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                               Monthly Report
                                November 2011

Monthly Report November 2011        Retail Research

                               Table of Contents
       Title                                                        Slide No.
       Monthly Equity Commentary                                       03
        −   Market Statistics                                          05
        −   Bond yields, commodities and currencies                    09
        −   Comparison of Equity Returns in various emerging
           markets                                                     14
        −   Outlook Going Forward                                      18
       Technical Commentary                                            24
       Learning Technical Analysis                                     28
       Derivatives Commentary                                          30
       Learning Derivatives                                            32
       Extract of Calls during October 2011                            35
       FII & Mutual Fund Flow & Indices moves during October 2011      36
       Gainers & Losers – October 2011                                 37
       Disclosure                                                      38

Monthly Report November 2011         Retail Research

  Monthly Equity Commentary
BSE SENSITIV-Dly .30/09/11-02/11/11 I-1                                                                    TREND
                                                                                                      W 02/11/11
                                                                                                       O 17348
                                                                                        17600          H 17616
                                                                                                       L 17338
                                                                                        17400          C 17465
                                                                                        17200          V 1271618
                                                                                                       V 222086






      11                                                                     N

      After registering a fall in the month of September 2011, the Indian markets ended the month of October 2011 in
      the green. Both the benchmark indices, the BSE Sensex and the S&P CNX Nifty rose 7.60% and 7.76%
      respectively for the month of October 2011 exhibiting mixed trends during the month. Both the indices fell in
      the initial trading sessions of the month led by a fall in the banking stocks primarily due to the downgrading of
      ratings for SBI by rating agency Moody’s. Also a weak services data sparked selling by foreign funds in the initial
      part of the week. In the following week the markets surged upwards primarily led by better results and good
      outlook given by IT major Infosys Technologies, which turned the investor sentiments positive. On the other hand
      delay in the European rescue plan resulted in the weakness in the markets across the world, which pulled down
      the Indian markets as well. However, the concluding part of the month witnessed the announcement of the long
      awaited European rescue plan coupled with an announcement from the RBI that the 25 bps rate hike taken by
      the RBI could probably be the last round of hikes in the current interest rate cycle.
      The month began on a positive note with the markets ending in the green for the week ended 3rd October 2011.
      The markets remained buoyed by the European policy makers' efforts to support European nations from the
      spiraling debt crisis. Good monsoons in the country aided investor sentiments. However the gains in the week
      were capped primarily due to overhang of the Q2FY12 results and a weaker infrastructure industries output data.
      Eight core infrastructure industries registered an output growth of 3.5% for the month of August 2011, lower than
      the 4.4% growth witnessed in the corresponding period last year.

 Monthly Report November 2011                          Retail Research

Monthly Equity Commentary                                                                               contd…
  The markets remained in the red for the following week snapping off the gains of the earlier week. This was
  sparked by a downgrade of the ratings for the banking major State Bank of India by ratings agency Moody’s.
  The rating agency cut the standalone rating of State Bank of India, flagging concerns over capital and weakening
  loan quality at the country's largest lender by assets. This coupled with a weak services sector data reported for
  the month of September 2011 and the rise in the food inflation levels in the country resulted in a selling pressure
  by foreign funds. The markets closed in the red in three of four trading sessions in the week.
  The third week ending October 17th witnessed a positive reaction by the investors due to the good results
  reported by the IT bellweather Infosys Technologies. Infosys raised its full year guidance for the full year
  primarily on the back of a likely positive INR / USD movement. Other key aspects pushing the benchmark indices
  upwards were better industrial growth numbers reported for the month of August at 4.4% against 3.3% for the
  month of July 2011 and the rise in the total tax collections by 22.1% for the first six months of the fiscal
  coupled with the rise in the gross direct tax collections by 23% for the same period. Also data showing
  sustained buying by the foreign funds further improved the investor sentiments. This resulted in markets rising on
  three out of the four trading sessions in the week.
  Weakness in the global markets due to the spiraling debt crisis in the Euro region had its toll on the Indian
  markets as well in the fourth week of the month. Also India's food inflation rate rose to the highest level in
  almost six months, which further created pressure on the central bank to boost interest rates in the subsequent
  review meet in the last week. An index measuring wholesale prices of agricultural products gained 10.6% for
  the week ended 8th October from a year earlier. This resulted in the benchmark index BSE Sensex falling 1.74%
  for the week.
  Indian markets surged upwards in the last week of the month. The benchmark index BSE Sensex and the Nifty
  rose 6.07% and 6.15% respectively for the week. The much-awaited European bail out plan was announced by
  the European leaders, which instilled back the lost confidence amongst the global investors. Another positive
  development in the domestic markets is that the RBI hinted that its latest 25 basis points rate hike could
  possibly be its last in the current interest rate cycle. These resulted in the markets rising for all three trading
  sessions in the week.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                                      contd…
Given below is an overview of global markets’ performance for October 2011:
Indices                         Sep-11    Oct-11 % Change
US – Dow Jones                  10913.4   11955    9.5      The world markets ended the month of October 2011 in the
US - Nasdaq                     2415.4    2684.4   11.1     green. All the major world indices rose for the month with
UK - FTSE                       5128.5    5544.2   8.1      Japan, China, and Singapore & Jakarta being top least gainers
Japan - Nikkei                  8700.3    8988.4   3.3
                                                            rising by 3.3%, 4.6%, 6.8% & 6.8% respectively. On the other
Germany - DAX                    5502     6141.3   11.6
                                                            hand Germany, Brazil and NASDAQ raised the most by 11.6%,
Brazil - Bovespa                52324     58338    11.5
                                                            11.5% and 11.1% respectively. The much-awaited bail out plan
Singapore - Strait Times        2675.2    2855.8   6.8
                                                            for the Euro region was announced during the month, which
Hong Kong – Hang Seng           17592.4 19369.9    10.1
                                                            drove the world indices in an upward direction.
India - Sensex                  16453.8   17705    7.6
India - Nifty                   4943.3    5326.6   7.8
Indonesia - Jakarta Composite    3549     3790.9   6.8
Chinese - Shanghai composite    2359.2    2468.3   4.6

    Average daily volumes on BSE during the month of October 2011 dropped by 10.7% M-o-M. The NSE daily
    average volumes too fell by about 9.3% M-o-M. The average daily derivatives volumes on NSE fell sharply by
    12.9% to Rs. 117,538 cr in October (In September 2011: Rs. 135,017 cr). Mutual funds continue to remain net
    seller for the month of October 2011 to the tune of Rs 361.7 Cr after being net sellers to the tune of Rs 730.8 Cr
    in September 2011. FIIs were reported as net buyers to the tune of Rs. 2400.4 cr in cash markets in October 2011
    (excludes unavailable data for October 25, 2011) after being net sellers of Rs. 1415.8 cr in September 2011. FIIs
    were net buyers in 11 out of 18 trading sessions in the month.
    All the sectoral indices registered a rise for the month of October 2011. The BSE Auto, IT, Realty and Metal
    were the top four gainers for the month with each rising by 11.5%, 10.48%, 8.89% and 8.26% respectively. On
    the other hand the PSU index, Capital goods, Consumer durables and Power index were the major losers with
    each falling by 2.04%, 2.11%, 3.67% and 3.75% respectively for the month. The other sectoral indices namely,
    FMCG, Oil & Gas, Bankex and Healthcare rose in the range of 4.5% to 7.5%.

