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

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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 8,648 (1.24) (1.79) SENSEX 28,503 (1.18) (2.03) NSE MIDCAP 13,155 (0.15) NSE 500 7,100 (1.00) (1.06) NIFTY JUNIOR 19, BSE SMALLCAP 11,210 (1.25) (0.26) BSE 200 3,598 (1.04) (1.20) *DOW JONES 17,895 (0.56) (0.69) *NASDAQ 4,893 (0.99) (0.01) NIKKEI 19, HANG SENG 23,823 (1.24) (3.48) SHANGHAI COMP 3, BSE OIL & GAS 9,423 (1.99) (6.15) (4.78) 2.53 BSE CAPITAL GOODS 17,381 (2.30) BSE AUTO 19,462 (0.11) (0.64) BSE FMCG 8,095 (1.16) (3.73) BSE HEALTHCARE 16,843 (1.17) BSE TECH 6, (0.02) BSE IT 11,622 (0.72) (1.61) BSE BANK 21,522 (2.00) (3.00) BSE PSU 7,798 (0.62) (2.75) (5.21) BSE REALTY 1,739 (0.54) BSE METALS 9,710 (0.94) (6.32) (9.69) 9.62 BSE CONSUMER DURABLES 10, (1.64) SOURCE : BLOOMBERG * DENOTES THURSDAY CLOSE 3

4 SENSEX Index Movers Last Price % Change Over 1 week 1 month YTD 1 year Bharti Airtel Ltd NTPC Ltd Coal India Ltd (3.39) (4.96) Mahindra & Mahindra Ltd 1, (0.60) Infosys Ltd 2, (3.48) Axis Bank Ltd 570 (3.64) (1.88) Larsen & Toubro Ltd 1,694 (3.92) Cipla Ltd/India 704 (3.96) Bajaj Auto Ltd 2,023 (4.27) (10.56) (17.04) 2.77 Hindalco Industries Ltd 132 (6.56) (14.20) (16.49) SOURCE : BLOOMBERG BSE 200 Index Movers Last Price % Change Over 1 week 1 month YTD 1 year Idea Cellular Ltd Bharti Airtel Ltd Voltas Ltd Reliance Communications Ltd (2.78) (12.55) (38.95) Jet Airways India Ltd Multi Commodity Exch of India Ltd 1,151 (7.13) Bhushan Steel Ltd 84 (7.41) (5.69) (5.32) (81.50) Adani Power Ltd 50 (9.08) (1.77) Just Dial Ltd 1,140 (10.84) (21.20) (15.68) (29.31) Indian Infotech & Software Ltd 1 (17.78) (9.76) (89.59) SOURCE : BLOOMBERG 4

5 SENSEX LEVEL FII and MF Data (Week Ended ) Rs. Crores FII GROSS PUR 26, FII GROSS SELL 24, FII NET 2, FII MONTH T0 DATE NET 9, MF GROSS PUR 3, MF GROSS SELL 2, MF NET MF MONTH T0 DATE NET 1, SOURCE : SEBI SENSEX WEEKLY 28, , ,710 28, , /9/2015 3/10/2015 3/11/2015 3/12/2015 3/13/2015 SOURCE : BLOOMBERG DATE 5

