FnO Revision of Market Lot of Derivative Contracts

NSE/FAOP/12491

May 29, 2009

Revision of Market Lot of Derivative Contracts

Subject: Revision of Market Lot of Derivative Contracts

Exchange reviews on a periodic basis the contract size/value of derivative contracts based on prescribed minimum value of INR 200,000 as per SEBI circular no. SEBI/DNPD/CIR-20/2004/02/23 dated February 23, 2004. It is proposed to carry out revision of market lots for derivatives contract as given below:

Sr No	Underlying whose Derivative contract size /value is	Revising methodology	Effective date	Annexure Number for list of underlying
1	Higher than INR 800,000	Dividing existing lot by 4	June 26, 2009 (for all contracts)	1
2	Higher than INR 400,000	Dividing existing lot by 2	June 26, 2009 (for all contracts)	2
3	Higher than INR 800,000 but lot size not exactly divisible by 4	Dividing existing lot by 4 & rounding off to nearest even integer.	June 26, 2009 (for September 2009 & later expiries)	3
4	Lower than INR 200,000	Multiplying existing lot by 2 and its multiples	June 26, 2009 (for September 2009 & later expiries)	4

To avoid operational complexities, in case 3 & 4 above, only the far month contract i.e. September 2009 expiry contracts will be revised for market lots. Contracts with maturity of July 2009 and August 2009 would continue to have the existing market lots. All subsequent contracts (i.e., September 2009 expiry and beyond) will have revised market lots.

For any clarifications, members are advised to contact the following officials:

Mr. Sachin Dhar and Mr. Janardhan Gujaran at 26598151 or 26598152

Yours faithfully,

For National Stock Exchange of India Ltd.

Suprabhat Lala

Assistant Vice President

Annexure-1

List of underlying in which market lot is being revised downwards:

Sr No	Underlying	Symbol	Present Market Lot	Revised market Lot
1	Aurobindo Pharma Ltd	AUROPHARMA	2800	700
2	Bajaj Auto Limited	BAJAJ-AUTO	800	200
3	Bajaj Hindusthan Ltd	BAJAJHIND	5700	1425
4	Balrampur Chini Mills Ltd	BALRAMCHIN	9600	2400
5	Dish TV India Limited	DISHTV	20600	5150
6	Financial Technologies (India) Limited	FINANTECH	600	150
7	GMR Infrastructure Limited	GMRINFRA	5000	1250
8	GVK Power & Infrastructure Limited	GVKPIL	19000	4750
9	Hindustan Construction Co. Ltd	HCC	8400	2100
10	Housing Development and Infrastructure Limited	HDIL	3096	774
11	Jaiprakash Associates Limited	JPASSOCIAT	4500	1125
12	Jaiprakash Hydro-Power Limited	JPHYDRO	12500	3125
13	LIC Housing Finance Ltd	LICHSGFIN	1700	425
14	Mahindra & Mahindra Ltd.	M&M	1248	312
15	Maruti Suzuki India Limited	MARUTI	800	200
16	Nagarjuna Fertilizer & Chemicals Ltd.	NAGARFERT	21000	5250
17	National Aluminium Company Limited	NATIONALUM	2300	575
18	Neyveli Lignite Corporation Limited	NEYVELILIG	5900	1475
19	Steel Authority of India Ltd.	SAIL	5400	1350

Annexure-2

List of underlying in which market lot is being revised Downwards:

Sr No	Underlying	Symbol	Present Market Lot	Revised market Lot
1	Adlabs Films Ltd	ADLABSFILM	1800	900
2	Allahabad Bank	ALBK	4900	2450
3	Alstom Projects India Ltd	APIL	1200	600
4	Andhra Bank	ANDHRABANK	4600	2300
5	Ashok Leyland Ltd	ASHOKLEY	19100	9550
6	Asian Paints Limited	ASIANPAINT	400	200
7	Associated Cement Co. Ltd.	ACC	752	376
8	Axis Bank Ltd.	AXISBANK	900	450
9	Bank Of Baroda	BANKBARODA	1400	700
10	Bharat Earth Movers Ltd.	BEML	750	375
11	Bharat Electronics Ltd.	BEL	552	276
12	Bharat Forge Co Ltd	BHARATFORG	4000	2000
13	Bharat Heavy Electricals Ltd.	BHEL	300	150
14	Bharat Petroleum Corporation Ltd.	BPCL	1100	550
15	Bharti Airtel Ltd	BHARTIARTL	500	250
16	Bhushan Steel & Strips Lt	BHUSANSTL	1000	500
17	Biocon Limited.	BIOCON	3600	1800
18	Bombay Rayon Fashions Ltd	BRFL	2300	1150
19	Cairn India Limited	CAIRN	2500	1250
20	Canara Bank	CANBK	1600	800
21	Century Textiles Ltd	CENTURYTEX	1696	848
22	Chambal Fertilizers Ltd.	CHAMBLFERT	6900	3450
23	Chennai Petroleum Corporation Ltd.	CHENNPETRO	3600	1800
24	Container Corporation Of India Limited	CONCOR	500	250
25	Crompton Greaves Ltd.	CROMPGREAV	2000	1000
26	Cummins India Ltd	CUMMINSIND	1900	950
27	Deccan Chronicle Holdings Ltd.	DCHL	6800	3400
28	Dena Bank	DENABANK	10500	5250
29	Dlf Limited	DLF	1600	800
30	Dr. Reddy'S Laboratories Ltd.	DRREDDY	800	400
31	Educomp Solutions Ltd	EDUCOMP	150	75
32	Essar Oil Ltd.	ESSAROIL	2824	1412
33	Federal Bank Ltd.	FEDERALBNK	1702	851
34	Firstsource Solutions Limited	FSL	19000	9500
35	Grasim Industries Ltd.	GRASIM	352	176
36	Gtl Infrastructure Limited	GTLINFRA	9700	4850
37	Gtl Ltd.	GTL	1500	750
38	Gujarat State Petronet Limited	GSPL	12200	6100
39	Hcl Technologies Ltd.	HCLTECH	2600	1300
40	Hdfc Bank Ltd.	HDFCBANK	400	200
41	Hero Honda Motors Ltd.	HEROHONDA	400	200
42	Hindalco Industries Ltd.	HINDALCO	7036	3518
43	Hindustan Petroleum Corporation Ltd.	HINDPETRO	1300	650
44	Hindustan Zinc Limited	HINDZINC	1000	500
45	Hotel Leela Ventures Ltd	HOTELEELA	15000	7500
46	Icici Bank Ltd.	ICICIBANK	700	350
47	Icsa (India) Limited	ICSA	2400	1200
48	Idea Cellular Ltd.	IDEA	5400	2700
49	Ifci Ltd.	IFCI	15760	7880
50	India Cements Ltd.	INDIACEM	2900	1450
51	India Infoline Limited	INDIAINFO	5000	2500
52	Indiabulls Real Estate Limited	IBREALEST	2600	1300
53	Indian Hotels Co. Ltd.	INDHOTEL	7596	3798
54	Indian Overseas Bank	IOB	5900	2950
55	Indusind Bank Ltd.	INDUSINDBK	7700	3850
56	Industrial Development Bank Of India Ltd.	IDBI	4800	2400
57	Infrastructure Development Finance Company Ltd.	IDFC	5900	2950
58	Ispat Industries Limited	ISPATIND	24900	12450
59	Itc Ltd.	ITC	2250	1125
60	Ivrcl Infrastructure & Projects Ltd.	IVRCLINFRA	2000	1000
61	Jindal Steel & Power Ltd	JINDALSTEL	320	160
