For Private Circulation Only

Retail Research 6 September, 2019

CNX Nifty MARKET REVIEW

Market during the week ended largely on a negative note after
the biggest correction of the year 2019 on Tuesday. Concerns
related to earnings revival, poor economic data, continued FII
outflows and mixed global cues continued to keep market on
edge. Market did recover during the latter part of week
especially on broader front but on overall basis India continued
to underperform the emerging and developed peer YTD. Sensex
and Nifty closed with weekly losses of 0.9% and 0.7% at 36,981.8
and 10,946.2 points respectively while Mid/Smallcap indices
showed mixed trend. While Midcap closed with a cut of 0.8% at
30-Aug 6-Sep
13,364.6, Smallcap index closed with a weekly gain of 0.5% at
Indices % Chg
12,594.6 point.
Nifty 11023.3 10946.2 (0.7)
Sensex 37332.8 36981.8 (0.9)
Midcap 13467.6 13364.6 (0.8)
CORPORATE
Small cap 12534.7 12594.6 0.5 M&M defers Rs 1,000-cr capex plan amid slowdown in
auto sector
Indices 30-Aug 6-Sep % Chg Owing to the slowdown in the automobile industry, Mahindra
& Mahindra has deferred its planned capex of around Rs 1,000
BSE Realty 2047.7 1949.2 (4.8)
crore by a year, which, if not reversed within this fiscal, would
BSE healthcare 12875.4 12952.6 0.6 lead to more job losses in the sector. The company recently
BSE Bankex 30949.7 30638.2 (1.0) underwent a plant shut-down exercise to adjust production, if
BSE IT 16149.5 16253.8 0.6 sales do not pick up in the festive season, it may have to
undertake the exercise again in October. While the company
BSE FMCG 11077.2 10893.6 (1.7)
has not slowed down on investments on new products, it has
BSE Cap Goods 16941.8 16962.6 0.1 deferred investments on other activities such as capacity
BSE PSU 6348.9 6480.4 2.1 enhancement and discretionary capex like repair and
maintenance. (ET)
BSE Oil 13163.7 13370.2 1.6

Bse Auto 15768.4 15958.7 1.2 Dabur steps up e-commerce-only brands

BSE Cons Durab 23420.2 22921.2 (2.1) Packaged consumer goods maker Dabur is stepping up product
BSE Power 1888.0 1924.2 1.9 launches to sell only on e-commerce platforms, as it looks the
BSE Metal 8524.3 8758.5 2.7
leverage increasing sales from the channel. The maker of Vatika
shampoo and Real juices has entered the kids' hair care space
with a range of products under its new Amla Kids franchise,
02 Sep - 06 Sep which will be sold only through e-commerce platforms. The need
Rs in Cr FII Inv DII Inv for a specialised hair care range for kids was an unmet one in
Buy 18627.5 13426.8
the industry. Both the oil and shampoo under the range are
paraben, paraffin and sulfate free. Amla Kids is a natural
Sell 21861.8 8964.4
extension of the Dabur Amla brand. (ET)
Net (3,234.3) 4,462.4
 Weekly Wrap-up

Top 5 Performers – Sensex NCLT approves JSW Steel's Rs 19,700 crore bid for
Bhushan Power & Steel
Close Close % Chg
30-Aug 6-Sep The National Company Law Tribunal (NCLT) has approved JSW
ONGC 121.2 127.9 5.5 Steel's Rs. 19,700 crore bid for debt-ridden Bhushan Power &
NTPC 121.7 127.0 4.4
Steel Ltd (BPSL). The resolution plan of JSW Steel is accepted.
Tata Motors 116.8 121.1 3.7
Objections raised by ex-directors-cum-promoters of the
corporate debtor and the operational creditors are overruled.
Tech Mahindra 695.7 721.6 3.7
The NCLT approval brings JSW Steel a step closer to adding 3.5
Hero Motocorp 2,571.9 2,659.5 3.4
million tonnes of BPSL's steel production capacity to its
operations. The criminal proceedings against the erstwhile
Top 5 Performers – Nifty promoter of BPSL, would not impact the implementation of JSW
Close Close % Chg Steel's resolution proposal. (ET)
30-Aug 6-Sep
Advent, Birlas to pump Rs 1,000 crore each into Aditya
Coal India 184.8 198.6 7.5
Birla Capital
Dr. Reddy's Labs 2,557.5 2,740.0 7.1
BPCL 355.3 379.0 6.7 Two years after its listing, Aditya Birla Capital Limited (ABCL)
ONGC 121.2 128.0 5.6 raised Rs 1,000 crore from private equity fund Advent
International as part of a larger Rs 2,100 crore capitalisation
NTPC 121.7 127.0 4.4
exercise that will also see an equal contribution from promoter
entities. Existing investor PremjiInvest will put in Rs 100 crore.
Top 5 losers – Sensex The board approved the fundraise through a preferential
Close Close % Chg allotment at Rs 100 per share at a 10.62% premium. Advent
30-Aug 6-Sep International will invest Rs 1,000 crore via its affiliate Jomei
HDFC 2,166.5 2,042.0 -5.7 Investment and PremjiInvest's Rs 100 crore will come in through
Sun Pharma 450.7 424.9 -5.7 affiliate PI Opportunities Fund. Additionally, Grasim Industries
Asian Paints 1,615.2 1,532.7 -5.1 will invest Rs 770 crore along with other Birla promoter entities
ICICI Bank 410.4 391.5 -4.6 who will, all told, contribute another Rs 230 crore to ABCL as
Indusind Bank 1,394.5 1,331.2 -4.5 "confidence capital". (ET)

