Indian FX/debt factors to watch - Dec 11

Tue Dec 11, 2012 8:39am IST

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GLOBAL MARKETS ROUNDUP
    *  Asian shares and the euro steadied on Tuesday, drawing
support from expectations that the U.S. Federal Reserve will
take fresh economic stimulus measures this week. 
    *   The euro extended its recovery from a two-week low on
Tuesday as nerves calmed over Italy's latest political turmoil
and the prospects of more stimulus from the Federal Reserve
pinned down the dollar. 
    *  Brent oil prices rose slightly on Monday after Chinese
data showed oil imports increased last month, a sign of robust
demand for commodities in the world's No. 2 oil consuming
country. 
    *  U.S. Treasury debt prices edged higher on Monday as
investors worried about budget battles in Washington, but a push
for price concessions ahead of $66 billion in government debt
sales this week kept gains modest. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,409.69 points (-0.07 pct)
    * NSE index 5,908.90 points (0.03 pct)
    * Rupee 54.49/50 per dollar (54.47/48)
    * 10-year bond yield 8.17 pct (8.17 pct) 
    * 5-year OIS rate 7.08 pct (7.06 pct) 
    * 1-year OIS rate 7.66 pct (7.64 pct) 
    * Call money 7.85/7.90 pct Fri close (7.95/8.00
pct)
    
    OVERNIGHT NEWS
    * India has set a share sale in state miner NMDC Ltd
 for  Wednesday, the company said, in a deal which
sources said could add up to $1.1 billion to government efforts
to ease its yawning budget deficit. 
    *  Bharti Infratel Ltd, the telecommunications tower arm of
top Indian mobile carrier Bharti Airtel, said it will
allot shares worth $120 million to cornerstone investors as part
of its up to $832 million initial public offering.
 
    * The Reserve Bank of India (RBI) net sold $95 million in
the spot forex market in October, compared with $10 million in
the previous month, data from the central bank showed.
 
    
   KEY FACTORS/EVENTS TO WATCH
    * Banking reforms bill is likely to be voted in India's
parliament
    * India's trade data for November to be released  
    MAJOR DEALS/ACQUISITIONS
    * Rural Electrification Corp has extended the deadline for
its request for proposals for a $150 million three-year term
loan. 
    * Larsen & Toubro said it had achieved financial closure on
two road expansion projects in Maharashtra on Nov. 30. 

    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    54.66-70    54.69     54.87    54.71      High

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Dec. 10*                 $128.04 mln#
    Month-to-date**            $1.24 bln 
    Year-to-date**            $21.02 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Dec. 10 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.515 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Dec. 7                 $154.34 mln
    Month-to-date         -$235.44 mln
    Year-to-date             $6.09 bln                    
    * Source: Data as per custodial filing as on Dec. 10 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Dec. 10
    Foreign Banks                        1.52 bln
    Public Sector Banks                  4.25 bln
    Private Sector Banks                -2.40 bln
    Mutual Funds                         0.35 bln 
    Others                              -0.58 bln
    Primary Dealers                     -3.14 bln
    Source: Clearing Corp of India Ltd
        MONEY MARKET INFLOWS 
INSTRUMENT               PAYMENT    DATE  AMOUNT (IN MLN RUPEES)
SDL 06.67%, 2012         Redemption Dec 11           3,044.77 
(ANDHRA PRADESH) 
8.15% 2022               Interest   Dec 11          23,635.00 
SDL 06.35%, 2013         Interest   Dec 12           2,223.02 
(28 States) 
SDL 06.95%, 2018         Interest   Dec 12            260.63 
(TAMIL NADU) 
SDL 07.00%, 2018         Interest   Dec 12            247.81 
(3 States) 
SDL 07.02%, 2018         Interest   Dec 12            246.46 
(PUNJAB) 
SDL 07.03%, 2018         Interest   Dec 12            790.88 
(2 States) 
SDL 07.10%, 2018         Interest   Dec 12            532.50 
(ANDHRA PRADESH) 
6.05% 2019               Interest   Dec 12           3327.50 
6.17% 2023               Interest   Dec 12           4319.00 
8.83% 2041               Interest   Dec 12          25607.00 
SDL 08.74%, 2021         Interest   Dec 14            152.95 
(PUNJAB) 
7.17% 2015               Interest   Dec 14          20076.00 
91 days T-Bill           Redemption Dec 14          95370.00 
364 days T-Bill          Redemption Dec 14          40000.00 
For full table: 
    
    WEEKLY GOVERNMENT AUCTIONS 
MATURITIES                 DATE          AMOUNT (In rupees)   
OMO                       Dec. 11             120 bln
T-Bills                   Dec. 12             100 bln
    LIQUIDITY
    * The Reserve Bank of India said on Monday it accepted all
29 bids for 907.90 billion rupees at its one-day repo auction,
through which it injects liquidity into the banking system. It
said it accepted the sole bid for 10 billion at its reverse repo
auction through which it absorbs liquidity from the system.
 
    * Indian banks' refinancing with RBI falls to 220.76 billion
rupees. 
    * Indian banks' cash balances with RBI falls to 2.77
trillion rupees. 

 (Compiled by Subhadip Sircar and Archana Narayanan)
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