Nasdaq Composite Index 4,903 5, % DII's contribution to the total turnover 14%

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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 5-Jan-2016 Indices 4-Jan 1-Jan % Chg. Major Indices 4-Jan 1-Jan % Chg. FII's & DII's in equity Rs.Crs S&P BSE SENSEX 25,623 26, % CAC 40 Index 4,522 4, % 04-Jan Buy Sell Net S&P CNX NIFTY 7,791 7, % DAX Index 10,283 10, % FII / FPI Investments NIFTY MIDCAP ,429 13, % Dow Jones Industrial Average 17,149 17, % DII's Investments NIFTY SMALL 100 5,649 5, % FTSE 100 Index 6,093 6, % FII's contribution to the total turnover 24% BSE Sectoral Indices Nasdaq Composite Index 4,903 5, % DII's contribution to the total turnover 14% NIFTY FMCG 20,088 20, % Major Asian Indices 4-Jan 1-Jan % Chg. FII's in Derivatives Rs.Crs NIFTY IT 11,029 11, % Hong Kong 21,327 21, % 04-Jan Index Fut Index Opt Stock Fut Stock Opt NIFTY CONSUMPTION 3,563 3, % Nikkei ,451 19, % Net NIFTY METAL 1,805 1, % Korea 1,919 1, % OI NIFTY ENERGY 8,469 8, % Shanghai 3,296 3, % Chg.OI 3.3% 24.3% -1.5% 150.9% NIFTY REALTY % Taiwan 8,114 8, % FIIs' contribution to the total Derivatives turnover 30% NIFTY PHARMA 11,734 11, % NIFTY MEDIA 2,572 2, % Commodities (MCX) 4-Jan 1-Jan % Chg. Curr. Derivatives (NSE) 4-Jan 1-Jan % Chg. NIFTY AUTO 8,143 8, % Aluminium (29JAN2016) % USDINR 27-JAN % NIFTY INFRA 2,726 2, % Copper(29FEB2016) % EURINR 27-JAN % NIFTY FIN SERVICE 6,909 7, % Crude (19JAN2016) 2,465 2, % JPYINR 27-JAN % NIFTY BANK 16,599 17, % Gold (05FEB2016) 25,397 24, % DJIA ( ) % NIFTY PSU BANK 2,807 2, % Silver (4MAR2016) 33,533 33, % S&P500 ( ) % Company LTP Chg % Chg Company LTP Chg % Chg TATASTEEL TATAMOTORS ASIANPAINT IDEA HCLTECH BANKBARODA CAIRN HINDALCO HINDUNILVR PNB Company LTP Chg % Chg Company LTP Chg % Chg ASHOKLEY RCOM JSWSTEEL TATAMTRDVR RELINFRA TATAMOTORS GLENMARK IDBI EICHERMOT IDEA Company LTP Chg % Chg Company LTP Chg % Chg TORNTPOWER RCOM BIOCON IDBI ASHOKLEY ORIENTBANK KANSAINER OBEROIRLTY JSWSTEEL HAVELLS Company LTP Chg % Chg Company LTP Chg % Chg SURANASOL RISAINTL INDOSOLAR SREINFRA MOSERBAER KWALITY JAICORPLTD ALKYLAMINE UJAAS DEEPIND Domestic Market View Markets to make a cautious start, may see some recovery in latter trade The Indian markets made an awful start of the new week, melting down with global financial markets, as worries about a downturn in China and fresh geopolitical tensions in the Middle East spooked investors. Also, the domestic manufacturing sector contracted for the first time in last two years. Today, the start is likely to remain cautious as some of the Asian peers have again made a weak start, though some recovery can be expected in latter part of the trade as traders will opt for some value buying after the butchering of last session. However, there will be some concern too, with retail inflation for farm labourers and rural workers in November rising to 4.92 percent and 5.02 percent, respectively, due to increase in prices of food items. Meanwhile, Finance minister Arun Jaitley held pre-budget talks with farm sectors and trade unions and said that there is a need for more investment in the farm sector as representatives from the key sector sought a string of measures to revive agriculture. He said that reviving the farm sector is a key priority for the government against the backdrop of sluggish growth and two consecutive seasons of patchy monsoon rains. There will be some action in the power sector stocks, as the power ministry Piyush Goyal has said that fifteen states have joined the debt recast scheme for power distribution companies covering 90% of the losses accumulated with the utilities. There will be some buzz in the oil and gas stocks too, as the oil and gas industry body PetroFed, whose members include state-owned ONGC and private major Reliance Industries, has asked the government to allow natural gas pricing freedom to existing fields like KG-D6.

