Indian ADRs took a beating on Friday:
The Dollar-Rupee Equation Went For A Little Toss
This is a two month high (last price is the FX-Clear price at 5 pm, earlier prices are RBI Ref rates).
Things coming up this week:
- RBI Monetary Policy (Tuesday 11 AM) – My view is now that Rajan will raise the repo rate 0.25% or 0.50%.
- 11,530 cr. of State Government Bills (Tuesday)
- 7,000 cr. of T-bills auctioned (Wednesday)
- US Fed Meeting Annoucement (Wednesday after Indian market hours) – My view: Another $10 billion of taper in what will be Bernanke’s last meeting as the governor.
- F&O Expiry (Thursday)
- Auto Sales data (Friday)
Lots of results this week as well.
- Monday: Adani Ports, Adani Power, Escorts, Hindustan Unilever, Idea, Just Dial, Lanco
- Tuesday: Hawkins, Jyothy Lab, Maruti, NTPC, Onmobile, Punjab and Sind Bank, Pidilite, Sesa Sterlite
- Wednesday: Airtel, Brigade Enterprises, Crompton Greaves, Gail, Gujarat State Fertilizers, Havells, ICICI Bank, IOB, Tata Global, Titan,
- Thursday: Arvind, BoI, EIH, Hero Motocorp, Piramal Enterprises, Shoppers Stop, Sintex, Smartlink, Trent, Tata Tele, Voltas.
- Friday: Canara Bank, Ballarpur, IDFC, Marico, NHPC, Syndicate Bank.
It’s going to be a rough week for stocks and bonds, with volatility hitting us hard. Great trading week if you can stomach the madness!