Banking Sector - Book Profits

Overseas investors seem to be on a selling spree when it comes to the Indian banking stocks, as they have pared their holdings in at least 28 public and private sector banks of the country in the past few months.
Various foreign investors have together sold banking stocks worth an estimated Rs 10,000 crore (over USD 2 billion) in about four-and-a-half months since October 2011.

While foreign investors have sold shares of at least 28 Indian banks, they have purchased fresh shares of only nine banking stocks during this period. The value of fresh banking shares purchased during this period is also much less at just about Rs 600 crore, as per an analysis of shareholding pattern and open-market transaction data available with stock exchanges.

The banks where foreign investors have pared their holdings include private players like ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank and DCB, as also public sector giants like SBI and Punjab National Bank. Those having seen an increase in the holding of overseas investors include HDFC Bank, South Indian Bank and IDBI Bank.

In one of the biggest share-sale transaction in the banking sector during this period, a unit of Singapore government's investment arm Temasek Holdings sold shares worth about Rs 1,500 crore in ICICI Bank on
Market analysts said the shares could have been sold to book profit after a sharp rally of about one-third in ICICI Bank shares since the beginning of 2012.

Indian banking and financial sector stocks have witnessed many share transactions in the recent past, given a sharp surge in their value since the beginning of 2012.   While US-based Carlyle group sold shares worth about Rs 1,350 crore in HDFC on February 1, Warburg Pincus sold shares accounting for about 2.4 per cent stake in Kotak Mahindra Bank for about Rs 800 crore on the same day.

Besides, the shareholding pattern data for the October- December 2011 quarter shows that FIIs (Foreign Institutional Investors) lowered their holding in 26 banks.  These included ICICI Bank, SBI, Axis Bank, DCB, Yes Bank, Allahabad Bank, Indian Bank, Corporation Bank, Bank of Baroda, Canara Bank, Dhanlaxmi Bank, Karnataka Bank, among others.

In fact, the banking sector witnessed the highest level of share sale by FIIs during that quarter. Also, a few like PNB, SBI, Syndicate Bank, Allahabad Bank and Central Bank have seen their FII holdings declining for four consecutive quarters now.  On the other hand, the FII holding increased during the last quarter of calendar year 2011 in banks like South Indian Bank, Bank of India, City Union Bank, IDBI Bank, Indian Overseas Bank, Federal Bank, Andhra Bank, HDFC Bank and ING Vysya Bank.

Our Recommendation :
With  most of the banking shares clocking decent gains of 30-50% gains, it is time to book profits and stay away from the sector as it faces stiff resistance at higher levels.  Long term investors can however utilize steep falls to add banking scrips to their portfolio.



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BSE / NSE Weekly Review Feb 11, 2012

Key benchmark indices rose in the week ended 11th February 2012, as inflows from foreign
institutional investors (FIIs) remained robust. This was the 6th consecutive weekly gain. Trading
remained upbeat throughout the week. However, some profit booking emerged on Friday (10
February 2012) after disappointing industrial production data for the month of December 2011
dampened investor sentiment.

Industrial production rose a slower-than-expected 1.8% in December 2011, government data
showed on Friday, 10 February 2011. The growth in December 2011 was sharply lower than
5.9% growth in November 2011. Manufacturing output, which constitutes about 76% of industrial
production, rose 1.8% from a year earlier, the federal statistics office said.

India's January exports rose 10.1% to $25.4 billion while imports rose 20.3% to $40.1 billion,
leaving a trade deficit of $14.7 billion, Trade Secretary Rahul Khullar said on Thursday. India's
exports reached $242.8 billion between April and January, Khullar said, citing provisional data.
The BSE Sensex rose 0.8% to 17,749 in the week ended Friday, 10th February 2012 while the
S&P CNX Nifty rose 1.1% to 5,382. The rise in the broader indices was amplified. The BSE MidCap index rose 3.3% to 6,247 while the BSE Small-Cap index rose 3.1% to 6,891. The sectoral
indices sentiments were extremely positive with the Healthcare index being the only loser. BSE
Realty, BSE CD and BSE Metal were the largest gainers.