2 Domestic Market Overview Benchmarks witness bloodbath; Nifty breaches 7,800 mark Monday s session turned out to be a awful for the Indian equity benchmarks which tumbled like a house of cards and went on to breach various key technical levels in the over two percent freefall. The frontline gauges which appeared to be on a southbound journey, desperately kept searching for a bottom through the session, but to no avail as the journey only halted with the session s close. Sentiments got undermined after the report that Indian manufacturing activity contracted in December for the first time in more than two years, hurt by softening domestic demand, adding pressure on the central bank to ease policy. Nikkei's Manufacturing Purchasing Managers' Index, compiled by Markit, fell to a 28-month low of 49.1 in December from November's Also, rupee's weakness against the dollar and a surge in crude oil prices dampened the market mood. Growing tension between Saudi Arabia and Iran allowed oil prices to soar in the first trading session of 2016, indicating the manner in which the unstable political situation in the Middle East could complicate the outlook for oil prices in The benchmark got off to a weak start as the indices breached the psychological 7,900 and 26,000 levels in the early moments of trade since investors largely remained influenced by the pessimistic sentiments prevailing in Asian markets. Thereafter, the frontline indices lost the plot and kept tumbling down the hill without any stoppage. The steep fall turned even acute after the negative opening of European markets in the noon trades, as weak Chinese economic data weighed on world stock markets. The indices barely managed to show signs of stabilizing in the session as the downward drift halted only with the session s close after suffering gargantuan losses. Global Market Overview Asian markets end in red on Monday -Asian equity markets ended in red on Monday after Chinese factory data disappointed investors and China's central bank set the reference rate for Yuan at a more than 4-1/2-year low. Reports showed that the Caixin/Markit purchasing managers' index (PMI) slipped to 48.2 in December from 48.6 the previous month, marking the 10th consecutive month of shrinking factory activity in the sector, fueling fresh concerns over the health of the world's second-largest economy. The geopolitical situation in the Middle East is also a point of concern for market watchers. Japanese shares tumbled to a 2-1/2 month low after weak China factory activity surveys and year-end losses on Wall Street discouraged investors on the first trading day of US markets closed lower on global worries The US markets closed lower on Monday, marking it the worst start to a new year in more than a decade. Investors dumped risky assets such as equities and piled into havens, bidding up prices of gold and treasuries following a rout in Chinese shares overnight as well as heightened tensions between Iran and Saudi Arabia that sparked a global equity selloff. Last summer, a severe selloff in China s stock market sparked a global market rout, which was seen as one of the reasons the US Federal Reserve kept interest rates steady at its September meeting. On the economy front, the business of American manufacturers contracted in December for the second straight month, giving heavy industry a sour end to The Institute for Supply Management s manufacturing index slipped to 48.2% last month from 48.6% in November. That s the lowest reading since the last month of the Great Recession. Readings under 50% indicate more companies are shrinking instead of expanding. The ISM index has posted sub-50% readings for two straight months for the first time during an economic recovery that began in July Manufacturers have been hurt by a strong dollar, declining exports and shriveling demand by energy producers for drilling equipment in the wake of the plunge in oil prices.

