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Daily Newsletter April 9, 2012 

Debt Market

IndicatorsApr 4

1D

Ago

Call Rate 9.10% 8.80%

10 Yr Gilt 8.69% 8.74%

3-mth CP rate 10.50% 10.70%

3-mth CD rate 10.03% 10.25%

12-mth CD rate 10.00% 10.00%

5 yr Corp Bond 9.54% 9.52%

G-sec Volume (Rs Cr) 14570 9965

7.70%

7.90%

8.10%

8.30%

8.50%

8.70%

8.90%

9.10%

     3     0   -     M    a    r   -     1     1

     2     0   -     A    p    r   -     1     1

     6   -     M    a    y   -     1     1

     2     4   -     M    a    y   -     1     1

     8   -     J    u    n   -     1     1

     2     3   -     J    u    n   -     1     1

     8   -     J    u     l   -     1     1

     2     5   -     J    u     l   -     1     1

     9   -     A    u    g   -     1     1

     2     6   -     A    u    g   -     1     1

     1     4   -     S    e    p   -     1     1

     2     9   -     S    e    p   -     1     1

     1     8   -     O    c     t   -     1     1

     4   -     N    o    v   -     1     1

     2     3   -     N    o    v   -     1     1

     9   -     D    e    c   -     1     1

     2     6   -     D    e    c   -     1     1

     1     0   -     J    a    n   -     1     2

     2     5   -     J    a    n   -     1     2

     1     0   -     F    e     b   -     1     2

     2     9   -     F    e     b   -     1     2

     1     6   -     M    a    r   -     1     2

     4   -     A    p    r   -     1     2

10-Year Benchmark G-Sec Yield

 

Indian

Indices Apr 4

1D

% Chg

3M

% Chg

1Y

% Chg

Sensex 17486 -0.63 10.10 -11.25

S&P CNX

Nifty5323 -0.66 12.07 -9.91

BSE Mid cap 6474 -0.03 22.96 -8.81

Currencies Vs INR

Apr 4 Apr 3

USD 51.11 50.72

GBP 81.09 81.05

Euro 67.39 67.49

100 Yen 61.75 61.63

Global

Indices Apr 5

1D

% Chg

3M

% Chg

1Y

% Chg

DJIA 13060 -0.11 5.19 5.38

Nasdaq 3081 0.40 15.38 10.37

FTSE 100 5724 0.35 1.77 -4.72

Nikkei 225 9688* -0.81 15.47 1.09

Hang Seng 20593 NA 9.46 -14.73

*Data as of Apr 6

Rs. Cr

(Equity)

FII Inv

Apr 3

MF Inv

Apr 3

DII Inv

Apr 4

Buy 2010 525 840

Sell 1641 406 713

Net 369 119 127Net Since

Jan 1, 201245705 -5558 -21821

Commodity

Prices Apr 5

1D

Ago

3M

Ago

1Y

Ago

NYMEX Crude

Oil ($/bbl)103.31 101.47 101.81 108.34

Gold (Rs / 10

gm)#NA 27911 27690 20750

# NCDEX spot prices

Source: CRISIL

Indian Debt

• Indian call money rates ended higher at 9.00-9.10% on Wednesday as against 8.75-8.80% onTuesday as banks borrowed to meet reserve needs for the long weekend and as liquidityremained tight.

•

Banks borrowed for five days as financial markets will remain closed on Thursday and Friday forMahavir Jayanti and Good Friday, respectively.• CBLOs rate ended at weighted average rate of 7.69% on Wednesday, as against 8.01% on

Tuesday.• Banks borrowed only Rs 48295 cr from the RBI's repo tender on Wednesday as compared with

RS 1.38 lakh cr on Tuesday.• Domestic government bonds ended higher on short covering and value buying following sharp fall

in the previous session.• The yield on the 10 benchmark 8.79%, 2021 bond fell to 8.6890% on Wednesday from 8.7362%

on Tuesday.• Earlier in the session, bonds received a sentiment lift from the reduction in the size of 91-day T-bill

auction on Wednesday.• The RBI, in consultation with the government, cut the quantum of 91-day T-bill auction to Rs 6000

cr from Rs 9000 cr notified earlier.

