Eupdts March11-Indian & Global Economic Indicators

March 2011

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

Indian & Global Economic and Financial Market Indicators

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 Economic Survey & Union Budget 2011-201225


E-UpDates March 2011 2 Surge Research Support

GDP IIP
2010-11 8.60% Dec-10 1.60%
2009-10 7.40% Dec-09 18.00%
(Apr-Dec)

As on 28-Feb-11 28-Feb-10 As on 28-Feb-11 28-Feb-10
Bank rate 6.00% 6.00% CRR 6.00% 5.50%

Repo rate 6.50% 4.75% PLR/Base rate* 8.25-9.50% 11.00-12.00%

Reverse repo 5.50% 3.25% CMR 5.50-7.15% 2.00-3.40%

Inflation (WPI) Oil Price (World Average)
Jan-11 8.23% Feb-11 98.30
Jan-10 8.53% Feb-10 73.04
Spot Price FOB $ per barrel

$/Rupee Rate Purchasing Managers Index February

28-Feb-11 45.80 HSBC Markit Mnfg. PMI 57.9

26-Feb-10 46.23 HSBC Markit Services PMI 60.2
RBI Reference rate

For Global rates visit: www.ecofin-surge.co.in/at-a-glance.html
*Base rate has been introduced since 1st Jul, 2010.
For explanations visit http://www.ecofin-surge.co.in/terminology.html


Growth Indicators

GDP Growth Rates Q1 Q2 Q3 Q4 FY
2010-11 8.9 8.9 8.2 8.6
2009-10 6.3 8.6 7.3 7.4

GDP[at Constant(2004-05) prices] Q2-2010-11 Rs.Crore YoY Growth Q3-2010-11 Rs.Crore YoY Growth
(Jul-Sep) (Share in (Oct-Dec) (Share in
GDP) GDP)
(%) (%)
1 Agriculture, Forestry &
Fishing 130,335 4.4 219,494 8.9
2 Mining & Quarrying 25,444 7.9 28,118 6.0
3 Manufacturing
188,919 9.8 190,767 5.6
4 Electricity, Gas & Water
Supply. 23,036 3.4 23,151 6.4
5 Construction
93,294 8.7 94,566 8.0
6 Trade, Hotels, Transport
and Communication 317,716 12.1 330,032 9.4
7 Financing, Insurance,
Real Estate & Business
Services. 205,253 8.2 214,716 11.2
8 Community, Social &
Personal Services. 168,620 7.4 160,819 4.8
9 GDP at factor cost
(1 to 8) 1,152,618 8.9 1,261,664 8.2
10 Private final consumption
expenditure
744,033 8.6 (59.2) 827,021 9.0 (60.1)
11 Government final
consumption expenditure
140,521 10.4 (11.2) 159,579 -3.0 (11.6)
12 Gross fixed capital
formation 428,033 17.8 (34.1) 410,767 5.6 (29.8)
13 Changes in stocks 44,903 (3.6) 45,295 (3.3)
14 Valuables 27,591 (2.2) 29,482 (2.1)
15 Exports
271,075 13.8 (21.6) 281,157 16.2 (20.4)
16 Less Imports 364,755 13.8 (29.0) 325,419 -7.3 (23.6)
17 Discrepancies -34,625 (-2.8) -51,641 (-3.8)
18 GDP at market price
(10 to 17) 1,256,776 10.4 (100) 1,376,242 9.7 (100)


2009-10 (QE)* Rs.Crore YoY Growth 2010-11 Rs.Crore YoY Growth
(%) (AE)* (%)

18 GDP at market price
48,69,317 9.1 53,42,571 9.7
19 Net Indirect Taxes (Less
Subsidies ) 375,574 463,339
9 GDP at factor cost
(18-19) 44,93,743 8.0 48,79,232 8.6
20 Net factor income from
abroad -28,889 -34,261
21 Gross national product
at factor cost 44,64,854 7.9 48,44,971 8.5
(9 + 20)
23 Net national
product/National
Income at factor cost
(Less Depreciation) 39,46,540 7.5 42,69,994 8.2
24 Population (in million)
1170 1186
25 Per capita income (Rs.)
(23/24) 33731 6.1 36003 6.7
*See February issue for details of Estimates of GDP(at factor cost) by Economic activity & Expenditures on GDP (at market prices)

Dec-10 Dec-09 Dec-10 FY2010-11 * FY2009-10*

Production Index Index 93-94 =100 Change (YoY, %)
(Index of Industrial
Production) 353.6 348.2 1.6 8.6 8.6
1. Mining 216.9 209.0 3.8 7.7 8.7
2. Manufacturing 385.0 381.1 1.0 9.1 8.9
3. Electricity 249.3 235.2 6.0 4.7 5.7
*Apr-Dec. Compilation is now based on new series of WPI (for the IIP items reported in value terms).

375
IIP-Annual Averages
350
Mining &
325
Quarrying (104.7)
300
275
Manufacturing
250
(793.6)
225
200
Electricity (101.7)
175
150
125
General Index
100
(1000.0)
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11


Inflation

Wholesale Price Index
All Primary Non-food Crude
(Base: 2004-05=100) Food Articles Manufactured
Commodities Articles Articles Petroleum
(Inflation %) Products
November - 2010 142.3 (7.48) 182.6 180.2 167.7 196.4 128.4
December - 2010 144.1 (8.40) 188.9 186.9 171.6 201.1 128.9
January - 2011 145.9 (8.23) 193.4 190.7 177.9 207.5 129.9

Linked All Industrial Rural Agricultural
India UNME Workers Labourers Labourers
Consumer Price Index Base 1984- Base Base 1986- Base 1986-
(Inflation %) 85=100 2001=100 87=100 87=100
November - 2010 710 (8.4) 182 (8.33) 569 (6.95) 570 (7.14)
December - 2010 719 (9.4) 185 (9.47) 580 (8.01) 581 (7.99)
January - 2011 NA 188 (9.30) 588 (8.69) 589 (8.67)

Weekly Inflation (WPI)
WPI (Base 2004-05=100) New Series
150 Date Food price Primary articles
2008-09 2009-10 2010-11
4-Dec-10 9.46 13.25
145
11-Dec-10 12.13 15.35
140 18-Dec-10 14.44 17.24
25-Dec-10 18.32 20.2
135
1-Jan-11 16.91 17.58
130 8-Jan-11 15.52 17.03
15-Jan-11 15.57 17.26
125
22-Jan-11 17.05 18.44
120 29-Jan-11 13.07 16.24
115 5-Feb-11 11.05 14.58
12-Feb-11 11.49 15.77
110 19-Feb-11 10.39 14.84
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar


COMPONENTS & SOURCES OF MONEY STOCK (M3) AND THEIR VARIATIONS (Rs crores)
March 31 December January
2010 2010 2011
M3 5,579,567 6,202,428 6,239,385
% change during the month 3.00 2.33 0.60
% change since March 31 16.80 11.16 11.83
(A) Components of M3 ( 1+2+3+4)
1 Currency with the public 768,048 868,918 888,120
2 Demand deposits with banks 714,157 707,548 658,989
% change during the month 13.39 5.62 (6.86)
% change since March 31 22.81 (0.93) (7.72)
3 Time deposits with banks 4,093,577 4,622,329 4,678,906
4 Other deposits with RBI 3,785 3,632 13,370
% change during the month 2.52 (13.28) 268.12
% change since March 31 (32.08) (4.04) 253.24
(B) Sources of M3 (5+6+7+8-9)
5 Net bank credit to govt.(i+ii) 1,668,258 1,792,169 1,822,327
i RBI's credit 220,218 263,952 269,302
ii Other banks' credit 1,448,041 1,528,216 1,553,025
6 Bank credit to commercial sector (i+ii) 3,483,253 4,027,237 3,995,507
i RBI's credit 1,328 1,626 1,325
% change during the month (71.82) - (18.51)
% change since March 31 (90.39) 22.44 (0.23)
ii Other banks' credit 3,481,925 4,025,611 3,994,181
7 Net foreign exchange assets of the banking
1,275,039 1,365,276 1,396,918
sector
% change during the month (2.43) 1.15 2.32
% change since March 31 (5.71) 7.08 9.56
8 Government's currency liabilities to the
10,919 12,152 12,152
public
% change during the month 1.75 3.32 -
9 NNML of the banking sector (i+ii) 857,902 994,406 987,518
i RBI's NNML 310,301 343,030 373,698
% change during the month (8.66) (2.60) 8.94
ii Other bank's NNML(Residual) 547,601 651,376 613,820
Note: (i) Figures in parentheses denote negative numbers.