Realty: 
The BSE Realty index rose 5.8% to close at 1,887 levels. Among the heavyweights, DLF rose
marginally (0.2%) while Unitech and HDIL jumped significantly (12.9% and 18.0% respectively)
in the week. Shares in real estate companies were up on expectations of a pick-up in deal flows
and a fall in interest rates, which would benefit both builders and real estate buyers. Unitech
rose on account of pressure from the Norwegian government to survive Uninor, a venture by
Telenor and Unitech Ltd. Telenor, in which the Norwegian government has a ~54% stake, owns
nearly two-thirds of Uninor with infrastructure provider Unitech holding  the rest. Norway’s IT
minister, Rigmor Aasrud, met her Indian counterpart, Kapil Sibal, to discuss the Supreme Court’s
cancellation of licenses of telecom operator Uninor.


Consumer Durables (CD): 
The BSE CD index rose 5.8% to close at 6,169 levels. Among the heavyweights, Titan, Rajesh Exports and Gitanjali rose 5.3%, 2.4% and 5.5% respectively while Videocon fell 1.1%. TTK Prestige rose a whamming 38.9% in the week, establishing its spot among the large companies by market cap within the CD space. The company  clarified that it did not intend to exit the modular kitchen business but plans to expand it slowly after gaining experience. The company also has a plant coming up in Gujarat, which will add to the topline significantly.



Metals:  
The BSE Metals index rose 4.1% to close at 12,364 levels. All the industry majors were gainers. Tata Steel and Coal India rose 1.7% each while Jindal Steel, Hindalco and Sterlite rose 8.5%, 0.2% and 5.1% respectively. Tata Steel issued an encouraging future outlook after reporting 3rd quarter consolidated net loss of Rs 603 cr as  against net profit of Rs 1003 cr in Q3FY11. Turnover rose 13.79% to Rs 33103 cr in Q3FY12 over Q3FY11. With regard to future outlook, Tata Steel said softening raw material prices is expected to ease product-costing pressures from Q4FY12 onwards. Tata Steel expects steel demand in India to improve with RBI indicating progrowth monetary policy. Steel prices remain firm and with traditionally strong volumes in the fourth quarter and the company's profitability is  expected to improve.

The outlook for steel demand in Europe remains stable. Strengthening  steel prices in Europe and restocking will result in better margins of Tata Steel’s European operations in the coming quarters. Tata Steel’s South East Asian operations are expected to perform better with activities in Thailand coming back to normal. Reconstruction activities  will boost long products demand. Jindal Steel and Power plans to spend $300 million in developing new and existing mines in Africa. The move is part of the company's strategy to source coal assets abroad to meet raw material demand of its steel and power plants at home.

Bankex: 
The BSE Bankex index rose 3.0% in the week to close at 11,987 levels. All the large players, namely ICICI Bank, HDFC Bank, SBI and Axis Bank, were gainers, rising 1.5%, 1.9%, 3.3% and 1.6% respectively. SBI recently said that the Government of India has agreed to inject approximately Rs 7900 crore into bank by way of preferential allotment of equity shares to help SBI achieve minimum 8% Tier I CAR by 31  March 2012. The government currently owns 59.40% of SBI. HDFC Bank hit a record high on Friday. A unit of Singapore state investment company Temasek Holdings Pte sold 1.59 crore shares of ICICI Bank through bulk deals on NSE for Rs 1472 crore during the week. Allamanda Investments Pte sold the shares in India's
largest private-sector lender by assets at an average Rs 924.05 per share in the week. Goldman Sachs Investments Mauritius mopped up 64.65 lakh shares in the bulk deal at a price of Rs 924 per share.

PSU: 
The BSE PSU index rose 2.5% in the week to 7,673 levels. ONGC, Coal India, NTPC and SBI rose 0.3%, 1.7%, 2.0% and 3.3%. As mentioned previously, the Government of India has agreed to inject money into SBI. NTPC paid an interim dividend of Rs 2,885.92 cr for the current fiscal. Net profit of the company rose 10% to Rs 2,130.39 crore for the quarter ended December 31,
2011 due to increase in coal prices.

