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iPath MSCI India Index ETN (INP)

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  • Sep. 13, 2013, 3:19 AM
    • Indian industrial output surprisingly rose 2.6% on year in July, rebounding from a fall of 1.8% in June and beating forecasts for a contraction of 0.9%.
    • Output was boosted by an 11.6% rise in exports, while manufacturing rose 3% and electricity output 5.2%, but mining fell 2.3%.
    • Consumer inflation edged down to 9.52% in August from 9.64% in July.
    • While the data may have provided some hope that India's slumping economy could be starting to stabilize, the prime minister's economic advisory panel has cut its FY growth estimates to 5.3% from a previous forecast of 6.4%. The committee also said that meeting India's budget deficit target of 4.8% will be challenging.
    • Shares -0.05%, USD/INR +0.2% to 63.74 rupees.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | 1 Comment
  • Sep. 5, 2013, 12:49 PM
    • For a second straight day, Indian stocks rise sharply — Sensex +2.2% — with banks leading the way, as new RBI governor Raghuram Rajan has apparently managed to instill some confidence in the market. (previous)
    • In addition to the creation of inflation indexed savings certificates and the issuance of long-awaited new banking licenses, Rajan will open FX swap lines between banks and the RBI (see diagram) a move BofA says may boost the country's flagging reserves by $10B.
    • "This is exactly what the market wanted to hear," one Mumbai-based banker says. Apparently so — shares of India's largest lender HDFC Bank (HDB +7.1%) rose 8% Thursday, fueling what Bloomberg says was the largest rally in the S&P BSE India Bankex index in four years.
    • The WisdomTree India Earnings Fund (EPI +1.8%), ICICI Bank (IBN +12.3%), The WisdomTree Indian Rupee Fund (ICN +0.3%).
    • Other ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, INR.
    | Comment!
  • Sep. 4, 2013, 11:49 AM
    • Among the promised reforms from new RBI head Raghuram Rajan will be allowing banks to open new domestic branches without central bank permission and the issuance of long-awaited new banking licenses by January.
    • The RBI will also soon issue inflation-indexed savings certificates and take steps to encourage financial services for the poor.
    • He plans his first monetary policy address on September 20.
    • "Some of the actions I will take will not be popular ... The governorship of the central bank is not meant to win one votes of Facebook 'likes.'"
    • The WisdomTree India Earnings Fund (EPI +4.5%), ICICI Bank (IBN +3.2%), HDFC Bank (HDB +2.9%). The WisdomTree Indian Rupee Fund (ICN +2.6%).
    • Other ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, INR.
    | Comment!
  • Sep. 3, 2013, 8:50 AM
    • The Sensex broke a 3-day winning streak, tumbling 3.5% as the rupee fell as much as 2% amid worries India is set to be downgraded. An S&P report says the chances of an Indian downgraded are higher than those for Indonesia.
    • Goldman cuts its fiscal year GDP growth forecast to 4% from 6%, and now expects the rupee to fall as low as 72 to the dollar in the next 6 months. It takes just more than 67 rupees to buy a greenback at the moment.
    • EPI -3.4% premarket.
    • ICICI Bank (IBN) -3.5%, HDFC Bank (HDB) -3.8% premarket.
    • Equity ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    • Rupee: ICN, INR.
    | 2 Comments
  • Aug. 30, 2013, 10:52 AM
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  • Aug. 30, 2013, 8:38 AM
    • Q2 GDP rose 4.4%, shy of expectations for 4.7% and below Q1's 4.8%.
    • "Clearly we need to reduce our appetite for gold, economize (on) the use of petroleum products, and take steps to increase our exports," said PM Manmohan Singh in a statement to parliament overnight.
    • "In a more equitable world order, it is only appropriate that the developed countries - in pursuing their fiscal and monetary policies - should take into account the repercussions on the economy of emerging markets," says Singh. ... "Shove off," is essentially the Fed response.
    • The Sensex gained another 1.2% overnight. EPI +2% premarket.
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    | 1 Comment
  • Aug. 29, 2013, 7:57 AM
    | 14 Comments
  • Aug. 29, 2013, 7:10 AM
    • The sale of 5% of its stake in state-owned miner Coal India should raise about $1.16B for the government amid budget pressure, a record current account deficit, and a slowing economy.
    • Seven banks, including Goldman and Deutsche, have been selected to manage the sale which could take place in October, reports Reuters, citing sources.
    • The Sensex rose for a 2nd straight day overnight, +2.3% as the central bank promised to sell dollars to the country's oil importers.
    • EPI +2.3% premarket.
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    | Comment!
  • Aug. 28, 2013, 7:58 AM
    • IBN's 2.8% premarket decline comes on the heels of yesterday's 5.7% dive and a 41% fall YTD. The rupee is having its worst session in decades, off nearly 4% vs. the greenback. The Sensex however, managed to reverse a sizable early loss to close slightly in the green.
    • The WisdomTree India Earnings Fund (EPI) - not currency-hedged like WisdomTree's popular Japan Hedged Equity Fund - is off 3.2% premarket.
    • Another Indian bank traded with reasonable volume here, HDFC Bank Limited (HDB) is off 1.4% premarket.
    • Other India equity ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
    • The Indian Rupee Fund (ICN) is off 15% YTD with all of the loss coming since May (about the time the U.S. Treasury market cracked).
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  • Aug. 28, 2013, 3:29 AM
    • The rupee's collapse shows no sign of abating, with India's currency hitting yet another record low of 68.71 to the dollar. The USD-INR is now +2.9% at 68.225, while shares are down again, dropping 1.1%.
    • "It is just impossible to put any realistic value to the rupee any more," says forex dealer Uday Bhatt.
