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RETAIL RESEARCH
Equity Markets
Indias benchmark equity index Sensex declined 3.5% last week, posting its worst weekly fall in nearly
four-and-a-half months, hurt by the ongoing tax row between foreign investors and the government.
Dismal corporate earnings and a likely sub-par monsoon added to investors woes. NSEs CNX Nifty closed
at 8,305, down 301 points or 3.5%.
Broader market depicted weakness. The BSE Mid-Cap index fell 336.13 points or 3.12% to settle at
10,435.64. The decline in the index was lower than Sensex's decline in percentage terms. The BSE SmallCap index slumped 613.61 points or 5.27% to settle at 11,008.62. The decline in the index was higher than
Sensex's decline in percentage terms.
Global Markets
U.S. stocks ended the week with solid gains as better-than-expected earnings propelled the Nasdaq
Composite and S&P 500 to finish at all-time highs. The Nasdaq Composite advanced for five straight
sessions, posting the biggest weekly gain since October 2014. The tech-heavy index gained 3.3% over the
week. The S&P 500 index recorded a 1.8% gain over the week. Dow Jones gained 1.4% over the week.
Weekly Statistics
Global Index
24-Apr
17-Apr
Change (%)
Sensex
27438
28442
-3.53
Nifty
8305
8606
-3.49
DJIA
18080
17826
+1.42
Nasdaq
5092
4932
+3.25
FTSE
7071
6995
+1.09
DAX
11811
11689
+1.05
Hang Seng
28061
27653
+1.47
Nikkei
20020
19653
+1.87
Bovespa
56594
53955
+4.89
Indonesia Jakarta
5435
5411
+0.46
Singapore Strait
3513
3525
-0.35
1061
1043
+1.74
1 Week
Absolute
1 Month
Absolute
3 Month
Absolute
6 Month
Absolute
1 Year
CAGR
3 Year
CAGR
Arbitrage Funds
-0.07
0.63
1.72
4.38
8.63
8.80
Balanced - Equity
-2.76
-1.36
-2.62
7.84
31.43
19.50
Equity - Banking
-2.07
-2.23
-9.52
9.63
37.33
20.75
-3.27
-1.05
-3.96
8.23
38.64
19.01
Equity - Infra
-4.04
-1.16
-3.04
9.74
41.27
17.22
-3.81
-2.68
-4.62
7.61
32.81
19.59
-4.32
-1.22
-2.35
13.02
55.64
29.82
Equity - MNC
-5.16
-1.73
3.41
28.79
75.95
31.59
-3.82
-2.15
-3.56
9.39
38.94
22.46
-5.17
1.08
-0.53
18.90
80.44
33.35
Equity - FMCG
-3.64
2.20
-0.40
12.16
26.21
20.56
Equity - Infotech
-5.50
-6.70
-6.76
3.96
23.82
24.19
Equity - Pharma
-4.55
-4.05
5.57
17.48
54.95
33.84
ELSS
-3.94
-2.59
-3.97
9.57
38.79
22.46
Gold ETFs
0.52
1.96
-4.91
-1.82
-5.75
-3.52
Gilt Funds
0.11
0.35
0.98
7.96
15.00
9.75
Income Funds
0.11
0.54
1.16
6.23
12.12
9.33
Liquid Funds
0.15
0.71
2.00
4.07
8.33
8.59
MIP
-0.62
0.06
0.35
6.17
15.29
10.53
Note: Trailing Returns up to 1 year are absolute and over 1 year are CAGR. NAV/index values are as on Apr 17, 2015.
RETAIL RESEARCH
G sec Markets
Indian bond yields ended down during the week April 24th, 2015. The G-Sec market traded mostly on a
bearish note on Monday, tracking weakness in domestic currency and awaiting the announcement for GSec auction.
The G-Sec market opened on a bearish note tracking weakness in the currency on Tuesday. The market
then turned positive in the backdrop of previous days announcement for issuance of a new 8-year
(approx.) security. The market closed better seeing improvement in the domestic currency.
Bond market opened better on Wednesday on positive note, but then turned slightly bearish amidst
reports of possibility of deficient rains. However, the market then recovered and closed better.
