For Private Circulation Only

Retail Research 12 July, 2019

CNX Nifty MARKET REVIEW

The market during the week registered one of the worst weekly
falls in recent months owing to developments post the Union
Budget and US economy struggling to find its feet. The sell-off was
triggered by budgetary proposals to hike surcharge on super rich
(income between Rs2-5 crore and above), proposals to raise
current public shareholdings and levy of tax on buybacks causing
jitters amongst FPIs. Many FIIs registered as non-corporate entities
in India mulled the tax implications of these moves even as
wriggling out of it by conversion to a corporate entity could lead
to burdensome Capital Gains Tax. FIIs have net sold Rs1203 crore
5-Jul 12-Jul
during the week. Sensex and Nifty closed with weekly cuts of 2.0%
Indices % Chg
and 2.2% at 38,736.2 and 11,552.5 points respectively while Mid/
Nifty 11811.2 11552.5 (2.2)
Smallcap indices closed with losses of 1.2% and 2.6% at 14,553.9
Sensex 39513.4 38736.2 (2.0) and 13,776.6 points respectively.
Midcap 14725.7 14553.9 (1.2)
Small cap 14141.8 13776.6 (2.6) Key event for the next week:
Event Date
Indices 5-Jul 12-Jul % Chg
WPI for June, 2019 15-Jul-19
BSE Reality 2173.0 2163.7 (0.4)
Quarterly results for the next week:
BSE healthcare 12719.2 12923.4 1.6

BSE Bankex 35340.5 34415.0 (2.6) Name Date Name Date

BSE IT 15250.0 15102.2 (1.0) Tinplate Co. 15-07-2019 Tata Metaliks 15-07-2019
BSE FMCG 11505.4 11220.0 (2.5) Bajaj Consumer 15-07-2019 Federal Bank 16-07-2019
BSE Cap Goods 19675.6 18653.3 (5.2) DCB Bank 16-07-2019 HDFC AMC 16-07-2019
BSE PSU 7763.7 7494.2 (3.5) Wipro 17-07-2019 Tata Elxsi 17-07-2019
BSE Oil 14487.1 14088.6 (2.8) DFM Foods 17-07-2019 Mindtree 17-07-2019
Bse Auto 17692.3 17271.6 (2.4) Yes Bank 17-07-2019 ACC 18-07-2019
BSE Cons Durab 25359.0 23190.8 (8.5) Colgate-Palm. 18-07-2019 Rallis India 18-07-2019
BSE Power 2074.6 2019.7 (2.6) Cyient 18-07-2019 L & T Infotech 18-07-2019
BSE Metal 10601.5 10540.3 (0.6) Sasken Technol. 18-07-2019 Sterlite Tech. 18-07-2019
D B Corp 18-07-2019 Devki Leasing 18-07-2019
08 July - 12 July Reliance Inds. 19-07-2019 Hind.Zinc 19-07-2019
Rs in Cr FII Inv DII Inv Dabur India 19-07-2019 RBL Bank 19-07-2019
Buy 19180.4 19760.7 ICICI Lombard 19-07-2019 Mahindra CIE 19-07-2019
Sell 20383.6 16401.4 L&T Fin.Holdings 19-07-2019 L&T Technology 19-07-2019
Net (1,203.2) 3,359.3
 Weekly Wrap-up

