E-Updates_Apr12—Indian & Global Economic Indicators

April 2012

Surge Research Support
www.ecofin-surge.co.in

Table of Contents

Contents Page

1. Important Rates to Remember ………… 3

2. Indian Economy — Growth Indicators ………… 4

3. Indian Economy — Price Indicators ………… 6

4. Indian Economy — Banking Indicators ………… 7

5. Indian Economy — Exchange Rates ………… 9

6. Indian Economy — Interest Rates ………… 11

7. Indian Economy — Stock Markets ………… 14

8. Indian Economy — Capital Flows ………… 17

9. Indian Economy — Commodity Markets ………… 20

10. Global Economy — Economic Indicators ………… 22

11. Global Economy — Stock Indices ………… 23

12. Global Economy — Commodity Indices 24
Special Feature
Highlights of the Union Budget 2012-2013 25


E-UpDates April 2012 2 Surge Research Support

GDP IIP*
2011-12* 6.90% Jan-12 1.10%
2010-11 8.40% Jan-11 7.50%
*Advanced Estimates *New Series with Base : 2004-05=100.

As on 30-Mar-12 31-Mar-11 As on 30-Mar-12 31-Mar-11

Bank rate 9.50% 6.00% CRR 4.75% 6.00%

Repo rate 8.50% 6.75% Base Rate 10.00-10.75% 8.25-9.50%

Reverse repo 7.50% 5.75% CMR 6.75-15.0% 7.85-9.50%

Inflation (WPI) Oil Price (World Average)
Feb-12 6.95% Mar-12 117.8
Feb-11 9.54% Mar-11 108.6
US$ per barrel

$/Rupee Rate Purchasing Managers Index March

30-Mar-12 51.15 HSBC Markit Mnfg. PMI 54.7

31-Mar-11 44.65 HSBC Markit Services PMI 52.3

RBI Reference rate

For global rates visit: http://www.ecofin-surge.co.in/publications.html
For explanations visit: http://www.ecofin-surge.co.in/terminology.html


Growth Indicators

GDP Growth Rates Q1 Q2 Q3 Q4 FY
2011-12 7.7* 6.9* 6.1 6.9 (AE)*
2010-11 8.5* 7.6* 8.3* 7.8 8.4 (QE)*

GDP[at Constant(2004-05) prices] Q3 Rs.Crore YoY Growth Q3 Rs.Crore YoY Growth
2010-11* (Share in 2011-12* (Share in
GDP) GDP)
(%) (%)
1 Agriculture, Forestry &
Fishing 224,044 11.0 230,168 2.7
2 Mining & Quarrying 28,200 6.1 27,334 -3.1
3 Manufacturing
194,435 7.8 195,228 0.4
4 Electricity, Gas & Water
Supply. 22,480 3.8 24,509 9.0
5 Construction
96,000 8.7 102,887 7.2
6 Trade, Hotels, Transport
and Communication 330,573 9.8 361,074 9.2
7 Financing, Insurance,
Real Estate & Business
Services. 214,205 11.2 233,537 9.0
8 Community, Social &
Personal Services. 152,857 -0.8 164,866 7.9
9 GDP at factor cost
(1 to 8) 1,262,794 8.3 1,339,603 6.1
10 Private final consumption
expenditure
818,122 7.6 (60.4) 869,193 6.2 (60.4)
11 Government final
consumption expenditure
168,576 4.7 (12.5) 175,952 4.4 (12.2)
12 Gross fixed capital
formation 437,564 11.1 (32.3) 432,169 -1.2 (30.0)
13 Changes in stocks 48,036 (3.5) 47,820 (3.3)
14 Valuables 29,981 (2.2) 32,909 (2.3)
15 Exports
316,694 28.1 (23.4) 358,160 13.1 (24.9)
16 Less Imports 401,587 14.2 (29.7) 471,062 17.3 (32.7)
17 Discrepancies -63,628 (-4.7) -6,222 (-0.4)
18 GDP at market price
(10 to 17) 1,353,757 10.1 (100) 1,438,918 6.2 (100)

*Estimates based on the New series of IIP. QE: Quick Estimates; AE: Advanced Estimates.


2010-11 Rs.Crore YoY Growth 2011-12 Rs.Crore YoY Growth
(QE)* (%) (AE)* (%)

18 GDP at market price
5,236,823 9.6 5,627,685 7.5
19 Net Indirect Taxes (Less
Subsidies ) 350,869 405,658
9 GDP at factor cost
(18-19) 4,885,954 8.4 5,222,027 6.9
20 Net factor income from
abroad -52,776 -50,489
21 Gross national income
at factor cost 4,833,178 7.9 5,171,538 7.0
(9 + 20)
23 Net national
product/National
Income at factor cost
(Less Depreciation) 4,268,715 7.8 4,568,249 7.0
24 Population (in million)
1186 1202
25 Per capita income (Rs.)
(23/24) 35993 6.4 38005 5.6

Jan-12 Jan-11 Jan-12 FY2011-12 * FY2010-11*

Production Index Index 2004-05 =100 Change (YoY, %)
(Index of Industrial
Production) 187.9 175.9 6.8 4.0 8.3
1. Mining 137.2 141.0 -2.7 -2.6 6.3
2. Manufacturing 202.4 186.5 8.5 4.4 8.9
3. Electricity 151.1 146.4 3.2 8.8 5.3
*April-January. The base year of IIP has been revised by the CSO from 1993-94 to 2004-05.

200
190 IIP-Annual Averages (Base : 2004-05=100) Mining &
Quarrying (141.75)
180
169.0
170
159.3 Manufacturing
160 152.9 (755.27)
150
179.9

140 Electricity (103.16)
168.9
161.3

130
148.8
136.7

120
130.8

125.5

General Index
124.7
124.5

110 (1000.0)
100
2009-10 2010-11 2011-12


Inflation

Wholesale Price Index
All Primary Non-food Crude
(Base: 2004-05=100) Food Articles Manufactured
Commodities Articles Articles Petroleum
(Inflation %) Products
December - 2011 156.9 (7.47) 197.9 190.8 178.6 300.0 140.6
January - 2012 157.7 (6.55) 199.7 191.4 182.8 304.5 141.2
February - 2012 158.4 (6.95) 201.5 192.3 186.7 304.5 141.7
Build up of inflation in the financial year so far is 5.95% compared to a build up of 8.66% in the corresponding period of the previous year.

All India
General Index Rural Areas Urban Areas Rural Agricultural
Industrial
(All Groups (All Groups) (All Groups) Labourers Labourers
Workers Base
combined) Base Base Base 1986- Base 1986-
2001=100
Consumer Price Index Base 2010=100 2010=100 87=100 87=100
(Inflation %) 2010=100
December - 2011 113.6 (F) 114.5 (F) 112.3 (F) 197 (6.49) 619 (6.72) 618 (6.37)
January - 2012 114.0(F) 114.9 (F) 112.8(F) 198 (5.32) 619 (5.27) 618 (4.92)
February - 2012 114.6(P)(8.83) 115.4 (P)(8.36) 113.5(P)(9.45) 199 (7.57) 623 (6.68) 621 (6.34)

F: Final; P: Provisional.

WPI (Base 2004-05=100) New Series
2009-10 2010-11 2011-12
160

150

140

130

120

110

100
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

CPI Inflation-February 2012 Rural Urban Combined
Cereals & Pdcts. 2.95 0.69 2.40
Pulses & Pdcts. 4.45 3.59 4.17
Oils etc 11.87 14.52 12.76
Egg, Meat & Fish 10.68 10.48 10.62
Milk & Pdcts. 15.88 15.31 15.76
Vegetables -4.83 -4.27 -4.73
Food & Beverages 6.33 7.17 6.62
Fuel & Light 13.05 12.19 12.78
Clothing etc 12.68 9.45 13.22


COMPONENTS & SOURCES OF MONEY STOCK (M3) AND THEIR VARIATIONS (Rs crores)
March 31 January February#
2011 2012 2012
M3 6,499,548 7,159,470 7,226,270
% change during the month 2.21 (0.54) 0.93
% change since March 31 16.49 10.15 11.18
(A) Components of M3 ( 1+2+3+4)
1 Currency with the public 914,197 996,650 1,015,980
% change during the month 0.95 1.91 1.94
2 Demand deposits with banks 717,660 664,540 667,340
% change since March 31 0.49 (7.40) (7.01)
3 Time deposits with banks 4,863,979 5,495,600 5,541,880
4 Other deposits with RBI 3,713 2,680 1,060
% change during the month 2.63 17.03 (60.45)
% change since March 31 (1.90) (27.82) (71.45)
(B) Sources of M3 (5+6+7+8-9)
5 Net bank credit to govt.(i+ii) 1,982,771 2,301,010 2,326,600
i RBI's credit 396,555 518,400 488,370
ii Other banks' credit 1,586,216 1,782,610 1,838,230
6 Bank credit to commercial sector (i+ii) 4,235,406 4,669,320 4,726,820
i RBI's credit 2,164 3,260 3,430
ii Other banks' credit 4,233,242 4,666,060 4,723,390
7 Net foreign exchange assets of the banking
1,393,327 1,481,270 1,461,960
sector
% change during the month (0.24) (6.87) (1.30)
8 Government's currency liabilities to the
12,724 13,720 13,720
public
% change during the month 4.71 - -
9 NNML of the banking sector (i+ii)
1,124,680 1,305,850 1,302,830
% change during the month 13.79 (1.26) (0.23)
i RBI's NNML 368,274 549,610 537,570
% change during the month (0.87) (11.81) (2.19)
ii Other bank's NNML(Residual) 756,406 756,240 765,260
% change since March 31 38.13 (0.02) 1.17
Note: (i) Figures in parentheses denote negative numbers. (ii) # data are of February 24, 2012.