Healthcare (HC): 
The BSE Healthcare (HC) index was the only loser in the week, falling 1.0% to close at 6,347. Among the giants, Sun Pharma, Dr. Reddy’s and Lupin were losers, falling 2.7%, 3.0% and 4.1% respectively while Cipla rose 1.2%. Lupin Limited is planning to invest $20 million in setting up a new manufacturing facility in Pune. Lupin will also launch a cancer drug, which is yet to go through the third clinical trial. It is expected to hit the market during the next financial year.






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Bank Nifty / Bankex Review - Buy on declines

Top 5 Private Sector Banks - Buy on declines

We have done detailed analysis of the Q3 results of private sector bank and following is the summary of our Report.

One week returns

Bank Nifty 3.25%
HDFC  4.76
ICICI 2.96
Kotak 6.03
Axis 2.16
Yes 5.28

One month returns

Bank Nifty - 19.85%
HDFC 14%
ICICI 22.44%
Kotak 16.53%
Axis 26.50%
Yes 38.39%

3 months returns

Bank Nifty - 3.02%
HDFC  4.83%
ICICI 3.64%
Kotak 3.14%
Axis -2.50%
Yes 8.25%

Six Months returns

Bank Nifty - 2.12%
HDFC  6.95%
ICICI -6.01%
Kotak 18.85%
Axis -11.88%
Yes 13.08%

Our Recommendation - With Buy and Sell ranges given below

Bank Nifty

HDFC  475 - 540
ICICI 850 - 935
Kotak 450 - 550
Axis 950 - 1260
Yes 315 - 365

Look for a correction of about 8-10% and buy the above stocks on dips.  The banking sector is likely to do well in the coming months and will support both the Nifty and Sensex to stay higher.

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JSW Steel - Sell

JSW Steel came out with its Q3 numbers on Friday and they show a decent performance in terms of volumes that rose by 20 per cent YoY. In the September quarter of 2011 the volumes were up by 19 per cent on a YoY basis. However, the volume scenario compared to the previous quarter remains the same as it grew only by 1 per cent whereas in the previous quarter the QoQ growth was by 10 per cent to 1.88 tonnes.

The net sales of the company stood at Rs 7,859.62 crore, higher by 35 per cent as compared to the previous year’s same quarter due to higher sales volume and flat realisation levels. The steel prices during the quarter remained flat as compared to Q2FY12. However, the operating performance of the company was a little disappointing. Its EBITDA on a QoQ basis declined by 3.36 per cent and grew by 25.2 per cent on a YoY basis to Rs 1,252 crore.

Meanwhile, the EBITDA margin continued to decline by 130 bps to 15.9 per cent due to higher coking coal cost and raw material cost which was by up by 46 per cent and 47 per cent respectively. Coking coal’s Australian FOB prices came down from USD 300 per tonne in September 2011 to USD 235 in December 2011. The gains, though, were negated by the higher rupee depreciation against the dollar. 

About the present scenario the company has stated that the demand in India has remained modest in the last six months due to weak global demand coupled with higher interest rate and high inflation which led to delay in consumption and new capex plans. The world steel production fell significantly from a peak of 130 million tonnes in May 2011 to 115 million tonnes in November 2011. And in India the demand for steel grew by a mere 1.8 per cent from April to October. The company has further stated that the month of December has witnessed a rebound in demand.

Our Recommendation :

The scrip was hovering around Rs.560 levels on 9th January 2012 and has since jumped to Rs. 680 levels giving a decent return to existing shareholders.  Investors should exit at the current price and re-enter on steep declines to Rs.500 levels.

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Stides Arcolab - Buy on declines

Strides Arcolab, a Bangalore-headquartered pharma company has sold its subsidiary Ascent Pharmahealth at an enterprise value of AU$ 375 million (about Rs 1,968 crore) to Watson Pharmaceuticals. The company is currently going through a restructuring phase. 