COMPONENTS & SOURCES OF RESERVE MONEY AND THEIR VARIATIONS (Rs crore)
March 31 January February
2010 2011 2011
Reserve Money : 1,155,281 1,247,056 1,279,123
% change during the month 0.48 2.57
% change since March 31 7.94 10.72
(A) Components of Reserve Money (1+2+3)
1 Currency in circulation 799,198 924,666 940,936
2 Banker's deposits with RBI 352,299 309,020 334,568
% change during the month (6.71) 8.27
% change since March 31 (12.28) (5.03)
3 "Other" deposits with RBI 3,785 13,370 3,618
% change during the month 278.22 (72.94)
% change since March 31 253.24 (4.41)
(B) Sources of Reserve Money (4+5+6+7-8)
4 Net RBI credit to Government 220,218 269,302 300,211
RBI credit to Banks & Commercial Sector
2,497 5,793 4,996
5
% change during the month (13.58) (13.76)
5.1 RBI credit to banks(including NABARD) 1,169 4,468 3,426
% change during the month (12.01) (23.32)
5.2 RBI credit to Commercial Sector 1,328 1,325 1,570
% change during the month (18.46) 18.49
% change since March 31 (0.23) 18.22
6 Net Foreign Exchange Assets of RBI 1,231,949 1,333,507 1,333,268
7 Govt's Currency Liabilities to the Public 10,919 12,152 12,152
% change during the month 3.32 -
8 Net Non-monetary Liabilities of RBI 310,301 373,698 371,505
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
1-Feb-11 Tue 45.79 46.06 46.59 47.29 62.99 63.33 64.04 64.92
2-Feb-11 Wed 45.61 45.88 46.41 47.11 63.13 63.47 64.18 65.07
3-Feb-11 Thu 45.62 45.88 46.43 47.12 62.87 63.19 63.91 64.78
4-Feb-11 Fri 45.67 45.92 46.47 47.16 62.23 62.55 63.26 64.13
7-Feb-11 Mon 45.51 45.76 46.28 46.99 61.70 62.02 62.70 63.59
8-Feb-11 Tue 45.33 45.57 46.08 46.77 61.83 62.15 62.81 63.68
9-Feb-11 Wed 45.46 45.71 46.22 46.90 61.93 62.24 62.91 63.76
10-Feb-11 Thu 45.74 45.98 46.50 47.17 62.35 62.66 63.33 64.19
11-Feb-11 Fri 45.71 45.96 46.47 47.15 61.82 62.13 62.80 63.62
14-Feb-11 Mon 45.52 45.78 46.28 46.96 61.27 61.59 62.26 63.08
15-Feb-11 Tue 45.51 45.77 46.27 46.98 61.58 61.92 62.58 63.45
17-Feb-11 Thu 45.39 45.65 46.16 46.84 61.54 61.87 62.56 63.38
18-Feb-11 Fri 45.26 45.53 46.05 46.75 61.39 61.74 62.42 63.29
21-Feb-11 Mon 45.08 45.35 45.86 46.54 61.69 62.04 62.71 63.56
22-Feb-11 Tue 45.33 45.60 46.09 46.78 61.73 62.07 62.75 63.57
23-Feb-11 Wed 45.17 45.44 45.96 46.66 61.92 62.28 62.95 63.81
24-Feb-11 Thu 45.49 45.79 46.31 46.98 62.69 63.07 63.75 64.60
25-Feb-11 Fri 45.38 45.72 46.19 46.90 62.60 63.05 63.68 64.55
28-Feb-11 Mon 45.29 45.61 46.08 46.82 62.68 63.10 63.76 64.64

Pound Yen
Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month
1-Feb-11 Tue 73.80 74.20 75.05 76.09 56.13 56.48 57.15 58.06
2-Feb-11 Wed 74.02 74.42 75.26 76.31 56.01 56.35 57.03 57.93
3-Feb-11 Thu 74.05 74.45 75.30 76.33 55.83 56.16 56.84 57.74
4-Feb-11 Fri 73.62 74.00 74.84 75.89 55.94 56.26 56.94 57.85
7-Feb-11 Mon 73.34 73.72 74.53 75.58 55.25 55.57 56.22 57.14
8-Feb-11 Tue 73.04 73.43 74.20 75.23 55.18 55.50 56.14 57.02
9-Feb-11 Wed 73.03 73.42 74.21 75.22 55.05 55.37 56.01 56.89
10-Feb-11 Thu 73.48 73.86 74.65 75.65 55.33 55.64 56.29 57.16
11-Feb-11 Fri 73.03 73.41 74.20 75.19 54.71 55.02 55.66 56.52
14-Feb-11 Mon 72.80 73.19 73.98 74.96 54.61 54.93 55.56 56.42
15-Feb-11 Tue 73.21 73.62 74.40 75.44 54.45 54.77 55.40 56.29
17-Feb-11 Thu 73.19 73.58 74.37 75.38 54.28 54.59 55.23 56.09
18-Feb-11 Fri 73.37 73.79 74.59 75.61 54.28 54.60 55.25 56.12
21-Feb-11 Mon 73.07 73.49 74.28 75.29 54.23 54.57 55.20 56.07
22-Feb-11 Tue 73.27 73.70 74.47 75.47 54.63 54.97 55.60 56.46
23-Feb-11 Wed 73.25 73.68 74.48 75.51 54.53 54.87 55.51 56.40
24-Feb-11 Thu 73.55 74.01 74.81 75.81 55.62 55.99 56.65 57.53
25-Feb-11 Fri 72.94 73.47 74.21 75.24 55.35 55.76 56.38 57.27
28-Feb-11 Mon 73.49 73.99 74.75 75.82 55.34 55.73 56.35 57.27


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
1-Feb-11 Tue 7.31 7.17 6.66 6.77 6.84 6.22
2-Feb-11 Wed 7.20 7.16 6.66 6.76 6.85 6.26
3-Feb-11 Thu 6.92 7.25 6.66 6.38 6.78 6.19
4-Feb-11 Fri 6.77 7.19 6.65 6.35 6.79 6.22
7-Feb-11 Mon 6.80 6.94 6.61 6.51 6.64 6.22
8-Feb-11 Tue 6.68 6.78 6.46 6.39 6.49 6.07
9-Feb-11 Wed 6.94 6.90 6.46 6.17 6.45 6.00
10-Feb-11 Thu 6.62 6.81 6.35 6.23 6.47 5.99
11-Feb-11 Fri 6.76 6.82 6.42 6.29 6.49 5.91
14-Feb-11 Mon 7.07 6.85 6.43 6.45 6.66 6.00
15-Feb-11 Tue 7.08 6.90 6.57 6.83 6.62 6.15
17-Feb-11 Thu 7.10 7.01 6.49 6.73 6.80 6.07
18-Feb-11 Fri 7.40 7.17 6.69 7.16 6.88 6.29
21-Feb-11 Mon 7.43 7.10 6.58 7.13 6.78 6.17
22-Feb-11 Tue 7.39 6.88 6.50 6.92 6.81 6.05
23-Feb-11 Wed 7.41 7.18 6.71 7.10 6.79 6.20
24-Feb-11 Thu 8.07 7.36 6.64 7.52 6.94 6.19
25-Feb-11 Fri 9.23 7.29 6.79 8.98 7.12 6.33
28-Feb-11 Mon 8.82 7.16 6.85 8.24 7.04 6.35

Pound Yen
Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month
1-Feb-11 Tue 6.70 6.92 6.30 7.63 7.47 6.98
2-Feb-11 Wed 6.77 6.87 6.28 7.53 7.49 6.99
3-Feb-11 Thu 6.59 6.93 6.25 7.33 7.47 6.96
4-Feb-11 Fri 6.37 6.80 6.25 7.09 7.38 6.95
7-Feb-11 Mon 6.48 6.68 6.20 7.18 7.21 6.94
8-Feb-11 Tue 6.51 6.51 6.07 7.07 7.10 6.78
9-Feb-11 Wed 6.60 6.59 6.07 7.20 7.16 6.80
10-Feb-11 Thu 6.47 6.55 5.99 7.05 7.16 6.72
11-Feb-11 Fri 6.34 6.56 6.00 7.02 7.13 6.73
14-Feb-11 Mon 6.62 6.61 6.02 7.26 7.14 6.74
15-Feb-11 Tue 6.93 6.66 6.18 7.40 7.20 6.89
17-Feb-11 Thu 6.67 6.64 6.09 7.07 7.15 6.76
18-Feb-11 Fri 7.09 6.85 6.20 7.43 7.34 6.90
21-Feb-11 Mon 7.03 6.76 6.15 7.79 7.35 6.88
22-Feb-11 Tue 7.19 6.71 6.08 7.73 7.29 6.79
23-Feb-11 Wed 7.28 6.89 6.27 7.74 7.38 6.96
24-Feb-11 Thu 7.77 7.06 6.24 8.40 7.65 6.99
25-Feb-11 Fri 8.99 7.12 6.39 9.38 7.65 7.08
28-Feb-11 Mon 8.39 7.04 6.43 8.79 7.50 7.08


