Market will remain volatile this year too: J Venkatesan, VP equity at Sundaram Mutual Fund, in MyDigita FC

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The market might lack triggers for further rally unless the government delivers on better fiscal management and pushes reforms, says J Venkatesan, VP equity at Sundaram Mutual Fund, in an interview with Prasanna Deshpande. Excerpts:

How do you see the Indian equity market behaving during 2012-13? Are stocks attractively valued, and going ahead, do you see further rally?
The Indian capital market should continue to remain volatile in the current year also. Throughout last year, the market was worried about the European crisis, but with the infusion of about Euro 1 trillion into the system through LTROs, the huge global risk seems to have been averted in the short term. With the ensuing surge in global risk appetite, India also received good FII inflows, which moved the market by more than 10 per cent in this calendar so far. But the domestic risks still remain.

While we do expect the interest rate cycle to start reversing this year, there may not be a significant reduction. Inflation might start inching up again from June. Unless the government delivers on better fiscal management and further reform measures, the market might lack triggers for fresh rally despite being valued at around the long term average of 14 times FY13 earnings.

Derivatives Report -17.04.2012 -Angel Broking - PDF link

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Derivatives Report

Technical Report -17.04.2012 -Angel Broking - PDF link

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Technical Report

Market Summary -17.04.2012 -Angel Broking - PDF link

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Market Summary

Market Outlook -17.04.2012 -Angel Broking - PDF link

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Market Outlook

Special session for Live trading on Saturday, April 28, 2012

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The Exchange is upgrading the capacity of Futures and Options trading system hardware and
software to the next generation system to improve processing capability and handle increased
activities in the market. Existing Trading system architecture will be revamped by using a
distributed processing concept. Towards this, the Exchange is conducting a special live trading
session on Saturday, April 28, 2012.
Market timings for special live trading session on Saturday, April 28, 2012 in Capital market
segment will be as follows:
Saturday, April 28, 2012  Time
Pre-open order entry open time 11:00 hrs
Pre-open order entry close time (with random closure in last one
minute)
11:08 hrs
Pre-open order Matching will start immediately after close of
pre-open order entry
Normal / Odd lot / Retail Debt Market Open 11:15 hrs
Normal / Odd lot / Retail Debt Market Close 12:45 hrs
Block Deal Session Open  11:15 hrs
Block Deal Session Close  11:50 hrs
Closing session start  12:55 hrs
Closing session end 13:05 hrs

FII DERIVATIVES STATISTICS FOR 17-Apr-2012

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FII DERIVATIVES STATISTICS FOR 17-Apr-2012
	BUY		SELL		OPEN INTEREST AT THE END OF THE DAY
	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores	No. of contracts	Amt in Crores
INDEX FUTURES	124090	3228.86	103508	2725.45	392172	10314.48	503.41
INDEX OPTIONS	983442	25806.85	992210	26004.30	1425729	37707.58	-197.46
STOCK FUTURES	75315	2154.19	77083	2197.84	831861	23662.16	-43.65
STOCK OPTIONS	52466	1496.29	51083	1460.98	45688	1298.09	35.31
						Total	297.61

 

 

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Rate cut to boost investment; govt to take more steps: Pranab (HT)

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The Reserve Bank's decision to cut lending rate by 0.50% will encourage investments, finance minister Pranab Mukherjee said today, while assuring the government will also take additional steps to boost growth and control price rise.
"The growth, which has weakened in past months, should now improve," he said.

"The monetary policy announcements should help in investment revival and contribute to strengthening of business sentiments. In the coming weeks we will take some additional steps to further reinforce focus on growth," Mukherjee told reporters here.

In its annual monetary policy statement for 2012-13, RBI, after a gap of three years, cut interest rate by 0.50 % making credit cheaper.

After clocking over 8% economic growth for two years, India's GDP expansion is estimated to have declined to 3-year low of 6.9% in 2011-12 on account of high cost of borrowing that slowed investments.

RBI had hiked policy rates 13 times between March 2010 and October 2011 to control persistently high inflation.

It has projected the GDP growth for this fiscal at 7.3%, which is lower than the government estimates of 7.6% for the period.

Mukherjee said moderation of core inflation rate for four months in a row, coupled with the sharper decline in inflation for manufactured products from 7.6% in December to 4.87% in March, has facilitated the change in monetary policy stance.