Top 5 Performers – Sensex CORPORATE

Close Close % Chg
Infosys Q1 profit rises 5% YoY to Rs 3,802 crore; revenue
5-Jul 12-Jul
guidance raised to 8.5%-10%
SUNPHARMA 375.1 407.7 8.7
Yes Bank 88.2 94.2 6.7 IT major Infosys on Friday reported a 5.3 per cent year-on-year
Vedanta 163.6 167.7 2.5 rise in profit at Rs 3,802 crore for the June quarter. Sequentially,
Hero MotoCorp 2,513.6 2,569.1 2.2 profit fell 6.8 per cent. The company has increased FY20 revenue
RELIANCE 1,262.6 1,280.6 1.4 growth guidance to 8.5-10 per cent in constant currency, while
maintaining FY20 operating margin guidance in range of 21-23 per
cent. Revenue for the June quarter came in at Rs 21,803 crore, up
Top 5 Performers – Nifty
14 per cent over Rs 19,128 crore in the year-ago period.
Close Close % Chg Sequentially, sales were up 1.2 per cent. Revenue growth in dollar
5-Jul 12-Jul terms rose 2.3 per cent to $3,131 million sequentially and 10.6
SUNPHARMA 375.3 407.7 8.6 per cent on a yearly basis. In constant currency terms, revenue
Yes Bank 88.2 94.2 6.9 rose 2.8 per cent QoQ and 12.4 per cent YoY. The company said it
ADANIPORTS 402.5 415.3 3.2 signed $2.7 billion of large deals during the quarter.
Vedanta 163.7 167.7 2.4
IndusInd Bank Q1 net profit jumps 38% to Rs 1,433 crore,
Hero MotoCorp 2,512.3 2,569.8 2.3
asset quality stable
Private lender IndusInd Bank reported a 38.30 per cent year-on-
Top 5 losers – Sensex
year jump in consolidated profit at Rs 1,432.50 crore for the June
Close Close % Chg quarter. The bank had reported a net of Rs 1,035.72 crore in the
5-Jul 12-Jul year ago period. The lender posted a net interest income of Rs
Bajaj Finance 3,719.0 3,377.8 -9.2 2,844 crore. Gross NPA stood at 2.15 per cent in the June quarter
ONGC 161.3 149.9 -7.1 against 2.10 per cent sequentially, while net NPA came in at 1.25
Axis Bank 806.0 755.5 -6.3 per cent compared with 1.20 per cent on a quarter-on-quarter
MARUTI 6,364.8 5,972.0 -6.2 basis. The lender's absolute gross NPA was Rs 4,200 crore against
NTPC 136.5 128.2 -6.0 Rs 3,947 crore in March quarter. Meanwhile, provisions of the bank
inched up to Rs 431 crore on a yearly basis from Rs 350 crore,
Top 5 losers – Nifty while they saw a big slump from Rs 1,560 crore on a quarterly
Close Close % Chg basis. (ET)
5-Jul 12-Jul
HFCL net profit jumps over twofold to Rs 117 cr in
Titan Company 1,278.1 1,101.2 -13.8
June quarter
Bajaj Finance 3,719.2 3,377.5 -9.2
IBULHSGFIN 727.4 666.0 -8.4 Domestic telecom gear maker HFCL posted over twofold jump in a
Bajaj Finserv 8,435.4 7,725.7 -8.4 consolidated profit after tax at Rs 117 crore in the first quarter
ONGC 161.5 149.7 -7.3 ended June 30, on account of accelerated project executions. The
company had posted a net profit of Rs 47 crore in the corresponding
period a year ago. Himachal Futuristic Communications Ltd. (HFCL)
consolidated revenue from operations increased 23 per cent to Rs
1,343 crore during the quarter, from Rs 1,215 crore in the
corresponding quarter of the previous financial year. The all-round
Weekly Summation Report
performance was powered by change in revenue mix, accelerated
project execution and efficiency. The company makes telecom
network equipment, including optical fibre cables (OFCs). It has
manufacturing units in Solan (Himachal Pradesh), Goa and Chennai
(Tamil Nadu), and expects to commission new OFC unit in
Hyderabad by November. (ET)

SBICAP Securities Limited / 2

 Weekly Wrap-up

TCS Q1 profit rises 11% YoY to Rs 8,131 crore

Tata Consultancy Services reported a 10.8 per cent year-on-year
(YoY) rise in profit at Rs 8,131 crore for June quarter against Rs
7,340 crore in the same quarter last year. On a sequential basis,
profit was marginally higher. Revenue for the quarter rose 11.4
per cent YoY to Rs 38,172 crore. Revenue growth in constant
currency terms stood at 10.6 per cent on a yearly basis. Operating
margin came in at 24.2 per cent against 25.1 per cent in March
quarter and 25 per cent in the same last quarter. Net margin for
the quarter under review stood at 21.3 per cent. Segment wise
revenue growth was broad-based across verticals. Life Sciences &
Healthcare led the pack, growing 18.1 per cent. BFSI (up 9.2 per
cent), Retail & EPG (up 7.9 per cent), Communications & Media
(up 8.4 per cent), Technology & Services (up 7.8 per cent) and
Manufacturing (up 5.5 per cent) - all showed healthy growth rates.
The company's board has declared an interim dividend of Rs 5 per
share. (ET)

NCLT orders liquidation of Adhunik Metaliks, Zion Steel

Close to two years after getting admitted for insolvency, Kolkata-
based Adhunik Metaliks and Zion Steel were ordered to be
liquidated by the Cuttack bench of the National Company Law
Tribunal (NCLT) after Liberty House failed to implement its
resolution plan. However, Maharashtra Seamless - which had
submitted a revised offer - can still apply to acquire the companies
under Sections 230-232 of the Companies Act that deals with
mergers and amalgamations. The NCLT though rejected a plea by
the committee of creditors to be allowed to consider the offer.
Maharashtra Seamless was the second-highest bidder for the assets
of Adhunik Group of Industries, which has collective debt of more
than Rs 5,000 crore and employs over 1,500 workers. Liberty
House's plan was approved in July 2018 but its implementation
got delayed. The delay occurred due to MSTC's claims which were
later rejected by both the National Company Law Appellate
Tribunal (NCLAT) and the Supreme Court. (ET)