COMPONENTS & SOURCES OF RESERVE MONEY AND THEIR VARIATIONS (Rs crore)
March February March
2011 2012 2012
Reserve Money : 1,376,881 1,441,000 1,414,830
(A) Components of Reserve Money (1+2+3)
1 Currency in circulation 949,659 1,057,660 1,072,220
2 Banker's deposits with RBI 423,509 380,070 340,850
% change during the month 26.58 (2.36) (10.32)
% change since March 31 20.21 (10.26) (19.52)
3 "Other" deposits with RBI 3,713 3,270 1,760
% change since March 31 -1.90 (11.93) (52.60)
(B) Sources of Reserve Money (4+5+6+7-8)
4 Net RBI credit to Government 396,555 543,600 517,100
RBI credit to Banks & Commercial Sector
7,324 8,430 12,750
5
5.1 RBI credit to banks(including NABARD) 5,159 4,970 8,790
% change since March 31 341.32 (3.66) 70.38
5.2 RBI credit to Commercial Sector 2,165 3,460 3,960
6 Net Foreign Exchange Assets of RBI 1,328,553 1,421,460 1,462,780
% change during the month -0.35 (0.96) 2.91
7 Govt's Currency Liabilities to the Public 12,724 13,720 13,720
% change during the month 4.71 - -
8 Net Non-monetary Liabilities of RBI 368,274 546,200 591,520
% change during the month -0.87 (0.62) 8.30
Note: (i) Figures in parentheses denote negative numbers.


Exchange Rate Movement of the Rupee (INR)
Average of Buying & Selling
Dollar Euro
Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month
2-Mar-12 Fri 49.52 49.97 50.58 51.33 65.66 66.26 67.12 68.11
6-Mar-12 Tue 50.00 50.42 51.07 51.80 65.99 66.54 67.44 68.42
7-Mar-12 Wed 50.30 50.73 51.37 52.12 66.17 66.73 67.63 68.61
9-Mar-12 Fri 49.89 50.33 50.99 51.78 65.99 66.57 67.46 68.54
12-Mar-12 Mon 49.91 50.37 51.05 51.81 65.52 66.11 67.02 68.06
13-Mar-12 Tue 49.89 50.34 50.98 51.82 65.47 66.05 66.94 68.06
14-Mar-12 Wed 49.98 50.41 51.08 51.87 65.31 65.86 66.76 67.83
15-Mar-12 Thu 50.46 50.89 51.56 52.37 65.84 66.40 67.32 68.38
16-Mar-12 Fri 50.34 50.77 51.45 52.25 65.70 66.25 67.14 68.23
17-Mar-12 Sat 50.24 50.70 51.36 52.20 66.11 66.70 67.57 68.72
20-Mar-12 Tue 50.42 50.87 51.56 52.43 66.57 67.16 68.06 69.27
21-Mar-12 Wed 50.54 51.01 51.68 52.59 67.00 67.61 68.55 69.77
22-Mar-12 Thu 51.11 51.59 52.27 53.11 67.29 67.92 68.84 69.97
27-Mar-12 Tue 50.74 51.26 51.87 52.68 67.76 68.43 69.26 70.38
28-Mar-12 Wed 50.92 51.42 52.06 52.79 67.97 68.62 69.46 70.50
29-Mar-12 Thu 51.33 51.73 52.36 53.11 68.14 68.66 69.53 70.53
30-Mar-12 Fri 50.89 51.29 51.94 52.66 67.92 68.44 69.32 70.33

Pound Yen
Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month
2-Mar-12 Fri 78.89 79.60 80.56 81.68 60.77 61.35 62.14 63.09
6-Mar-12 Tue 79.27 79.91 80.93 82.02 61.37 61.90 62.74 63.68
7-Mar-12 Wed 79.18 79.83 80.83 81.94 62.28 62.83 63.66 64.64
9-Mar-12 Fri 78.68 79.35 80.39 81.57 60.95 61.52 62.38 63.38
12-Mar-12 Mon 78.22 78.92 79.92 81.10 60.67 61.25 62.07 63.08
13-Mar-12 Tue 78.08 78.77 79.79 81.02 60.39 60.97 61.80 62.85
14-Mar-12 Wed 78.49 79.15 80.21 81.38 59.93 60.45 61.30 62.29
15-Mar-12 Thu 79.00 79.66 80.69 81.91 60.48 61.01 61.84 62.87
16-Mar-12 Fri 79.17 79.83 80.85 82.08 60.10 60.63 61.46 62.48
17-Mar-12 Sat 79.58 80.29 81.30 82.58 60.41 60.99 61.81 62.87
20-Mar-12 Tue 80.01 80.71 81.75 83.10 60.16 60.71 61.54 62.65
21-Mar-12 Wed 80.20 80.92 82.00 83.37 60.25 60.82 61.68 62.79
22-Mar-12 Thu 80.75 81.49 82.54 83.82 61.63 62.22 63.07 64.14
27-Mar-12 Tue 81.05 81.85 82.82 84.04 61.30 61.94 62.72 63.74
28-Mar-12 Wed 81.12 81.89 82.86 84.00 61.32 61.92 62.70 63.65
29-Mar-12 Thu 81.44 82.05 83.02 84.16 62.43 62.93 63.71 64.68
30-Mar-12 Fri 81.54 82.16 83.14 84.29 62.05 62.56 63.36 64.33


Exchange Rate Movement of the Rupee (INR)
Annualised Premia
Dollar Euro
Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month
2-Mar-12 Fri 11.60 8.84 7.44 11.64 9.23 7.62
6-Mar-12 Tue 10.56 8.88 7.33 10.47 9.08 7.50
7-Mar-12 Wed 10.76 8.83 7.37 10.74 9.12 7.53
9-Mar-12 Fri 11.11 9.12 7.72 11.07 9.25 7.89
12-Mar-12 Mon 11.64 9.41 7.74 11.46 9.48 7.90
13-Mar-12 Tue 11.38 9.07 7.89 11.16 9.29 8.05
14-Mar-12 Wed 10.70 9.10 7.71 10.59 9.18 7.87
15-Mar-12 Thu 10.72 9.05 7.71 10.80 9.30 7.88
16-Mar-12 Fri 10.75 9.16 7.73 10.62 9.09 7.87
17-Mar-12 Sat 11.56 9.22 7.93 11.35 9.13 8.07
20-Mar-12 Tue 11.25 9.36 8.13 11.17 9.23 8.28
21-Mar-12 Wed 11.75 9.38 8.28 11.59 9.58 8.46
22-Mar-12 Thu 11.87 9.39 7.98 11.83 9.54 8.14
27-Mar-12 Tue 12.88 9.21 7.77 12.63 9.19 7.90
28-Mar-12 Wed 12.31 9.22 7.46 12.10 9.06 7.58
29-Mar-12 Thu 9.76 8.27 7.04 9.55 8.41 7.15
30-Mar-12 Fri 9.85 8.55 7.08 9.68 8.54 7.24

Pound Yen
Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month
2-Mar-12 Fri 11.35 8.74 7.20 12.07 9.33 7.80
6-Mar-12 Tue 10.05 8.64 7.06 10.76 9.20 7.65
7-Mar-12 Wed 10.39 8.63 7.11 11.13 9.20 7.72
9-Mar-12 Fri 10.71 9.01 7.49 11.71 9.69 8.12
12-Mar-12 Mon 11.20 8.98 7.50 11.98 9.52 8.10
13-Mar-12 Tue 11.14 9.02 7.67 12.15 9.71 8.31
14-Mar-12 Wed 10.49 9.03 7.49 10.92 9.50 8.03
15-Mar-12 Thu 10.50 8.81 7.49 11.04 9.30 8.04
16-Mar-12 Fri 10.39 8.76 7.47 11.11 9.36 8.08
17-Mar-12 Sat 11.16 8.93 7.68 12.04 9.56 8.29
20-Mar-12 Tue 10.94 8.99 7.87 11.54 9.50 8.43
21-Mar-12 Wed 11.40 9.31 8.07 12.07 9.87 8.63
22-Mar-12 Thu 11.57 9.17 7.74 12.11 9.68 8.29
27-Mar-12 Tue 12.43 9.03 7.51 13.27 9.59 8.10
28-Mar-12 Wed 12.01 8.89 7.24 12.50 9.35 7.74
29-Mar-12 Thu 9.37 7.99 6.79 9.94 8.46 7.34
30-Mar-12 Fri 9.60 8.11 6.87 10.32 8.72 7.47