Lupin signs second partnership for its oncology

Top 5 losers – Nifty pipeline, this time with German drug maker BI
Close Close % Chg Indian pharma major Lupin and German drug maker Boehringer
30-Aug 6-Sep Ingelheim (BI) will come together to work on a cure for cancers
IBULHSGFIN 455.4 425.7 -6.5 which has never been treated before. BI and Lupin will together
HDFC 2,166.5 2,041.5 -5.8 develop and commercialise a new drug called MEK inhibitor
Sun Pharma 450.4 425.1 -5.6 that will target specific cancer cells and potentially treat patients
Asian Paints 1,616.2 1,532.4 -5.2 of skin and stomach cancer. Lupin will receive an upfront
Indusind Bank 1,395.8 1,331.1 -4.6 payment of $20 million with potential additional payments upto
$700 million upon successful achievement of defined clinical,
regulatory and commercial milestones. The company is also
expected to receive double-digit royalties on the sales of the
product upon commercialisation which would take at least seven
Weekly Summation Report
years. The partnership will compliment BI's ongoing innovation
on the new pathway called the KRAS inhibitors, which several
drug companies across the world are chasing in the last few
years. (ET)

SBICAP Securities Limited / 2

 Weekly Wrap-up

10 years Government of India Bond Yield ECONOMY

Service activity slows in August, PMI declines to 52.4 on
weak jobs creation
India's services sector activity softened in August as job creation
and output expansion moderated. The IHS Markit India Services
Purchasing Managers' Index (PMI) declined to 52.4 in August
from 53.8 in July. The index remaining above 50 indicates growth;
falling below that mark would mean contraction. Manufacturing
activity in the country slipped to a 15-month low in August. Put
together, growth of Indian private sector activity has eased from
July's eight-month high, reflecting a slowdown in new business
gains. The IHS Markit India Composite PMI Output Index that
maps both the manufacturing and services industries fell to 52.6
Government securities market %
in August from 53.9 in July. (ET)
91 days T-bill* 5.3650
Core sector growth slows to 2.1% in July
182 days T-bill* 5.6075
India's core sector output remained weak in July, with growth
364 days T-bill* 5.6903 slowing to 2.1% from a year earlier, as production of coal, crude
*cut off at last auction oil, natural gas and refinery products declined. While growth as
recorded by the Index of Eight Core Industries was higher than
an over four-year low of 0.2% in June, it was lower than 4.4%
recorded in July 2018. The eight core industries of coal, crude
Key Economic Indicators $bn oil, natural gas, refinery products, fertilisers, steel, cement and
electricity, which have a 40.27% weight in the Index of Industrial
External debt 543.00
Production, grew 3% in the April-July period compared with
Forex reserves 429.05 5.9% in the year-ago period. India's GDP expanded at 5% in the
CAD -4.65 first quarter, the slowest pace in over six years. (ET)
CPI(%) 3.15 FDI inflows up 28 percent in Q1 to $16.3 bn
WPI(%) 1.08 Foreign Direct Investment (FDI) equity inflows rose 28% in the
IIP (%) 0.00 first quarter of 2019-20 to $16.3 billion from $12.7 billion in the
year-ago period. Singapore continued to be the top source of
FDI at $5.3 billion, followed by Mauritius ($4.6 billion). Among
sectors, telecommunications garnered the maximum FDI at $4.2
billion, followed by services sector ($2.8 billion). The services
include financial, banking, insurance, non-financial/business,
Monetary policy data Current Previous Chg outsourcing, research and development, courier, technology
(INDIA) % % bps
testing and analysis. India opened its doors further to FDI,
Repo rate 5.40 5.75 (35) diluting the stringent condition of local sourcing for single-brand
retail, in continuation of measures aimed at reviving growth. It
Reverse Repo rate 5.15 5.50 (35)
also allowed 100% FDI in commercial coal mining as well as in
CRR 4.00 4.00 Weekly
- Summation Report
contract manufacturing through the automatic route, hoping to
attract global vendors looking to diversify supply chains as the
US and China battle it out in a tariff war. (ET)