"However food and primary inflation has shown signs of hardening. This is a cause for some concern. We intent to continuously monitor the situation and take the required steps to manage the short term supply constraint for those food items which contribute inflation," he said.

Mukherjee said the government will do everything possible to maintain price stability.

17/4/12: Categories Turnover (BSE) (Rs. crore) Clients NRI Proprietary Trade Data

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Categories Turnover (BSE)

(Rs. crore)
	Clients			NRI			Proprietary
Trade Date	Buy	Sales	Net	Buy	Sales	Net	Buy	Sales	Net
17/4/12	1,756.90	1,814.32	-57.42	0.40	0.39	0.01	740.02	665.10	74.92
16/4/12	1,231.48	1,243.78	-12.30	0.32	0.47	-0.15	441.11	424.51	16.60
13/4/12	1,873.79	1,820.67	53.12	1.45	0.54	0.91	667.84	686.79	-18.95
Apr , 12	14,906.92	14,838.57	68.35	13.88	4.41	9.48	5,379.60	5,326.03	53.56
Since 1/1/12	133,780.71	135,564.73	-1,784.01	89.99	86.57	3.42	47,856.56	46,565.53	1,291.02

Disclaimer: DII and FII turnover is consolidated information of BSE and NSE. BSE data is compiled on the basis of marking of 'client type' while executing orders on BOLT-TWS in equity segment. NSE Data has been compiled on the basis of trading codes entered by the trading members at the time of order entry and corresponding client category classification provided by the trading members as part of unique client code details upload. NRI - Non Resident Indians FII - Foreign Institutional Investors DII -Domestic Institutional Investors (Includes Bank, DFIs, Insurance, New Pension Scheme and MF).

17/4/12: DII trading activity on BSE and NSE on Capital Market Segment.

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DII trading activity on BSE and NSE on Capital Market Segment.

DII trading activity on BSE and NSE on Capital Market Segment(In Rs.Crores) Category Date Buy Value Sale Value Net Value DII 17/4/12 964.09 1,177.30 -213.21

DII trading data across BSE and NSE collated on the basis of trades executed today by Banks, DFIs,Insurance and MFs on BSE and NSE. This trade data is provisional and subject to change, inter-alia, on account of custodial confirmation process, modifications etc.

17/4/12: FII trading activity on BSE and NSE on Capital Market Segment

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FII trading activity on BSE and NSE on Capital Market Segment

FII trading activity on BSE and NSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sale Value	Net Value
FII	17/4/12	2,403.64	1,962.49	441.15
Disclaimer: FII trading data across BSE and NSE collated on the basis of trades executed today by FIIs on BSE and NSE. This trade data is provisional and subject to change, inter-alia, on account of custodial confirmation process, modifications etc.

RBI cuts lending rate to prop economy

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After a gap of three years, Reserve Bank Governor D Subbarao on Tuesday slashed short term lending rate by 0.50 per cent to 8 per cent, a move that will reduce the cost of home, auto and corporate loans.

The reduction in the repo rate at which RBI lends to banks, has been prompted by deceleration in growth and softening of inflation.

The cut is aimed at spurring growth to 9 per cent levels, seen before the global financial crisis that began in 2008, Subbarao said while unveiling the annual credit policy in Mumbai.

"The reduction in the repo rate is based on an assessment of growth having slowed below its post-crisis trend rate, which, in turn, is contributing to the moderation in core inflation," the Governor said.

Subbarao, however, ruled out further reduction in policy rate in the immediate future citing persistent upside risks to inflation and possible fiscal slippages driven by higher oil subsidies.

"It must be emphasised that the deviation of growth from trend is modest. At the same time, upside risks to inflation persist.

"These considerations inherently limit the space for further reduction in policy rates," he said.

RBI rate cut: Top banks say interest rates to go down, but not immediately : ET

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The Reserve Bank of India's (RBI) move Tuesday to cut key rates for the first time in three years by a sharp 50 basis points will provide the much needed respite to consumers as top banks said interest rates would go down, but not too soon.

"Of course, the rate cuts will be passed on," said Pratip Chaudhuri, chairman, State Bank of India.

