An official release says that from April 1 to November 10, the Indian government's net direct tax collection rose 15.4% year over year to ₹12 trillion or $143 billion. Direct taxes, which include corporate and personal taxes, increased by more than 21% to ₹15 trillion on a gross basis over the period, according to a statement provided by the income tax department. The government stated that it has distributed tax refunds of ₹2.9 trillion.
Top 3 Leads Today
- RBI notifies framework to reclassify FPI into FDI after exceeding limit.
- Centre may relax expenditure norms for Q4 to speed up capital expenditure.
- Mutual fund monthly SIP inflow crosses ₹250 billion mark for first time.
Indian Markets
- Money Markets Minute: The one-day call money rate ended significantly below the RBI's standing deposit facility rate of 6.25% due to low demand for funds amid high surplus liquidity. It closed at 5.50%, compared with 6.55% for three-day loans on Friday, while the weighted average rate remained steady at 6.45%, like Friday’s 6.44%.
- Government Bond Brief: Yields rose as traders remained cautious ahead of India's October CPI data release. A rise in US Treasury yields in the futures market also pushed up overnight indexed swap rates, putting pressure on gilt prices. The 10-year benchmark 7.10%, 2034 bond closed at a 6.82% yield, up from 6.81% on Friday. Market turnover dropped sharply to ₹227.85 billion, nearly half of Friday's ₹495.25 billion.
- Corporate Bond Beat: Yields in the secondary market remained steady as investors held off on significant bets due to a lack of fresh domestic cues. Total trading volume on exchanges amounted to ₹23.59 billion, down from ₹40.58 billion on Friday.
- Forex Flash: The rupee closed at a record low against the dollar as persistent dollar buying by banks on behalf of foreign portfolio investors and importers weighed on the currency. This came despite active intervention by the RBI, which sold dollars throughout the day. After trading within a narrow 3-paise range, the rupee settled at an all-time low of 84.3925 per dollar, slightly below Friday’s close of 84.3750 per dollar.
- Stocks Spotlight: The indices closed flat after a choppy session that remained mostly in positive territory. Gains in select banking and IT stocks helped offset a sharp drop in Asian Paints following its disappointing July-September earnings, along with continued weakness in Reliance Industries, which declined for the third consecutive day. The Nifty 50 ended at 24,141.30 points, down 0.03%, while the Sensex closed at 79,496.15 points, up 0.01%.
International Markets
- US Stocks: The main indexes closed at new highs on Monday, bolstered by stocks expected to gain from Republican President-elect Donald Trump's fiscal policies. Tesla's shares rose 9% to nearly $1.1 trillion on expectations that Musk's closeness to Trump will help the company. The S&P 500 closed at 6,001.35, up 0.10%. Nasdaq rose 0.06% to 19,298.76, Dow Jones Industrial Average rose 0.69% to 44,293.13.
- Treasuries: Bond markets in the US were closed on Monday in observance of Veterans Day.
- Currency: The euro fell to its lowest level in almost seven months versus the US dollar on Monday as investors worried about additional White House tariffs that could harm the euro area's economy. The euro fell 0.61% to $1.0654. It plummeted to 1.0629, its lowest level since mid-April. The dollar index rose 0.48% to 105.51, after reaching 105.70, its highest level since July. The dollar rose 0.69% on the yen to 153.69, down from last week's 154.70 due to Japanese intervention risk.
Trading Trends
Traded volume(in Cr) in corporate bonds by sector and maturity:
| Sectors | 0-1y | 1-3y | 3-5y | 5-10y | >10y |
|---|---|---|---|---|---|
| Financial Institution | 315 | 1030 | 375 | 126 | - |
| NBFC | 419 | 603 | 315 | 478 | 1 |
| Private Sector Bank | 390 | 1 | - | 100 | - |
| Housing Finance Company | 25 | - | 127 | 61 | - |
| Holding Company | 200 | - | - | - | - |
Secondary trade details for recently issued primary corporate bonds:
Security Name |
Issue Date |
Trades Since Issue(Cr) |
Avg Yield(%) |
LTY (%) |
|---|---|---|---|---|
| 11.00 GMR INFRA PROJECTS PRIVATE LIMITED 26JUN2027 | 2024-06-26 | 600.00 | 15.67 | 15.71 |
| 7.44 IREDALTD 25AUG34 | 2024-06-25 | 75.00 | 7.44 | 7.44 |
| 8.35 AXISFIN 23JUN34 | 2024-06-24 | 180.00 | 8.36 | 8.35 |
| 8.07 NIIF 23AUG29 | 2024-06-21 | 430.00 | 8.07 | 8.07 |
| 10.25 AYEFINANCE 20MAR26 | 2024-06-20 | 205.04 | 11.43 | 10.63 |
| 9.10 SHRIRAMFIN 20JUN34 | 2024-06-20 | 129.00 | 9.09 | 9.09 |
| 9.25 SKFL - C 19SEP27 M | 2024-06-19 | 100.00 | 9.75 | 9.75 |
| 10.20 KRAZYBEESERVICES 19DEC25 | 2024-06-19 | 87.60 | 11.24 | 12.60 |
| 8.05 TATA CAPITAL HFL 18JUN29 | 2024-06-18 | 285.00 | 8.05 | 8.04 |
| 7.9265 LICHSGFIN 14JUL27 | 2024-06-14 | 1060.00 | 7.93 | 7.93 |
| 7.44 IRFC 13JUN34 | 2024-06-13 | 1530.00 | 7.45 | 7.40 |
| 8.55 HDB PERP - C | 2024-06-13 | 259.00 | 8.54 | 8.54 |
| 11.40 KEERTANA 13JUN27 | 2024-06-13 | 62.05 | 13.00 | 13.53 |
| 9.95 ADANIAIRPORT 12JUN28 | 2024-06-12 | 96.51 | 9.93 | 9.78 |
| 9.16 360ONEPRIME 12JUN27 | 2024-06-12 | 75.00 | 9.67 | 9.90 |
Source: Harmoney data analytics
Events This Week
November 12, Tuesday:
- US OPEC monthly report.
- US Consumer inflation expectations for October.
- India Industrial production for September.
- India Inflation rate for October.
- India Manufacturing Production for September.
- India Inflation rate for October.
November 13, Wednesday:
- US CPI for October.
- US Real earnings for October.
- India M3 Money supply for Nov 1 week.
- India Passenger vehicles sales for October.
November 14, Thursday:
- US Unemployment insurance weekly claims report for Nov 9 week.
- US PPI for October.
- India WPI for October.
November 15, Friday:
- US Weekly export sales.
- US Advance monthly sales for retail & food services for October.
- US Import & export price indexes for October.
- India Bank loan growth for Nov 1 week.
- India Deposit growth for Nov 1 week.
- India Foreign exchange reserves Nov 8 week.
- India Balance of Trade for October.
- India Exports and Imports for October.
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