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-Feb-11 78470.0 6.5 / 5.5 6.90 6.49 6.98 0.236
2-Feb-11 66045.0 6.73 6.44 6.79 0.235
3-Feb-11 45530.0 6.53 6.41 6.59 0.237
4-Feb-11 56085.0 6.37 6.23 6.59 0.237
5-Feb-11 0.0 6.25 6.44
7-Feb-11 64685.0 6.59 6.45 6.65 0.237
8-Feb-11 68875.0 6.65 6.47 6.69 0.236
9-Feb-11 73535.0 6.59 6.48 6.65 0.236
10-Feb-11 88890.0 6.58 6.49 6.65 0.234
11-Feb-11 81990.0 6.24 4.93 6.72 0.234
12-Feb-11 91510.0 6.59 6.51
14-Feb-11 0.0 6.84 6.50 6.96 0.233
15-Feb-11 100395.0 6.80 6.51 6.87 0.234
17-Feb-11 104015.0 6.82 6.51 6.87 0.231
18-Feb-11 100700.0 6.82 6.52 0.230
21-Feb-11 85305.0 6.78 6.49 6.84 0.230
22-Feb-11 75070.0 6.73 6.49 6.77 0.228
23-Feb-11 76830.0 6.75 6.49 6.78 0.227
24-Feb-11 70085.0 6.71 6.49 6.77 0.226
25-Feb-11 72005.0 6.57 6.17 6.80 0.226
26-Feb-11 0.0 6.79 6.59
28-Feb-11 79930.0 6.5/5.5 6.94 6.49 7.00 0.226

*Weighted.Avg.Rates

Call Money Mibor USD Libor
7.00 0.238
0.236
6.80 0.234
0.232
6.60
0.230

6.40 0.228
0.226
6.20 0.224
1-Feb-11

3-Feb-11

5-Feb-11

7-Feb-11

9-Feb-11

11-Feb-11

13-Feb-11

15-Feb-11

17-Feb-11

19-Feb-11

21-Feb-11

23-Feb-11

25-Feb-11

27-Feb-11


Debt Market Yields

Constant Maturity Yields for Government Bonds - February 2011
>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-Feb-11 7.05 7.40 8.17 8.45 8.45
2-Feb-11 7.35 8.16 8.21 8.48 8.51
3-Feb-11 7.10 7.41 8.16 8.19 8.55 8.52
4-Feb-11 7.08 8.13 8.24 8.48 8.59
7-Feb-11 7.04 7.42 8.17 8.26 8.52 8.58
8-Feb-11 7.06 8.24 8.24 8.49 8.63
9-Feb-11 7.00 7.98 8.45 8.19 8.24 8.47 8.57
10-Feb-11 7.11 7.63 8.64 8.35 8.59 8.21 8.50 8.56
11-Feb-11 7.07 7.65 8.60 8.22 8.54 8.61
14-Feb-11 7.09 7.63 8.21 8.17 8.28 8.52 8.40
15-Feb-11 7.10 8.11 8.18 8.35 8.18 8.47 8.49
17-Feb-11 7.89 8.40 8.29 8.18 8.46 8.51
18-Feb-11 7.09 7.45 8.21 8.16 8.15 8.45 8.49
21-Feb-11 7.02 7.60 8.39 8.18 8.15 8.50 8.42
22-Feb-11 7.10 7.60 8.14 8.24 8.19 8.39 8.61
23-Feb-11 7.09 8.25 8.17 8.49 8.49
24-Feb-11 7.08 7.63 8.05 8.14 8.16 8.43 8.20
25-Feb-11 7.10 7.61 8.10 8.18 8.14 8.50 8.52
28-Feb-11 7.03 7.62 8.12 8.12 8.49 8.44

Average 7.07 7.41 7.62 7.89 8.26 8.12 8.26 8.26 8.19 8.48 8.50

Bond Yield Spreads over Gilts - February 2011
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 2.12 2.02 1.68 1.37 1.11 0.86 0.84 0.82 0.80 0.81 0.80 0.54
Bank 2.06 1.96 1.60 1.31 1.07 0.84 0.81 0.78 0.77 0.76 0.74 0.47
NBFC 2.44 2.41 2.05 1.70 1.44 1.20 1.19 1.19 1.24 1.32 1.36 1.09
Corporate 2.21 2.14 1.80 1.47 1.22 0.97 0.94 0.92 0.90 0.91 0.90 0.57
AA+
PSU 2.24 2.16 1.82 1.52 1.26 1.01 0.99 0.96 0.95 0.96 0.95 0.69
Bank 2.15 2.09 1.72 1.42 1.19 0.95 0.93 0.91 0.90 0.90 0.88 0.60
NBFC 2.54 2.63 2.32 2.05 1.83 1.62 1.64 1.65 1.65 1.69 1.70 1.55
Corporate 2.36 2.29 2.00 1.71 1.47 1.23 1.22 1.21 1.19 1.20 1.18 0.85
AA
PSU 2.38 2.30 1.99 1.69 1.44 1.20 1.17 1.13 1.12 1.13 1.12 0.86
Bank 2.28 2.21 1.89 1.62 1.39 1.15 1.12 1.08 1.07 1.06 1.04 0.79
NBFC 2.74 2.83 2.47 2.23 2.04 1.86 1.88 1.89 1.88 1.91 1.90 1.75
Corporate 2.56 2.54 2.25 2.01 1.77 1.53 1.52 1.51 1.49 1.50 1.48 1.15


Weighted Average YTMs

7.50
8.00
8.50
9.00
9.50
10.00
7.00
7.20
7.40
7.60
7.80
8.00
8.20
8.40
8.60
8.80
September 2012 April-2012
May-2012
January 2013 September-2013
November-2014

December 2013 June-2015

E-UpDates March 2011
September-2015
April-2016
January 2014
January-2017
April-2017
January 2014
July-2017
January-2018
May 2015 January-2018
April-2018
November-2018

13
December 2015
June-2019
January-2020
October 2016
Maturity Year
May-2020
Debt Market Yields

December-2020
November 2020
May-2021
Yields of Gsecs Traded in February 2011

May-2021
January 2021 February-2022
August-2022
January 2021 September-2022
Yields of Benchmark Corporate Bonds (AAA) - February 2011

February-2027

October 2021 August-2027
February-2032
August-2032

Surge Research Support
December 2022
August-2034
September-2035
December 2030
July-2040

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
Nov-10 5022 3058 105787.32 5037.49 7065715.34 21108.64 18954.82 19521.25 23.03 3.71 1.06
Dec-10 5034 3106 81425.54 3701.16 7294570.46 20552.03 19074.57 20509.09 22.93 3.73 1.05

Jan-11 5047 3048 69711.01 3485.55 6593176.31 20664.8 18038.48 18327.76 22.00 3.62 1.08

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

Nov-10 1536 1538 363993.00 17333.00 6894912.00 6338.50 5690.35 5862.70 24.39 3.81 1.03

Dec-10 1552 1623 295685.00 13440.00 7139310.00 6147.30 5721.15 6134.50 23.82 3.76 1.05
Jan-11 1558 1549 267332.00 13367.00 6441491.00 6181.05 5416.65 5505.90 22.84 3.65 1.08

*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.)
Nov-10 37 1.12 …. … … … … … 37 1.12 0.05
Dec-10 435 12.92 …. … … … … … 435 12.92 0.06
Jan-11 39 1.13 …. … … … … … 39 1.13 0.06

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.)