SBICAP Securities Limited / 3

 Weekly Wrap-up

World Indices 30-Aug 6-Sep % Chg GLOBAL EVENTS

DJIA* 26403.3 26728.2 1.2
Nasdaq* 7962.9 8116.8 1.9 Trump slaps $125 bn more in tariffs; China retaliates
Nikkei 225 20704.4 21199.6 2.4 China and the United States began imposing additional tariffs
Straits Times 3106.5 3144.5 1.2 on each other's goods. A new round of tariffs took effect from
Hang Seng 25724.7 26690.8 3.8 0401 GMT, with Beijing's levy of 5% on U.S. crude marking the
first time the fuel has been targeted since the world's two largest
FTSE 100* 7207.2 7264.1 0.8
economies started their trade war more than a year ago. The
DAX* 11939.3 12201.2 2.2
Trump administration will begin collecting 15% tariffs on more
Shanghai Composite 2886.2 2999.6 3.9 than $125 billion in Chinese imports, including smart speakers,
* Closing as on 05th Sept, 2019 Bluetooth headphones and many types of footwear. In
retaliation, China started to impose additional tariffs on some
of the U.S. goods on a $75-billion target list. The extra tariffs of
5% and 10% were levied on 1,717 items of a total of 5,078 products
originating from the United States. Beijing will start collecting
Currencies Vs INR 30-Aug 6-Sep % Chg
additional tariffs on the rest from Dec. 15. Tariffs of 15% on
USD 71.4 71.7 0.4
cellphones, laptop computers, toys and clothing are to take
GBP 86.9 88.3 1.5 effect on Dec. 15. (ET)
EURO 78.8 79.1 0.3
US, China to resume trade talks in Washington in October
YEN (100 units) 67.2 67.0 -0.4
US and Chinese trade negotiators will resume talks in Washington
in early October, after new punitive tariffs raised fears of a
breakdown in the protracted negotiations. The world's two
biggest economies have been embroiled in a tense year-long
Commodity data 30-Aug 6-Sep % Chg trade war, which escalated further on September 1 when both
Brent Crude ($/bbl) 59.3 60.0 1.2 sides implemented fresh levies. The negotiations were
Gold(Rs/10gm) 38405.0 38185.0 -0.6 supposed to have resumed this month but Vice Premier Liu He,
Silver(Rs/kg) 46688.0 46935.0 0.5 Beijing's pointman on trade, agreed to October talks in a phone
call with US Trade Representative Robert Lighthizer and Treasury
Secretary Steven Mnuchin. (ET)

Asian factories lashed by trade wars, slowing

demand in August
The bitter trade war between China and the United States kept
Asian factory activity mostly in decline in August, strengthening
the case for policymakers to unleash fresh stimulus to fend off
recession risks. In a surprise development, China's factory
activity unexpectedly expanded in August as output edged up,
but orders remained weak and business confidence faltered.
Export-reliant South Korea, Japan and Taiwan also saw factory
activity shrink, underscoring the growing pain from the tit-for-
Weekly tat tariff war
Summation between the world's two-largest economies. The
Report
broader picture for Asian exports remains very weak because
of the impact of the U.S.-China trade war, which is continuing to
escalate. (ET)

SBICAP Securities Limited / 4

 Weekly Wrap-up

Technical Desk:
Nifty September Future Weekly Chart

MARKET OUTLOOK:
The week gone by:
Nifty future closed at 10973.65 losing by 0.77 % from the previous week's close of 11058.90.
During the week nifty future opened at 10936.90, made a low of 10785.15, made a high of 10984.00 and closed the
week 10973.55. The volumes were lower than the previous week indicating weakness in the down move. This week
nifty future gave range of 198.85 points.

Pattern:
Nifty future chart has made "Hanging Man pattern" in weekly chart. The Hanging Man pattern is a one candle reversal
pattern which has got more significance if it appears after a strong uptrend. The pattern suggests that sellers are
gaining control. Long lower shadow shows strength of sellers, though buyers regain the lost grounds and closed price
near high of candle. It shows warning sign of potentially trend reversal.
Hanging Man pattern is formed around 61.8% Fibonacci support.

The week ahead:

The nifty future may find supports around 10740-10876 on the downside, which are price extension drawn from low
to high. The nifty future may find resistance around 11090-11413 on the upside, which are price extension drawn
from low to high.
The nifty future has closed at upper level of weekly chart showing bullishness for the next week. The volumes were
less as compared to previous week showing weakness in the down move. Nifty future has closed above10947. If it
remains above 10947 then immediately on theWeekly upsideSummation
it will findReport
resistance at 11090. A close below 10947 can take
nifty to lower level of 10876. For many weeks nifty future is not closing below 10740 in the weekly chart. 10740 levels
will act as a stop loss for long position in the market. Below 10740 selling pressure will again start in the market. This
week nifty future has closed above 10947 that is at 10973.55 very near to 10947. This week nifty future touched our
lower level of 10876, low was 10746.35. If nifty future closes above 11090 next week, we can see a new high of 11413.
Broader trading range for the week: 10740 - 11413
Immediate probable trading range for the week: 10876 - 11090.

SBICAP Securities Limited / 5

 Weekly Wrap-up

Derivatives Desk:

Weekly Market Summary

Nifty Futures closed at 10973.65, down by 85.25 points or -0.77% since last week. Nifty futures premium decreased to 27.45 points
from 35.65 points premium of previous week. Bank Nifty was down by 214.90 points or -0.78% to close at 27306
Nifty Futures OI stood at 181.34 Lac, decreased by -0.31% from 181.90 Lac of previous week. The annualized Cost of Carry
decreased to 4.58% from 5.62%
The Put-Call Ratio decreased to 1.31 from 1.38. Nifty Call added total OI of 48.43Lac shares, with major OI addition of 17.99Lac at
11000 strike, 12.57Lac at 11200 strike and 11.71Lac at 10900 strike price respectively while there was unwinding of 0.09Lac at 10600
strike and 0.26Lac at 10500 strike.
Nifty Put added total OI of 37.38Lac shares, with major OI addition of 20.35Lac at 10900 strike, 16.00Lac at 10800 strike and 10.94Lac
at 10700 strike price respectively while there was unwinding of 0.08Lac at 11300 strike and 0.12Lac at 11500 strike.
Highest Open interest build up in Nifty call options observed at 11000 strike price with OI of 18.67Lac and put side it is observed
at 10900 strike price with OI of 20.97Lac followed by 11200 call and 10800 put.
Average Implied Volatility (IV) for NIFTY options decreased to 0.16% from 11.51% and historical volatility (HV)decreased to 12.50%
from 19.05%
Total market wide open interest increased by 8.95% from 483.72Cr to 527.03Cr on weekly basis.
Some stocks observed with Long addition are BPCL, HEXAWARE, APOLLOTYRE, BSOFT and IDBI, while stocks observed with Short
addition are UBL, CANBK, MCX, APOLLOHOSP and MFSL.
Long Unwinding was observed in stocks like RAYMOND, PETRONET, BERGEPAINT, TATACHEM and SIEMENS, while Short Covering
was observed in stocks like CESC, SRTRANSFIN, MRF, COALINDIA and GLENMARK.
Sector wise OI Increased in Cement, Construction, Financial, Telecom and Automobile, while sector wise OI Decreased in
Textiles, FMCG, Metals, and .
Stocks with increased HV are MCX, CANBK, DRREDDY, UNIONBANK and NATIONALUM, while stocks with decreased HV are DHFL,
APOLLOHOSP, CHOLAFIN, OFSS and MANAPPURAM.
Market Outlook: - Indian equity markets continued to remain volatile, with Nifty Futures ending the week 0.82% lower. After witnessing
a sharp correction on Tuesday markets recovered through the week after reports suggested a resolution of trade dispute between US
and China as well as reports indicating that government may soon announce further measure to boost the economy which resulted in
short covering in the latter half of the week. Nifty future may find resistance at 11260 -11360 while support may be seen at 10780 - 10680 levels.

Price Gainers Price Losers

Symbol Close Price_Chg OI_Chg Symbol Close Price_Chg OI_Chg
COALINDIA 198.75 7.55% -7.06% CANBK 192.65 -12.47% 40.95%
BPCL 380.55 7.38% 24.99% IBULHSGFIN 390.35 -9.97% 15.91%
TVSMOTOR 378.75 7.10% 2.20% MCX 868.85 -9.83% 38.15%
DRREDDY 2741.90 6.79% 0.09% DLF 155.10 -7.93% 12.00%
BSOFT 70.65 6.64% 20.62% PEL 1888.10 -7.34% 7.04%
Weekly Summation Report
OI Gainers OI Losers
Symbol Close Price_Chg OI_Chg Symbol Close Price_Chg OI_Chg
UBL 1,306.65 -5.11% 49.79% CESC 785.60 1.13% -26.85%
CANBK 192.65 -12.47% 40.95% RAYMOND 565.95 -0.73% -19.42%
MCX 868.85 -9.83% 38.15% SRTRANSFIN 996.40 2.70% -9.20%
APOLLOHOSP 1,487.00 -0.96% 32.15% MRF 58,998.85 0.21% -7.14%
BPCL 380.55 7.38% 24.99% COALINDIA 198.75 7.55% -7.06%

SBICAP Securities Limited / 6

 Weekly Wrap-up

Currency Derivatives Desk:

Major Macro Global Events Ahead USDINR v/s Dollar Index

Economic Events Country Day

Final GDP q/q Japan Sep 9

German Trade Balance EU Sep 9
GDP m/m UK Sep 9
PPI m/m US Sep 11
Monetary Policy Statement EU Sep 12
CPI m/m US Sep 12
Core Retail Sales m/m US Sep 13

Macro Headlines:
Indian Rupee depreciated 0.35% this week as US-China tension escalated after both imposed tariffs on each other
from September 1. This pushed USDINR Sep futures to Rs 72.6225, highest level since Dec 2018. Additionally,
India's GDP figures at a six year low of 5% for the June quarter, flashed signs of slowdown amidst falling
investment and weak consumer demand. This prompted forecasts for deeper interest-rate cuts and lower growth
projections for the fiscal year through March 2020.
India's manufacturing PMI declined to 15-month low of 51.4 in August from July's 52.5 hurt by sluggish demand
and output and rising cost pressures.
Dollar index slipped 0.4% this week as US manufacturing PMI slipped into contraction for the first time in 3 years,
increasing rate cut bets. The greenback started the week on a positive note owing to safe haven buying boosted
by global slowdown concerns. Also, the downside was limited thanks to surprisingly robust US jobs report.
EURUSD recovered from two year lows of 1.0926 and EURINR gained momentum this week as ECB's likely next
president Christine Lagarde said that highly accommodative monetary policy for a prolonged period was
necessary but warned about negative side-effects of such tools, raising doubts about ultra-easy policy.
This week, GBPUSD and GBPINR jumped more than 1% as parliamentary defeat for UK Prime Minister Boris
Johnson increased likelihood that a no-deal Brexit could still be avoided. This came as a much needed respite
after Queen Elizabeth II approved Prime Minister Boris Johnson's request to suspend Parliament for almost five
weeks. GBPUSD jumped to three week high of 1.2353 while GBPINR rose to 88.97, highest since July.
JPYINR fell 0.2% on improved risk appetite after US-China confirmed resuming trade talks in October. Also,
announcement by Hong Kong leader Carrie Lam that she is withdrawing an extradition bill that triggered months
of often violent protests, hurt safe haven demand and pushed JPYINR to three week low of 67.1325.
The India's benchmark 7.26%-2029 government bond yield steadied at 6.6% on week while the US 10 year bond
yield jumped to 1.589% from 1.526% 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 Sept 71.8775 0.35% EURUSD 1.1022 0.28%
GBPINR Sept 88.44 1.31% GBPUSD 1.2304 1.20%
EURINR Sept 79.3475 0.16% USDJPY 106.98 0.63%
JPYINR Sept 67.27 -0.24% DXY 98.472 -0.39%