Piramal sharply cuts short term borrowings as

NBFC crisis lingers
Default by a large financial services player on its debt instruments
has forced Piramal Enterprises to shift its borrowing mix to longer-
term funding sources, and significantly reduce dependence on
commercial papers. Recognizing the negative sentiment on NBFCs,
the company has shifted its borrowing mix towards longer-term
sources of funds and significantly reduced the dependence on CPs
Weekly from Rs 18,000
Summation crore in September 2018 to Rs 8,900 crore in March
Report
2019. It also raised Rs 16,500 crore, which is nearly 30 percent of
its loan book, via NCDs and bank loans between September 2018
and March 2019. The company's financial services business
delivered good returns of nearly 19 percent for FY19, despite the
continuous de-risking of the loan book and fund raising in the
previous year. (TheHinduBusinesssLine)

SBICAP Securities Limited / 3

 Weekly Wrap-up

10 years Government of India Bond Yield ECONOMY

India lowers duty on 400,000 tonnes of corn imports as
prices jump
India lowered import taxes on an additional 400,000 tonnes of corn
to 15% to offset a rise in the price of animal feed in the country
following a drought last year. India allowed imports of 100,000 tonnes
of corn at the concessional tax rate in June. The additional 400,000
tonnes of imports were permitted at the same rate following a
request from the poultry industry. India, the world's seventh-biggest
corn producer, normally imposes a 60% import tax on the grain, but
an infestation of the fall armyworm, which devastated African crops
in 2017, and dry weather in some areas have cut the country's corn
output. India was a major exporter of corn to southeast Asia until
Government securities market %
falling output and increasing demand from poultry producers and
91 days T-bill* 5.8602 corn starch manufacturers turned it into an importer a few years
182 days T-bill* 6.0322 ago. The switch in India's position cheered rival suppliers such as
Brazil, Argentina and the United States, which have now replaced
364 days T-bill* 6.0611
New Delhi in the southeast Asian market. India, which does not allow
*cut off at last auction the cultivation of any genetically modified food crops, has rules
designed to ensure that imports contain no trace of genetically
modified organisms. (ET)

Key Economic Indicators

India Inc's FDI down over two times to USD 820 mn in June
$bn
India Inc's foreign direct investment in June fell by over two times
External debt 543.00
from a year ago to USD 820.36 million. The outward foreign direct
Forex reserves 429.91 investment (OFDI) by the Indian firms stood at USD 2.29 billion in
CAD 4.60 the year-ago same month. In May, the Indian firms had invested
over USD 1.56 billion in their overseas ventures. Of the total overseas
CPI(%) 3.18
direct investment during June, USD 340.28 million was in the form
WPI(%) 2.45 of equity infusion, USD 222.06 million was through loan and USD
IIP (%) 3.10 258.02 million came in through issuance of guarantee. Among the
major investors included ONGC Videsh Ltd USD 61.74 million in its
various joint ventures in Myanmar, Russia and Vietnam; Asian Paints
USD 43.45 million in a wholly-owned unit in Singapore and Alok
Infrastructure USD 24 million in a wholly-owned subsidiary in the
British Virgin Islands. (ET)
Monetary policy data Current Previous Chg
(INDIA) % % bps

Repo rate 5.75 6.00 (25)

Reverse Repo rate 5.50 5.75 (25)

CRR 4.00 4.00 Weekly

- Summation Report

SBICAP Securities Limited / 4

 Weekly Wrap-up

World Indices 5-Jul 12-Jul % Chg GLOBAL EVENTS

DJIA* 26922.1 27088.1 0.6
Nasdaq* 8161.8 8196.0 0.4 Fed's Jerome Powell signals rate cuts as US economic
Nikkei 225 21746.4 21685.9 -0.3
outlook dims
Straits Times 3372.3 3357.3 -0.4 Concerns about trade policy and a weak global economy "continue
to weigh on the U.S. economic outlook" and the Federal Reserve
Hang Seng 28774.8 28471.6 -1.1
stands ready to "act as appropriate" to sustain a decade-long
FTSE 100* 7603.6 7509.8 -1.2 expansion in remarks that could bolster expectations of an interest
DAX* 12629.9 12332.1 -2.4 rate cut later this month. In prepared remarks to a congressional
Shanghai Composite 3005.3 2917.8 -2.9
committee, Powell contrasted the Fed's "baseline outlook" of
continued U.S. growth against a considerable set of risks - including
* Closing as on 11th July, 2019
persistently weak inflation, slower growth in other major
economies, and a downturn in business investment driven by
uncertainty over just how long the Trump administration's trade
war with China and other countries will last and how intense it
will become. Fed officials at their June policy meeting signaled
Currencies Vs INR 5-Jul 12-Jul % Chg those concerns might warrant lower rates, and since then, based
USD 68.6 68.8 0.3 on incoming data and other developments, it appears that
GBP 86.3 86.3 0.0 uncertainties around trade tensions and concerns about the
strength of the global economy continue to weigh on the U.S.
EURO 77.5 77.5 0.1
outlook. (ET)
YEN (100 units) 63.6 63.6 0.0
India, China bilateral trade declines by 3.59 pc in first 5
months of this year
The bilateral trade between India and China has declined by 3.59
per cent year on year, totalling USD 36.87 billion in the first five
Commodity data 5-Jul 12-Jul % Chg months of this year, denting optimism that the total trade volume
Brent Crude ($/bbl) 64.2 66.8 4.0 may cross USD 100 billion mark in 2019. The India-China bilateral
Gold(Rs/10gm) 33848.0 34441.0 1.8 trade last year touched a historic high of USD 95.54 billion, raising
hopes that the trade this year could cross the historic USD 100 billion
Silver(Rs/kg) 37883.0 37755.0 -0.3
mark. The trade deficit in 2018, climbed to USD 57.86 billion from
USD 51.72 billion in 2017. The bilateral trade in the first five months
of 2019 has declined by 3.59 per cent year on year amounting to
USD 36.87 billion. In the same period, India's exports to China
declined by 1.62 per cent to reach USD 7.70 billion while Chinese
exports to India decelerated by 4.10 per cent to total USD 29.17
billion. In May this year, the bilateral trade declined by a significant
5.04 per cent, totalling USD 8.18 billion year on year. (ET)

