Indian FX/debt factors to watch - May 10
GLOBAL MARKETS ROUNDUP * Asian shares eased on Friday, taking cues from global equities which took a breather from recent rallies overnight, but Japanese equities soared to fresh five-year highs as the dollar's break above the symbolic 100 yen level underpinned sentiment. * The dollar remained at a lofty perch against its Japanese counterpart on Friday, after breaking above the 100 yen level in the previous session for the first time since April 2009. * Brent crude edged up in volatile trade on Thursday, and U.S. crude settled slightly down, as investors weighed Middle East tensions against weak demand and high inventories. * U.S. Treasury debt prices dipped slightly on Thursday, easing late after the dollar jumped to a four-year high against the Japanese yen, breaking through the key 100-yen mark and spurring selling in longer-dated government debt. LOCAL MARKETS PREVIOUS CLOSE * BSE index 19,939.04 (-0.26 pct) * NSE index 6,050.15 (-0.32 pct) * Rupee 54.25/26 per dollar (54.16/17) * 10-year bond yield 7.60 pct (7.69 pct) * 5-year OIS rate 6.90 pct (6.96 pct) * 1-year OIS rate 7.20 pct (7.25 pct) * Call money 7.25/7.35 pct (7.25/7.35 pct) KEY EVENTS/FACTORS TO WATCH * India's car industry lobby group is scheduled to release sales data for April at 0500 GMT, with the first month of a new financial year expected to show continued gloom after the first annual drop in sales for a decade in the year to March. * India will release industrial output data for the month of March and whole fiscal year 2012/13 on Friday at around 0530 GMT. MAJOR DEALS/ACQUISITIONS * Orders for Tata Motors' maiden Singapore dollar issue have crossed S$1 billion mark by early afternoon with the company set to price a benchmark size transaction by the end of the day. * Rolta India Ltd is in the market with $200 million five-year non-call three 144A/Reg S deal. * The Department of Disinvestment is scheduled to select three banks on May 20 to manage Engineers India's 33.6 million share follow-on offering of $114 million. * A viability gap funding of $270 million for the development of the Hyderabad Metro Rail project has been approved by the government appointed Empowered Committee, which is headed by the secretary of the department of economic affairs. FII INVESTMENTS-EQUITIES (Net dollars) May 9* $122.08 mln# Month-to-date** $1.246 bln Year-to-date** $12.73 bln * Provisional NSE data ** Source: Data as per custodial filing as on May 9 on SEBI website. #(As per Reuters conversion, $1 = 54.3 rupees) FII INVESTMENTS-DEBT (Net Dollars) * Debt May 8 $120.68 mln Month-to-date $1.39 bln Year-to-date $5.04 bln * Source: Data as per custodial filing as on May 9 on SEBI website. GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees) May 9 Foreign Banks -10.58 bln Public Sector Banks -34.83 bln Private Sector Banks 49.26 bln Mutual Funds 3.37 bln Others 0.78 bln Primary Dealers - 7.30 bln Source: Clearing Corp of India Ltd MONEY MARKET INFLOWS (mln rupees) Instrument Payment Date Amount SDL 08.41%, 2020 Interest May 10 84.10 SDL 08.42%, 2020 Interest May 10 842.00 SDL 08.43%, 2020 Interest May 10 421.50 SDL 08.44%, 2020 Interest May 10 189.90 91 days T-Bill Redemption May 09 110634.70 182 days T-Bill Redemption May 10 50000.00 SDL 08.05%, 2019 Interest May 11 80.50 SDL 08.11%, 2019 Interest May 11 202.75 SDL 08.12%, 2019 Interest May 11 406.00 SDL 08.25%, 2019 Interest May 11 536.25 SDL 08.26%, 2019 Interest May 11 539.53 SDL 08.34%, 2017 Interest May 11 145.95 SDL 08.64%, 2021 Interest May 11 172.80 SDL 08.65%, 2021 Interest May 11 1167.75 SDL 06.40%, 2013 Redemption May 11 81454.03 For full table: ISSUANCE SECURITY AMOUNT (IN BLN RUPEES) DATE Bonds sale 150 May 10 LIQUIDITY * The Reserve Bank of India accepted all 37 bids worth 1.05 trillion rupees at its one-day repo auction, through which it injects liquidity into the banking system. It also accepted the sole bid for 100 million rupees at the reverse repo auction, through which it absorbs excess liquidity from the banking system. * Indian banks' refinancing with RBI rose to 209.23 billion rupees. * Indian banks' cash balances with RBI fell to 2.89 trillion rupees.
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