CURRENCIES
EUR/USD: The euro recovered marginally after slipping to a fresh 12-year low against the US dollar, as market participants waited for cues from the US Federal Open Market Committee's two-day policy meet that begins Tuesday.
--$1.0525 per euro today vs $1.0500 Friday; $1.0624 Thursday

USD/JPY: The yen was trading with an upward bias against the US dollar ahead of the FOMC's two-day policy meet, where the US central bank is expected to provide more information on the hiking of interest rates.
--121.25 yen per $1 today vs 121.33 Friday; 121.29 Thursday

COMMODITIES
CRUDE OIL: Futures fell sharply Friday, as a monthly report from the International Energy Agency warned that oversupply would continue to push prices downward.  Crude oil prices have been pinned at record lows for several months now as there has been a global supply glut. The global strengthening of the dollar also contributed to the sharp decline in crude futures on Friday.
--NYMEX Apr futures (a barrel): $44.84 Friday vs $47.05 Thursday
 
GOLD: Futures settled marginally higher on Friday, but ended the week registering a 1% loss as the global strengthening of the dollar reduced appetite for the precious metal.
--COMEX Apr futures (a troy ounce): $1,152.40 Friday vs $1,151.90 Thursday

MARKETS
Call : Seen opening tad above RBI repo rate as banks may borrow funds early to meet reserve needs. 1-day call: 7.00-7.50% vs 8.48% 2-day Sat.
Bonds : Crude oil price, US yield may lend cues. Value buying may support prices. 10-yr bond yield: 7.75-7.80% vs 7.80% Fri.
Rupee : Steady to tad up on upbeat trade deficit data. May take cues from euro, NDF, Asian currencies. Range 62.7500-63.1500/$1 vs 62.9650/$1 Fri.
Stocks: Seen weak tracking negative global cues. Nifty range: 8600-8780 Fri-end: 8647.75, down 128.25 points.

view more

RBI COUNTER

* DAILY LAF TENDERS: One set of 1-day reverse repo (at 6.75%) and 1-day repo (at 7.75%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST.

* TERM REPO TENDER: One set of 14-day variable rate term repo for 155 bln rupees. Bids may be submitted between 1100 and 1130 IST.

* STATE DEVELOPMENT LOAN AUCTION: RBI to hold auction of 116.20 bln rupees worth of bonds issued by 13 states--Bihar, Gujarat, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Punjab, Rajasthan, Tamil Nadu, and Uttar Pradesh.

MARKETS

Call  : Seen opening 10-15 bps above RBI's repo rate on demand from banks to meet reserve needs. 1-day call. 7.85-7.90% vs 7.00-7.20% Mon.

Bonds : May track US Treasury yields, crude oil prices Tue. Mild value buying may support prices: 10-yr bond yield 7.69-7.74% vs 7.72% Monday.

Rupee : Seen steady to tad up on positive India Oct-Dec GDP data. Delhi poll results eyed intraday. Range: 61.9000-62.3000/$1 vs 62.1650 Mon.

Stocks: Seen choppy with negative bias; Delhi poll outcome eyed. Nifty range: 8450-8600, Monday-end: 8526.35, down 134.70 points.

view more

RBI COUNTER

* DAILY LAF TENDERS: One set of 3-day reverse repo (at 6.75%) and 3-day repo (at 7.75%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST.

* TERM REPO TENDER: One set of 14-day variable rate term repo for 195 bln rupees. Bids may be submitted between 1100 and 1130 IST

* GILT AUCTIONS: RBI to auction 20 bln rupees of the 8.27%, 2020 bond, 50 bln rupees of the 8.15%, 2026 bond, 30 bln rupees of the 8.24%, 2033 bond and 30 bln rupees of the 8.17%, 2044 bond.

MARKETS

Call  : Open 20-30 bps above repo rate. Banks to borrow for weekend reserves, indirect tax outflows. 3-day call: 7.95-8.05 vs 8.60-8.70 1-day Thu.

Bonds : May open taking cues from oil prices, US yields. May remain steady, on caution before auction. 10-yr bond yield: 7.68-7.73% vs 7.70% Thu.

Rupee : Seen up as banks may sell dollars on hopes of FII inflows. To eye movement of dollar vs other units. Range: 61.55-61.80/$1 vs 61.73 Thu.