Money Market Rates & Liquidity

Over-
Net Injection(+)/ Repo Rates night
RBI Absorption(-) of Liquidity (Repo/Reverse Rates Call
LAF (Rs. Crore) Repo) (%) Money* CBLO* Mibor USD Libor
1-Mar-12 191665.0 8.5/7.5% 8.97 8.83 9.05 0.139
2-Mar-12 159460.0 8.72 7.54 9.09 0.139
3-Mar-12 0.0 8.34 7.07 0.140
5-Mar-12 103400.0 8.84 8.14 8.86 0.141
6-Mar-12 85420.0 8.85 8.59 8.78 0.142
7-Mar-12 127280.0 # 8.85 8.53 8.88 0.142
9-Mar-12 131725.0 8.68 6.70 8.95 0.142
10-Mar-12 0.0 8.53 8.51
12-Mar-12 129895.0 8.78 8.46 8.80 0.142
13-Mar-12 123090.0 8.83 8.48 8.90 0.143
14-Mar-12 124855.0 8.86 8.51 8.90 0.147
15-Mar-12 134795.0 8.88 8.57 8.92 0.147
16-Mar-12 177680.0 8.83 8.43 9.10 0.149
17-Mar-12 0.0 8.90 7.05
19-Mar-12 158770.0 8.94 8.54 8.99 0.149
20-Mar-12 149465.0 8.93 8.60 8.96 0.152
21-Mar-12 150070.0 # 8.96 8.66 8.95 0.152
22-Mar-12 197940.0 # 9.17 8.73 9.28 0.153
24-Mar-12 0.0 # 9.00 8.49
26-Mar-12 195935.0 # 9.42 7.24 9.62 0.153
27-Mar-12 178885.0 # 9.41 7.38 9.52 0.153
28-Mar-12 164175.0 # 9.43 8.53 9.51 0.153
29-Mar-12 164840.0 # 9.50 9.23 9.53 0.153
30-Mar-12 202785.0 8.5/7.5 # 11.77 9.42 11.99 0.153

*Weighted average rates; # Includes liquidity provided under MSF at 9.5%.

Call Money Mibor USD Libor
0.154
11.90
0.152
11.30 0.150
10.70 0.148
10.10 0.146
0.144
9.50
0.142
8.90 0.140
8.30 0.138
1-Mar-12

3-Mar-12

5-Mar-12

7-Mar-12

9-Mar-12

11-Mar-12

13-Mar-12

15-Mar-12

17-Mar-12

19-Mar-12

21-Mar-12

23-Mar-12

25-Mar-12

27-Mar-12

29-Mar-12


Debt Market Yields

Constant Maturity Yields for Government Bonds - March 2012
>10 Year & >15 Year &
Date 3 months 6 months 1 year 2 Year 3 Year 4 Year 5 Year 7 Year 10 Year <=15 Year <= 20 Year >20 Year
1-Mar-12 8.98 8.73 8.45 8.31 8.42 8.43 8.22 8.47 8.54 8.57
2-Mar-12 8.95 8.72 8.40 8.24 8.41 8.54 8.60
5-Mar-12 8.96 8.21 8.40 8.54 8.49
6-Mar-12 8.91 8.23 8.22 8.36 8.54 8.56
7-Mar-12 9.00 8.45 8.20 8.32 8.35 8.24 8.36 8.54 8.56
9-Mar-12 8.98 8.32 8.25 8.32 8.49
12-Mar-12 8.92 8.72 8.34 8.55 8.58
13-Mar-12 8.92 8.30 8.40 8.55 8.61
14-Mar-12 8.90 8.05 8.51 8.38 8.58 8.60
15-Mar-12 8.93 8.59 8.38 8.45 8.39 8.53 8.60
16-Mar-12 8.93 8.15 8.17 8.49 8.58 8.64
19-Mar-12 8.86 8.62 8.30 8.43 8.55 8.64
20-Mar-12 8.93 8.24 8.52 8.47 8.59 8.64
21-Mar-12 8.97 8.30 8.36 8.55 8.52 8.59 8.62
22-Mar-12 8.97 8.37 8.06 8.29 8.60 8.44 8.57 8.62
26-Mar-12 8.95 8.26 8.45 8.42 8.51 8.66 8.65
27-Mar-12 8.95 8.42 8.27 8.48 8.64 8.66
28-Mar-12 8.59 8.65 8.69
29-Mar-12 8.96 8.64 8.27 8.73 8.63 8.73 8.53
30-Mar-12 8.88 8.58 8.30 8.16 8.60 8.62 8.79

Month Average 8.94 8.66 8.38 8.12 8.25 8.33 8.37 8.56 8.29 8.45 8.58 8.61

Bond Yield Spreads over Gilts - March 2012
Maturity/
Type 6 months 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 15 Year
AAA
PSU 1.51 1.59 1.38 1.14 0.95 0.77 0.79 0.78 0.80 0.86 0.90 0.77
Bank 1.03 1.14 1.14 0.82 0.67 0.50 0.51 0.52 0.54 0.56 0.58 0.50
NBFC 1.70 1.94 1.45 1.22 1.11 1.04 1.09 1.09 1.13 1.18 1.26 1.12
Corporate 1.61 1.76 1.47 1.17 1.05 0.95 0.97 0.96 0.98 1.04 1.08 1.00
AA+
PSU 1.65 1.73 1.48 1.33 1.14 0.96 0.95 0.91 0.94 1.00 1.05 0.98
Bank 1.17 1.28 1.34 1.08 0.89 0.69 0.69 0.69 0.74 0.79 0.84 0.71
NBFC 1.80 2.14 1.58 1.47 1.48 1.51 1.55 1.55 1.53 1.55 1.55 1.56
Corporate 1.76 1.91 1.59 1.44 1.32 1.22 1.26 1.26 1.27 1.32 1.36 1.28
AA
PSU 1.90 1.98 1.70 1.58 1.41 1.26 1.28 1.27 1.33 1.43 1.52 1.45
Bank 1.42 1.53 1.56 1.33 1.17 0.99 1.02 1.05 1.11 1.16 1.21 1.02
NBFC 2.04 2.34 1.78 1.72 1.76 1.82 1.85 1.85 1.83 1.84 1.84 1.74
Corporate 1.96 2.11 1.82 1.69 1.57 1.47 1.51 1.51 1.52 1.57 1.61 1.53


Weighted Average YTMs
Weighted Average YTMs

8.0
8.5
9.0
9.5
10.0
10.5
8.0
8.2
8.4
8.6
8.8
9.0
9.2
9.4
9.6
9.8
10.0
July 2012

10.0
April 2012 9.85
December 2012

10.4
May 2012 9.22
April 2013

9.9
November 2014 8.19
June 2013 8.25

10.4
June 2015

E-UpDates April 2012
December 2014 September 2015 8.22

9.9
October 2015 8.13
December 2014

9.5
April 2016 8.33
January 2015

9.5
August 2016 8.34
February 2015

9.7
January 2017 8.35
June 2015

9.8
July 2017 8.47

September 2016 August 2017 8.23

9.4
December 2016 April 2018 8.44

9.6
April 2018 8.35

13
June 2017

9.8
January 2020 8.51
December 2017

9.3
January 2020 8.40
December 2018

9.4
April 2021 8.49

Maturity Year
June 2019 Maturity Year 8.25

9.2
May 2021
Debt Market Yields

June 2019 November 2021 8.36

9.2
August 2022 8.40
December 2020

9.3
Yields of GSecs Traded in March 2012

September 2022 8.46
July 2021
November 2024 8.39
August 2021

10.1 10.1
February 2027 8.43
Yields of Benchmark Corporate Bonds (AAA) - March 2012

November 2021 8.51

9.3
August 2027

December 2022 September 2027 8.54

9.1
8.63

Surge Research Support
December 2030
December 2023

9.2
February 2032 8.51
December 2024 9.3
August 2032 8.63
December 2025
9.3

August 2034 8.42

March 2026
9.2

July 2040 8.61

August 2026 December 2041 8.64
9.3

Equity Market Turnover
BSE Equity Market BSE Sensitive Index, Sensex (30 Scrips) (1978-79=100)
Average
Daily Market
No of co.s No. of scrips Turnover Turnover Capitalisation Month-
Month/Year listed* traded (Rs.cr) (Rs.cr) (Rs.cr)* High Low Closing P/E P/B Div Yield
Jan-12 5115 3016 52339.8 2379.1 6053984.4 17258.97 15358.02 17193.55 17.09 3.30 1.56
Feb-12 5122 3101 68912.8 3445.6 6351265.5 18523.78 17061.55 17752.68 18.32 3.55 1.44

Mar-12 5133 3064 61694.1 2804.3 6209534.6 18040.69 16920.61 17404.2 17.85 3.46 1.47

NSE Capital Market Segment S&P CNX Nifty (50 Scrips)(Nov.3, 1993=100)
Average
Daily Market
No of co.s No. of scrips Turnover Turnover Capitalisation Month-
Month/Year listed* traded (Rs.cr) (Rs.cr) (Rs.cr)* High Low Closing P/E P/B Div Yield

Jan-12 1641 1721 236872.0 10767.0 5937039.0 5217.00 4588.05 5199.25 17.71 2.89 1.56

Feb-12 1644 1649 327808.0 16390.0 6233250.0 5629.95 5159.00 5385.20 19.09 3.06 1.46
Mar-12 1646 1807 272482.0 12386.0 6096518.0 5499.40 5135.95 5295.55 18.74 3.01 1.50
*End of the Month.