On Thursday G-Sec market opened lower seeing weakness in the domestic currency. The market then
mostly traded in a narrow range.
On Friday, Bond market traded mostly on a bearish note seeing weakness in the domestic currency
amidst apprehensions over the auctions. The yields ended 2-3bps higher over previous close.
Liquidity:
Hence, the yields of the 10-year benchmark 8.40% 2024 bond ended down by 1 bps at 7.79% (Rs 103.96)
on Friday against the last week close of 7.80%.
Corporate Debts
The 1 year CD yield ended at 8.35% compared to the previous week close of 8.34%.
The 10-year AAA bond traded at 8.32% same as previous closing.
RETAIL RESEARCH
24-Apr
17-Apr
Change (bps)
Call Rate
7.47
7.41
-6.00
CBLO
7.73
7.19
-54.00
Repo
7.50
7.50
0.00
Reverse Repo
6.50
6.50
0.00
10 Year G sec
7.79
7.80
+1.00
LIBOR UK
0.57
0.57
0.00
LIBOR USA
0.28
0.28
0.00
LIBOR Europe
-0.01
-0.01
0.00
Currency
AAA Corporate Bond Spread over Gsec:
The USD depreciated against the Euro by 0.56 % for week ended 24th April 2015.
The dollar appreciated against the yen by 0.07% for the week.
The USD depreciated against the pound by 1.49%.
24-Apr
17-Apr
1 Year
3 Year
5 Year
10 Year
50
16
43
38
36
8
42
38
Date of Auction
29-Apr-15
29-Apr-15
28-Apr-15
8,000
6,000
7,500
International crude oil prices (WTI) gained by 2.53% for the week ended 24th April, 2015 to close at USD
57.15 per barrel.
International gold prices fell for the week ended 24th April, 2015 to close at USD 1175 per troy ounce.
Security
91 Day T-Bill
364 Day T-bill
State Development Loans
Certificates of Deposits:
Maturity
24-Apr
17-Apr
3 Months
6 Months
1 Year
8.2
8.2
8.3
8.1
8.2
8.3
Commercial Papers:
Maturity
24-Apr
17-Apr
3 Months
6 Months
1 Year
8.6
8.7
8.9
8.7
8.8
8.9
Commodity Update:
RETAIL RESEARCH
Commodity
24-Apr
17-Apr
Change (%)
57.15
1175.0
55.74
1203.10
+2.53
-2.34
RETAIL RESEARCH
Key Points
Birla Sun Life Frontline Equity is a better performing scheme from Equity Diversified Large cap category. The
scheme has managed to deliver notable returns over periods thanks to its ability to mitigate risk with blue
chip oriented stocks from the universe of BSE 200.
The scheme registered +35%, +25% and +14% of compounded returns for the one, three and five year
periods while the benchmark posted +23%, +17% and +9% of returns respectively. Over the same period,
the category clocked +34%, +25% and +14% of CAGR returns respectively. The large-cap orientation
prevented the scheme to benefit from rallies led by mid-cap stocks, but helped to withstand the corrections
efficiently during the market downturns. The scheme has been maintaining an average of 98% of assets into
blue chip stocks considering last one-year period.
The fund manager follows buy and hold strategy as close to 70% of the portfolio is the core which are kept
over longer term. The scheme tries to follow the same sector weights as the index of BSE 200 and try to get
all the advantage by having a different stock selection within those sectors.
The portfolio has been churned moderately in last six month periods as the scheme added 10 new stocks
and exited from 6. That reflects in the turnover ratio which has been at 33%.
Fund Performance Vis-a-vis Benchmark (Excess return):
HDFC Bank, Reliance Industries and ICICI Bank are the stocks topped in its latest portfolio having weights of
6.30%, 5.00% and 4.44% to its net assets respectively. The expense ratio of 2.21% for the scheme is lower
compared to the category (the category average has been at 2.61%).
Rating agencies like Value research &Crisil assigned 4 star and CPR 2 respectively for the scheme. These
reflect good performance of the scheme on generating high-risk adjusted returns.