Stocks: Seen down on continued weakness in metal, PSU bank shares Nifty range: 8650-8800, Thursday-end: 8711.70, down 12 points.

view more

MARKETS
-----------------
Call : Seen opening slightly above the repo rate on demand from banks to meet reserve needs. 1-day Call. 7.85% vs 6.75-6.80% Mon.

Bonds : May take cues from crude prices, US yield. Players may avoid big bets before RBI policy. 10-year bond yield: 7.63-7.67% vs 7.65% Monday.

Rupee : Steady as banks may avoid big dlr positions ahead of RBI policy. To track local shares intraday. Range: 61.60-61.95/$1 vs 61.79 Mon.

Stocks: May open flat to slightly up; RBI monetary policy eyed Nifty range: 8750-8850, Monday-end: 8797.40, down 11.50 points.

RBI COUNTER
----------------------
* DAILY LAF TENDERS: One set of 1-day reverse repo (at 6.75%) and 1-day repo (at 7.75%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST.

* TERM REPO TENDER: One set of 13-day variable rate term repo for 150 bln rupees. Bids may be submitted between 1100 and 1130 IST.

view more

RBI COUNTER
* DAILY LAF TENDERS: One set of 1-day reverse repo (at 6.75%) and 1-day repo (at 7.75%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST.

MARKETS
Call : May open up as banks may borrow funds early in the session to cover their reserve needs. 1-day call: 7.00-8.00% vs 5.00% 2-day Sat.
Bonds : Crude, US yields to lend cues. Players may stay off big bets before RBI policy. 10-yr bond yield: 7.67-7.72% vs 7.69% Fri.
Rupee : To take cues from US GDP data. Local shares to lend cues. Range: 61.60-62.00/$1 vs 61.86 Fri.
Stocks: Seen opening down amid mixed cues from global markets Nifty range: 8700-8850, Friday-end: 8808.90, down 143.45 points.

view more

CONFERENCES 

* PENSION SYSTEM: Minister of State for Finance Sinha, Expenditure Secretary Watal and Financial Services Secretary Adhia to inaugurate conference on National Pension System Implementation in central government sector. 0945 IST, New Delhi.

* COMPETITION POLICY: Minister of State for Finance Sinha, former finance minister Sinha and National Statistical Commission Chairman Sen to be present at CUTS roundtable discussion on 'Adoption of National Competition Policy to achieve double digit growth in India'. 1430 IST, New Delhi.

* BANKING CONCLAVE: RBI Deputy Governor S.S. Mundra to speak at annual banking conclave organised by Mint. 1830 IST, Mumbai.

RBI COUNTER

* DAILY LAF TENDERS: One set of 1-day reverse repo (at 6.75%) and 1-day repo (at 7.75%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST.

MARKETS

Call  : May open tad above repo rate. Intraday rates may slip as bks already borrowed at Wed's 2-day repo tender. 1-day call: 7.80% vs 6.80% Wed.

Bonds : May track outcome of US FOMC meet. Players may stay off big bets before auction Friday. 10-yr bond yld: 7.67-7.73% vs 7.70% Wednesday.

Rupee : To take opening cues from US FOMC statement. Local shrs to lend cues. Range: 61.20-61.60/$1 vs 61.41 Wed.

Stocks: Seen volatile ahead of Jan futures expiry; Coal India to be in focus. Nifty range: 8850 and 8975, Wednesday-end: 8914.30, up 3.8 points.

view more

COMMODITIES
-------------------------

CRUDE OIL: Futures settled lower on Monday following the Syriza party's victory in Greece on Sunday amid choppy trade. Comments from Abdalla el-Badri, the secretary-general of the Organization of the Petroleum Exporting Countries, initially aided prices. Abdalla el-Badri said that crude oil prices could rise to $200/bbl if no new investments were made on the supply-side.

--NYMEX Mar futures (a barrel): $45.15 Monday vs $45.59 Friday

GOLD: Futures slid Monday on profit sales and uncertainty following the outcome of the Greek elections. A rebound in the euro from 11-year lows, after newly-elected Greek Prime Minister Alexis Tsipras said that he intended to keep the Mediterranean country a part of the common currency region, also reduced demand for the precious metal.

--COMEX Feb futures (a troy ounce): $1,279.40 Monday vs $1,292.60 Friday.

VIEW MORE