date: april 30, 2019.… · mutual fund & debt – weekly report 10 year g-sec benchmark movement:...

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RETAIL RESEARCH

MUTUAL FUND & DEBT – WEEKLY REPORT

Date: April 30, 2019

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RETAIL RESEARCH


Weekly Statistics

Key Indices 26-Apr-2019 % Chg

Sensex 39,067 -0.19%

Nifty 50 11,755 0.02%

Dow Jones 26,543 -0.06%

Nasdaq 8,146 1.85%

DAX 12,315 0.76%

Shanghai 3,086 -5.04%

Hang Seng 29,605 -1.20%

Nikkei 22,259 0.76%

Bovespa 96,236 1.75%

Jakarta Composite 6,401 -1.63%

Mutual Fund Categories watch

Category Name 1 Week

Absolute

1 Month

Absolute

3 Month

Absolute

6 Month

Absolute

1 Year

CAGR

3 Year

CAGR

Equity - LARGE -0.30 1.59 7.28 13.24 2.09 11.89

Equity - MID -1.17 0.49 5.33 10.08 -8.17 10.76

Equity – SMALL -1.21 0.85 6.71 10.63 -14.76 10.96

Equity – MULTI -0.52 1.54 6.92 12.22 -0.50 12.48

Equity - Focused -0.37 2.34 8.63 14.27 2.18 13.30

Equity - Banking -0.37 1.81 10.18 21.26 9.08 18.55

Equity - Auto -4.62 1.58 2.51 1.00 -23.69 3.21

Equity – Infra -0.91 0.91 9.16 14.92 -8.86 10.41

Equity – FMCG -1.05 1.31 4.62 11.14 -1.19 14.79

Equity – Infotech 2.28 3.91 5.90 12.68 10.01 13.16

Equity – Pharma 0.46 2.42 3.17 5.97 3.65 -0.21

Equity – ELSS -0.65 1.51 7.14 12.91 -2.73 12.65

Hybrid – Aggressive -0.32 1.23 5.63 10.66 2.16 10.64

Hybrid - Arbitrage 0.14 0.74 1.48 2.70 5.70 5.90

Hybrid – Conservative -0.07 0.79 3.10 6.23 5.80 7.03

Hybrid – Dynamic -0.15 1.05 3.98 7.52 3.80 9.33

Gold ETFs 1.36 -0.63 -1.67 -1.11 0.86 1.50

Debt – Banking -0.03 0.24 2.12 4.81 7.71 7.23

Debt – Corporate -0.04 0.22 1.81 4.71 7.04 6.94

Debt – Dynamic 0.03 0.01 1.84 4.61 7.01 6.76

Debt - Liquid 0.14 0.63 1.75 3.61 6.98 6.84

Debt – Short Duration -0.06 0.31 1.81 4.28 6.93 6.97

Debt – Medium Duration -0.08 0.03 1.35 3.78 5.96 7.13

Debt – Gilt 0.19 0.06 1.94 5.34 8.16 7.07

Note: Returns are as on Apr 26, 2019.

Equity markets

Sensex reported small losses while nifty ended almost flat. Broader market witnessed selloff amid volatile crude oil prices and expiry of April F&O contracts. World equity markets slipped amid global growth worries. In the week ended April 26, the Sensex fell 72.95 points or 0.19% to settle at 39,067.33. The Nifty 50 index rose 1.85 points or 0.02% to settle at 11,754.65. The BSE Mid-Cap index fell 318.58 points or 2.07% to settle at 15,063.99. The BSE Small-Cap index fell 207.82 points or 1.38% to settle at 14,813.38. Shares of oil exploration and production companies rose in tandem with crude oil prices. Higher crude oil prices would result in increase in realisations from crude sales for oil exploration firms. IT stocks also advanced during the week as rupee weakened. On the global front, the Trump administration said it would impose sanctions on countries who were exempted earlier for oil imports from Iran. Asian countries namely China, India, Japan and South Korea are major importers of Iranian Oil. The US economy grew by an annualized 3.2% in the first quarter of 2019, beating market expectations of 2%. Growth was mainly supported by personal consumption expenditures (PCE), private inventory investment, exports, state and local government spending, and non-residential fixed investment. Bank of Japan left its policy rate unchanged and pledged to keep the interest rate lower. Japan’s central bank lower growth and price projections for 2020. Outlook for the current week

Fourth quarter results, macro-economic data, trend in global markets, the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in the near week. Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will also be monitored. India’s general elections has kicked off and whose results will be announced on May 23. Britannia Industries, Dabur India, Tata Power, HUL will announce their Q4 results. US Federal Reserve officials will meet on May 1 to decide on the interest rates. India’ manufacturing PMI data will be released on May 2. Global markets

U.S. stocks generated modest gains for the week, with the technology-heavy Nasdaq Composite Index and smaller-cap benchmarks outperforming large-cap indexes. The S&P 500 Index hit record highs on Tuesday. Trading volumes continued to be lacklustre despite many major companies reporting quarterly earnings numbers. Technology bellwether Microsoft posted strong quarterly earnings, pushing its market capitalization briefly above $1 trillion and boosting the Nasdaq Composite. The pan-European STOXX Europe 600 Index was slightly higher this week as first-quarter earnings season got into full swing. About 26% of European companies have reported results and have shown to positive earnings surprises. Chinese stocks posted their biggest weekly decline since October 2018 amid fears that Beijing would dial back policy support after China’s economy grew more than expected in the first quarter.

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RETAIL RESEARCH


10 Year G-sec Benchmark movement:

New Benchmark rate (7.26% GS 2029) is taken from March 26

Liquidity:

Debt Securities Benchmarks watch: Debt (%) 26-Apr 18-Apr Change (bps)

Call Rate 6.12 6.08 4

TREP 6.01 5.98 3

Repo 6.00 6.00 -

Reverse Repo 5.75 5.75 -

10 Year G sec 7.41 7.42 -1

LIBOR – UK 0.83 0.82 1

LIBOR – USA 2.58 2.58 -

LIBOR – Europe -0.36 -0.35 -1

G sec Markets

Gsec yields rose on 22nd Apr tracking surge in crude oil prices, which escalated concerns over widening current account deficit. Besides, depreciation in the local currency also weighed down on the bond market sentiment. Yield on the 10-year benchmark paper (7.26% GS 2029) rose 5 bps to 7.47% compared with the previous session’s close of 7.42%. Gsec yields remained unchanged on 23rd Apr as early losses from surge in crude oil prices were compensated by investors’ short covering. However, the overall bond market sentiment is subdued owing to the steep surge in crude prices. Yield on the 10-year benchmark paper (7.26% GS 2029) stood unchanged at 7.47%.