The scheme is managed by Mr. Mahesh Patil. The corpus of the scheme as per latest data was at Rs. 8,957
crore.
As far as risk measures are concerned, the scheme has done well in terms of Sharpe and Jensons Alpha. It
registered Sharpe of 0.13% (category 0.10%) and Alpha of 0.05% (category 0.04%).
The scheme seems to be less risky inthe category as it generated 0.88% (category 0.92%) of Standard
Deviation over the last one-year.
RETAIL RESEARCH
Fund Size
(Crs. Rs)
1 Year
Return
3 Year
Return
5 Year
Return
Return Since
Inception
Top holdings
Crisil
Rank
Value Research
Rating
Risk
Grade
166.45
8603
56.72
25.59
17.15
25.24
CPR 2
4 Star
Average
475.46
19181
59.67
21.98
16.63
21.11
CPR 3
3 Star
High
High
30.06
8815
50.15
21.89
17.95
17.68
CPR 3
5 Star
Low
High
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
3 Year
Return
5 Year
Return
Return Since
Inception
Top holdings
Crisil
Rank
Value Research
Rating
Return
Grade
29.72
1773
89.94
35.37
21.77
15.43
CPR 1
5 Star
Risk
Grade
Below
Average
193.81
5915
45.37
22.13
16.60
27.19
CPR 2
4 Star
Below
Average
High
77.05
11172
68.31
29.04
22.41
22.86
CPR 1
3 Star
Below
Average
Average
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
3 Year
Return
5 Year
Return
Return Since
Inception
Top holdings
Crisil
Rank
Value Research
Rating
Risk
Grade
Return
Grade
24.56
1579
103.51
39.82
22.41
CPR 2
5 Star
Average
High
114.49
8682
84.87
33.97
23.21
26.05
CPR 2
4 Star
Low
Above
Average
35.88
389
86.97
36.10
26.23
21.04
CPR 3
4 Star
Below
Average
High
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
3 Year
Return
5 Year
Return
Return Since
Inception
Top holdings
Crisil
Rank
Value Research
Rating
Risk
Grade
Return
Grade
30.82
4034
76.34
35.00
25.16
24.38
CPR 1
5 Star
Low
High
49.64
4156
102.77
33.73
23.31
18.51
CPR 1
5 Star
High
High
Scheme Name
Return
Grade
Above
Average
High
RETAIL RESEARCH
Fund Size
(Crs. Rs)
1 Year
Return
3 Year
Return
5 Year
Return
Return Since
Inception
Top holdings
Crisil
Rank
Value Research
Rating
107.50
3284
51.84
22.77
19.03
17.85
CPR 1
4 Star
93.20
1633
50.32
24.29
18.94
15.68
CPR 1
5 Star
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
3 Year
Return
5 Year
Return
Return Since
Inception
Top holdings
Crisil
Rank
Value Research
Rating
33.37
2521
26.84
13.12
10.97
11.40
CPR 2
4 Star
34.66
3818
27.25
12.90
10.95
11.77
CPR 2
Scheme Name
Risk
Grade
Below
Average
Return
Grade
Below
Average
Above
Average
Risk
Grade
Above
Average
Return
Grade
Above
Average
3 Star
Average
Average
Risk
Grade
Below
Average
Return
Grade
Above
Average
Below
Average
Above
Average
Risk
Grade
Below
Average
Return
Grade
Above
Average
High
Hybrid - Monthly Income Plan - Long Term (About 15% to 20% in equity)
Scheme Name
Liquid Funds
NAV (Rs)
Fund Size
(Crs. Rs)
1 Year
Return
2 Year
Return
3 Year
Return
Return Since
Inception
Top Holdings
Crisil
Rank
Value Research
Rating
27.35
14666
9.05
9.20
9.24
7.25
CPR 3
3 Star
3064.08
1134
8.96
9.20
9.19
7.34
CPR 3
4 Star
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
2 Year
Return
3 Year
Return
Return Since
Inception
Top Holdings
Crisil
Rank
Value Research
Rating
260.58
11913
9.50
9.55
9.52
7.49
CPR 1
4 Star
21.50
842
8.90
9.03
9.26
