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    Market Outlook 29th March 2012

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    Angel Broking
    - The Indian markets are expected to open flat to negative, tracking declines in Asian markets due to disappointing US economic data and durable goods orders that missed estimates. - ONGC won 6 oil and gas exploration blocks in India, though some of its deep sea bids were rejected, and ACC announced plans to invest $600 million by 2015 on capacity expansion. - Investors will watch upcoming US GDP and jobless claims data for signs of economic recovery.

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    Market Outlook 29th March 2012

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    Angel Broking
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    - The Indian markets are expected to open flat to negative, tracking declines in Asian markets due to disappointing US economic data and durable goods orders that missed estimates. - ONGC won 6 oil and gas exploration blocks in India, though some of its deep sea bids were rejected, and ACC announced plans to invest $600 million by 2015 on capacity expansion. - Investors will watch upcoming US GDP and jobless claims data for signs of economic recovery.

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    - The Indian markets are expected to open flat to negative, tracking declines in Asian markets due to disappointing US economic data and durable goods orders that missed estimates. - ONGC won 6 oil and gas exploration blocks in India, though some of its deep sea bids were rejected, and ACC announced plans to invest $600 million by 2015 on capacity expansion. - Investors will watch upcoming US GDP and jobless claims data for signs of economic recovery.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    534 views3 pages

    Market Outlook 29th March 2012

    Uploaded by

    Angel Broking
    - The Indian markets are expected to open flat to negative, tracking declines in Asian markets due to disappointing US economic data and durable goods orders that missed estimates. - ONGC won 6 oil and gas exploration blocks in India, though some of its deep sea bids were rejected, and ACC announced plans to invest $600 million by 2015 on capacity expansion. - Investors will watch upcoming US GDP and jobless claims data for signs of economic recovery.

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    of 3

    Market Outlook

    India Research
    March 29, 2012

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

    The Indian markets are expected to open flat to negative today tracing negative opening in most of the Asian bourses. Asian stocks fell for a second day as growth in U.S. durable-goods orders trailed estimates. The US stock indices moved lower over the course of trading day on Wednesday as disappointing U.S. economic data contributed to the continued weakness in the markets. The weakness that emerged on Wall Street was partly due to the release of a report from the Commerce Department showing that U.S. durable goods orders rose by less than economists had anticipated in the month of February. The report showed that durable goods orders rose by 2.2% in February following a revised 3.6% decrease in January, while economists had expected orders to increase by about 2.9%. Apprehensions over the adoption of the new tax norms 'General Anti-Avoidance Rules' and the weakening rupee amid month-end demand for the American currency from oil importers weighed on Indian shares on Wednesday. Meanwhile, global investors would keenly watch out for the U.S. GDP data for 4QCY2011 and weekly initial jobless claims which is due for release today.

    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

    (0.8) (135.7) 17,122 (0.9) (0.9) (1.1) 0.2 (48.4) (54.1) (70.6) 13.9 5,195 6,191 6,451 6,446 7,138 9,844 7,850 6,021
    (Close)

    (1.6) (114.8) (0.6) (0.9) (1.2) (0.8)


    Chg (%)

    (1.7) (202.4) 11,476 (62.0) (97.7) (50.9)


    (Pts)

    (94.9) 11,017

    (0.5) (0.5) (1.0) (0.7) (0.1) (2.7)

    (71.5) 13,126 (15.4) (60.6) 3,105 5,809

    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

    (72.6) 10,183 (2.9) (62.3) 3,016 2,285

    (0.8) (161.5) 20,885

    Straits Times Shanghai Com

    Indian ADRs

    Chg (%)

    (Pts)

    (Close)

    INFY WIT IBN HDB

    (2.9) (1.1) (2.2) (0.4)

    (1.7) (0.1) (0.8) (0.1)

    $55.9 $10.6 $34.1 $34.0

    News Analysis

    ONGC wins 6 blocks in NELP-IX ACC to invest `3,300cr on expansion plans by 2015
    Refer detailed news analysis on the following page

    Advances / Declines Advances Declines Unchanged

    BSE

    NSE

    889 2,030 96

    366 1,144 45

    Net Inflows (March 27, 2012)


    ` cr FII MFs Purch 3,022 554 Sales 2,943 707 Net 79 (152) MTD 8,781 (1,361) YTD 45,079 (5,388)

    Volumes (` cr) BSE NSE

    3,686 10,907

    FII Derivatives (March 28, 2012)


    ` cr
    Index Futures Stock Futures

    Purch 3,971 6,510

    Sales 3,798 6,227

    Net 173 282

    Open Interest 20,747 29,330

    Gainers / Losers
    Gainers Company
    Rajesh Exports United Spirits India Securities Manappuram Finance Union Bank

    Losers Company
    Gitanjali Gems Titan Industries HDIL JP Infra JP Associates

    Price (`)
    126 586 58 31 222

    chg (%)
    6.6 4.9 3.4 2.5 2.5

    Price (`)
    327 224 82 46 77

    chg (%)
    (6.7) (5.8) (5.7) (5.4) (5.1)

    Please refer to important disclosures at the end of this report

    Sebi Registration No: INB 010996539

    Market Outlook | India Research

    ONGC wins 6 blocks in NELP-IX


    ONGC bagged six blocks (four as operator and two as minority partner) out of the 16 areas that the government awarded for oil and gas exploration in NELP-IX; however, its bids were rejected for 8 areas including five deep-sea blocks. The government had offered 34 areas including eight deepwater blocks, seven shallow water blocks, 11 on-land blocks, and 8 Type-S on-land blocks in NELPIX. Out of these, government received bids for 33 blocks. We await further clarity on the details on reserves, production timelines and capex required to develop blocks allocated to ONGC. Hence, we maintain our estimates and recommend Buy on the stock with a SOTP target price of `316.

    ACC to invest `3,300cr on expansion plans by 2015


    ACC has announced an investment to the tune of `3,300cr by 2015 to set up three grinding facilities and a clinker unit. Two grinding units will come up at Sindri in Jharkhand and Kharagpur in West Bengal. Third one will come at Jamul in Chhattisgarh along with a clinker unit of 2.79mtpa, which will eventually phase out the existing clinkering and grinding lines at the same place. Currently the company has total capacity of 30.1mtpa, which will expand by 4mtpa after these expansions. We remain Neutral on the stock, as it trades at EV/tonne of US$136 on CY2012E capacity.

    Economic and Political News


    Oil ministry seeks `40,000cr more cash compensation from finance ministry No surplus coal with subsidiaries of CIL: Government Finance Ministry may extend Kingfisher service tax repayment deadline

    Corporate News

    Dr. Reddys launches generic version of mental disorder drug in US IOC in talks with British Gas, others to secure LNG supplies Gayatri Projects raises `144cr via rights issue

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

    March 29, 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

    DISCLAIMER
    This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

    March 29, 2012

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