July 22, 2013(Monday)

(BSE, NSE, MCX & CDSL)

SENSEX 20,159.12 9.27 (+0.05%) NIFTY 6,031.80 2.60 (+0.04%)

DURING THE DAY The BSE Sensex closed off the day's high despite a rebound in banking stocks on Monday. Sharp selling pressure came in the last hour of trade after Larsen & Toubro, India's biggest engineering and construction group, reported disappointing numbers for the June quarter. L&T fell 7.5 per cent to end at Rs. 902. The stock was the top Nifty loser. The Sensex rose 9 points to end at 20,159, while the Nifty closed at 6,032. Gold traders in India, the world's biggest buyer of the yellow metal, refrained from striking fresh deals on Monday as prices rose to their highest in more than a month. Gold imports into India fell about 81 per cent in June from the previous month after the government raised import duty and stopped consignment imports. "Demand has slowed down," said Suresh Jain, director of Bombay Bullion Association, adding that if prices fell sharply, traders would stock up for upcoming festivals and weddings, which start in mid-August and peak with Dhanteras in November. The weak rupee, along with slow growth, deterioration in the current account, and the likelihood of fiscal worries could revive sovereign ratings downgrade risks for the country, DBS says in a note. DBS noted the country's forex reserves continue to contract. The total foreign exchange reserves as a percentage of total external debt, now stands at 74.8 per cent versus 85.2 per cent last year. The bank noted that rebuilding of the foreign exchange reserves will remain a challenging task in the current environment with exports remaining on the backfoot. Japanese brokerage Nomura has revised downward the country's GDP forecast for this fiscal to 5 per cent from 5.6 earlier, saying the rupee fall and the lingering forex volatility leaves little room for RBI to cut rates this fiscal. "Surfacing at a time of weak fundamentals, the rupee depreciation will worsen the growth outlook significantly as financial stability concerns override," it said. "We are revising down our GDP growth forecast to 5 per cent in FY'14 from 5.6 per cent, also for FY'15 to 5.8 per cent from 6.7 per cent earlier," Nomura India economist Sonal Verma said in a note.

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SECTORWISE & STOCK SPECIFIC ROUNDUP Larsen & Toubro Ltd (L&T) warned of more speed bumps after India's largest engineering and construction group surprised investors with a profit drop as the protracted economic slowdown took a toll on infrastructure spending. L&T said earnings slumped 12.5 per cent in the June quarter from a year earlier, missing consensus estimates by a wide margin. L&T's results also hit rivals such as Bharat Heavy Electricals which declined 7 per cent. Reliance Industries ended 1.6 per cent lower even after reporting market- beating earnings late on Friday, as other income, mainly from treasury related gains, accounted for 38 per cent of pretax profit for the quarter, according to the company. UCB, a global biopharma company, along with others has filed separate cases against as many as 15 drug makers, including India's Ranbaxy, Aurobindo, Zydus, Sun Pharma, Glenmark and Alembic Pharmaceuticals for allegedly infringing its patented drug Vimpat. According to a petition filed by UCB Inc, UCB Pharma GMBH, Research Corporation Technologies, Inc and Harris FRC Corporation the patent of its drug Lacosamide Tablets, 50 mg, 100 mg, 150 mg and 200 mg would expire on March 17, 2022. Shares in Ambuja Cements Ltd slumped 4 per cent after Credit Suisse downgraded the stock to 'neutral' from 'outperform', while maintaining its target price at Rs. 205. The investment bank said the stock is trading at its peak multiple and is already pricing in margin recovery in 2014 and part of the potential merger synergies with ACC Ltd. Morgan Stanley has upgraded Biocon Ltd to "overweight" from "equal-weight" and has raised its target price to Rs. 392 from Rs. 283, citing improving base business, progress in the bio-similar platform and inexpensive valuations. "Biocon has made good progress in phase III clinical trials for human insulin for EU markets. The company targets a dossier filing in the next few months," Morgan Stanley said in a report.

MARKETS STATISTICS Broader markets remained flat the BSE Midcap & Smallcap lost by 0.04% & - 0.32% respectively. Breadth of the markets remained in the bear zone; 1032 stocks advanced against 1233 declines on Bombay Stock Exchange.

MAJOR GAINERS % MAJOR LOSERS % HDFC 3.17 L&T -7.46 Sun Pharma 2.75 BHEL -7.05 M&M 2.63 Tata Steel -2.95 Bharti Artl 1.65 ONGC -2.85

SECTORWISE BREAKUP % Bank 0.98 Capital Goods -5.57 FMCG -0.08 Metal -0.26 Oil & Gas -1.65 Healthcare -0.23 Realty -0.53 IT 0.73 Power -0.91 PSU -0.62

INSTITUTIONAL ACTIVITY 19/07/2013 Equity(FII) Buyers 252.26 Cr 19/07/2013 Equity(DII) Sellers -229.10 Cr

Stock Specific News: 1) Lupin Update - Lupin receives FDA approval for Generic GIumetza extended-release Tablets.

