April 3, 2017 / 3:30 AM / 4 months ago

Morning News Call - India, April 3

6 Min Read

(India Morning Newsletter will not be published on Tuesday, April 4, as markets
are closed for Shree Ram Navami)
    
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    FACTORS TO WATCH
    10:00 am: State Bank of India Chairman Arundhati Bhattacharya to speak on
merger in Mumbai.
    10:15 am: Finance Minister Arun Jaitley to speak at South Asia Subregional
Economic Cooperation countries event in New Delhi.
    4:00 pm: Power Minister Piyush Goyal at an event in New Delhi.
    
    LIVECHAT - FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Rosneft-led deal to buy India's Essar delayed until April
    The purchase of Indian refiner Essar Oil by a consortium led by Russian oil
company Rosneft has been delayed by a few weeks, the two sides said on Friday,
because some Indian lenders to Essar have yet to sign off on the deal.

    • India to cut Iranian oil purchases in row over gas field
    Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth,
as New Delhi takes a more assertive stance over an impasse on a giant gas field
that it wants awarded to an Indian consortium, sources familiar with the matter
said.
    • India's cabinet approves plan to extend tax benefits for big power
projects
    India's cabinet approved a proposal on Friday to give large power projects
extra time to take advantage of tax incentives, as a part of efforts to cut
power tariffs and help to reduce stress on banks saddled with bad loans.
    • India's Reliance Jio signs up 72 million paying customers
    India's Reliance Jio, the telecom unit of Reliance Industries, said on
Friday it had signed up 72 million paying customers under its Prime plan, and
added it had extended the enrolment deadline for the plan until April 15.

    
    GLOBAL TOP NEWS
    • Trump presses China on North Korea ahead of Xi talks
    U.S. President Donald Trump held out the possibility on Sunday of using
trade as a lever to secure Chinese cooperation against North Korea and suggested
Washington might deal with Pyongyang's nuclear and missile programs on its own
if need be.
    • Japan business mood brightens as recovery broadens - BOJ tankan
    Japanese big manufacturers' business confidence improved for a second
straight quarter to hit a one-and-a-half year high in March, a closely watched
central bank survey showed, a sign the benefits of an export-driven economic
recovery were broadening.
    • Leftist claims victory in Ecuador, conservative asks for recount
    Leftist government candidate Lenin Moreno claimed victory in Ecuador's
presidential vote on Sunday, bucking a shift to the right across South America,
but the conservative challenger asked for a recount as his supporters took to
the streets in protest.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 9,217.00, trading up 0.2 pct from its
previous close.
    The Indian rupee will likely open higher against the dollar, in line with
its Asian peers, as tepid U.S. economic data and cautious comments from Federal
Reserve officials weighed on the greenback. India’s financial markets will
remain closed for local holiday on Tuesday.
    Indian government bonds will likely edge higher, as investors may step up
purchases in the first trading session of the new financial year that began Apr.
1. However, caution ahead of the nation’s monetary policy decision later this
week may weigh on appetite. The yield on the benchmark 6.97 pct bond maturing in
2026 is likely to trade in a 6.67 pct-6.73 pct band today. The bond had closed
at 101.91 rupees, yielding 6.69 pct, on Friday.
    
    
    GLOBAL MARKETS
    • Wall Street fell on Friday, pulled down by Exxon and JPMorgan Chase as
investors wrapped up a strong quarter and weighed whether corporate earnings
reports will justify the market's lofty valuations.
    • Asian shares started the week on a steady footing after a bumper quarter
as investors look to the shape of U.S. trade and economic policies and how they
could affect global growth.
    • The dollar started the week on the back foot as some lacklustre U.S. data
and comments from Federal Reserve officials gave investors few catalysts to
build on their U.S. currency exposure.
    • U.S. Treasury debt yields fell on Friday after a chorus of Federal Reserve
officials questioned the need for a faster pace of interest rate increases given
tame inflation and just modest growth in the U.S. economy.
    • Oil futures dipped as a higher U.S. rig count indicated rising shale
output and stoked worries about global oversupply, while a stronger dollar also
pressured prices.
    • Gold prices held steady after marking their best quarter in a year,
supported by uninspiring economic data from the United States and dovish remarks
from a Federal Reserve official on Friday.
  
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.85/64.88  March 31         $45.60 mln  $9.10 mln
 10-yr bond yield  7.04         Month-to-date    $4.69 bln   $4.16 bln
                                Year-to-date     $6.24 bln   $5.47 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 = 64.8500 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

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