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26th April, 2013

The Week that was…

20th April to 26th April

Indian Economy

World Bank says India is the largest recipient of remittances in the world, receiving $69bn in

2012.

Indian President expresses hope that the country's growth rate would return to the 8% level

in next couple of years.

The G-20 surveillance note cautions India that its economic growth could be dragged down

due to stalling of investment caused by policy uncertainty and regulatory obstacles, besides

infrastructure and labour market obstacles.

The Prime Minister's Economic Advisory Council (PMEAC) projects the Indian economy to

grow 6.4% in the current financial year, up from the 10-year low of 5.0% estimated in 2012-

13.

PMEAC projects inflation based on the Wholesale Price Index to average around 6% in the

current financial year.

PMEAC expects India's current account deficit for 2013-14 (Apr-Mar) to decline to 4.7% of

the GDP, or $100 bn, from an estimated 5.1% in the last financial year.

India pitches for an upgrade of its sovereign rating from the current BBB- with Standard &

Poors, saying it has delivered on its promise of fiscal consolidation and measures to put the

economy back on the high growth path.

Source: Crisil Weekly Market Update

Indian Economy

Moody's said that the spate of economic reforms announced by the Indian government over

the last few months do not address all the regulatory, financial and pricing constraints

affecting investments in the country's infrastructure sector.

Moody’s says India’s infrastructure shortages have hurt its growth potential as well as

export-import competing sectors, contributing to rising trade and current account deficits.


Indian Debt Market

Last week, the G-Sec market started on a positive note and 10-yr benchmark yield moved

down to 7.73%, on Tuesday, tracking the continued softening in the global commodity

prices, auction cut-offs coming in line with expectations and statements from Economic

Advisory Council for PM regarding existence of some space for monetary easing. However,

the yield moved up to 7.77% on Thursday due to some upside in global energy prices,

domestic political uncertainty and concerns over continuation of the reform process of

government. The market sentiment improved towards the end of the week after the reported

comments from Raghuram Rajan, Chief Economic Advisor to Ministry of Finance, whereby

he stated that the fall in inflation level could aid in easing of monetary policy. The benchmark

10-year security 8.15% GOI 2022 closed the week at 7.74%, vs. previous close of 7.78%.

Liquidity in the system was tight during the week. The net average daily LAF borrowing was

at around Rs 95,000 cr compared to Rs 80,000 cr previous week.

Last week, the State Development Loan auction worth Rs 5,250 cr was fully subscribed. The

state of Tamil Nadu retained additional subscription worth Rs 200 cr. The cut-off yields were

set at 8.24% for Gujarat & Himachal Pradesh, 8.25% for Andhra Pradesh, Kerala & Tamil

Nadu, 8.26% for West Bengal, and 8.27% for Jammu & Kashmir.

Source:RBI,CCIL

Indian Debt Market

The 91-Day T-Bill auction worth Rs 5,000 cr was fully subscribed with a cut-off yield of

7.6435% (Previous: 7.7268%). The 182-Day T-Bill auction worth Rs 5,000 cr was fully

subscribed with a cut-off yield of 7.6406% (Previous: 7.792%).

There was no Gsec auction last week.

This week, RBI will auction 91 days T-bill (Rs 5,000 cr) and 364 days T-bill (Rs 5,000 cr) on

April 30, 2013.

Source:RBI,CCIL

Indian Commodities Market

Crude oil prices rose sharply in the week on hopes that the European Central Bank will cut

interest rates and as US unemployment claims data suggested that job growth may pick up;

prices ended at $93.64 a barrel on the NYMEX on April 25, compared with $87.73 a barrel

on April 18.

US crude oil inventories rose 0.9mn barrels to 388.6mn barrels for the week ended April 19.

The Dubai Gold and Commodity Exchange launches mini-Indian rupee futures.


Indian Government Finance Ministry opposes the creation of a $10bn sovereign wealth fund to acquire oil and

gas and fertiliser assets abroad, saying the country does not have sufficient foreign

currency to support the fund.

A government committee turns down RBI’s proposal to limit FII’s investments in the

secondary market, considering the role these investments can play in boosting the

economy.

The Cabinet Committee on Investment clears 25 blocks for continued exploration of oil and

gas.

Government clears investment proposals worth Rs.1000cr under a scheme to promote

manufacturing of electronic products and components.

Finance Minister says there is a need to increase penetration and coverage of non-life

insurance in the country.

Government extends date of e-filing of service tax return for the second half of 2012-13 to

August 31, 2013.