Nov-10 14761031 424789.14 18364437 539872.48 62618461 1902943.6 3055321 98240.98 98799250 2965846.19 141230.77

Dec-10 11406712 322793.26 15409764 432644.26 50684431 1519280.3 2741412 82391.22 80242319 2357108.95 107141.32

Jan-11 14095425 384484.41 14823064 411149.08 67038657 1962515.6 2771609 83684.81 98728755 2841833.90 142091.70


Index Movements

BSE: BSE Sensitive Index, Sensex (30 Scrips) (1978-79=100)
Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield
1-Feb-11 18425.18 18452.06 17982.17 18022.22 19.66 3.40 1.15
2-Feb-11 18216.91 18306.00 18042.61 18090.62 19.82 3.42 1.15
3-Feb-11 18113.73 18466.21 18064.61 18449.31 20.22 3.49 1.12
4-Feb-11 18450.07 18542.20 17926.98 18008.15 19.78 3.41 1.15
7-Feb-11 18135.02 18180.94 17977.01 18037.19 19.83 3.42 1.15
8-Feb-11 18141.51 18141.51 17742.18 17775.70 19.51 3.36 1.17
9-Feb-11 17723.99 17864.32 17508.35 17592.77 19.18 3.31 1.18
10-Feb-11 17603.29 17636.88 17362.59 17463.04 19.02 3.29 1.19
11-Feb-11 17519.13 17752.56 17295.62 17728.61 19.28 3.33 1.18
14-Feb-11 17940.16 18227.62 17857.12 18202.20 19.78 3.42 1.15
15-Feb-11 18260.08 18361.66 18050.48 18273.80 19.92 3.43 1.14
16-Feb-11 18273.06 18358.84 18216.12 18300.90 19.90 3.44 1.14
17-Feb-11 18345.12 18532.61 18233.79 18506.82 20.07 3.47 1.13
18-Feb-11 18564.08 18690.97 18159.82 18211.52 19.76 3.41 1.15
21-Feb-11 18238.54 18457.49 18082.66 18438.31 20.04 3.46 1.13
22-Feb-11 18390.72 18457.90 18187.33 18296.16 19.90 3.44 1.14
23-Feb-11 18233.77 18377.48 18150.01 18178.33 19.76 3.41 1.15
24-Feb-11 18135.12 18135.12 17559.70 17632.41 19.23 3.32 1.18
25-Feb-11 17775.08 17812.44 17469.97 17700.91 19.28 3.33 1.18
28-Feb-11 17811.08 18296.53 17718.88 17823.40 19.44 3.36 1.17

BSE NSE
5600

18550 5550
5500
18250 5450
5400
17950
5350
5300
17650
5250
17350 5200
1-Feb-11

2-Feb-11

3-Feb-11

4-Feb-11

7-Feb-11

8-Feb-11

9-Feb-11

10-Feb-11

11-Feb-11

14-Feb-11

15-Feb-11

16-Feb-11

17-Feb-11

18-Feb-11

21-Feb-11

22-Feb-11

23-Feb-11

24-Feb-11

25-Feb-11

28-Feb-11


NSE: S&P CNX Nifty (50 Scrips)(Nov.3, 1993=100)
Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield
1-Feb-11 5537.30 5539.15 5402.00 5417.20 20.70 3.42 1.15
2-Feb-11 5469.55 5490.60 5415.65 5432.00 20.80 3.43 1.15
3-Feb-11 5430.45 5532.65 5418.00 5526.75 21.16 3.49 1.13
4-Feb-11 5519.90 5556.30 5369.05 5395.75 20.67 3.40 1.15
7-Feb-11 5430.15 5440.35 5376.95 5396.00 20.69 3.41 1.15
8-Feb-11 5432.35 5432.35 5303.40 5312.55 20.35 3.35 1.17
9-Feb-11 5293.05 5339.45 5225.65 5253.55 20.12 3.32 1.19
10-Feb-11 5246.05 5272.60 5196.80 5225.80 20.01 3.30 1.19
11-Feb-11 5219.65 5319.45 5177.70 5310.00 20.34 3.35 1.17
14-Feb-11 5340.25 5463.80 5340.25 5456.00 20.86 3.45 1.14
15-Feb-11 5467.75 5506.50 5408.35 5481.00 20.96 3.47 1.13
16-Feb-11 5467.60 5504.80 5460.35 5481.70 20.95 3.47 1.13
17-Feb-11 5501.70 5553.00 5463.40 5546.45 21.19 3.51 1.12
18-Feb-11 5557.55 5599.25 5441.95 5458.95 20.86 3.46 1.14
21-Feb-11 5456.60 5526.25 5413.10 5518.60 21.09 3.49 1.13
22-Feb-11 5504.40 5519.45 5437.30 5469.20 20.90 3.46 1.14
23-Feb-11 5452.45 5495.20 5427.55 5437.35 20.82 3.44 1.14
24-Feb-11 5408.75 5423.40 5242.50 5262.70 20.15 3.33 1.18
25-Feb-11 5321.05 5338.20 5232.75 5303.55 20.31 3.36 1.17
28-Feb-11 5330.15 5477.00 5308.60 5333.25 20.42 3.38 1.17

FUTIDX-NIFTY Futures
(Expiry 24-Feb-11)

Open High Low Close Settlement Price No. of contracts Change in OI
1-Feb-11 5542.0 5542.0 5411.2 5429.2 5429.2 594033.0 1841300.0
2-Feb-11 5491.3 5510.0 5421.7 5442.5 5442.5 511387.0 -237150.0
3-Feb-11 5431.0 5545.9 5425.0 5539.0 5539.0 461163.0 -172150.0
4-Feb-11 5528.0 5566.1 5356.5 5387.0 5387.0 668227.0 2891050.0
7-Feb-11 5400.0 5444.5 5370.1 5394.1 5394.1 418123.0 -265800.0
8-Feb-11 5411.3 5421.0 5303.6 5314.5 5314.5 469506.0 796450.0
9-Feb-11 5305.0 5347.9 5228.0 5261.0 5261.0 665458.0 388950.0
10-Feb-11 5250.0 5285.0 5210.2 5230.2 5230.2 619926.0 -48750.0
11-Feb-11 5241.0 5329.9 5175.1 5317.5 5317.5 608254.0 494450.0
14-Feb-11 5346.0 5467.6 5336.0 5455.7 5455.7 529377.0 -484400.0
15-Feb-11 5456.0 5504.0 5397.5 5476.1 5476.1 508123.0 -106550.0
16-Feb-11 5481.2 5508.2 5458.6 5485.3 5485.3 347916.0 147750.0
17-Feb-11 5494.0 5550.0 5460.1 5546.3 5546.3 370956.0 296350.0
18-Feb-11 5566.2 5589.0 5436.1 5453.7 5453.7 634023.0 -1072800.0
21-Feb-11 5451.0 5539.0 5411.0 5528.2 5528.2 496119.0 -1506950.0
22-Feb-11 5500.0 5520.0 5428.2 5470.4 5470.4 637286.0 -2933150.0
23-Feb-11 5456.3 5501.8 5426.5 5435.8 5435.8 494484.0 -5404450.0
24-Feb-11 5418.6 5430.0 5251.0 5265.3 5262.7 690296.0 -2390200.0


Capital Market Flows
Mutual Funds Investment Trends
Gross Purchases Gross Sales Net Investment
Equity (Rs Crores) (Rs Crores) (Rs Crores)
1-Feb-11 421.1 643.8 -222.7
2-Feb-11 914.5 449.0 465.5
3-Feb-11 663.4 525.4 138.0
4-Feb-11 570.3 591.5 -21.2
7-Feb-11 451.9 471.5 -19.6
8-Feb-11 557.9 573.9 -16.0
9-Feb-11 585.3 788.9 -203.6
10-Feb-11 678.8 599.9 78.9
11-Feb-11 679.3 425.6 253.7
14-Feb-11 589.7 398.2 191.4
15-Feb-11 559.4 795.6 -236.2
16-Feb-11 392.9 598.9 -206.0
17-Feb-11 818.7 370.2 448.4
18-Feb-11 885.3 843.9 41.4
21-Feb-11 247.0 428.0 -181.0
22-Feb-11 617.3 414.6 202.8
23-Feb-11 731.2 417.5 313.7
24-Feb-11 1234.5 1080.5 154.0
25-Feb-11 556.7 617.1 -60.4
28-Feb-11 1050.6 744.6 306.0

