Contents. Index Views. SENSEX Index Movers. BSE 200 Index Movers. FII and MF Data. SENSEX Movement. Key Developments India

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Darrell Atkinson
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2 Contents Index Views SENSEX Index Movers BSE 200 Index Movers FII and MF Data SENSEX Movement Key Developments India Key Developments International Mutual Fund investments are subject to market risks, read all scheme related documents carefully. 2

3 Index Views Last Closing % Change Over 1 week 1 month YTD 1 year NIFTY 6, SENSEX 22, NSE MIDCAP 8, NSE 500 5, NIFTY JUNIOR 13, BSE SMALLCAP 7, BSE 200 2, *DOW JONES 16,170 (1.48) (1.11) (2.45) 8.78 *NASDAQ 4,054 (1.78) (5.88) (2.93) NIKKEI 13,960 (7.33) (8.30) (14.31) 3.03 HANG SENG 23, (1.30) 4.08 SHANGHAI COMP 2, (4.01) BSE OIL & GAS 9, BSE CAPITAL GOODS 12, BSE AUTO 13, BSE FMCG 6,859 (0.10) BSE HEALTHCARE 10, BSE TECH 4,929 (0.38) (3.46) (2.43) BSE IT 8,835 (0.49) (5.03) (2.72) BSE BANK 14, BSE PSU 6, BSE REALTY 1, (13.97) BSE METALS 10, BSE CONSUMER DURABLES 6, (3.93) SOURCE : BLOOMBERG * DENOTES THURSDAY CLOSE 3

4 SENSEX Index Movers Last Price % Change Over 1 week 1 month YTD 1 year Sun Pharmaceutical Industries Ltd State Bank of India 1, (2.32) Axis Bank Ltd 1, Tata Steel Ltd (0.79) Tata Motors Ltd Bajaj Auto Ltd 2,004 (1.41) Oil & Natural Gas Corp Ltd 320 (1.67) (0.73) Infosys Ltd 3,236 (2.40) (11.90) (7.16) Dr Reddy's Laboratories Ltd 2,570 (2.86) (3.97) Hero MotoCorp Ltd 2,172 (3.49) SOURCE : BLOOMBERG BSE 200 Index Movers Last Price % Change Over 1 week 1 month YTD 1 year Adani Enterprises Ltd Pipavav Defence & Offshore Engineering Co Ltd (1.70) (41.85) Essar Oil Ltd (20.95) Indiabulls Housing Finance Ltd N/A Jaiprakash Associates Ltd (11.75) Page Industries Ltd 5,637 (4.99) (7.98) Cadila Healthcare Ltd 967 (5.62) (2.02) Jindal Steel & Power Ltd 280 (6.49) (15.01) Info Edge India Ltd 548 (10.01) (7.78) Just Dial Ltd 1,291 (17.33) (20.05) (10.38) N/A SOURCE : BLOOMBERG 4

5 SENSEX LEVEL FII and MF Data (Week Ended ) Rs. Crores FII GROSS PUR 25, FII GROSS SELL 21, FII NET 4, FII MONTH T0 DATE NET 6, MF GROSS PUR (till 7 th Apr 2014) 2, MF GROSS SELL(till 7 th Apr 2014) 4, MF NET(till 7 th Apr 2014) (2,036.90) MF MONTH T0 DATE NET (till 7 th Apr 2014) (2,241.90) SOURCE : SEBI SENSEX WEEKLY ,702 22, , , ,360 22,343 4/3/2014 4/4/2014 4/7/2014 4/9/2014 4/10/2014 4/11/2014 SOURCE : BLOOMBERG DATE 5

