BSE Sensex up 88 points, Nifty by 25.35 points in early trade

LOCAL MARKETS PREVIOUS CLOSE

* BSE index 19,561.04 (+0.52 pct)

* NSE index 5,922.50 (+0.42 pct)

* Rupee 53.85/86 per dollar (53.8450/8550)

* 10-year bond yield 7.87 pct (7.86 pct)

* 5-year OIS rate 7.27 pct (7.26 pct)

* 1-year OIS rate 7.64 pct (7.63 pct)

* Call money 7.75/7.85 pct (7.80/7.85 pct)

FACTORS TO WATCH

* India is due to release the country's merchandise trade data for January around 11:15 a.m.

* India's commerce and industry minister will deliver the key-note address at an information technology seminar at 0400 GMT.

OVERNIGHT NEWS

* India's central bank will buy up to 100 billion rupees ($1.9 billion) of bonds on Feb. 15 through open market operations using the multiple price method.

MAJOR DEALS/ACQUISITIONS

* India's HPCL plans to raise up to $500 million through external commercial borrowings by March to fund its various projects, its executive director for finance said.

USD/INR NDFs (NY closing prices)

LIQUIDITY

* The RBI said on Tuesday it accepted all 38 bids for 1.24 trillion rupees at its one-day repo auction, through which it injects cash into the banking system. It also accepted the sole bid for 150 million rupees at its reverse repo auction, through which it absorbs cash from the system.

* Indian banks' refinancing with RBI rises to 205.93 billion rupees.

* Indian banks' cash balances with RBI fall to 2.84 trillion rupees.