62	Kingfisher Airlines Limited	KFA	8500	4250
63	Kotak Mahindra Bank Ltd.	KOTAKBANK	1100	550
64	Larsen & Toubro Ltd.	LT	400	200
65	Mangalore Refinery And Petrochemicals Ltd.	MRPL	8900	4450
66	Mercator Lines Limited	MLL	9800	4900
67	Moser-Baer (I) Ltd	MOSERBAER	4950	2475
68	Mphasis Ltd.	MPHASIS	1600	800
69	Nagarjuna Constrn. Co. Ltd.	NAGARCONST	4000	2000
70	Noida Toll Bridge Company Ltd	NOIDATOLL	16400	8200
71	Oil & Natural Gas Corp. Ltd.	ONGC	450	225
72	Opto Circuits (India) Limited	OPTOCIRCUI	4080	2040
73	Oracle Financial Services Software Limited	OFSS	600	300
74	Orchid Chemicals Ltd.	ORCHIDCHEM	4200	2100
75	Oriental Bank Of Commerce	ORIENTBANK	2400	1200
76	Pantaloon Retail (I) Ltd	PANTALOONR	1700	850
77	Patel Engineering Ltd.	PATELENG	2000	1000
78	Patni Computer Syst Ltd	PATNI	2600	1300
79	Petronet Lng Limited	PETRONET	8800	4400
80	Polaris Software Lab Ltd.	POLARIS	5600	2800
81	Power Finance Corporation Ltd.	PFC	2400	1200
82	Power Grid Corporation Of India Ltd.	POWERGRID	3850	1925
83	Praj Industries Ltd.	PRAJIND	4400	2200
84	Ptc India Limited	PTC	4700	2350
85	Punjab National Bank	PNB	600	300
86	Ranbaxy Laboratories Ltd.	RANBAXY	1600	800
87	Rel. Nat. Resources Ltd.	RNRL	7152	3576
88	Reliance Capital Ltd	RELCAPITAL	552	276
89	Reliance Communications Ltd.	RCOM	1400	700
90	Reliance Industries Ltd.	RELIANCE	300	150
91	Reliance Infrastructure Limited	RELINFRA	552	276
92	Reliance Petroleum Ltd.	RPL	3350	1675
93	Rural Electrification Corporation Ltd.	RECLTD	3900	1950
94	Sesa Goa Ltd.	SESAGOA	3000	1500
95	Shipping Corporation Of India Ltd.	SCI	4800	2400
96	Shree Renuka Sugars Ltd.	RENUKA	5000	2500
97	Siemens Ltd	SIEMENS	1504	752
98	State Bank Of India	SBIN	264	132
99	Sterlite Industries (I) Ltd	STER	876	438
100	Sun Tv Network Ltd.	SUNTV	2000	1000
101	Suzlon Energy Ltd.	SUZLON	6000	3000
102	Tata Chemicals Ltd	TATACHEM	2700	1350
103	Tata Communications Ltd	TATACOMM	1050	525
104	Tata Motors Ltd.	TATAMOTORS	1700	850
105	Tata Power Co. Ltd.	TATAPOWER	400	200
106	Tata Steel Ltd.	TATASTEEL	1528	764
107	Tech Mahindra Limited	TECHM	1200	600
108	Television Eighteen India Ltd.	TV-18	3400	1700
109	The Great Eastern Shipping Co. Ltd.	GESHIP	2400	1200
110	Titan Industries Ltd.	TITAN	412	206
111	Triveni Engg. & Inds. Ltd.	TRIVENI	7700	3850
112	Tulip It Services Ltd	TULIP	1000	500
113	Uco Bank	UCOBANK	10000	5000
114	Ultratech Cement Ltd.	ULTRACEMCO	800	400
115	Union Bank Of India	UNIONBANK	2100	1050
116	Unitech Ltd	UNITECH	9000	4500
117	United Phosphorous Ltd	UNIPHOS	2800	1400
118	Voltas Ltd.	VOLTAS	5400	2700
119	Welspun Guj St. Ro. Ltd.	WELGUJ	3200	1600
120	Wipro Ltd.	WIPRO	1200	600
121	Yes Bank Limited	YESBANK	4400	2200
122	Zee Entertainment Enterprises Ltd.	ZEEL	2800	1400