3 Index Futures (OI in '000 Shares) Future Chg Spot Chg Prem / Total Open Interest 4-Jan (%) 4-Jan (%) Disc 4-Jan Chg (%) NIFTY 7, , , CNXIT 11, , BANKNIFTY 16, , , 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 / 4-Jan % Chg. 4-Jan % Del. % Del. Del Qty (Rs.) (Rs.) Chg (%.) Chg (%.) Disc IRB 6,848 20% 1,902,760 21% 27% 1,550, % 5.0% 1.0 HINDUNILVR 3,319 6% 364,764 40% 33% 266, % 0.0% 2.3 RELINFRA 9,941 6% 1,155,272 10% 8% 285, % 1.3% 0.9 BIOCON 3,875 5% 872,840 29% 35% 45, % 2.4% 2.8 INFRATEL 2,062 5% 492,545 46% 22% 431, % 0.7% 1.5 JISLJALEQS 45,912 5% 2,769,610 16% 30% 1,995, % 4.8% 0.4 POWERGRID 15,348 4% 2,761,566 69% 80% 1,202, % 0.0% 0.7 PIDILITIND 968 4% 924,236 78% 36% 865, % 0.3% 2.5 ASIANPAINT 3,246 4% 345,314 47% 49% 189, % -0.2% 1.4 JSWSTEEL 11,835 3% 424,329 25% 25% 44, % 1.8% 7.0 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 / 4-Jan % Chg. 4-Jan % Del. % Del. Del Qty (Rs.) (Rs.) Chg (%.) Chg (%.) Disc IOB 11,676 15% 683,313 27% 35% 118, % -2.9% -0.1 HEXAWARE 3,748 13% 157,472 28% 30% 71, % -2.5% 0.7 ULTRACEMCO 1,054 12% 647,514 53% 29% 461, % -2.7% 1.5 BANKBARODA 37,321 7% 2,256,446 37% 24% 1,366, % -5.5% -0.3 HINDZINC 2,102 7% 303,746 32% 27% 97, % -2.6% 0.4 BHEL 25,846 7% 887,640 35% 20% 500, % -3.8% -0.3 TATACOMM 4,282 7% 40,353 12% 18% 2, % -1.3% 2.1 UNIONBANK 16,851 7% 653,868 27% 14% 386, % -4.4% -2.6 ITC 23,485 6% 2,595,870 64% 39% 2,196, % -0.8% 0.7 SYNDIBANK 9,375 6% 529,554 30% 25% 194, % -4.2% -0.2 Open Interest Break-up (Rs. in Cr.) 04-Jan 01-Jan Change in OI % Chg INDEX FUTURES 20,044 20, INDEX OPTIONS 95,769 95, TOTAL INDEX 115, , STOCK FUTURES 62,108 62, STOCK OPTIONS 10,585 10, TOTAL STOCKS 72,693 72, GRAND TOTAL 188, , FII's 111, , Others 77,322 86,

4 Corporate News Shiva Cement s dispatches of cement and clinker registered 15.9% growth during nine months of FY-2016 (April - December 2015). Earlier, the company s dispatches of cement and clinker from April - December 2014 were up by 34.9% comparing to the dispatches during April - December 2013 (9 months). Rishi Laser has entered into a Settlement Agreement with Assets Care & Reconstruction Enterprise (ACRE) with regard to the assignment of debt by State Bank of India (SBI) to ACRE. Mahindra Two Wheelers (MTWL), part of the $16.9 billion Mahindra Group, has reported its sales numbers for December 2015, which stood at 12,112 units. The company s domestic sales during December 2015 stood at 10,488 units. Exports for the month stood at 1,624 units. Dabur India, India s leading natural health care company, has entered into the premium baby care market with the launch of Dabur Baby -- a new brand which will have a range of baby care products prepared using natural oils, essential for safe and tender care of the youngest member of the family. The first product to be launched under the Dabur Baby umbrella brand is the Dabur Baby Massage Oil with Olive & Almond, which is completely free of paraffin and paraben making it a completely safe product. Gateway Distriparks has commenced construction of its Logistics Park at Krishnapatnam Port in Andhra Pradesh after receiving all necessary state government approvals. Targeting the trade in the Andhra Pradesh, Telengana and Karnataka region, the Logistics Park will offer comprehensive supply chain solutions through a CFS, general warehousing and reefer/cold storage services, along with transportation facilities. The Company is targeting to commence operations of the first phase of general warehousing and reefer and cold store by September 2016 and the CFS by end of December Public-sector bank, Central Bank of India has revised its deposit rates payable on foreign currency non-resident (FCNR)-B deposits with effect from January 01, These rates are revised based on the rates announced by Foreign Exchange Dealers Association of India (FEDAI) on December 31, 2015 and are valid till January 31, Corporation Bank, a public sector lender has received three awards at the National Payments Excellence Awards 2015 event. The function was organized by National Payments Corporation of India (NPCI). These awards were instituted for recognition of exceptional performance of member banks. Diversified EPC conglomerate, Punj Lloyd has received four highway EPC projects worth Rs 1555 crore in the states of Bihar, Chhattisgarh, Odisha and Punjab. The projects in Bihar, Chhattisgarh and Odisha have been awarded to the company by the National Highways Authority of India while the order in Punjab has been won from the Ministry of Road Transport and Highways (MORTH). Worth Rs 567 crore, the scope of work for the Bihar project entails four laning of 60 km of the Simaria -- Khagaria section of NH 31. The company was the developer for 140 km of the Khagaria -- Purnea section on the same highway. Cerebra Integrated Technologies is in process of setting up one of India s largest e-waste facility on a 12 acre industrial land at Narasapura near Bangalore will be ready for operations from April 2016 and targets revenue turnover of rupees 100 crore by Sterlite Technologies wholly owned subsidiary -- Sterlite Grid, the largest private operator of independent transmission systems in India, has set a new benchmark by commissioning the Transmission Project to Rajasthan Atomic Power Project (RAPP) ahead of schedule. Since the implementation of the Tariff Based Competitive Bidding (TBCB) regime, this is the first time a power transmission line has been commissioned ahead of schedule. Earlier this year, in order to promote early completion of transmission projects, the Ministry of Power issued an order allowing such projects to earn tariff from the date of actual commissioning. The RAPP Transmission Project will be the first in India to be eligible for early tariff. PNC Infratech has completed the sale of 2,44,23,700 equity shares representing 8.51% of the share capital of Jaora - Nayagaon Toll Road company (a Special Purpose Vehicle) to Viva Highways and received an aggregate consideration of Rs crore.