Monthly Report November 2011                                  Retail Research

Monthly Equity Commentary                                                                              contd…
  The BSE IT index was amongst the top gainers for the month of October 2011. The index registered a rise of
  10.48%. The index rose for most weeks of the month. In the initial weeks the IT stocks gained on the back of
  good financial performance reported by the global IT giant Accenture PLC, which is interpreted to reflect the
  performance of the industry. In addition to this a news suggested that Infosys bagged orders worth Rs 700-750
  Cr towards a financial service systems projects fro the Department of Post, which drove the IT stocks upwards.
  The IT stock prices continued to remain buoyant till the middle of the month primarily on the back of better
  results and optimistic guidance posted by the IT major Infosys. Infosys registered better operational performance
  primary due to increasing outsourcing orders and a weaker outlook for rupee further helped to enhance its
  guidance for the current financial year. In the following week, TCS announced its Q2FY12 results, which were
  below market estimates and thus disappointed the investors. This pulled the IT index down by 3.04% for the week
  ending 22nd October 2011. However the IT stocks bounced back in the last week on the back of a report from
  global ratings company S&P, which mentioned that top Indian Information Technology (IT) companies would be
  able to maintain their investment-grade ratings despite the global economic environment weakens. As per the
  report the Indian companies score over their global counterparts on the cost-competitiveness, strong margins
  and proven global delivery models.
  The Realty index was one of the major gainers amongst the BSE sectoral indices for the month of October 2011.
  The index gained 8.89% for the month. The index displayed mixed trends during the month. In the initial weeks
  the realty stocks were hammered due to the expectations that the RBI could raise its prime lending rates in its
  policy review meeting on 25th October, which could dent the demand for real estate in general. However
  subsequently the realty index bounced back in the week ending 17th October 2011 primarily on the expectations
  that the RBI could defer its rate hike in the meeting due to the slowing economic growth in the country. In the
  second half of the month an announcement from the stock market regulator SEBI mentioned that it would
  investigate an allegation made against DLF’s subsidiary, which was not disclosed in its prospectus. The news
  dragged the realty index down for the week. Later the RBI announcement that the 25 bps hike in repo rates
  could be the last one in the current cycle improved sentiments for realty stocks and they rose.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                              contd…
  The Metal sector outperformed during the month of October 2011. The index ended the month registering a rise
  of 8.26%. The index exhibited mixed movements during the month. In the initial part of the month the metals
  and mining stocks were hit as the union cabinet ministry cleared the mining bill. According to the mining bill
  the companies will now have to share a maximum of 26% of their profits with local communities, once the bill is
  cleared in the parliament. This could directly the hit the bottom line of the metals and mining companies and
  hence dragged the metal index down. However towards the end of the month the metal stocks bounced back
  primarily after an announcements of a bailout package by the European leaders for the region’s debt crisis. The
  general sentiment in the markets turned positive after the announcement of a bailout package because the
  expectations that the large development projects could commence across the world, once the credit crisis in the
  European region are addressed.
  The BSE Capital goods index rose the least amongst all the sectoral indices. The index rose 2.11% for October
  2011 exhibiting mixed trends during the month. Macroeconomic concerns resulting in a slower spending on
  infrastructure and incremental capacity creation, overweighed on the performance of the capital goods industry
  in the beginning of the month. The sector witnessed heavy selling pressure since the announcement of a weaker
  IIP data in the earlier weeks. Subsequently in the later part of the month the Q2FY12 results adversely impacted
  the stock prices. The capital goods major L&T declared disappointing results for the quarter and also trimmed its
  order book growth guidance to 5% for the current financial year. The reasons sited by the company for a slower
  growth in the order inflow are slower infrastructure spending and project lagging. During the month the IIP
  numbers came in for the month of August 2011 at 4.1% due to the poor performance by the capital goods sector.
  The IIP number for the corresponding month of the last year was at 4.5%. Therefore the overhang of a slowing
  economic growth coupled with a grim outlook for the current financial year weighed on the performance of the
  capital goods sector.
  The Consumer durables index registered a rise of 3.67% for October 2011. The index registered a drop in the
  three out of five trading weeks in the month. Initially, expectations that the high cost of gold could adversely
  impact the performance of leading consumer durable players like Titan Industries, Rajesh Exports and Gitanjali
  Gems dragged the consumer durables index down as the performance of these companies could be hit due to
  high input cost. However during the middle of the week, an announcement from Rajesh Exports regarding a
  receipt of Rs 600 Cr order from a Dubai based company, positively impacted Rajesh Export’s stock price as well
  as the consumer durable index. During the month the IIP growth slowed down to 4.1% for the month of August
  2011 as against 4.5% growth in August 2010. This further weighed on the performance of the consumer durable
  stocks and thus the index. However, over coming the above aspects news suggesting a good rainfall translating in
  to a higher rural income, which could enable increased spending on consumer durables, boosted the index
  performance for the month.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                                                                       contd…
    The BSE Power index registered a rise of 3.75% for October 2011. The index exhibited mixed trends during the
    month, while it was down for a major part in the first half of the month. Power stocks confronted shortage of
    coal dispatches, which resulted in the power plants functioning at lower PLFs. The power major NTPC had to
    slash output at two of its power plants in Bihar and West Bengal due to coal shortage. The shortage in coal supply
    was partly due to a failure at Coal India Ltd’s Lalamatia mine crushers and partly due to the cut down in coal
    supplies to the West Bengal power plant by Coal India. During the month positive development like the
    commissioning of the last leg of the 1200 MW power plant at Raigad by JSW energy had a miniscule and a short
    lived positive impact on the index. Further the Q2FY12 results reported by leading companies including Crompton
    Greaves, weighed on the performance of the index, thus restricting further gains.
    Top gainers amongst the F&O stocks included Tata Motors (up 27.2%), Moser Bear (up 24.5%), Reliance Power
    (up 24.4%), Reliance Infrastructure (up 24.4%) and Aban (up 22.2%). Even Kingfisher Airlines, Praj Industries,
    Escorts Ltd and IDFC too rose in the range of 19-22%. Major losers from the F&O space included Jain Irrigation
    (down 18.4%), Evererst Kanto Cylinders (down 12.8%), NCC (down 11.8%) and Dhanlakshmi Bank (down 11.2%).
    Shipping Corporation, Voltas, GVK Projects, Financial Technologies, Adani Enterprises and Hindustan Petroleum
    were some of the other underperformers, which fell in the range of 9-11%.
Fund Activity:
                                                                                        In the equity space, the FIIs were reported as net buyers of Rs.
 FII Activity (Rs. in Cr)   Net Buy / Sell Net Buy / Sell Open Interest Open Interest   2400 cr in October 2011 (In September, they were net sellers of
                                                                                        Rs. 1416 cr). In the F&O space, the FIIs were net buyers in the
                               11-Oct       11-Sep         11-Oct         11-Sep
                                                                                        Index Futures segment. This was coupled with an increase in the
 Equities (Cash)                2400         -1416                                      open interest position indicating creation of fresh longs by them.
 Index Futures                  4647         -4547          15894          13035        In the Index Options segment, the FIIs continued to remain net
 Index Options                 11528          9586          37037          36613        buyers, which was along with an increase in the open interest. In
 Stock Futures                 -2230          3527          28360          26012        the Stock Futures segment, the FIIs were net sellers, while the
 Stock Options                  176            24          494.19           612
                                                                                        open interest increased over September. The Stock Options
                                                                                        segment witnessed very low participation during the month with
                                                                                        FIIs being net buyers to the tune of Rs. 176 cr in the segment (FIIs
                                                                                        were net buyers to the tune of Rs. 24 cr in September 2011).

Monthly Report November 2011                                                              Retail Research

Monthly Equity Commentary                                                                                                                                                                                                                                                            contd…
Bond Yields:
  Indian G-Sec bond yields ended higher by 44 bps at 8.88% at the end of October 2011. Yields on government
  bonds surged, as traders stayed away in the wake of the higher-than-budgeted borrowing plan announced for the
  second half of the year. The ten-year benchmark government bond yield closed at a three-year high level of
  8.88% on October 31. The Reserve Bank of India (RBI) indicating that there would be no further hikes at its
  December 16 review meeting but raised its key-lending rate by another quarter percentage point as it
  continues its fight against stubborn inflation while equally being concerned about slowdown in the Indian
  economy. The yield on the most-traded benchmark bond rose the most in three weeks to close at the highest
  since August 26, 2008.
                                                                    10 Year Government Bond Yield - Trend
  10.00                                            In October 2011, the Reuters/Jefferies CRB Index of 19
                                                   raw materials ended higher by 7.27% to 319.84. This was
   8.00                                            on account of a rise witnessed in commodities like Orange
                                                   Juice (up by 22.6%), Crude Oil (up by 17.7%), Corn (Up by

                                                   12.8%), Silver (up by 12.6%), Copper (up by 10.7%), Heating
                                                   Oil (up by 9.6%), Wheat (up by 6.9%), and Gold (up by 6.2%).
                                                   Bullish hedge funds and speculators returned en masse to
















                                                   commodity markets putting on about $5 billion worth of
                                                   long positions, a major change after their massive exodus in
                                                   September. The positive flow came during the second half
                                                   of the month when prices were relatively flat. The index
                                                   fell to its lowest in a year in September.
 Behaviour of Metal prices (LME 3 month buyer prices) during the month of October 2011
   Metals                          31-Oc t-11 30-Sep-11                                                                        % Chg
  Aluminium                                            2208                                            2242                    -1.52%                                          The metals ended in a mixed bag in the month of October. The gainers were
  Copper                                               7920                                            7155 10.69%                                                             Copper, Nickel, Tin and Zinc with each gaining 10.69%, 5.11%, 4.80% and
  Zinc                                                 1932                                            1925                    0.36%
                                                                                                                                                                               0.36% respectively for the month. The losers were Aluminium, and Lead, losing
  Nickel                                           19225                                       18290                           5.11%
  Tin                                              21850                                       20850                           4.80%
                                                                                                                                                                               1.52% each. Base metals on the LME closed mixed within relatively narrow
  Lead                                                 2005                                            2036                    -1.52%                                          ranges as thin LME week conditions kept many investors on sidelines.

Monthly Report November 2011                                                                                                                                                                                                                                       Retail Research

Monthly Equity Commentary                                                                                contd…
  LME Copper prices rose 10.7% in October. Copper climbed after London Metal Exchange stockpiles decreased
  to their lowest level in six months and a report showed that inflation slowed in China. The decline was led by
  Asian warehouses, signaling rising regional demand. The price was also supported by a drop in the dollar and
  signs of restocking in China, but growing concerns about the debt crisis in Europe and its implications on
  economic growth kept caution alive. Copper prices were also supported by a declaration of force majeure on
  some concentrate sales from Freeport's strike-hit Grasberg mine in Indonesia -- the world's second-largest
  copper Mine and after euro zone leaders agreed to boost the region's rescue fund and on optimism that top
  consumer China may move towards a looser monetary policy.
  LME Nickel rose 5.1% in October. The euro zone leaders reached a deal in solving the European debt crisis,
  boosting market confidence and sending LME nickel prices higher as speculators enlarged their positions,
  supported by firming trend at the London Metal Exchange and a rise in demand from alloy makers.
  LME Tin prices rose last month by 4.8%. Tin rose to a two-week high on Thursday, tracking gains across the base
  metals complex on hopes European policymakers would step-in to support its financial sector.
  Gold rose last month by 6.2%. During the month gold prices exhibited a mixed trend. Gold rose as stock
  markets appeared to have found their footing, but traders said the metal's correlation with volatile equities
  could trigger more selling. Gold prices were headed higher after the European Central Bank announced steps
  to recapitalise banks, easing concerns about the region's economy and as investors turned to precious metal
  after Greece said it will miss its deficit targets this year. The prices also rose on news of more quantitative
  easing (QE) by central banks in Europe followed by the US data showing the jobs market was more robust than
  initially thought in both September and August, allaying some concern about the health of the world's largest
  economy and boosting industrial metals such as platinum and palladium. Gold rose on October 27,2011 as
  optimism about European plans to contain the region's debt crisis and a dollar drop lifted bullion with riskier
  assets in a broad rally. Optimism about a plan to tackle Europe's debilitating crisis prompted gold, traditionally a
  safe haven, to move in sync with equities and commodities. The rise in the price was boosted by gains in equities
  and commodities as the dollar dropped after a euro zone agreement to boost the region's bailout fund and slash
  Greece's debt. Even as many investors returned to riskier assets, gold also benefited from some safe-haven flows
  by investors who remained wary about the euro zone agreement until more details emerge and after the EU
  leaders struck an agreement under which banks would accept 50 percent losses on their Greek debt holdings in a
  bid to cut Athens' debt to sustainable levels

