Market Outlook

India Research
March 30, 2012

Dealers Diary
Domestic Indices Chg (%) (Pts) (Close)

The Indian markets are expected to open in the red tracing negative opening in most of the Asian indices. Asian stocks fell for a second day as growth in U.S. durable-goods orders trailed estimates. The US markets drifted lower over the course of the day on account of profit booking as some traders cashed in on the recent strength in the markets amid calls by a number of analysts for a correction. Traders also reacted negatively to the latest batch of U.S. economic data, including a report from the Labor Department showing that weekly jobless claims came in above economist estimates. However the indices recovered significantly in the later sessions and eventually ended up near the opening. Indian shares extended losses for a second consecutive session on Thursday, as concerns about growth prospects in the world's two largest economies prompted investors to square off long positions on the expiry of March series derivative contracts.

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

(0.4) (0.3) 0.2 0.7 0.9 (0.2) (0.2) 0.7 0.4 0.2 (1.2)
Chg (%)

(63.0) 17,059 (15.9) 9.9 45.3 59.4 (10.5) 65.7 15.0 (70.2)
(Pts)

5,179 6,201 6,497 6,506 7,128 9,910 7,865 5,951

(Close)

(17.2) 11,459 43.4 11,061

0.2 (0.3) (1.2) (0.7) (0.7) (1.4)

19.6 13,146 (9.6) (67.0) 3,095 5,742

Markets Today
The trend deciding level for the day is 17,136/5,200 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,232 17,342/5,231 5,267 levels. However, if NIFTY trades below 17,136/5,200 levels for the first half-an-hour of trade then it may correct up to 17,026 16,930/5,164 5,133 levels.
Indices SENSEX NIFTY S2 16,930 5,133 S1 17,026 5,164 PIVOT 17,136 5,200 R1 17,232 5,231 R2 17,342 5,267

(67.8) 10,115 (21.9) (32.7) 2,994 2,252

(1.3) (276.0) 20,609

Indian ADRs

Chg (%)

(Pts)

(Close)

INFY WIT IBN HDB

1.0 2.1 (0.2) (2.4)

0.6 0.2 (0.1) (0.8)

$56.5 $10.8 $34.0 $33.2

News Analysis

TCS to provide banking solution - BaNCS to AmBank, Malaysia NTPC Tamil Nadu Energy Co. commissions Unit I of Vallur Power Project
Refer detailed news analysis on the following page

Advances / Declines Advances

BSE

NSE

Net Inflows (March 28, 2012)

` cr FII MFs Purch 3,253 446 Sales 3,004 501 Net 249 (55) MTD 9,030 (1,416) YTD 45,328 (5,443)

1,539 1,270 105

835 643 65

Declines Unchanged

Volumes (` cr)

FII Derivatives (March 29, 2012)

` cr
Index Futures Stock Futures

BSE

Purch 5,064 8,097

Sales 5,605 7,416

Net (540) 681

Open Interest 10,127 20,997

2,004 14,690

NSE

Gainers / Losers
Gainers Company
IVRCL Ltd. Ranbaxy Labs Adani Enterprises Opto Circuits Jindal Steel

Losers Company
India Cements Mcleod Russel JSW Ispat Steel IDBI Bank Oil India

Price (`)
65 447 301 199 549

chg (%)
7.8 7.0 5.9 5.1 4.4

Price (`)
112 260 12 101 475

chg (%)
(4.7) (4.4) (4.3) (3.9) (3.8)

Please refer to important disclosures at the end of this report

Sebi Registration No: INB 010996539

Market Outlook | India Research

TCS to provide banking solution - BaNCS to AmBank, Malaysia

TCS' financial services platform, TCS BaNCS, will replace Malaysian AmBank's core banking engine. This integrated banking suite, spanning conventional and Islamic banking, will support both retail banking and lending functionalities. TCS BaNCS will help expand AmBank's business into new areas. It will also enable development and the scalability required to meet both current and future market and regulatory needs. Due to this deployment, TCS may soon have a regional support centre for TCS BaNCS in Kuala Lumpur. We maintain Accumulate rating on the stock with a target price of `1,262.

NTPC Tamil Nadu Energy Co. commissions Unit I of Vallur Power Project
NTPC Tamil Nadu Energy Co. Ltd. a JV of NTPC Ltd. and TNEB has commissioned Unit I (500 MW) of Vallur Thermal Power Project on March 28, 2012. With this, the total capacity of NTPC group has become 36,514 MW. In all NTPC group has commissioned 2,320MW of capacity in FY2012 till date, which is below the initial target of 4,320MW. At the CMP, the stock is trading at 1.6x FY2013E P/BV. We maintain a Buy on the stock with a Target Price of `199.

Economic and Political News

February infra output up 6.8% yoy Indian GDP to grow at 7.5% in FY2013: Fitch Government will clarify stance on P-Notes taxation: Finance Minister

Corporate News

Tata Motors hikes commercial vehicle prices by up to `60,000 Tata Motors to invest `600cr on defense vehicles NTPC to halt expansion of gas-based projects Bharat Forge earmarks `100cr to develop artillery gun

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

March 30, 2012

Market Outlook | India Research

Research Team Tel: 022 - 39357800

Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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March 30, 2012