7.47
CPR 3
3 Star
Low
Average
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
2 Year
Return
3 Year
Return
Return Since
Inception
Top Holdings
Crisil
Rank
Value Research
Rating
Risk
Grade
24.00
985
10.83
9.95
10.28
7.27
CPR 3
3 Star
Average
Return
Grade
Above
Average
2847.73
10332
12.25
10.57
10.36
8.33
CPR 1
4 Star
Average
Scheme Name
HDFC Liquid Fund (G)
INF179K01KG8
SBI Magnum InstaCash - Cash Plan
INF200K01LJ4
RETAIL RESEARCH
Above
Average
Income Funds
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
2 Year
Return
3 Year
Return
Return Since
Inception
Top Holdings
Crisil
Rank
Value Research
Rating
Risk
Grade
16.88
3683
12.27
11.32
11.20
9.24
CPR 3
4 Star
Low
31.84
349
20.97
14.98
12.89
9.38
5 Star
Low
High
NAV
(Rs)
Fund Size
(Crs. Rs)
1 Year
Return
2 Year
Return
3 Year
Return
Return Since
Inception
Top Holdings
Crisil
Rank
Value Research
Rating
Risk
Grade
Return
Grade
15.30
129
17.96
11.83
11.24
9.52
CPR 3
4 Star
Low
High
23.61
40
13.07
15.67
14.90
6.41
5 Star
Low
High
Scheme Name
Return
Grade
Above
Average
Gilt Funds
Scheme Name
Notes:
NFO:
Scheme name
Tenure
Open Date
Close Date
Minimum Investments
Balanced
ICICI Pru Capital Protection Orient. VIII-C Reg(D)
4/28/2015
5/11/2015
5000
1103 Days
4/21/2015
5/5/2015
5000
1278 Days
4/24/2015
5/5/2015
10000
4/13/2015
4/27/2015
5000
ETFs
Edelweiss Nifty EES
Equity
Kotak India Growth Fund Series I - Direct (D)
RETAIL RESEARCH
3 Years
4/29/2015
5/7/2015
5000
1480 Days
4/28/2015
5/5/2015
5000
1132 Days
4/21/2015
4/30/2015
5000
1099 Days
4/15/2015
4/29/2015
5000
1102 Days
4/21/2015
4/28/2015
5000
1114 Days
4/13/2015
4/27/2015
5000
1099 Days
4/24/2015
4/27/2015
5000
1125 Days
4/29/2015
5/13/2015
500
5/5/2015
5/12/2015
5000
Income Funds
Quantum Dynamic Bond Fund (G)
Short Term Income Funds
Reliance Banking & PSU Debt Fund (B)
Dividend
Scheme Name
Reliance Mutual Fund has announced change in exit load structure under Reliance Corporate Bond Fund,
with effect from 27 April 2015. Accordingly, if redeemed within 12 months from the date of allotment of
units, the exit load will be 1% and Nil, thereafter.
Birla Sun Life Mutual Fund has announced change in exit load structure under Birla Sun Life Dynamic Bond
Fund, with effect from 27 April 2015. For redemption / switch out of units within 90 days from the date of
allotment: 0.50% of applicable NAV. For redemption / switch out of units after 90 days from the date of
allotment: Nil.
Franklin Templeton Mutual Fund has announced the sale of the units (including switch-in) under the
following plans (s) / option (s) of schemes will stand suspended with effect from 22 April 2015. Franklin
India Income Builder Account (FFIBA) Plan A & Direct Plan A Bonus Plan. Franklin India Government
Securities Fund (FIGSF) Long Term Plan & Direct - Long Term Plan-Bonus Option. Franklin India Monthly
Income Plan (FIMIP) - Plan A & Direct Plan A Bonus Plan.
Axis Mutual Fund has launched a new fund named as Axis Hybrid Fund Series 22, a 1278 days close ended
debt scheme. During the New Fund Offer (NFO) period, the units will be offered for Rs 10 each. The new
issue is open for subscription from 21 April and closes subscription on 05 May 2015.