Monthly Report November 2011                        Retail Research

Monthly Equity Commentary                                                                               contd…
  Crude oil rose 12.4% in October 2011. During the month crude oil prices exhibited a mixed trend. Oil capped
  the largest quarterly drop since the 2008 financial crisis by tumbling to a one-year low as signs of slowing
  growth in China, the U.S. and Germany heightened concern that fuel demand will weaken. Traders speculated
  that a slowing U.S. economy and Europe’s debt crisis would curb fuel demand. The Organization of Petroleum
  Exporting Countries’ oil output in September rose to the highest level since November 2008, with a Saudi cut was
  offset by Iraqi and Libyan gains. Production increased 75,000 barrels to average 30.055 million barrels a day,
  according to the survey of oil companies, producers and analysts. Crude prices rose after the Bank of England
  and European Central Bank took steps to boost liquidity and stimulate growth; boosting optimism that Europe is
  taking needed measures to deal with its debt crisis. Crude Oil rose to the highest level in almost three months as
  data showed the U.S. economy grew at the fastest pace in a year and as European leaders reached a deal to
  contain the region’s debt crisis and also rose due to low oil inventories in the United States. Crude-oil futures
  rose sharply reflecting a fresh burst of risk appetite as progress was made at European leaders' summit, also
  buoying Asian equities and the euro. The gap between the U.S. benchmark price and Brent, the standard for
  more than half the world’s crude, will continue to narrow. Brent dropped as the death of Colonel Muammar
  Qaddafi on Oct. 20 signalled the return to the market of Libyan oil, a competing product. WTI has risen as
  stockpiles at Cushing have fallen 25 percent from a record in April, clearing a glut at the hub for New York
  Mercantile Exchange futures. Demand for U.S. oil also pushed the price of the contract nearest expiration above
  futures expiring later, ending the so-called contango for the first time since Nov. 20, 2008. The contract’s
  premium over the Nymex WTI future reached a record $27.88 on Oct. 14. It narrowed to $16.85 on Oct 31.
  The Baltic Dry Index (BDI), a measure of shipping costs for commodities, rose by 3.5% last month. The Baltic Dry
  Index is more influenced by the movement of goods from / to China and primarily that of iron ore. The index,
  which tracks rates to ship dry commodities, rose to this year’s high as rents for panamax vessels that haul
  minerals and grains climbed the most in a week since May. The index jumped 50 percent in two months through
  September as hire costs surged for capsize vessels, haulers of iron ore and coal and the biggest ships in the
  gauge. The gain was the biggest since May 25 that helped to lift the Baltic Dry Index. Brokers said growing vessel
  supply, which was outpacing commodity demand, was set to cap dry bulk freight rate gains in the coming
  months with economic uncertainty adding to headwinds. The recent dry freight market rally had been driven by
  firmer coal and iron exports from Australia and Brazil to China, which boosted the larger capsize market.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                                       contd…
  All the currencies appreciated against the US Dollar in October 2011 except Argentine peso. The top gainers
  were Brazilian real, Korean Won, Singapore dollar, Euro and Malaysian ringgit which rose by 7.5%, 6.2%, 4.1%,
  3.9% and 3.8% while Argentine peso depreciated vs the US Dollar by 0.6%.
  Given here is a table that shows the depreciation (-)/appreciation (+) of the dollar against various
  currencies for the month of October 2011:
 USD to :              30-Sep-11 31-Oc t-11   % Chg
 Pakistani r upee          88.12      87.2    -1.00%   Korean won appreciated by 6.2% last month to a five-week high
 Hong Kong dollar           7.79      7.77    -0.40%   against the U.S. dollar buoyed by news that Europe's leaders have
 Chinese yuan                6.4      6.38    -0.40%
                                                       agreed on a plan to boost the European Financial Stability Facility
 I ndian r upee            49.74     49.46    -0.60%
 Taiwan dollar             30.54     30.15    -1.30%
                                                       bailout fund to more than EUR 1 trillion, while comments on the
 Singapor e dollar           1.3      1.24    -4.10%   same day from Federal Reserve Bank of New York President William
 Ar gentine peso            4.22      4.24    0.60%    Dudley that the Fed could launch another round of quantitative easing
 Eur o
 Thai baht
                                                       added to weight on the dollar. South Korea’s won touched a one-
 Malaysian r inggit         3.19      3.07    -3.80%   month high, its biggest monthly advance since April 2009, after the
 I ndonesian r upiah     8936.55   8818.34    -1.30%   nation agreed to increase a currency-swap accord with Japan to $70
 Japanese yen
 Br az ilian r eal
                                                       billion, helping to counter concern Europe’s debt crisis will worsen.
 Kor ean won             1177.72   1104.85    -6.20%

    Brazilian real rose by 7.5% against the dollar in October 2011. Brazil’s real posted the biggest increase in three
    years after the central bank sold dollars in the futures market, extending gains sparked by Europe’s pact to
    contain the region’s debt crisis. Policy makers were seeking to roll over contracts previously placed in the
    market to avoid a weakening of the real. The real gained after European leaders persuaded bondholders to
    accept 50 percent write-downs on Greek debt and boosted the rescue fund’s capacity to 1 trillion euros ($1.4
    trillion) in a crisis-fighting package intended to shield the euro area. The Brazilian real strengthened against the
    U.S. dollar also on optimism the United States may escape a recession after jobs gains in September topped
    expectations. The real has gained 7.5 % this month, beating all the other 24 major currencies in emerging
    markets. The real has recouped some of its 15.4 percent losses in September when the deepening debt crisis in
    the euro zone prompted investors to reduce holdings of emerging market assets. The real is also benefiting from
    the rise in commodities that is still reflecting the activity data from China.

Monthly Report November 2011                                Retail Research

Monthly Equity Commentary                                                                               contd…
  Singapore Dollar rose by 4.1% (the largest monthly gain since December 2008) vs. the U.S. dollar last month
  after better-than-expected third-quarter GDP numbers from Singapore, while the central bank’s policy easing
  was broadly as the market expected and as investors took profits from this month's rally in emerging Asian
  currencies, refraining from buying as speculation grew on possible intervention by some regional central
  banks. The Monetary Authority of Singapore (MAS) was suspected of buying the US dollar when the city-state's
  currency strengthened versus the greenback.
  Euro appreciated by 3.9% vs the dollar last month. The euro rallied against the dollar after data showed U.S.
  employment grew more than expected in September, sparking optimism about the U.S. economic recovery.
  With better-than expected job creation last month and data for the prior months revised higher; risk tolerance
  immediately rose, prompting high for the euro against the dollar. The euro has been rising against the dollar
  since fears of a default by Greece pushed it to a nine-month low. The rise was also supported after the
  European Central Bank kept interest rates unchanged despite a growing economic crisis. The euro advanced
  against the dollar in the longest stretch of gains since June after European leaders agreed to a recapitalization
  of banks and voluntary losses for holders of Greek debt. The deal signals progress toward solving the two-year
  crisis before it can spread to larger economies such as Spain and Italy. The rally was also supported by reports
  that the European bailout fund aimed at containing the region's debt crisis will be boosted to as much as 1
  trillion euros. The dollar was headed for a drop against all of its major counterparts in October as speculation
  the Federal Reserve may embark on a third round of asset purchases spurred risk appetite before the U.S.
  central bank meets early November.
  Not only the intervention threat in favour of Indian rupee from its central bank is helping the currency to
  appreciate against the USD lately, but also words from rating agency Crisil, a unit of Standard & Poor's, which is
  expecting the rupee to strengthen in the coming months. The USD/INR fell 0.6% last month. India’s rupee
  advanced as improved economic data from the U.S. eased concern the global recovery is faltering. Continued
  dollar demand from importers too initially weighed on the rupee value. Fresh dollar selling by exporters amid
  sustained weakness in the US currency overseas and increased capital inflows boosted the rupee sentiment. INR
  posted its biggest rise in 10 months on October 21,2011, boosted by hopes for foreign fund investments in
  domestic shares and supported by a firmer euro. India’s rupee strengthened the most in two weeks on
  speculation the central bank will raise interest rates for a seventh time this year, boosting the yield advantage
  on local assets. It rose to its strongest level in nearly two weeks as appetite for riskier assets improved after
  European leaders thrashed out a plan to contain the region's debt crisis, propelling the euro and global equities
  higher following sustained dollar selling by exporters and sharp rise in local equities. Dollar weakness overseas
  and fresh capital inflows too boosted the rupee outlook.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                                                           contd…
 Comparison of Equity Returns in various markets - MSCI Indices in US$ terms