"Let me admit, after the last CRR (Cash Reserve Ratio) cut of 75 basis point also the transmission has not happened fully because that came in the month of March. So, we were just slightly watchful of the liquidity situation," he said, adding that SBI might do a comprehensive cut but not across the board but in particular segments.

Oil companies ultimatum to government: Cut taxes or face petrol price hike :ET

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 State-run oil companies have served an ultimatum to the government that they will raise petrol prices by Rs 9.6 a litre if excise duty is not cut or they are not provided compensation for Rs 49-crore per day loss on fuel sale.

"We have been very patient, not raising prices since December despite our cost of production spiralling. But there is a limit to which we can borrow money and produce fuel for the country," Indian Oil Corp Chairman R S Butola said here.

IOC, together with Hindustan Petroleum and Bharat Petroleum, is losing Rs 49 crore per day on petrol sale alone. They are losing another Rs 573 crore every day on selling diesel, domestic LPG and kerosene below cost.

Butola said oil PSUs in the first 15 days of April lost Rs 745 crore in revenue on petrol, whose pricing was freed from the government control in June 2010. But rarely have the product prices moved in tandem with cost as oil companies bowed to government diktats.

"We have suggested that the government should temporarily end deregulation and give subsidy to make up for the difference between cost of production and sale price. Alternatively, the government can cut the Rs 14.78 excise duty it collects when a consumer buys one litre of petrol," he said.

The states also levy VAT or sales tax ranging from 15 per cent to 33 per cent (Rs 10.30 a litre to Rs 18.74 per litre), which too can be cut to avoid a price hike.

If the suggestions are not accepted "we would have no option but to increase the price of petrol by Rs 8.04 per litre (excluding state levies) with immediate effect", he said. After including 20 per cent VAT, the increase in Delhi will come to Rs 9.60 a litre.

IMF raises global growth forecast, sees India GDP at 6.9% in 2012 ::ET

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Global growth is slowly improving as recovery in the United States gains traction and dangers from Europe recede, but risks remain elevated and the gains are very fragile, the International Monetary Fund said on Tuesday.

India is forecast to expand 6.9 per cent in 2012 and 7.3 per cent next year, growing slightly below the revised forecastsof January as a result of weak demand and higher interest rates,the IMF said.

No more pre-payment charges on home loans

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Providing relief to home loan borrowers, the Reserve Bank on Tuesday asked banks not to levy any penalty on pre-payment of loans taken on floating rate.

"Though many banks have, in the recent past, voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ensuring uniformity across the banking system in this regard," RBI said in the annual monetary policy announcement for 2012-13.

"Accordingly, it is proposed not to permit banks to levy foreclosure charges or pre-payment penalties on home loans on a floating interest rate basis," it said.

It is believed that removal of foreclosure charges or prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and the competition among banks will result in finer pricing of home loans with the floating rate.

Detailed guidelines in this regard will be issued separately, RBI said.

Some banks were charging pre-payment penalty of 1-2 per cent of the outstanding loans.

Last year, a consensus was reached at the Banking Ombudsmen Conference to the effect that banks should not impose pre-payment charges on loans with a floating rate of interest.

The policy noted that the Damodaran Committee had observed that foreclosure charges levied by banks on prepayment of home loans were resented upon by home loan borrowers across the board.

This is, especially, since banks were found to be hesitant in passing on the benefits of lower interest rates to the existing borrowers in a falling interest rate scenario.

As such, foreclosure charges are seen as a restrictive practice deterring the borrowers from switching over to cheaper available source.

Last year, housing finance regulator National Housing Bank directed all housing finance companies to desist from imposing a pre-payment penalty.