A Parliamentary panel asks the government to make strenuous efforts for widening tax

base which has not grown in tandem with increase in growth in income and wealth over the

years.

Government says that the RBI has so far not got any application for a banking licence under

the new guidelines issued in February.


Indian Government Government says that RBI wants a detailed cost-benefit analysis of the Department of

Posts' proposal to set up Post Bank of India.

Corporate Affairs Ministry orders a probe into chit fund companies across India.

Finance Ministry opposes the NHAI's proposal to relax norms for private developers to exit

their ongoing projects through equity divestment.

A standing committee of Parliament urges the department of finance to conduct a study on

the impact of Commodities Transaction Tax (CTT) on food inflation over a period of one

year and has also again recommended abolition of the Securities Transaction Tax (STT).

Food Minister says that the government has no plans to increase import duty on edible oils

as of now.

A Parliament Committee says that allotment of all coal mine blocks where production has

not started should be cancelled immediately.

Government says that there was a sharp 44% spurt in the number of medium firms that

became sick during 2011-12, although micro and small units witnessed a decline of 5%.

Commerce Minister says that the government is not considering any proposal to amend FDI

policy in defence, warehousing and food storage sectors.

Government shelves a proposal of coal price pooling by power producers.


Indian Government Government introduces a bill in the Lok Sabha to raise Regional Rural Banks’ authorized

capital by 100 times to Rs.500cr.

Government forms a panel of ministers for looking at ways to revive BSNL and MTNL.


Regulatory Updates in India

RBI Deputy Governor says that the central bank will introduce some corrective measures in

KYC (know your customer) norms as and when necessary to check any "transaction-level

aberrations" in the functioning of banks.

RBI sets the ceiling for the outstanding balance under the market stabilisation scheme

(MSS) at Rs.50000cr for the current fiscal year that started in April.

RBI warns foreign companies not to use direct investments to set up entities in India to trade

in currencies, securities and commodities without its approval.

RBI allows ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) to invest in joint ventures and

wholly owned subsidiaries of overseas incorporated entities in oil sector.

RBI will now be able to impose a penalty of Rs.1cr on banks if they breach a single norm; if

more than one norm is breached, the penalty will be in multiples of Rs.1cr.

SEBI expands the list of strategic investors in Infrastructure Debt Funds (IDFs) to include

FIIs registered with it subject to their existing investment limits.

SEBI is planning to introduce rules for wealth management and foreign broking firms, which

intend to sell financial products to Indian citizens.

SEBI allows 47 alternative funds to operate in India.

SEBI closes the file of Sahara Prime City’s 2009 public issue proposal.


Regulatory Updates in India

SEBI data shows that Indian mutual fund industry's investor base shrunk 189,263 in March

to 42.82 mn, because of redemption in equity, equity-linked savings schemes, and liquid

funds.

SEBI orders Saradha Realty to wind up its schemes and refund money to investors in three

months.

PFRDA bars pension funds from investing in equity-oriented mutual funds, exchange-traded

funds and bonds with residual maturity of less than three years to shield subscribers from

risks of market volatility.

IRDA asks insurance companies to send data on the Anti-Money Laundering/Combating the

Financing of Terrorism regime on a quarterly basis.

IRDA Chairman to meet CEOs and appointed actuaries of life insurers on May 2.

DoT seeks law ministry’s backing of its move to reject licence extensions of Bharti Airtel,

Vodafone and Loop Telecom in metros.

The Comptroller and Auditor General of India finds gross inefficiencies in the implementation

of the Mahatma Gandhi National Rural Employment Generation Act (MGNREGA).

The JPC draft report says that the loss figure of Rs.1.76 lakh cr estimated by the Comptroller

& Auditor General (CAG) was “ill-conceived”.


Regulatory Updates in India The Income Tax Department asks Gillette to pay about Rs.118cr in taxes for alleged mis-

pricing of cross-border transactions.

The Supreme Court issues notices to the Department of Telecom and the Telecom

Regulatory Authority of India, seeking their responses on a petition calling for measures to

stop "arbitrary high tariffs" levied by operators for short message services.


International Markets US GDP expanded at a 2.5% annual rate in Q1 2013, up from 0.4% in Q4 2012.

US existing home sales fell 0.6% to an annual rate of 4.92 mn in March after inching up by

0.2% to a downwardly revised 4.95 mn in February.

US new home sales rose 1.5% to an annual rate of 417,000 in March from the February

rate of 411,000.

