April 5, 2017 / 3:23 AM / in 4 months

Morning News Call - India, April 5

7 Min Read

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    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi.
    6:00 pm: Federal cabinet meets in New Delhi.
    
    GMF: LIVECHAT - EURO ZONE OUTLOOK
We take a look at the economic outlook for the euro zone at 2:30 pm with Ben
May, senior euro zone economist at Oxford Economics. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • India central bank seen holding rates, not pulling another surprise
    The Reserve Bank of India has pulled surprises at its last three policy
meetings, so another can't be ruled out at Thursday's review, but analysts
uniformly expect no change in interest rates.
    • India, Britain talk up post-Brexit trade prospects
    India and Britain on Tuesday talked up their prospects of developing a new
trading relationship, as their finance ministers met to prepare for the United
Kingdom's exit from the European Union.
    • Infosys founder criticises pay hike for operations chief
    A dispute between the founders and the board of software services company
Infosys Ltd over governance spilled into public again on Monday, as founder N.R.
Narayana Murthy criticised a pay hike for Chief Operating Officer Pravin Rao.

    • Indian fertiliser companies to raise potash prices after subsidy cut 
Indian fertiliser companies will soon raise potash prices after the government
last week cut subsidies by 20 percent for the current financial year, officials
said.
    • India's SBI sees cost savings, no bad loans surprise after merger with
units
    State Bank of India, the nation's top lender by assets, expects no nasty
surprises on bad loans after merging five subsidiary banks with itself at the
weekend in a deal that will help it save costs and gain scale, senior executives
said.
    • Snapdeal looking to raise $100 mln from SoftBank, other investors
    Indian online retailer Snapdeal is looking to raise just over $100 million
from existing shareholders including Japan's SoftBank and new investors, its
chief financial officer said.
    • India's Dr Reddy's says U.S. FDA raises fresh concerns at Srikakulam drug
plant
    India's Dr Reddy's Laboratories Ltd said on Tuesday that the U.S. Food and
Drug Administration has outlined two more concerns with the company's Srikakulam
drug-making plant after an inspection of the facility.
    • WhatsApp mulls foray into digital payments with India launch
    Instant messaging app WhatsApp, owned by Facebook Inc, is mulling a foray
into digital payment services in India, its first such offering globally, and
has advertised to hire a digital transactions lead in the country.
    
    GLOBAL TOP NEWS
    • Scores reported killed in gas attack on Syrian rebel area
    A suspected Syrian government chemical attack killed scores of people,
including children, in the northwestern province of Idlib on Tuesday, a
monitoring group, medics and rescue workers in the rebel-held area said.

    • N.Korea test-fires missile into sea ahead of Trump-Xi summit
    North Korea test-fired a ballistic missile into the sea off its east coast,
South Korea's military said, ahead of a summit between U.S. and Chinese leaders
who are set to discuss Pyongyang's arms programme.
    • Fed's Lacker leaves U.S. central bank over leak of market-sensitive news
    Richmond Federal Reserve President Jeffrey Lacker abruptly left the U.S.
central bank on Tuesday after admitting that a conversation he had with a Wall
Street analyst in 2012 may have disclosed confidential information about Fed
policy options.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,294.50, trading up 0.16 pct from
its previous close.
    • The Indian rupee will likely open lower against the dollar, weighed down
by caution ahead of the central bank’s policy review at home and weak risk
appetite before U.S. President Donald Trump meets his Chinese counterpart Xi
Jinping.
    • Indian government bonds are likely to trade largely unchanged, as
investors may slow activity ahead of the outcome of a two-day Monetary Policy
Committee meeting that starts today. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.62 pct-6.68 pct band today. The bond
had closed at 102.22 rupees, yielding 6.65 pct, on Apr. 3.
    
    
    GLOBAL MARKETS
    • U.S. stocks were little changed on Tuesday, as investors stayed on the
sidelines ahead of the first-quarter earnings season and fretted about President
Donald Trump's ability to deliver on tax reform and other promises.
    • Asian stocks are set for a cautious start as investors move to the
sidelines before a potentially tense meeting between Donald Trump and Chinese
President Xi Jinping later this week.
    • The dollar regained some traction against the yen in Asian trade, but
remained under pressure after North Korea fired a ballistic missile into the
sea.
    • Benchmark U.S. Treasury yields touched their lowest in more than five
weeks on Tuesday before reversing course to trade little changed on doubts about
the ability of U.S. President Donald Trump to enact fiscal stimulus.
    • Oil prices climbed on signs of gradual tightening in a market bloated by
years of overproduction that has left storage tanks around the world brimming
with unsold fuel.
    • Gold prices held firm near one-month highs hit the day before, with
appetite for risk easing ahead of a meeting this week between the leaders of the
United States and China.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         64.93/64.96  April 3          --         $717.93 mln
 10-yr bond yield  7.05         Month-to-date    $5.23 bln  --
                                Year-to-date     $6.78 bln  $6.19 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 = 65.0700 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

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