                                     Monthly 3 Month       Y TD    1 Y ear                                   Monthly   3 Month      Y TD    1 Y ear
MSCI Index                    Last Returns Returns      Returns   Returns MSCI Index                  Last Returns     Returns   Returns   Returns
Emerging Mark ets                                                            Developed Mark ets
BRI C                       298.3      15.8%   -13.1%    -16.3%    -15.7% EUROPE                   1,341.1     12.0%    -10.6%     -7.9%     -8.1%
EM (EMERGI NG MARKETS)      995.6      13.1%   -12.5%    -13.5%    -10.0% G7 I NDEX                1,052.7      9.9%     -6.2%     -4.0%      1.1%
EM ASI A                    411.2      12.0%   -12.8%    -12.2%     -8.5% THE WORLD I NDEX         1,217.3     10.3%     -6.8%     -4.9%     -0.4%
EM EUROPE                   450.4      14.4%   -19.7%    -14.9%    -11.9%
EM EUROPE & MI DDLE EAST    382.9      14.4%   -19.7%    -14.9%    -11.9% NORWAY                   2,779.2     17.5%     -7.4%     -6.3%      0.8%
EM LATI N AMERI CA         3,912.4     17.1%    -9.2%    -15.2%    -13.4% AUSTRALI A                827.6      17.0%     -6.0%     -6.4%     -0.9%
                                                                             GERMANY               1,527.5     16.1%    -16.6%    -10.7%     -9.3%
CHINA                        56.3      15.1%   -13.7%    -15.1%    -17.7% SWEDEN                   6,032.7     15.9%    -10.7%    -12.4%     -6.4%
INDI A                      439.4       8.5%   -11.3%    -21.5%    -21.1% FI NLAND                  377.7      14.2%     -6.1%    -23.3%    -22.0%
INDONESI A                  889.8       8.3%   -10.2%      6.9%      2.9% I TALY                    265.7      13.5%    -14.5%    -15.9%    -23.1%
KOREA                       388.1      15.1%   -13.3%     -5.3%      5.2% I SRAEL                   214.9      13.1%    -14.6%    -23.8%    -20.3%
MALAYSIA                    445.9      12.4%    -7.3%     -1.6%      0.2% NETHERLANDS              1,818.5     13.0%     -8.1%     -9.0%     -9.0%
PHI LI PPI NES              349.4      10.0%    -4.8%     -0.3%     -5.7% FRANCE                   1,328.7     12.9%    -14.2%    -10.9%    -14.1%
TAI WAN                     257.1       6.8%   -13.8%    -17.7%     -6.0% I RELAND                  109.1      12.7%     -4.2%      2.7%      7.1%
THAILAND                    324.3      12.4%   -14.9%     -4.7%     -1.0% JAPAN                    2,173.7     -0.3%    -10.7%    -12.9%     -4.4%
BRAZIL                     3,119.4     18.8%   -10.2%    -17.1%    -15.9% GREECE                    108.0      -4.2%    -44.9%    -51.9%    -60.2%
CHILE                      2,488.1     18.2%    -8.1%    -14.5%    -11.0%
COLOMBIA                   1,081.7      6.3%    -4.5%     -2.8%    -13.4% Frontier Mark ets
MEXI CO                    5,846.2     13.8%    -8.1%     -9.7%     -2.9% FM (FRONTI ER MARKETS)    487.9       2.1%     -8.0%    -18.7%    -15.7%
PERU                       1,428.1     15.3%    0.8%     -21.4%    -21.4%
CZECH REPUBLI C             487.7       6.9%   -16.1%     -3.3%     -6.8% KAZAKHSTAN                507.6      11.5%    -12.5%    -21.1%    -11.0%
HUNGARY                     500.3      12.8%   -32.3%    -24.6%    -34.9% ROMANI A                  364.0      11.3%    -20.5%     -5.5%     -9.7%
POLAND                      827.3      13.5%   -22.9%    -18.6%    -18.8% SLOVENI A                 330.1       9.2%    -12.0%    -11.2%    -16.9%
RUSSI A                     827.4      19.1%   -19.5%    -11.2%     -1.5% ESTONI A                  591.3       8.9%    -18.6%    -18.7%    -15.0%
TURKEY                      457.6      -2.4%   -13.9%    -26.8%    -36.1% NIGERI A                  325.9       7.4%    -13.6%    -17.1%    -13.6%
EGYPT                       546.2       8.5%    -8.2%    -36.5%    -32.9% LI THUANI A               796.0       5.8%     -6.5%    -16.4%    -14.9%
MOROCCO                     421.9       1.4%    -4.2%     -8.5%     -8.2% BANGLADESH                826.1     -11.4%    -20.3%    -40.5%    -39.8%
SOUTH AFRI CA               516.7       8.4%   -10.1%    -15.5%     -6.2% GHANA                     855.1     -12.1%    -23.2%     -3.7%     -6.5%

Monthly Report November 2011                                       Retail Research