SBICAP Securities Limited / 7

 Weekly Wrap-up

Mutual Fund Desk:

Mutual Fund Commentary:

The latest industry data released by CRISIL and AMFI shows that the chances of getting negative returns from
investments in mutual funds through SIP route diminishes to nil from fifth year onwards. The report has taken the
past 15 year data ending on June 2019. According to the report, the instances of negative returns declined with the
increase in investment horizon. While the instances of getting negative returns were 25% if holding period is up to
1 year as on June 2019, such probability reduces to 17% and 8% for 2 year and 3 year SIPs respectively. Further, chances
of getting negative returns reduces to 5% if holding period is 4 years. From fifth year onwards, there was zero percent
chance of getting negative returns from SIPs, said the report.

Dividend Declared:
Scheme Name Record Date Dividend (Rs. Per Unit)
ICICI Pru Multi Asset Fund D 09 Sep 2019 0.23
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 -0.77 0.29 -8.52 -5.52 7.31 7.01
Equity: Large & MidCap -0.44 0.55 -9.07 -8.79 5.01 8.06
Equity: Multi Cap -0.58 0.32 -8.83 -7.59 5.46 7.73
Equity: Mid Cap -0.05 0.79 -10.54 -12.59 2.77 8.51
Equity: Value Oriented -0.35 0.21 -11.09 -11.83 3.8 7.17
Equity: ELSS -0.64 0.38 -9.35 -8.31 5.34 7.6
Hybrid: Equity Savings -0.19 0.34 -2.59 0.47 4.99 --
Hybrid: Aggressive Hybrid -0.43 0.38 -6.35 -4.66 5.06 7.29
Hybrid: Conservative Hybrid 0.05 0.4 -1 2.79 5.34 7.24
Debt: Corporate Bond 0.23 0.88 2.49 5.9 5.48 7.12
Debt: Credit Risk 0.15 0.18 -1.01 0.88 4.48 7.53
Debt: Dynamic Bond 0.19 0.49 3.24 10.08 6.38 8.31
Debt: Long Duration 0.08 -0.65 5.04 20.81 8.68 10.16
Debt: Gilt 0.11 0.12 4.6 15.46 7.46 9.56
Debt: Liquid 0.11 0.48 1.55 6.71 6.72 7.31
Debt: Ultra Short Duration 0.16 0.67 2.27 6.35 6.48 7.29
Debt: FMP 0.11 0.5 1.52 6.49 6.76 7.34
Source: Ace MF; Data as on 6th September 2019
For all categories, returns < 1 year are absolute and returns >= 1 year are CAGR returns.

Fund We like Weekly Summation Report

Mutual Fund Categories 1 Wk 1 Mth 3 Mths 1 Yr 3 Yrs 5 Yrs
Kotak Equity Opp Fund(G) -0.91 0.75 -9.08 -3.59 6.35 9.53
Source: Ace MF; Data as on 6th September 2019
Returns < 1 year are absolute and returns >= 1 year are CAGR returns.

SBICAP Securities Limited / 8

 Weekly Wrap-up

Mutual Fund Transaction Trends:

(Rs. in Crore) Equity Debt

Date Gross Purchase Gross Sale Net Gross Purchase Gross Sale Net
03-Sep-2019 2625.4 1663.4 962.0 8648.3 4746.5 3901.8
30-Aug-2019 3862.4 2447.6 1414.8 7692.7 5979.6 1713.1
29-Aug-2019 5426.1 6028.3 -602.3 9812.0 5849.1 3962.9
28-Aug-2019 2258.1 1952.2 305.9 6567.0 5380.7 1186.3
27-Aug-2019 3871.2 3644.1 227.1 8052.5 6076.4 1976.2
Source: Ace MF; SEBI

Bulk Deals by Mutual Fund:

Exchange Date Security Name Client Name Deal Type Volume Deal Price
NSE 03-Sep-19 Multi Commodity Exch HDFC ARBITRAGE FUND BUY 359,800 882.72
Source: NSE/BSE

DII Transaction trends:

Equity
Date Gross Purchase (Cr.) Gross Sale (Cr.) Net (Cr.)
03-Sep-19 3,472.60 2,221.25 1,251.35
04-Sep-19 3,623.64 2,319.06 1,304.58
05-Sep-19 3,029.92 2,330.61 699.31
06-Aug-19 3,300.64 2,093.44 1,207.2
Source: BSE

Ongoing NFO & FMP:

Scheme Name Category Type Open Date Close Date Min Invest.
ITI Long Term Equity Fund Equity - ELSS Equity 15-Jul-19 14-Oct-19 500

Source: Ace MF

Weekly Summation Report

SBICAP Securities Limited / 9

 Weekly Wrap-up

Weekly Calls:

Top 5 Technical Picks:

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

AXIS BANK LTD. BUY 671.1 706.0 653.7
BAJAJ AUTO LTD. BUY 2,839.3 2,985.0 2,766.4
BIOCON LTD. BUY 236.5 249.0 230.2
HERO MOTOCORP LTD. BUY 2,659.8 2,795.0 2,592.1
REC LTD. BUY 150.7 158.2 146.9

Derivative Strategies:

Nifty Bull call Spread_strategy

Max Profit Max Loss
Scrip Lot Size Buy/ Sell Range Avg. Price BEP
(on Expiry) (on Expiry)
NIFTY 11000 Ca ll 12 Sep 75 Buy 1 Lot 52 54 53
Rs.5100 Rs.-2400 11032
NIFTY 11100 Ca ll 12 Sep 75 Sell 1 lot 20 22 21

Currency Trading Weekly Outlook

Currencies View Support Resistance
USDINR Sept USDINR is on the verge of giving a breakdown of upward 70.80 72.45
sloping trend line also price is well palced below the support level;
suggest price can fall towards previous low swing i.e 71 level.
GBPINR Sept Las week GBPINR has rally near 1.27%, but closed below the 87.20 89.50
resistance level, suggest profit booking can seen in this pair.
EURINR Sept This pair is trading in a rangbound i.e.78.85-80.20 level; any 78.85 80.20
either side of the trade will confirm the trend.
JPYINR Sept On chart price has given a breakdown of upwards sloping trend 66.14 68.50
line also price is well placed below the support level,
suggest price can fall towards previous low swing i.e. 66.14 level.

Weekly Summation Report

SBICAP Securities Limited / 10

 Weekly Wrap-up

Updated Corporate Actions:

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

Chambal Fert. 9/6/2019 20.0 2.0 10 161.7 Final 1.2

KEI Inds. 9/6/2019 60.0 1.2 2 474.1 Final 0.3
Pokarna 9/6/2019 30.0 0.6 2 124.5 Final 0.5
Central Dep. Ser 9/6/2019 40.0 4.0 10 191.6 Final 2.1
Dilip Buildcon 9/6/2019 10.0 1.0 10 373.1 Final 0.3
Gulf O il Lubric. 9/9/2019 350.0 7.0 2 865.0 Final 0.8
Heidelberg Cem. 9/11/2019 30.0 3.0 10 194.2 Final 1.5
Natl. Aluminium 9/11/2019 25.0 1.3 5 42.1 Final 3.0
BHEL 9/11/2019 60.0 1.2 2 51.2 Final 2.3
Force Motors 9/12/2019 100.0 10.0 10 1198.0 Final 0.8
Apollo Hospitals 9/12/2019 120.0 6.0 5 1496.6 Final 0.4
Finolex Inds. 9/12/2019 100.0 10.0 10 500.1 Final 2.0
Mazda 9/12/2019 90.0 9.0 10 333.5 Final 2.7
Bodal Chemicals 9/12/2019 40.0 0.8 2 70.2 Final 1.1
HUDCO 9/12/2019 1.5 0.2 10 35.6 Final 0.4
NBCC 9/12/2019 65.0 0.7 1 34.8 Final 1.9
Indraprastha Gas 9/12/2019 120.0 2.4 2 330.5 Final 0.7
Guj.St.Petronet 9/12/2019 20.0 2.0 10 219.8 Final 0.9
Godfrey Phillips 9/13/2019 500.0 10.0 2 987.0 Final 1.0
Orient Beverages 9/13/2019 8.0 0.8 10 63.0 Final 1.3

Open Offer

Co_Name Start Date Close Date Offer Price Proposed Acquisition CMP
(Rs.) (No. of Shares) (Rs.)
Authum Invest 8/26/2019 9/9/2019 22.8 6282810 24.3
Kaycee Inds. 8/28/2019 9/12/2019 3475.0 16503 3440.0
Sobhagya Mercant 8/30/2019 9/16/2019 10.0 62400 1.6
Yogya Enterprise 8/30/2019 9/16/2019 22.0 910000 35.1
Linde India 9/3/2019 9/17/2019 478.4 21321056 502.3
S R K Industries 9/3/2019 9/17/2019 0.7 39226700 0.9
Garv Industries 9/4/2019 9/17/2019 10.7 2652000 26.0
Supra Pacific 9/5/2019 9/19/2019 21.3 1430208 21.0
Overseas Synth 9/6/2019 9/20/2019 4.43 1847224 6
S I Cap. & Fin. 9/6/2019 9/20/2019 16.5 780000 16.8
Kavita Fabrics 9/6/2019 9/20/2019 6 2708864 6.44
Amarnath Sec. 9/18/2019 10/1/2019 16.5 780052 12.7
Pulsar Intl. 9/23/2019 10/7/2019 14 780000 1.05
Sunedison Infra. 9/23/2019 10/7/2019 13.0 1122475 5.8
Corporate Merch 10/10/2019 10/23/2019 10 858000 16.8
Kashiram Jain&Co 10/10/2019 10/23/2019 30.0 275600 10.0
Rapicut Carbides 10/15/2019 10/29/2019 42 1396524 42
Lasa Supergeneri 10/25/2019 11/8/2019 18.3
Weekly Summation Report 10574894 13.9

SBICAP Securities Limited / 11

 Weekly Wrap-up

Buyback Offer
Co-Name Offer Open Offer Close Buy Back Price (Rs.) Proposed Buy- CMP
No. of Shares
BSE 8/30/2019 9/16/2019 680.0 6764705 533.7
Infosys 3/20/2019 9/19/2019 800.0 103250000 834.1
Orbit Exports 3/29/2019 9/28/2019 130.0 769230 109.0
Aurionpro Sol. 4/5/2019 10/4/2019 185.0 1081081 88.35
Action Const.Eq. 5/23/2019 11/22/2019 125.0 2740000 59.9
Nava Bharat Vent 6/10/2019 12/9/2019 160.0 1562500 83.6
GE Shipping Co 6/14/2019 12/13/2019 306.0 3267973 242.0
Vaibhav Global 8/20/2019 2/19/2020 1000.0 720000 831.15

