Nasdaq Composite Index 4,468 4, % DII's contribution to the total turnover 15%

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1 Top Gainers BSE Smallcap Top Losers BSE Smallcap Top Gainers BSE Midcap Top Losers BSE Midcap Top Gainers BSE 100 Top Losers BSE 100 Top Gainers CNX Nifty Top Losers CNX Nifty Morning Notes 28-Jan-2016 Indices 27-Jan 25-Jan % Chg. Major Indices 27-Jan 26-Jan % Chg. FII's & DII's in equity Rs.Crs S&P BSE SENSEX 24,492 24, % CAC 40 Index 4,380 4, % 27-Jan Buy Sell Net S&P CNX NIFTY 7,438 7, % DAX Index 9,881 9, % FII / FPI Investments NIFTY MIDCAP ,321 12, % Dow Jones Industrial Average 15,944 16, % DII's Investments NIFTY SMALL 100 4,975 4, % FTSE 100 Index 5,990 5, % FII's contribution to the total turnover 51% BSE Sectoral Indices Nasdaq Composite Index 4,468 4, % DII's contribution to the total turnover 15% NIFTY PSU BANK 2,347 2, % Major Asian Indices 26-Jan 27-Jan % Chg. FII's in Derivatives Rs.Crs NIFTY PHARMA 11,349 11, % Hong Kong 19,052 18, % 27-Jan Index Fut Index Opt Stock Fut Stock Opt NIFTY REALTY % Nikkei ,164 16, % Net NIFTY MEDIA 2,357 2, % Korea 1,898 1, % OI NIFTY INFRA 2,427 2, % Shanghai 2,736 2, % Chg.OI 15.5% 0.1% 6.4% -1.1% NIFTY ENERGY 8,264 8, % Taiwan 7,850 7, % FIIs' contribution to the total Derivatives turnover 33% NIFTY METAL 1,650 1, % NIFTY FMCG 18,585 18, % Commodities (MCX) 27-Jan 25-Jan % Chg. Curr. Derivatives (NSE) 27-Jan 25-Jan % Chg. NIFTY AUTO 7,491 7, % Aluminium (29JAN2016) % USDINR 25-FEB % NIFTY IT 11,029 11, % Copper(29FEB2016) % EURINR 25-FEB % NIFTY BANK 15,535 15, % Crude (19FEB2016) 2,202 2, % JPYINR 25-FEB % NIFTY FIN SERVICE 6,501 6, % Gold (05FEB2016) 26,749 26, % DJIA (19-FEB-2016) % NIFTY CONSUMPTION 3,265 3, % Silver (4MAR2016) 35,296 34, % S&P500 (19-FEB-2016) % Company LTP Chg % Chg Company LTP Chg % Chg NTPC BHEL POWERGRID AMBUJACEM DRREDDY ASIANPAINT IDEA HINDUNILVR PNB HEROMOTOCO Company LTP Chg % Chg Company LTP Chg % Chg UNIONBANK BHEL DIVISLAB UNITDSPR HINDZINC RCOM INFRATEL AMBUJACEM NTPC EXIDEIND Company LTP Chg % Chg Company LTP Chg % Chg UNIONBANK BLUEDART DIVISLAB RCOM ORIENTBANK EXIDEIND ALBK GLENMARK PIDILITIND BAJAJFINSV Company LTP Chg % Chg Company LTP Chg % Chg ALPHAGEO KITEX GAMMONIND RSSOFTWARE ONMOBILE MPSLTD GUJFLUORO MARKSANS SPICEJET ASAHISONG Domestic Market View Markets to start on a cautious but positive note on F&O expiry day The Indian markets after a volatile trade managed a flat close with positive bias in last session. Today, the expiry session of the January F&O series is likely to be cautious and volatile movement can be witnessed throughout the day, as the traders will be settling their positions and rolling over to next series. Though, the trade may remain somber in early deals on some disappointing earnings number from some bluechip companies, but tailing the positive regional cues the mood may recover in latter trade. The infrastructure companies will remain in limelight, as the government has approved the hybrid annuity model for building national highways, paving the way for construction of 28 projects worth Rs. 36,000 crore this fiscal year. Also, the names of first 20 cities to be developed as Smart Cities will be announced by the government today. The telecom stocks too will be in action, as the Trai has recommended a mega auction of mobile airwaves - the biggest-ever so far- to tackle deficient consumer services and unlock revenues from the scarce national resource. A record windfall of nearly Rs 5.5 lakh crore could flow into the coffers of the government with the mega auction of mobile airwaves. The oil stocks too will be buzzing, as the World Bank has slashed its forecast for crude oil prices for 2016 but said India's growth story remains strong and robust.

