Market Outlook 9th January 2012

Market Outlook
India Research
January 9, 2012
Dealers Diary
Indian markets are expected to open in red taking cues from gap down opening in most of the Asian markets and negative closing in most of the global markets on Friday. The Indian markets ended flat to modestly high on Friday, reversing early declines, as European stocks rose and expectations of an interest rate cut this month heightened. Globally, most of the US and European markets closed lower on Friday traders shrugged off another upbeat U.S. employment report amid continued concerns about the ongoing European debt crisis, stocks turned in a lackluster performance during trading. Selling pressure in global markets was also generated by news that Fitch Ratings downgraded Hungary to junk status. Adding to the concerns, ECB said overnight deposits by European commercial banks reached a new record high of EUR455.3bn. The markets this week be closely watching out from IIP numbers and Infosys results which will be released on January 12, 2012. Infosys result is expected to set tone for the upcoming result season.
Domestic Indices BSE Sensex Nifty MID CAP SMALL CAP BSE HC BSE PSU BANKEX AUTO METAL OIL & GAS BSE IT Global Indices Dow Jones NASDAQ FTSE Nikkei Hang Seng Straits Times Shanghai Com
Chg (%) (0.1) (0.2) 0.7 1.0 0.2 1.2 (0.3) (0.0) 0.2 (0.1) 0.2 Chg (%) (0.5) 0.2 0.5 (1.2) (1.2) 0.1 0.7
(Pts) (18.9) (7.2) 38.4 57.3 12.6 82.2 (31.8) (1.7) 17.3 (7.3) 9.4 (Pts) (55.8) 4.4 25.4 (98.4) (220.4) 2.6 14.9
(Close) 15,849 4,747 5,298 5,762 5,984 6,758 9,704 8,173 9,793 7,681 5,888 (Close) 12,360 2,674 5,650 8,390 18,593 2,716 2,163
Markets Today
The trend deciding level for the day is 15,861 / 4,750 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15,888 15,926 / 4,757 4,766 levels. However, if NIFTY trades below 15,861 / 4,750 levels for the first half-an-hour of trade then it may correct up to 15,823 15,796 / 4,740 4,733 levels.
Indices SENSEX NIFTY S2
15,721 4,704
S1
15,802 4,725
R1
15,888 4,757
R2
16,926 4,766
Indian ADRs Infosys Wipro ICICI Bank HDFC Bank
Chg (%) (0.2) 0.1 (2.0) (1.5)
(Pts) (0.1) 0.0 (0.6) (0.4)
(Close) $53.9 $10.1 $27.9 $26.7
News Analysis
NTPC gets back three de-allocated coal blocks Idea challenges fresh liquidated damages imposed for two circles
Refer detailed news analysis on the following page
Advances / Declines Advances
BSE 1,388 1,360 107
NSE 692 724 72
Net Inflows (January 05, 2012)

` cr FII MFs ` cr Index Futures Stock Futures Purch
2,248 411
Sales
1,699 469
Net
549 (58)
MTD
1,093 70
YTD
1,093 70
Declines Unchanged
FII Derivatives (January 07, 2012)

Purch
11 11
Volumes (` cr)
Sales
20 16
Net
(9) (5)
Open Interest
10,716 24,292
BSE NSE
1,968 8,938
Gainers / Losers
Gainers Company
MMTC Hindustan Copp Engineers India Chambal Fert Pantaloon Retl
Losers Company
Jaiprakash Asso Motherson Sumi Syndicate Bank EIH Indiabulls Fin
Price (`)
896 292 241 84 149
chg (%)
8.3 7.7 7.4 6.4 5.0
Price (`)
52 136 76 85 149
chg (%)
(2.4) (1.2) (1.2) (0.9) (0.9)
Please refer to important disclosures at the end of this report
Sebi Registration No: INB 010996539
Market Outlook | India Research
NTPC gets back three de-allocated coal blocks

The Coal Ministry has given back three coal blocks to NTPC Ltd. The ministry had taken back these blocks last year as the company had failed to develop them within the stipulated period. All the blocks have been given back on the condition that they would be developed within two years, failing which they would be again taken back by the Coal Ministry. At the CMP, the stock is trading at P/BV of 1.6x its FY2013 estimates. We maintain our Buy recommendation on the stock with a target price of `200.
Idea challenges fresh liquidated damages imposed for two circles

Idea Cellular has approached telecom tribunal TDSAT against the governments move to impose additional liquidated damages on it for not meeting roll-out obligations in two circles Haryana and Maharashtra. The contention of the telco is that when the main penalty for these two circles has already been set aside by the tribunal, there is no point in imposing the additional penalty. The main penalty had been set aside on December 5. The counsel appearing for Idea also said that DoT has imposed penalty on it without serving a show cause notice, thereby denying it an opportunity to present its case in a proper manner. TDSAT has directed the DoT to file reply on Idea's plea by Wednesday. It has also asked DoT not to take any action against the operator. We maintain our Neutral recommendation on the stock.
Economic and Political News

9% growth in 12th Plan a challenge, says Montek Singh Proposal for Japanese FDI in DMIC project gets MEA nod Fiscal deficit may be more than projected, says Pranab Mukherjee
Corporate News
Ashok Leyland Stile and Partner unveiled After Kingfisher, AI Express, DGCA raps other carriers JSPL commissions new unit, capacity rises to 917 MW GMR Infra issues debentures worth `250cr to GMR Airports Mundra UMPP's first 800MW unit starts production
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
January 9, 2012
Market Outlook | India Research
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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January 9, 2012

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Market Outlook

Indian ADRs Infosys Wipro ICICI Bank HDFC Bank

Chg (%) (0.2) 0.1 (2.0) (1.5)

(Pts) (0.1) 0.0 (0.6) (0.4)

(Close) $53.9 $10.1 $27.9 $26.7

Advances / Declines Advances

BSE 1,388 1,360 107

NSE 692 724 72

Net Inflows (January 05, 2012)

FII Derivatives (January 07, 2012)

Please refer to important disclosures at the end of this report

Sebi Registration No: INB 010996539

Market Outlook | India Research

NTPC gets back three de-allocated coal blocks

Idea challenges fresh liquidated damages imposed for two circles

Economic and Political News

Market Outlook | India Research

Research Team Tel: 022 - 39357800

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