 | Technical Analysis | |
| Nifty could test its major resistance around 5,680 Nifty broke the bullish "ascending triangle" pattern in the week ending September 9, 2010. It gained about 2.92% (160.05 points) from the last week close. Nifty is now exhibiting a very choppy trade post 31 month high. For the week ending Thursday Sep 9, 2010 Nifty low and open prices are same and it rose continuously, day-on-day, restricted it going below. After opening on 'positive' note on first day of current week (6-9 September, 2010) Nifty rose higher on everyday during the rest of week. It also met with 'profit-booking' on almost all trading sessions of the week in intraday trade but on all trading days managed to close higher than its previous closed. On Tuesday (September 7, 2010) and Wednesday (September 8, 2010) Nifty faced stiff resistance at 5,625 in intraday trade, gave away all the intraday gains slipped into red but in late trade saw 'short-covering' and rose again to close the days with moderate gains. From here, it seems that the bulls may not be able to push the prices higher as the range of 5,640-5,660, is a strong resistance for Nifty from where bears can take control from them once it comes near to said level. Technically also the trend, which is now up, could test its next major resistances around 5680 and if Nifty crosses this level, it can go further up, to test 5,720 level, chances of which seems very low. On the downside, the levels of 5,560 will play major supports and any decisive fall below that could drag Nifty to its next strong support of 5,480. Nifty is currently trading above 8 and 34 Day EWMA indicating upward movement but for coming week expecting correction as technical momentum indicator Stochastic is currently moving in overbought zone at 91 on the brink of showing negative crossover indicating correction. But on the other side another key momentum technical indicators RSI and MACD is suggesting reverse, continuation of existing uptrend. RSI is currently trading in neutral territory at 68 levels on the brink of entering into overbought zone indicating further upside. MACD is trading in positive zone showing positive divergence also suggesting uptrend. 
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 | Technical Picks | |
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BANK OF INDIA (BUY) | Particulars | Rs. | | CMP | 491.00 | | Target Price | 497/505/512 | | Stop Loss | 483 | | Support-Resistance | 455/515 | Comment - RSI has just entered into overbought territory with positive crossover indicating upside.
- Stock already crossed 34 Day EWMA and expecting to rise further.
- Stochastic has also just entered into overbought territory moving upward suggesting further upside.
- Today stock has also broken its 52 week high supported with volume indicating further upside.
BHUSHAN STEEL (SELL)
| Particulars | Rs. | | CMP | 1,871.75 | | Target Price | 1,850/1,820 | | Stop Loss | 1,900 | | Support-Resistance | 1,805/1,932 |
Comment - RSI is at 70 showing negative crossover indicating correction.
- Stock is moving between 08 day and 34 day EWMA indicating short-term downtrend.
- Stochastic is moving in neutral territory showing negative crossover also indicating downside.
- Stock next support level seems at 1805 if its break then stock could fall up to 1763
RAYMOND (SELL) | Particulars | Rs. | | CMP | 406.05 | | Target Price | 400/390 | | Stop Loss | 412 | | Support-Resistance | 390/424 |
Comment - RSI is trading in over bought territory at 71on the brink of entering into negative territory.
- Stock is trading above 08 day EWMA and has shown 'doji' pattern on Wednesday (Sep 8, 2010).
- Stochastic is hovering in overbought showing negative crossover suggesting downside.
- Next support level seems at 390 if its break then stock could fall up to 375.
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 | Indian Equity Market | |
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The Week Gone By
Indian markets wrapped the week on a positive note and attained 31-month closing highs as strong global cues, a good monsoon and sustained buying by foreign funds, boosted domestic investor sentiment. Further, Stocks also surged as a better-than-expected US job data for August 2010 eased concerns about global economy. Banking and metal share were among top gainers. Steel and Cement stocks rose as companies have increased product prices.