US Durable goods orders fell 5.7% in March, compared with a 4.3% gain in February.

US initial jobless claims fell to 339,000 in the week ended April 20th, a decrease of 16,000

from the previous week's revised figure of 355,000.

Federal Reserve Bank of Chicago says that its National Activity Index slipped to -0.23 in

March from 0.76 in February.

European Central Bank Vice-President says that seeking to boost economies by stopping

measures aimed at cutting government debt could increase countries' borrowing costs

rather than triggering growth.

IMF’s First Deputy Managing Director David Lipton says that European policymakers should

take decisive and sustained actions to boost economic growth and avoid the risk of

stagnation.

European Central Bank Executive Board member Joerg Asmussen says that the pass-

through of rate cuts to the periphery would be limited due to impaired monetary policy

transmission.


International Markets Germany’s business confidence fell to 104.4 in April, compared with 106.7 in March.

Euro zone combined budget deficit fell to 3.7% of GDP from 4.2% in 2011.

Eurozone composite purchasing managers' index (PMI) remained unchanged at 46.5 from

the previous month.

Eurozone manufacturing PMI fell to 46.5 in April from 46.8 in March.

Eurozone services PMI rose to 46.6 in April from 46.4 in March.

Euro zone consumer confidence index rose to -22.3 in April from -23.5 in March.

Fitch Ratings downgrades UK’s AAA credit rating to AA+, citing a weaker economic outlook.

UK gross domestic product advanced by a seasonally adjusted 0.3% in Q1 2013 following

0.3% contraction in the preceding quarter.

UK budget deficit excluding the temporary support for banks, shrunk to 15.1 bn pounds in

March from 16.7 bn pounds seen during the same period of last year.

Germany’s activity in both manufacturing and services fell to 48.8 in April from 50.6 in

March.

Spanish central bank forecasts a 0.5% sequential decline in the gross domestic product for

the first quarter, citing continued weakness in demand.

China's HSBC Purchasing Managers' Index fell to 50.5 in April from 51.6 in March.


International Markets Chinese leading economic indicator remained unchanged at 258.3 in March, following a

1.2% increase in February and a 1.75% rise in January.

China's capital and financial account surplus surged to $101.8 bn in the first quarter, as

compares with a $20 bn surplus in the fourth quarter of 2012.

OECD applauds Japanese Prime Minister’s three-pronged strategy to end deflation, but

issues a strong warning against the country's "unsustainable levels" of public debt.

Bank of Japan upgraded its GDP forecast for fiscal 2013 to 2.9% growth from the January

projection of 2.3% growth.

Bank of Japan decided to keep its monetary policy unchanged; and reiterated that it will

conduct money market operations so that the monetary base will increase at an annual

pace of about 60-70 trillion yen.

Japan's core consumer index fell 0.5% in March from a year earlier, compared with a 0.3%

decline in February.

Japan’s leading economic index increased to 97.6 in February from 95 in January.

Japan's all industry activity index grew 0.6% month-on-month in February, reversing last

month's 1.6% fall.

Brazil’s unemployment rate rose to nine month high at 5.7% in March from 5.6% in

February.


Global Equities

Indices April 26 April 19 Change

%

Change

DJIA 14700.80* 14547.51 153.29 1.05

Nasdaq Composite 3289.99* 3206.06 83.93 2.62

Nikkei 225 (Japan) 13884.13 13316.48 567.65 4.26

Straits Times (Singapore) 3348.87 3294.05 54.82 1.66

Hang Seng (Hong Kong) 22547.71 22013.57 534.14 2.43

FTSE 100 (London) 6442.59* 6286.59 156.00 2.48

DJIA – Dow Jones Indust r i al Aver age *Dat a as on Apr i l 25


Global Equities Key global indices ended higher in the week, with Japan’s Nikkei index emerging as the

topmost gainer, up 4.3%.

Wall Street stocks gained in the week supported by strong domestic corporate earnings,

including Google, Netflix, Boeing and Travelers Cos Inc.

Some gains were however trimmed on tracking downbeat earnings from corporates

including IBM, GE and AT&T.

Britain’s FTSE index surged 2.5% in the week mainly on rising expectations of a rate cut in

the Euro-zone following weak German economic data.

Sporadic bargain buying in mining and energy stocks which fell recently on global growth

worries also pushed the markets higher.

Japan’s Nikkei index surged 4.3% in the week as a weak yen boosted the exporters’ heavy

benchmark.

Some gains were however reduced following weak Chinese economic data, and as

intermittent weakness in the dollar prompted profit-taking in exporters.