6 Key Developments India: Indian stocks declined, with the benchmark gauge headed for its biggest weekly drop in three months, as industrial companies and metal producers retreated. Bharat Heavy Electricals Ltd., a power-equipment producer, slid for a third time this week. Sesa Sterlite Ltd., a copper refiner, paced declines among metalmakers. Hindustan Unilever Ltd. and Sun Pharmaceutical Industries Ltd., the top performers on the S&P BSE Sensex this year, fell more than 1 percent each. The Sensex lost 1 percent to 28, at 1:37 p.m. in Mumbai. The gauge has slid 2.7 percent this week, the steepest slide since five days through Dec. 12, on concern the Federal Reserve may signal earlier interest-rate increases at its meeting next week. The measure trades at 16.1 times projected 12-month profits, compared with the five-year average of 14.4, data compiled by Bloomberg show. Valuations are high and earnings need to catch up, Jagannadham Thunuguntla, the head of fundamental research at Karvy Stock Broking Ltd., said from Hyderabad. There are no major triggers in the short term. Investors will take cues from the Fed move and the next earnings season. Earnings per share for the 30 Sensex companies slid 2.5 percent in the quarter ended December quarter, the first drop since the three months ended June Analysts project net incomes will climb 25 percent in the next 12 months, more than three times the rate of MSCI Emerging Markets Index companies. Bharat Heavy slid 2.2 percent. Larsen & Toubro Ltd., the largest engineering company, tumbled 1.6 percent to its lowest level since Feb. 26. Palm oil imports by India tumbled to the lowest level in one year in February after inventories in the world s biggest buyer expanded to a record. Inbound shipments of crude and refined palm oil slid 23 percent to 503,951 metric tons from a month earlier, the lowest since February last year, the Solvent Extractors Association of India said in an ed statement Friday. That was lower than the median estimate of 600,000 tons in a Bloomberg survey. Total vegetable oil imports, including for industrial use, declined 21 percent to 866,167 tons from January, it said. Stockpiles in India jumped to a record after refiners and traders boosted imports on speculation the government may increase tax in its annual budget to curb inflow of cheap palm oil as Indonesia and Malaysia persisted with a zero-tax export policy to support prices. Inventories at the start of March totaled 2.01 million tons, near the record 2.1 million tons a month earlier and more than the monthly consumption of about 1.6 million tons, the association said. We imported larger quantities than normal requirement in the previous months expecting the duties to be raised, B.V. Mehta, the association s executive director, said on Friday. Going forward, imports will rise as our domestic crushing is not much and our dependence on imports remains high. India s cooking oil demand may jump to 25.7 million tons in from 19.3 million tons this year, with imports rising to 16.3 million tons from 11.6 million tons, Mehta said on Feb. 23. Futures for delivery in May were little changed at 2,245 ringgit ($609) a ton on the Bursa Malaysia Derivatives by 4:05 p.m. in Kuala Lumpur on Friday. DLF Ltd., India s largest developer by market value, advanced the most in two months after a tribunal commuted a ban on its billionaire founder from the securities markets to six months from three years. Shares of the company, based in Gurgaon near New Delhi, climbed 5.8 percent to rupees as of 3:21 p.m. in Mumbai, after jumping almost 9 percent earlier. They were set to close at their highest level since Jan. 15 after the decision by the Special Appellate Tribunal. The Securities and Exchange Board of India, the nation s markets regulator, in an order posted on its website on Oct. 13, had barred DLF, Chairman Kushal Pal Singh and five other officials from buying, selling or otherwise dealing in securities, directly or indirectly, in any manner for three years as the company suppressed information when it sold shares for the first time in Easing the restriction will help the developer to raise funds from sales of commercial mortgage-backed securities, or CMBS, and real-estate investment trusts. DLF s borrowings minus cash is almost 50 percent of the combined debt of India s six biggest developers, data compiled by Bloomberg show. Singh controls about 75 percent of DLF and has a net worth of $4.1 billion, according to 6

7 the Bloomberg Billionaires Index. The restraint imposed on the appellants for a period of three years is reduced to a period of six months commencing from the date of passing the impugned order, SAT said today on its website. Mobile commerce firm Paytm today said Tata Group Chairman Emeritus Ratan Tata has invested an undisclosed amount in the company. His investment in Paytm is in his personal capacity, the m-commerce firm said in a statement. "I am very happy that Mr Tata has put faith and trust in our values and mission. There is no better advisor than him to help us build India's most trusted mobile payment and commerce platform," Paytm Founder and CEO Vijay Shekhar Sharma said. Tata had also made personal investments in homegrown e-commerce players like Snapdeal and Urban Ladder last year. Market analysts said though investments made by Tata in Paytm, Snapdeal and Urban Ladder are not substantial, but it indicates the way investors are looking for growth in the burgeoning e-commerce market in India. "Investors are increasingly looking at the penetration of mobile Internet and the way it can transform the market in terms of shopping, paying bills and banking," an analyst said. The investment by Tata comes after the world's biggest e-commerce firm Alibaba announced last month that it will acquire 25 per cent stake in One97 Communications, Paytm's parent firm. Paytm aims to grow the number of mobile wallets to 100 million by year-end from 25 million active wallets at present. International: Norway s sovereign wealth fund rose 544 billion kroner ($67 billion) last year as stimulus from central banks across the world boosted bonds and equities. The Government Pension Fund Global returned 7.6 percent in 2014, after rising 15.9 percent the year before, the Oslo-based investor said today. The $890 billion fund s stocks delivered 7.9 percent, while its bonds rose 6.9 percent. Real estate investments gained 10.4 percent. The fund, the world s biggest, has warned it expects diminished returns going forward amid record low, and even negative, yields in key government bond markets as well as slow economic growth in developed markets. Stocks rose for a sixth year in the U.S. in 2014 as the Federal Reserve kept rates at close to zero and European equities were boosted as the European Central Bank deployed a series of measures to revive growth. The MSCI World Index of stocks rose 2.9 percent in was a good year for the fund, with positive results for all its asset classes, said Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which manages the fund, said in a statement. Strong stock markets in the first half of the year and falling yields made a positive contribution to the results. The fund has been expanding into more emerging and frontier markets to capture a larger chunk of global growth. It said emerging market exposure rose to 10.6 percent of the fund s investment from 10.3 percent a year earlier. The fund s investments were related to 75 countries at the end of 2014, after adding Slovenia, Ghana and Mauritius during the year. A record surplus in U.S. crude inventories may soon strain the nation s storage capacity, renewing a slump in prices and curbing its output, according to the International Energy Agency. The IEA boosted estimates for U.S. oil production in 2015 as cutbacks in drilling rigs have so far failed slow its output. Crude inventories threaten to fill tanks, with the nation s largest oil-storage hub in Cushing, Oklahoma 70 percent full, the agency said. The IEA increased its estimate of global oil demand this year and the amount of crude that OPEC will need to provide. Stocks may soon test storage capacity limits, said the Paris-based adviser to 29 nations in its monthly market report. That would inevitably lead to renewed price weakness, which in turn could trigger the supply cuts that have so far remained elusive. Oil has rallied about 20 percent in London over the past two months as U.S. drillers idled an unprecedented number of rigs in response to the biggest price collapse since Crude slumped 61 percent from June to January after OPEC signaled it would leave shale producers and other suppliers to deal with a global glut. West Texas Intermediate crude, the U.S. benchmark, reversed earlier gains to fall 38 cents, or 0.8 percent, to $46.67 a 7