2 Domestic Market Overview Fatigued markets settle with paltry gain Indian stock markets prolonging the lull for second straight day finished the session on a dull note, marginally above the neutral line as investors at large remained reluctant to build on long positions ahead of the expiry of January derivative contracts tomorrow and the US Federal Reserve meet outcome later today. Sentiments got some support with Standard & Poor's Rating Services statement that Indian economy is less vulnerable to external shocks as it is mainly driven by household consumption and government spending, and not dependent on hot money which can move out quickly. Some support also came with the report that business sentiment among Indian companies rose for the first time in three months in January, largely supported by the first increase in new orders since last June. MNI India Business Sentiment Indicator, a gauge of current sentiment among BSE-listed companies, rose from 60.7 in December to 61.8 in January -- the highest since October 2015, as domestic orders strengthened. However, gains remained capped with the report that manufacturing activity in the country dipped to a one-year low in January, suggesting moderation in growth. The yearly SBI Composite Index fell below the 50 mark to 47.3 in January -- its lowest level in the past one year. Market participants also remained cautious with the buzz that the government has to make some big bang announcements in the forthcoming Budget to resurrect investment in the public projects, or else the Indian economy can soon catch up the Chinese flu with serious consequences. Global Market Overview Asian markets end mostly in green on Wednesday Asian equity markets ended mostly higher on Wednesday, with Japanese shares climbing to a near two-week high in the run-up to a BOJ meeting, after Wall Street stocks rose sharply overnight amid a rebound in oil prices, upbeat consumer confidence and home price data as well as better-thanforecast earnings from companies such as Procter & Gamble, Johnson & Johnson, 3M Co. and Coach Inc. Hong Kong shares rebounded, probably helped by modest improvement in other regional markets though investors remained nervous as oil pulled back again and as they waited on a policy decision from the Federal Reserve later in the day. Chinese shares trimmed early losses to end slightly lower, adding to the previous session's steep losses. Worries about economic growth resurfaced after official data showed profits earned by Chinese industrial enterprises declined at a faster pace in December, weighed down by sluggish domestic demand and severe overcapacity across many manufacturing industries. Industrial profits fell an annual 4.7 percent, marking the seventh straight month of declines. US markets closed lower reacting to FOMC minutes The US markets closed lower on Wednesday, after the Federal Reserve left the door open to a March rate increase despite acknowledging that economic growth slowed since its last meeting in December. US crude oil futures which were lower in the morning rebounded to settle 2.7% higher at $32.33 a barrel after news reports that Russia and OPEC discussed production cuts. Oil prices have been extremely volatile over the past few months, setting the tone in stock and bond markets. However, on Wednesday, for the first time since December, a rally in oil prices did not translate into a rally in stocks. The Federal Open Market Committee left interest rates unchanged at its January 2016 meeting. The Fed stated in cautious tone that inflation is expected to remain low in the near term, that some saw as a suggestion the central bank won t be quick to raise interest rates again. But others saw the Fed refusing to rule out a move as early as March after paying lip service to increased global market turmoil and reiterating that it saw downside pressure on inflation as unlikely to last. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen.