Derivatives Turnover
BSE Derivatives (F&O) Trades
Index Futures Stock Futures Index Options Stock Options Total Average
Notional Notional Daily
No. of Turnover (Rs. No. of Turnover No. of Turnover No. of Turnover No. of Turnover Turnover
Month / Year contracts cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) (Rs. cr.)
Jan-12 1899450 46638.88 64293 1939.51 829122 20576.78 .. .. 2792865 69155.17 3143.42
Feb-12 1268794 34075.22 46795 1730.21 16386797 398579.00 1063 34.44 17703449 434418.80 21720.94
Mar-12 1434598 37677.91 52032 1488.20 7167217 189304.23 9798 248.00 8663645 228718.34 10396.29

NSE Derivatives (F&O) Segment
Index Futures Stock Futures Index Options Stock Options Total Average
Notional Notional Daily
No. of Turnover (Rs. No. of Turnover No. of Turnover No. of Turnover No. of Turnover Turnover
Month / Year contracts cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) contracts (Rs. cr.) (Rs. cr.)

Jan-12 10856475 250737.87 13958030 350848.12 62424041 1542542.16 4157796 107359.31 91396342 2251487.46 102340.34

Feb-12 11289436 291138.4 15306021 451869.29 65316148 1777219.75 4028055 121550.66 95939660 2641778.08 132088.90

Mar-12 13492062 337971.8 13262789 384126.28 80472606 2156836.57 3335448 100296.38 110562905 2979231.03 135419.59


Index Movements

BSE: BSE Sensitive Index, Sensex (30 Scrips) (1978-79=100)
Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield

1-Mar-12 17714.62 17717.53 17463.27 17583.97 18.11 3.51 1.45
2-Mar-12 17661.39 17731.88 17504.38 17636.80 18.13 3.51 1.45
3-Mar-12 17648.47 17676.83 17617.88 17636.99 18.12 3.51 1.45
5-Mar-12 17598.42 17598.42 17312.30 17362.87 17.88 3.47 1.47
6-Mar-12 17336.64 17691.96 17128.28 17173.29 17.70 3.43 1.48
7-Mar-12 17127.18 17239.35 17008.77 17145.52 17.62 3.42 1.49
9-Mar-12 17325.82 17531.62 17325.82 17503.24 17.96 3.48 1.46
12-Mar-12 17772.10 17772.10 17494.65 17587.67 18.04 3.50 1.46
13-Mar-12 17680.23 17842.92 17680.23 17813.62 18.28 3.54 1.44
14-Mar-12 18003.15 18040.69 17837.22 17919.30 18.37 3.56 1.43
15-Mar-12 17916.85 17918.25 17622.13 17675.85 18.14 3.52 1.45
16-Mar-12 17656.81 17871.00 17426.58 17466.20 17.88 3.47 1.47
19-Mar-12 17531.47 17561.46 17226.43 17273.37 17.66 3.42 1.49
20-Mar-12 17308.89 17410.13 17211.73 17316.18 17.69 3.43 1.48
21-Mar-12 17301.16 17622.87 17275.88 17601.71 17.96 3.48 1.46
22-Mar-12 17586.06 17687.01 17136.50 17196.47 17.62 3.42 1.49
23-Mar-12 17257.72 17458.35 17179.33 17361.74 17.76 3.44 1.48
26-Mar-12 17377.59 17377.59 17021.85 17052.78 17.44 3.38 1.51
27-Mar-12 17209.13 17366.84 17061.16 17257.36 17.61 3.41 1.49
28-Mar-12 17234.48 17245.82 17040.12 17121.62 17.47 3.39 1.50
29-Mar-12 17039.85 17109.35 16920.61 17058.61 17.44 3.38 1.51
30-Mar-12 17117.41 17439.51 17105.22 17404.20 17.78 3.45 1.48

18200
BSE High Low NSE High Low 5550
5500
18000
5450
17800
5400
17600 5350
5300
17400
5250
17200
5200
17000 5150
1-Mar-12

2-Mar-12

3-Mar-12

5-Mar-12

6-Mar-12

7-Mar-12

9-Mar-12

12-Mar-12
13-Mar-12

14-Mar-12

15-Mar-12

16-Mar-12

19-Mar-12

20-Mar-12

21-Mar-12

22-Mar-12

23-Mar-12

26-Mar-12

27-Mar-12

28-Mar-12

29-Mar-12


NSE: S&P CNX Nifty (50 Scrips)(Nov.3, 1993=100)
Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield
1-Mar-12 5366.00 5372.45 5297.50 5339.75 18.92 3.01 1.48
2-Mar-12 5369.45 5392.55 5315.05 5359.35 18.99 3.04 1.48
3-Mar-12 5360.05 5369.60 5353.40 5359.40 18.99 3.04 1.48
5-Mar-12 5342.55 5344.50 5265.70 5280.35 18.71 2.99 1.50
6-Mar-12 5266.00 5382.05 5206.40 5222.40 18.51 2.96 1.52
7-Mar-12 5207.05 5243.85 5171.45 5220.45 18.50 2.96 1.52
9-Mar-12 5294.10 5342.30 5291.60 5333.55 18.90 3.02 1.48
12-Mar-12 5420.10 5421.90 5327.30 5359.55 18.94 3.05 1.49
13-Mar-12 5391.05 5438.65 5390.80 5429.50 19.18 3.09 1.47
14-Mar-12 5490.55 5499.40 5437.80 5463.90 19.31 3.10 1.46
15-Mar-12 5462.50 5462.50 5362.30 5380.50 19.01 3.06 1.48
16-Mar-12 5380.35 5445.65 5305.00 5317.90 18.79 3.02 1.50
19-Mar-12 5337.35 5340.70 5238.55 5257.05 18.58 2.99 1.51
20-Mar-12 5257.15 5297.35 5233.25 5274.85 18.64 3.00 1.51
21-Mar-12 5267.20 5372.35 5256.00 5364.95 18.96 3.05 1.48
22-Mar-12 5361.10 5385.95 5205.65 5228.45 18.47 2.97 1.52
23-Mar-12 5255.65 5312.00 5220.00 5278.20 18.65 3.00 1.51
26-Mar-12 5274.35 5274.95 5174.90 5184.25 18.32 2.95 1.54
27-Mar-12 5242.95 5277.95 5184.65 5243.15 18.53 2.98 1.52
28-Mar-12 5231.70 5236.55 5169.60 5194.75 18.36 2.95 1.53
29-Mar-12 5145.95 5194.30 5135.95 5178.85 18.30 2.94 1.54
30-Mar-12 5206.60 5307.10 5203.65 5295.55 18.71 3.01 1.50

FUTIDX-NIFTY Futures
(Expiry 29-Mar-12)

Open High Low Close Settlement Price No. of contracts Change in OI
1-Mar-12 5413.7 5427.0 5341.0 5390.8 5390.8 3,47,663 -4,57,500
2-Mar-12 5405.0 5438.0 5351.5 5391.5 5391.5 3,17,808 -4,60,100
3-Mar-12 5394.1 5403.0 5386.5 5396.5 5396.5 15970 24750
5-Mar-12 5377.0 5377.4 5295.0 5318.6 5318.6 2,91,518 -2,17,850
6-Mar-12 5292.0 5428.0 5232.0 5250.4 5250.4 6,76,885 8,84,300
7-Mar-12 5219.0 5279.2 5201.0 5258.7 5258.7 4,17,591 -9,09,100
9-Mar-12 5318.0 5373.8 5311.7 5364.2 5364.2 3,20,492 3,70,850
12-Mar-12 5434.0 5434.0 5345.3 5388.8 5388.8 3,21,651 -2,93,350
13-Mar-12 5401.0 5476.0 5370.0 5468.4 5468.4 2,68,373 1,04,200
14-Mar-12 5531.2 5542.0 5472.0 5506.1 5506.1 3,00,704 6,86,250
15-Mar-12 5495.0 5508.4 5397.4 5419.1 5419.1 3,84,522 6,18,200
16-Mar-12 5414.1 5482.0 5330.7 5342.7 5342.7 6,80,488 10,61,150
19-Mar-12 5355.1 5359.9 5258.6 5277.3 5277.3 3,61,144 -6,67,800
20-Mar-12 5267.0 5326.8 5251.0 5297.0 5297.0 3,50,373 -8,90,250
21-Mar-12 5289.0 5405.0 5275.6 5394.5 5394.5 3,92,165 -6,00,550
22-Mar-12 5376.6 5410.0 5220.5 5240.1 5240.1 5,23,888 -8,54,900
23-Mar-12 5252.3 5328.8 5231.3 5285.4 5285.4 4,63,368 -16,58,200
26-Mar-12 5279.8 5279.8 5181.0 5191.3 5191.3 4,47,398 -12,14,500
27-Mar-12 5245.0 5295.0 5188.2 5251.8 5251.8 5,73,096 -25,58,100
28-Mar-12 5235.0 5247.3 5171.0 5197.4 5197.4 3,98,323 -13,45,150
29-Mar-12 5155.0 5187.5 5133.5 5177.0 5178.9 4,48,939 -10,38,650