Monthly Equity Commentary                                                                              contd…
Comparison of Equity Returns in various markets - MSCI Indices in US$ terms
  Most of the equity markets across the globe ended the month of Oct 2011 on a positive note. Emerging Markets
  were the best performers amongst the global equity markets with Latin America & BRIC being the top two
  gainers, while Frontier markets gained the least. Developed markets did well during the month.
  While the Developed markets rose in the range of 9.9% to 12% (with Europe rising the most), some constituents
  amongst them rose much more than that. Norway, Australia, Germany & Sweden were the top four gainers,
  which rose 17.5%, 17%, 16.1% & 15.9% respectively. Even other developed markets like Finland, Italy, Israel,
  Netherlands, France & Ireland outperformed, rising in the range of 12-14%. However, further index losses were
  restricted due to underperformance by some of the developed markets like Japan & Greece.
  Most of the European stocks, including Germany rose sharply during the month of October on hopes of a
  settlement between Europe's leaders for a comprehensive plan to tackle the region's debt threat. Investors
  speculated the leaders of the euro area would deliver a plan to shore up banks’ balance sheets & protect other
  economies from a possible Greek default. The German markets also rose on statement from IFO President that
  despite the international turmoil, the Germany is still performing. Germany's IFO Institute for Economic
  Research reported during the month that its index of German business sentiment fell lower than expected.
  Norway rose sharply during the month on the back of positive economic outlook. The financial market of
  Norway has been experiencing growth for last couple of years and hence a number of foreign banking
  companies are now venturing into the country. Further, Norway’s Statoil said during the month that part of
  a newly discovered field in the North Sea was twice as big as thought, bringing the overall dimensions to as
  much as 3.3 bn barrels and confirming new life in a mature oil province. Statoil expects the first oil from the
  field to come in 2017 and that it will produce for at least 30 years. By 2020 it will be a large contributor to the
  overall production on the Norwegian continental shelf. Norway is the eight largest exporter of oil.
  The Australian market ended the month on a firm note with broad-based gains against a positive
  international backdrop of growth.
  French President in his statement during the month said that the growth could slow down to 1% and also
  announced additional budget cuts amounting to 8 bn euros ($11 billion) to protect France’s AAA credit
  rating. Economic data from both France & Italy showed that Industrial production grew for the month of August.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                             contd…
  Greece markets fell during the month on the back of ongoing debt crisis, which has raised fears of the
  economy defaulting. The markets fell sharply initially but recovered towards the end of the month, as after
  marathon talks in Brussels, the European leaders agreed to a mechanism to boost the eurozone's main bailout
  fund to about 1tn euros (£880bn; $1.4tn). However, the relief was short lived after Greek Prime Minister,
  Mr. George Papandreou announced his plans for a referendum on the EU agreements to save Greece’s
  economy. The Greeks have already registered their dislike for the package and have vented their frustration on
  the austerity measures.
  In Japan the national average unemployment rate fell further to 4.1% in September from 4.3% in August as
  the number of employed increased from the previous month. Another report from the Ministry of Economy,
  Trade and Industry mentioned that Japan's industrial output fell a seasonally adjusted 4% in September from
  the previous month. The ministry has also forecasted a 2.3% & 1.8% rise in October & November respectively.
  Frontier markets gained 2.1% during the month. Kazakhstan & Romania outperformed, gaining 11.5% & 11.3%
  respectively. Even Slovenia, Estonia & Nigeria & Lithuania performed well, rising 9.2%, 8.9%, 7.4% & 5.8%
  respectively. However, the index gains were marginal during the month on the back of poor performance from
  markets like Bangladesh and Ghana, which fell by 11.4% & 12.1% respectively.
  Kazakhstan outperformed during the month, as the retail trade rose by 12.8% Y-o-Y to KZT2.6 trillion ($17.4
  bn) over Jan-Sept 2011. Further, Fitch, the international credit rating agency, affirmed the rating of
  Kazakhstan’s state-owned pipeline operator KazTransOil at 'BBB-' with stable outlook.
  The Bangladesh market fell sharply in Oct, triggering a street protest of a group of retail investors in front of
  the premier bourse that stopped vehicle movement for hours in the business hub. The plunge was due to a sales
  pressure amid a lack of confidence among investors. The aggrieved investors, under the banner of Bangladesh
  Capital Market Investors Unity Council, announced a set of protest programmes including human chain, rally, sit-
  in programme and hunger strike during their street protest. The investors were frustrated seeing no effective
  outcome from regulator's meeting with stakeholders to solve the liquidity crisis.
  The Emerging Markets rose 13.1% during the month. Amongst the emerging markets, Latin America was the top
  performer, which rose 17.1% on the back of strong gains reported by Brazil, Chile, Peru and Mexico (up
  18.8%, 18.2%, 15.3% & 13.8% respectively). However, Colombia rose in single digits by 6.3%.
  Brazilian market outperformed in October, rising to its highest level in five weeks towards the end of the
  month, as steelmaker Cia. Siderurgica Nacional SA followed commodities prices higher on optimism that
  growth in China will boost demand, while speculation that Brazilian policy makers will reduce interest rates
  lifted companies that depend on domestic demand.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                             contd…
  Chile ended the month on a strong note, as the economy’s industrial production rose a faster-than-forecast
  5.2% in September 2011 from the year earlier.
  Peru did well after its government announced on Oct 19, 2011 that it would expand economic stimulus
  measures aimed at countering a global slowdown. As per the Finance Ministry, the measures, which include
  increased spending on infrastructure over the next six months, will be equivalent to 1% of GDP.
  BRIC index was the second in the list of top gainers in Emerging Markets. Russia & Brazil were the top two
  gainers, which rose 19.1% & 18.8% respectively. Even China did well, rising by 15.1%. However, India reported
  relatively lower gains in single digits, which stood at 8.5%.
  Russia outperformed during the month as Russian retail sales jumped the most since October 2008 in
  September 2011 as unemployment fell to a more than three-year low, showing consumer demand may help
  revive the stalling economy. Sales rose 9.2% from a year earlier after a 7.8% gain in August as per a report from
  the Federal Statistics Service in Moscow. Real wages advanced 6.2%, the fastest this year.
  China did well during the month after investors seized on comments from Premier Wen Jiabao that the
  Chinese government would fine-tune its economic policies as needed, raising hopes of a relaxation of tight
  credit. Wen's comments were intepreted to mean the central bank may halt interest-rate increases using
  selective and measured easing.
  Europe and Europe & Middle East also ended the month on robust note, up 14.4% each. Russia was the top
  performer, up 19.1%; even Poland & Hungary did well, rising 13.5% & 12.8% respectively. Czech Republic
  increased in single digits by 6.9%. However, Turkey underperformed, falling by 2.4% during the month.
  Poland & Hungary performed well during the month on hopes of a settlement between Europe's leaders for a
  comprehensive plan to tackle the region's debt threat. Investors speculated the leaders of the euro area would
  deliver a plan to shore up banks’ balance sheets and protect other economies fro a possible Greek default.
  EM Asia, though ended higher by 12% during the month, it gained the least amongst the emerging markets.
  China & Korea were the top two performers, which ended higher by 15.1% each. Even Malaysia, Thailand &
  Philippines performed well, rising 12.4%, 12.4% & 10% respectively. However, India, Indonesia & Taiwan
  reported single digit gains of 8.5%, 8.3% & 6.8% respectively.
  South Korea’s industrial production rose in September 2011 after two straight declines as exports of cars
  and semiconductors withstood the global slowdown. Output gained 1.1% in September from August, when it
  decreased 1.9%.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                              contd…
Outlook going forward
 Global Market Outlook
 Spiraling Eurozone worries – is the worst over ?
   One of the key concerns in the recent times has been the ongoing debt crisis in the Euro zone, with Greece
   being at the epicenter of the crisis. Euro zone debt crisis continues to have an overhang on the global economic
   scenario despite several attempts to ease out the concerns in the area. Finally, in order to arrest further
   downside, the Euro zone members announced their latest crisis-fighting package on the 28th October 2011. The
   bailout package primarily coaxed the Greek bondholders to take a 50% write down on their respective holdings.
   Also the rescue fund’s capacity was increased to 1 trillion euros. In addition to this the bail out package also
   included recapitalization of the European banks, the onus of which lies on the International Monetary Fund, that
   could play a key role in the process. Also the other associated nations in the Euro zone like Italy have been
   asked to take measures to curtail its existing debt, while the European Central Bank could continue to maintain
   its bond purchase from the secondary markets.
   The European bank recapitalization strategy is also becoming a challenge due to the economic downturn in the
   region. Recently, there was also a dispute amongst the Eurozone members over how much banks need to be
   recapitalized and as to how much aid should be provided to Greece. If the economy plunges back to recession
   the final recapitalization amount could be much higher than the estimates.
 What happened post the announcement of the bail out package:
   In order to avail the bail out package Greece was asked to comply with certain conditions like implementing
   wage cuts, pension cuts coupled with a higher tax rates. The higher tax payments could enhance the
   government’s kitty while the others could prevent excess drain out from the government’s kitty, which is
   currently in a bad shape. The above resulted in an unstable political environment in the country, which in turn
   resulted in the George Papendreou led government losing confidence. The new government, post elections (if
   required) could continue to confront the existing problems and then if required could resort to the referendum
   option if it thinks fit.
   Initially the European leaders had clearly indicated that further aid to Greece should be held back till the
   outcome of the referendum, which is still uncertainty. However with the government dissolving, the problems of
   the nation have clearly increased and the prospects of the country would now be dependent on the new
   government taking over. The investor’s world over could closely watch the new developments as this could
   decide the fate of the Greek bond holders, who have already agreed to take 50% write off of their investments.

Monthly Report November 2011                        Retail Research

Monthly Equity Commentary                                                                                contd…
US seems to be better placed than Europe.
  In the recent past, the US has been reporting positive economic data. The services sector has grown at a faster
  pace in the month of October 2011 as compared to the previous month. Furthermore household spending has also
  increased at a faster pace in recent months as per reports by the Federal Reserve. However the US economy is
  expected to grow at a moderate pace over coming quarters, which in turn could reduce the unemployment rate
  The non-manufacturing index (calculated by the Institute of Supply management) has risen to a level of 53.5 from
  a level of 53 as of September 2011. Expectations that the Labor department may report an improvement in the
  productivity levels in the quarter gone by as against the corresponding quarter in the last year, has further raised
  hopes on the economic revival in the region. However, one of the key concerns for the US is the European
  exposure of the US banks and institutions. The recent collapse of the Wall Street Securities firm. MF Global
  Holdings in the testimony of the same, as it had exposure to the European debt instruments. These investments
  turned bad, which triggered the collapse of the firm.
  A recent announcement from the Federal Reserve has signaled that the an additional monetary stimulus could be
  required, primarily to arrest the rising unemployment rate as the policy makers projected little acceleration in
  growth after last quarter’s pickup. The Fed has indicated that a third round of stimulus could probably be in the
  form of a third round of securities purchases, extension in the concessions provided like low interest rates etc.
  Further more the Fed has also signaled that the third round of monetary easing measures could come up by
  February 2012, which could coincide with the possible actions in the European region, especially in the light that
  Greece could go to polls. Therefore through US could report improvement in the economic data, the over hang of
  the European crisis could continue to dent the recovery of the US economy and in turn its markets.
  In the meanwhile if the European region witnesses any of the countries defaulting, US economy and stock market
  sentiments could be hurt badly.

Monthly Report November 2011                        Retail Research

Monthly Equity Commentary                                                                                  contd…
 Indian Market Outlook
 Consistently unfavorable economic data:
   The key economic indicators in India like the Index of Industrial Production (IIP), Inflation and interest rates
   have been consistently surprising on the negative side. In order to curtail the rising inflation levels, the RBI has
   been increasing its key lending rates, which in turn have resulted in a weaker IIP numbers and slowing growth.
   India continues to grapple with the issue of high inflation levels. Despite 13 rate hikes by RBI, inflation has
   refused to go below 9% in 2011 till September. For the month of September, it moderated a bit but stayed at
   the elevated level of 9.72% primarily on the back of buoyant crude prices. India’s food inflation accelerated to
   the highest level in nine months after prices of vegetables, milk and meat climbed. An index measuring
   wholesale prices of agricultural products rose 12.2% for the week ended October 22, 2011 from a year earlier.
   It rose 11.43% the previous week. The key reason cited for the increase in the food inflation levels are the
   lower production of pulses and inadequate egg and meat supplies Also the higher cost of vegetables is further
   adding to the food inflations. The prices of vegetables have risen 28.9% while that of milk have risen 11.7% and
   eggs, fish and meat have increased 13.4% from a year earlier.
 Credit Policy
   There was a lot of suspense and speculation surrounding the latest RBI policy review meeting held on 25th
   October 2011. In order to contain the rising inflation levels, the RBI hiked its key lending rates by 25 bps. The
   repo rate, at which RBI gives money to banks, was raised to 8.5%, and the reverse repo rate, at which it drains
   excess liquidity from the system, was increased to 7.5%.
   The repo rate and reverse repo rate rise is also likely to impact the net interest margins of the various
   financial institutions. With a view to sustain their business, banks could increase lending rates and thus auto
   loans, home loans and personal loans also could become more expensive. This could again impact demand and
   growth rates. For debt investors, this augurs well as the deposit rates are likely to keep moving upwards for
   some time in the future.
   The RBI has clearly indicated that the recent rate hike possibly was the last round of the rate hikes done in the
   current interest rate cycle. This brings in a sigh of relief as it could ease of concerns on the borrowing cost to a
   certain extent and could support business growth. Further more the RBI has said there is likely to be a
   moderation in demand and reversal of inflation towards the later part of 2011-12. According to the RBI, the
   monetary policy acts with a lag. It has highlighted that a premature change in policy stance could harden
   inflationary pressures, thereby diluting the impact of the past policy actions. Also the RBI has indicated that
   probability of a cut in the interest rates in the near term is quiet low considering the high levels of inflation
   prevalent in the country.