Strides had acquired a majority stake (50.1 per cent) in Australia-based Ascent Pharmahealth in August 2008. According to the news agency Reuters, this acquisition was valued at the price of AU$ 65 million (about Rs 260 crore). The company later had increased its shareholding up to 60.3 per cent. 

Ascent is one of the leading generics company in Australia. This company also has nine subsidiaries in countries like New Zealand, Singapore, Hong Kong, Malaysia and Brunei.  Ascent brought about 33 per cent of the revenues of Strides in CY2010. Ascent has grown by a healthy five-year compounded annual growth rate (CAGR) of 30 per cent in the topline. For the year 2010 the company reported sales of AU$ 132.3 million (about Rs 550 crore) while its net profit remained AU$ 12 million (about Rs 50 crore).

Its EBITDA margins remained at about 13 per cent, lower than the EBITDA margins of Strides (22 per cent) in the same year. For the year 2010 the company showed a growth rate of 26 per cent in topline and 30 per cent in the bottomline. This high growth has mainly arisen due to the high growth rates in the Australian pharma market. 

The Australian government has proposed a cut of 23 per cent in the pharma product prices from April 2012. Though the company is leading player in the Australian generics market, we believe that this would impact the margins of Ascent. 

Looking at the value that Strides has got for selling Ascent, we believe it will have a good impact on its balance-sheet. Its total debt as of June 2011 half-yearly result was Rs 2,419.51 crore. The company paid Rs 90 crore as half-yearly interest expense which works out to be Rs 180 crore of annual interest payment in 2011. Its interest cover ratio as per the same statement works out to be 2.15 which has decreased from 2.97 in the same period last year. Its debt to equity ratio stood at 0.74 in June 2011. In our opinion company will use the amount received from the Ascent deal to pay the debt and bring these ratios down. 

The company recently has also said that it will mainly focus on the injectable and specialties segment in which it has recently received many USFDA approvals. As we see it, the company is in a very good shape to take the benefit of these approvals in the coming years. Strides’ specialties division, Agila, is also doing well. In 2010 its revenues rose by 84 per cent and contributed about 39 per cent to the topline and 32 per cent in the EBITDA. 

Our Recommendation :
With the good price received for Ascent and many new products in the pipeline we believe that this stock will be an attractive bet going ahead. Investors could start looking to accumulate the stock during the dips.


Investors should buy the scrip on all declines to Rs.400 levels and target for a Rs.600 with a holding period of 12-15 months.



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BSE / NSE Weekly Review 20 Jan 2012

High volatility is expected in a truncated week ahead as traders roll over positions in futures & options segment as the January F&O contracts expire on 25th January 2012. The stock markets will remain closed on 26th January 2012, on account of Republic Day.

The RBI is widely expected to keep its key lending rate viz. the repo rate steady at the Third Quarter Review of Monetary Policy, scheduled on 24th January 2012, as headline inflation remains high. Investors’ focus is on Q3 results as well. The Q3FY12 results are likely to be weak due to lower volume growth in a slowing economy, higher raw material costs and higher interest charges. The focus will be on guidance from  the company managements on outlook for the remaining part of the year and for the next year.

Some of the companies declaring their results in the next week include L&T, Maruti Suzuki India, Sterlite Industries, Idea Cellular, GAIL and Kotak Mahindra Bank on 23rd January. Lupin, Cairn India, Grasim and Biocon on 24th January. Bank of Baroda, Sesa Goa, Union Bank of India, Rural Electrification orporation, Indian Hotels and Tata Communications on 25th January. Blue Star, NHPC, BHEL, NTPC, Bank of India and Canara Bank on 27th January




Indian Markets 
Strong results from HDFC Bank, ITC, Bajaj Auto, Wipro, TCS, HCL Technologies and Hero MotoCorp, and sustained buying by foreign funds pushed key benchmark indices to their highest level in more than six weeks. The S&P CNX Nifty moved past the psychological 5,000 level. Firm global stocks underpinned sentiment. The market gained in four out of the five trading sessions during the week ended 20th January 2012. Foreign institutional investors (FIIs) bought shares worth Rs 4441.37 crore in eight trading sessions from 10 to 19 January 2012, as per provisional data from the stock exchanges.