Capital Market Flows
Mutual Funds Investment Trends
Gross Purchases Gross Sales Net Investment
Equity (Rs Crores) (Rs Crores) (Rs Crores)
1-Mar-12 464.3 655.2 -190.8
2-Mar-12 398.0 547.6 -149.7
3-Mar-12 0.0 2.8 -2.8
5-Mar-12 415.2 558.8 -143.6
6-Mar-12 554.3 525.3 29.0
7-Mar-12 463.7 652.3 -188.7
9-Mar-12 649.7 524.5 125.2
12-Mar-12 678.9 435.3 243.6
13-Mar-12 463.8 483.1 -19.4
14-Mar-12 811.0 751.7 59.2
15-Mar-12 299.3 650.4 -351.1
16-Mar-12 566.9 884.7 -317.8
19-Mar-12 600.1 689.5 -89.4
20-Mar-12 496.9 571.1 -74.2
21-Mar-12 483.5 518.3 -34.8
22-Mar-12 569.0 628.4 -59.4
23-Mar-12 373.0 285.7 87.2
26-Mar-12 369.6 503.6 -133.9
27-Mar-12 554.4 706.5 -152.1
28-Mar-12 445.9 501.3 -55.3
29-Mar-12 442.0 570.4 -128.4
30-Mar-12 485.5 487.6 -2.1

Total for Month 10585.0 12134.1 -1549.3

Gross Purchases Gross Sales Net Investment
Debt (Rs Crores) (Rs Crores) (Rs Crores)
1-Mar-12 6529.0 3686.8 2842.2
2-Mar-12 11096.4 4686.6 6409.8
3-Mar-12 0.0 0.0 0.0
5-Mar-12 6964.0 2793.4 4170.6
6-Mar-12 8672.2 3539.5 5132.8
7-Mar-12 11855.9 4695.1 7160.8
9-Mar-12 8386.3 4094.8 4291.5
12-Mar-12 7992.3 2842.7 5149.6
13-Mar-12 5543.6 2193.6 3349.9
14-Mar-12 6291.3 3156.7 3134.7
15-Mar-12 8016.3 4352.2 3664.1
16-Mar-12 9696.3 3812.8 5883.4
19-Mar-12 12302.2 4085.7 8216.5
20-Mar-12 10950.7 3188.7 7761.9
21-Mar-12 12604.2 3817.4 8786.8
22-Mar-12 13911.9 3629.5 10282.4
23-Mar-12 5.9 7.3 -1.4
26-Mar-12 10571.0 4592.3 5978.7
27-Mar-12 12266.1 4920.2 7346.0
28-Mar-12 13606.1 5603.7 8002.4
29-Mar-12 12661.7 10426.9 2234.8
30-Mar-12 8156.9 17381.8 -9224.9

Total for Month 198080.3 97507.7 100572.6


Mutual Funds Asset Position

Mutual Funds Asset Position Private Sector Public Sector
April 2011-February 2012 Mutual Funds Mutual Funds (of which) UTI Total

Mobilisation of Funds 51,30,191.7 1,028,991.6 473,351.0 6,159,183.3

Net Inflow/ Outflow (-ve) of funds 49,470.1 12,272.1 9,455.3 61,742.2
549,855.2 125,383.2 62,737.2 675,238.4
Cumulative Position of Net Assets as
on Feb. 29, 2012 (%) 81.43% 18.57% 9.29% 100.00%

ECB Dec-11 Jan-12
Automatic Route 2,709,250,006 1,784,205,937
Approval Route 1,759,592,317 917,685,565
Total ECB 4,468,842,323 2,701,891,502
Value in USD

FII Investments in Primary & Secondary Markets
Net
Debt Gross Purchases Gross Sales Net Investment Investment
(Rs Crores) (Rs Crores) (Rs Crores) US$ million
1-Mar-12 1145.1 106.5 1038.6 212.2
2-Mar-12 496.3 1000.7 -504.4 -102.6
3-Mar-12
5-Mar-12 291.8 700.3 -408.6 -82.8
6-Mar-12 513.7 541.2 -27.4 -5.5
7-Mar-12 287.7 728.8 -441.1 -88.2
9-Mar-12 491.5 1592.3 -1100.8 -217.7
12-Mar-12 601.1 591.7 9.4 1.9
13-Mar-12 85.3 554.6 -469.3 -94.0
14-Mar-12 614.5 840.8 -226.3 -45.4
15-Mar-12 473.0 369.1 103.9 20.8
16-Mar-12 1090.2 962.6 127.5 25.4
19-Mar-12 314.1 397.7 -83.6 -16.6
20-Mar-12 249.7 306.3 -56.6 -11.3
21-Mar-12 367.9 1277.0 -909.1 -180.9
22-Mar-12 1262.1 934.8 327.3 64.7
23-Mar-12
26-Mar-12 1584.4 701.2 883.2 173.5
27-Mar-12 726.3 1062.8 -336.6 -65.6
28-Mar-12 634.2 2049.7 -1415.5 -278.1
29-Mar-12 469.2 2479.5 -2010.3 -394.8
30-Mar-12 804.4 1893.3 -1088.9 -212.9
Total for Month 12502.5 19090.9 -6588.6 -1297.8
Total for 2012 62318.4 42920.2 19398.2 3788.4


Net
Equity Gross Purchases Gross Sales Net Investment Investment
(Rs Crores) (Rs Crores) (Rs Crores) US$ million
1-Mar-12 3679.3 3028.8 650.5 132.9
2-Mar-12 2436.9 2160.9 275.9 56.1
3-Mar-12
5-Mar-12
2385.2 1783.1 602.0 122.0
6-Mar-12 1871.3 1674.5 196.8 39.5
7-Mar-12 2629.7 2801.1 -171.4 -34.3
9-Mar-12 2359.6 2656.1 -296.5 -58.6
12-Mar-12 4064.4 2709.2 1355.2 271.0
13-Mar-12 4407.8 3020.5 1387.3 277.8
14-Mar-12 2757.2 1849.8 907.4 182.1
15-Mar-12 4184.8 2109.9 2074.9 415.8
16-Mar-12 2387.5 2204.6 182.9 36.4
19-Mar-12 3490.3 2571.7 918.7 182.6
20-Mar-12 2378.2 2192.4 185.8 37.1
21-Mar-12 2121.1 1925.5 195.6 38.9
22-Mar-12 3487.5 2835.8 651.7 128.8
23-Mar-12
26-Mar-12 4941.0 4610.7 330.2 64.9
27-Mar-12 3989.7 4084.0 -94.4 -18.4
28-Mar-12 3022.2 2943.4 78.9 15.5
29-Mar-12 3253.2 3004.2 249.0 48.9
30-Mar-12 3948.2 5247.6 -1299.4 -254.1
Total for Month 63795.1 55413.8 8381.1 1684.8
Total for 2012 194160.5 150209.9 43950.7 8849.7
No of Registered FII's: 1765 as on 30.3.2012. FII trading data is given on the basis of the Reporting Dates

2150.0
1950.0 FII Equity
1750.0
1550.0 MF Equity
Net Flows (Rs.Cr.)