barrel on the New York Mercantile Exchange at 9:53 a.m. London time. Brent, the international benchmark, dropped 34 cents to $56.74 a barrel. Both grades are heading for a weekly decline.

8 barrel on the New York Mercantile Exchange at 9:53 a.m. London time. Brent, the international benchmark, dropped 34 cents to $56.74 a barrel. Both grades are heading for a weekly decline. The new normal for China s economy looks to be shaping up as a new deal for U.S. workers -- and ultimately good news for Federal Reserve Chair Janet Yellen. The campaign to shift China to slower, consumption-driven growth and away from a dependence on exports and investment means the squeeze on U.S. workers from foreign competition will moderate at the same time that Chinese demand increases for U.S. products. The result: more and possibly better paying jobs for Americans and a major transformation in relations between the world s No. 1 and No. 2 economies. China is changing from a producer model to a consumer model, said Stephen Roach, a senior fellow at Yale University in New Haven, Connecticut, and former chairman of Morgan Stanley Asia. That s an enormous opportunity for the U.S. Surging Chinese exports blew a big hole in the U.S. labor market over the last quarter-century, all but wiping out some industries. As many as 2.4 million American jobs were lost from 1999 to 2011 as a result, according to calculations by David Autor, a professor at the Massachusetts Institute of Technology in Cambridge, and his fellow authors in a paper last year. Now the bleeding has stopped, said Mark Gatterdam, chief executive officer of Hardwood Artisans, a furniture manufacturer in Elkwood, Virginia. I don t feel like they re beating me over the head every day, he added, referring to the Chinese competition, though he has some doubts about how long that will last. The dollar strengthened and Treasuries pared losses before a report on U.S. consumer sentiment. European stocks dropped while gold ended the longest slump in 17 years. The dollar climbed 0.4 percent to $ per euro at 6:26 a.m. in New York, gaining against all of its 16 major peers. The yield on 10- year Treasuries increased one basis point to 2.13 percent. The Stoxx Europe 600 Index slid 0.2 percent and e-mini futures on the Standard & Poor s 500 Index erased gains. Japan s Nikkei 225 Stock Average closed at a 15-year high. Gold rose for the first time in 10 days. A preliminary reading of U.S. consumer confidence for March is due after an unexpected drop in retail sales last month. While investors weigh the data to assess the timing of the Federal Reserve s first interest rate increase since 2006, policy makers from China, India, South Korea and Thailand cut rates this month to bolster growth. In Europe, central banks bought 9.8 billion euros ($10.4 billion) of bonds in the first three days of the euro area s quantitativeeasing program. Treasuries are down as investors are nervous whether the Fed will drop patient from its statement, a move that would probably be followed by a rate increase in June, said Nick Stamenkovic, a fixed-income strategist at RIA Capital Markets Ltd. in Edinburgh. Fed funds futures put the odds of a U.S. rate increase in September at 53 percent on Thursday, down from 56 percent on Wednesday, though still above the 49 percent priced on March 5, the day before the better-than-expected February payrolls report. U.S. Economy The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, rose 0.2 percent, on course for a fourth weekly gain before the Fed meets next week. News source: Bloomberg CL01679 Risk Factor: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Disclaimer: 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 L&T Investment Management Limited, the asset management company of L&T Mutual Fund 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. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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