    • Foreign investors are fleeing the country, selling almost $1B of shares in the eight session through yesterday, although net purchases for 2013 are $12B. Bond outflows this year are $4.5B.
    • Complicating matters for India is that the prices of gold and oil, its biggest imports, are surging this week due to the tension with Syria.
    • The rupee's slide comes despite the government taking measures to try to stem the tide. The latest proposal is to create swap agreements with other countries to reduce demand for foreign currencies.
    • The collapse in the rupee is causing havoc with companies such as Whirlpool of India (WHR), as the trend is boosting import costs at the same time that consumer spending is falling.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | 3 Comments
  • Aug. 27, 2013, 11:56 AM
    • The bill will no doubt help the government secure votes ahead of general elections as the full fiscal impact won't be felt this year, says Nomura's Sonal Varma, but the cost will rise substantially  from FY2015 on.
    • It's also likely to be inflationary because it creates a "demand-supply mismatch, requires raising minimum support prices to encourage production, could create a shortage of non-grain food items, and reduces the marketable surplus for the private sector."
    • "The economy can ill-afford this at the current juncture."
    • The Sensex slid another 3.2% overnight.
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    • Previous on the food bill.
    | Comment!
  • Aug. 27, 2013, 3:20 AM
    • India's rupee has dropped to more record lows against the dollar and shares have plunged after the country's Lower House of Parliament approved a $20B plan to provide cheap grain for the poor, or almost 70% of the country's 1.2B people.
    • The bill has prompted concerns that it will add to India's fiscal deficit.
    • The USD-INR is +2.3% to 65.805 after earlier hitting 65.93. The currency has plummeted this year for a variety of reasons, including the lack of economic reform and the the Fed's intention to start tapering its QE program.
    • The Sensex is -2.3%.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | 3 Comments
  • Aug. 23, 2013, 7:27 AM
    • The EEM is off 13.9% YTD, but it's been the locals who have been selling as foreign inflows into emerging market stock funds have continued ... up until last week, where $12.3B in net outlfows were seen, according to EPFR.
    • The troubled Indian stock market is an example - foreigners plowed $12B into stocks there this year, bringing their ownership to a record high 21.7% as of June 30, according to Citi. The mood changed after the government Wednesday imposed what are essentially capital controls, and the stock market saw foreign net outflows of $517M.
    • Not for nothing, but the Sensex (and emerging markets in general) rallied for a 2nd straight session overnight; EPI +0.9%, EEM +1.2% premarket.
    • Indian ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, ICN, INR.
    • Emerging market ETFs: AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.
    | Comment!
  • Aug. 23, 2013, 3:15 AM
    • The India rupee has recovered a bit after yesterday touching another record low of 65.561 to the dollar. The USD-INR is now 64.6, +0.1% on the day, while shares are +0.5%.
    • Finance Minister Palaniappan Chidambaram and Reserve Bank of India Governor Duvvuri Subbarao sought to calm markets by pledging that India has no intention of introducing capital controls, including on repatriation.
    • The comments came after the RBI last week imposed restrictions on Indians' movement of money outside the country, which helped spark a rout in the already weak rupee.
    • In its annual report, the RBI painted a rather grim picture of India's situation, although Chidambaram expressed confidence that growth will pick up and that the country's huge current account deficit - a major cause of concern - will fall.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Comment!
  • Aug. 21, 2013, 4:37 AM
    • The Reserve Bank of India has has said it will buy 80B rupees ($1.26B) of long-dated government bonds on Friday and reduce weekly sales of cash-management bills to rein in a surge in yields. The bank could make further purchases, depending on market conditions.
    • The move comes after a series of tightening measures that unsuccessfully attempted to stem the free-fall in the rupee. Not only did the measures fail, they also caused a cash crunch that led banks to raise deposit and lending rates.
    • Indian shares are -1.4%, adding to sharp falls over the last few sessions.
    • Yields on 10-year government bonds plunge 57 bps to 8.35%.
    • However, the rupee weakens again after recovering yesterday following RBI intervention in the currency markets. The USD-INR is +1.45% at 64.04.
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR (PR)
    | Comment!
  • Aug. 20, 2013, 3:56 AM
    • The rupee has hit yet another low of 64.175 to the dollar, although the currency is now at 63.565 amid speculation of intervention by the Reserve Bank of India.
    • India's Sensex drops again, declining 0.1%, although that's up from earlier lows.
    • "The rupee is at risk of completely losing its anchor," says UBS strategist Bhanu Baweja. UBS has predicted a drop to 70 to the dollar, but "no rupee forecast is sacrosanct.
    • What investors want is economic reform, not the quasi capital controls that were announced last week.
    • "There is no focus on improving productivity, infrastructure or getting FDI (foreign direct investment) back," says Nomura credit analyst Pradeep Mohinan. "It's all about stemming the flow of currency and that is not the cause of the problem."
    • Expectations that the Fed will soon start tapering are also hurting the rupee.
    • Companies that have been affected by the currency's slide - for better or for worse - include Cummins (CMI), Cognizant Technology Solutions (CTSH), and Starwood Hotels & Resorts Worldwide (HOT).
    • ETFs - Stocks: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN. Currency: ICN, INR
    | Comment!
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INP Description
The iPath® MSCI India IndexService Mark ETNs are linked to the MSCI India Total Return IndexService Mark (the "Index"). The Index is a free-float-adjusted market capitalization index designed to measure the market performance, including price performance and income from dividend payments, of Indian equity securities. The Index seeks to represent approximately 85% of the free-float-adjusted market capitalization of equity securities by industry group within India. As of September 30, 2009, the Index was comprised of 60 companies listed on the National Stock Exchange of India (the "NSE").
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Country: India
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