6 Key Developments India : India s benchmark stock index falls from record as some investors judge rally as excessive. Sensex -0.7% at 22,551.02, pares weekly gain to 0.9% CNX Nifty -0.5%; BSE %; BSE % 14-day RSI at 76 yday; some traders see reading above 70 as signal to sell Some investors are taking money off the table given the sharp run up, Taurus Mutual Fund MD R.K. Gupta says. Economic data due today will have limited impact on mkt as election is still most important event for investors: Gupta NOTE: India to release Feb. factory output data today after mkt closes; output est. to rise 1% y/y: Bloomberg data NOTE: Pre-poll surveys show BJP winning ~200 seats, missing India majority; India will count votes on May 16 Sensex cos. will start reporting Jan.-March earnings from April 15 BSE 100 gainers: Reliance Capital +4.2%, UPL +1.7%, Sun Pharma +2.3%, Adani Ports +1.4% BSE 100 decliners: Hindalco -1.8%, Godrej Consumer -1.7%, Sesa -1.9%, Power Finance -2.1% BSE 500 movers: WIL +2.7%, SOTL +15.3%, GGAS +12.6%, BEML +17.8%, KAIR +10%; KPH -5%, SRF 10%, JUST -6.1%, HCLI -4%, MACA 6.2% Foreigners bought net $123.5m of Indian equities April 7; ytd total net $4.6b purchases India s rupee headed for a second straight weekly loss after a decline in Asian equities raised concern capital flows into the region are slowing. The MSCI Asia Pacific Index of shares dropped 1 percent, while the S&P BSE Sensex benchmark of Indian stocks fell 0.7 percent. Global funds have bought a daily average of $135 million of local equities this month, compared with $194 million in March. India will release industrial production data for February today and trade figures for last month by April 15. Weak stocks in Asian markets are weighing on the rupee, said Naveen Raghuvanshi, a Mumbai-based currency trader at DCB Bank Ltd. Traders are wary ahead of the factory output data as it will be released after hours and financial markets are closed on April 14 for a local holiday, he said. The rupee declined 0.3 percent this week and today to per dollar as of 10:37 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. The currency is expected to trade between and today, according to DCB Bank. Rupee-denominated bond sales have halted as a new law aimed at ensuring India s companies have enough money to repay debt curbs their fundraising ability. Companies in India haven t issued a single local-currency note this month, the first complete drought at the start of a fiscal year since 2003, according to data compiled by Bloomberg. The law effective April 1 requires all borrowers maintain at least 50 percent of the amount of bonds they plan to sell in reserve and derive that cash from profits. The rule was originally only applicable to non-bank financial firms, manufacturers and infrastructure builders and had a lower buffer of 25 percent in the case of private placements. Issuance will slow sharply until rules are clarified, said Mumbai-based S.J. Balesh, a senior director at IDFC Ltd., a lender to transport and utility networks. Mandating all companies create debenture redemption reserves will adversely impact the corporate bond market. Rupee issuance at a standstill threatens to undermine efforts by Prime Minister Manmohan Singh to bolster spending on roads, 6