Bonus
Co_Name Ex Bonus Date Ratio
Astral Poly 9/16/2019 1:4 (1 bonus equity share for every 4 equity shares held)
Rajratan Global 9/11/2019 4:3 (4 bonus equity share for every 3 equity shares held)

Stock Split
Co_Name Stok Split Date Record Date FV Before Split FV After Split Remark
Prime Inds. 9/12/2019 9/13/2019 10.0 5.0
HDFC Bank 9/19/2019 9/20/2019 2.0 1.0

Weekly Summation Report

SBICAP Securities Limited / 12

 Weekly Wrap-up

SBICAP Securities Limited

(CIN): U65999MH2005PLC155485
SEBI Registration No.: Stock Broker: INZ000200032 | DP Registration No.: IN-DP-314-2017| Research Analyst : INH000000602
Portfolio Manager: INP000004912 | IRDA : CA0103
Registered & Corporate Office: Marathon Futurex, A & B Wing, 12th Floor, N. M. Joshi Marg, Lower Parel, Mumbai-400013.

For any information contact us:

Toll Free: 1800-22-33-45 I 1800-209-93-45
E-mail: helpdesk@sbicapsec.com I Web: www.sbismart.com

DISCLOSURES & DISCLAIMERS:

Analyst Certification: The views expressed in this research report ("Report") accurately reflect the personal views of the research analysts ("Analysts") employed by
SBICAP Securities Limited (SSL) about any and all of the subject issuer(s) or company(ies) or securities. This report has been prepared based upon information
available to the public and sources, believed to be reliable. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the
specific recommendation(s) or view(s) in this report.
The Analysts engaged in preparation of this Report or his/her relative:-
(a) do not have any financial interests in the subject company mentioned in this Report; (b) do not own 1% or more of the equity securities of the subject company
mentioned in the report as of the last day of the month preceding the publication of the research report; (c) do not have any material conflict of interest at the time
of publication of the Report.
The Analysts engaged in preparation of this Report:-
(a) have not received any compensation from the subject company in the past twelve months; (b) have not managed or co-managed public offering of securities for
the subject company in the past twelve months; (c)have not received any compensation for investment banking or merchant banking or brokerage services from the
subject company in the past twelve months; (d) have not received any compensation for products or services other than investment banking or merchant banking or
brokerage services from the subject company in the past twelve months; (e) has not received any compensation or other benefits from the subject company or third
party in connection with the Report; (f) has not served as an officer, director or employee of the subject company; (g) is not engaged in market making activity for the
subject company.
Name Qualification Designation
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
Janhvee Mishra M.Com Research Analyst - Equity Technical
Monica Chauhan C.A. Research Analyst - Equity Fundamental
Nilesh Patil B.Sc IT; PGDBM Associate Analyst - Equity Fundamental
Tanay Rasal B.E. M.Sc (Finance) Associate Analyst - Equity Fundamental
Jaldeep Vaishnav PGDBM (Finance) Sr. Research Analyst - Equity Derivatives
Gautam Updhyaya MBA (Finance) Research Analyst - - Equity Derivatives
Netra Deshpande MMS (Finance) Research Analyst - Currency & Commodity Fundamental
Kaynat Chainwala MMS (Finance) Research Analyst - Currency & Commodity Fundamentals
Mital Chheda MMS (Finance) Research Analyst - Mutual Fund

Other Disclosures :
SBICAP Securities Limited ("SSL") a is a company engaged in diversified financial services business including securities broking, DP services,, distribution of Mutual
Fund, insurance products and other financial products. SSL is a member of Stock Exchange(s). SSL is also a Depository Participant registered with NSDL & CDSL. SSL is
a large broking house catering to retail, HNI and institutional clients. It operates through its branches and authorized persons spread across the country and the clients
are provided online trading through internet and offline trading through branches and call & trade facility. SSL is a wholly owned subsidiary of SBI Capital Markets
Limited ("SBICAP"), which is engaged into investment banking, project advisory and financial services activities and is registered with the Securities and Exchange
Board of India as a "Category I" Merchant Banker. SBICAP is a wholly owned subsidiary of State Bank of India. Hence, State Bank of India and all its subsidiaries,
including, SBICAP and banking subsidiaries are treated and referred to as Associates of SSL.
We hereby declare that our activities were neither suspended nor we have materially defaulted with any stock exchange authority with whom we are registered in last
five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advice letters or levied
minor penalty for certain procedural lapses. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our
certificate of registration been cancelled by SEBI at any point of time.
SSL or its Associates, may: (a) from time to time, have long or short position in, and buy or sell the securities of the company mentioned in the Report or (b) be
engaged in any other in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments
of the company discussed herein or act as an advisor or lender/borrower to such company or may have any other potential conflict of interests with respect to any
recommendation and other related information and opinions. Weekly Summation Report
SSL does not have actual / beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date
of publication of the Report. However, since Associates of SSL are engaged in the financial services business, they might have in their normal course of business
financial interests or actual / beneficial ownership of one per cent or more in various companies including the subject company mentioned herein this Report.
SSL or its Associates might have managed or co-managed public offering of securities for the subject company in the past twelve months and might have received
compensation from the companies mentioned in the Report during the period preceding twelve months from the date of this Report for services in respect of
managing or co-managing public offerings/corporate finance, investment banking or merchant banking, brokerage services or other advisory services in a merger or
specific transaction.
Compensation paid to Analysts of SSL is not based on any specific merchant banking, investment banking or brokerage service transaction.