The BSE Sensex rose 584.39 points or 3.62% to 16,739.01, its highest closing level since 7 December 2011. The S&P CNX Nifty gained 182.60 points or 3.75% to 5,048.60, its highest closing level since 7 December 2011. The BSE Mid-Cap index rose 1.75%


Strong results from HDFC Bank, ITC, Bajaj Auto, Wipro, TCS, HCL Technologies and Hero MotoCorp, and sustained buying by foreign funds pushed key benchmark indices to their highest level in more than six weeks. The 50-unit S&P CNX Nifty moved past the psychological 5,000 levels. Firm global stocks underpinned sentiment. The market gained in four out of the five trading sessions during the week ended Friday, 20th January 2012.

Gains in world stocks triggered by stronger-than-expected GDP growth in China, the world's second biggest economy, in the fourth quarter of 2011, strong Q2 December 2011 results from IT major HCL Technologies and data showing buying of Indian stocks by foreign funds over the past few days, triggered a rally on the domestic bourses.

Trading for the week began on a positive note. Key benchmark indices registered small gains to reach 5-1/2-week closing highs on Monday, 16 January 2012 as the headline inflation hit 2-year low. This reinforced expectations that the central bank could start cutting interest rates in the coming months to revive slowing economic growth. The BSE Sensex rose 3.62% to 16,739.01and The S&P CNX Nifty gained 3.75% to 5,048.60, its highest closing level since 7 December 2011. The BSE Mid-Cap index rose 1.75% and the BSE Small-Cap index gained 1.71%. Both these indices under performed the Sensex.

Realty: 
The BSE Realty index rose 7.97% to close at 1708 levels. Among the heavyweights, Unitech, DLF, Oberoi Realty and HDIL gained 11.9%, 8.8% 8.7% and 8.3% respectively. India's largest realty firm by net profit DLF rose 8.8%. The company is reportedly planning to sell a convention centre project in Delhi and its wind power business for about Rs 1800 crore early next fiscal to reduce debt.

Metals: 
The BSE Metals index rose 4.10% to close at 11198 levels. All the industry majors were gainers. Hindaclo, Jindal Steel, Tata Steel and Coal India rose 7.7%, 6.4%, 5.0%, and 0.1% respectively.Metal stocks rose as data showing China's manufacturing gauge remaining in contraction mode in January 2012, boosted case for monetary policy easing in the world's second largest economy. Tata Steel rose 5.0%. The company  secured a major contract from Siemens Wind Power to supply 25,000 tonnes of high-quality profiled steel plate for wind towers.

Oil & Gas:  
The BSE Oil & Gas index rose 6.4% to close at 8325 levels. Among the heavyweights, Reliance, ONGC and Cairn India gained 8.4%, 5.9%, and 2.8% respectively. Reliance Industries jumped 8.4%. The stock surged after company said its board will consider a proposal for buyback of equity shares along with Q3 December 2011 earnings on Friday, 20th  January 2012. The last buyback program by RIL was done in the year 2004. Then, the company could only deploy around 5% of its planned purchase as the stock price had zoomed quite high.

Capital Goods: 
The BSE Capital Goods index rose 5.49% to  close at 9807 levels. Among the heavyweights, L&T, Siemens, and Bhel gained 8.6%, 4.1% and 2.6% respectively. Capital goods stocks rose on bargain hunting after a steep decline last month. India's largest power equipment maker by sales BHEL gained 2.6%. The company unveils its Q3 results on 27th January 2012. Larsen and Toubro is likely to register a 10%  growth in sales from its automation business in the next financial year

Bankex: 
The BSE Bankex index rose 5.9% in the week to close at 10912 levels. All the large players, namely SBI, Axis Bank, ICICI Bank, and HDFC Bank were gainers, gaining 8.7%, 7.3%, 6.7% and 4.1% respectively. Interest rate sensitive banking stocks rose on expectations that the Reserve Bank of India will start cutting interest rates in the coming months to prop up slowing economy. HDFC reported 31.4% growth in net profit to Rs 1429.70 crore on 35.6% increase in total income to Rs 8622.64 crore in Q3 December 2011 over Q3 December 2010. Bank said its asset quality remains healthy. The bank's capital adequacy ratio (CAR) remained strong at 16.3% as on 31 December 2011, against he regulatory minimum of 9%