Looking Forward The Indian economy has posted yet another quarter of strong growth, with Apr-Jun real GDP rising by 8.8% y-o-y. Looking ahead, growth in 2nd quarter could again be quite encouraging and India could still grow its GDP by close to forecasts of 8.5% y-o-y in FY11 on the back of agriculture sector growth due to good monsoon. However, the Indian markets, like other emerging markets are largely dependent in liquidity flows and good fundamentals may not be a good enough reason for stock prices to move up if there's no liquidity to support share price appreciation. Going ahead, the key risk to flows is valuation risk (overvaluation relative to other Asian peers). Sensex is Currently, trading at PE of 22.36, premium to its peers and hence above is long term average. Numbers for the latest quarter show profits lagging sales in growth rates as companies struggled with a rebound in input costs. Pricing power, will hold the key to corporate performance from here on. Companies in sectors that are able to pass on their cost increases to consumers may enjoy greater stock market fancy than those that are forced to absorb them. Further, companies focused on the domestic economy & consumption could continue to do well and get a higher rating than companies exposed to the headwinds of the world economy. Next week, buying is expected in FMCG, Auto, HC and Power stocks if Nifty sustain 5,600 level while selling pressure could witness in Banking, Metal and Realty stocks.
Nifty Top Gainers
| Company | % Weekly Return | | Tata Steel | 9.74 | | ACC | 9.40 | | Ambuja Cement | 8.38 |
Nifty Top Loser
| Company | % Weekly Return | | Power Grid | (3.24) | | Cairn | (2.92) | | Reliance Infra | (2.14) | |
Daily Movement of Nifty
 Daily Movement of Sensex, Net FIIs & MF investment
Source for FII & MF: Sebi Weekly return on BSE Sectoral Indices
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| Fundamental Picks | |
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Lupin (BUY) | Particulars | Rs. | | CMP | 375.80 | | Target Price | 415.00 | | Upside (%) | 10.43% | | 52 Week H/L | 397.00/200.43 | | Market Cap | 16,741 |
Adhunik Metaliks (Buy)
| Particulars | Rs. | | CMP | 118.10 | | Target Price | 132 | | Upside (%) | 12 | | 52 Week H/L | 136.70/86.45 | | Market Cap | 1,458 |
Weekly Price Movement of GDR
| Security Name | Price (USD)
as on 08-09-10 | % change
as on 02-09-10 | | L&T | 40.19 | 1.49 | | RIL | 41.50 | 2.88 | | SBI | 123.36 | 4.45 | | Lupin's net sales for the quarter ended June 2010 increased by 21% to Rs 1,312.09 crore and other operating income rose by 48% to Rs 22.19 crore totaling income from operation to increase by 21% to Rs 1,334.28 crore. Revenues from domestic market have increased by 17% to Rs 472.35 crore and exports rose by 24% to Rs 861.93 crore. Also, net profit on consolidated basis increased by 40% to Rs 196.30 crore for the quarter ended June 2010. Further, there has been a significant ramp-up in Lupin's ANDA filings in recent years, with about 125 of Lupin's total 130 filings made in the past six years. As of 1QFY11, the company was awaiting approvals for about 85 filings, which should fuel future growth. At the CMP of Rs 375.80, the stock is trading at P/E multiple of 5.33x(based on TTM EPS) more than the average industry PE multiple of around 22x.
Adhunik Metaliks reported better-than-expected consolidated results for Q1FY11. Net sales grew by a healthy 40% YoY and net profit jumped by more than 200% to 56 crore. Further ramp-up of iron ore production and manganese ore with mining permission of three new manganese ore mines located in Kusumdihi, Tentulidihi and Sanpatholi is likely to provide a strong boost to the overall performance. The steel business is also likely to benefit from the captive iron ore supply. Looking at the overall prospect of the company and sustainable performance. At the CMP of Rs 118.10, the stock is trading at P/E of8.14x on a consolidated basis. We believe the stock has attractive valuation for long-term investment with the ramping up of its mining business in OMML and foray into the power business through APNRL.