3 Index Futures (OI in '000 Shares) Future Chg Spot Chg Prem / Total Open Interest 27-Jan (%) 27-Jan (%) Disc 27-Jan Chg (%) NIFTY 7, , , CNXIT 11, , BANKNIFTY 15, , , Increasing OI, Increasing Delivery Qty & Increasing Price in Stock Futures (Open Interest in '000 Shares) Symbol Total OI Del Qty Cash Market Prev Increase Spot Fut Spot Fut Prem / 27-Jan % Chg. 27-Jan % Del. % Del. Del Qty (Rs.) (Rs.) Chg (%.) Chg (%.) Disc POWERGRID 27,388 33% 4,665,470 57% 73% 855, % 3.8% 0.2 INDUSINDBK 7,515 23% 711,229 34% 29% 207, % 0.3% -0.1 ADANIPOWER 95,520 22% 2,117,323 35% 36% 14, % 0.9% 0.1 TCS 4,826 21% 683,380 43% 38% 94, % 0.5% -0.6 PFC 22,316 21% 2,071,917 56% 48% 1,099, % 2.9% -0.2 ITC 37,042 20% 3,722,234 65% 44% 988, % 0.9% -0.4 ZEEL 9,010 10% 2,371,419 74% 56% 1,206, % 1.3% 0.1 MARUTI 2,910 10% 508,429 46% 45% 148, % 0.5% -9.4 TVSMOTOR 5,850 9% 874,608 56% 40% 402, % 0.6% 0.2 BHARTIARTL 32,346 9% 3,549,156 68% 44% 2,134, % -0.4% -1.2 Increasing OI, Increasing Delivery Qty & Decreasing Price, (Open Interest in '000 Shares) Symbol Total OI Del Qty Cash Market Prev Increase in Spot Fut Spot Fut Prem / 27-Jan % Chg. 27-Jan % Del. % Del. Del Qty (Rs.) (Rs.) Chg (%.) Chg (%.) Disc KSCL 3,533 24% 153,360 29% 22% 56, % -1.1% 1.6 HEROMOTOCO 1,435 20% 214,687 51% 39% 88, % -1.7% -7.0 HAVELLS 8,320 17% 888,691 26% 47% 156, % -0.1% 0.3 ONGC 18,828 17% 2,845,841 58% 38% 1,436, % -0.6% 0.2 HINDUNILVR 5,179 15% 829,165 62% 62% 120, % -1.9% 0.7 TECHM 10,916 15% 1,643,874 74% 47% 1,270, % -2.2% 0.9 BHEL 28,740 15% 1,449,796 34% 23% 738, % -3.9% 0.5 LICHSGFIN 9,508 13% 1,537,919 56% 29% 1,189, % -0.6% -0.2 TITAN 8,010 11% 586,786 41% 46% 162, % -1.6% -0.6 BPCL 5,627 11% 1,222,674 65% 48% 683, % -0.8% 1.3 Open Interest Break-up (Rs. in Cr.) 27-Jan 25-Jan Change in OI % Chg INDEX FUTURES 25,239 25, INDEX OPTIONS 154, , TOTAL INDEX 179, , STOCK FUTURES 65,858 65, STOCK OPTIONS 23,852 23, TOTAL STOCKS 89,710 89, GRAND TOTAL 269, , FII's 167, , Others 101, ,