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VIP Industries - Buy

We recommend a buy in the stock of VIP Industries from a short-term perspective. It is evident from the charts of the stock that following a steep decline from its life-time high of Rs 204 marked in September 2011, the stock found support around Rs 74 in December 2011. But, it subsequently changed its direction triggered by positive divergence in daily relative strength index and its weekly indicators reaching oversold territory.

Since December trough of Rs 74, the stock has been on a short-term uptrend. While trending higher, it breached its 21-day moving average. On January 12, the stock jumped nine per cent penetrating its immediate resistance at Rs 88. Further, it has advanced 4.6 per cent, strengthening its uptrend on Wednesday. The stock's short-term uptrend is backed with good volume during advance sessions.

The daily RSI is on the brink of entering into the bullish zone from the neutral region and weekly RSI is about to enter into the neutral region from the bearish zone. The daily moving average convergence divergence indicator is moving in line with the stock price, supporting the uptrend. Also, daily price rate of change indicator is hovering in the positive terrain implying buying interest.

We are bullish on the stock from a short-term perspective. We anticipate the stock to trend higher and reach our price target of Rs 101.5 or Rs 104 in the ensuing trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 95.

Our Recommendation :

The stock has spiked recently from levels of Rs.85 to 110 in a short span and might even look to cross Rs.120.  Existing traders should exit the stock above Rs.120 and buy on steep declines to 95 levels.

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10 Stocks for 2012

Unicon Investment has come out with its top 10 stock picks for new year 2012.

Company Name	CMP	Target Price
State Bank of India	1627	1949
Yes Bank	239	345
Coal India	299	350
Jindal Steel & Power Ltd	465	550
Bharat Heavy Electricals	237	290
Larsen and Toubro	1001	1250
Opto Circuits India	203	330
Mundra Port	123	136
Eros International Media	200	300
United Phosphorous	126	192

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Momentum Stocks - What Next ??

Billionaire investor Rakesh Jhunjhunwala, whose long-term bets have earned him popular titles such as 'the big bull', now faces a lot of red in his portfolio. 

Since December 1, as the market benchmark declined 6%, stocks that Jhunjhunwala owns have lost up to 30%. VIP Industries, a big chunk of the billionaire's portfolio, led the list with the maximum notional loss of 30.5%. 

Other losers include Provogue India, Subex andReliance Broadcast Network, Aptech and Delta Corp, all of which are down 16-25%. Broadly, Jhunjhunwala's entire portfolio is in the red, with 25 out of 28 stocks analysed by ET recording a decline in December. 

The other three counters include Sterling Holiday Resorts, which is up 3%, and Autoline Industries, up 22%. However, among those caught in the red are stocks that analysts believe have good fundamentals, and have been facing undue pressure due to the 'Rakesh phenomenon'. 

Reportedly, the investor has been selling his positions recently to cover for losses from loss-making silver trades. In a nervous market, any news of such a sell-off triggers a much broader sell-off from the investor's many followers. 

In a response to ET last month, Jhunjhunwala rubbished the claims and said, "People can say anything they want, I have no comments. I never talk about my trading bets." 

One stock caught in the crossfire of rumours is Lupin, in which the billionaire holds around 2%. Since December 1, the pharmaceutical company's shares have lost 7.6% and are trading around Rs 430. 

"Here is a huge sentimental overhang on the stock. However, weakness in the stock should be seen as a buying opportunity," Sarabjit Kaur Nangra, vice president of research at Angel Broking said. 