Gsec yields dropped on 24th Apr following the central bank’s announcement of conducting an open market operation in the next month. The RBI declared its plan of purchasing notes worth Rs. 250 billion. Yield on the 10-year benchmark paper (7.26% GS 2029) dropped 5 bps at 7.42%. Gsec yields moved up on 25th Apr with the steep surge in crude oil prices and depreciation in the local currency. Yield on the 10-year benchmark paper (7.26% GS 2029) rose 2 bps at 7.45%.

Gsec yields declined on 26th Apr after sharp fall in crude prices. Yield on the 10-year benchmark paper (7.26% GS 2029) declined 4 bps at 7.41% compared with the previous session’s close of 7.45% after trading in a range of 7.40% to 7.45%. Outlook for the week

We feel that the new 10-year G Sec yields could trade in the 7.35% - 7.55% band for the week.

Liquidity, Call & TREP

RBI infused average gross liquidity via Repo under LAF window worth Rs 19,015 Cr in this week compared to an infusion of Rs 8,631 Cr in previous week. Average infusions via the MSF route stood at Rs 2,652 Cr. The weighted average Call rate ended at 6.12% compared to 6.08%in the previous week. The weighted average TREP ended at 6.01% compared to 5.98% in the previous week close.

T Bill

RBI announced results of the auction of the 91 Day T-bill, 182 Day T-bill and 364 Day T-bill for a notified amount of Rs 9,000cr, Rs 7,000cr and Rs 4,000cr respectively held on 24th April. The cut-off rate for 91 Day T-Bill came in at 6.40%, 182 Day T-Bill at 6.48%, and that of 364 Day T-Bill at 6.50%. RBI announced auctions of 91 Day T-bill, 182 Day T-bill and 364 Day T Bill for a notified amount of Rs 9,000cr, Rs 7,000cr and Rs 4,000cr respectively held on 30th April.

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RETAIL RESEARCH


AAA Corporate Bond Spread over Gsec: Security 26-Apr 18-Apr

1 Year 104 101

3 Year 73 75

5 Year 63 71

10 Year 89 88

Forthcoming Auctions: Security Date of Auction Value (Rs. Crs)

91 D T Bill 30-Apr-2019 9,000

182 D T Bill 30-Apr-2019 7,000

364 D T Bill 30-Apr-2019 4,000

Certificates of Deposits: Maturity 26-Apr 18-Apr

3 Months 7.36 6.95

6 Months 7.50 7.30

1 Year 7.80 7.55

Commercial Papers: Maturity 26-Apr 18-Apr

3 Months 7.30 7.30

6 Months 7.55 7.60

1 Year 8.00 7.90

Commodity Update: 26-Apr 18-Apr % Change

Brent Crude Oil ($/bbl) 71.63 71.97 -0.47

Gold (oz/$) 1289.40 1278.4 0.86

Corporate debts

The 10-year AAA bond was seen trading at 8.43%, as against 8.44% in the previous week.

The 1-year AAA yield was seen trading at 7.75%, as against 7.65% in the previous week.

Currency

The USD appreciated against the Euro by 0.88% for the week ended 26th Apr 2019.

The USD depreciated against the Yen by 0.26% for the week ended 26th Apr 2019.

The USD appreciated against the pound by 0.67% for the week ended 26th Apr 2019.

Gold & Crude oil Gold prices gained as first-quarter US GDP data weighed on Treasury bond yields and the

Dollar. Gold prices closed at US $1289.4 per ounce, as against US $1278.4 in the previous week.

Crude oil prices saw volatile movement during the week. Global oil prices rose in the wake of

President Donald Trump’s decision to impose sanctions on nations that import Iranian oil. Downward pressure in oil prices was seen in later part of the week after U.S. President Donald

Trump openly pressured OPEC and its de-facto leader Saudi Arabia to raise output to meet supply

shortage. Brent crude oil prices closed at US $71.63 per barrel, compared to US $71.97 in the

previous week.

Movements of G sec Benchmark Yields across maturities in the last one month.

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RETAIL RESEARCH


Mutual Fund Scheme Analysis:

Reliance ETF Junior BeES

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RETAIL RESEARCH


Reliance ETF Junior BeES is an open ended ETF that is benchmarked to Nifty Next 50 Index. The NIFTY Next 50 Index represents 50 companies from NIFTY 100 after excluding the NIFTY 50 companies. NIFTY Next 50 is an index that represents the performance of 50 large cap stocks which come after the top 50 (NIFTY 50) in order of free float market capitalization in NIFTY 100. NIFTY Next 50 thus represents companies which are presently below the NIFTY 50 index constituents in terms of free float market cap and may be potential candidates for inclusion in NIFTY 50 in future, subject to index criteria.

Reliance ETF Junior BeES portfolio is well diversified across 14 sectors with top 5 sectors represents 76% of its portfolio and at stock level where total weight of top 10 stocks is about 35.4%. NIFTY Next 50 index has historically significantly outperformed NIFTY 50 index since its inception for longer investment horizon.Being a passively managed fund, ETFs have lower expense ratio and better transparency in the stocks. ETFs also stays ways from the risk of fund manager’s bias.

The ETF is mainly concentrated in Consumer, Finance and Pharma sector aggregating to ~58%. Tracking error of ETFs following Nifty Next 50 benchmark is almost same across the schemes. Out of the three ETF in this space, Reliance Junior ETF BeES has good volume and large corpus making an ideal safe bet. Though the fund has corrected sharply in the past 6 months, these 50 stocks have good growth potential to become leaders in their respective sectors. Suitable for first time investors and investors looking for relatively stable return with diversification benefit. Investors who want to create long term wealth by having moderate risk profile.

Nifty vs Nifty 50 movement for the past three years:

Reliance Junior Volumes & Price Movement:

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RETAIL RESEARCH


Mutual Fund Ready Reckoner:

EQUITY FUNDS

Scheme Name & ISIN NAV (Rs.)