5 In the wake of fall in oil prices, Cheviot Company has started running its 3.14 MW Captive Power Plant installed at Budge Budge Jute Mill premises with effect from January 01, 2016 to cater power requirement of its own Jute Mill at Budge Budge instead of drawing Power from CESC supply line hitherto. In this connection, the company note that pursuant to the arrangement with CESC, the company shall draw the power from CESC supply line whenever required during exigencies. State Bank of India (SBI) is all set to buy four premium flats in Mumbai s posh Peddar Road area from the loss-making Air India for Rs 90 crore. In this regard, a legal team of Air India is preparing a draft sale agreement which will then be given to the counterparts from the SBI, the country s largest lender. Coal India s subsidiary Mahanadi Coalfields (MCL) has unveiled a mobile app for live monitoring of field operations, as a part of vigilance initiative in MCL. The new application is capable of distant monitoring of coal mining and dispatch operations through smartphones. Manali Petrochemicals has resumed operation at its Plant 1 and the production is being ramped up to the full levels. Production at Plant 2, which was being operated since the second week of December 2015 at a lower load with the available material has also been scaled up with resumption of Propylene supplies by CPCL to both the Plants. Stone India, as a part of Stone India Consortium, has received an order for design, maintenance, supply, installation and commissioning of 97 nos. Passenger Escalators valuing Rs crore from Lucknow Metro Rail Corporation. IRB Infrastructure Developers has received Rs 10,050 crore road project in Jammu and Kashmir. The project involves construction of a tunnel spanning a length of kilometers. The company will receive semi-annual annuity of Rs 981 crore after the completion of construction of the project. Bajaj Auto, the second-largest motorcycle manufacturer has registered a marginal fall of 0.08% in total sales to 2,89,003 units in December 2015 against 2,89,244 units in December The sales of the motorcycles increased by 1% and stood at 247,782 units in the month under review against 246,233 units in December However, the company has reported 4% fall in Commercial Vehicles sales, which stood at 41,221 units as compared to 43,011 units in month of December The company s total exports out of the total sales stood at 1,45,477 units, a drop of 12% as compared to 166,134 units sold in the corresponding month last year. Somany Ceramics has received an approval for issuance of Commercial Paper (CP) by the company up to Rs 25 crore. The Company Administrative Committee (CAC) of the board of directors at their meeting held on January 02, 2016 has approved for the same. TVS Motor Company has registered a rise of 4% in total sales to 2,02,086 units in December 2015 against 1,94,481 units in December The company s total exports registered sales of 32,771 units in the month of December 2015 as against 32,969 units registered in the month of December Two wheeler exports grew by 5.5% with sales increasing from 24,556 units in December 2014 to 25,906 units in December Mahindra & Mahindra (M&M) has inaugurated its all new Bio-CNG plant in Mahindra World City (MWC), Chennai. It is a joint CSR initiative between Mahindra Research Valley (MRV) and Mahindra World City Developers (MWCDL). Tulsi Extrusions has bagged cumulative order worth Rs 30 crore to Sardar Sarovar Narmada Nigam, Ahmedabad, Gujarat through Manav Vikas Trust for supply of various sizes of pipes and fittings viz. PVC, LLDPE and HDPE Sprinkler, which will be delivered in due course by the company.