Deutsche Mutual Fund has announced change in the exit load structure under DWS Alpha Equity Fund, DWS
Equity Income Fund and DWS Corporate Debt Opportunities Fund, with effect from 21 April 2015.
Accordingly, if the investor redeems within 1 year from the date of allotment of units, the exit load will be
1%.
RETAIL RESEARCH
Record Date
Gross (%)
Date
4/27/2015
0.50
4/28/2015
4/30/2015
0.67
5/4/2015
4/24/2015
1.00
4/27/2015
4/26/2015
0.02
4/26/2015
4/24/2015
14.50
4/27/2015
4/24/2015
0.10
4/27/2015
4/26/2015
0.15
4/26/2015
4/24/2015
8.49
4/27/2015
4/27/2015
0.40
4/28/2015
4/28/2015
0.79
4/29/2015
4/24/2015
18.10
4/27/2015
4/29/2015
0.80
4/30/2015
4/24/2015
0.17
4/26/2015
4/28/2015
1.00
4/29/2015
4/26/2015
0.02
4/26/2015
4/28/2015
21.00
4/29/2015
4/27/2015
1.10
4/28/2015
4/26/2015
0.05
4/26/2015
4/24/2015
0.70
4/27/2015
4/24/2015
60.00
4/27/2015
Global Updates:
India:
Asia:
The Centre has clarified that all States will be eligible to get a share of the additional one per cent tax proposed to be levied under the Goods and Services Tax (GST). The Centre aims to
introduce this new indirect tax regime from April 1, 2016. The Constitution Amendment Bill makes every State eligible to get money from the proposed additional tax.
Rating agency Moodys today said emerging economies in the Asia-Pacific region, including India, have a high degree of immunity to external shocks, but will face challenges when the US
Federal Reserve begins raising interest rates. Moodys has a Baa3 rating for India, with a positive outlook.
India is expected to see a 6 per cent growth in its steel demand during 2015, while the global demand is likely to remain at 2 per cent. Higher demand is likely to come from India, with forecast
growth of 6 per cent in 2015 compared to 1.8 per cent in 2013, PwC said in a report. It further said overall, the world steel demand growth is expected to remain around 2 per cent in 2014 and
2015, down from 3.8 per cent in 2013.
India's foreign exchange reserves rose by $2.8 billion in the week to April 17 to $343.2 billion, creating a new record. Reserve Bank of India has added close to $24 billion in the reserves kitty
since January as overseas investors poured in dollars in local markets with the Narendra Modi government backing investment and clearing stalled projects. The rise in reserves in the week
under review coincided with rating company Moody's decision to revise India's 'Baa3' rating out.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, fell to a one-year low of 49.2 in April, compared with a final reading of
49.6 in March.
The manufacturing sector in Japan slid to contraction in April, the latest survey from Markit Economics revealed, with a PMI score of 49.7. It's down from 50.3 in March. It also slips beneath
the boom-or-bust line of 50 that separates expansion from contraction
Japan has recorded its first trade surplus in three years after the weaker yen boosted exports and cheaper oil prices lowered its import bill. The trade balance came in at 229.3bn yen ($1.9bn;
1.3bn) in March, beating market expectations for a surplus of 44.6bn yen. Exports rose by 8.5% from a year earlier, while imports fell by 14.5%.
Japans index of leading economic indicators rose to a seasonally adjusted 104.8, from 105.0 in the preceding month whose figure was revised down from 105.3
Japans all industry activity index climbed 0.1 percent month-on-month in February, in contrast to economists expectations for a 1.0 percent decline. In January, the index had risen 0.5
percent. It was revised down from a 1.9 percent increase. The index has been increasing since August last year.
US:
The FHFA House Price Index for February came in at 0.70 percent and was in line with the consensus estimates. The print was also above the prior reading of 0.30 percent.
Sales of previously owned homes rose to the highest level in 18 months in March, a sign the housing market is gaining strength after a slow start to the year. Existing-home sales increased
6.1% last month from February to a seasonally adjusted annual rate of 5.19 million, the National Association of Realtors said. That was the highest level since September 2013.