Total for Month 13205.8 11778.6 1427.1

Gross Purchases Gross Sales Net Investment
Debt (Rs Crores) (Rs Crores) (Rs Crores)
1-Feb-11 1698.7 1105.2 593.5
2-Feb-11 3304.5 1337.6 1966.9
3-Feb-11 1964.0 1217.8 746.1
4-Feb-11 4263.9 893.6 3370.3
7-Feb-11 3996.2 1509.0 2487.2
8-Feb-11 2551.5 1046.4 1505.1
9-Feb-11 5317.4 1149.2 4168.2
10-Feb-11 4828.9 2306.9 2522.0
11-Feb-11 3576.8 3223.3 353.6
14-Feb-11 3245.4 2648.5 596.9
15-Feb-11 2209.2 4508.3 -2299.2
16-Feb-11 0.0 0.0 0.0
17-Feb-11 1958.6 1768.7 189.9
18-Feb-11 2383.7 2226.0 157.7
21-Feb-11 1608.0 351.6 1256.4
22-Feb-11 2437.0 1335.9 1101.2
23-Feb-11 2083.1 1190.7 892.3
24-Feb-11 3531.6 1344.8 2186.7
25-Feb-11 3948.7 2187.7 1761.0
28-Feb-11 2974.2 3978.4 -1004.2

Total for Month 57881.4 35329.6 22551.6


Mutual Funds Asset Position

Mutual Funds Asset Position Private Sector Mutual Public Sector (of which)
Apr 2010-Jan 2011 Funds Mutual Funds UTI Total

Mobilisation of Funds 5,808,979.0 1,710,484.3 675,365.3 7,519,463.3

Net Inflow/ Outflow (-ve) of funds 66,473.8 -14,185.1 -3,528.1 52,288.7

566,177.1 124,903.3 64,760.5 691,080.4
Cumulative Position of Net Assets as
on Jan, 31, 2011 (%) 81.93% 18.07% 9.37% 100.00%
in Rs. Crore
ECB Dec-10
Automatic Route 2,350,535,707
Approval Route 1,065,452,290
Total ECB (& FCCB) 3,415,987,997
Value in USD
Includes FCCB and NCPS
FII Investments in Primary & Secondary Markets

Debt Gross Purchases Gross Sales Net Investment Net Investment
(Rs Crores) (Rs Crores) (Rs Crores) US($) million
1-Feb-11 1931.2 536.9 1394.3 303.4
2-Feb-11 1141.6 861.8 279.8 61.1
3-Feb-11
196.8 1688.4 -1491.6 -326.9
4-Feb-11 629.6 1.0 628.7 137.8
7-Feb-11 448.3 140.0 308.3 67.6
8-Feb-11 940.0 1040.0 -100.0 -21.9
9-Feb-11
626.9 1449.2 -822.3 -181.2
10-Feb-11 1217.3 532.6 684.6 151.0
11-Feb-11 336.6 1098.3 -761.7 -167.1
14-Feb-11 627.3 380.1 247.2 54.0
15-Feb-11 1983.2 734.5 1248.7 274.4
17-Feb-11 788.3 410.6 377.7 83.2
18-Feb-11 1827.8 1452.7 375.1 82.7
21-Feb-11 350.2 567.2 -217.0 -48.0
22-Feb-11 664.3 834.4 -170.1 -37.7
23-Feb-11 661.9 752.9 -91.1 -20.2
24-Feb-11 957.8 1254.3 -296.4 -65.6
25-Feb-11 344.9 598.3 -253.4 -55.9
28-Feb-11 1329.0 1354.1 -25.1 -5.5

Total for Month 17003.0 15687.3 1315.7 285.3
Total for 2011 43081.1 31588.6 11492.6 2537.0


Equity Gross Purchases Gross Sales Net Investment Net Investment
(Rs Crores) (Rs Crores) (Rs Crores) US($) million
1-Feb-11 2592.5 3493.0 -900.5 -196.0
2-Feb-11 3453.7 3879.4 -425.7 -92.9
3-Feb-11 3087.1 3133.2 -46.1 -10.1
4-Feb-11
2669.4 2007.6 661.8 145.0
7-Feb-11 2575.5 2351.1 224.4 49.2
8-Feb-11 2757.9 2757.2 0.7 0.1
9-Feb-11 3004.4 3536.0 -531.6 -117.1
10-Feb-11 3692.7 3977.4 -284.6 -62.8
11-Feb-11 3046.2 3891.7 -845.5 -185.5
14-Feb-11 3252.7 3687.1 -434.4 -94.9
15-Feb-11 3127.9 2899.5 228.4 50.2
17-Feb-11 4594.6 4419.0 175.6 38.7
18-Feb-11 2288.8 2202.8 86.1 19.0
21-Feb-11 2845.7 2601.2 244.5 54.1
22-Feb-11 2177.5 2216.2 -38.7 -8.6
23-Feb-11 2855.0 2762.6 92.4 20.5
24-Feb-11 3317.3 3330.5 -13.1 -2.9
25-Feb-11 3685.7 5935.5 -2249.8 -495.9
28-Feb-11 2826.8 3356.2 -529.4 -116.7

Total for Month 57851.4 62437.2 -4585.5 -1006.6
Total for 2011 115137.7 124536.3 -9398.6 -2060.1
No of Registered FII's :1703 as on 28.2.2011.

800.0 FII Equity MF Equity
500.0
Net Flows (Rs.Cr.)

200.0
-100.0
-400.0
-2249.8

-700.0
-1000.0
1-Feb-

8-Feb-

15-Feb-

22-Feb-
11

11

11

11

Apr.- Nov. 2010-11 Nov-10 Nov-09
Foreign Investment
Direct Investment 19,002 1,628 1,700
Portfolio Investment 32,797 -19,811 1,274
Total 51,799 -18,183 2,974
in USD Million


Commodity Futures & Spot Markets

Value of Trade on Commodity Exchanges (in Rs.Crore)
MCX NCDEX All Exchanges YoY % Growth
During 1st - 15th Feb ’11 452,060.42 110,968.28 597,253.74 52.91
During 16th -31st Jan ’11 447,344.01 88,399.07 563,264.81 64.39
During 1st - 15th Jan ’11 472,475.48 91,939.73 591,458.22 62.09

Commodity Futures & Spot Prices
Pulse: Chana Sugar Refined Soya Oil Metal: Gold Energy: Crude Oil
(100 Kgs) (100 Kgs) (10 Kgs) (10 Grams) (1 Bbl.)
Date Futures Spot Futures Spot Futures Spot Futures Spot Futures Spot
1-Feb-11 2573.0 2636.0 2999.0 2996.0 670.7 644.7 20131.0 19975.0 4327.0 4236.0
2-Feb-11 2573.0 2601.0 2989.0 2983.0 679.6 650.8 20021.0 19875.0 4292.0 4158.0
3-Feb-11 2573.0 2633.0 2989.0 2959.0 678.3 649.6 20343.0 19825.0 4292.0 4146.0
4-Feb-11 2573.0 2634.0 2936.0 2940.0 671.4 643.5 20257.0 20085.0 4231.0 4131.0
5-Feb-11 2573.0 2640.0 2918.0 2911.0 673.1 644.2 20270.0 20088.0 4233.0 4063.0
7-Feb-11 2573.0 2683.0 2922.0 2915.0 668.1 641.4 20162.0 20015.0 4152.0 4063.0
8-Feb-11 2650.0 2661.0 2902.0 2909.0 664.7 639.3 20324.0 19982.0 4109.0 3929.0
9-Feb-11 2629.0 2684.0 2897.0 2895.0 671.7 641.8 20400.0 20180.0 4133.0 3946.0
10-Feb-11 2629.0 2695.0 2912.0 2905.0 669.1 641.3 20427.0 20220.0 4136.0 3931.0
11-Feb-11 2604.0 2682.0 2912.0 2923.0 671.6 640.0 20353.0 20250.0 4089.0 3953.0
12-Feb-11 2604.0 2676.0 2941.0 2919.0 664.8 635.3 20340.0 20190.0 4091.0 3916.0
14-Feb-11 2604.0 2637.0 2933.0 2950.0 660.2 634.3 20370.0 20150.0 4093.0 3916.0
15-Feb-11 2604.0 2590.0 2932.0 2940.0 655.3 630.0 20500.0 20325.0 4009.0 3859.0
16-Feb-11 2604.0 2606.0 2944.0 2930.0 642.5 630.1 20506.0 20355.0 4027.0 3832.0
17-Feb-11 2604.0 2598.0 2928.0 2931.0 648.8 20516.0 20370.0 4030.0 3863.0
18-Feb-11 2604.0 2603.0 2941.0 2932.0 646.9 634.0 20538.0 20420.0 4069.0 3919.0
19-Feb-11 2604.0 2625.0 2955.0 2938.0 638.8 632.7 20548.0 20425.0 4072.0 3895.0
21-Feb-11 2604.0 2622.0 2946.0 2945.0 646.5 633.2 20730.0 20575.0 4304.0 3895.0
22-Feb-11 2604.0 2608.0 2940.0 2944.0 644.2 636.5 20787.0 20623.0 4314.0 3895.0
23-Feb-11 2604.0 2618.0 2962.0 2940.0 620.1 627.8 20984.0 20650.0 4526.0 4313.0
24-Feb-11 2604.0 2597.0 2969.0 2957.0 621.1 622.0 21096.0 20970.0 4552.0 4434.0
25-Feb-11 2604.0 2591.0 2976.0 2957.0 625.2 625.2 20918.0 20725.0 4434.0 4414.0
26-Feb-11 2604.0 2585.0 2957.0 2964.0 640.0 633.3 20961.0 20833.0 4462.0 4441.0
28-Feb-11 2604.0 2523.0 2931.0 2964.0 629.1 631.1 20923.0 20800.0 4444.0 4441.0