Monthly Report November 2011                         Retail Research

Monthly Equity Commentary                                                                                    contd…

       While the RBI could halt the rate hikes for a couple of months, the real benefit of this will be available only
       when the rate cuts begin (which may not happen before Apr 2012). And in the meanwhile if inflation scenario
       worsens due to commodity price hikes, rupee depreciation or fiscal profligacy, the RBI could rethink of once
       again raising rates.
       Apart from increasing the lending rates, the RBI has de-regulated the savings bank account rates. This means
       that the banks will now be able to increase the interest rates on the savings accounts. This may impact their
       NIMs depending upon peer actions.
       The IIP data released for the September suggests that the eight core industries performed below par in
       September, resulting in a disappointing industrial growth. The eight crucial sectors, having a weight of 38% in
       the index of industrial production (IIP), grew by just 2.3% in September on a Y-o-Y basis, which is the lowest in
       two-and-a-half years. The corresponding number was 3.3% in the corresponding month last year. Considering
       the current economic situation, the core sector growth is unlikely to improve in the immediate future despite
       signs that the RBI could pause its rate hikes for some time. This is likely to keep IIP growth subdued for some
       more months.
 Unstable political scenario could further add to the challenges in India
       The Indian Government continues to fight with charges of corruption & governance issues. Meanwhile, plenty
       of reforms are pending for approval in the cabinet / parliament. Some of these include Food Security Bill, GST
       Bill, Land Acquisition Bill, Lokpal Bill etc. All these could be discussed in the winter session commencing from
       November 22. Speedy implementation of these reforms could accelerate the execution of projects & increase
       the discretionary spending power. However, the key issue is would there be any acceleration in the reform
       legislation and implementation? The more it is delayed, the longer it would take to turnaround the market

Monthly Report November 2011                           Retail Research

Monthly Equity Commentary                                                                                contd…
 GDP Slow down
   India’s GDP growth posted six-quarter low of 7.7% in the first quarter of this fiscal. Besides, signs of economic
   growth in the second quarter are not robust. Industrial growth stayed below 5% in the first two months of the
   second quarter. In addition to this the persistent problems of inflation and higher interest rates continue to
   dent the economic performance.
   The above factors have substantially slowed down the economic growth of the country. The Finance ministry
   has also adopted a cautious approach citing emerging economic challenges. Considering the above aspects
   major rating agencies have lowered their estimations for the India’s GDP growth to 7.6% from the earlier levels
   of 8.5-9%. However a further downgrade can’t be ruled out in the light of the deteriorating global economic
   scenario. Anticipating the impact of the rising interest rates and slowing government expenditure, the
   deceleration in advanced countries has been sharper than expected. This, in conjunction with the weak
   investment climate, is impacting India's GDP growth prospects.
 Other Fiscal measures:
   At a time when India Inc is saddled with the twin problem of high inflation and low industrial growth, Prime
   Minister's Economic Advisory Council (PMEAC) Chairman C. Rangarajan has pitched for roll back of the excise
   duty stimulus that was provided to the industry to combat the slowdown in the wake of the global meltdown in
   2008. Further more Dr. Rangarajan has carved out a case for urgent rationalization of subsidies along with
   rollback of excise duties to the pre-crisis levels if the budgeted fiscal deficit target for 2011-12 is to be
   achieved. The PMEAC has clearly stated the maintaining the fiscal deficit at 4.6% of the GDP could prove to be
   a herculean task if the above incentives are not rolled back.
   Domestic demand in India is showing signs of moderation due to the lagged impact of tightening measures and
   the erosion of purchasing power due to persistently higher inflation. In the meanwhile, external demand has
   also hit a soft patch due to weakness in US and Europe. Policy makers will be constrained in their policy
   options to boost growth due to the macro backdrop of high inflation and asset prices.
   In India, apart from the inflation rate being an issue, the high level of fiscal deficit, relatively high current
   account deficit (2.6% of GDP in FY2011) and already tight banking sector loan-deposit ratio do not leave much
   room for a quick reversal in monetary or fiscal tightening.

Monthly Report November 2011                       Retail Research

Monthly Equity Commentary                                                                                contd…

 Rupee Depreciation – an adverse development for the Indian markets:
   The Rupee depreciated sharply by about 11% between July and Sept 2011. A depreciating rupee could dent the
   flow of foreign funds in the Indian equity markets. Further more if inflows disappoint, the rupee may
   depreciate further. While oil is down from its peak, however in rupee terms, it is down only marginally.
   Sustained high inflation could mean rate cuts get pushed out. That would hurt equity performance, and prolong
   and intensify high inflation, thus delaying rate cuts. The pain in rate sensitive sectors such as banks, real
   estate, and infrastructure and four-wheeler automobiles can thus be prolonged, while IT and Pharma may gain.
   A potential positive would be that a push for reforms regulatory change is almost always driven by external
   While RBI’s stance remains predominantly anti-inflationary in the near term, but it has also to be
   supplemented by actions from the government as inflation in India is a fiscal phenomenon and could remain on
   the higher side as long as deficits and their consequent monetization are high.
   We feel some of these fears are already in price as is the potential of long term growth of India story. While
   fresh negative developments on global scene could get reflected in the risk appetite of international investors
   and thus impact Indian equity markets, the upside out of bottomfishing after every crisis is resolved could be
   capped. Upside triggers to rejuvenate the stock market are lacking as the corporate sector is waiting for
   demand to revive prior to investing in fresh capacities while the government is focused on reducing the fiscal
   deficit. With industrial growth already slowing, attacking cost push inflation through higher interest rates may
   worsen the situation as there is no assurance of a bounce back in the demand / pricing power for the
   companies. There are initial signs of a danger of India witnessing an extended period of subdued growth and
   investment cycle characterized by rising inflation levels and a weaker economic data.
   We expect the Sensex to remain in the range of 16,000 to 18,000 levels in the near term. The key local risk is
   political. If the policy paralysis continues/increases due to fresh troubles faced by the Government, we could
   see further Rupee depreciation, fiscal issues, public disturbances etc and then attractiveness of India could get
   affected and FII flows may be temporarily diverted to other emerging economies facing lesser political risks.

Monthly Report November 2011                       Retail Research

Technical Commentary

In the chart above, we have covered 3 different theories and which are as follows.
  The downward sloping black trendline is acting as a resistance for last 1 year and the current value of this
  trendline is at 18,332. We expect this trendline will continue to act as a resistance in days to come.
  It has been observed that in last 1 year there were 3 different rallies which took place and every rally has
  retraced minimum 70% of the previous downward move and the maximum was up to 80%. This time the Sensex
  has already retraced more than 61.8% of the previous downward move (63.7%). The 70% retracement is at
  18,114 and 80% is at 18,452, hence the current rally can go up maximum to these levels in the current month.
  The Western Gap up pattern which is between 17,350 to 17,671 is completely filled but the Sensex had closed
  above it. Though the bullishness created by this gap is nullified now, a close below 17,350 could create further
  bearishness in the markets.

Monthly Report November 2011                       Retail Research

Technical Commentary                                                                                 contd…

   The Sensex was moving between the 2 horizontal lines drawn in blue color in the chart above and it has given
   an upward breakout. According to theory whenever such break out takes place the height of the channel is
   taken and it is projected from the breakout end of the channel. If we project the height of this channel from
   the break out point then we get 18,940 as a probable target for the current upward move.
   However if the Sensex fills the upward gap (at 17,350) and starts trading below the breakout point of 17,200
   for a couple of sessions, then one will have to lock the preceding top (17,908) as an intermediate top and the
   consequences will follow.

   Currently the Sensex is in uptrending wave ‘c’ of larger wave “B” that is correcting the previous downmove
   from 19,132. Once uptrending wave ‘c’ gets over, a larger downtrending wave “C” correcting the uptrending
   wave “B” from 15,765 could begin.

Monthly Report November 2011                      Retail Research

Technical Commentary                                                                                 contd…

    The 14 day RSI is currently trading at 58.55 and it has still some more room left to move on the upward side.
    When the previous two rallies took place, the 14 day RSI was trading at 66.94 and 70.89.

Monthly Report November 2011                      Retail Research

Technical Commentary - Month Gone By

  For the first 3 trading sessions of the month, the Sensex came down and on 04th October 2011, it made an
  intermediate low at 15,745. On the next trading session this low was not breached as the Sensex made an
  intraday low at 15,761. 15,745 was a very crucial level and as it was not breached. Later the bulls took the
  charge of the situation.
  For next 7 trading sessions the Sensex went up and made an intermediate high at 17,189 as marked on the
  chart above. For the next 5 trading sessions the Sensex was consolidating itself before moving up further and it
  formed a sort of Triangle between 17,189 and 16,669. Finally on 25th October 2011, it formed a large bull
  candle and broke out of that contracting triangle.
  On Moorat trading session, the Sensex formed a small candle but still it was an up day, finally on 28th October
  2011 the Sensex opened up with a large Western Gap Up pattern and breached the 17,300 level which was
  acting as a resistance for almost 2 ½ months. The Sensex finally closed the month at 17,705.

Monthly Report November 2011                       Retail Research

Learning Technical Analysis
Types of Triangles:

Ascending Triangle

                                  The ascending triangle is a bullish formation that usually
                                  forms during an uptrend as a continuation pattern. There
                                  are instances when ascending triangles form as reversal
                                  patterns at the end of a downtrend, but they are typically
                                  continuation patterns. Regardless of where they form,
                                  ascending triangles are bullish patterns that indicate
                                  accumulation. Target for any stock could be equivalent to
                                  height of triangle at its lowest point. Traders could watch
                                  upper line breakout for confirmation of ascending triangle.
                                  Breakouts should typically happen with high volume.

