March 27, 2017 / 3:20 AM / 5 months ago

Morning News Call - India, March 27

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    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi.
    06:00 pm: RBI Deputy Governor S. S. Mundra to speak at an event in Mumbai.
    07:45 pm: Prime Minister Narendra Modi to speak at Economic Times event in
New Delhi
    
    LIVECHAT- INVESTOR BEHAVIOUR
We take a look at the psychology of financial planning with Victor Ricciardi,
author of "Investor Behaviour" and Assistant Professor of Financial Management
at Goucher College at 8.30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Vedanta to invest $1 billion in Zambian copper mine 
    Indian mining company Vedanta Resources said on Friday it will invest $1
billion in its Zambian mining unit Konkola Copper Mines, creating 7,000 jobs.

    • Short of track, Indian Railways eyes private suppliers in blow to state
steel firm 
    Indian Railways is considering ending state-owned Steel Authority of India
Ltd's virtual monopoly on supplying steel for standard rail tracks, opening up
annual purchases worth up to $700 million to the private sector, people close to
the matter told Reuters.
    • State Bank of India says to begin process for life insurance arm IPO
    State Bank of India, the nation's top lender by assets, said on Friday it
would begin the process for an initial public offering of its life insurance
arm, with plans to sell a 10 percent stake.
    • India's market regulator accuses Reliance of wrongful share trading
    India's market regulator accused Reliance Industries on Friday of having
committed a "fraud" in taking a short trading position at the time of selling a
stake in a subsidiary in 2007, ordering it to surrender 4.5 billion rupees plus
interest in "unlawful gains".
    • India's Shankara Building Products up to $53 mln IPO sees strong demand 
India's Shankara Building Products Ltd's initial public offering to raise up to
3.45 billion rupees  was subscribed more than 41 times, stock exchange data
showed on Friday.
    • Indian airlines push for no-fly list to ban unruly passengers 
    Several Indian airlines, including the country's biggest carrier IndiGo, on
Friday proposed creating a no-fly list to ban unruly passengers, a day after a
lawmaker admitted assaulting an official from state-owned carrier Air India.
    
    
    
    GLOBAL TOP NEWS
    • OPEC, non-OPEC to look at extending oil-output cut by six months 
    A joint committee of ministers from OPEC and non-OPEC oil producers has
agreed to review whether a global pact to limit supplies should be extended by
six months, it said in a statement on Sunday. 
    • White House looks past conservatives on tax reform - to Democrats
    Fresh off a defeat on U.S. healthcare legislation, the White House warned
rebellious conservative lawmakers that they should get behind President Donald
Trump's agenda or he may bypass them on future legislative fights, including tax
reform.
    • Japanese companies plan lower pay hike this year - Reuters poll
    An overwhelming majority of Japanese companies say they will raise wages at
a slower pace than they did last year, a Reuters poll found, stymieing Prime
Minister Shinzo Abe's attempts to boost the sluggish economy through higher
wages and consumption.   
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 9,104.50, trading down 0.08 pct from
its previous close.
    The Indian rupee will likely open higher against the dollar, as the defeat
of U.S. President Donald Trump’s healthcare bill fuelled doubts about prospects
of his economic plans, hurting demand for the greenback. 
    Indian sovereign bonds are likely to edge lower in early trade ahead of an
auction of state government debt. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.80 pct-6.86 pct band today, a dealer
with a state-run bank said. The bond had closed at 100.97 rupees, yielding 6.83
pct, on Mar. 24. India’s money markets will be shut tomorrow for a local
holiday.
    
    
    GLOBAL MARKETS
    • U.S. equity index futures fell to a six-week low on Sunday in a sign Wall
Street would start the week defensively after Republicans pulled legislation to
overhaul the U.S. healthcare system in a stunning setback for President Donald
Trump.
    • U.S. stock futures and the dollar fell while Asian markets struggled as
President Donald Trump's failure on healthcare reform raised questions about his
ability to push through tax cuts and fiscal spending to boost the
economy.
    • The dollar slid to a near two-month low against a basket of currencies
early  as concerns mounted about the chances of U.S. fiscal stimulus after the
stinging defeat of President Donald Trump's healthcare package.
    • U.S. 10-year Treasury note futures prices were higher at the open on
Sunday, after President Donald Trump's stunning political setback on Friday when
Republican leaders pulled legislation to overhaul the U.S. healthcare
system.
    • Oil prices dipped as rising U.S. drilling activity outweighed talks that
an OPEC-led production cut initially due to end in mid-2017 may be extended.

    • Gold rose to a near one-month high as the dollar slid after President
Donald Trump's failure to pass healthcare reform raised doubts over his ability
to push through his economic agenda.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         65.41/65.44  March 24         $83.03 mln  $428.37 mln
 10-yr bond yield  7.12 pct     Month-to-date    $3.21 bln   $2.93 bln
                                Year-to-date     $4.76 bln   $4.25 bln
 
    
    
    For additional data:
    India govt bond market volumes                 
    Stock market reports                
    Non-deliverable forwards data              
    Corporate debt stories               [IN CORPD]
    Local market closing/intraday levels [IN SNAPSHOT]
    Monthly inflows                      [INFLOWS RTRS TABLE IN]
 


($1 = 65.4000 Indian rupees)

 (Reporting by Pradip Kakoti in Bengaluru)
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