>Bharti Airtel (HSBC)

The 15% fall in Bharti’s share price since the launch of RCOM’s GSM service in December is an overreaction, in our view. Instead, investors should focus on
Bharti’s market leadership strengths and RCOM’s longer-term structural limitations of
operations in 1800MHz which require additional base stations. We believe the combination of
low revenue yields and bloated cost structure will reduce the scope for disruptive pricing and
competitive intensity will become more rational. In our view, Bharti is well placed to limit
damage to its earnings on the back of its strong balance sheet, high revenue market share,
brand positioning, and scale. Reference can be made to the Korean experience, which suggests
that changes in subscriber market share do not translate into changes in FCF/revenue market
share.
To read full report: Bharti Airtel

>Daily F&O Report (Marwadi Financial)

To read full report : Daily F&O report 23-01-2009

>Daily Market Preview (Marwadi Financial)

The global markets trading in red, domestic markets are expected to open
negative. Results of Reliance and Bharti, which were in line with the market
expectation, may not help markets to recover much ground. Although some
buying may emerge on decline, since fund managers are not frowning at Indian
equities much.
To read full report: Daily market preview 23-01-2009

Daily Technical Report

Global market drop on recession is concern, Asian market drop due to Sony forecast deeps profit concern.
Yesterday we had seen the choppy trading day sue to Nero range movement. Again ht inflation figure rose
from the 5.24 to 5.60% so that is the matter of concern and now bankers also have to seen for key policy
rate is concern and for very short period of time we do not have a expectation of the further interest rate cut,
so again the banking, real estate and interest sensitive counters will come under pressure. Yesterday reliance
not posted good numbers and many corporate declare a pressure situation, today also many company
declare the third quarters performance so keep watch on that announcement.

To read full report: Daily Technical Report 23-01-2009

>Derivative Report (Marwadi Financial)

The market opened on a firm note on positive global cues. Shares from interest

rate sensitive sectors were in action ahead of the inflation data. Caution gripped

market after a strong start as key benchmark indices eased from day's high

weighed by index heavyweight Reliance Industries. Volatility rose in second half

after the inflation data hit market. The market held firm in mid afternoon trade as

losses in metal stocks were offset by gains in banking pivotals. The S&P CNX

Nifty closed at 2,713.80; up by 7.65 points. Index futures saw a trading volume of Rs.11,332.01 crores arising out of 8,92,620 contracts and Index options saw 10,87,805 contracts getting traded at a notional value of Rs.15,213.39 crores.The total turnover of the Futures & Options segment of the Exchange was around Rs.38,676.85 crores. Out of 259 securities, options on 108 underlying securities got traded. The total number of contracts traded was 84,508 with a notional value of Rs.838.22 crores.

To read full report: Derivate Report 23-01-2009

>F&O daily open interest (Marwadi financial)

To see full report : F&O daily open interest 23-01-2009