The labor department data in the US showed that the initial jobless claims ticked up 1K to 295K in the week that ended April 18. The four-week moving average of claims, which provides a
more accurate picture of the labor market strength, rose by 1,750 to 284,500. Meanwhile, the continuing claims rose 50K to 2.33 million in the week that ended April 11. The four-week
average for the continuing claims dropped 22K to 2.31 million, the lowest level since December 2000
Markits US Manufacturing PMI plunged to 54.2 in April (from 55.7).
Sales of new U.S. homes plummeted in March, as the spring buying season opened with sharp declines in the Northeast and South. The Commerce Department said that newhome sales fell
11.4 percent last month to a seasonally adjusted annual rate of 481,000. This marks a swift reversal from an annual sales pace of 543,000 in February, which had been the strongest
performance in seven years.
Applications for U.S. home mortgages rose last week as interest rates declined. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which
includes both refinancing and home purchase demand, rose 2.3 percent in the week ended April 17.
Purchases of long-lasting manufactured goods in March jumped by the largest amount in eight months, but a closer look at the details reveals that businesses kept pruning their investment
plans in the face of a softening U.S. economy.
RETAIL RESEARCH
UK:
Eurozone consumer confidence deteriorated for the first time in five months in April, defying expectations for further strengthening, as the uncertainty on Greece lingers, preliminary data
from the European Commission showed. The flash consumer confidence index dropped to -4.6 from -3.7 in March, which was the highest score since July 2007. The consumer confidence index
for the EU shed 0.4 points to -2.2 in April
The eurozone's manufacturing sector has had a lacklustre start to the second quarter, according to a widely-regarded survey of activity. An initial or "flash" reading of the eurozone
manufacturing purchasing managers' index, produced by data group Markit, has dipped to 51.9 for April from 52.2 in March.
German economic sentiment unexpectedly deteriorated in April, a survey of financial analysts and institutional investors, providing a healthy reality check about the German economy after a
series of sharp increases in sentiment. The ZEW indicator of economic expectations dropped to 53.3 in April from 54.8 in March, its first decline since October 2014.
Germany's producer price index fell 1.7% year on year in March, worse than the anticipated 1.6% decline. On the month, Germany's PPI rose 0.1% against an expected gain of 0.2%.
As per the data released by the UK Office for National Statistics (ONS), the retail sales in March rose 4.2% year-on-year. The previous months figure stands unrevised at 5.7%.
For the week ended April 22, Stock funds overall posted $6 billion in outflows, with $4.9 billion of that amount leaving stock exchange-traded funds. Funds that specialize in U.S. shares posted
$7.2 billion in outflows, marking withdrawals in nine of the past 10 weeks. Meanwhile, European stock funds worldwide attracted $800 million of inflows, their 15th straight week of inflows.
Economic Calendar:
Date
Country
Event
Period
Frequency
29-04-2015
Germany
CPI
Mar, 2015
Monthly
30-04-2015
Germany
Mar, 2015
Monthly
Percent
30-04-2015
30-04-2015
Germany
Mar, 2015
Yearly
Percent
30-04-2015
30-04-2015
Germany
Unemployment Rate
Apr, 2015
Monthly
29-04-2015
India
Weekly
pct
29-04-2015
29-04-2015
India
Fortnightly
pct
29-04-2015
29-04-2015
India
Wk to Apr 24
Weekly
pct
29-04-2015
29-04-2015
India
M3 (YoY Chg)
Wk to Apr 17
Fortnightly
pct
29-04-2015
30-04-2015
India
CPI-Industrial Workers
Mar
Monthly
pct
30-04-2015