Singapore’s Straits Times index ended 1.7% higher in the week mainly on tracking sporadic

gains in the regional and US markets.

Further rise in the market was however reduced as a fall in Chinese manufacturing growth

in April raised concerns about global growth prospects.


Global Equities Hong Kong’s Hang Seng index gained 2.4% in the week following some positive global

cues.

Sentiments were down earlier as disappointing Chinese manufacturing activity data raised

fears of slow growth in the second quarter.

The benchmark however recovered on tracking intermittent gains in both US and Chinese

markets.


Global Debt

US treasury prices ended lower in the week ended April 25 as better-than-expected labor

market data and gains in the stock market dented the safe haven appeal of the government

debt.

Bond prices fell as the concerns about the deterioration in the labor market conditions eased

after the government report showed that initial jobless claims fell to 339,000 in the week

ended April 20, a decrease of 16,000 from the previous week's revised figure of 355,000.

Demand for the bonds also dented as the investors preferred to take bet in the riskier assets

which were supported by the upbeat quarterly earnings results from Microsoft and Google

and acceptance of the Japan’s easing program by the G-20 finance chiefs.

Bond prices also fell after the report that the Italian President Giorgio Napolitano selected

center-left leader Enrico Letta as the new premier and asked him to form a new government

which strengthened hopes that the national leaders would turn their focus towards solving

the fiscal problems that burdened Italy, the euro zone's third-biggest economy.

Losses were however capped due to disappointing domestic data including sharp drop in

the durable goods orders of 5.7% in March - the biggest drop since last August and existing

home sales unexpectedly falling 0.6% to an annual rate of 4.92 mn in March.

Bond prices rose due to weak German business data and a fall in Chinese manufacturing

growth in April which raised concerns about global growth prospects.

The false tweet by hackers of explosions at the White House also briefly lifted the prices.


Global Debt Bond prices were supported by the US Federal Reserve’s purchase of $3.73 bn in

treasuries in its effort to support the economic recovery that has remained weaker than

expected.

Meanwhile, the yield on 10 year benchmark bond rose from 1.68% on April 18 to 1.71% on

April 25.

On weekly debt holding front, foreign central banks investment in US Treasuries and

agency debt at the Federal Reserve rose in the week ended April 24.

Treasuries held by overseas central banks at the Federal Treasury debt fell by $2.6 bn to

stand at $3.0 trillion.

Holding of securities issued or guaranteed by Fannie Mae and Freddie Mac rose by $16 bn

to stand at $314.2 bn.

The resultant combined holdings of Treasuries and agency securities by foreign central

banks rose by $13.5 bn to stand at $3.3 trillion.


Global Debt


USA

Wall Street stocks gained in the week, with Dow Jones up 1% and Nasdaq ending 2.6%

higher.

Markets were supported primarily by strong domestic corporate earnings, including Google,

Netflix, Boeing and Travelers Cos Inc.

Sentiments strengthened further after data showed that initial claims for unemployment

benefits in the latest week dropped 16,000 to a seasonally adjusted 339,000.

Bargain hunting by investors after the recent decline also induced some gains in the

markets.

A sharp rise in shares of Microsoft on reports that ValueAct Capital has acquired a $2bn

stake in the company also helped the markets.

Some gains were however trimmed on tracking downbeat earnings from corporates

including IBM, GE and AT&T.

A false tweet by hackers of two explosions at the White House also affected the markets to

certain extent.


UK

Britain’s FTSE index surged 2.5% in the week following positive domestic cues.

The benchmark was primarily supported by rising expectations of a rate cut in the Euro-

zone following weak German business sentiment data.

Sporadic bargain buying in mining and energy stocks which fell recently on global growth

worries also pushed the markets higher.

Investors also cheered better than expected domestic growth data, and gains in stocks of

ARM Holdings and British American Tobacco which rose after reporting strong earnings.

Gains were however cut short to certain extent on tracking weak US existing home sales

data.


ASIA Japan’s Nikkei index surged 4.3% in the week ended April 26, off its five year high level, as

a weak yen boosted the exporters heavy benchmark.

Sentiments also got support after Japan avoided criticism of its aggressive monetary easing

steps at the recently concluded Group of 20 Summit.

The benchmark rose further on tracking sporadic gains on the Wall Street.

Some gains were however reduced following weak Chinese economic data, and as

intermittent weakness in the dollar prompted profit-taking in exporters.