Weekly Price Movement of ADR
| Security Name | Price (USD)
as on 08-09-10 | % change
as on 02-09-10 | | ICICI bank | 44.42 | 3.06 | | Infosys | 61.63 | 3.11 | | MTNL | 2.83 | 2.91 | | Rediff | 2.93 | 22.08 | | Sify | 1.56 | 12.23 | |
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 | Global Equity Markets | |
| US indices higher during the week (till Wednesday) after president Barrack Obama's new proposals for economic recovery boosted the sentiments. This included spend an additional USD 50 billion on infrastructure projects and giving tax breaks of about USD 200 billion for businesses investing in new plants and an extension of USD 100 billion of business tax credit for research and development. Also, the Fed's Beige Book stated that the US economy continued its modest expansion, although it noted that a drop-off in the strength of economic data indicated a slower pace of recovery. On economic front, investors were presented with positive economic data, which was further boosted the market sentiments. Looking ahead, all eyes will be on the weekly jobless claims report, while data on international trade may also attract some attention. Asian markets traded mix (till Thursday). The stock in Japan slipped as the strength in Japanese Yen hurt the investor sentiments. The Bank of Japan held its policy interest rate unchanged and left open the possibility of additional emergency action to support the economy, but it hardly seemed to have any effect on the ruthless rise in the Japanese currency.In China, SSE Composite remained flat as banks and property developers fell on concerns over further tightening measures to cool the housing sector overshadowing the rise in steel maker post Obama's USD 50 billion infrastructure plan. European markets (till Wednesday) managed to hold gains during the week. Market sentiments got boost from the last Friday's news that U.S. employment fell less than expected in August and private hiring surprised on the upside. Further, utilities stocks supported the markets after Germany extended nuclear power plants' lifespans. Though, concern over the Banking sector's health and the impact of capital reform weighed on markets but regains strength on the back of technology and mining shares. Also, Portugal's successful raising of 1.04 billion euros in the debt market lifted investors sentiments. Next week, financial stocks will be on lime light as Basel Committee will meet on Sunday to determine how much capital banks will have to set aside as a safety net. | Weekly return on major Global Indices
Data of US and European markets taken from Sept 02 to Sept 08, 2010
Data of Asian markets taken from Sept 03 to Sept 09, 2010
Weekly Change in the Composites of S&P 500 | Industry | Adj. Mkt. Cap
as on
08-09-10 | Adj. Mkt. Cap as on
02-09-10 | %
Change | | Energy | 10,86,555 | 10,84,396 | 0.20 | | Materials | 3,66,460 | 3,62,623 | 1.06 | | Industrials | 10,71,329 | 10,55,131 | 1.54 | | Cons Disc | 10,31,671 | 10,26,049 | 0.55 | | Cons Staples | 11,51,602 | 11,44,565 | 0.61 | | Health Care | 11,49,501 | 11,40,398 | 0.80 | | Financials | 15,99,576 | 15,85,923 | 0.86 | | Info Tech | 18,20,902 | 17,98,948 | 1.22 | | Telecom Services | 3,16,294 | 3,14,790 | 0.48 | | Utilities | 3,71,876 | 3,73,402 | (0.41) | |
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| Key Events | |
| Global Key Events -
US consumer credit fell by USD 3.6 billion in July following a revised USD 1.0 billion decrease in June. Economists had expected credit to decrease by about USD 5.2 billion compared to the USD 1.3 billion drop originally reported for the previous month. Revolving credit fell by USD 4.4 billion in July after declining by USD 5.2 billion in the previous month. Meanwhile, non-revolving credit, such as car loans, edged up by USD 0.7 billion in July following a USD 4.2 billion increase in June. -
Investor sentiment in the eurozone fell more than expected from its 30-month high in August. The confidence index fell to 7.6 from 8.5 in August. The current situation index fell to 15.0 from 16.5. At the same time, the expectations index fell to 0.50 from 0.75, implying a deteriorating outlook. -
U.K. manufacturing output and orders were buoyant between July and September on the back of strong overseas demand. Output and new order balances were 33% and 35% respectively, both record high levels since the survey began in 1995. -
U.K. house prices recorded a modest 0.2% monthly growth compared to a 0.7% increase in July. Prior to the gain in July, prices fell every month since March. In August, house prices were 4.6% higher than the same month last year. The price growth was, however, slower than 4.9% in July. The annual rate has been easing since May, when it peaked at 6.9%. -
U.K. Retail Consortium Nielsen Shop Price Index increased 1.7% from a year earlier, faster than the 1.5% rise in July. Food inflation increased to 3.8% from 2.5% in July. Non-food inflation slowed to 0.5% from 1%. Global wheat prices have seen a sharp surge in value following a drought in Russia. -
The Bank of Japan maintained its key interest rate at near-zero at 0.10% at the end of its two-day policy meeting and promised to take more policy actions if judged necessary to kick start the deflation-ravaged economy. The decision was widely anticipated by markets after the central bank eased its by increasing the amount of low-interest loans available to the money market to JPY 30 trillion from JPY 20 trillion.