Annexure-3

List of underlying in which market lot is being revised downwards and rounded off to nearest even integer:

Sr No	Underlying	Symbol	Present Market Lot	Revised market Lot
1	JSW Steel Limited	JSWSTEEL	1650	412
2	Lanco Infratech Limited	LITL	2550	638

Annexure-4

List of underlying in which market lot is being revised upwards:

Sr No	Underlying	Symbol	Present Market Lot	Revised market Lot
1	Sterling Biotech Limited	STERLINBIO	1250	2500

SOURCE:NSEINDIA

http://www.nseindia.com/content/circulars/faop12491.htm

New RIL gas find may put India among top 15 producers

New RIL gas find may put India among top 15 producers

MUMBAI: Reliance Industries’ (RIL) new gas finds in the Krishna Godavari (KG) basin, if validated by Indian regulators, may place India among the top 15 gas producers in the world.

RIL’s joint venture partner UK-based Hardy Oil and Gas on Wednesday had announced the discovery of 9.5 trillion cubic feet (tcf) of gas in the D-3 block of the KG basin and another find of 10.8 tcf in another block called D-9.

Neither of these finds has been certified yet by the Indian upstream regulator, but could potentially raise India’s proven reserves of natural gas to a significant extent. Blocks refer to areas, running into thousands of square kilometre, where companies have been allowed to search for oil and gas.

India had proven gas reserves of over 37 trillion cubic feet (tcf) at the end of 2007 according to British Petroleum’s 2008 Statistical review. If another 20 tcf of gas reserves is added, it will place India in the ranks of the top 15 gas producers in the world.

With 57 tcf, India will overtake countries like Azerbaijan, Netherlands and Libya. India’s gas reserves will, if these finds are endorsed by the regulator, then figure just below Canada.

Based upon the gas find, brokerage CLSA has upgraded RIL to “outperform” in the near future.

A technical evaluation report commissioned by Hardy Oil on the potential of the company’s D3 and D9 exploration licences stated that the “best estimate resources for the D3 Block was estimated at 9.5 trillion cubic feet of natural gas and the gross risked best estimate prospective resources in Block D9 is estimated at 10.8 tcf of natural gas and 143 million barrels of oil.”

The technical evaluation of both the blocks were carried out by international consultants Gaffney, Cline & Associates (GCA). The report is on the company’s website.

Commenting on the report, Sastry Karra, chief executive of Hardy in a statement said: “The report confirms the significant hydrocarbon potential of our exploration assets in the emerging world class petroleum system of the KG basin in India. The two discoveries on D3 in conjunction with the acquisition of risk mitigating technologies and geotechnical studies have resulted in the upward revision of the perceived geological chance of success on both of our KG basin blocks.” Hardy Oil has 10% in a special purpose vehicle (SPV) which is exploring these blocks. RIL has the remaining 90%.

When asked for comments a RIL spokesperson declined to do so as Indian upstream regulator the Directorate General of Hydrocarbons (DGH) has banned announcing any new find without its approval. V K Sibal, director general, DGH could not be reached for his comments.

Besides RIL’s latest discovery of 20 tcf, GSPC, a company owned by the Gujarat state government and ONGC have also claimed discoveries of 20 tcf of gas each in the same basin.

These were reported by the media in 2005 and 2006 but are also yet to be certified by the regulator. The DGH has asked both the firms to drill more wells before these claims are validated. Given this track record, it could be some time before Hardy Oil’s claims are confirmed, if indeed that happens.


The KG basin, off India’s eastern seaboard, was relatively unexplored territory till the last years of the 20th century. It is now proving to be potentially India’s equivalent of North Sea or Gulf of Mexico.

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India's GDP falls to 6.7% in FY09

Source:Economic Times.com,Rediff.com

GDP beats expectations, fuels recovery hopes;India's Q4 GDP at 5.8 per cent

India's Q4 GDP at 5.8 per cent

EW DELHI: India's economy grew a faster than expected 5.8 percent in the March quarter from a year earlier, as a still strong services sector

Financial crisis Competitive economies Ghosts of 1929 US mortgage crisis Five facts on stock falls

offset a decline in manufacturing.

The annual growth for India's fiscal fourth quarter was above a median forecast of 5.2 percent in a Reuters poll, but sharply lower than the year-ago quarter's 8.6 percent expansion.

The manufacturing sector contracted 1.4 percent in the January-March quarter from a year earlier, while farm output grew an annual 2.7 percent, government data showed on Friday.