2) Asian Paints Ltd- Announces Q1 results The Unaudited Consolidated results for the Quarter ended June 30, 2013 The Group has posted a net profit after taxes and minority interest of Rs. 2752.00 million for the quarter ended June 30, 2013 as compared to Rs. 2883.80 million for the quarter ended June 30, 2012. Total Income has increased from Rs. 25699.70 million for the quarter ended June 30, 2012 to Rs. 28688.20 million for the quarter ended June 30, 2013.

3) L&T - Announces Q1 results The Company has posted a net profit after tax of Rs. 7560.30 million for the quarter ended June 30, 2013 as compared to Rs. 8636.50 million for the quarter ended June 30, 2012. Total Income has increased from Rs. 125634.70 million for the quarter ended June 30, 2012 to Rs. 130276.60 million for the quarter ended June 30, 2013.

4) Onmobile Global Update - OnMobile Closes Deal to Acquire Livewire Mobile.

5) Pratibha Inds Update - Pratibha Industries Limited bags Rs. 226.95 Crore order from PHED, Jaipur, Rajasthan.

6) Jyoti Ltd Update- Jyoti bags Rs. 30.45 Crores order for 70 MGD Sewage Pumping Station and Irrigation Schemes

PIVOT TABLE Scrip S2 S1 Pivot R1 R2 High Low Close S&P BSESENSX 20,027 20,088 20,173 20,234 20,318 20,265 20,066 20,154 RELIANCE 906 915 921 930 936 915 899 909 HDFC BANK 664 672 682 690 700 687 675 682 HEROMOTOCO 1,702 1,737 1,765 1,801 1,829 1,802 1,766 1,788 TATA MOTORS 283 289 293 299 303 301 293 298 BAJAJ AUTO 1,812 1,890 1,938 2,015 2,063 2,008 1,946 1,986 GAIL (I) LTD 317 325 330 338 343 332 326 331 ITC LTD. 362 366 369 372 375 370 366 369 NTPC LTD 140 142 145 146 149 144 142 143 INFOSYS LTD 2,742 2,794 2,829 2,881 2,916 2,896 2,825 2,876 HINDALCO 102 103 104 105 106 106 103 104 DR.REDDY S 2,306 2,327 2,346 2,367 2,386 2,364 2,309 2,309 TATA POWER 90 91 92 94 95 94 92 93 SUN PHARMA. 1,044 1,062 1,092 1,110 1,140 1,112 1,069 1,110 TCS LTD. 1,677 1,710 1,732 1,765 1,787 1,759 1,717 1,746 JINDAL STE 200 205 212 217 223 214 209 211 HDFC 767 785 808 826 848 833 800 829 STATE BANK 1,781 1,798 1,816 1,833 1,851 1,834 1,806 1,824 ICICI BANK 934 946 968 980 1,002 977 957 975 STERLITE IN 79 81 84 86 89 84 82 83 MARUTISUZUK 1,420 1,435 1,448 1,463 1,476 1,468 1,444 1,450 WIPRO LTD. 385 388 390 393 395 394 386 393 BHARTI ARTL 311 321 327 337 343 337 327 336 BHEL 161 168 179 185 196 174 161 162 COAL INDIA 289 293 295 299 301 301 295 300 HIND UNI LT 660 673 691 704 722 700 681 697 MAH & MAH 854 866 882 895 911 905 875 902

LARSEN & TOU 953 964 977 988 1,001 988 899 902 TATA STEEL 235 238 243 246 251 241 233 234 ONGC CORPN 309 313 316 320 323 317 306 307 CIPLA LTD. 404 409 414 419 424 418 410 411

COMMODITY MARKET SNAPSHOT US & EUROPE MARKET SNAPSHOT

GOLD 27,169(+464) DOW 15,406.00 JONES(FUT) (-34.00) 3,074.50 SILVER 41,215(+861) NASDAQ(FUT) (-4.75) 108.53 6,561.47 NYMEX CRUDE FTSE (+0.25) (-10.46)

8,220.54 DAX (-34.18) EXCHANGE RATES A SIAN MARKETS

14,808.50 NIKKEI INR / 1USD 59.72(-0.37) (+193.46) 21,319.72 HANG-SENG INR/ 1POUND 91.32 (-0.26) (-52.15) SHANGHAI 2,022.34 COMPOSITE (-22.58) INR/ 1EURO 78.51(-0.28) STRAITS 3,218.98 TIMES (+10.68) EURO/USD 1.318 8,194.88 TAIWAN (-64.07)

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