| Domestic Key Events -
Food price index rose 11.47% and the fuel price index climbed 12.71% in the year to August 28. Food inflation accelerated from the previous week's annual rise of 10.86% while fuel inflation remained the same. The primary articles price index was up 15.40%, compared with week-ago's reading of 15.19%. The wholesale price index, the most closely watched inflation gauge in India, rose 9.97% in July from a year earlier after remaining above 10% for five months until June. -
Direct tax collections shot up by 13.91% to Rs. 1.00 tn in the first five months of the 2010-11 financial year till August, the Finance Ministry said. As per data, corporate tax collections grew by 17.05% to Rs. 577.50 bn in April-August, 2010, from Rs. 493.39 bn in the corresponding fivemonth period a year ago. Meanwhile, personal income tax collection including securities transaction tax, residual fringe benefit tax and banking cash transactions tax rose by 9.68% per cent to Rs. 422.17 bn from Rs. 384.91 bn. -
Foreign direct investment into India dipped for the second consecutive month, by 49% to USD 1.78 billion in July. The FDI inflows in July 2009 were USD 3.51 billion. For the April-July period of 2010-11, FDI inflows declined by 27% to USD 7.59 billion compared to USD 10.53 billion in the same period last year. -
The country's tea exports fell by nearly 20% to Rs 209.8 crore in July. Tea exports stood at Rs 260.1 crore in July 2009. In volume terms, the total shipments of tea declined by nearly 9% to 16.58 million kg in July, as against 18.2 million kg in the corresponding month last year. The exports in value terms during January-July period of this year rose by nearly 10% to Rs 1,393 crore in contrast to Rs 1,269.7 crore in the corresponding period in 2009. -
India's oil ministry has decided to sell part of the government's stake in Oil & Natural Gas Corp., the nation's biggest explorer, and Indian Oil Corp., the second- biggest refiner, to raise money to cut its budget deficit. The government plans to divest 10% in Indian Oil and 5% in ONGC. Indian Oil will simultaneously offer fresh shares equivalent to 10% of its equity. -
Indian Railways has approached Nuclear Power Corporation of India (NPCIL) for setting up 1,000 mw of captive nuclear capacity on its behalf. The proposal put forward by the Indian Railways includes setting up two units of 500 mw on railway land. Power generated from the plants will be used by the Railways. |
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 | Derivatives | |
| - Nifty ended the week on a positive note at 5,640.05 mark, gaining 2.93%. The Nifty September futures ended at 5,630.55 with discount of 9.50 points . If we look at the derivatives data we can see that Nifty future prices ended in the positive territory along with rise in open interest, but with small decline in cost of carry this is an indication of long position is being built up at lower level with cautious note. For the coming week Nifty may continue to face resistance at higher levels of 5,680-5,700 whereas on the downside support is seen at 5,540-5,450 levels.
