INDIAN MARKET 31-May 30-May % Change COMMENTARY

BSE Sensex 18,503 18,232 1.49

NSE Nifty 5,560 5,473 1.59

BSE Midcap 6,911 6,788 1.81

BSE Smallcap 8,236 8,155 0.99

Nifty Junior 11,444 11,241 1.80

CNX Midcap 8,065 7,946 1.50

GLOBAL MARKETS 31-May 30-May % Change

Dow Jones Ind (USA) 12,570 12,442 1.03

Nasdaq Composite(USA) 2,835 2,798 1.33

S&P 500 (USA) 1,346 1,331 1.09

FTSE 100 (UK) 5,960 5,939 0.35

DAX (Germany) 7,294 7,160 1.87

Nikkei 225 (Tokyo) 9,694 9,505 1.99

Hang Seng (Hong Kong) 23,684 23,184 2.16

Shanghai Comp (China) 2,744 2,706 1.40

KOSPI (South Korea) 2,142 2,094 2.32

STI (Singapore) 3,160 3,140 0.64

MSCI Emerging Market 440 436 0.92

MSCI Frontier Market 546 545 0.18

BOND MARKETS 31-May 30-May Change

Volume: 1 | Issue: 389| November 1, 2010

INDIAIt was an outstanding trading session for the Indian stock market on Tuesday with the NSE Nifty endingabove the 5550 levels, while the BSE Sensex shut shop above the 18500 levels. After Monday’s lacklustresession, the benchmark indices posted healthy gains yesterday amid a worldwide rally in equities and tosome extent commodities as well. The Asian markets ended sharply higher and European stocks also surged.US stock futures also pointed to a higher opening later yesterday. The BSE Sensex ended at 18,503 adding271 points. The NSE Nifty closed at 5,560 adding 87 points. The rally was led by Realty, FMCG, Banking, Metalsand Pharma stocks. The smart gains yesterday came despite lower than expected quarterly GDP numbers.The disappointing GDP data sparked speculation that the RBI may just temper its aggressive monetarystance in the growth-inflation trade off.

The market breadth was positive. Of the total 2943 stocks traded on the BSE, 1831 stocks advanced while1001 declined.

GLOBAL MARKETSU.S. stocks advanced, trimming the biggest monthly drop since August for the Standard & Poor’s 500Index, amid speculation about additional aid for Greece. Apple Inc. (AAPL) rallied 3.1 percent after sayingChief Executive Officer Steve Jobs will introduce a cloud-computing product and new software next week.Intel Corp. (INTC) gained 1.4 percent as the world’s largest chipmaker seeks to challenge tablet makers with anew type of thinner laptop called an “ultrabook.”. The S&P 500 rose 1.1 percent to 1,346, for its fourthconsecutive day of gains. The index declined 1.4 percent in May. The Dow Jones Industrial Average added 1percent, to 12,570 yesterday. Equities advanced even as data on consumer confidence and business activitytrailed economists’ estimates.

Asian markets have opened up on soft note. Nikkei and STI are trading marginally in green and Hang Seng is

June 1, 2011

BOND MARKETS 31-May 30-May Change

10yr G-Sec Yield 8.41 8.43 (0.02) CORPORATE/ ECONOMY NEWS1yr G-Sec Yield 8.29 8.29 0.00LIBOR (6m) 0.46 0.46 0.00LIBOR (1m) 0.25 0.25 0.00Interbank Call rate 7.33 7.39 (0.06)

88.38 #DIV/0!

024681012141618

520052505300535054005450550055505600

25-May 26-May 27-May 30-May 31-May

NSE Turnover Rs Cr('000) Nifty

0.0

0.5

1.0

1.5

2.0

2.53.0

3.5

4.0

17400

17600

17800

18000

18200

18400

18600

25-May 26-May 27-May 30-May 31-May

BSE Turnover Rs Cr('000) Sensex

The GDP for Q4 FY11 stood at 7.8% as against expectations of 8.2%, At the same time, the Governmentrevised Q3 GDP to 8.3% from 8.2% earlier. The Indian economy had expanded by 9.4% in the fourthquarter of last fiscal year.

Tata Steel said that it has offloaded 51% stake in group company Tata Refractories (TRL) to Nippon Steel'sassociate Krosaki Harima Corporation (KHC) and inducted the Japanese firm as a strategic partner.The dealis valued at Rs 576.3 crore, going by the TRL's valuation at Rs 1,130 crore.

Maruti Suzuki India Ltd. is reportedly contemplating setting up a greenfield plant in Gujarat.

Polaris Software (POLS.BO), a leading global Financial Technology Company, has announced the launchof Intellect Liquidity Risk Management (LRM) solution which enables the banks and financial institutionsworldwide to comply with BASEL III.

Fertiliser maker Coromandel International said on Tuesday it would pay about Rs 284 crore to buy42.22% stake in Sabero Organics Gujarat.The company's board also approved buying up to 31% fromshareholders of Sabero Organics.