4 Corporate News HCL Technologies, a leading global IT services provider, has entered into a new IT Infrastructure partnership with Alstom, a world leader in the supply of the most complete range of systems, equipment and services in the railway sector. HCL will leverage its IT infrastructure capabilities to provide workplace engineering services, roll out PC as a Service (PCaaS) for 30,000 users worldwide and will enable local end-user support services across 360 locations in 62 countries. GHCL is reportedly planning to foray into retail again with its own brand. In this regard, the company has begun market feasibility study even as it plans to launch the brand by early to mid next fiscal. Zuari Agro Chemicals has shut down the operations of Urea/Ammonia Plants for annual maintenance from January 26, Zuari Agro Chemicals is one of the leading fertilizer conglomerates in India. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers. Vardhman Textiles has reported the production and sales details of the company for third quarter of current financial year under Yarn, Grey Fabric and Processed Fabric segments. Under Yarn segment, the production stood at 50,728 metric tonnes in Q3FY16 while sales (including Internal Transfers) stood at 52,785 metric tonnes for the same period. Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Voriconazole Tablets, 50 mg and 200 mg. This product is expected to be launched in Q4 FY The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) VFEND Tablets, 50 mg and 200 mg of PF Prism C.V. (Prism). Veto Switchgears and Cables has bagged an additional order of Rs crore apart from earlier order of Rs crore. The company has bagged the order at the Dealer s Conference of Rajasthan at Hotel Radisson Blu, Jaipur. Pricol has sold its 100% shareholding in wholly owned subsidiary company -- Coimbatore Metal Works (CMWL) for a consideration of Rs 13 crore. The company has entered into Share Purchase Agreement for Sale of Shares on 21 January Subsequent to the aforesaid sale Coimbatore Metal Works is no longer a wholly owned subsidiary company of Pricol and no longer a part of Pricol Group. Goa Carbon s plant located at St. Jose de Areal, Salcete, Goa, has been temporarily shut down from January 23, 2016.There would not be any financial impact due to the temporary shutdown of the company s Goa Unit on account of sufficient inventory of finished material. In order to expand its manufacturing capacity, Blue Star is reportedly planning to set up two new facilities, one in Jammu and the other at Sri City, near Tada, about 60 km to the North of Chennai. These new facilities will increase the production of room ACs by around 5 lakh units. Rolta India has been selected for the Geospatial World Leadership Award in the category of Geospatial Solutions company of the Year The award recognizes the company s contribution to the global geospatial industry and will be presented to Rolta at the Geospatial World Forum 2016, in Rotterdam. Rane (Madras) has acquired the US-based Precision Die Casting (PDC) Inc through its wholly-owned subsidiary in the Netherlands for an enterprise value of $8.9 million. The company s board has approved acquisition at its meeting held on January 25, Emami, Kolkata-based FMCG firm has unveiled a new product Zandu Pure Honey. The product is 100% pure and no sugar is added. It is available in pack sizes of 100 gm, 250 gm and 500 gm and priced at Rs. 75, Rs. 165 and Rs. 270, respectively. Eros International Media has lined up over 65 films across multiple languages for the year 2016, including Housefull 3, Shivaay, Singam 3 and Rock On 2. Besides Hindi films, the company also plans to have movies in regional languages including Marathi,

5 Bengali, Tamil, Telugu, Malayalam and Punjabi, among others. The company will release big ticket entertainers such as R Balki s Ki & Ka, the hit franchise comedy Housefull 3, and Rohit Dhawan s Dishoom. TVS Motor Company has unveiled a new four-stroke moped TVS XL 100 in the Tamil Nadu market. The TVS XL 100, powered by a 99.7cc engine, comes at an ex-showroom price of Rs 29,539. Bannari Amman Spinning Mills new garment unit at Palladam Hightech Weaving Park, Palladam in state of Tamii Nadu has become operational and commenced production from January 21, The new unit has a production capacity of 6.2 million pieces of Knitted Garments per annum. Reliance Capital has acquired more than 5% voting rights in Radiant Hues CRM Solutions. The company is planning to invest up to Rs 4.61 crore in Radiant Hues in tranches till May Gujarat Fluorochemicals step-down subsidiary - Inox Wind Infrastructure Services, has acquired 100% of equity shares of Vinirrmaa Energy Generation with effect from January 23, Consequently, Vinirrmaa Energy Generation has become step down subsidiary of Gujarat Fluorochemicals. The Board of Directors of Apollo Energy Company, an Apollo Hospitals Group Company, has approved the divestment of 23.3% shareholding in Apollo Munich Health Insurance Company (Apollo Munich) to its joint venture partner, Munich Re of Germany for Rs crore. The proposed transaction values Apollo Munich at Rs 703 crore. Completion of the proposed transaction is subject to applicable regulatory approvals and execution of customary agreements, which is expected to be completed at the end of the first quarter of HCL Technologies has acquired 100% stake in Point to Point and Point to Point Products (jointly referred to as P2P), the companies incorporated in UK, being a niche provider of complex workplace engineering services in the UK for cash of GBP 8.0 million. National Buildings Construction Corporation (NBCC) has bagged work order from ITPO for re-development of Pragati Maidan, New Delhi for an estimated cost of Rs crore. India Trade Promotion Organization (ITPO), Department of Commerce, Government of India, awarded the work of re-development of Pragati Maidan, New Delhi involving construction of Integrated Exhibition cum Convention Centre (IECC) to the company. Infosys, a global leader in consulting, technology, outsourcing and next-generation services has received the title Leader in the Winner s Circle - Excellent at Innovation and Execution, from HfS s Research Blueprint: Design Thinking in the As-A-service Economy..Economy Gadkari to meet bankers, road contractors on stalled projects on Jan 28 In order to discuss the issues related to the funding of highway projects, Road Transport and Highways Minister Nitin Gadkari will meet the bankers and the road contractors on January 28. Gadkari has also urged Finance Minister Arun Jaitley to attend the meeting. In the meeting the ministers will discuss the issues related to 19 stuck highway projects and also seek feedback on funding future highway projects. The highway projects are stuck due to various reasons such as cost escalation, unviability of projects and row between bankers and concessionaires. The cost of these stalled projects, which are threatening to pile up the non-performing assets of banks, is at least Rs 30,000 crore. Some of these projects need special mediation between banks and concessionaires as cost escalation has been as much as 30 per cent. Furthermore, the government is also looking to set up a high-powered committee with the approval of the Cabinet to look into projects that have not been resolved through the Cabinet Committee on Investment (CCI) or the Cabinet Committee on Economic Affairs (CCEA).