6 .Economy Nikkei India PMI slips to 28-month low in December Snapping 25 month sequence of growth, manufacturing activity in India has contracted in the month of December as Chennai floods triggered significant decline in output and new orders, adding pressure on the Central Bank in order to ease policy. The seasonally adjusted Nikkei India Manufacturing Purchasing Managers Index (PMI), slipped to 49.1 in December from November's The PMI has slipped below the crucial level of 50.0 for the first time since October A figure above 50 represents expansion while a reading below this level means contraction. According to the survey, December's persistent rainfall in Chennai impacted heavily on the sector, with fall in new work leading the companies to scale back output at the sharpest pace since February Severe rainfall and flooding caused widespread destruction in late November and early December, limited the output to its lowest since the global financial crisis. On the price front, inflation rates of both input costs and output charges were at seven month highs. In the month of December, Consumer goods bucked the sub-sector trend and was the only category to see improving business conditions as production and new orders rose. However, incoming new work and output fell in both the intermediate and investment goods market groups. Govt hikes excise duty on petrol by 37 paise/ litre and diesel by Rs 2/litre The government has raised excise duty on petrol and diesel, the second increase in duties in just over two weeks, to mop up a little less than Rs 4,400 crore. The duty on petrol has been raised by 37 paise per litre, while that on diesel is up a steeper Rs 2 per litre. The increase in excise duty will fetch the government over Rs 4,300 crore on diesel and about Rs 80 crore on petrol. Hike in excise duty on petrol and diesel, three times in quick succession, will help the government garner an additional Rs 10,000 crore in the fiscal and partly make up for the shortfall in disinvestment receipts and direct tax collections. As per the notification of the Central Board of Excise and Customs (CBEC), the total levy on unbranded petrol will be Rs per litre as against Rs currently, after including additional and special excise duty. On unbranded or normal diesel, total excise duty after including special excise duty will be Rs per litre as compared to Rs currently. Basic excise duty on unbranded or normal petrol has been increased from Rs 7.36 per litre to Rs 7.73 and the same on unbranded diesel from Rs 5.83 to Rs 7.83 per litre. Retrospective tax scared investors away: Arun Jaitley Retrospective tax law which was brought by the previous United Progressive Alliance (UPA) government, Finance Minister Arun Jaitley has said that the retrospective tax law had hurt the country as it scared away the investors. Besides, he also stressed on the need for maintaining the standards of fairness in taxation. Retrospective taxation led to a sharp reaction from investors, resulting in muted foreign investment inflows. Jaitley said investors wanted stability and predictability and it is important that standards of fairness in taxation be maintained. Jaitley further said that the taxes which are realisable have to be collected, but the taxes that are not realisable, should not be collected adding that the law at times might imply that taxes are not payable and that might result in loss of revenue. In order to get the tax deals with retrospective effect, Former finance minister Pranab Mukherjee had amended the Income Tax Act in 2012.The retrospective taxation evoked sharp reaction from both domestic as well as global investors. This law was used to raise a total tax demand of Rs 20,000 crore on UK's Vodafone for its 2007 purchase of Hutchison Whampoa Indian assets. The same law was used by Income-Tax Department in January 2014 in order to raise a tax demand of Rs 10,247 crore on Edinburghbased Cairn Energy plc.

7 Govt to roll out DBT scheme for kerosene from April 1 The government will unveil direct benefit transfer (DBT) scheme for kerosene, from 1st April 2016, where the users will buy the cooking fuel at market rate but will get financial support directly in their bank accounts. The scheme will be implemented in selected 26 districts of eight states. This step has come after the success of paying subsidy to LPG users in their bank accounts. The move will help curtail subsidy outgo for kerosene, which in was about Rs 24,799 crore. Under the scheme, the cash subsidy to be paid to users will be equivalent to the difference between current PDS price of about Rs 12 and market rate of Rs 43 per litre. The scheme will be rolled out from April 1 in Raipur, Durg and Bilaspur in Chhattisgarh, Panipat and Panchkula in Haryana, Shimla, Solan and Una in Himachal Pradesh, Chhatra, Giridih, East Singbhum, Hazaribagh, Jamtara and Khunti in Jharkhand, Hoshangabad, Harda, Khandwa and Burhanpur in Madhya Pradesh, Amaravati and Latur in Maharashtra, Taran, Pathankot and Mohali in Punjab and Pali, Jhunjhunu and Kota in Rajasthan. With a view to incentivize States and Union Territories to implement DBT in kerosene, it has been decided that the states be given cash incentive of 75 percent of subsidy savings during the first two years, 50 percent in the third year and 25 percent in the fourth year. In order to avoid any inconvience to the beneficiary through the payment of un-subsidised price, subsidy shall be credited to eligible beneficiaries in advance during the initial purchase. Source: Reuters, Ace Equity & LKP Research

8 Tech View CNX Nifty Technical View NA IMPORTANT LEVELS FOR THE DAY Support BSE NSE BANKNIFTY S1 25, S2 25, Resistance R1 26, R2 26, Pivot 25,779 7,837 16,714

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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