For the full year, India's economy grew 6.7 percent in 2008/09, sharply slower than the 9.0 or more in the previous three years. The FY09 projection was 7.1%

Farm sector growth has been revised to 1.6% vs 2.6% earlier.




***********************
GDP beats expectations, fuels recovery hopes

EW DELHI: Economy grew faster than expected in the March quarter, helped by strength in farm and services sectors that suggested Asia's third-largest economy has already turned the corner and may be set for an early recovery.

"The economy has clearly performed better than expectations despite very challenging credit conditions," said Han-Sia Yeo, currency and rates strategist at Australia and New Zealand Banking Group in Singapore.

The economy grew 5.8 per cent from a year earlier in January-March, matching the upwardly revised rate in the previous quarter, data showed on Friday. That was still the lowest in four years, but above analysts' forecast of a 5.2 per cent annual expansion.

October-December growth was revised from 5.3 per cent. India does not publish seasonally-adjusted quarter-on-quarter growth figures, but analysts' estimates showed the economy grew 1.2 per cent in the quarter compared with a stagnant reading in September-December.

In the whole of the 2008/09 fiscal year to March 31, economy grew 6.7 per cent, its weakest in six years and well below rates of around 9 per cent of the previous three years, but still faster than predicted by economists in a Reuters poll.

The data fanned hopes that India was already on the mend, unlike other major economies that suffered a disastrous January-March quarter and have yet to show hard evidence of improvement.

Unlike most Asian economies, which heavily rely on exports to sustain economic growth, India is driven by domestic demand. But it still suffered a sharp slowdown in late 2008 as job cuts at exporters and outsourcing firms as well as the drying up of investment flows soured consumer and business sentiment.

Exports account for only about 15 per cent of India's GDP, less than half the levels in China and Japan.

"I think the GDP upgrade cycle has just started. We are past the eye of the storm," said Rajeev Malik, economist with Macquarie Capital in Singapore.


MARKETS CHEER

Indian stocks jumped more than 3 per cent and the rupee and bond yields also rose as the numbers boosted investor confidence about India's outlook and suggested the central bank may be finished with interest rate cuts.

"I think policy rates have bottomed out so the next move for the policy rate is upwards," said A Prasanna, chief economist at ICICI Securities primary dealership in Mumbai, who predicted rates would stay on hold over the next 6-9 months.

March quarter growth was only slightly below the 6.1 per cent expansion reported by China, Asia's second-largest and the world's third-largest economy, which for years has served as the world's main growth engine.

Central bank expects growth of about 6 per cent for the whole of current 2009/2010 fiscal year.


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Mkts end strong on good GDP nos, hopes of free fuel pricing

he benchmark indices showed spectacular performance on the first day of June series. Positive announcements from the oil ministry about deregulation of oil prices and better-than-expected GDP (Gross Domestic Product) numbers elevated the confidence level among the investors and helped the markets to remain on the higher side.

Good global cues also aided the positive momentum. Infrastructure (capital goods + power), oil & gas, metal, realty, auto, telecom and technology stocks witnessed huge buying interest.

Better-than-expected GDP numbers cheered the markets; Growth number for the full year, FY2008-09, came in at 6.7% versus a projection of 7.1%. The GDP growth for the last financial year, FY08, stood at 9%. The numbers for the fourth quarter of FY09 also came in at 5.8% versus 5.8% last quarter and 8.8% a year ago. A CNBC-TV18 poll conducted earlier saw the fourth quarter GDP number at 5.24% and for the full year, for FY09 the poll saw GDP to be at 6.52% as against 9% last year.

The oil ministry said that deregulation of oil prices would be taken up by the Cabinet soon and added that tax breaks for gas production would also be taken up shortly. The Ministry said it planned to re-launch New Exploration Licensing Policy (NELP) VIII soon. The Ministry further stated that it would consider the decontrol of APM gas after the oil product deregulation.

Speaking on the impact, VK Sharma of Anagram Sharma said. “I think it is worthwhile and it will give oil marketing companies as well as ONGC and GAIL some levy from having to bear the burden. The government too will not have to do that much. So I think it augers well for not only marketing companies but the others also for ONGC and GAIL.”