Fund Size

(Rs Cr)

Returns Top Holdings

Crisil

Rank

Value Research

Rating

Morning Star

Rating Riskometer

6 Mos. 1 Year 3 Years 5 Years

Equity: Multi-cap (min 65% in Equity)

Kotak Standard Multicap

Fund (G) INF174K01336 35.48 21,682 8.43 11.47 17.90 18.77

Reliance Ind, HDFC Bk, ICICI

Bk, L&T, Axis Bank CPR 2 4 Star 4 Star

Moderately

High

Mirae Asset India Equity

Fund (G) INF769K01010 51.17 10,560 7.74 14.14 18.92 18.35

HDFC Bk, Reliance Ind, ICICI

Bk, Axis Bk, SBI CPR 1 5 Star 5 Star

Moderately

High

ICICI Pru Multicap Fund

(G) INF109K01613 295.61 3,167 4.20 9.79 16.00 16.26

ITC, NTPC, ONGC, SBI, Bharti

Airtel CPR 2 4 Star 3 Star

Moderately

High

UTI Equity Fund (G)

INF789F01513 144.06 8,649 6.84 12.07 15.14 15.00

Bajaj Fin, HDFC Bk, Indusind

Bk, Kotakmah Bk, Infosys CPR 1 3 Star 4 Star

Moderately

High

HDFC Equity Fund (G)

INF179K01608 681.21 20,465 11.07 15.11 18.74 15.48

SBI, ICICI Bk, Infosys, L&T,

Reliance Ind CPR 2 3 Star NA

Moderately

High

Equity: Large-Cap (min 80% in Large Cap)

AXIS Bluechip Fund (G)

INF846K01164 28.29 4,221 6.59 14.49 16.48 14.36

HDFC Bk, Bajaj Fin,

Kotakmah Bk, TCS, Infosys CPR 1 5 Star 4 Star

Moderately

High

Reliance Large Cap Fund

(G) INF204K01562 35.45 11,694 9.04 14.23 17.66 16.99

SBI, Axis Bk, HDFC Bk,

Infosys, L&T CPR 1 5 Star 4 Star High

HDFC Top 100 Fund (G)

INF179K01BE2 502.70 15,163 9.70 17.11 18.54 14.72

ICICI Bk, Reliance Ind, SBI,

Infosys, HDFC Bk CPR 2 4 Star 4 Star

Moderately

High

Equity: Large & Mid-Cap (min 35% each in Large & Mid-Cap)

Canara Robeco Emerging

Equities (G)

INF760K01167

94.45 4,190 7.10 4.66 19.44 24.78 ICICI Bk, HDFC Bk, Reliance

Ind, Axis Bk, SBI CPR 2 5 Star 5 Star

Moderately

High

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RETAIL RESEARCH


Invesco India Growth

Opport Fund (G)

INF205K01247

34.49 1,115 6.78 8.54 17.17 16.34 HDFC Bk, Reliance Ind, ICICI

Bk, IOC, L&T CPR 2 4 Star 4 Star

Moderately

High

Sundaram Large and

MidCap Fund (G)

INF903J01DT1

34.47 513 7.05 8.64 17.29 17.69 Axis Bk, Reliance Ind, ICICI

Bk, EIH, HDFC Bk CPR 1 4 Star 4 Star

Moderately

High

Equity: Mid-Cap (min 65% in Mid-Cap)

L&T Midcap Fund (G)

INF917K01254 135.48 3,733 4.66 -2.52 18.71 22.47

RBL Bk, City Union Bk,

Emami, Ramco Cements,

Cholamandalam Inv and Fin

CPR 2 5 Star 5 Star High

Franklin India Prima Fund

- (G) INF090I01809 974.09 6,491 8.75 1.59 15.25 20.04

HDFC Bk, Kansai Neralac

Paints, Ramco Cements, City

Union Bk, Apollo Tyres

CPR 2 4 Star 4 Star Moderately

High

AXIS Midcap Fund (G)

INF846K01859 36.42 1,891 5.96 9.08 17.62 19.25

City Union Bk, Info Edge

(India), Gruh Fin, Endurance

Tech, Torrent Pharma


High

Equity: Small Cap (min 65% in Small Cap)

HDFC Small Cap Fund (G)

INF179KA1RZ8 44.64 6,312 6.79 0.92 21.73 19.81

Balkrishna Ind, Aurobindo

pharma, NIIT Tech, Sonata

softw, Chambal

Fertilizers&chem

CPR 1 5 Star NA Moderately

High

AXIS Small Cap Fund (G) INF846K01K01

27.64 223 7.51 0.73 14.07 19.78

TCNS Clothing, Mas Fiancial Services, Gulf Oil Lubricants, Vinati Organics, Heidelberg

Cement India

NA 4 Star 3 Star Moderately

High

Equity: Dividend Yield (min 65% in equity, dividend paying stocks)

Principal Dividend Yield

Fund (G) INF173K01AC1 52.97 197 1.63 4.63 18.40 14.67

HUL, ITC, Infosys, TCS,

Reliance Ind NA NA NA

Moderately

High

Equity: Value (min 65% in Equity)

L&T India Value Fund (G)

INF677K01023 36.14 7,726 4.32 0.52 15.61 21.17

Reliance Ind, ICICI Bk,

Infosys, Axis Bk, SBI CPR 3 4 Star 4 Star

Moderately

High

pg. 9

RETAIL RESEARCH


HDFC Capital Builder

Value Fund (G)

INF179K01426

302.61 4,157 5.95 6.34 16.82 16.78 HDFC Bk, ITC, Reliance Ind,

Axis Bk, ICICI Bk CPR 2 3 Star NA

Moderately

High

Equity: Contra (min 65% in Equity)

Invesco India Contra Fund

(G) INF205K01189 48.77 3,252 5.98 8.50 18.86 19.84

HDFC Bk, ICICI Bk, Infosys,

Reliance Ind, Axis Bk CPR 2 5 Star NA

Moderately

High

Equity: Focused (min 65% in Equity & max 30 stocks)

SBI Focused Equity Fund

(G) INF200K01370 140.55 3,580 10.19 7.85 16.65 18.97

HDFC Bk, P&G hygiene, SBI,

Kotakmah Bk, Divi’s Lab CPR 2 4 Star NA

Moderately

High

Franklin India Focused Equity Fund (G) INF090I01981

41.46 7,445 11.16 9.95 15.49 19.29 HDFC Bk, ICICI Bk, SBI, Axis

Bk, IOC CPR 3 3 Star NA

Moderately

High

Equity: Sectorial (min 80% in a particular sector)

Mirae Asset Great

Consumer Fund (G)

INF769K01135 (FMCG)

34.84 646 8.05 9.81 20.31 17.84 HDFC Bk, ITC, Dabur India,

Maruti Suzuki, Nestle India NA NA NA High

ICICI Pru FMCG Fund - (G)

INF109K01415 (FMCG) 239.89 510 2.85 10.59 16.82 14.17

ITC, Nestle India, Marico,

HUL, VST industries NA NA NA High

DSP Nat Resou & New

Energy Fund (G)

INF740K01060 (Energy)