China factory price inflation slips as trade war pressure grows

Factory prices in China were unchanged in June from a year ago
reviving the prospect of deflation as the US trade war hits the
crucial manufacturing sector. At the same time consumer prices
managed to meet expectations but the main support came from a
surge in food prices owing to the impact of African swine fever on
Weekly pork
Summation
suppliesReport
and severe weather hitting fresh fruits. The producer
price index (PPI) -- an important barometer of the industrial sector
that measures the cost of goods at the factory gate -- came in at
zero in June, down from a 0.6 percent rise in May. A slowdown in
factory gate inflation reflects sluggish demand, while a turn to
deflation could dent corporate profits and drag on the world's
number two economy, which in turn could lead to a drop in prices
globally. (ET)

SBICAP Securities Limited / 5

 Weekly Wrap-up

Technical Desk:
Nifty July Future Weekly Chart

MARKET OUTLOOK:
The week gone by:
Nifty future closed at 11544.35 down by 2.34% from the previous week's close of 11820.95.
During the week nifty future open at 11769.60, made a high of 11770.00, made a low of 11467.55 and closed the week at
11544.35. The volumes were higher than the previous week showing strength in the down move. This week nifty future gave
range of 302.45 points.

Pattern:
Nifty future chart has made "RED CLOSING MARUBOZU pattern" in weekly chart. The Red Closing Marubozu pattern is a very
bearish pattern that signifies that the Sellers gradually took control of the market and eventually ending the price at lower
levels. The pattern has appeared around upward sloping trend line which shows support of buyers at current levels. If Nifty
breaks the upward sloping trend line then further expected to move lower as we witness the fall in price along with rise of
volumes.

The week ahead:

The nifty future may find supports around 11090 - 11413 on the downside which are price extension drawn from low to high.
The nifty future may find resistance around 11618 - 11782 on the upside which are price extension drawn from low to high.
The nifty future has closed at lower level of weekly chart showing bearishness for the next week. The volumes were more as
compared to previous week showing strength in the down move. Nifty future has closed below 11618. If it remains below
11618 then immediately on the downside it will Weekly
find support at 11413.This
Summation Report week nifty future has made a low of 11467.55
while our support was at 11413.This week Nifty future made a high of 11770 while our resistance was at 11782.Above 11413
there will be bullish trend in the market. Buyers will have an upper hand. Below that bear will take over the market. If nifty
future closes below 11413 levels, then we can see a lower level of 11090.We have come to the same levels of 11425 from
where the bullishness started in the market which was 17th May Friday closing before pre poll exit election result.
Broader trading range for the week: 11090 - 11782.
Immediate probable trading range for the week: 11413 - 11618.

SBICAP Securities Limited / 6

 Weekly Wrap-up

Derivatives Desk:

Weekly Market Summary

Nifty Futures closed at 11544.35, down by 276.60 points or -02.34% since last week. Nifty futures premium decreased to -08.15
points from 09.80 points premium of previous week. Bank Nifty was down by 902.80 points or -2.87% to close at 30600.5
Nifty Futures OI stood at 200.71 Lac, increased by 2.22% from 196.34 Lac of previous week. The annualized Cost of Carry decreased
to -1.98% from 2.16%
The Put-Call Ratio increased to 1.15 from 1.09. Nifty Call shed total OI of -14.94Lac shares, with major OI addition of 14.88Lac at
11700 strike, 14.53Lac at 11600 strike and 11.30Lac at 11800 strike price respectively while there was unwinding of -0.61Lac at
11000 strike and 0.02Lac at 11100 strike.
Nifty Put added total OI of 4.93Lac shares, with major OI addition of 7.63Lac at 11200 strike, 6.29Lac at 11400 strike and 4.83Lac
at 11300 strike price respectively while there was unwinding of -6.62Lac at 11800 strike and -6.57Lac at 11700 strike.
Highest Open interest build up in Nifty call options observed at 12000 strike price with OI of 32.09Lac and put side it is observed
at 11300 strike price with OI of 19.88Lac followed by 11800 call and 11500 put.
Total market wide open interest increased by 9.92% from 494.50Cr to 543.54Cr on weekly basis.
Some stocks observed with Long addition are PVR, DISHTV, RELINFRA, TVSMOTOR and MFSL, while stocks observed with Short
addition are RECLTD, INDIGO, BATAINDIA, OIL and GAIL.
Long Unwinding was observed in stocks like MRF, HEXAWARE, RAMCOCEM, CANBK and BANKBARODA, while Short Covering
was observed in stocks like IGL, GLENMARK, HEROMOTOCO, CESC and BIOCON.
Sector wise OI Increased in Construction, Index, Pharma, Cement and Automobile, while sector wise OI Decreased in Media,
Textiles, Energy.
Stocks with increased HV are RECLTD, BAJAJFINSV, TITAN, BAJFINANCE and PNB, while stocks with decreased HV are STAR,
HEXAWARE, INFY, CUMMINSIND and RELCAPITAL.
Market Outlook: - : Markets witnessed a sharp correction in the week gone by as traders and investors reacted negatively to the key
proposals announced by the Government in the Union budget. Call writing continued to be witnessed in OTM strikes with 11600 CE and
11700CE witnessing open interest builds up. The focus of the market would now shift towards the Q1 results season which has just
commenced. Nifty future may find resistance at 11760 - 11840 while support may be seen at 11440 - 11340 levels.
Price Gainers Price Losers
Symbol Close Price_Chg OI_Chg Symbol Close Price_Chg OI_Chg
SUNPHARMA 408.80 8.54% 6.38% GAIL 147.25 -52.00% 32.75%
YESBANK 94.65 6.83% -1.05% BSOFT 74.90 -15.98% 29.45%
BIOCON 253.70 5.42% -8.39% TITAN 1102.20 -14.02% 18.72%
GLENMARK 451.10 4.48% -21.53% INDIGO 1353.85 -13.65% 70.76%
APOLLOHOSP 1363.45 3.76% 3.29% MINDTREE 755.40 -12.11% 1.67%
Weekly Summation Report
OI Gainers OI Losers
Symbol Close Price_Chg OI_Chg Symbol Close Price_Chg OI_Chg
RECLTD 149.35 -10.54% 97.78% IGL 308.60 3.31% -35.72%
INDIGO 1,353.85 -13.65% 70.76% GLENMARK 451.10 4.48% -21.53%
PVR 1,731.00 3.65% 46.53% HEROMOTOCO 2,537.85 1.95% -18.88%
BATAINDIA 1,341.90 -7.01% 43.72% MRF 55,983.20 -0.13% -18.26%
OIL 172.65 -0.17% 33.64% CESC 782.00 1.35% -17.46%

SBICAP Securities Limited / 7

 Weekly Wrap-up

Currency Derivatives Desk:

Major Macro Global Events Ahead USDINR v/s Dollar Index

Economic Events Country Day

Unemployment Rate UK July 16

German ZEW Economic Sentiment EU July 16
Core Retail Sales m/m US July 16
Fed Chair Powell Speaks UK July 16
Retail Sales m/m UK July 18
Prelim UoM Consumer Sentiment US July 19

Macro Headlines:
This week, Indian Rupee depreciated around 0.3% and touched 68.985 levels as surge of 4% in Brent crude oil coupled
with strong dollar index in the earlier half weighed on the domestic currency. However, Rupee regained momentum
and surged to 11-month high of 68.3825 as dollar slipped after a dovish commentary by Federal Reserve chairman
Jerome Powell.
Dollar index started the week on a positive note and jumped to three week high of 97.165 as robust jobs report from
the US raised doubts over aggressive rate cut plan. However, Fed chair dropped hints of a July rate cut in his testimony,
thereby reversing gains in the greenback.
US core consumer price index for June rose 0.3%, largest increase since January 2018 boosted by strong rise in the
prices for apparel, used cars and trucks, and household furnishings. On a YoY basis, core CPI climbed 2.1% after
advancing 2.0% in May.
EURUSD gained 0.2% and EURINR rose marginally buoyed by a weaker dollar and some positive economic numbers
from Germany. German May industrial output increased at 0.3% from -2.0% on month while German trade surplus
also extended at $18.7B from $16.9 billion in the prior month as imports fell and 0.5% and exports grew by 1.1% in
May. However, gains in the shared currency were limited on fear that the ECB may introduce another wave of monetary
stimulus in the near term.
British Pound too remained supported by soft dollar but disappointing economic data from UK restricted upside. British
Retail Consortium report showed sales at British retailers rose 0.6% in the 12 months to June, their slowest average
pace on record over the past year as worries about Brexit weighed on consumers. Further, the U.K. economy is expected
to shrink for the first time in seven years during the second quarter of 2019.
Japanese yen slipped 0.2% against USD as risk appetite gained steam after dovish comments by Fed chair. Not only
this, restart of US-China trade talks added to the optimism.
The India's benchmark 7.26%-2029 government bond yield fell to 6.4926% from 6.7% last week while the US 10 year
bond yield rose to 2.141% from 2.046 last week.

