 1879 1851 1817 TATAPOWER 81 83 82 81 80 79 M&M 1260 1313 1277 1248 1219 1183 TATASTEEL 325 343 335 328 322 313 M&MFIN 251 267 259 253 246 238 TCS 2607 2707 2660 2621 2583 2536 MARUTI 3656 3726 3683 3648 3613 3570 TECHM 2922 3071 2973 2893 2814 2716 MCDOWELL-N 3620 3843 3729 3637 3545 3431 MCLEODRUSS 241 250 245 241 236 231 41452 42524 41972 41526 41080 40528 NHPC 20 20 20 20 20 19 NMDC 129 133 131 129 127 125 KTKBANK L&TFH LICHSGFIN MRF NTPC 154 163 157 152 147 140 OFSS 3303 3404 3352 3310 3268 3217 ONGC 310 323 317 312 307 ORIENTBANK 234 248 242 237 PETRONET 177 186 182 178 992 69 71 70 69 68 67 2987 3099 3045 3002 2959 2906 170 177 173 170 167 164 20 20 19 18 428 421 413 301 VOLTAS 269 285 275 266 257 247 231 225 WIPRO 655 698 678 661 644 623 175 171 YESBANK 823 848 835 824 814 801 ZEEL 349 361 353 346 339 331 293 287 281 274 166 163 161 158 POWERGRID 148 152 150 148 147 145 81 85 83 82 80 78 794 827 811 799 786 771 66 70 68 66 64 62 RECLTD 348 369 357 347 337 325 RELCAPITAL 442 457 450 444 438 430 RELIANCE 856 883 870 859 849 836 RELINFRA 459 473 465 459 452 444 RPOWER 58 60 59 58 58 57 SAIL 66 69 67 66 65 64 SBIN 285 296 291 287 282 277 SIEMENS 1392 1437 1412 1392 1371 1346 SRTRANSFIN 1167 1237 1203 1176 1148 1114 193 203 198 194 190 185 1010 1057 1035 1017 1000 978 SUNTV 406 465 437 414 391 363 SYNDIBANK 112 116 114 113 111 109 LKP Advisory 387 435 300 SUNPHARMA 396 1010 21 169 UNITECH 402 1023 443 287 SSLT UNIONBANK 409 1037 20 163 RCOM ULTRACEMCO 417 1054 426 PNB RANBAXY UCOBANK 400 1020 UPL PFC PTC TITAN UBL The information in this documents has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and is for general guidance only. 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