33.07 383 -1.55 -2.43 22.11 19.84 BPCL, ONGC, Coal India,

Petronet LNG, IOC NA NA NA High

ICICI Pru Banking & Fin

Serv (G)INF109K01BU5

(Fin Services)

65.47 2,604 20.39 14.70 27.12 22.30 ICICI Bk, SBI , HDFC Bk, Bajaj

Finserv, BoB NA NA 5 Star High

SBI Banking & Fin Services

Fund (G) INF200KA1473

(Fin Services)

17.99 632 18.77 22.00 26.57 - ICICI Bk, Gruh Fin, HDFC Bk,

Kotakmah, Axis Bk NA 5 Star 5 Star High

Franklin Build India Fund

(G) INF090I01AE7 (Infra) 42.82 1,122 11.47 8.36 16.87 21.89

SBI, ICICI Bk, HDFC Bk, Axis

Bk, IOC CPR 1 5 Star 5 Star High

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RETAIL RESEARCH


Reliance Pharma Fund (G) INF204K01968 (Pharma)

151.76 2,664 -4.10 13.48 5.51 11.72

Sun Pharma, Divi’s Lab,

Aurobindo Pharma, Cipla, Dr

Reddy

NA NA NA High

ICICI Pru Technology Fund

(G) INF109K01506

(Technology)

59.56 480 -3.19 17.63 13.08 14.31

Infosys, L&T infotech, Tech

Mahindra, Cognizant Techn

Oracle Fin Sev Software

NA NA NA High

Aditya Birla SL Digital

India (G) INF209K01140

(IT)

53.50 483 0.58 14.79 15.11 15.06 Infosys, Tech Mahindra, TCS,

HCL Tech, MindTree NA NA NA High

Equity: Thematic (min 80% in a particular theme)

UTI MNC Fund (G) INF789F01844 (MNC)

193.78 2,092 -0.07 2.58 10.75 17.70 HUL, Britannia Ind, Maruti

Suzuki, Mphasis, Sanofi India NA NA NA

Moderately

High

Aditya Birla SL MNC Fund - (G) INF209K01322 (MNC)

770.29 3,492 5.79 5.44 11.64 20.52

Honeywell Automation,

Pfizer, Gillette, Bayer

CropScience, KotakMahindra

Bk

NA NA NA Moderately

High

ICICI Pru US Bluechip

Equity Fund (G)

INF109K01E35

(International)

26.41 268 -4.21 16.96 13.11 11.08

Amazon (U.S.), Microchip

Techno (U.S.), Alphabet C,

Mondelez International,

Comcast Corp (U.S.)

NA NA NA High

Tata Ethical Fund - (G)

INF277K01956 (Shariah) 158.74 527 3.88 1.31 9.07 12.34

HUL, Britannia ind, Asian

Paints, Tech Mahindra, Bata

India

NA NA NA High

Equity: ELSS (min 80% in Equity)

Aditya Birla SL Tax Relief

'96 (G) INF209K01108 31.78 7,561 3.18 4.15 15.62 18.53

Reliance Ind, Honeywell

Auto, Gillette, Bayer

CropScience, Pfizer


High

AXIS Long Term Equity

Fund (G) INF846K01131 43.76 17,426 4.66 8.50 15.07 18.07

HDFC Bk, TCS, Kotakmah Bk,

Pidilite, Bajaj Fin CPR 1 5 Star NA

Moderately

High

Mirae Asset Tax Saver

Fund (G) INF769K01DK3 17.59 1,381 8.18 12.66 22.66 -


Bk, Axis Bk, L&T CPR 1 5 Star 5 Star

Moderately

High

pg. 11

RETAIL RESEARCH


HYBRID FUNDS


Fund Size

(Rs Cr)


Crisil

Rank

Value Research

Rating

Morning Star

Rating Riskometer


Hybrid: Aggressive (min 65% in Equity & min 20% in Debt)

Principal Hybrid Equity

Fund (G) INF173K01CL8 78.00 1,638 4.15 5.95 17.36 15.16

HDFC Bk, ICICI Bk, Reliance

Ind, Infosys, ITC

CPR 1 5 Star 4 Star

Moderately

High

HDFC Hybrid Equity Fund

(G) INF179K01AS4 54.44 21,404 8.72 7.16 14.27 16.17

HDFC Bk, Infosys, HDFC, ICICI

Bk, ITC CPR 3 4 Star 5 Star

Moderately

High

ICICI Pru Equity & Debt

Fund - (G) INF109K01480 134.44 25,467 5.45 7.63 15.22 15.23

ICICI Bk, NTPC, ONGC, ITC,

Bharti Airtel CPR 3 4 Star 5 Star

Moderately

High

Mirae Asset Hybrid Equity

Fund (G) INF769K01DE6 14.77 1,495 7.72 12.48 15.34 -


Bk, Axis Bk, CD: BoB CPR 1 5 Star 4 Star

Moderately

High

Hybrid: Arbitrage (min 65% in Equity & min 20% in Debt – making use of Arbitrage opportunities between cash and futures market)

Kotak Equity Arbitrage

Fund (G) INF174K01302 26.38 12,790 2.90 6.10 6.27 6.86

FD: HDFC Bk; Reliance Ind,

HDFC, HUL, Asian Paints CPR 2 5 Star NA Moderately Low

Reliance Arbitrage Fund

(G) INF204K01IY1 18.93 8,956 3.04 6.27 6.35 6.85

FD: HDFC Bk; Reliance Ind,

HDFC, TCS, Infosys CPR 1 4 Star NA Moderately Low

Hybrid: Equity Savings (min 65% Equity and min 10% Debt)

Kotak Equity Savings Fund (G) INF174K01C78

14.20 2,239 3.74 7.55 9.20 -

FD: HDFC Bk; Deb: Kotak

Mahindra Prime; Reliance

Ind, HDFC, Infosys

NA 4 Star NA Moderately

High

HDFC Equity Savings Fund

(G) INF179K01AM7 36.80 5,979 4.22 6.47 12.20 9.76

Reliance Ind, ICICI Bk, HDFC,

Infosys, NTPC NA 5 Star NA

Moderately

High

Hybrid: Conservative (max 25% in Equity and min 75% in Debt)

ICICI Pru Regular Savings

Fund (G) INF109K01902 42.59 1,589 6.25 8.14 10.91 11.41 NCD: Acqua Space

Developers, Nayara Energy, CPR 1 5 Star NA

Moderately

High

pg. 12

RETAIL RESEARCH


LIC hsg fin, Talwandi Sabo,

Prestige Estates Projects

HDFC Hybrid Debt Fund

(G) INF179K01AE4 45.85 3,119 6.69 6.09 9.26 10.01

GOI 2028, GOI 2024; Deb:

Tata Capital Fin, Reliance Jio,

Reliance Ind


High

Hybrid: Dynamic Asset Allocation

Aditya Birla SL Balanced

Advantage Fund (G)

INF084M01AB8

52.98 2,827 5.35 6.50 12.79 12.00 HDFC Bk, ITC, Infosys, ICICI

Bk, Coal India NA 5 Star NA

Moderately

High

ICICI Pru Balanced

Advantage Fund (G)

INF109K01BH2

35.34 28,499 5.75 6.72 11.87 12.06 HDFC Bk, HDFC, Infosys, ITC,

Axis Bk NA 4 Star 4 Star

Moderately

High

Hybrid: Multi Asset Allocation

SBI Multi Asset Allocation

Fund (G) INF200K01800 26.67 294 4.45 3.27 7.24 9.41

GOI 2028, Britannia Inds,

Godrej Consumer, Dabur

India, Piramal Enterprises,

Shree Cement

NA NA NA Moderately

High

DEBT FUNDS


Fund Size

(Rs Cr)


Crisil

Rank

Value Research

Rating

Morning Star

Rating Riskometer


Debt: Liquid

Franklin India Liquid Fund

- Super Inst (G)

INF090I01BG0

2787.00 11,909 3.83 7.61 7.25 7.81

CP: LIC Hsg Fin, Reliance

Retail, Edelweiss Asset

Reconstruction, Reliance Jio

CPR 3 5 Star NA Low

AXIS Liquid Fund (G)

INF846K01412 2064.29 28,010 3.74 7.52 7.23 7.76

CP: ONGC, Chennai

Petroleum, NABARD,

Reliance Retail; SDL:

Rajasthan

CPR 2 5 Star NA Low

pg. 13

RETAIL RESEARCH


L&T Liquid Fund (G)

INF917K01JH1 2552.61 17,014 3.72 7.48 7.21 7.74

CP: Tata Power, Tata Power,

Aditya Birla Fin, JSW Steel,

Reliance Ind

CPR 2 4 Star NA Low

Kotak Liquid - Regular (G)

INF174K01NI9 3771.24 35,086 3.68 7.39 7.16 7.71

RBI CMB; CP: PFC, REC, PNB;

RBI 91 Tbills CPR 1 3 Star NA Low

Debt: Overnight

SBI Overnight Fund (G)

INF200K01LQ9 3065.58 2,882 3.12 6.24 6.18 6.88 Reverse Repo, TREPS NA NA NA Low

Debt: Ultra Short Duration

SBI Magnum Ultra Short

Duration Fund (G)

INF200K01LJ4

4144.94 5,734 4.42 8.35 7.47 7.88

CP: Cholamandalam; Deb:

RMZ Infotech, Novy Mir

lightweighting, LIC Hsg Fin

CPR 2 4 Star NA Low

Aditya Birla SL Savings

Fund - Regular (G)

INF209K01LZ1

368.98 14,018 4.62 7.96 8.09 8.47

NCD: PFC, Vodafone Mobile

Serv, ONGC Petro; CP: L&T

Infra, Piramal Enterprises


Low

Debt: Low Duration

ICICI Pru Savings Fund -

Regular (G)

INF109K01746

358.58 17,060 4.49 7.62 7.91 8.31

Deb: Piramal Capital & Hsg

fin, Indiabulls Hsgfin; CP:

HDFC, REC, NABARD


Low

IDFC Low Duration Fund

(G) INF194K01FU8 26.49 3,375 4.59 7.60 7.76 8.18

Deb: NABARD, PFC; CD: Axis

Bk; CP: REC CPR 1 3 Star NA

Moderately

Low

Debt: Money Market

Aditya Birla SL Money

Manager Fund (G)

INF209K01RV7

250.28 7,690 4.43 8.37 7.55 7.97

RBI 91 Tbills; CD: PNB, Axis

Bk; CP: L&T, Vedanta, Tata

Power

CPR 2 5 Star NA Low

Franklin India Savings

Fund (G) INF090I01CA1 34.34 777 4.57 7.99 7.76 8.02

Securitised Debt: Axis Bk;

CD: HDFC Bk, NABARD; CP:

REC, L&T Finance


Low

Debt: Short Duration

pg. 14

RETAIL RESEARCH


HDFC Short Term Debt

Fund (G) INF179K01CU6 20.64 7,316 5.12 7.62 7.78 8.36

Deb: ONGC, Tata sons, PFC,

HUDCO, Tata Capital Fin Serv CPR 2 2 Star NA

Moderately

Low

Debt: Dynamic Bond

Kotak Dynamic Bond Fund

- Regular (G)

INF174K01FA2

24.26 558 6.96 8.85 8.81 8.95 Bonds: REC, LIC Hsg Fin, CP:

SIDBI, BoB; SDL: Rajasthan CPR 2 4 Star 5 Star

Moderately

Low

IDFC Dynamic Bond Fund

- Regular (G)

INF194K01QG4

22.33 1,943 7.15 8.21 7.92 8.89 Deb: NABARD, NHAI, IRFC;

SDL: Gujarat, Tamil Nadu CPR 2 3 Star 4 Star Low

Debt: Corporate Bond

Kotak Corporate Bond

Fund-Regular (G)

INF178L01BO1

2469.86 1,139 5.15 8.25 8.10 9.05

Deb: L&T Fin, PNB Hsg Fin,

Reliance retail, SP Jammu

Udhampur Highway


Low

HDFC Corporate Bond

Fund (G) INF179K01DC2 20.81 11,793 6.04 7.74 8.18 8.71

Deb: ONGC Petro, Reliance

Ind, LIC Hsg Fin, NHAI, HDFC CPR 2 4 Star 4 Star

Moderately

Low

Debt: Credit Risk

Franklin India Credit Risk

Fund (G) INF090I01ET7 19.58 7,157 5.87 8.49 9.17 9.21

Deb: Dolvi Minerals &

metals, Shriram Tranp Fin,

Vodafone idea, Adani Rail

infra, Renew power

CPR 2 4 Star 4 Star Moderate

Debt: Banking & PSU

Aditya Birla SL Banking &

PSU Debt Fund - (G)

INF209K01LV0

238.02 6,159 5.28 7.45 8.15 9.02

Deb: SBI , NABARD, IDFC

First; SO: ONGC Petro; CD:

Indusind Bk


AXIS Banking & PSU Debt

Fund (G) INF846K01CB0 1747.03 3,161 6.84 8.94 8.17 8.33

Deb/Bonds: NABARD, FCI,

Reliance Ind, SIDBI, PFC CPR 1 5 Star 4 Star

Moderately

Low

IDFC Banking & PSU Debt

Fund (G) INF194K01SN6 16.07 3,078 7.33 8.98 7.47 7.93

Deb: NABARD, Axis Bk, ICICI

Bk, HDFC, EXIM CPR 1 3 Star 4 Star

Moderately

Low

Debt: Gilt

pg. 15

RETAIL RESEARCH


UTI Gilt Fund (G) INF789F01661

40.89 457 5.87 7.27 9.12 10.30 GOI 2028, RBI Cash

Management Bill CPR 2 4 Star 4 Star Moderate

Aditya Birla SL Govt

Securities Fund (G)

INF209K01AC3

52.03 231 6.84 7.73 8.72 10.36 GOI 2028, GOI 2022; RBI

Tbills CPR 3 4 Star 5 Star Moderate

Reliance GSF (G) INF204K01BU4

24.83 929 7.39 8.93 9.18 10.39

GOI 2028, GOI 2023, GOI

2024; SDL: Gujarat State

2023


Debt: Floater

Aditya Birla SL Floating

Rate - LTP - (G)

INF209K01MG9

229.61 4,579 4.75 7.97 8.12 8.45

Bonds: PFC, NRSS XXIX

transmission; CP: Tata

Capital Fin, Tata Cleantech

NA NA NA Moderately

Low

OTHER FUNDS


Fund Size

(Rs Cr)


Crisil

Rank

Value Research

Rating

Morning Star

Rating Riskometer


Kotak Gold Fund (G)

INF174K01AT3 (FoF) 13.24 144 4.25 3.16 2.59 0.29 Kotak Gold ETF NA NA NA

Moderately

High

Franklin India Feeder -

Franklin US Opp. (G)

INF090I01EW1 (FoF)

30.27 789 -6.39 18.46 16.02 12.71 Franklin India

FeederFranklinUS NA NA NA High

UTI Nifty Index Fund (G)

INF789F01JN2 (Index) 75.64 1,127 6.70 15.94 16.31 12.61

HDFC Bk, Reliance Ind, HDFC,

Infosys, ITC CPR 3 3 Star NA

Moderately

High

HDFC Index Fund-Sensex

Plan INF179K01LA9

(Index)

341.91 310 6.92 18.08 16.82 12.64 HDFC Bk, Reliance Ind, HDFC,

Infosys, ITC CPR 3 3 Star NA

Moderately

High

ICICI Pru Nifty Next 50

Index Fund (G)

INF109K01IF1 (Index)

25.03 380 3.52 -0.92 15.77 16.29

Britannia Ind, Godrej

Consumer, Dabur India,

Piramal Enterprises

NA 5 Star NA Moderately

High

pg. 16

RETAIL RESEARCH


Note:

Categorisation is as per SEBI classification

NAV value as on March 29, 2019. Portfolio data as on Feb 28, 2019 wherever available.

Returns are trailing and annualized (CAGR).

The notations '5 Star, 5 Star & CPR 1' (used by VR, MS & Crisil respectively) are considered as top in respective rating and ranking scales while NA denotes that the scheme is unrated. CRISIL ratings as on Mar 2018. VR Ratings &

Morningstar Ratings are as on the latest date.

The performance of the funds are rated and classified by Value Research in the following ways: Top 10% funds in each category were classified ‘*****’ funds, the next 22.5% got a ‘****’ star, while the middle 35% got a ‘***’,

while the next 22.5% and bottom 10% got ‘**’ and ‘*’ respectively.

The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Scores, based on NAVs over the Quarter ended Sep 2016. Based on percentile of the number of schemes considered in a category, the

schemes are ranked as follows: CPR 1- Very good performance, CPR 2 - Good performance, CPR 3 - Average performance, CPR 4 - Below average performance and CPR 5 - Relatively weak performance in the category.

Morningstar ranks funds on a monthly basis. The funds are ranked on the basis of Morningstar Risk Adjusted Returns (MRAR). All funds in the category are sorted by three-year MRAR % rank in descending order. Starting with the

highest MRAR % rank, those funds with a rank that meets but does not exceed 10% receive a 5-star rating. Funds with a rank that meets but does not exceed 32.5% receive a 4-star rating. Funds with a rank that meets but does not

exceed 67.5% receive a 3-star rating. Funds with a rank that meets but does not exceed 90% receive a 2-star rating. The remaining funds receive 1 star.

Schemes shortlisted based on the corpus (1% of category corpus or Rs_500cr whichever is lesser), age and those open for fresh lump sum subscription. Final picks arrive from return score (respective weightage given for rolling

returns and trailing returns generated from the last 7 years NAV history for 1m, 3m, 6m, 1yr, 2yr & 3yr) and risk scores.

The Mutual Fund riskometer is a simple representation of the risk a fund carries. It is a level of risk involved in the particular scheme. Following are the level of risk in Mutual Fund schemes i.e. Low - principal at low risk, Moderately

Low - principal at moderately low risk, Moderate - principal at moderate risk, Moderately High -- principal at moderately high risk, High - principal at high risk. Schemes which have stopped accepting lump sum subscriptions have

not been considered.

pg. 17

RETAIL RESEARCH


al Fund News: Mutual Fund News Indiabulls Mutual Fund has proposed to change the name of the Indiabulls Value Discovery Fund to Indiabulls Value Fund with effect from May 30, 2019. Franklin Templeton Mutual Fund has decided to change the fund manager of the following schemes with effect from May 01, 2019.

Scheme Name Existing Revised

Franklin India Dynamic PE Ratio FoF Anand Radhakrishnan Paul S Parampreet

Franklin India Multi Asset Solution Fund Anand Radhakrishnan Paul S Parampreet

Edelweiss Mutual Fund has decided to change the fund manager of the following schemes with effect from April 30, 2019:


Edelweiss Long Term Equity Fund (Tax Savings) Harshad Patwardhan Harsh Kothari & Pratik Dharmshi

Edelweiss Tax Advantage Harshad Patwardhan Harsh Kothari & Pratik Dharmshi

Mirae Asset Mutual Fund has decided to change the benchmark of the following funds with effect from April 30, 2019:


Mirae Asset Tax Saver Fund S&P BSE 200 TRI Nifty 200 TRI

Mirae Asset Great Consumer Fund S&P BSE 200 TRI Nifty Consumption TRI

Quant Mutual Fund has proposed to change the name & benchmark of Quant Ultra Short Duration Fund to Quant Money Market Fund & CRISIL Ultra Short Term Debt Index to CRISIL Money Market Index, respectively with effect from May 31, 2019.