Disappointing earnings from Advantest, Ibiden and Shiseido also weighed on the market.

Hong Kong’s Hang Seng index gained 2.4% in the week ended April 26 following some

positive global cues.

Sentiments were down earlier as disappointing Chinese manufacturing activity data raised

fears of slow growth in the second quarter.

The benchmark however recovered on tracking intermittent gains in both US and Chinese

markets.

Gains in Chinese energy companies following a rise in crude oil prices also supported the

markets.

More buying was seen in the markets on receding worries that China will introduce fresh

measures to tighten monetary policy.


ASIA

Upbeat earnings from domestic corporates, including Bank of China and China Unicom

Hong Kong Ltd, added to the rise in the market.

Singapore’s Straits Times index ended 1.7% higher in the week ended April 26.

The benchmark rose earlier after the G20 cautiously endorsed the Bank of Japan's huge

stimulus measures.

More gains were witnessed on tracking sporadic gains in the regional and overnight

markets.

Sentiments got further thrust following a higher than expected fall in US’ new claims for

jobless benefits.

Market was also supported by gains in shares of Genting Singapore, which rose on

reporting upbeat earnings.

Further rise in the market was however reduced as a fall in Chinese manufacturing growth

in April raised concerns about global growth prospects.


Indian Futures and Options Market ReviewNifty Futures

The week saw the near month contract changing from April 25, 2013 to May 30,

2013.

The new Nifty near month contract (expiry May 30, 2013) ended up with around

16.30 point premium to the spot index on April 26, 2013.

Over the week ended April 26, 2013, the Nifty spot index rose 1.53% in the

week primarily on hopes of a rate cut from the RBI in its upcoming policy review.

The other Nifty future contracts, viz., June contract ended at 5898 points (up 88

points over the week) and July contract ended at 5915 points.

Overall, Nifty futures saw a weekly trading volume of Rs 45,321 cr arising out of

15 lakhs contracts with an open interest of 167 lakhs.


Indian Futures and Options Market Review

Nifty Options

Nifty 6000 call witnessed the highest open interest of 63 lakh on April 26; Nifty 6100 call

witnessed the highest increase in open interest of 11 lakhs over the week.

Nifty 5900 call also garnered the highest number of contracts over the week at 34 lakhs.

For put options, Nifty 5700 put witnessed the highest open interest of 61 lakh on April 26;

Nifty 5900 put saw the highest increase in open interest of 25 lakhs over the week.

Nifty 5800 put garnered the highest number of contracts over the week at 37 lakhs.

Overall, options saw 185 lakh contracts getting traded at a notional value of Rs 5,41,536 cr

during the week.



Week Ended

April 26, 2013

Turnover

Rs. Cr. % to Total

Index Futures 61,699 7.46

Index Options 595,530 71.96

Stock Futures 121,556 14.69

Stock Options 48,748 5.89

Total 827,533 100.00

Put Call Ratio 1.05 (April 26) 1.13 (April 18)

Stock Futures and Options –

NSE witnessed 40 lakh contracts in stock futures valued at Rs 1,21,556 cr while stockoptions saw volumes of 16 lakh contracts valued at Rs 48,748 cr during the week endedApril 26.

NSE F&O Turnover –

Overall turnover on NSE's derivatives segment stood at Rs 8.27 lakh cr (279 lakhcontracts) in the week ended April 26, 2013 vs. Rs 7.60 lakh cr (263 lakh contracts) in theprevious week.

Put Call ratio fell from to 1.13 on April 18 to 1.05 on April 26.



Sour ce - SEBI

FII Segment

On April 25 (last available SEBI data), foreign institutional investors' open

interest stood at Rs 95,854 cr (32 lakh contracts).

The details of FII derivatives trades for the period April 18 – April 25 are as

follows: -

Week Ended

April 25,

2013

Buy Sell Buy % Sell %

No. of

contracts

Amt in Rs

Cr

No. of

contracts

Amt in Rs

Cr

No. of

contracts Amt in Rs Cr

No. of

contracts

Amt in Rs

Cr

Index

Futures789193 23214 563889 16565 16.25 16.29 12.20 12.20

Index

Options2799520 81686 2765638 80576 57.66 57.32 59.85 59.36

Stock

Futures1012172 30373 1044681 31601 20.85 21.31 22.61 23.28

Stock

Options254434 7226 246455 6992 5.24 5.07 5.33 5.15

Total 4855319 142499.11 4620663 135734 100.00 100.00 100.00 100.00


The Week Ahead…

22nd April 2013 – 26th April 2013

Indian Debt Market Outlook

Next week, the G-Sec markets are expected to take cues from RBI policy meet, liquidity

scenario, policy makers' statements and global developments.