The 30-share BSE Sensex surpassed the 14,700 during the day and touched an intraday high of 14,727.28, up 431.27 points. But the some profit booking at higher levels wiped out some gains. It closed 329.24 points or 2.3% higher at 14,625.25. The 50-share NSE Nifty surged 150.95 points to touch a high of 4488.05, before closing at 4448.95, up 2.58% or 111.85 points.

ONGC, Reliance Industries, NTPC, DLF, Bharti, TCS, SAIL, L&T, SBI, BHEL, Wipro, Reliance Communication and Tata Steel were leading contributors in today's gain.

The benchmark indices showed spectacular performance on the first day of June series. Positive announcements from the oil ministry about deregulation of oil prices and better-than-expected GDP (Gross Domestic Product) numbers elevated the confidence level among the investors and helped the markets to remain on the higher side. Good global also aided the positive momentum. Infrastructure (capital goods + power), oil & gas, metal, realty, auto, telecom and technology stocks witnessed huge buying interest. the markets; Growth number for the full year, FY2008-09, came in at 6.7% versus a projection of 7.1%. The GDP growth for the last financial year, FY08, stood at 9%. The numbers for the fourth quarter of FY09 also came in at 5.8% versus 5.8% last quarter and 8.8% a year ago. A conducted earlier saw the fourth quarter GDP number at 5.24% and for the full year, for FY09 the poll saw GDP to be at 6.52% as against 9% last year. be taken up by the Cabinet soon and added that tax breaks for gas production would also be taken up shortly. The Ministry said it planned to re-launch New Exploration Licensing Policy (NELP) VIII soon. The Ministry further stated that it would consider the decontrol of APM gas after the oil product deregulation. Speaking on the impact, VK Sharma of Anagram Sharma said. “I think it is worthwhile and it will give oil marketing companies as well as ONGC and GAIL some levy from having to bear the burden. The government too will not have to do that much. So I think it augers well for not only marketing companies but the others also for ONGC and GAIL.” The 30-share BSE Sensex surpassed the 14,700 during the day and touched an intraday high of 14,727.28, up 431.27 points. But the some profit booking at higher levels wiped out some gains. It closed 329.24 points or 2.3% higher at 14,625.25. The 50-share NSE Nifty surged 150.95 points to touch a high of 4488.05, before closing at 4448.95, up 2.58% or 111.85 points. ONGC, Reliance Industries, NTPC, DLF, Bharti, TCS, SAIL, L&T, SBI, BHEL, Wipro, Reliance Communication and Tata Steel were leading contributors in today's gain. On the next page Weekly, Monthly, Today's percentage gain Sectoral indices, Turnover, Global Cues

1 | 2 | 3 | 4 | 5 |

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More @

• Mkts end strong on good GDP nos, hopes of free fuel pricing
• Govt walks the reform talk, to fast-track oil deregulation
• Farm output, govt spend power FY09 GDP growth to 6.7%

	India's GDP up 6.7% in FY09 despite slow industry growth

India's GDP grows 6.7% in FY09

Spurce:Economic Times,BS, Rediff,Moneycontrol etc

Nifty posts biggest percentage gain in FnO series ever

SAIL Q4 net dips 37 pc at Rs 1,486 cr

NEW DELHI: State-run Steel Authority of India Ltd (SAIL) reported a 37 per cent fall in its net profit at Rs 1,486.68 crore during the fourth quarter ended March 31. The company had a net profit of Rs 2,376.76 crore in the January-March quarter a year earlier, SAIL said in a filing to the Bombay Stock Exchange. Total income of the company fell to Rs 12,590.12 crore during the Q4 of FY'09 from Rs 13,856.95 crore in the corresponding quarter a year ago, it said. For the financial year ended March 31, 2009, the steel producer posted a net profit of Rs 6,174.81 crore, registering a fall of 18 per cent compared to Rs 7,536.78 crore in FY'08. However, total income of SAIL rose to Rs 46,110.75 crore during the 2008-09 fiscal from Rs 41,518.74 crore in FY'08.