6 Govt plans to create coastal economic zones to boost manufacturing With an aim to boost manufacturing further, the government is planning to create coastal economic zones along the country's 7,500-km long coastline covering many states, ports and special economic zones having uniform policy. The idea is, however, at the conceptual stage. After firming up the proposal, the ambitious plan could be announced by the Prime Minister himself like in the case of 'Make in India'. In the present scenario, these coastal economic zones could come up in Maharashtra, Gujarat, Tamil Nadu and Andhra Pradesh. Though, there are special economic zones where investors can set up their manufacturing base and get incentives like tax exemption, speedy regulatory clearance, round the clock power and security. The government wants to create coastal economic zones where investor will be provided host of incentives and facilities uniformly across many town, cities, ports and states. These coastal economic zones would attract investment as well as workforce in order to create facilities to manufacture not only for domestic production but for exports in large quantities. The government thinks that there should be a port-led development as was done in China where cities were granted special status of open coastal cities which enjoyed special policies of the government. Though India has many ports, there is no cluster or a section of coastline that enjoys special status and incentives. India steel production rises by 2.6% in 2015 Bucking the global trend of a consistent decline in steel production, India is the only country among major steel producing countries such as China, Japan, South Korea and the US which recorded a positive trend in steel production and consumption in The World Steel Association (WSA) report notified that India world s third largest steel producer rose 2.6% in 2015 to 89.6 million tonne (MT), against 87.3 mt in Though world steel output went down 2.8% to 1.6 billion tone in the same year, reflecting a global economic slowdown. India became the third largest producer of steel in the world in January 2015, leaving behind the US as the fourth largest producer. Globally, the report highlighted that crude steel output in China the world s largest steel maker fell by 2.3 per cent to mt in 2015 compared to the year-ago period. Japan produced mt in 2015, down 5 per cent compared to 2014, while output in South Korea decreased by 2.6 per cent to 69.7 mt during the same period. Further, in 2015, the US produced 78.9 mt of crude steel, a decline of 10.5 per cent compared to 2014, whereas Russia showed a decrease of 4.3 per cent in 2015 with an output producing mt of crude steel. Govt in advanced stage of deliberation on Shome panel report : Arun Jaitley Pitching for simpler tax laws, Finance Minister Arun Jaitley has said that the government is studying the recommendation given by the Parthasarathi Shome committee for simplifying tax administration. Jaitley said that the government is at an advanced stage of deliberating on the suggestions of the Shome Committee which had recommended reforms in both the direct and indirect tax wings of the government to make them more taxpayer friendly. The Tax Administration Reform Commission (TARC), headed by Parthasarathi Shome submitted its report to Jaitley in June The Shome committee in its report pitched for a separate budget allocation to ensure time bound tax refund and a passbook scheme for TDS (Tax Deduction at Source). The report also proposed a complete revamp of the dispute resolution mechanism, widening the use of the permanent account number (PAN) and spending 10% of the tax department s budget to improve taxpayer services. Further the committee suggested for abolition of the post of revenue secretary, setting up of a tax council to develop a common tax policy and legislation for both direct and indirect taxes and merit-based promotions of officials in the tax administration. It also suggested that for large taxpayers, services should be provided by central board of excise and customs and central board of direct taxes under one umbrella. It had suggested that retrospective amendments to tax laws should be avoided as a principle and Income Tax Return forms should also include wealth tax details.