Next week, Money market inflows of around Rs. 16,000 cr are expected as against outflows

of around Rs. 10,000 cr. Month-end government spending might help ease tight liquidity in

the system.

Corporate bond market is expected to take cues from G-sec market and primary issuances.

Source: RBI,RMF Estimates

Indian Debt Markets

The maturities of duration funds

have been maintained at

previous weeks level ahead of

RBI's policy.

The maturities of liquid and liquid

plus funds reflects movements

in cash levels in portfolio.

Particulars 22-Apr-13 26-Apr-13 Change (bps)

10 year Gsec yield (%) 7.78 7.78 0.00

Scheme Maturity (years) Change

Reliance G-sec Fund 12.56 12.55 -0.01

Reliance Income fund 10.59 10.77 0.18

Reliance Short Term Fund 2.71 2.49 -0.22

Reliance Monthly Income

Plan (MIP) 6.69 7.29 0.61

Reliance Dynamic Bond

Fund 10.49 10.54 0.05

Liquid Schemes Maturity (days) Change

Reliance Floating Rate

Fund – Short Term Plan 497 484 -12.39

Reliance Money Manager

Fund 86 79 -6.63

Reliance Liquidity Fund 45 38 -6.87

Reliance Medium Term

Fund 292 322 30.91

Reliance Liquid Fund -

Treasury Plan 45 46 0.91

Reliance Liquid Fund -

Cash Plan 47 35 -12.59

The Week AheadDay Event

Monday, April 29

US Personal Income / Spending, March

US Pending Home Sales, March

US Dallas Fed Mfg Survey, April

Euro-Zone Consumer Confidence, April

UK GfK Consumer Confidence Survey, April

UK Nationwide House Prices, April

Japan’s Industrial Production, March

Japan’s Retail Trade, March

Japan’s Jobless Rate, March

Tuesday, April 30

US Consumer Confidence, April

US Employment Cost Index, Q1

S&P Case Shiller Home Price Index, February

Chicago Purchasing Managers’ Index (PMI), April

Euro-Zone Consumer Price Index Estimate, April

Euro-Zone Unemployment Rate, March

UK Net Consumer Credit, March

China’s HSBC Manufacturing PMI, April

India’s Core sector growth, March

India’s CPI for industrial workers, March

Wednesday, May 1

Federal Open Market Committee Rate Decision

ADP Employment Report, April

US Institute of Supply Management (ISM) manufacturing Index, April

US Auto Sales, April

US Construction Spending, March

US Crude Oil Inventories, April 27

UK Purchasing Manager Index Manufacturing, April

China’s Manufacturing PMI, April

Thursday, May 2

US Productivity/labour costs data, Q1

US Trade Balance, March

US Initial Jobless Claims, April 27

European Central Bank Rate Decision

Euro-Zone Purchasing Manager Index Manufacturing, April

UK Purchasing Manager Index Construction, April

Friday, May 3

US Nonfarm Payrolls, April

US Unemployment Rate, April

US Factory Orders, March

US Institute of Supply Management (ISM) Services index, April

Euro-Zone Producer Price Index, March

UK Purchasing Manager Index Services, April

China’s Non-manufacturing PMI, April

India’s Services and composite PMI, April

India’s Forex Reserves, week ended April 26

Information's provided here are meant for general reading purpose only and is not meant to

serve as a professional guide for the readers. This document has been prepared on the

basis of publicly available information, internally developed data and other sources believed

to be reliable. The Sponsor, The Investment Manager, The Trustee or any of their respective

directors, employees, affiliates or representatives do not assume any responsibility for, or

warrant the accuracy, completeness, adequacy and reliability of such information. Whilst no

action has been solicited based upon the information provided herein, due care has been

taken to ensure that the facts are accurate and opinions given fair and reasonable. This

information is not intended to be an offer or solicitation for the purchase or sale of any

financial product or instrument. Recipients of this information should rely on information/data

arising out of their own investigations. Readers are advised to seek independent

professional advice and arrive at an informed investment decision before making any

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special, incidental, consequential, punitive or exemplary damages, including lost profits

arising in any way from the information contained in this material.

Mutual Fund investments are subject to market risks, read all scheme

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Thank you

news u can use€¦ · the 91-day t-bill auction worth rs 5,000 cr was fully subscribed with a...

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