Multi Commodity Exchange of India. Futures: March contract; Gold: April contract


Commodity Futures & Spot Indices
Futures Index : MCXCOMDEX MCXAGRI MCXMETAL Spot Index : MCXSCOMDEX MCXSAGRI MCXSMETAL

1-Feb 3335.32 2775.81 4216.09 3262.84 2918.40 4147.56
2-Feb 3375.14 2961.53 4236.63 3304.92 2926.99 4194.43
3-Feb 3362.53 2969.93 4220.89 3295.66 2927.20 4197.61
4-Feb 3377.16 2960.08 4263.67 3300.44 2936.36 4190.42
5-Feb 3363.12 2945.28 4277.04 3308.79 2908.72 4231.90
7-Feb 3364.87 2939.32 4284.52 3287.33 2906.66 4247.32
8-Feb 3328.38 2932.42 4258.62 3285.45 2919.89 4252.76
9-Feb 3328.85 2933.49 4294.58 3243.83 2922.52 4226.15
10-Feb 3341.27 2964.74 4295.75 3267.74 2945.52 4264.68
11-Feb 3346.92 2978.93 4302.02 3256.65 2963.13 4245.25
12-Feb 3329.75 2973.30 4294.64 3269 2961.58 4261.68
14-Feb 3326.48 2957.59 4296.70 3253.43 2949.91 4259.90
15-Feb 3342.93 2962.86 4334.50 3250.44 2941.61 4271.22
16-Feb 3321.27 2965.57 4324.92 3263.28 2918.42 4314.99
17-Feb 3316.07 2944.04 4312.87 3245.81 2922.94 4294.70
18-Feb 3320.68 2946.05 4330.75 3236.44 2914.29 4274.54
19-Feb 3338.20 2926.52 4364.40 3267.56 2916.27 4317.19
21-Feb 3335.76 2907.53 4367.51 3264.58 2908.61 4329.52
22-Feb 3425.59 2921.63 4430.61 3284.83 2909.46 4381.98
23-Feb 3410.82 2921.63 4375.97 3352.94 2908.36 4357.06
24-Feb 3467.41 2870.74 4403.87 3350.89 2882.88 4330.51
25-Feb 3484.08 2855.79 4427.95 3394.27 2855.79 4347.97
26-Feb 3465.44 2861.02 4428.45 3367.51 2861.11 4339.32
28-Feb 3457.24 2742.27 4447.64 3412.95 2885.09 4378.18

Multi Commodity Exchange of India: Index Close

4500

4300

4100

3900
MCXSCOMDEX MCXSAGRI MCXSMETAL
3700 MCXCOMDEX MCXAGRI MCXMETAL

3500

3300

3100

2900

2700
1-Feb

3-Feb

5-Feb

7-Feb

9-Feb

11-Feb

13-Feb

15-Feb

17-Feb

19-Feb

21-Feb

23-Feb

25-Feb

27-Feb


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

USA 2.8 M01/ 5.2 M01/ 3.6 M01/ 1.6 0.23 3.46 M12/ -646.5 4.2 AAA/Stable
China 9.8 M12/ 13.5 M01/ 4.9 4.68 3.99 6.57 M01/ 176.8 2847.3 4.0 AA-/Stable
Singapore 12.5 M12 / 9.0 M12/ 4.6 0.44 2.43 1.27 M01/ 43.6 227.1 -4.2 AAA/Stable
Hong Kong 12.0 M01/ 10.5 M01/ 5.5 0.23 2.56 7.79 M01/ -41.3 268.6 -0.1 AA+/Stable
UK 1.7 M12/ 3.6 M01/ 4.8 M01/ 4.0 0.80 3.74 0.61 M12/-150.4 4.5 AAA/Stable
Germany 4.0 M12/ 9.9 M01/ 9.4 M02/ 2.0 1.10 3.20 0.72 M12/ 204.5 7.5 AAA/Stable
Netherlands 2.4 M12/ 4.7 M01/ 9.9 M01/ 2.0 1.10 3.38 0.72 M12/ 50.7 6.5 AAA/Stable
Saudi Arabia 2010/ 3.3 M01/ 5.3 0.75 3.75 2010/ 147.9 460.4 -19.6 AA-/Stable
Belgium 1.8 M11/ 6.3 M01/ 9.5 M02/ 3.4 1.10 4.26 0.72 M12/ 20.8 7.9 AA+/ -ve
South Korea 4.8 M01/ 13.7 M02/ 4.5 3.15 4.57 1128.00 M01/ 44.9 296.0 -5.4 A/Stable
Italy 1.3 M12/ 5.4 M01/ 5.1 M02/ 2.3 1.10 4.79 0.72 M12/ -36.5 14.1 A+/Stable
Malaysia 4.8 M12/ 4.2 M01/ 2.4 3.04 2.91 3.04 M12/ 34.1 106.5 0.3 A-/Stable
Japan 2.2 M01/ 4.7 M01/ 1.6 M01/ 0.0 0.16 1.23 81.7 M12/ 91.2 1.9 AA-/Stable
France 1.5 M12/ 7.0 M01/ 5.5 M01/ 1.8 1.10 3.60 0.72 M12/ -67.5 9.7 AAA/Stable
Brazil Q3/ 6.7 M01/ 2.5 M01/ 6.0 11.17 6.16 1.66 M02/ 21.7 296.3 -2.9 BBB-/Stable
Indonesia 6.9 M12/ 5.2 M02/ 6.8 9.84 4.79 8811.00 M01/ 21.9 92.2 -3.7 BB/+ve
Spain 0.6 M12/ 0.5 M01/ 6.8 M02/ 3.6 1.10 5.31 0.72 M12/ -69.3 12.3 AA/-ve
South Africa 3.8 M12/ 0.2 M01/ 3.7 5.58 8.53 6.86 M12/ 1.7 401.0 -4.0 BBB+/Stable
Thailand 3.8 M01/ 3.7 M01/ 3.0 2.60 3.56 30.5 M12/ 14.0 169.7 -5.6 BBB+/Stable
Taiwan 6.9 M01/ 17.2 M01/ 1.1 1.18 1.40 29.6 M01/ 9.9 387.1 -5.5 AA-/Stable

Euro area 2.0 M12/ 8.0 M01/ 6.1 M02/ 2.4 1.10 3.19 0.72 M12/ 0.3 8.8

India 8.2 M12/ 1.6 M01/ 9.3 7.14 8.33 44.9 M01/ -113.4 274.4 -10.5 BBB-/Stable

Note: Countries have been chosen according to their ranking by value of exports in 2008-09. A few countries have been omitted due to insufficient data.
GDP is for Q4 of 2010 unless otherwise mentioned.
# Trade balance for last 12 months. FX Reserves at end-January 2011. Exchange rate as on 2nd March 2011.
*% change of the major index in US$ terms, over 31st Dec 2010, as of 2nd March 2011.
**Foreign Currency Ratings by S&P.
For more Countrywise Indicators and Updates visit: www.ecofin-surge.co.in/at-a-glance.html

World Output, Inflation & Trade (% change, IMF Estimates, WEO Database)
7.0 15
GDP Inflation Trade
6.0
10
5.0
5
4.0
Trade