1350.0
1150.0
950.0
750.0
550.0
350.0
150.0
-50.0
-1299.4

-250.0
-450.0
1-Mar-

8-Mar-

15-Mar-

22-Mar-

29-Mar-
12

12

12

12

12

Jan-12 Apr.-Jan. 2011-12 Apr.- Jan. 2010-11
Foreign Investment
Direct Investment 2,004 38,346 22,058
Portfolio Investment 5,422 8,734 32,986
Total 7,426 47,080 55,044
in US$ million


Commodity Futures & Spot Markets

Value of Trade on Commodity Exchanges (in Rs.Crore)
During MCX NCDEX All Exchanges YoY % Growth
1st - 15th Mar ’12 615,865.78 85,588.53 745,970.19 7.49
16th - 29th Feb ’12 573,960.65 85,164.60 691,082.50 21.29
1st - 15th Feb ’12 633,637.98 70,856.45 743,606.64 24.50

Commodity Futures & Spot Prices
Sugar* Wheat* Refined Soya Oil* Energy: Crude Oil** Bullion: Silver**
(100 Kgs) (100 Kgs) (10 Kgs) (1 Bbl.) (1 Kg.)
Date Futures Spot Futures Spot Futures Spot Futures Spot Futures Spot
1-Mar-12 2937.0 2942.9 1226.0 1243.8 715.3 709.3 5388.0 5240.0 60317.0 57657.0
2-Mar-12 2905.0 2930.0 1231.0 1241.4 715.6 710.6 5346.0 5350.0 59735.0 58447.0
3-Mar-12 2930.0 2923.8 1231.0 1241.5 715.8 710.1 5359.0 5266.0 59783.0 57858.0
5-Mar-12 2901.0 2908.2 1233.0 1243.2 714.7 707.9 5395.0 5266.0 58430.0 57747.0
6-Mar-12 2892.0 2906.0 1230.0 1237.5 718.4 709.1 5381.0 5314.0 57708.0 57123.0
7-Mar-12 2902.0 2898.4 1232.0 1239.6 727.3 713.8 5403.0 5238.0 58464.0 56933.0
8-Mar-12 2902.0 1232.0 727.3 724.4 5413.0 5369.0 58775.0 57617.0
9-Mar-12 2906.0 2900.0 1247.0 1241.5 732.0 722.0 5407.0 5390.0 59221.0 57827.0
10-Mar-12 2868.0 2891.3 1245.0 1244.0 724.7 722.5 5406.0 5372.0 59052.0 57727.0
12-Mar-12 2843.0 2902.5 1238.0 1244.4 721.9 727.2 5389.0 5372.0 58392.0 57209.0
13-Mar-12 2812.0 2898.9 1240.0 1249.0 727.6 730.3 5399.0 5311.0 58259.0 56623.0
14-Mar-12 2823.0 2900.0 1242.0 1257.7 729.2 735.0 5400.0 5319.0 57236.0 56014.0
15-Mar-12 2818.0 2887.5 1245.0 1268.7 736.1 732.8 5353.0 5261.0 57979.0 56532.0
16-Mar-12 2828.0 2882.5 1251.0 1278.9 734.7 733.8 5391.0 5279.0 57254.0 55763.0
17-Mar-12 2821.0 2876.6 1263.0 1283.4 738.2 735.0 5427.0 5387.0 57238.0 55763.0
19-Mar-12 2811.0 2870.4 1257.0 1288.2 736.0 729.8 5455.0 5387.0 57505.0 55763.0
20-Mar-12 2803.0 2863.1 1248.0 1288.7 735.2 730.3 5395.0 5418.0 56466.0 55763.0
21-Mar-12 2808.0 2868.1 1253.0 1289.3 738.9 732.8 5443.0 5330.0 56851.0 55763.0
22-Mar-12 2788.0 2869.2 1245.0 1291.3 732.5 731.5 5418.0 5427.0 56302.0 55763.0
23-Mar-12 2782.0 2852.3 1251.0 1291.7 742.7 734.3 5499.0 5363.0 57203.0 55763.0
24-Mar-12 2802.0 2848.9 1250.0 1292.5 744.3 738.9 5487.0 5440.0 57083.0 55763.0
26-Mar-12 2820.0 2866.2 1252.0 1288.6 750.0 743.0 5480.0 5440.0 57731.0 55763.0
27-Mar-12 2798.0 2867.1 1251.0 1284.0 746.8 743.3 5473.0 5492.0 57405.0 55763.0
28-Mar-12 2808.0 2863.9 1236.0 1275.4 743.4 741.0 5397.0 5464.0 56578.0 55763.0
29-Mar-12 2804.0 2868.1 1232.0 1275.4 744.4 738.6 5293.0 5367.0 56771.0 55763.0
30-Mar-12 2789.0 2873.9 1227.0 1273.2 736.9 735.0 5301.0 5257.0 56909.0 55763.0
31-Mar-12 2771.0 2869.0 1240.0 1272.9 751.4 741.7 5274.0 5270.0 56790.0 55950.0
*National Commodity & Derivatives Exchange Ltd. **Multi Commodity Exchange of India. Futures: April contract; Silver: May contract.


Commodity Futures & Spot Indices

Futures Index MCXCOMDEX MCXAGRI MCXMETAL Spot Index MCXSCOMDEX MCXSAGRI MCXSMETAL
1-Mar 3927.09 3481.44 4988.73 3865.53 3482.68 4892.55
2-Mar 3950.64 3498.31 5013.27 3887.94 3496.54 4932.64
3-Mar 3959.04 3519.47 5017.89 3887.94 3496.54 4932.64
5-Mar 3945.79 3542.01 4966.91 3889.02 3539.08 4908.12
6-Mar 3929.71 3569.67 4916.21 3863.37 3587.08 4876.65
7-Mar 3941.94 3599.99 4932.29 3867.4 3604.61 4845.96
8-Mar 3945.44 3599.99 4947.20 3867.4 3604.61 4845.96
9-Mar 3954.33 3589.45 4973.05 3884.45 3632.51 4885.57
10-Mar 3946.51 3560.75 4967.00 3884.45 3632.51 4885.57
12-Mar 3937.61 3566.34 4958.77 3871.99 3554.31 4902.58
13-Mar 3938.48 3552.42 4965.62 3864.58 3553.42 4886.76
14-Mar 3918.20 3533.92 4903.73 3855.8 3554.88 4860.34
15-Mar 3932.59 3565.73 4953.94 3851.52 3605.78 4842.96
16-Mar 3937.50 3581.98 4934.75 3892.04 3685.15 4881.02
17-Mar 3950.97 3609.35 4936.31 3892.04 3685.15 4881.02
19-Mar 3961.90 3598.07 4949.02 3899.43 3653.03 4865.97
20-Mar 3925.84 3574.36 4902.06 3887.14 3624.90 4858.99
21-Mar 3935.66 3560.57 4909.72 3887.17 3651.49 4848.03
22-Mar 3920.56 3539.60 4895.68 3894.68 3653.66 4846.27
23-Mar 3958.96 3577.53 4930.87 3878.89 3652.60 4829.17
24-Mar 3968.84 3612.95 4936.32 3878.89 3652.60 4829.17
26-Mar 3988.03 3601.67 4994.44 3905.37 3634.44 4842.90
27-Mar 3974.09 3575.57 4975.02 3908.92 3651.85 4862.21
28-Mar 3950.94 3600.28 4933.93 3886.81 3675.49 4848.07
29-Mar 3935.98 3629.04 4948.99 3877.36 3639.14 4822.63
30-Mar 3931.81 3607.43 4950.31 3849.81 3618.04 4832.97
31-Mar 3925.86 3613.21 4946.50 3849.81 3618.04 4832.97
Multi Commodity Exchange of India: Index Close

5050

4850

4650

MCXSCOMDEX MCXSAGRI MCXSMETAL
4450 MCXCOMDEX MCXAGRI MCXMETAL

4250

4050

3850

3650

3450
1-Mar

3-Mar

5-Mar

7-Mar

9-Mar

11-Mar

13-Mar

15-Mar

17-Mar

19-Mar

21-Mar

23-Mar

25-Mar

27-Mar

29-Mar

31-Mar


Global Economic Indicators
Economic & Financial Market Indicators for India’s Major Trading Partners
Growth Inflation Interest Rates External Sector Stock Country
Market Risk
Indicator/ Share Sovereign
Short-term Long-term Exchange Trade Price Rating**
Country
GDP IIP PPI CPI Rate Rate Rate Balance FX Reserves Growth*
(% change on year ago) (% change on year ago) (%) (per US$) $ bn.