- During the week, there was significant short accumulation of open interest in OTM Put options. most of the open interest accretion witnessed in the range of 5,300 to 5,500 put, while, on the flip side, highest open interest was build up in the range of 5,600 and 5,700 Calls.
- The PCR-OI declined slightly from 1.16 to 1.18 on account of heavy short accumulation in Nifty September 5,300 to 5,500 Strike Put.
- The Volatility Index (VIX) remained at lower level in and closed to 15.92%. Market participants should be watchful at current levels as any up move in volatility may trigger downsides in the markets. Volatility has a strong inverse correlation with markets.
- The CNX IT index ended the week at 6,302 marks gaining 3.72%. The CNX IT Futures prices inclined along with decline in the open interest with decline in cost of carry this is an indication of closure of long position. For the coming week, immediate support for the Index is seen in the range of 6,000-6150 mark, whereas on the upside resistance is seen at 6,400- 6,450 levels.
- During the week the Bank Nifty Index ended on a positive note and rose by 4.14% to 11,446.70. If we look at the derivatives desk we can see that the bank Nifty futures prices increased along with incline in open interest but with decline in the cost of carry, this is an indication closure of long position and short position is being built up at higher level. For the coming week bank Nifty support is seen in the range of 10,750-10,800 levels whereas on the upside stiff resistance would be faced at 11,500-11,550 levels.
- FIIs were net buyer in index futures to the tune of Rs 1,195 crore while in stock future they were net buyer of 1671 crore, indicating further long accumulation in markets . Further, in the index options FII were net buyer of 5,325 crore .
- Overall next week, Nifty is expected to show a positive trend and light selloffs is likely at every resistance level. Nifty is likely to trade in a range of 5,540-5,720. Any instability on the global front is likely to result in selling pressure from current levels. The trading strategy would be to go long if the Nifty sustains above 5,630 levels for targets of 5,680 on the other hand, one can also initiate shorts if the Nifty resists at 5680 levels with a target of 5,560. Further in option front trader can short 5400 and 5500 strike Put with of Nifty for September expiry.
| Open Interest in Nifty Future vis-à-vis Nifty
Most Active Contracts
Put-Call Ratio
Volatility Index
FIIs Cumulative trailing 5 day's data | Particulars | Buy | Sell | Net | | Index Futures | 7,798.46 | 6,603.38 | 1,195.07 | | Index Options | 21,729.36 | 16,403.67 | 5,325.69 | | Stock Futures | 6,474.16 | 4,802.70 | 1,671.46 | | Stock Options | 2,000.00 | 2,003.07 | (3.07) | *From September 02 to till September 08 (Source: NSE) |
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 | Debt | |
- Call money rates remained weak during the week as liquidity in the system remains at comfortable level. Volumes have risen sharply on LAF window with banks parking Rs. 18,893 crore daily with RBI on reverse repo window while repo transaction remained nil. The liquidity in the market improved on month ending expenditure by government and some product adjustments.
- After remaining net seller during the previous two weeks, FIIs turned net buyers in the market with Rs 1,940.2 crore buying compared to 729 crore selling in the previous week. Meanwhile, MFs continued to be net buyer in the debt market, with Rs 3,134.5 crore (4 days) buying compared to Rs 13,035.5 crore of buying in the previous week.
- Bond prices remained flat during the week as investors turned cautious ahead of factory data, monthly inflation and mid-quarter monetary policy review by RBI. Bond prices notched up slightly as investors cheered the paper chosen by government in its next bond auction. The government did not announce the auction of benchmark 10-year bond for sale this week and gave some relief to the investors. Further, speculation that government may continue issuing the 10-year benchmark bond for the remainder of the current fiscal year also helped prices higher. However, the investor approached consciously ahead key economic data including industrial production due this week and monthly inflation due early next week. Further, the investor refrained from taking position ahead of RBI's mid-quarter policy review due on September 16, 2010.