3.0 0

2.0
-5
1.0
-10
0.0

-1.0 -15
2008 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-Feb-11 3,231.32 12,040.16 1,307.59 5,957.80 10,274.50 23,482.95 3,184.74 37,618.10 67,847.00
2-Feb-11 3,252.46 12,041.97 1,304.03 6,000.10 10,457.36 23,908.96 3,211.12 37,948.75 66,688.00
3-Feb-11 3,322.04 12,062.26 1,307.10 5,983.30 10,431.36 3,211.12 37,739.08 66,765.00
4-Feb-11 3,239.94 12,092.15 1,310.87 5,997.40 10,543.52 3,211.12 37,451.84 65,269.00
7-Feb-11 3,256.76 12,161.63 1,319.05 6,051.00 10,592.04 23,553.59 3,192.18 65,362.00
8-Feb-11 3,220.88 12,233.15 1,324.57 6,091.30 10,635.98 23,484.30 3,185.36 37,565.65 65,771.00
9-Feb-11 3,178.62 12,239.89 1,320.88 6,052.30 10,617.83 23,164.03 3,150.56 36,986.94 64,218.00
10-Feb-11 3,141.01 12,229.29 1,321.87 6,020.00 10,605.65 22,708.62 3,103.39 36,652.13 64,578.00
11-Feb-11 3,184.94 12,273.26 1,329.15 6,062.90 22,828.92 3,077.27 37,011.49 65,756.00
14-Feb-11 3,285.84 12,268.19 1,332.32 6,060.10 10,725.54 23,121.06 3,104.42 36,998.93 66,558.00
15-Feb-11 3,297.31 12,226.64 1,328.01 6,037.10 10,746.67 22,899.78 3,080.66 36,951.25 66,341.00
16-Feb-11 3,300.75 12,288.17 1,336.32 6,085.30 10,808.29 23,156.97 3,094.72 37,074.93 67,571.00
17-Feb-11 3,347.63 12,318.14 1,340.43 6,087.40 10,836.64 23,301.84 3,082.83 37,226.43 67,685.00
18-Feb-11 3,305.32 12,391.25 1,343.01 6,083.00 10,842.80 23,595.24 3,086.92 37,522.30 68,067.00
21-Feb-11 3,353.53 6,014.80 10,857.53 23,485.42 37,242.05 67,259.00
22-Feb-11 3,316.65 12,212.79 1,315.44 5,996.80 10,664.70 22,990.81 3,019.12 36,781.55 66,440.00
23-Feb-11 3,302.22 12,105.78 1,307.40 5,923.50 10,579.10 22,906.90 3,001.85 36,464.07 66,910.00
24-Feb-11 3,187.36 12,068.50 1,306.10 5,920.00 10,452.71 22,601.04 2,973.08 36,446.56 66,949.00
25-Feb-11 3,204.15 12,130.45 1,319.88 6,001.20 10,526.76 23,012.37 3,025.16 36,880.20 66,903.00
28-Feb-11 3,235.60 12,226.34 1,327.22 5,994.00 10,624.09 23,338.02 3,010.51 37,019.70 67,383.00

Closing Values
International Stock Index Movements vs BSE Sensex ( Feb-2011, with 1st Feb=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 Nov-09 Dec-09 Jan-10 Nov-10 Dec-10 Jan-11
Index Number Fuel and Non-Fuel 140.82 140.83 145.99 164.66 174.59 181.58
Index Number Non-Fuel 140.82 145.92 149.89 177.55 187.31 196.32
Index Number Industrial Inputs 141.27 148.72 157.64 187.52 196.22 207.26
Index Number Food 137.12 139.52 138.77 165.77 176.97 183.30
Index Number Agricultural Raw Materials 107.40 111.22 112.82 140.95 146.65 156.66
Index Number Cotton 71.78 76.78 77.40 155.47 168.22 178.93
Index Number Metals 165.73 175.81 190.02 221.16 232.02 243.81
Index Number Fuel 140.82 137.85 143.71 157.12 167.15 172.96
Index Number Crude Oil 145.82 140.86 144.95 158.91 169.33 174.28
US Dollars per Metric Ton Aluminum 1956.55 2181.26 2230.15 2324.05 2356.67 2439.70
" Copper 6682.44 6976.98 7367.40 8458.42 9152.86 9533.20
" Zinc 2196.55 2374.04 2414.69 2283.30 2287.32 2375.81
US Cents per Metric Ton Iron Ore 99.26 105.25 125.91 160.55 168.53 179.63
USD per '000 Cubic Meters Natural Gas, H H, Louisiana 132.37 192.51 210.32 133.70 152.85 161.71
US Dollars per Barrel Crude Oil 77.56 74.88 77.12 84.53 90.07 92.66
" Crude Oil, Brent 77.04 74.67 76.37 85.67 91.80 96.29
" Crude Oil Dubai Fateh 77.63 75.49 76.64 83.74 89.18 92.19
" Crude Oil WTI 78.00 74.49 78.34 84.19 89.22 89.51
US Dollars per Metric Ton Palm oil 674.33 727.60 742.00 1059.01 1171.22 1238.57
US Dollars per Metric Ton Rice, Bangkok 566.25 606.00 598.00 543.14 536.78 527.50
US cents per Pound Rubber 116.74 127.47 139.79 195.32 215.28 250.36
US Dollars per Metric Ton Soybean Oil 854.24 867.40 838.22 1123.30 1208.33 1257.14
US Dollars per Metric Ton Soybeans 370.71 379.30 358.97 459.96 483.76 511.10
US cents per Pound Sugar, European 27.58 27.01 26.89 26.60 25.97 26.23
" Sugar, Free Market 22.77 24.90 21.91 28.90 31.09 32.09
" Sugar, U.S. 29.46 31.53 29.91 38.09 38.00 39.67
US Dollars per Metric Ton Sunflower Oil 1070.43 1132.91 1113.62 1395.77 1466.26 1528.95
US cents per Kg. Tea 361.05 374.22 338.67 331.68 352.13 368.10
US Dollars per Metric Ton Wheat, Mexico 211.04 206.25 201.51 274.08 306.52 326.54

*New series with Base 2005=100

Observed & Projected Price Movements, IMF WEO Database
Fuel and Non-Fuel Price Indices
2011

Cereals Price Index includes Wheat,
2010 Maize (Corn), Rice, and Barley

2009 Sugar Index European, Free market,
and U.S. Price Indices

2008 Crude Oil Index(Petroleum), Brent,
West Texas Intermediate, and the
Dubai Fateh
2007
Metals Price Index, Copper,
Aluminum, Iron Ore, Tin, Nickel, Zinc,
0 50 100 150 200 250 Lead, and Uranium Price Indices


Highlights of Economic Survey & Union Budget 2011-2012

Overview of the Economy
⇒ GDP is estimated to have grown at 8.6% in 2010-11, with agricultural growth showing strong
momentum and growing 5.4% compared with 0.4% last year, while manufacturing growth remained
at the previous year’s level at 8.8%. Demand –side GDP measured in constant prices is estimated to
grow at 9.7% in 2010-11. Compositionally positive shifts in demand are indicated with private final
consumption expenditure picking up, government expenditure decelerating and a pick-up in gross
fixed capital formation and net exports.
⇒ Exports in April-December 2010 up 29.5 per cent; imports up 19 per cent. Trade gap narrowed to
$82.01 billion in April-December 2010.
⇒ Data on IIP exhibited sharp volatility in the current fiscal with growth varying from 1.6% to 16.6%.
IIP growth during Apr-Dec is at 8.6%.
⇒ Services (excluding construction) growth slowed to 9.6% in 2010-11 from 10.1% in 2009-10.
⇒ Production of foodgrains in 2010-11 is likely to be 232.07 million tonnes as compared to 218.11
million tonnes last year.
⇒ Food inflation declined from a peak of 20.2% in February, 2010, to 8.6% in December, 2010.
⇒ In the current financial year (2010-11), overall average inflation from April-December 2010 at 9.4 per
cent, is the highest recorded in the last ten years. WPI inflation which peaked at 11% in April 2010
has come down to 8.4% by December. Build-up in FY 2010-11 (April-Dec) at 6.11% is lower than
the corresponding period of the previous year at 7.9%.
⇒ Gross Fiscal Deficit stands at 4.8 per cent of GDP, down from 6.3 per cent last year.
⇒ Savings rate has gone up to 33.7 per cent, while the investment rate is up at 36.5 per cent of GDP.
⇒ Net bank credit has grown by 59 per cent. Deposit growth was slow as real interest rates were
depressed.
⇒ India’s external debt stood at US$295 bn. at end-September, increasing by 12.8% over end-March
2010.