Shipping Corporation of India, India's largest shipping services firm, plans to raise $500-600 millionthrough external commercial borrowings in FY12 to fund expansion

S. Kumars Nationwide announced its Q4FY11 results where its consolidated net profit jumped 140.3% toRs. 124.67 crore on 48.9% increase in net sales to Rs. 1459.40 crore in Q4 March 2011 over Q4 March 2010.

Godrej Industries announced its Q4FY11 results where its consolidated net profit rose 42.3% to Rs.108.76 crore on 41.5% rise in net sales to Rs. 1367.15 crore in Q4 March 2011 over Q4 March 2010.

Aditya Birla Retail (ABRL), the retail arm of the $29.2 billion diversified Aditya Birla Group, said that it isconsidering to enter speciality retail segment, even as it plans to add over 160 new stores under its 'more'brand this fiscal at an investment of Rs 300 crore.

GMR Infra got environmental clearance for Chhattisgarh power project. Co said 6 highway projects arecurrently under operation.

SECTOR 31-May 30-May % Change CORPORATE NEWSREALTY 2,178 2,124 2.53%

FMCG 3,858 3,773 2.25%

BANKEX 12,543 12,282 2.13%

HC 6,393 6,276 1.87%

METAL 15,411 15,146 1.75%

POWER 2,556 2,516 1.58%

PSU 8,582 8,450 1.57%

CD 6,549 6,463 1.33%

CG 13,092 12,925 1.29%

OIL&GAS 9,594 9,481 1.20%

AUTO 8,933 8,847 0.97%

TECk 3,624 3,602 0.61%

IT 5,994 5,964 0.50%

BSE Upper Circuit Breakers

Company Name 31-May 30-May % Change

Orissa Minerals Development 53,446.1 44,538.4 20.00

Rajapalayam Mills 612.0 510.0 20.00

ARORA FIBRES 38.2 31.9 20.00

BOMBAY SWADESHI STORES 33.0 30.0 10.00 0

Volume: 1 | Issue: 389| November 1, 2010

June 1, 2011

State-run NMDC said that it is looking for a partner to set up a 400 Mw power plant inChhattisgarh to meet the requirements of its upcoming three million tonne steel plant inthe state.

Persistent Systems Ltd has announced that they have signed an agreement toacquire French Software Business from Agilent Technologies.

Life Insurance Corporation's (LIC) Eastern Division has set a target for Rs 6,700 crore innew business premium during the 2011-12 financial year.

GMR Infrastructure posted a consolidated net loss of Rs 1,007 crore for the fourthquarter ended March 31, 2011.The company had a net profit of Rs 73 crore in the sameperiod last fiscal. It may also pump in Rs 3,000 crore equity investments to part fund it'sroad and power projects in the next two years. It also reported that it has bid for two coalassets in Australia and Indonesia, aiming to secure raw material needs for its upcomingpower projects.

Micro Focus, the leading provider of enterprise application modernization, testing andmanagement solutions, has announced Redington (India) Limited, a leading provider ofIT products, logistics management and other services, as a Value-added Distributor inIndia. This alliance will help Micro Focus leverage the strong reseller base of RedingtonIndia to expand its customer reach and solutions in India.

DLF Ltd has launched integrated township, Garden City at Indore, according to areport.The report stated this project is spread over 192 acres and expects sales realisationof about Rs. 3bn from the project.BOMBAY SWADESHI STORES 33.0 30.0 10.00 0

GANDHINAGAR HOTELS 66.6 60.6 10.00

BSE Lower Circuit Breakers

Company Name 31-May 30-May % Change

Sanghvi Forging And Engineering 77.4 96.7 (20.00)

KAR MOBILES 184.9 205.4 (10.00)

ASAHI INFRASTRUCTURE & PROJECTS 9.0 10.0 (10.00)

Veljan Denison 445.0 468.4 (5.00)

Visagar Polytex 149.0 156.8 (5.00)

COMMODITY 31-May 31-May % Change COMMODITY / CURRENCY NEWS Brent Crude Oil (USD/bbl) 117 115 1.60

Gold (Rs/10gm) 22,496 22,493 0.01

Silver (Rs/kg) 57,594 57,566 0.05

CURRENCY 31-May 31-May % Change

INR / USD 45.05 45.07 (0.04)

USD / Euro 1.44 1.42 1.34

Yen / USD 81.58 80.80 0.96

Brent Crude Oil closed up at $117 per barrel. Gold closed flat Rs 22,496 and silver closedflat Rs 57,594.

The Indian Rupee closed higher by 0.04% against the dollar at Rs 45.05 as the Indianequity benchmarks ended on a positive note.

Insecticides (India) Limited, one of the fastest growing companies in agrochemicalsIndustry, posted a 20 % rise in revenues and a 14 % jump in the net profit for the FY 2010-11, over the previous year. While the company saw its net profit touching Rs. 3221 Lacsfor FY2010-11, against Rs. 2821 Lacs during the corresponding period of last year, its netsales increased by nearly 20 % to Rs. 47790 lacs in the FY 2010-11.