Mahindra Q4 net up 89 pc; beats forecasts

MUMBAI: Mahindra & Mahindra Ltd, top utility vehicles and tractor maker, on Thursday beat expectations with near-doubling in quarterly net profit.

Mahindra, which aims to enter the US market with a pick-up truck and sport utility vehicle early next year, said net profit rose to Rs 418 crore ($87.6 million) in the fiscal fourth quarter ended March from Rs 221 crore a year ago. That compared with a forecast of Rs 197 crore in a poll. Net sales rose to Rs 3,619 crore from Rs 3,148 crore, and were also above a forecast of Rs 3,401 crore. Shares in Mahindra, valued at $3.6 billion, had risen 39.4 per cent in the March quarter while the main index rose 0.6 per cent.

• BHEL Q4 net profit up 22 pc at Rs 1,347.47 cr

• L&T Q4 net up despite Satyam provision

• SAIL Q4 net dips 37 pc at Rs 1,486 cr
• Britannia FY'09 net dips 14 pc to Rs 151 cr

• Mahindra Q4 net up 89 pc; beats forecasts

• Tata Chem FY'09 Net at Rs 964 cr, declares 90% dividend

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Nifty posts biggest percentage gain in F&O series ever

he benchmark indices ended the last day of May series on a positive note. This rally was led by shares of capital goods, metal, banking, oil & gas exploration and select power companies. Good results from L&T and M&M were also supportive for the markets.

This series was a magnificent series for the markets; in this series the Nifty posted the biggest percentage gain ever. Both the equity benchmarks surged 25% each in this series. Among the sectors, Realty, Metal, Bank and Capital Goods indices were the highest percentage gainers, went up 43.5%-68%.

Index	April	May	Gain (%)
Realty	2130.41	3577.94	67.95
Metal	6885.81	10549.95	53.21
Smallcap	3940.9	5811.69	47.47
Capital Goods	7908.75	11448.72	44.76
Bankex	5685.22	8162.73	43.58
Midcap	3513.86	4935.56	40.46
Power	2112.76	2824.23	33.67
CNX Defty	2401.85	3151.35	31.21
Auto	3498.24	4458.66	27.45
Sensex	11403.25	14296.01	25.37
Nifty	3473.95	4337.1	24.85
Oil & Gas	8132.62	10085.87	24.02
Healthcare	3067.98	3483.16	13.53
IT	2663.35	2928.15	9.94
FMCG	2095	2091.42	-0.17

In May series, Reliance Infrastructure, Kotak Mahindra Bank and India Infoline shot up over 80%. Reliance Capital, Ranbaxy Labs, Unitech, Indiabulls Real Estate and DLF gained 60-75%. Tata Steel, Hindalco, JSW Steel, SAIL, L&T, ICICI Bank, SBI and Suzlon went up 40-60%. However, Tata Communication was down around 10% and Cipla fell around 7%. ITC and HUL were the other losers.

Ambareesh Baliga of Karvy Stock Broking said, "The Nifty should be in broad range of 3,800-3,900 to around 4,500 in the June series." He said, "We could see a correction which could take it to the levels of 4,000-4,100 initially and possibly post that we could see levels of around 3,800-4,000, that should be a good level to again start buying."

The 50-share NSE Nifty crossed the 4350 level during the day. It closed at 4337.10, up 1.43% or 61.05 points over previous close. The 30-share BSE Sensex closed 186.37 points or 1.32% higher at 14,296.01.

Company	April	May	Gain (%)
Reliance Infra	695.2	1288.2	85.30
DLF	230.9	365.5	58.29
Ranbaxy Labs	165.95	261.85	57.79
Tata Steel	238.05	373.25	56.79
Hindalco	53.85	81.55	51.44
L&T	879.55	1311.4	49.10
ICICI Bank	477.75	710.55	48.73
Sterlite Ind	409.05	591.15	44.52
Tata Motors	242.35	343.55	41.76
Reliance Comm	214.95	304.1	41.47
SBI	1277.7	1790.55	40.14

L&T was up 2.32%, as the company's Q4 net profit rose 3.23% to Rs 998 crore and net sales went up 23.99% to Rs 10,608.2 crore. Its Operating profit margin (OPM) also improved to 15% versus 13.9%.