- The expectations of cash conditions has improved in the market to some extent on hopes of government spending. The market is now expecting that Rs. 40,000 crore advance tax outgo by companies may only result in deficit may be Rs 20,000 crore in mid-September. Bond prices are expected to remain flattish with negative bias in the coming week on advance tax outgo. Further, the IIP data, inflation figure and RBI's policy decision holds key to market movement.
- During the week, RBI sucked Rs 75,570 crore from the system under Liquidity Adjustment Facility (LAF) window while Repo transaction stood nil. On September 03, 2010, the GoI auctioned 7.46% CG 2017 worth Rs. 4,000 crore, 8.08% CG 2022 worth Rs. 5,000 crore, 8.30% CG 2040 worth Rs. 3,000 crore. On September 06, 2010, GOI announced auction of 7.17% CG 2015 worth Rs. 4,000 crore, 8.13% CG 2022 worth Rs. 5,000 crore, 8.26% CG 2027 worth Rs. 3,000 crore to be held on September 09, 2010. On September 07, 2010, Five State Governments auctioned State Development Loans 2020 worth Rs. 5,548 crore. On September 08, 2010, RBI auctioned 91-day Treasury Bills worth Rs 2,000 crore and 364-day Treasury Bills worth Rs 1,000 crore.
- In the financial year 2010-11, Government of India (GOI) has planned to borrow as much as Rs. 4,57,143 crore. Till September 03, 2010, the government has completed 60.69% of the gross borrowing target for the current year.
| Call Rates | Date | Rate (%) | | 3-Sep | 3.79 | | 6-Sep | 4.77 | | 7-Sep | 4.62 | | 8-Sep | 4.64 |
FIIs & MFs investment in Debt Market
Period | FIIs
Net Investment
(Rs. Crore) | MFs
Net Investment
(Rs. Crore) | | 3-Sep | 825.8 | 581.4 | | 6-Sep | 1,091.1 | (457.7) | | 7-Sep | (371.8) | 849.0 | | 8-Sep | 395.1 | 2,161.8 | | Total | 1,940.2 | 3,134.5 | | This Month | 1,346.4 | 6,073.0 | (Source: SEBI)
Bond Yield (7.80% CG 2020) | Date | LTP (Rs.) | YTM (%) | | 3-Sep | 98.90 | 7.9694 | | 6-Sep | 98.69 | 7.9922 | | 7-Sep | 99.02 | 7.9525 | | 8-Sep | 99.07 | 7.9307 |
Spread
Liquidity Adjustment Facility | Date | Reverse Repo
(Rs. Crore) | Repo
(Rs. Crore) | | 3-Sep | 31,140 | 0 | | 6-Sep | 17,860 | 0 | | 7-Sep | 18,910 | 0 | | 8-Sep | 7,660 | 0 | | This week | 75,570 | 0 | | This Month | 94,815 | 0 |
GoI borrowing Program - 2010-11 | Particulars | (Rs. Cr.) | | Budgeted Borrowings | 4,57,143 | | Gross Borrowing Completed | 2,77,439 | | Dated Securities | 2,62,000 | | 364 Day T-Bills | 15,439 | | % Completed | 60.69 | | Net Borrowing till date | 1,80,367 | |
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 | Commodity | |
| Crude oil prices saw a further slowdown in the beginning of the week as the trading remained grim on account of Labor Day holiday in US. The U.S. Labor Day holiday also marked the end of the peak driving season, prompting traders to bet more on falling prices. As the week proceeded, the crude prices slipped further due to strengthening dollar. Moreover, the concerns about economic recovery grew further on the reports that Germany's manufacturing orders dropped 2.2% in July from the previous month against an expected rise of 0.5%. Crude oil prices pared the initial losses to rise marginally as the dollar gained strength, which helped to increase the commodities appeal as an alternate investment. Crude gained in sync with the equity markets which were up after improved demand for bonds from Portugal to Poland eased concern that Europe's sovereign-debt crisis will derail the global economic recovery. Though some of the gains were trimmed after the release of Fed's Beige Book but the prices managed to remain strong. Finally , the crude oil prices ended 1.61% higher in the international markets and 1.50% higher in the domestic market as on September 8, 2010 from the previous week which