Ahluwalia Contracts (India) Ltd, India’s leading Engineering, Procurement andConstruction service provider in urban infrastructure sector, announced its auditedfinancial results for the financial year ended March 31st, 2011. The company has postedthe total income at Rs. 17.60bn as compared to Rs. 16.24bn in FY10. EBIDTA was at Rs.1.65bn as compared to Rs. 1.80bn in FY10.

Services and consulting firm Serco have signed an agreement to acquire Indian BPOcompany Intelenet for up to 385 million pound (Rs 2,772 crore).

Omaxe Ltd sees its infrastructure order book growing to Rs 1,800-1,900 crore in FY12 asit hopes to win a few government contracts this year.

Fashion garments maker Provogue have reported a 24.67% jump in consolidated netprofit to Rs 26.17 crore for the year ended March 31, 2011.The company had posted a netprofit of Rs 20.99 crore for the year ended March 31, 2010.

Mumbai-based Sezal Glass said that its shareholders have approved to sell its float glassbusiness to Saint Gobain Glass India for Rs 686 crore.

FUTURES PREMIUM/DISC Cash Futures P/D% ECONOMY / POLICY / GLOBAL NEWSBIOCON 348.9 354.2 1.52

NAGARFERT 31.7 32.2 1.42

GTLINFRA 32.9 33.3 1.37

NCC 86.1 87.1 1.22

ONMOBILE 110.6 111.9 1.18

MOSERBAER 41.1 41.5 1.10

BAJAJHLDNG 766.0 738.0 (3.66)

ANDHRABANK 143.7 138.6 (3.52)

PNB 1100.0 1,065.3 (3.16)

SYNDIBANK 117.2 113.9 (2.82)

BANKINDIA 447.0 435.7 (2.53)

UNIONBANK 319.5 311.5 (2.49)

INSTITUTIONAL ACTIVITY (Rs Cr) 23-May 20-May YTD

FII Cash Net (138) (75) 1,116 FII Stock Futures (120) 451 (1,718) FII Index Futures (817) 66 (5,798) Mutual Fund (89) 226 1,262

VALUATIONS P/E P/B DIV YLD

BSE 19.4 3.4 1.1

NSE 21.1 3.5 1.1BSE500 Mcap/GDP Ratio 0.59

Volume: 1 | Issue: 389| November 1, 2010

June 1, 2011

Coal Ministry has proposed to finance the purchase railway of racks to speed updispatches of coal to various sectors. Dispatches of coal to power sector in April 2011 asgrown12.8 percent over the correspondingperiod of the last year.

Indian companies have raised a total of $15.7 billion so far this year through debtsecurities, out of which mining major Vedanta Resources' $1.7 billion bond issue wasthe biggest.

4.91TOP 5 FRONTLINE GAINERS TOP 5 MIDCAP GAINERS TOP 5 SMALLCAP GAINERS

Rs % Rs % Rs %

Jaiprakash Asso 86.50 4.59 Punj Lloyd 68.2 17.50 SRS Real Infra 43.0 19.11HDFC Bank 2388.30 3.47 Sterling Intl-$ 307.6 17.09 Fulford India-$ 944.3 11.75DLF 238.55 3.27 Gujarat Pipavav 68.6 11.45 PVR 110.1 10.27ITC 193.35 3.07 JSL 107.4 9.76 Meghmani Org 12.7 9.81SBI 2297.80 2.76 Marico 149.4 8.38 Claris Lifesciences 184.0 9.39

TOP 5 FRONTLINE LOSERS TOP 5 MIDCAP LOSERS TOP 5 SMALLCAP LOSERS

Name Rs % Name Rs % Rs % Cipla 325.1 1.4 Kirloskar Oil Engines 114.6 -7.39 Ashapura Mine 20.15 -12.2- - - Motilal Oswal 109.0 -4.8 Consolid Constr 30.20 -8.76- - - Astrazeneca Phar 1238.1 -3.61 Simplex Proj 111.85 -6.83- - - Gammon Infra 16.2 -3.57 SARASWATI 789.00 -5.51- - - Patni Computer 353.9 -2.92 Ganesh Hous-$ 120.00 -5.33

SCRIPT NAME CLIENT NAME TYPE PRICE

NSE

Paramount Printpack Ltd Crosseas Capital Services Pvt. Ltd. BUY 27.1

Prithvi Information Solut Rajat Gandhi BUY 37.4

Ramco Industries Ltd Ramasubrahmaneya Rajha Ramasamy Rajha Poosapadi BUY 43.9

Neha International Ltd A3N Holdings SELL 161.5

Shalimar Paints Ltd R.M. Share Trading Pvt Ltd SELL 498.4

BSE

Asahi Infra Indravarun Trade Impex Pvt Ltd BUY 10.9

Paramount Print Crosseas Capital Services Private Limited BUY 27.6

SCOPE IND Lakshmanarao Kondaveti BUY 63.2

Tata Coffee A K G Securities And Consultancy Ltd SELL 820.3

Micro Forge Rekha Garg SELL 2.2

MOVERS & SHAKERS

Name

NameName

BULK DEALS

Name

2.29%

0.71%

0.84%

0.15%

QTY %

0.58%

0.71%

0.75%

2.01%

1.29%

2.87%