RBI wants govt to hike prices of diesel, kerosene

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Making a case for raising prices of diesel, kerosene and LPG, the Reserve Bank on Tuesday said hike in rates of petroleum products is necessary to arrest fiscal slippages. "Overall from the perspective of vulnerabilities emerging from the fiscal and current account deficits, it is imperative for macroeconomic stability that administered prices of petroleum products are increased to reflect their true costs of production," RBI Governor D Subbaraosaid in the Annual Monetary Policy Statement for 2012-13. While petrol prices are market-linked, the government fixes the rates of LPG, kerosene and diesel, which results in a large budgetary expenditure on subsidies. Global crude oil prices have surged since the beginning of 2012 on account of geo-political concerns in the Middle East and abundant global liquidity. The price of Brent crude rose to $120 a barrel in mid-April from $111 in January. RBI said the Budget estimate of oil subsidy is likely to fall "significantly short of the required amount". High subsidies are putting pressure on the country's fiscal deficit, which touched 5.9 per cent of GDP last fiscal and is pegged at 5.1 per cent in 2012-13. India  imports about 80 per cent of its crude oil requirement. The government targets to bring down the subsidy bill to below 2 per cent of GDP this fiscal and 1.75 per cent in the subsequent years. The government has made a provision of Rs 40,000 crore towards fuel subsidy for 2012-13. "...Several upside risks to the budgeted fiscal deficit remain. Containment of non-plan expenditure within budget estimates for 2012-13 is contingent upon the government's ability to adhere to its commitment of capping subsidies," Subbarao said.

RBI rate cut will boost investments: India Inc

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Stating that a stage for cheaper lending has been set with the RBI cutting short-term lending rate, India  Inc on Tuesday welcomed the move saying it would boost investments in the country.

"The repo rate cut will provide the boost to investment as well as send a strong signal that turning around growth is of pivotal importance," Confederation of Indian Industry Director General Chandrajit Banerjee said.

The cut in repo rate by 50 basis points was much needed given that the GDP growth is moderating, he added.

BSE, Bulk deals, 17/4/2012

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
17/4/2012	512161	8K Miles Software	SAURIN PRAVINBHAI SHAH	B	40001	54.50
17/4/2012	532919	Allied Comp	SANMAY TRADING PRIVATE LIMITED	S	700000	3.74
17/4/2012	507265	Apte Amalg	AYAY COMMODITY SERVICES PRIVATE LIMITED	B	185000	46.25
17/4/2012	507265	Apte Amalg	LIFE INSURANCE CORPORATION OF INDIA	S	185000	46.25
17/4/2012	590114	Arunjyoti Enterprises	DHRUV SAWHNEY	S	29999	21.55
17/4/2012	531194	Brahmaputra Infra	BRAHMAPUTRA FINLEASE PRIVATE LIMITED	S	83690	60.52
17/4/2012	533333	Fineotex Chem	NEELANCHAL MERCANTILE PRIVATE LIMITED	B	80000	52.00

BSE, Bulk deals, 17/4/2012

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Deal Date	Scrip Code	Company	Client Name	Deal Type *	Quantity	Price **
17/4/2012	512161	8K Miles Software	SAURIN PRAVINBHAI SHAH	B	40001	54.50
17/4/2012	532919	Allied Comp	SANMAY TRADING PRIVATE LIMITED	S	700000	3.74
17/4/2012	507265	Apte Amalg	AYAY COMMODITY SERVICES PRIVATE LIMITED	B	185000	46.25
17/4/2012	507265	Apte Amalg	LIFE INSURANCE CORPORATION OF INDIA	S	185000	46.25
17/4/2012	590114	Arunjyoti Enterprises	DHRUV SAWHNEY	S	29999	21.55
17/4/2012	531194	Brahmaputra Infra	BRAHMAPUTRA FINLEASE PRIVATE LIMITED	S	83690	60.52
17/4/2012	533333	Fineotex Chem	NEELANCHAL MERCANTILE PRIVATE LIMITED	B	80000	52.00

NSE, Bulk deals, 17-Apr-2012

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Date	Symbol	Security Name	Client Name	Buy / Sell	Quantity Traded	Trade Price / Wght. Avg. Price	Remarks
17-Apr-2012	GRAVITA	Gravita India Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	BUY	1,04,955	839.98	-
17-Apr-2012	GRAVITA	Gravita India Limited	CROSSEAS CAPITAL SERVICES PVT. LTD.	SELL	1,04,955	842.58	-
17-Apr-2012	GRAVITA	Gravita India Limited	MARWADI SHARES AND FINANCE LIMITED	BUY	1,25,051	840.96	-
17-Apr-2012	GRAVITA	Gravita India Limited	MARWADI SHARES AND FINANCE LIMITED	SELL	1,25,051	841.71	-
17-Apr-2012	HDIL	Housing Development and I	GENUINE STOCK BROKERS PVT LTD	BUY	28,09,671	89.31	-