ended September 2, 2010. The crude oil prices are likely to stay flat with a positive bias in the coming week. It is highly likely that the investors may shift their interest towards the riskier assets as the concerns regarding global economic recovery seems to easing out. | | Gold prices started the week on a strong note, though the trading volume remained low due to Labor Day holiday in US. The equity markets across the globe moved in a very narrow range on account of a hazy global economic recovery. This forced the investors to look into gold as an alternate investment instrument. As the week proceeded, the gold prices began to drop as the equity markets rebounded as improved demand for Portuguese and Polish bonds eased sovereign-debt concerns. This damped demand for the precious metal as a haven. Moreover, gold had already touched a record high which led to certain resistance for a further rise in the prices of the yellow metal. The domestic gold prices also followed the international trends. The domestic gold prices touched historic highs on global cues. Moreover, the markets witnessed major buying on upcoming weddings and festivities. There was sudden decline in the prices of the precious metal as resistance level emerged after touching record highs. Finally, the gold prices saw a modest gain of 0.52% in the international markets and 0.13% in the domestic market as on September 8, 2010 from the previous week which ended September 2, 2010.The gold prices are expected to ease down in the coming week. The prices may come down on the back of profit selling. The yellow metal already touched historic highs in this week and therefore may see resistance to a further rise in the coming days. | |
Weekly change in Crude prices per Barrel
| | 08-Sep | 02-Sep | Change (%) | | Intl Crude Oil Prices (USD) | 78.17 | 76.93 | 1.61 | | Domestic Price (Rs) | 3,648.00 | 3,594.00 | 1.50 |
Weekly change in Gold prices in Rs/10gms
| | 08-Sep | 02-Sep | Change (%) | | London pm fix(USD/troyoz) | 1,255.00 | 1,248.50 | 0.52 | | Mumbai (Rs/10gms) | 19,170.00 | 19,145.00 | 0.13 | |
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 | Forex | |
| Rupee ended the week on mixed note as rise in appetite for riskier assets helped it make gains against greenback but it weakened against soaring Japanese yen. Rupee started the week on higher note against USD and rose to highest level in three weeks tracking gains in local shares and other Asian peers following better-than-expected US jobs data. However, it then erased gains, hurt by broad gains in the US unit and bunched up dollar outflows. Rupee also inched up higher against Euro on concerns of health of European banking sector after Federal Association of German Banks said that ten of the nation's biggest lenders may need to raise as much as EUR 105 billion, in order to meet new regulatory standards. However, Indian currency fell against Yen tracking rise in Japanese currency against major world currencies. JPY has once again touched its 15 year high against USD. | INR/ | 09-Sep | 03-Sep | %Change | | USD | 46.56 | 46.67 | 0.24 | | EURO | 59.11 | 59.82 | 1.19 | | YEN | 55.65 | 55.40 | (0.45) | | INR vs. USD and Euro
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 | Economy | |
| Indicators | Latest | Previous | Change | | Investment Deposit Ratio (%) | 31.36 (Aug 13) | 31.14 (Jul 30) |  | | Credit Deposit Ratio (%) | 72.64 (Aug 13) | 72.36 (Jul 30) | | | Money Supply (%) | 14.80 (Aug 13) | 14.70 (Jul 30) | | | Bank Credit (%) | 20.10 (Aug 13) | 19.70 (Jul 30) | | | Aggregate Deposits (%) | 14.10 (Aug 13) | 14.00 (Jul 30) | | | Forex Reserves USD bn | 282.84 (Aug 27) | 282.54 (Aug 20) | |
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 | Disclaimer | |