  Descending Triangle

                                The descending triangle is a bearish formation that usually
                                forms during a downtrend as a continuation pattern. There
                                are instances when descending triangles form as reversal
                                patterns at the end of an uptrend, but they are typically
                                continuation patterns. Regardless of where they form,
                                descending triangles are bearish patterns that indicate
                                distribution Target could be equivalent to height of triangle
                                at its lowest point. Traders could watch for b – d line
                                breakout for confirmation of descending triangle. Breakouts
                                should typically happen with high volume.

Monthly Report November 2011   Retail Research

Learning Technical Analysis                                                                          contd…
  Contracting Triangle

  The symmetrical/ Contracting triangle, usually forms during a trend as a continuation pattern. The pattern
  contains at least two lower highs and two higher lows. When these points are connected, the lines converge as
  they are extended and the symmetrical triangle takes shape. You could also think of it as a contracting wedge,
  wide at the beginning and narrowing over time. Target for any stock could be equivalent to height of the
  deepest part of formation of wave to a to b. Traders could watch for b – d line breakout for confirmation of
  ascending triangle. Breakouts should happen with important contracting volumes and could occur on either

Monthly Report November 2011                      Retail Research

Derivatives Commentary

  The month of October began with the Nifty witnessing a pullback rally. The Nifty in fact reversed its short term
  downtrend as it moved above its previous highs of 5200. It however found resistance at the next major high of
  5400. Selling pressure resumed later and pulled the Nifty lower, which led to the Nifty taking support at its 5200
  level. The short term uptrend that began in early October thereby continued through out the month and the
  Nifty closed up M-o-M by 7.74%. It was the trend changer month for Nifty after 3 months of consecutive falls.
  In the equity space, the FIIs were reported as net buyers of Rs. 2400 cr in October 2011 (In September, they
  were net sellers of Rs. 1416 cr). In the F&O space, the FIIs were net buyers in the Index Futures segment. This
  was coupled with an increase in the open interest position indicating creation of fresh longs by them. In the
  Index Options segment, the FIIs continued to remain net buyers, which was along with an increase in the open
  interest. In the Stock Futures segment, the FIIs were net sellers, while the open interest increased over
  September. The Stock Options segment witnessed very low participation during the month with FIIs being net
  buyers to the tune of Rs. 176 cr in the segment (FIIs were net sellers to the tune of Rs. 15 cr in September

Monthly Report November 2011                       Retail Research

Derivatives Commentary                                                                             contd…
  The Nov series has started on a heavier note compared to the previous series. In terms of value, the Nov 2011
  series has begun with market wide OI at Rs.87,363 crs. Vs Rs.69, the beginning of the Oct 2011 series.
  The heavier outstanding positions implies that the traders are more confident about the direction of the
  Rollovers to the November 2011 series were on higher side, indicating higher conviction levels amongst market
  participants. Index rollovers were at 79.17% Vs. 61.65% during the same time in the previous series. Market wide
  rollover was at 84% Vs. 85% the same time in the previous series.
  Coming to stock specific rollovers, highest rollovers were seen in Gitanjali, McLeod Russell, Aditya Birla Nuvo,
  Alok Textile and Zee. The lowest rollovers were seen in Tulip, Balrampur Chini, Bhushan Steel, Bajaj Holding
  and Bosch ltd.
  The Nifty IV dropped to its normal trading band of 20 – 24 levels compared to 29-30% at the end of the previous
  month. The Nifty OI PCR currently at 1.33(Avg) levels from 1.49(Avg) levels seen last month. This suggests that
  traders are going slow on hedging for their portfolio.
  Technically, though the Nifty witnessed a rally in whole of October month,Traders could watch for 5200 level
  for reversal signal. If Nifty holds 5200 level in short term traders could watch for 5400 level as a short term
  target. The intermediate downtrend would accelerate once the Nifty breaches 5200 level on downside. On the
  upside, any rallies could find resistance at the recent highs of 5400 & 5500.
  Index option activity suggests that traders are expecting the Nifty to remain within a range between the 5000-
  5400 levels. We say this because the maximum call writing is currently being seen in the 5400 strikes. Maximum
  put writing is being seen in the 5000-5100 strikes.

Monthly Report November 2011                       Retail Research

Learning Derivatives Analysis
 Delta Hedging

   In options trading delta is measured as to how the value of an options changes with respective change in the
   value of underlying contracts.

   Delta of call options will always between 0 – 1. The Value of call options does not change more than the
   underlying assets in absolute terms hence maximum value for delta could be 1. The call options value does
   not move in opposite direction of underlying assets hence delta can not be lower than zero.Deep in the money
   call options have delta close to 1. Far out of the money call options have delta near to zero. At the money
   call options have delta near to 0.5 more or less.

   Put options has always negative delta because value of the put options moves in opposite direction of the

 Delta neutral strategy

   The term "Delta Neutral" refers to any strategy where the sum of your deltas is equal to zero. For instance, if
   you buy 10 call options, each having a delta of 0.60, and you also buy 20 put options, each having a delta of -
   0.30 you have the following:

   (10 x 0.60) + (20 x -0.30) = 6.00 + -6.00 = 0

   Your position delta (total delta) is zero, which means you are delta neutral.

   It allows traders to make money without having to forecast the direction of the market. Traders can use it in
   any market (stocks, futures), just as long as options are available and the market is moving. It doesn't matter
   whether or not the market is trending, but it won't work if the market is really flat.

Monthly Report November 2011                        Retail Research

Learning Derivatives Analysis                                                                        contd…
 Example :
 Futures price 110
 Statistical Volatility 8.00%
 Interest Rate 5.00%
 Option Strike Price 110
 Days remaining 30
       Price        Option’s
     underlying theoretical price   Delta
        108           2.14          -0.73
        109           1.43          -0.58
        110           0.91          -0.42
        111           0.53          -0.28
        112           0.28          -0.16

 Buy 2 futures at 11
 Buy 5 put options (110 strike price) at 0.91 each
 Delta of futures 2 x 1.00 = 2.00
 Delta of put options 5 x -0.42 = -2.10
 Total position delta 2.00 + -2.10 = -0.10

 How it works:
 If futures increase from 110 up to 112: Profit on Future = 2 x 2.00 = 4.00
 The put options will decrease from 0.91 down to 0.28 (each)
 Loss on put options = 5 x (0.91 - 0.28) = 5 x 0.63 = 3.15
 Net profit = 4.00 - 3.15 = 0.85
 If futures decrease from 110 down to 108: Loss on Future = 2 x 2.00 = 4.00
 The put options will increase from 0.91 up to 2.14 (each)
 Profit on put options = 5 x (2.14 - 0.91) = 5 x 1.23 = 6.15
 Net profit = 6.15 - 4.00 = 2.15

 As the option moves into in-the-money territory, its delta goes up, while when it moves into out-of-the-money
 territory, its delta goes down.

Monthly Report November 2011                         Retail Research

Learning Derivatives Analysis                                                                              contd…
 In all Standard conditions, when you do delta neutral trading, you need to follow a few rules:

   Always initiate the position with a total position delta of zero or as close to zero as possible. So, your starting
   position is "delta neutral."
   When the market moves enough so your total position delta has increased or decreased by at least +1.00 or -
   1.00 delta (or more), you make an "adjustment" by buying or selling more of the underlying asset to get your
   position back to delta neutral. You can also sell off some of your options to get back to delta neutral. But the
   point is, you make profits consistently by making these adjustments.

   If the price of the underlying asset doesn't move around much, close out the entire position. You need some
   price action for this approach to work. If the market just sits there, time decay will eat away at this position.

   Keep an eye on the implied volatility of the options you're using. If it moves toward the high end of its 2 year
   range, stay away from this position for a while. Otherwise, you might have excessive time decay in your
   options when the implied volatility starts to drop.

   The options you buy should have at least 30-60 days remaining before expiration. Remember that time decay
   accelerates as the option's expiration date approaches, so if you allow more time, you minimize the time

   These trade positions benefit by price movement in the underlying asset. It puts you in the enviable position
   of being able to take full advantage of big price moves, in any direction.

Monthly Report November 2011                         Retail Research

  Extract of Calls during October 2011
Index Futures Calls
                                                                             Exit Pric e /                                                                                  Abs.
Date        B/S Trading Call                 Entry at     Sloss    Targets           CMP      Exit Date    % G/L Comments                   Time Horizon A vg. Entry    Gain/Loss
25-Oct-11    B   Nifty Fut                  5160-5130    5115.0     5250.0        5190.0      25-Oct-11     0.9 Premature Profit Booked            5 days    5145.0          45.0
4-Oct-11     B   Bank Nifty                 9235-9189    9106.0     9400.0        8989.0       4-Oct-11     -2.4 Stop Loss Triggered               3-days     9210.0       -221.0

Stock and Nifty Options Calls
Date        B/S Trading Call                 Entry at     Sloss    Targets           CMP      Exit Date % G/L Comments                      Time Horizon Avg. Entry     Gain/Loss
31-Oct-11    B   Dena Bank 80 Call Option       1.8-3       1.6        5.5            4.1     31-Oct-11    46.4 Premature Profit Booked          2-3 days        2.8          1.3
21-Oct-11    B   SBI 2000 Call Option           14-18      13.0       31.0           13.0     21-Oct-11    -18.8 Stop Loss Triggered             1-2 days       16.0         -3.0
19-Oct-11    B   Maruti 1100 Call Option         8-13       7.0       25.0           24.0     21-Oct-11 140.0 Premature Profit Booked            2-3 days       10.0         14.0
14-Oct-11    B   Nifty 5200 Call Option        47.2-4      34.0       70.0          34.0      18-Oct-11    -24.4 Stop Loss Triggered               2 days       45.0        -11.0
10-Oct-11    B   DLF 220 Call Option             10.5       7.3       17.0           14.0     10-Oct-11    33.3 Premature Profit Booked          2-4 days       10.5          3.5
3-Oct-11     B   Nifty 5100 Call Option         51-45      38.0       80.0          38.0       5-Oct-11    -24.0 Stop Loss Triggered               3 days       50.0        -12.0
3-Oct-11     B   L&T 1400 Call Option           17-27      16.5       50.0          37.4       4-Oct-11    43.8 Premature Profit Booked          2-3 days       26.0         11.4