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Gainers & Losers BSE , NSE Week ending 25 Nov 2011

Sensex top gainers: 

The top gainers in the Sensex were L&T (up 1.7%), Maruti Suzuki (up 1%), Tata Motors Ltd (up 0.9%) and Cipla (up 0.6%) 

 

Sensex Top losers: 

The top losers in the Sensex were Reliance Capital (down 9.9%), Hindalco Inds (down 8.2%), Hero Moto Corp (down 7.2%), ICICI Bank (down 6.7%) and Reliance Inds (down 6.7%), 

 

BSE IT Index (down 1.7%): 

The largest losers in IT sector were TCS (down 2.6%), Infosys (down 2.5%), Sasken Comm (down 2.4%), HCL Tech (down 1.7%) and Mphasis (down 1.1%), 

 

BSE Healthcare Index (up 0.6%): 

The biggest gainers in Pharma were Morepen Labs (up 3.2%), Dishman Pharma (up 3.2%), Ranbaxy Labs (up 2.7%), Ipca Labs (up 2.6%) and Orchid Chem (up 2.5%),   The top losers in Pharma were Natco Pharma (down 4.8%), Strides Arcolab (down 2.6%), Dr Reddy's Labs (down 2.5%), Sun Pharma (down 2%) and Astrazeneca Pharma (down 1.6%), 

 

BSE Banking Index (down 4.1%): 

The notable gainers in the banking space were Union Bank of India (up 5.6%), Karnataka Bank (up 2.7%), Yes Bank (up 1.4%), Bank of Baroda (up 1.3%) and PNB (up 0.4%).  The top losers in the banking space were ICICI Bank (down 6.7%), Federal Bank (down 6.6%), Hdfc Bank (down 6%), Kotak Mahindra Bank (down 5.9%) and Andhra Bank (down 4.9%). 

 

The BSE Auto Index (down 0.8%):

The top gainers in the auto space were Maruti Suzuki (up 1%) and Tata Motors Ltd (up 0.9%).   The top losers in the auto space were Hero MotoCorp (down 7.2%), Swaraj Mazda (down 5.5%), M&M (down 4.3%), Bajaj Auto (down 3.1%) and Hindustan Motors (down 2.4%), 

 

The BSE Oil & Gas Index (down 3.2%):

The top losers in the oil & gas space were Hindustan Oil Exp (down 11.7%), GSPL (down 8%), Great Offshore (down 7.3%), Gujarat NRE Coke (down 7.3%) and Chennai Petro (down 7%).   The largest gainers were MRPL (up 4%), BPCL (up 3.1%), IOC (up 1.3%), Essar Oil (up 0.9%) and HPCL (up 0.3%). 

 

The BSE Capital Goods Index (down 10%):

The top gainers in the Capital Goods space were Greaves Cotton (up 3.8%), Dredging Corp (up 2.8%), L&T (up 1.7%), Astra Microwave (up 1.3%) and Thermax (up 0.2%).   The top losers in the Capital Goods were LMW (down 8.2%), Gammon India (down 6.8%), Jyoti Structures (down 6.7%), SKF India (down 6.4%) and Alstom Projects (down 6.2%).

 

The Cement Sector: 

The top gainers in the cement sector were Shree Cement (up 1.9%). 

 

The Telecom Sector: 

The top gainers in the telecom  space were Gemini Comm (up 10.8%), Shyam Telecom (up 3.4%) and Tata Communications (up 0.1%).  The top losers in the telecom were Tata Teleservices (down 6.7%), Bharti Airtel (down 5.6%), RCOM (down 4.9%) and Idea Cellular (down 3.2%). 

 

The Realty Sector (down 3%): 

The top gainers in the real estate space were Peninsula Land (up 2.3%), Unitech (up 1.1%) and Sobha Developers (up 0.1%).  The top losers were Parsvnath Developers (down 41%), HDIL (down 10.9%), Ansal Properties (down 10.4%), Mahindra Lifespace (down 3.7%) and Anant Raj (down 2.4%). 

 

The Metals sector (down 3.8%): 

The top losers in the metals sector were SAIL (down 12.9%), Jindal Steel (down 9.2%), JSW Steel (down 9%), Lloyds Metals (down 7.6%) and Sunflag Iron (down 6%).

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