7 ports and rail and spur expansion in an economy weathering its slowest growth in a decade. New legislation to replace the 1956 Companies Act was approved by India s upper house of parliament in August with a view to improving corporate governance, enhancing transparency and making it easier to do business in Asia s thirdlargest economy. India is prepared for potential financial fallout if the Federal Reserve increases interest rates before April 2015, Reserve Bank of India Governor Raghuram Rajan said yesterday in Washington. Nobody is prepared for every eventuality, but for most eventualities, we are prepared, Rajan said in an interview with Bloomberg News after an event in Washington. For us, the specific timing matters less than that it should happen when U.S. growth is strong. The Fed is mostly right in how it is managing monetary policy, Rajan said during a panel discussion at George Washington University, adding the central bank needs to improve communications because measures its taking now will affect what emerging markets do in the future. Still, he said he doesn t expect a U.S. rate increase by April Rajan s call for better global policy coordination underscores the challenges faced by emerging markets, which suffered an investment rout last year amid speculation the Fed would soon begin paring stimulus. India has built up foreign- currency reserves and is seeing capital inflows, the RBI chief said, yet even improving emerging economies are exposed to spillovers from Fed policy moves International : Chinese developers raised 49 percent less through trusts in the first quarter as the collapse of Zhejiang Xingrun Real Estate Co. highlighted default risks. Issuance of property-related trusts, which target wealthy investors, slid to 50.7 billion yuan ($8.16 billion) from 99.7 billion yuan in the fourth quarter, data compiled by Use Trust show. The yield on AA rated five-year bonds has climbed 175 basis points in the past year to 7.23 percent, according to Chinabond. That compares with 2.74 percent on corporate securities globally, Bank of America Merrill Lynch indexes show. The banking system and the shadow banking system are becoming concerned about exposure, David Cui, China strategist at Bank of America said in an interview yesterday. Once people refuse to provide credit to developers, their balance sheets will be under pressure, forcing them to cut prices. Once enough of them cut prices, fewer people would buy because most people buy property only when they think the price is going up. If this persists, it will turn into a vicious loop. The collapse of Xingrun, a builder in a city south of Shanghai, with 3.5 billion yuan in liabilities last month is adding to concerns as developers grapple with trust repayments equivalent to the size of Puerto Rico s economy this year. Agricultural Bank of China Ltd., the nation s third-largest lender, last week alerted its branches about risks from property lending, according to two people familiar with the matter. Chinese stocks dropped, sending mainland companies in Hong Kong to the biggest decline in two months, as falling producer prices signaled weakening economic growth and technology shares sank on valuation concerns. Anhui Conch Cement Co., China s biggest cement maker, slid the most since 2011 in Hong Kong. The ChiNext index, which has a 32 percent weighting in smaller technology stocks, lost 1.3 percent after U.S. peers tumbled yesterday on concern valuations are too high. Tencent Holdings Ltd., Asia s biggest Internet company, dropped 6.8 percent. The Hang Seng China Enterprises Index slid 1.9 percent to 10, at the close and the Shanghai Composite Index dropped 0.2 percent. China s producer price index fell 2.3 percent in March, adding to signs of weak demand in the second-largest economy after data yesterday showed shrinking trade. Technology shares have been among the biggest losers from the U.S. to Hong Kong during the past month as investor s worldwide retreat from the industry. European stocks fell for a second day, with the benchmark index heading for its biggest weekly drop in four weeks, as investors speculated that equity gains have overshot the earnings outlook. U.S. index futures advanced, while Asian shares slid. ARM Holding Plc led a decline in technology shares, losing 3.4 percent. Thales SA tumbled the most since September 2012 after JPMorgan Chase & Co. lowered its rating for the shares. Salzgitter AG rose 2.2 percent after Citigroup Inc. recommended that investors buy the stock. Mediaset Espana Comunicacion SA may move in delayed opening after its second-biggest shareholder offered to sell a part of its stake. The Stoxx Europe 600 Index declined 0.9 percent to at 8:28 a.m. in London, heading for a weekly retreat of 2.5 percent. Standard & Poor s 500 Index futures added 0.2 percent, following a slump in U.S. technology shares yesterday. The MSCI Asia Pacific Index tumbled 1.1 percent today. The Stoxx 600 has more than doubled from a low in March 2009, with its valuation rising to 14.5 times estimated earnings compared with a five-year average of 12.3 times. 7

Japan s Topix index fell for a sixth day, capping its biggest weekly slump since June, after the yen rose yesterday and a selloff in technology stocks resumed. Fast Retailing Co. tumbled.

8 Japan s Topix index fell for a sixth day, capping its biggest weekly slump since June, after the yen rose yesterday and a selloff in technology stocks resumed. Fast Retailing Co. tumbled. As market sentiment worsens in the U.S., investors tend to focus on negatives, creating a downward spiral, said Juichi Wako, a Tokyo-based equity strategist at Nomura Holdings Inc., the nation s biggest brokerage. We re seeing a necessary correction in technology shares. SoftBank Corp., a mobile-phone operator and the largest investor in online-portal site Yahoo Japan Corp., was the biggest drag on the Topix today. Yahoo Japan slid 2.1 percent. Fast Retailing tumbled 7.9 percent, extending its weekly drop to 13 percent, after Asia s biggest clothing retailer cut its forecast for annual profit as costs rise and demand weakens for the company s casual wear in Japan. Nissan Motor Co., a carmaker that gets about 80 percent of revenue abroad, lost 1.4 percent. News source: Bloomberg CL00877 Risk Factor: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Disclaimers: The article (including market views expressed herein) is for general information only and does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this information. Investments in mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and financial advisors before investing. Recipient of this article/ information should understand that statements made herein regarding future prospects may not be realized. He/ She should also understand that any reference to the securities/ sectors in the document is only for illustration purpose and are NOT stock recommendations from the Author or the AMC or any of its associates. Any performance information shown refers to the past should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up. 8

Contents. Index Views. SENSEX Index Movers. BSE 200 Index Movers. FII and MF Data. SENSEX Movement. Key Developments India

Contents. Index Views. SENSEX Index Movers. BSE 200 Index Movers. FII and MF Data. SENSEX Movement. Key Developments India Contents Index Views SENSEX Index Movers BSE 200 Index Movers FII and MF Data SENSEX Movement Key Developments India Key Developments International Mutual Fund investments are subject to market risks,