Commenting on the today's results, Baliga said that M&M and Larsen had clearly surprised the markets with their earnings. They were quite good.

Largest steel company in the public sector, SAIL reported 10.55% decline in Q4 sales at Rs 12,057.79 crore and 37.5% decline in net profit at Rs 1,486.68 crore. Its OPM was also down 7.31% at 17.49% versus 24.8%. However, the stock gained 6.58% despite weak numbers.

Among the frontliners, Ranbaxy Labs, Sterlite, Bharti Airtel, NTPC, Tata Steel, SAIL and Siemens were top gainers, gained 2.7-6.6%. However, Tata Motors, Grasim, Wipro, Reliance Communication, Reliance Infrastructure, Tata Communication and Hero Honda were top losers, lost 1.3-4.6%.

Inflation for the week-ended May 16 remained unchanged at 0.61% week-on-week (WoW). The Wholesale Price Index (WPI) for all commodities was up 0.1% at 232.2 WoW. Inflation for week-ended March 21 has been revised to 0.84% as against the provisional figure of 0.31%.

Commenting on the numbers, Abheek Baruah, Chief Economist, HDFC Bank said he expected inflation to be in the negative territory this June.

Sectoral indices

BSE Midcap
Name	April	May	Gain (%)
JM Financial	22.45	50.65	125.61
Simplex Infra	177.95	384.05	115.82
Patel Engg	169.85	366.25	115.63
Aban Offshore	407.35	876.15	115.09
Future Capital	126.05	267.3	112.06
BSE Smallcap
Name	April	May	Gain (%)
Unity Infra	110.4	276.4	150.36
United Breweries	94.85	228.65	141.06
Hinduja Global	123.6	290	134.63
Action Construction	15.71	36.55	132.65
BL Kashyap	165.35	378.55	128.94

The BSE Metal Index surged 283.16 points or 2.76%, to 10,549.95, as SAIL, JSW Steel, Sterlite and Tata Steel were up 2.8-6.6%.

Buying was also seen in the banking space, Kotak Mahindra, ICICI Bank, SBI and HDFC Bank went up 2-3.5%. The BSE Bankex rose 1.81% or 145.43 points, to 8,162.73.

In the capital goods space, ABB, Siemens, L&T, Punj Lloyd and BHEL were up 1.9-3.5%. Respective Index gained 196.26 points or 1.74% at 11,448.72.

Among the realty stocks, Indiabulls Real shot up 10.56%. Puravankara Projects was up 4.96% and DLF gained 1.78%. Respective Index closed 1.74% or 61.17 points higher at 3,577.94. However, Unitech lost around 1%.

Power stocks also charged up; GVK Power, NTPC, Power Grid Corp, Suzlon Energy, Tata Power and Reliance Power went up 0.9-3.5%. The BSE Power Index rose 1.28% or 35.73 points, to 2,824.23.

Oil & Gas stocks like ONGC, Reliance Industries and Reliance Petroleum gained 1.4-2%, which helped the respective Index to gain 114.52 points or 1.15% at 10,085.87. However, BPCL fell 2.31%. IOC, Cairn India and HPCL fell 0.5-0.9%.

In the telecom pack, Bharti Airtel surged 3.42%. However, Tata Communication, MTNL, Tata Teleservices and Reliance Communication were down 1-4.7%.

There was a mixed trend in auto space, though the BSE Auto was up 0.60% or 26.44 points, to 4,458.66. Bharat Forge, Maruti Suzuki and M&M gained 2-6.5% while Tata Motors, Hero Honda, Amtek Auto and Ashok Leyland declined 1-3%.

Another company, Mahindra and Mahindra declared its fourth quarter results. The company's standalone net profit was at Rs 418.1 crore versus Rs 221.1 crore on YoY basis. Its standalone net sales were at Rs 3619.2 crore versus Rs 3148.2 crore. The stock was up over 2%.

Among other indices, BSE FMCG, IT and Healthcare indices were down just 0.2-0.4%, to close at 2,091.42, 2,928.15 and 3,483.16, respectively.

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