Economic Outlook
⇒ Economy expected to grow at 9% in 2011-12 with a margin of +/-0.25%.
⇒ Inflation is expected to be lower in 2011-12 with the measures taken by both the Government and the
RBI showing further lagged effect.
⇒ Current account deficit seen lower in 2011-12 with improvements in foreign trade and investment.

Budget Estimates for 2011-12
⇒ Gross Tax receipts are estimated at Rs. 9,32,440 crore an increase of 24.9% over the Budget
Estimates (BE) for 2010-11. Non-tax revenue receipts estimated at Rs. 1,25,435 crore.
⇒ Total expenditure proposed at Rs. 12,57,729 crore, an increase of 13.4% over BE for 2010-11, with
an increase of 18.3% in total Plan allocation and 10.9% in the Non-plan expenditure.
⇒ Effective Revenue Deficit estimated at 2.3 per cent of GDP in the Revised Estimates (RE) for 2010-
11 and 1.8 per cent for 2011-12. Fiscal Deficit brought down from 5.5 per cent in BE 2010-11 to 5.1
per cent of GDP in RE 2010-11. Fiscal deficit seen at 5.1 percent of GDP in 2010-11; 4.6 percent of
GDP in 2011-12 and 3.5 percent of GDP in 2013-14. All subsidy related liabilities to be brought into
fiscal accounting.
⇒ Net market borrowing of the Government through dated securities in 2011-12 to be Rs. 3.43 lakh
crore and an additional Rs.15,000 crore to be financed through Treasury Bills. Central Government
debt estimated at 44.2 per cent of GDP for 2011-12 as against 52.5 per cent recommended by the 13th
Finance Commission.


Tax Proposals
Direct taxes
⇒ Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs.
1,80,000 giving uniform tax relief of Rs. 2,000. Exemption limit enhanced to Rs. 2,50,000 and
qualifying age reduced to 60 years for senior citizens. Exemption limit for citizens, who are 80 years
or above raised to Rs. 5,00,000.
⇒ Surcharge for domestic companies reduced from 7.5% to 5% and for foreign companies from 2.5% to
2%.
⇒ Minimum Alternate Tax (MAT) rate increased from 18% to 18.5% of book profits. MAT to be levied
on developers of Special Economic zones (SEZs) and units in SEZ.
⇒ Concessional tax rate of 15% proposed on dividends received by the Indian companies from their
foreign subsidiaries during financial year 2011-12.
⇒ Investment linked deduction extended to housing projects under a scheme for affordable housing and
production of fertilizer.
⇒ DTC proposed to be effective from April 1, 2012.

Indirect taxes
⇒ The Budget has proposed to stay on course for transition to GST. Significant progress in establishing
IT infrastructure for introduction of GST.
⇒ Central Excise Duty maintained at standard rate of 10 per cent.
⇒ Nominal Central Excise Duty of 1 per cent has been imposed on 130 items entering in the tax net.
⇒ Lower rate of Central Excise Duty enhanced from 4 per cent to 5 per cent.
⇒ Parallel Excise Duty exemption granted for domestic suppliers producing capital goods needed for
expansion of existing mega or ultra mega power projects.
⇒ Peak rate of Custom Duty held at its current level.
⇒ Standard rate of Service Tax retained at 10 per cent, with proposals of expansion in the tax base.

Some Proposals Related to Infrastructure, Agricultural and Social sector Development
⇒ Allocation to infrastructure in 2011-12 increased by 23.2% over the previous year.
⇒ To boost infrastructure development in railways, ports, housing and highways, tax free bonds of Rs.
30,000 crore proposed to be issued by Government undertakings during 2011-12.
⇒ Allocation for social sector in 2011-12, proposed at Rs.1,60,887 crore amounting to 36.4% of total
plan allocation and increased by 17% over the current year. Allocation for education increased by
24% over current year. Plan allocations for health stepped-up by 20%. Allocation for Bharat Nirman
programme proposed to be increased by Rs.10,000 crore from the current year to Rs.58,000 crore in
2011-12. Plan to provide Rural Broadband Connectivity to all 2,50,000 Panchayats in the country in
three years.
⇒ Credit flow for farmers raised from Rs.3,75,000 crore to Rs.4,75,000 crore in 2011-12.
⇒ Interest subvention enhanced from 2% to 3% for providing short-term crop loans to farmers who
repay their crop loan on time.
⇒ NABARD's capital base to be strengthened by infusing Rs.3000 crore, as Government equity in a
phased manner.
⇒ To attract investment in the cold storage sector, capital investment in the creation of modern storage
capacity to be eligible for viability gap funding scheme of the Finance Ministry. Cold chains and
post-harvest storage to be recognized as an infrastructure sub-sector. Full exemption from excise duty
extended to certain machinery required for this sector.
⇒ To ensure greater efficiency, cost effectiveness and better delivery for of kerosene, LPG and
fertilisers, Government to move towards direct transfer of cash subsidy to people living below
poverty line in a phased manner.
⇒ Mortgage Risk Guarantee Fund proposed under Rajiv Awas Yojana to guarantee housing loans taken
by Economically Weaker Sections and LIG households and enhance their credit worthiness.


⇒ For removal of production and distribution bottlenecks for items (constituting 70% of WPI basket of
primary food articles) contributing to the recent inflationary pressure, allocations under the ongoing
Rashtriya Krishi Vikas Yojana increased from Rs.6,755 crore in 2010-11 to Rs.7,860 crore in 2011-
12.
⇒ Allocation of Rs.400 crore to improve rice based cropping system in Eastern India. Allocation of
Rs.300 crore each to promote: 60,000 pulses villages in rainfed areas; 60,000 hectares under oil palm
plantations; implementation of vegetable initiative; higher production of nutritious millets like Bajra,
Jowar, Ragi and others; animal based protein production through livestock development, dairy
farming, fisheries etc; and fodder development in 25,000 villages.
⇒ State Governments to review and enforce a reformed Agriculture Produce Marketing Act.

Some Proposals Related to the Investment Environment
⇒ Notified infrastructure debt funds to attract foreign funds for financing of infrastructure proposed; a
reduced withholding tax rate of 5% (instead of the current rate of 20%) to apply to interest payment
on the borrowings of these funds; and income of the funds to be exempt from tax.
⇒ FII limit for investment in corporate bonds issued in infrastructure sector raised.
⇒ Additional deduction of Rs.20,000 for investment in notified long-term infrastructure bonds extended
⇒ Disinvestment receipts for 2011-12 estimated at Rs. 40,000 crore.
⇒ SEBI registered MFs permitted to accept subscription from foreign investors who meet KYC
requirements for equity schemes.
⇒ Discussions underway to further liberalise the FDI policy.
⇒ Amendments proposed to the Banking Regulation Act in the context of additional banking licences to
private sector players to be considered.
⇒ Legislative changes to be introduced in Insurance and Pension funds sectors. Changes are also
proposed to Acts related to bank debt recovery.
⇒ Self assessment to be introduced in Customs to modernize the Customs administration.
⇒ Proposal to introduce simplified scheme for refund of taxes paid on services used for export of goods.
⇒ Mega Cluster Scheme to be extended for leather products and handicrafts.
⇒ Recapitalisation for PSBs and RRBs include Rs.6,000 crore allocated to enable PSBs to maintain a
minimum of Tier I CRAR of 8% and Rs.500 crore for RRBs to maintain a CRAR of at least 9% as on
March 31, 2012.
⇒ Keeping in mind the recent problems related to Micro Finance Institutions, India Microfinance Equity
Fund of Rs.100 crore is proposed to be created with SIDBI and Women’s SHG’s Development Fund
to be created with a corpus of Rs.500 crore.
⇒ Rs.5,000 crore to be provided to SIDBI for refinancing incremental lending by banks to Micro Small
and Medium Enterprises. Rs.3,000 crore to be provided to NABARD to provide support to handloom
weaver co-operative societies.
⇒ Provision under Rural Housing Fund enhanced to Rs.3,000 crore.
⇒ Existing housing loan limit for dwelling units under priority sector lending enhanced to Rs.25 lakh.

Summary by Surge Research Support
February 2011


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