Weekly Change in NSE Currencies Weekly

Weekly Summation Change in Global Currencies
Report
Currency Pre. Close Net Chg (%) Currency Pre. Close Net Chg (%)
USDINR July 68.785 0.25 EURUSD 1.1246 0.18
GBPINR July 86.285 0.02 GBPUSD 1.2534 0.07
EURINR July 77.5425 0.10 USDJPY 108.33 -0.13
JPYINR July 63.6125 0.00 DXY 96.678 -0.22

SBICAP Securities Limited / 8

 Weekly Wrap-up

Mutual Fund Desk:

Mutual Fund Commentary:

Investors pulled out Rs 1.60 lakh crore on a net basis from mutual fund schemes in June against a net investment of
Rs 76,989 crore in May mainly due to persisting weak confidence in debt-oriented plans. The debt segment saw the largest
outflow of Rs 1,71,349 crore as compared to Rs 70,119 crore inflow witnessed in May'19. Liquid funds alone witnessed
an outflow of Rs 1.52 lakh crore. Equity mutual funds, however witnessed a net inflow of Rs 7,663.14 crore during month
against Rs 5,408 crore inflow in May. SIP inflows slipped for the third straight month to Rs 8,122.13 crore in June from
Rs 8,183 crore in May and Rs 8,238 crore in April.

Dividend Declared:
Scheme Name Record Date Dividend (Rs. Per Unit)
Reliance Large Cap-D 15 July 2019 0.10
UTI Multi Asset Reg-D 16 July 2019 0.06
Source: www.valueresearchonline.com

Average returns across various Mutual Fund categories:

Mutual Fund Categories 1 Wk 1 Mth 3 Mths 1 Yr 3 Yrs 5 Yrs
Equity :Large Cap -3.07 -2.98 -0.59 4.49 10.95 10.16
Equity: Large & MidCap -2.99 -2.8 -0.86 0.95 9.59 11.83
Equity: Multi Cap -2.98 -2.79 -0.44 1.63 9.85 11.29
Equity: Mid Cap -3.14 -3.83 -3.42 -4.82 7.37 12.48
Equity: Value Oriented -3.08 -3.49 -2.88 -3.09 8.6 11.04
Equity: ELSS -3.16 -3.06 -0.82 0.77 9.64 11.3
Hybrid: Equity Savings -0.98 -0.63 1.03 4.02 6.91 --
Hybrid: Aggressive Hybrid -2.21 -1.95 -0.52 2.34 8.61 10.11
Hybrid: Conservative Hybrid -0.27 0.01 0.93 5.1 6.87 8.14
Debt: Corporate Bond 0.64 0.68 -0.57 4.74 5.75 7.06
Debt: Credit Risk 0.4 -1.57 -3.09 0.87 4.86 7.67
Debt: Dynamic Bond 1.07 2.32 3.14 9.8 7.16 8.37
Debt: Long Duration 2.42 5.59 10.58 21.07 9.85 10.31
Debt: Gilt 1.59 3.74 7.18 15.28 8.66 9.69
Debt: Liquid 0.12 0.52 1.67 6.87 6.77 7.38
Debt: Ultra Short Duration 0.22 0.86 1.27 5.95 6.45 7.28
Debt: FMP 0.14 0.52 1.36 6.6 6.81 7.42
Source: Ace MF; Data as on 12th July 2019
For all categories, returns < 1 year are absolute and returns >= 1 year are CAGR returns.

Fund We like
Mutual Fund Categories 1 Wk 1 Mth 3 Mths 1 Yr 3 Yrs 5 Yrs
ICICI Pru Equity & Debt Fund(G) -2.32 -1.58 0.26 8.21 10.85 12.07
Weekly Summation Report
Source: Ace MF; Data as on 12th July 2019
Returns < 1 year are absolute and returns >= 1 year are CAGR returns.