30-04-2015
India
Mar
Monthly
pct
30-04-2015
30-04-2015
India
Apr-Mar
Monthly
pct
30-04-2015
29-04-2015
Japan
Apr, 2015
Monthly
bp
29-04-2015
30-04-2015
Japan
Mar, 2015
Monthly
Percent
30-04-2015
30-04-2015
Japan
Mar, 2015
Yearly
Percent
30-04-2015
27-04-2015
UK
Apr, 2015
Monthly
28-04-2015
UK
Q1, 2015
Quarterly
Percent
28-04-2015
28-04-2015
UK
Q1, 2015
Yearly
Percent
28-04-2015
29-04-2015
UK
Apr, 2015
Monthly
29-04-2015
21-05-2015
UK
May, 2015
Monthly
21-05-2015
28-04-2015
US
Redbook
wk4/25, 2015
Weekly
28-04-2015
US
wk4/25, 2015
Yearly
Percent
28-04-2015
28-04-2015
US
Feb, 2015
Monthly
Percent
28-04-2015
28-04-2015
US
Apr, 2015
Monthly
28-04-2015
28-04-2015
US
State Street Investor Confidence Index (State Street Investor Confidence Index)
Apr, 2015
Monthly
28-04-2015
RETAIL RESEARCH
Unit
Previous
29-04-2015
30-04-2015
27-04-2015
28-04-2015
28-04-2015
US
Apr, 2015
Monthly
29-04-2015
US
wk4/24, 2015
Weekly
29-04-2015
US
Q1:2014
Quarterly
29-04-2015
US
wk4/24, 2015
Weekly
29-04-2015
US
30-04-2015
US
Jobless Claims
30-04-2015
US
30-04-2015
US
30-04-2015
US
30-04-2015
Monthly
wk4/25, 2015
28-04-2015
29-04-2015
Percent
29-04-2015
29-04-2015
Percent
Weekly
29-04-2015
30-04-2015
Quarterly
Percent
30-04-2015
Mar, 2015
Yearly
Percent
30-04-2015
wk4/26, 2015
Weekly
30-04-2015
US
Apr, 2015
Monthly
30-04-2015
30-04-2015
US
wk4/24, 2015
Weekly
30-04-2015
30-04-2015
US
wk4/24, 2015
Weekly
RETAIL RESEARCH
bcf
30-04-2015
Economy Updates
US Dollar Vs Indian Rupee
Inflation, as measured by the wholesale price index (WPI), fell to a steep -2.06 percent,
marking the fourth straight month of deflating prices, which is, year-on-year inflation fell
to the lowest level since it has been tracked in the current 2005 series. The February
contraction was led by a month-on-month decline in all three broad groups that make up
the index.
RETAIL RESEARCH
Money Supply M3 in India increased to 105321.20 INR Billion in March of 2015 from
104155.85 INR Billion in February of 2015. Fortnightly data ended March 20, 2015 shows
India M3 Money Supply dipped from previous 11.3% to 11.1% (YoY).
Corporate bond yields rose last week. The one year and 2 year AAA credit spreads rose
by 14 and 2 basis points each.
India's foreign exchange reserves increased by $1.63bn to $343.0bn for the week ended
April 03.
RETAIL RESEARCH
The net infusion from the LAF window was a daily average of Rs.15,952 crore for last
week (Rs. 13,706 crore in previous week). Infusions via the MSF route averaged Rs. 1,973
cr. The inter-bank call rates traded around 7.47% levels on Friday. The CBLO rates were
positioned at 7.73% level.
CD rates are trending marginally lower in the recent periods. The CD rates hovered around
8.25% levels (as per the latest data) (one year CD).
In January, the MF have bought debt worth Rs. 33,124 crore while in Feb, they have
bought debt worth Rs. 60,749 crore. In Mar, they bought Rs. 75,393 crore.
Rates of Commercial papers are seen trading higher in the recent periods. The CP rates are
hovering around 8.90% levels (one year maturity CP).
In January, FII bought debt worth Rs. 23,068 crore while in Feb, they have bought debt
worth Rs. 13,422 crore. In Mar, they bought Rs. 5,949 crore.
RETAIL RESEARCH
RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email:
hdfcsecretailresearch@hdfcsec.com
Disclaimer: Mutual Funds and Debt investments are subject to risk. Past performance is no guarantee for future performance This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to be
reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied
upon as such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for nonInstitutional Clients
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams
(Institutional, PCG) of HDFC Securities Ltd.
RETAIL RESEARCH