Forthcoming Dividends

Scheme Name Record

Date

Gross (Rs

/Unit) Ex-Div Date

ICICI Pru Equity & Debt Fund - (Div-M) 02-May-19 0.23 03-May-19

Essel 3 In 1 Fund (Div-M) 02-May-19 0.13 03-May-19

ICICI Pru Equity Savings Fund - Reg (Div-M) 02-May-19 0.05 03-May-19

Tata Equity Saving Fund - (Div-M) 03-May-19 0.08 06-May-19

Tata Hybrid Equity Fund - Regular (Div-M) 03-May-19 0.40 06-May-19

pg. 18

RETAIL RESEARCH


NFO

Scheme name Open Date Close Date Minimum Investments Tenure Structure

Balanced

SBI CPO Fund - Series A (Plan 3) - Regular (G) 02-05-2019 16-05-2019 5000 1441 Days CLOSE

Equity

ITI Multi Cap Fund (D)/ (G) 25-04-2019 09-05-2019 1000 OPEN

Mirae Asset Focused Fund (D)/ (G) 23-04-2019 07-05-2019 5000 OPEN

Principal Small Cap Fund (D)/ (G) 22-04-2019 06-05-2019 5000 OPEN

Fixed Maturity Plans

ICICI Pru FMP - Sr.86-1113Days Plan C-Reg (G) 02-05-2019 09-05-2019 5000 1113 Days CLOSE

ICICI Pru FMP - Sr.86-1113Days Plan C-Reg (Div-Q) 02-05-2019 09-05-2019 5000 1113 Days CLOSE

HDFC FMP-1100Days-Apr2019(1)(XLIV) (D)/ (G) 30-04-2019 07-05-2019 5000 1100 Days CLOSE

HDFC FMP-1100Days-Apr2019(1)(XLIV) (Div-Q) 30-04-2019 07-05-2019 5000 1100 Days CLOSE

UTI-FTI - Series XXXI-XIII(1127Days)-Reg (D)/ (G)/ (Div-A/Q) 22-04-2019 06-05-2019 5000 1127 Days CLOSE

UTI-FTI - Series XXXI-XIII(1127Days)-Reg (Flexi) 22-04-2019 06-05-2019 5000 1127 Days CLOSE

Aditya Birla SL FTP - Series SN (D)/ (G) 26-04-2019 06-05-2019 1000 1099 Days CLOSE

AXIS FTP - Series 106 - 1114Days (D)/ (G) 26-04-2019 06-05-2019 5000 1114 Days CLOSE

AXIS FTP - Series 106 - 1114Days (Div-Q) 26-04-2019 06-05-2019 5000 1114 Days CLOSE

Liquid Funds

Franklin India Overnight Fund - Regular (G)/ (Div-W)/ (Div-D)RI 07-05-2019 08-05-2019 5000 OPEN

Short Term Income Funds

Indiabulls Banking & PSU Debt Fund - Reg (G)/ (Div-M/W) 25-04-2019 09-05-2019 500 OPEN

pg. 19

RETAIL RESEARCH


Global updates: (Source: Websites)

India

• The value of loans in India increased 14.20% in April 12 over the same period in the previous year. • The value of deposits in India increased 10.60% in April 12 over the same period in the previous year. • Foreign Exchange Reserves in India decreased to 414.15 USD Billion in April 19 from 414.90 USD Billion in the previous week

Asia • Japan's core inflation picked up slightly in March from a year earlier, showed a 0.8 percent increase in the nationwide core consumer price index (CPI). • Japan's industrial activity was little changed in February compared to the previous month, the country's Ministry of Economy, Trade and Industry said in a new

report. The seasonally adjusted all industry activity index was just 2% lower in February on a monthly basis and stood at 106.0, compared to January's 106.2. • Japan's jobless rate rose in March while the availability of jobs held steady at a high level. The seasonally adjusted unemployment rate rose to 2.5 percent, against

economists' median forecast for 2.4 percent. • Industrial output in Japan was down a seasonally adjusted 0.9 percent on month in March, the Ministry of Economy, Trade and Industry said. On a yearly basis,

industrial production sank 4.6 percent - again missing forecasts for a fall of 3.8 percent following the 1.1 percent drop in the previous month. • Retail sales in Japan were up a seasonally adjusted 0.2 percent on month in March, the Ministry of Economy, Trade and Industry said. On a yearly basis, retail sales

climbed 1.0 percent - also beating forecasts for a gain of 0.8 percent and up from 0.6 percent in the previous month.

US

• U.S. home sales fell more than expected in March, pointing to continued weakness in the housing market despite declining mortgage rates and slowing house price gains, existing home sales dropped 4.9 percent to a seasonally adjusted annual rate of 5.21 million units last month.

• The US economy grew by an annualized 3.2 percent in the first quarter of 2019, easily beating market expectations of 2 percent and following a 2.2 percent expansion in the previous three-month period. Growth was mainly supported by personal consumption expenditures (PCE), private inventory investment, exports, state and local government spending, and nonresidential fixed investment.

• Redbook Index in the United States increased by 6 percent in the week ending April 20 of 2019 over the same week in the previous year UK

• The GfK consumer confidence index for the United Kingdom was unchanged at -13 in March 2019, slightly above market expectations of -14, as a strong labour market offset ongoing Brexit uncertainty and concerns over global growth prospects.

Euro

• Euro zone consumer confidence fell unexpectedly by 0.7 points in April from the March number. The European Commission said a flash estimate showed euro zone consumer morale decreased to -7.9 this month from -7.2 in March. Economists polled by Reuters had expected a rise to -7.0.

• The Business Climate Indicator (BCI) for the Euro Area fell to 0.42 in April 2019 from a revised 0.54 in the previous month and below market expectations of 0.49. It was the lowest reading since August 2016, as managers' views of the past production, their production expectations, and their assessments of overall order books and the stocks of finished products declined significantly.