SBICAP Securities Limited / 9

 Weekly Wrap-up

Mutual Fund Transaction Trends:

(Rs. in Crore) Equity Debt

Date Gross Purchase Gross Sale Net Gross Purchase Gross Sale Net
04-Jul-2019 2,117.75 1,927.09 190.66 14,359.22 7,074.67 7,284.55
05-Jul-2019 2,886.45 2,816.05 70.40 8,030.31 5,843.85 2,186.46
08-Jul-2019 2,489.73 2,730.69 -240.96 10,359.54 5,928.97 4,430.57
09-Jul-2019 2,864.66 2,778.96 85.70 8,422.14 4,583.77 3,838.37
10-Jul-2019 2,334.85 1,989.12 345.73 4,793.28 3,104.55 1,688.73
Source: Ace MF; SEBI

Bulk Deals by Mutual Fund:

Exchange Date Security Name Client Name Deal Type Volume Deal Price
N.A.
Source: NSE/BSE

DII Transaction trends:

Equity
Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
08-Jul-2019 4,054.90 3,733.77 321.13
09-Jul-2019 4,545.33 3,834.42 710.91
10-Jul-2019 3,499.57 2,832.17 667.4
11-Jul-2019 3,593.95 2,874.21 719.74
12-Jul-2019 4,066.91 3,126.79 940.12
Source: BSE

Ongoing NFO & FMP:

Scheme Name Category Type Open Date Close Date Min Invest.
Mahindra Hybrid Equity Nivesh Yojana Hybrid - Aggressive Hybrid Fund Hybrid 28-Jun-2019 12-Jul-2019 1,000
Baroda Equity Savings Fund Hybrid - Equity Savings Hybrid 04-Jul-2019 16-Jul-2019 5,000
Parag Parikh Tax Saver Fund Equity - ELSS Equity 04-Jul-2019 18-Jul-2019 500
Mirae Asset Midcap Fund Equity - Mid Cap Fund Equity 08-Jul-2019 22-Jul-2019 5,000

Source: Ace MF

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 Weekly Wrap-up

Weekly Calls:

Top 5 Technical Picks:

Company Recommendation CMP (Rs) Target (Rs) Stop Loss (Rs)

ACC LTD. BUY 1575.4 1654.2 1536.0
INTERGLOBE AVIATION LTD. BUY 1347.6 1415.0 1313.9
RBL BANK LTD. BUY 640.9 672.9 624.9
BPCL JULY FUTURE SELL 347.2 330.0 356.0
HIND LEVER JULY FUTURE SELL 1718.6 1633.0 1762.0

Derivative Strategies:
Nifty Bear Put Spread_strategy
Max Profit Max Loss
Scrip Lot Size Buy/ Sell Range Avg. Price BEP
(on Expiry) (on Expiry)
NIFTY 11500 Put 18JUL 75 Buy 1 Lot 34 35 34.5
Rs.6075 Rs.-1425 11481
NIFTY 11400 Put 18JUL 75 Sell 1 lot 15 16 15.5

Currency Trading Weekly Outlook

Currencies View Support Resistance
USDINR June This pair is trading near the support level of 68.30, any trade 67.60 69.20
below 68.30, price can fall towards 67.60, 67.00 level respectively.
GBPINR June Pair has rebound from 85.50 levels, but trading near the resistance 85.50 86.48
level i.e. 86.48 levels. Any either side of the trade will confirm the trend.
EURINR June EURINR is trading near the support level of 77.40, any trade 77.00 78..00
below 77.40, price can fall towards 76.20, 75.40 level respectively.
JPYINR June Profit booking will continue in this pair which will take JPYINR 62.40 64.20
towards 62.40, where one can use this as an opportunity to buy
at lower level.

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 Weekly Wrap-up

Updated Corporate Actions:

Dividend
Co_Name Ex-Date Div. % DPS FV CMP Type Div. Yield(%) Remark

Dr Reddy's Labs 7/15/2019 400.0 20.0 5 2652.2 Final 0.8

Navneet Educat. 7/15/2019 50.0 1.0 2 107.1 Final 0.9
Zee Entertainmen 7/15/2019 350.0 3.5 1 354.7 Final 1.0
Praj Inds. 7/15/2019 81.0 1.6 2 124.9 Final 1.3
M & M Fin. Serv. 7/15/2019 125.0 2.5 2 380.2 Special 0.7
M & M Fin. Serv. 7/15/2019 200.0 4.0 2 380.2 Final 1.1
Delta Corp 7/15/2019 65.0 0.7 1 166.8 Final 0.4
GE Power 7/15/2019 60.0 6.0 10 847.5 Final 0.7
K E C Intl. 7/15/2019 135.0 2.7 2 322.1 Final 0.8
GE T&D India 7/16/2019 90.0 1.8 2 228.3 Final 0.8
Everest Inds. 7/16/2019 75.0 7.5 10 388.5 Final 1.9
Hero Motocorp 7/16/2019 1600.0 32.0 2 2507.3 Final 1.3
Seshasayee Paper 7/16/2019 200.0 20.0 10 975.1 Final 2.1
Vinati Organics 7/16/2019 350.0 7.0 2 2084.5 Final 0.3
TCS 7/16/2019 500.0 5.0 1 2101.5 Interim 0.2
PVR 7/16/2019 20.0 2.0 10 1729.4 Final 0.1
V-Guard Inds. 7/16/2019 80.0 0.8 1 232.3 Final 0.3
Syngene Intl. 7/16/2019 5.0 0.5 10 313.2 Final 0.2
Thirumalai Chem. 7/17/2019 200.0 2.0 1 72.9 Final 2.7
Voltas 7/17/2019 400.0 4.0 1 591.2 Final 0.7
Federal Bank 7/17/2019 70.0 1.4 2 104.9 Final 1.3
Zydus Wellness 7/17/2019 50.0 5.0 10 1361.5 Final 0.4
CEAT 7/18/2019 120.0 12.0 10 894.2 Final 1.3
M&M 7/18/2019 170.0 8.5 5 633.7 Final 1.3
Piramal Enterp. 7/18/2019 1400.0 28.0 2 1963.7 Final 1.4
Havells India 7/18/2019 450.0 4.5 1 718.9 Final 0.6
Biocon 7/18/2019 10.0 0.5 5 252.6 Final 0.2
AU Small Finance 7/18/2019 7.5 0.8 10 673.1 Final 0.1
Alembic Pharma 7/18/2019 275.0 5.5 2 538.2 Final 1.0
Crompton Gr. Con 7/18/2019 100.0 2.0 2 226.6 Final 0.9

Open Offer

Co_Name Start Date Close Date Offer Price Proposed Acquisition CMP
(Rs.) (No. of Shares) (Rs.)
Som Datt Finance 7/3/2019 7/16/2019 14.7 2602073 9.2
KPIT Technologi. 7/12/2019 7/25/2019 66.5 71277391 88.1
NIIT Tech. 7/15/2019 7/26/2019 1394.0 21846963 1316.9
Reliance Nip.Lif 7/16/2019 7/29/2019 230.0 138235223 225.1
Kaycee Inds. 7/17/2019 7/30/2019 3475.0 16503 3461.0
Polaris Consulta 8/1/2018 7/31/2019 480.0 26419725 474.2
Internat. Paper 7/22/2019 Weekly Summation
8/2/2019 Report
450.6 9942510 431.9
Gujchem Distill 7/26/2019 8/8/2019 120.0 42091 132.8
Leena Consultant 7/30/2019 8/13/2019 13 60600 13.09
S R K Industries 8/1/2019 8/16/2019 0.7 39226700 0.8
Sobhagya Mercant 8/7/2019 8/22/2019 10 62400 1.57
Manvijay Develop 8/14/2019 8/28/2019 10.0 1684800 70.7
Overseas Synth 8/16/2019 8/29/2019 4.43 1847224 4.42

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 Weekly Wrap-up

Buyback Offer
Co-Name Offer Open Offer Close Buy Back Price (Rs.) Proposed Buy- CMP
No. of Shares
Persistent Sys 2/8/2019 8/7/2019 750.0 3000000 609.9
Cyient 2/12/2019 8/9/2019 700.0 2857142 537.7
Infosys 3/20/2019 9/19/2019 800.0 103250000 721.5
Orbit Exports 3/29/2019 9/28/2019 130.0 769230 110.8
Aurionpro Sol. 4/5/2019 10/4/2019 185.0 1081081 103.7
Action Const.Eq. 5/23/2019 11/22/2019 125.0 2740000 87.95
Nava Bharat Vent 6/10/2019 12/9/2019 160.0 1562500 91.6
GE Shipping Co 6/14/2019 12/13/2019 306.0 3267973 245.45

Bonus
Co_Name Ex Bonus Date Ratio
Sumit Woods 7/16/2019 1:1 (1 bonus equity shares for every 1 equity shares held)
Bhageria Indust. 7/17/2019 1:1 (1 bonus equity shares for every 1 equity shares held)
Panache Digilife 7/18/2019 1:1 (1 bonus equity shares for every 1 equity shares held)
Varun Beverages 7/25/2019 1:2 (1 bonus equity shares for every 2 equity shares held)

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 Weekly Wrap-up

SBICAP Securities Limited

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Mahantesh Sabarad B. E. MMS Head - Retail Research
Rajesh Gupta PGDBM (Finance), MA (Bus. Eco) AVP - Research
Ashu Bagri B.Com AVP - Technical Research
Amit Bagade MBA Sr. Research Analyst - Equity Technical
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Netra Deshpande MMS (Finance) Research Analyst - Currency & Commodity Fundamental
Mital Chheda MMS (Finance) Research Analyst - Mutual Fund

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 Weekly Wrap-up

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