Indian Equity

• Indian equities ended down on Wednesday due to heavy selling pressures amid a weak globaltrend. Sentiments were also dimmed on profit booking ahead of the long weekend.

• Jindal Steel emerged as the topmost loser on Nifty, declining 3.2%.• Other index majors like L&T, DLF, ICICI Bank, Sterlite and JP Associates also witnessed the

downtrend, ending down 1-3%.• Movements remained stock specific with Essar Oil falling 5% on the SC rejecting its petition to

review an earlier order disallowing the company's Vadinar refinery from availing sales taxdeferment benefits.

• Shares of GAIL tumbled 3% on worries over a hit on profitability after the Petroleum and NaturalGas Regulatory Board cut the liquefied petroleum gas pipeline tariff by 20-24% for parts of thecompany's network.

• BHEL was the top performer on Nifty rising 3.6% after it announced upbeat quarterly earningsand withdrew the draft prospectus for its follow-on public offer.

Global Indices

•  Dow Jones retreated on Thursday on fears that Spain may have trouble paying back its debtafter rates on Spanish government bonds rose to the highest point since November.

•  FTSE ended higher on Thursday, buoyed by resource firms which tracked a rise in commodityprices.

•  Straits Times index fell on Thursday, as renewed fears about Europe's debt situation hurtfinancials, while a stronger yen hit currency-sensitive exporters.

•  Nikkei fell on Friday amid cautiousness ahead of key US jobs data and fresh worries over thesovereign-debt outlook in some euro-zone nations.

•  Hang Seng index ended lower on Thursday after a disappointing Spanish bond auction.•  At 8.30 AM in the morning, Asian Markets were trading lower.

Domestic Economic and Corporate News

• India's foreign exchange reserves fell by $742.5mn to $294.4bn in the week ended March 30.• Finance Ministry asks public sector banks to provide details of all the branches that are not

making profit for the last two financial years.• RBI approves Axis Bank’s purchase of Enam Securities.• SEBI is planning to come out with a new code of conduct for brokers; will also review the internal

audit and inspection process of the stock exchanges and the depositories along with their penaltystructures.

• BHEL to set up a fabrication unit at a cost of Rs.1000cr near Nagpur.• SBI decides to extend to another quarter the concessional rates on floating rate home loans.

• Coal India firms up a Rs.5000cr kitty for investment in corporate bonds.

International News

• US unemployment rate fell to 8.2% in March from 8.3% in the previous month; employers added120000 nonfarm jobs to their payrolls in March.

• Bank of England leaves its key bank rate at a record low 0.5% and makes no adjustment to its325bn pounds asset-buying program.

• UK industrial production rose 0.4% in February as compared to a 0.6% drop in January;manufacturing production fell 1% in February, following a 0.3% decrease in January.

• Japan's current account surplus fell 30.7% in February from a year earlier to 1.18 trillion yen.• China's consumer price inflation rose 3.6% in March, compared with a 3.2% rise in February.

Commodity News

• Crude oil prices rose $1.84 to settle at $103.31 a barrel on the NYMEX after initial jobless benefitsclaims fell to the lowest level in nearly four years last week.

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Daily Newsletter April 9, 2012 

Disclaimer: CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on theinformation obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy orcompleteness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This

Report is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states that it has no financial liabilitywhatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not haveaccess to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regularoperations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL’s RatingsDivision / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. 

Disclaimer: The information contained in this document has been compiled from sources, which Deutsche Asset Management, India (“DeAM”)believes to be reliable, but DeAM cannot guarantee its accuracy or completeness. This document has been prepared for general information only,without regard to the specific objectives, financial situation and needs of any particular person who may receive it, and DeAM is not soliciting anyaction based on it nor recommending/endorsing any entity mentioned in it. Readers should seek professional advice before taking any action basedon the information in this document. DeAM does not accept any liability whatsoever direct or indirect that may arise from the use of the information inthis document. Opinions expressed and facts referred to in this document are subject to change without notice. This disclaimer does not purport toexclude any warranties implied by law, which may not be lawfully excluded.