• Euro Area recorded a government debt equivalent to 85.10 percent of the country's Gross Domestic Product in 2018

pg. 20

RETAIL RESEARCH


Economic Calendar:

Date Country Event Period Frequency Previous 01-05-2019 US Farm Prices (Farm Prices - y/y % change) Mar, 2019 Yearly -2

01-05-2019 US MBA Mortgage Applications (Purchase Index - W/W Change) wk4/26, 2019 Weekly -4

01-05-2019 US ADP Employment Report (ADP employment) Apr, 2019 Monthly 129000

01-05-2019 US PMI Manufacturing Index (Level) Apr, 2019 Monthly 52.4

01-05-2019 US ISM Mfg Index (ISM Mfg Index - Level) Apr, 2019 Monthly 55.3

01-05-2019 US Construction Spending (Construction Spending - Y/Y change) Mar, 2019 Yearly 1.1

01-05-2019 US EIA Petroleum Status Report (Crude oil inventories [weekly change]) wk4/26, 2019 Weekly 5.5

01-05-2019 US FOMC Meeting Announcement (Federal Funds Rate - Target Level) Monthly 0

02-05-2019 India Reserve Money (change on year) Wk to Apr 26 Weekly 15.01

02-05-2019 India Power generation Apr Monthly 106.99

02-05-2019 US Motor Vehicle Sales (Total Vehicle Sales) Apr, 2019 Monthly 17.5

02-05-2019 India Nikkei India manufacturing PMI Apr Monthly 52.6

02-05-2019 US Challenger Job-Cut Report (Announced Layoffs - Level) Apr, 2019 Monthly 60587

02-05-2019 US Jobless Claims (New Claims - Level) wk4/27, 2019 Weekly 230

02-05-2019 US Productivity and Costs (Nonfarm productivity - Q/Q change - SAAR) Q1:19 Quarterly 1.9

02-05-2019 US Productivity and Costs (Unit labor costs - Q/Q change - SAAR) Q1:19 Quarterly 2

02-05-2019 US Factory Orders (Factory Orders - M/M change) Mar, 2019 Monthly -0.5

02-05-2019 US EIA Natural Gas Report (Weekly Change) wk4/26, 2019 Weekly 92

03-05-2019 US Money Supply (M2 Weekly Change) wk4/22, 2019 Weekly 22.5

03-05-2019 US Fed Balance Sheet (Level) wk5/1, 2019 Weekly 3.93

03-05-2019 US Employment Situation (Manufacturing Payrolls - M/M change) Apr, 2019 Monthly -6000

03-05-2019 US Employment Situation (Nonfarm Payrolls - M/M change) Apr, 2019 Monthly 196000

03-05-2019 US Employment Situation (Unemployment Rate - Level) Apr, 2019 Monthly 3.8

03-05-2019 US Employment Situation (Private Payrolls - M/M change) Apr, 2019 Monthly 182000

03-05-2019 US PMI Services Index (PMI Composite Index) Apr, 2019 Monthly 54.6

03-05-2019 India WMA (ways and means advance) - to central govt Wk to Apr 26 Weekly 0

03-05-2019 India WMA (ways and means advance) - to state govts Wk to Apr 26 Weekly 50.37

03-05-2019 India FX reserve (change on wk) Wk to Apr 26 Weekly -739.2

03-05-2019 US Baker-Hughes Rig Count (U.S.) wk5/3, 2019 Weekly 991

06-05-2019 India Nikkei India Services PMI Apr Monthly 52

06-05-2019 India Nikkei India composite PMI Apr Monthly 52.7

06-05-2019 US TD Ameritrade IMX (Level) Apr, 2019 Monthly 4.65

pg. 21

RETAIL RESEARCH


Relationship among Policy Rates and Benchmarks:

MIBOR yields rose during the week in reaction to lack of liquidity in the banking system. 10 yr Gsec yields rose on the back of surge in crude oil prices which cooled off at the end of the week and closed at the same levels as the previous week. Announcement of OMO purchases by RBI eased the yields.

Deposit vs. Advance Growth (YoY) %

Growth in bank loans, a bellwether for economic activities, grew at 14.20% for the fortnight ended Apr 12. Deposit maintained in growth rate at 10.6%. The gap between deposit and credit growth seems to be narrowing but is still wide. The lower deposit growth amid higher credit growth has been a factor contributing to the liquidity constraints in the banking system.

Economic Updates:

US Dollar Vs Indian Rupee

The rupee rebounded against the dollar during the week on the back of sustained foreign fund inflows and heavy buying in domestic equities. The greenback's weakness against key rivals overseas and fall in crude price in the latter part of the week also supported the rupee up-move.

WPI Inflation/CPI Inflation (YoY)

The wholesale price index (WPI) based inflation rose to 3.18% in March compared to 2.93% in Jan. WPI rose on costlier food and fuel prices. Headline inflation measured by CPI also rose to 2.86% in March; as compared to 2.57% in Feb. Food prices which were flat over the past six month moved up. Inflation in food articles hardened with steep rise in prices of vegetables. The cumulative CPI inflation has declined to 3.41% in FY2019 compared with 3.59% in FY2018.

pg. 22

RETAIL RESEARCH


Corporate Bonds Spread Vs Gilt Securities:

Short term corporate yields edged up during the week with 1 year spreads up by 7bps during the week. 3 year and 5 years spreads hardly changed during the week. (New benchmark rates are taken from Apr, hence such sharp fall in the spreads).

Liquidity Support from RBI (bn Rs)

RBI infused average gross liquidity via Repo under LAF window worth Rs 19,015 Cr in this week compared to an infusion of Rs 8,631 Cr in previous week. Average infusions via the MSF route stood at Rs 2,652 Cr. The weighted average Call rate ended at 6.12% compared to 6.08%in the previous week. The weighted average TREP ended at 6.01% compared to 5.98% in the previous week close.

Money Stock (M3) (YoY) (%)

India's Reserve money grew 10.90% year on year during the fortnight ended April 12, 2019.

Foreign Exchange Reserves (Mn USD)

The foreign exchange reserves fell during the week by US$ 739 mn to US$ 414.15 bn. RBI’s USD/IINR swap auction strengthened the forex reserves.

pg. 23

RETAIL RESEARCH


Certificates of Deposit (%):

Certificate of Deposits rates shot up; with short term (3 months) up by 41bps during the week. The CD rates hovered around 7.80% levels (as per the latest data) (1 year CD).

Commercial Paper (%):

Rates of Commercial papers remained flat rose during the week. The CP rates remained at 8.00% levels same as last week (1 year maturity CP).

MF’s Net Investment in Debt (Rs Cr):

MFs have been net buyers of Rs 84,302cr in the month of March. MFs are net buyers of Debt worth Rs 45,636cr in the month of April so far.

FII’s net investment in Debt (Rs Cr):

In March, FIIs were net buyers of Debt worth Rs 20,358cr. FIIs turned to be net sellers of Debt worth Rs 8,819cr in the month of April so far.

pg. 24

RETAIL RESEARCH


c

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date: april 30, 2019.… · mutual fund & debt – weekly report 10 year g-sec benchmark movement:...

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