USA 1.6 M01/ 3.4 M02/ 3.3 M02/ 2.9 0.47 2.28 M01/ -744.5 12.4 AA+/ -ve
China 8.9 M02/ 11.4 M02/ 3.2 4.90 3.18 6.30 M02/ 153.4 M12/ 3202.8 2.8 AA-/Stable
Hong Kong 3.0 Q4/ -2.2 M02/ 4.7 0.55 1.35 7.76 M02/ -56.5 294.7 12.8 AAA/Stable
Singapore 3.6 M02/ 12.2 M02/ 4.6 0.26 1.69 1.25 M02/ 40.7 243.6 18.1 AAA/Stable
Netherlands -0.6 M01/ -1.7 M02/ 4.5 M02/ 2.5 0.77 2.32 0.75 M12/ 56.8 5.9 AAA/-ve
UK 0.5 M01/ -3.8 M02/ 4.1 M02/ 3.4 1.06 2.25 0.63 M01/-159.5 7.7 AAA/Stable
Germany 1.5 M01/ 2.1 M02/ 3.2 M03/ 2.1 0.77 1.87 0.75 M01/ 223.5 21.6 AAA/Stable
Belgium 1.0 M01/ -2.3 M02/ 4.4 M03/ 3.4 0.77 3.41 0.75 M01/ 13.7 15.2 AA/-ve
Indonesia 6.5 M01/ 3.3 M03/ 4.0 4.21 .. 9130.00 M02/ 22.7 110.5 9.5 BB+/+ve
Japan -0.6 M02/ 1.5 M03/ 0.6 M02/ 0.3 0.20 1.04 82.30 M01/ -33.9 11.2 AA-/ -ve
France 1.3 M01/ -1.5 M02/ 4.3 M02/ 2.3 0.77 2.92 0.75 M01/ -96.4 10.8 AA+/-ve
Italy -0.4 M01/ -5.1 M02/ 3.2 M03/ 3.3 0.77 5.16 0.75 M01/ -31.5 6.4 BBB+/-ve
South Korea 3.4 M02/ 14.4 M03/ 2.6 3.53 3.95 1122.00 M03/ 25.4 316.0 15.3 A/Stable
South Africa 2.9 M01/ 2.4 M02/ 6.1 5.60 7.90 7.69 M02/ -4.8 50.7 12.3 BBB+/-ve
Brazil 1.4 M02/ -3.9 M02/ 5.8 8.96 3.21 1.82 M03/ 29.1 365.2 16.0 BBB/Stable
Malaysia 5.2 M01/ 0.3 M02/ 2.2 3.09 3.64 3.05 M01/ 38.9 135.7 9.2 A-/Stable
Thailand -9.0 M02/ -3.4 M03/ 3.4 2.78 4.13 30.80 M02/ -1.2 179.2 21.0 BBB+/Stable
Turkey 5.2 M01/ 1.4 M03/ 10.4 10.50 9.63 1.78 M02/ -104.0 M02/ 78.4 31.3 BB/ +ve
Spain 0.3 M01/ -2.4 M02/ 3.4 M02/ 2.0 0.77 5.27 0.75 M01/ -62.5 -5.5 A/-ve
Taiwan 1.9 M02/ 8.4 M02/ 0.3 0.94 1.28 29.50 M02/ 11.7 393.9 12.8 AA-/Stable
Pakistan FY2011/2. M12/ 0.7 M03/ 10.8 11.90 13.30 90.60 M02/ -19.8 M02/ 16.7 19.8 B-/Stable
4
0.7 M01/ -1.5 M02/ 3.6 M02/ 2.7 0.77 1.87 0.75 M01/ -2.3 10.6
Euro area

India 6.1 M01/ 1.1 M02/ 9.9 9.00 8.74 50.70 M02/ -167.3 294.4 19.3 BBB-/Stable
Note: Countries have been chosen according to their ranking by share of India's exports in 2010-11. A few countries have been omitted due to insufficient data.
GDP is for Q4 of 2011 unless otherwise mentioned.Trade balance for last 12 months. FX Reserves latest at end-Mar. 2012. Interest & Exchange rates as on April 3, 2012.
*% change of the major index in US$ terms, over 31st December 2011, as of April 3, 2012. **Foreign Currency Ratings by S&P as of March 31, 2012.
For more Countrywise Indicators and Updates visit: http://www.ecofin-surge.co.in/publications.html

World Output, Inflation & Trade (% change, IMF, WEO Database & Updates)
6.0 15.0
5.1

GDP Inflation Trade
12.8
4.8
4.7

5.0 5.0 10.0
4.0

3.9

7.5 6.7 7.0
4.0
3.3

3.9 5.4
3.7 5.0
3.8 3.4
3.0 3.1 3.1
Trade

2.5 0.0
2.0
-5.0
1.0
-10.0
-0.7

0.0 -10.7

-1.0 -15.0
2009 2010 2011 2012 2013 2014 2015


Global Stock Indices
Selected Indian & International Stock Indices

BSE Dollex- S&P FTSE NIKKEI HSI STI IPC BOVESPA
30 (India) DJI (US) 500(US) 100(UK) 225 (Japan) (HongKong) (Singapore) (Mexico) (Brazil)
1-Mar-12 2,946.21 12,980.30 1,374.09 5,931.30 9,707.37 21,387.96 2,978.84 38,033.45 66,810.00
2-Mar-12 2,945.29 12,977.57 1,369.63 5,911.10 9,777.03 21,562.26 2,993.49 38,327.43 67,782.00
5-Mar-12 2,923.32 12,962.81 1,364.33 5,874.80 9,698.59 21,265.31 2,991.80 38,155.27 66,964.00
6-Mar-12 2,879.19 12,759.15 1,343.36 5,765.80 9,637.63 20,806.25 2,932.01 37,487.63 65,114.00
7-Mar-12 2,827.77 12,837.33 1,352.63 5,791.40 9,576.06 20,627.78 2,913.16 37,548.54 66,017.00
8-Mar-12 2,799.61 12,907.94 1,365.91 5,859.70 9,768.96 20,900.73 2,970.38 37,815.43 66,908.00
9-Mar-12 2,852.07 12,922.02 1,370.87 5,887.50 9,929.74 21,086.00 2,963.15 37,691.01 66,704.00
12-Mar-12 2,889.62 12,959.71 1,371.09 5,892.80 9,889.86 21,134.18 2,966.11 37,590.17 66,385.00
13-Mar-12 2,931.29 13,177.68 1,395.95 5,955.90 9,899.08 21,339.70 2,989.07 38,019.76 68,394.00
14-Mar-12 2,952.09 13,194.10 1,394.28 5,945.40 10,050.52 21,307.89 3,026.40 37,971.44 68,257.00
15-Mar-12 2,902.37 13,252.76 1,402.60 5,940.70 10,123.28 21,353.53 3,025.84 38,134.57 67,749.00
16-Mar-12 2,849.42 13,232.62 1,404.17 5,965.60 10,129.83 21,317.85 3,010.68 38,258.45 67,684.00
19-Mar-12 2,819.09 13,239.13 1,409.75 5,961.10 10,141.99 21,115.29 2,990.09 67,730.00
20-Mar-12 2,833.39 13,170.19 1,405.52 5,891.40 20,888.24 3,002.73 38,055.27 67,296.00
21-Mar-12 2,867.83 13,124.62 1,402.89 5,892.00 10,086.49 20,856.63 3,005.63 38,434.51 66,860.00
22-Mar-12 2,799.02 13,046.14 1,392.78 5,845.60 10,127.08 20,901.56 2,979.25 38,323.51 65,828.00
23-Mar-12 2,789.97 13,080.73 1,397.11 5,854.90 10,011.47 20,668.80 2,990.08 38,334.90 65,813.00
26-Mar-12 2,733.90 13,241.63 1,416.51 5,902.70 10,018.24 20,668.86 2,974.50 38,863.15 66,685.00
27-Mar-12 2,755.67 13,197.73 1,412.52 5,869.50 10,255.15 21,046.91 3,018.91 38,956.32 66,037.00
28-Mar-12 2,772.96 13,126.21 1,405.54 5,809.00 10,182.57 20,885.42 3,010.49 38,910.68 65,079.00
29-Mar-12 2,756.09 13,145.82 1,403.28 5,742.00 10,114.79 20,609.39 2,994.09 39,125.35 64,872.00
30-Mar-12 2,788.61 13,212.04 1,408.47 5,768.50 10,083.56 20,555.58 3,010.46 39,521.24 64,511.00

Closing Values
International Stock Index Movements vs BSE Sensex ( Mar-2012, with 1st Mar=100)

DJI (US) S&P 500 (US) FTSE 100(UK) NIKKEI 225 (Japan)

HSI (HongKong) STI (Singapore) IPC (Mexico) BOVESPA (Brazil)


Global Commodity Prices
Primary Commodity Indices*/ Prices
Units Descriptor Dec-10 Jan-11 Feb-11 Dec-11 Jan-12 Feb-12
Index Number Fuel and Non-Fuel 174.67 181.90 189.82 183.91 188.49 195.96
Index Number Non-Fuel 187.56 196.61 203.98 164.81 169.09 173.79
Index Number Food 176.43 183.16 189.34 162.14 164.19 169.43
Index Number Agricultural Raw Materials 146.85 156.02 159.45 129.77 131.86 136.54
Index Number Industrial Inputs 197.21 207.96 215.65 165.99 172.64 177.52
Index Number Metals 233.58 245.48 256.24 192.15 202.09 207.11
Index Number Energy 167.13 173.30 181.54 195.08 199.85 208.94
Index Number Crude Oil 169.33 174.28 184.10 196.27 201.47 212.43
US Dollars per Barrel Crude Oil, Brent 91.80 96.29 103.96 107.95 111.00 119.71
" Crude Oil Dubai Fateh 89.18 92.19 99.88 106.18 109.73 116.19
" Crude Oil WTI 89.22 89.51 89.37 98.59 100.18 102.29
USD per '000 Cubic Meters Natural Gas, H H, Louisiana 152.85 161.71 147.32 109.71 102.60 97.20
US Dollars per Metric Ton Coal, Australian Thermal 126.74 141.94 137.53 117.49 124.18 123.38
US Dollars per Metric Ton Aluminum 2356.67 2439.70 2515.26 2024.55 2151.48 2208.05
" Copper 9152.86 9533.20 9880.94 7559.10 8061.95 8441.57
" Zinc 2287.32 2375.81 2473.45 1911.40 1989.33 2057.95
US Cents per Metric Ton Iron Ore 168.53 179.63 187.18 136.50 140.38 140.43
US cents per Pound Rubber 215.28 250.36 280.79 153.55 164.51 181.59
US cents per Pound Cotton 168.22 178.93 213.18 95.50 101.05 100.71
US Dollars per Metric Ton Palm oil 1171.22 1238.57 1248.55 969.07 1020.54 1047.69
US Dollars per Metric Ton Sunflower Oil 1466.26 1528.95 1591.50 1535.64 1553.41 1441.00
US Dollars per Metric Ton Soybean Oil 1208.33 1257.14 1268.35 1102.31 1130.97 1168.45
US Dollars per Metric Ton Soybeans 483.76 511.10 512.05 420.10 441.81 461.59
US cents per Pound Sugar, European 25.97 26.23 26.81 25.95 25.81 26.27
" Sugar, Free Market 28.04 29.74 29.31 23.33 24.05 24.10
" Sugar, U.S. 38.00 39.67 40.37 36.62 35.30 33.80
US cents per Kg. Tea 352.13 368.10 349.75 333.36 337.27 341.00
US cents per Pound Coffee, Arabicas 237.33 262.94 288.08 243.07 240.86 225.60
US Dollars per Metric Ton Rice, Bangkok 536.78 528.38 532.80 580.91 541.06 547.48
US Dollars per Metric Ton Wheat, Mexico 306.53 326.55 348.15 265.37 279.25 281.09