7 SBI Composite Index dips to a one-year low in January In another shocker on economy front, the yearly SBI Composite Index fell below the 50 mark to 47.3 in January -- its lowest level in the past one year, indicating moderation in economic activity going forward. The monthly index also decreased marginally from 52.7 in December 2015 to 52.4 in January SBI Composite Index reading from 52 to 55 translates into an Index Value that indicates moderate growth. Though, according to the report, one of the reasons for the loss of momentum in SBI composite index is the base effect. The report assessed that construction, steel, and textile are some of the sectors that are facing clear headwinds and thus need to be addressed head-on. The report observed that 42 per cent of the tenders floated during the last 12 months are yet to be awarded in construction sector. It also said that construction activity in real estate segment was low in January, with players focused on stabilising their finances and adjusting to the new market situation, and called for 'a concerted and faster execution going forward in the construction sector'. Regarding the textile sector, the report said the government should think afresh to skew its existing TUF (Technology Upgradation Fund) allocation in favour of technical textiles to promote exports and bolster the Make in India campaign. For steel, it pointed that about 150 units at Mandi Gobindgarh in Punjab, have faced closure in the last two years and the steel sector is not looking good as of now. Source: Reuters, Ace Equity & LKP Research

8 Tech View CNX Nifty Technical View NA IMPORTANT LEVELS FOR THE DAY Support BSE NSE BANKNIFTY S1 24, S2 24, Resistance R1 24, R2 24, Pivot 24,532 7,445 15,550

9 Tech View PIVOT POINTS Scrip Name CMP RB2 RB1 PP SB1 SB2 Scrip Name CMP RB2 RB1 PP SB1 SB2 ACC GAIL ADANIENT GLENMARK ADANIPORTS GMRINFRA ADANIPOWER GODREJIND ALBK GRASIM AMBUJACEM HAVELLS ANDHRABANK HCLTECH APOLLOHOSP HDFC APOLLOTYRE HDFCBANK ARVIND HDIL ASHOKLEY HEROMOTOCO ASIANPAINT HEXAWARE AUROPHARMA HINDALCO AXISBANK HINDPETRO BAJAJ-AUTO HINDUNILVR BANKBARODA HINDZINC BANKINDIA IBREALEST BATAINDIA ICICIBANK BHARATFORG IDBI BHARTIARTL IDEA BHEL IDFC BIOCON IFCI BPCL IGL CAIRN INDIACEM CANBK INDUSINDBK CENTURYTEX INFY CESC IOB CIPLA IOC COALINDIA IRB COLPAL ITC CROMPGREAV JINDALSTEL DABUR JISLJALEQS DISHTV JPASSOCIAT DIVISLAB JPPOWER DLF JSWENERGY DRREDDY JSWSTEEL EXIDEIND JUBLFOOD FEDERALBNK JUSTDIAL

10 Tech View Scrip Name CMP RB2 RB1 PP SB1 SB2 Scrip Name CMP RB2 RB1 PP SB1 SB2 KOTAKBANK TATACHEM KTKBANK TATACOMM L&TFH TATAGLOBAL LICHSGFIN TATAMOTORS LT TATAMTRDVR LUPIN TATAPOWER M&M TATASTEEL M&MFIN TCS MARUTI TECHM MCDOWELL-N TITAN MCLEODRUSS UBL MRF UCOBANK NHPC ULTRACEMCO NMDC UNIONBANK NTPC UNITECH OFSS UPL ONGC VOLTAS ORIENTBANK WIPRO PETRONET YESBANK PFC ZEEL PNB POWERGRID PTC RCOM RECLTD RELCAPITAL RELIANCE RELINFRA RPOWER SAIL SBIN SIEMENS SRTRANSFIN SUNPHARMA SUNTV SYNDIBANK

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