Indian FX/debt factors to watch - Dec 19

Wed Dec 19, 2012 8:31am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares rose and the euro hovered around multi-month
highs on Wednesday as signs of progress in resolving the U.S.
"fiscal cliff" budget crisis boosted demand for riskier assets.
 
    * Brent futures held steady above $108 a barrel on
Wednesday, tracking a rally in most other risk assets on
expectations a budget crisis in the United States will be
resolved, saving the world's top oil consumer from slipping into
recession. 
    * U.S. Treasury yields rose to their highest since October
on Tuesday as U.S. President Barack Obama and Republican
lawmakers edged closer to a deal to avert a fiscal crisis in
early 2013. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,364.75 (0.63 pct)
    * NSE index 5,896.80 (0.66 pct)
    * Rupee 54.85/86 per dollar (54.84/86)
    * 10-year bond yield 8.15 pct (8.14 pct) 
    * 5-year OIS rate 7.13 pct (7.10 pct) 
    * 1-year OIS rate 7.66 pct (7.62 pct) 
    * Call money 8.05/8.10 pct (8.05/8.10 pct)
    
    OVERNIGHT NEWS
    * The Indian parliament cleared a path for more foreign
investment in the banking sector by approving a bill to increase
shareholders' voting rights, after dropping a controversial
clause allowing banks to trade in commodity futures.
 
    * India's parliament will not vote during this session on a
long-awaited insurance bill aimed at raising the foreign
investment cap to 49 percent from 26 percent in the industry,
Finance Minister P. Chidambaram said on Tuesday. 
    * India's central bank announced a much-awaited open market
purchase of government bonds soon after a deputy governor
assured that it will conduct such operation if the liquidity
deficit in banking system persists. 
    
    KEY FACTORS/EVENTS TO WATCH
    * SEBI Chairman U.K. Sinha at an event in Mumbai.
        
    MAJOR DEALS/ACQUISITIONS
    * India's Mahindra & Mahindra will buy Navistar
International Corp's stakes in the automakers' two joint
ventures in the country, in a $33 million deal as the troubled
U.S. truckmaker looks to dump its underperforming businesses.
 
    * Reliance Power promoters will sell a 5.42% stake in the
company in an offer for sale on Wednesday, but news of the
secondary share sale received only a cool response, given the
overall weak outlook for the power sector. (IFR)
    
    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    55.20-24    55.20     55.28    55.18    Moderate

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Dec. 18*                 $168.00 mln#
    Month-to-date**            $2.73 bln 
    Year-to-date**            $22.51 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Dec. 18 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.9 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Dec. 17                 $28.07 mln
    Month-to-date          $126.93 mln
    Year-to-date             $6.46 bln                    
    * Source: Data as per custodial filing as on Dec. 18 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Dec. 18
    Foreign Banks                       -8.04 bln
    Public Sector Banks                  7.89 bln
    Private Sector Banks                 2.14 bln
    Mutual Funds                        -1.65 bln 
    Others                               6.27 bln
    Primary Dealers                     -6.61 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS 
INSTRUMENT               PAYMENT    DATE     AMT (IN MLN RUPEES)
SDL 08.39%, 2017         Interest   Dec 19            314.63 
(2 States) 
SDL 08.40%, 2017         Interest   Dec 19            126.00 
(2 States) 
SDL 08.41%, 2017         Interest   Dec 19            378.45 
(PUNJAB) 
SDL 08.42%, 2017         Interest   Dec 19             86.66 
(4 States) 
SDL 08.43%, 2017         Interest   Dec 19            210.75 
(MADHYA PRADESH) 
SDL 08.58%, 2017         Interest   Dec 19            131.73 
(JAMMU & KASHMIR) 
SDL 08.45%, 2017         Interest   Dec 20            380.25 
(2 States) 
SDL 08.46%, 2017         Interest   Dec 20            211.50 
(RAJASTHAN) 
SDL 08.48%, 2017         Interest   Dec 20            440.79 
(3 States) 
SDL 08.49%, 2017         Interest   Dec 20            265.31 
(MADHYA PRADESH) 
SDL 08.52%, 2017         Interest   Dec 20            170.83 
(ASSAM) 
SDL 08.57%, 2017         Interest   Dec 20             42.85 
(JAMMU & KASHMIR) 
SDL 08.89%, 2022         Interest   Dec 20            711.20 
(2 States) 
SDL 08.90%, 2022         Interest   Dec 20             89.00 
(JHARKHAND) 
SDL 08.91%, 2022         Interest   Dec 20            356.40 
(HARYANA) 
SDL 08.92%, 2022         Interest   Dec 20            669.00 
(UTTAR PRADESH) 
SDL 08.95%, 2022         Interest   Dec 20            223.75 
(WEST BENGAL) 
For full table: 
    
    ISSUANCES
ASSET                 DATE         AMOUNT (IN RUPEES)
T-bills              Dec. 19            100 bln
Dated bonds          Dec. 21            120 bln  
    LIQUIDITY
    * The Reserve Bank of India said on Monday it accepted all
43 bids for 1.52 trillion rupees at its one-day repo auction,
through which it injects liquidity into the banking system. It
said it did not get any bids at its reverse repo auction through
which it absorbs liquidity from the system. 
    * Indian banks' refinancing with RBI falls to 241.51 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 3.26 trillion
rupees. 

 (Compiled by Swati Bhat)
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