*Base 2005=100

Observed & Projected Price Movements, IMF WEO Database
Fuel and Non-Fuel Price Indices

2012
Industrial Inputs Price Index includes
Agricultural Raw Materials and Metals
2011
Agricultural Raw Materials Index
2010 includes Timber, Cotton, Wool,
Rubber, and Hides Price
Cereals Price Index Wheat, Corn, Rice
2009 & Barley

Crude Oil Index(Petroleum), Brent,
2008 West Texas Intermediate, and the
Dubai Fateh
Metals Price Index, Copper,
0 50 100 150 200 250 300 Aluminum, Iron Ore, Tin, Nickel, Zinc,
Lead, and Uranium Price Indices


Highlights of the Union Budget 2012-13

Economic Outlook

The Indian economy is expected to grow at 7.6 per cent in 2012-13 with a margin of 0.25 per cent on either
side. GDP growth is estimated at 6.9 per cent in 2011-12 after having grown at the rate of 8.4 per cent in
each of the two preceding years; the slowdown is primarily due to deceleration in industrial growth.
Inflation is expected to moderate further in next few months and remain stable thereafter. The financial year
2011-12 started with a headline inflation of 9.7 per cent, which briefly touched double digits in September
2011 before declining to 6.6 per cent in January 2012. CPI inflation for the major indices declined to below
7 per cent in December 2011.
CAD is estimated at 3.6 per cent of GDP for 2011-12; this rising deficit and the reduced net capital inflow
in the second and third quarters have put pressure on the exchange rate.
There has been deterioration in the fiscal balance in 2011-12 due to slippages in direct tax revenue and
increased subsidies.

Budget Estimates for 2012-13

⇒ Gross Tax Receipts are estimated at Rs. 10,77,612 crore (10.6 per cent of GDP), which is an increase of
15.6 per cent over the Budget Estimates (BE) and 19.5 per cent over the Revised Estimates (RE) for
2011-12. Net tax to the Centre in 2012-13 is estimated at Rs. 7,71,071 crore.
⇒ Non Tax Revenue Receipts for 2012-13 are estimated at Rs. 1,64,614 crore. The temporary arrangement
to use disinvestment proceeds for capital expenditure in social sector schemes is being extended for one
more year to 2012-13.
⇒ Total expenditure for 2012-13 is budgeted at Rs. 14,90,925 crore; the Plan Expenditure for 2012-13 is
budgeted at Rs. 5,21,025 crore, which is 18 per cent higher than BE of 2011-12.
⇒ Non Plan Expenditure for 2012-13 is budgeted at Rs. 9,69,900 crore which is 8.7 per cent higher than the
RE for 2011-12 and 18.8 per cent higher than the BE for 2011-12; this increase is mainly on account of
higher provision for major subsidies.
⇒ The Budget endeavours to restrict the expenditure on Central subsidies to under 2 per cent of GDP in
2012-13 and bring it down to 1.75 per cent of GDP over the next three years.
⇒ Fiscal deficit is estimated at 5.9 per cent of GDP in the RE of 2011-12 and at 5.1 per cent of GDP in
2012-13.
⇒ Net market borrowing required to finance the deficit is estimated to be Rs. 4.79 lakh crore in 2012-13.
Effective Revenue Deficit is estimated at 1.8 per cent of GDP in 2012-13.
⇒ The Government proposes to raise Rs. 30,000 crore through disinvestment in 2012-13; in 2011-12 about
Rs.14,000 crore was raised as against a target of Rs. 40,000 crore.


Tax Proposals

⇒ Income tax exemption limit for the general category of individual taxpayers is enhanced from
Rs.1,80,000 to Rs. 2,00,000 providing uniform tax relief of Rs.2,000. The upper limit of the 20 per cent
tax slab has been raised from Rs.8 lakh to Rs.10 lakh.

⇒ A deduction of up to Rs.10,000 from interest income from savings bank accounts has been proposed.

⇒ Investment linked deduction of capital expenditure for certain businesses has been proposed to be
provided at the enhanced rate of 150 per cent; these include cold chains, warehousing and food storage,
fertilisers, hospitals, and affordable housing.

⇒ Reduction in securities transaction tax (STT) by 20 per cent (from 0.125 per cent to 0.1 per cent) on cash
delivery transactions has been proposed.

⇒ It has been proposed to extend the levy of Alternate Minimum Tax (MAT) to all persons, other than
companies, claiming profit linked deductions.

⇒ There is a proposal to introduce General Anti Avoidance Rule to counter aggressive tax avoidance
schemes.

⇒ No changes have been introduced in corporate taxes but some measures to enable them better access
funds have been proposed. Withholding tax on ECB has been reduced from 20 per cent to 5 per cent for
power, airlines, roads, bridges, affordable housing and fertiliser industries, for a period of three years.

⇒ It has been proposed to introduce service tax on all services except those in the negative list (which
comprises 17 heads).

⇒ Service tax rate has been raised from 10 per cent to 12 per cent to bring in revenue worth Rs.18,660
crore.

⇒ Excise duty (standard rate) has been raised from 10 to 12 per cent, while the merit rate of excise duty has
been raised from 5 to 6 per cent.

⇒ Basic customs duty relief has been proposed for certain items within important sectors including
agriculture and agro-processing, infrastructure (roads, railways and civil aviation), manufacturing
mining, and health.
Some Proposals Related to the Investment Environment

To encourage flow of savings in financial instruments and improve the depth of the domestic capital
market, it has been proposed to introduce a new equity savings scheme. The scheme would allow for
income tax deduction of 50 per cent to new retail investors (with annual income is below Rs.10 lakh),
who invest up to Rs. 50,000 directly in equities, with a lock-in period of 3 years.


Efforts would be made to arrive at a broad based consensus in respect of allowing up to 51 per cent FDI
in multi-brand retail trade. A proposal to allow up to 49 per cent FDI in air transport services would be
under active consideration.
QFIs would be allowed to access the Indian corporate bond market.
Two-way fungibility in Indian Depository Receipts would be permitted subject to a ceiling, with the
objective of encouraging greater foreign participation in Indian capital market.
Capital infusion to the tune of Rs.15,888 crore has been proposed in public sector banks, regional rural
banks and NABARD in 2012-13.
The amount of tax-free bonds for financing infrastructure projects has been proposed to be doubled to Rs.
60,000 crore in 2012-13.
ECB of up to US$1 billion has been permitted for the airline sector. ECB has also been permitted in low-
cost housing and road construction projects.
In order to enhance availability of equity to MSME sector, it has been proposed to set up a Rs. 5,000
crore worth fund, the India Opportunities Venture Fund with SIDBI.
To tackle slowdown and supply-side bottlenecks additional capital has been provisioned to boost
agriculture, agricultural research, the fertiliser industry, irrigation, infrastructure and energy.
Bills on micro-finance institutions, national land bank and public debt management are proposed to be
introduced in 2012-13.

Some Proposals Related to Infrastructure, Agricultural and Social Sector Development

Target for agricultural credit has been raised to Rs. 5,75,000 crore.
National Mission on Food Processing to be started in cooperation with State Governments.
Provisions under rural housing fund has been increased to Rs. 4,000 crore from Rs. 3,000 crore.
Multi-sectoral programme to address maternal and child malnutrition in 200 high burden districts
Rural drinking water and sanitation gets 27 per cent rise in allocation to Rs. 14,000 crore; PMGSY to
gets 20 per cent rise to Rs. 24,000 crore.

6000 schools to be set up at block level as model schools in the 12th Plan; Credit Guarantee Fund to be
set up for better flow of credit to students.
National Urban Health Mission is being launched.
34 per cent increase in allocation to National Rural Livelihood Mission, to Rs. 3915 crore.
Rs. 1000 crore allocated for National Skill Development Fund.

Summary by Surge Research Support
March 2012


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