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The Inter-bank call money rates opened tad higher at 7.35/45% from its previous close of 7.30/40% as banks stepped up borrowing ahead of the advance tax outflows, but the upside was limited as cash conditions improved over the last few days on likely government spending. Some government spending has come in and eased liquidity situation in the banking system keeping call rates range bound in the advance tax outflow week. Also, as it is the second week of the reporting fortnight banks have finished their product build up. The liquidity in the banking system is expected to tighten considerably after corporate pay their advance tax and also the Reserve Bank of India is widely expected to raise rates by 25 basis points on June 16 after Indian inflation accelerated faster than expected in May. Though, the bankers are expecting an increase in call rates from the latter half of this week after the advance tax outflows and the central bank’s policy review.
Banks via Liquidity Adjustment Facility (LAF) borrowed Rs 60,250 crore through repo window on June 15, 2011. While, banks via Liquidity Adjustment Facility (LAF) borrowed Rs 33,000 crore through repo window and Rs 250 crore via reverse repo window on June 14, 2011.
The overnight borrowing rates has touched a high of 7.45% and a low of 6.20%, so far.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 7.26% on Tuesday and total volume stood at Rs 11,992 crore on the same day.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 7.27% on Tuesday and total volume stood at Rs 61,410 crore on the same day.
The indicative call rates which closed at 7.30/40% on Tuesday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered Bank, State Bank of India, Union Bank of India, ING Vysya Bank, BNP Paribas, HDFC Bank, P&S Bank.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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