Trading/BTST/Futures Calls
                                                                             Exit Pric e /                                                                                   A bs.
Date        B/S Trading Call                 Entry at     Sloss    Targets           CMP       Exit Date   % G/L Comments                   Time Horizon Avg. Entry      Gain/Loss
24-Oct-11    B   Reliance Inds                847-840     837.0      867.0         863.7      25-Oct-11      2.0 Premature Profit Booked            5 days      847.0         16.7
24-Oct-11    B   Jubilant Foods               840-855     839.0      900.0         872.0      28-Oct-11      2.9 Premature Profit Booked          2-3 days      847.5         24.5
19-Oct-11    B   Geodesic                    55.85-54      52.0       61.0           59.1     20-Oct-11      6.5 Premature Profit Booked            5 days       55.5          3.6
17-Oct-11    B   Bharti Shipyard              92-95.5      91.0      105.0           91.0     21-Oct-11     -3.4 Stop Loss Triggered              3-5 days       94.3         -3.3
14-Oct-11    S   Coal India Fut               326-328     335.0      308.0         328.9      18-Oct-11     -0.9 Premature Exit                   1-3 days      326.0         -2.9
12-Oct-11    B   Mahindra Forging             57-59.5      56.5       67.0           62.2     12-Oct-11      6.3 Premature Profit Booked          2-3 days       58.5          3.7
10-Oct-11    B   Uttam Steel                  65-69.5      64.5       78.0           77.8     10-Oct-11     12.3 Premature Profit Booked          2-3 days       69.3          8.5
10-Oct-11    B   Cummins India                400-412     399.0      435.0         399.0      11-Oct-11     -2.8 Stop Loss Triggered              2-3 days      410.5        -11.5

Positional Calls
                                                                              Exit Pric e /                                                                                   Abs.
Date        B/S Positional Call               Entry at     Sloss   Targets            CMP      Exit Date % G/L Comments                      Time Horizon Avg. Entry     Gain/Loss
31-Oct-11    B Amrutanjan                     745-760     744.0      800.0          800.0     31-Oct-11       5.7 Target achieved                 3-7 days      757.0         43.0
25-Oct-11    B IDFC                         125-126.20    118.0      142.0          133.9     31-Oct-11       6.2 Premature Profit Booked        1-2 weeks      126.0          7.8
21-Oct-11    B Cochin Minerals                   84-78     75.0      100.0            93.5    31-Oct-11     14.0 Premature Profit Booked           15 days       82.0         11.5
7-Oct-11     B Jain Irrigation                132-137     131.0      154.0          142.3     13-Oct-11       5.8 Premature Profit Booked         3-5 days      134.5          7.8

  Monthly Report November 2011                                      Retail Research

 FII & Mutual Fund Flow and indices moves during October 2011
                                 Total FII Inflow s/Outflow s during the month of Oc tober 2011. (A ll figures in Rs. Cr.)
                                 W eek Ended                       Buy                  Sold              Net           Cumulative
                                    7/10/2011                    9293.3               11510.1            -2216.8          -2216.8
                                   14/10/2011                   11932.3               10318.5            1613.8           -603.0
                                   21/10/2011                    8269.8                8717.4            -447.6           -1050.6
                                   28/10/2011                   10997.6                8031.5            2966.1           1915.5
                                   31/10/2011                    2610.8                2125.9             484.9           2400.4

                                        Total                   43103.8               40703.4            2400.4
                                * Da ta no t a va lia ble fo r 25th Oc to be r 2011
                                 Total MF Inflow s/Outflow s during the month of Oc tober 2011. (A ll figures in Rs. Cr.)
                                 W eek Ended                       Buy                  Sold              Net           Cumulative
                                    7/10/2011                    2213.3                2253.7             -40.4            -40.4
                                   14/10/2011                    3047.9                2429.8             618.1            577.7
                                   21/10/2011                    1810.0                2365.5            -555.5            22.2
                                   28/10/2011                    1823.0                2056.9            -233.9           -211.7
                                   31/10/2011                     413.6                563.6             -150.0           -361.7

                                        Total                    9307.8                9669.5            -361.7

                 BSE Indic es                 31-Oc t-11         30-Sep-11             % c hg BSE Indic es         31-Oc t-11   30-Sep-11    % c hg
                 Sensex                           17705.0            16453.8            7.60 Realty                   1919.7        1739.6   10.35
                 Smallcap                          6974.6              6881.1           1.36 Bankex                  11454.0       10904.2    5.04
                 Midcap                            6298.0              6129.6           2.75 Consumer Durables        6594.9        6263.4    5.29
                 500                               6763.3              6385.8           5.91 Metal                   11904.1       12097.1   -1.60
                 200                               2155.6              2028.3           6.28 IT                       5828.3        5061.8   15.14
                 100                               9196.8              8613.2           6.78 Capital Goods           10969.2       12046.6   -8.94
                 Power                             2205.1              2125.4           3.75 PSU                      7555.1        7615.6   -0.79
                 FMCG                              4196.6              3910.4           7.32 Healthcare               6136.2        5962.3    2.92
                 Auto                              9477.2              8498.4          11.52 Oil & Gas                8987.5        8353.3    7.59

Monthly Report November 2011                                                          Retail Research

Gainers & Losers – October 2011
               Top Gainers From F&O                                                        Top Losers From F&O

                            Pric e     Pric e                                                         Pric e     Pric e
                         9/30/2011 10/31/2011   % c hg                                             9/30/2011 10/31/2011   % c hg
    TATA MOTORS           156.05     198.45        27.2                     JAIN IRRIGAT                153      124.9      -18.4
    MOSER BAER               21.6       26.9       24.5                     EKC                        70.6      61.55      -12.8
    RPOWER                 76.75        95.5       24.4                     NCC                       60.35      53.25      -11.8
    RELINFRA              373.45       464.3       24.3                     DHANBANK                   73.8        65.5     -11.2
    ABAN                  352.75       431.2       22.2                     SHIPPING COR              83.05        73.9     -11.0
    TATAMTRDVR             87.95     107.35        22.1                     VOLTAS LTD               111.15        99.8     -10.2
    KFA                    20.05        24.4       21.7                     GVKPIL                     15.8        14.2     -10.1
    PRAJ INDUST.           70.65        85.5       21.0                     FINANTECH                 812.7      732.1        -9.9
    ESCORTS LTD.           70.75       85.25       20.5                     ADANIENT                 526.85      477.9        -9.3
    IDFC                   110.8       132.5       19.6                     HIND PETRO               366.55     333.15        -9.1

               Top Gainers From CNX 500                                                Top Losers From CNX 500
                            Pric e     Pric e                                                         Pric e     Pric e
                         9/30/2011 10/31/2011   % c hg                                             9/30/2011 10/31/2011    % c hg
    DBREALTY                49.75      71.95       44.6                     KGL                        7.75        5.15     -33.5
    HATHWAY                 86.65     118.75       37.0                     PANACEA BIOT             125.05      98.05      -21.6
    VENKYS IND              382.2      512.5       34.1                     JAIN IRRIGAT                153      124.9      -18.4
    BLKASHYAP                  9.1     11.85       30.2                     LAKSHMIEFL                 23.4      19.95      -14.7
    ANDHRA SUGAR             97.1      123.7       27.4                     TATA HONEYWE             2668.9    2296.95      -13.9
    TATA MOTORS            156.05     198.45       27.2                     IBSEC                      8.45        7.35     -13.0
    UFLEX                   140.9      176.3       25.1                     EKC                        70.6      61.55      -12.8
    MOSER BAER               21.6        26.9      24.5                     NCC                       60.35      53.25      -11.8
    RPOWER                  76.75        95.5      24.4                     GLOBALTELEBE               58.2      51.55      -11.4
    RELINFRA               373.45      464.3       24.3                     AKZOINDIA                934.35      828.7      -11.3

Monthly Report November 2011                              Retail Research

                                                   RETAIL RESEARCH TEAM

                Head of Research                                                            Fundamental Analyst
                Deepak Jasani                                                               Mehernosh Panthaki
                Technical/Derivatives                                                       Harshal Patil
                                                                                            Sneha Venkatraman
                Adwait Sapre
                                                                                            Tiju K Samuel
                Subash Gangadharan
                                                                                            Kushal Sanghrajka
                Siddharth Deshpande
                                                                                            Siji Philip

                                                                                            Mutual Fund Analyst
                                                                                            Dhuraivel Gunasekaran

                                                                                            Sushma Chavan

               HDFC Securities Limited, I Think Techno Campus, Bulding –B, ”Alpha”, Office Floor 8, Near Kanjurmarg Station,
                  Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone (022) 30753400 Fax: (022) 30753435
     Disclaimer: This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for
    circulation. This document is not to be reported or copied or made available to others. It should not be considered to be taken as an
        offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not
   represent that it is accurate or complete and it should not be relied upon as such. We may have from time to time positions or options
      on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other
   services for, any company mentioned in this document. This report is intended for Retail Clients only and not for any other category of
                                                clients, including, but not limited to, Institutional Clients

Monthly Report November 2011                                  Retail Research

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