SBICAP Securities Limited / 13

 Weekly Wrap-up

SSL or its Associate did not receive any compensation or any benefit from the subject company or third party in connection with preparation of this Report.
This Report is for the personal information of the authorized recipient(s) and is not for public distribution and should not be reproduced, transmitted or redistributed
to any other person or in any form without SSL's prior permission. The information provided in the Report is from publicly available data, which we believe, are
reliable. While reasonable endeavors have been made to present reliable data in the Report so far as it relates to current and historical information, but SSL does not
guarantee the accuracy or completeness of the data in the Report. Accordingly, SSL or any of its Associates including directors and employees thereof shall not be in
any way responsible or liable for any loss or damage that may arise to any person from any inadvertent error in the information contained, views and opinions
expressed in this Report or in connection with the use of this Report.
Please ensure that you have read "Risk Disclosure Document for Capital Market and Derivatives Segments" as prescribed by Securities and Exchange Board of India
before investing in Indian securities market.
The projections and forecasts described in this Report should be carefully evaluated as these :
1. Are based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies.
2. Can be expected that some of the estimates on which these were based, will not materialize or will vary significantly from actual results, and such variances may
increase over time.
3. Are not prepared with a view towards compliance with published guidelines or generally accepted accounting principles. No independent accountants have
expressed an opinion or any other form of assurance on these.
4. Should not be regarded, by mere inclusion in this report, as a representation or warranty by or on behalf of SSL the authors of this report, or any other person,
that these or their underlying assumptions will be achieved.
This Report is for information purposes only and SSL or its Associates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Though
disseminated to recipients simultaneously, not all recipients may receive this report at the same time. SSL will not treat recipients as clients by virtue of their
receiving this report. It should not be construed as an offer to sell or solicitation of an offer to buy, purchase or subscribe to any securities this report shall not form the
basis of or be relied upon in connection with any contract or commitment, whatsoever. This report does not solicit any action based on the material contained herein.
It does not constitute a personal recommendation and does not take into account the specific investment objectives, financial situation/circumstances and the
particular needs of any specific person who may receive this document. The securities discussed in this Report may not be suitable for all the investors. SSL does not
provide legal, accounting or tax advice to its clients and you should independently evaluate the suitability of this Report and all investors are strongly advised to seek
professional consultation regarding any potential investment.
Certain transactions including those involving futures, options, and other derivatives as well as non-investment grade securities give rise to substantial risk and are not
suitable for all investors. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price
of or income derived from the investment.
The price, value and income of the investments referred to in this Report may fluctuate and investors may realize losses on any investments. Past performance is not
a guide for future performance. Actual results may differ materially from those set forth in projections. SSL has reviewed the Report and, the current or historical
information included here is believed to be reliable, the accuracy and completeness of which is not guaranteed. SSL does not have any obligationto update the
information discussed in this Report.
The opinions expressed in this report are subject to change without notice and SSL or its Associates have no obligation to tell the clients when opinions or information
in this report change. This Report has not been approved and will not or may not be reviewed or approved by any statutory or regulatory authority in India, United
Kingdom or Singapore or by any Stock Exchange in India, United Kingdom or Singapore. This report may not be all inclusive and may not contain all the information
that the recipient may consider material.
The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this
Report are organized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. Distributing /taking/sending/
dispatching/transmitting this document in certain foreign jurisdictions may be restricted by law, and persons into whose possession this document comes should
inform themselves about, and observe, any such restrictions. Failure to comply with this restriction may constitute a violation of laws in that jurisdiction.
____________________________________________________________________________________________________________________________________________
Legal Entity Disclosure
Singapore: This Report is distributed in Singapore by SBICAP (Singapore) Limited (Registration No. 201026168R), an Associate of SSL incorporated in Singapore. SBICAP
(Singapore) Limited is regulated by the Monetary Authority of Singapore as a holder of a Capital Markets Services License and an Exempt Financial Adviser in Singapore.
SBICAP (Singapore) Limited's services are available solely to persons who qualify as Institutional Investors or Accredited Investors (other than individuals) as defined
in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA") and this Report is not intended to be distributed directly or indirectly to any
other class of persons. Persons in Singapore should contact SBICAP (Singapore) Limited in respect of any matters arising from, or in connection with this report via
email at singapore.sales@sbicap.sgor by call at +65 6709 8651..
United Kingdom: SBICAP (UK) Limited, a fellow subsidiary of SSL, incorporated in United Kingdom is authorised and regulated by the Financial Conduct Authority. This
marketing communication is being solely issued to and directed at persons (i) fall within one of the categories of "Investment Professionals" as defined in Article 19(5)
of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order"), (ii) fall within any of the categories
of persons described in Article 49 of the Financial Promotion Order ("High net worth companies, unincorporated associations etc.") or (iii) any other person to whom
it may otherwise lawfully be made available (together "Relevant Persons") by SSL. The materials are exempt from the general restriction on the communication of
invitations or inducements to enter into investment activity on the basis that they are only being made to Relevant Persons and have therefore not been approved by
an authorised person as would otherwise be required by section 21 of the Financial Services and Markets Act 2000 ("FSMA").

Weekly Summation Report

SBICAP Securities Limited / 14