April 18, 2017 / 3:18 AM / in 6 months

Morning News Call - India, April 18

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    FACTORS TO WATCH
    10:00 am: Telecom Minister Manoj Sinha and Telecom Regulatory Authority of
India Chairman RS Sharma at an event in New Delhi.
    3:00 pm: India Meteorological Department releases initial monsoon forecast
for 2017 in New Delhi.
    4:00 pm: India Ratings Webinar on oil and gas sector FY18 outlook in Mumbai.
    4:30 pm: Railways Minister Suresh Prabhu to speak at an event in Mumbai.
    5:00 pm: Tata Consultancy Services to brief media after announcing fiscal
fourth quarter earnings in Mumbai.
    
    GMF: LIVECHAT - WAR RISK IN KOREAN PENINSULA with Professor Brian Myer
    Amid speculation that North Korea may plan to conduct a fresh nuclear test,
the U.S. sent Carl Vinson carrier strike group to the region and China weighed
Donald Trump's words for a better trade deal if it plays a bigger role in the
peninsula. At 10:00 am, Professor Brian Myers, of Dongseo University, and author
of 'North Korea's Juche Myth', will discuss the possible scenarios of how the
latest geopolitical crisis may end. To join the conversation, click on the link:
here
    
    
    INDIA TOP NEWS
    • Indian tribunal dismisses ex-chairman Mistry's plea against Tata Sons
    An Indian tribunal has dismissed a petition by former Tata Sons' chairman
Cyrus Mistry that alleged mismanagement and discrimination against minority
shareholders at the Tata group holding company, Tata Sons said on Monday, adding
it welcomed the order.
    • India plans stake sales worth $5.4 bln in seven state-run firms
    India plans to sell stakes worth $5.4 billion in seven state-run companies
during the current financial year as Asia's third-largest economy looks to fund
its fiscal deficit amid ramped-up spending on rural areas and infrastructure.

    • Snap stock falls as alleged CEO comments rile some on social media
    Shares of Snap fell 1.5 percent on Monday as the Snapchat owner faced
criticism for comments allegedly made by its CEO about not prioritizing growth
in India and Spain because they were "poor" countries.
    • India's wholesale prices up 5.70 pct y/y in March
    India's wholesale prices rose a lower-than-expected 5.70 percent
year-on-year in March, compared with a 0.45 percent fall a year ago, dragged
down by easing fuel prices, government data showed on Monday.
    
    
    GLOBAL TOP NEWS
    • Pence takes message of U.S. resolve against North Korea to Japan
    U.S. Vice President Mike Pence is expected to reassure Japan of American
commitment to reining in North Korea's nuclear and missile ambitions, after
warning that U.S. strikes in Syria and Afghanistan showed the strength of its
resolve.
    • Triumphant Erdogan swats away Western criticism of referendum
    A defiant Turkish President Tayyip Erdogan denounced the West's "crusader
mentality" on Monday after European monitors criticised a referendum in which he
won sweeping new powers.
    • China's home prices accelerate in March on-month, highlighting policy
challenges
    Prices in China's sizzling property market, a major driver of growth in the
world's second largest economy, accelerated in March on a monthly basis, shaking
off the impact of tougher cooling measures introduced to dampen resurgent
speculative demand.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,166.50, trading flat from its
previous close.
    • The Indian rupee will likely open little changed to slightly higher
against the dollar, as a rebound in U.S. indices helped boost investor
sentiment, even as tensions over North Korea persist. However, U.S. Treasury
Secretary Steven Mnuchin’s comments supporting long-term dollar strength may
limit gains.
    • Indian government bonds will likely edge lower in early trade, as the
nation’s official weather forecaster issues its first-stage long-range
prediction for the 2017 southwest monsoon rainfall today. The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.83 pct-6.88
pct band today. The bond closed at 100.83 rupees yesterday, yielding 6.85 pct.
    
    
    GLOBAL MARKETS
    • U.S. stocks bounced back on Monday after the S&P 500 closed the previous
session at a two-month low, in a broad rally led by recently beaten-down bank
and technology shares.
    • Asian stocks pulled back on Tuesday, and the dollar gave up the gains it
had clocked on the U.S. Treasury Secretary's comments in support of a stronger
currency, as escalating tensions over North Korea dragged sentiment lower.

    • The dollar pulled away from five-month lows versus the yen, with comments
from U.S. Treasury Secretary Steven Mnuchin and higher debt yields giving the
bruised greenback some breathing space.
    • U.S. Treasury yields rose from five-month lows on Monday as stocks gained,
reducing demand for safe-haven debt, and on reports that the Trump
administration is likely to nominate a bank friendly official as the Federal
Reserve's vice chairman for bank supervision.
    • Crude oil prices were mixed in thin trading after the Easter holiday break
shut many markets for as long as four days and a U.S. government report
indicated rising production, which may keep a cap on prices after recent gains.

    • Gold prices edged down, after hitting a five-month high in the previous
session, on a firmer dollar and higher U.S. Treasury yields, but simmering
geopolitical tensions over North Korea continued to offer support.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.41/64.44  April 17         -$38.9 mln    $63.4 mln
 10-yr bond yield  7.13         Month-to-date    -$126.36 mln  $3.53 bln
                                Year-to-date     $6.66 bln     $9.00 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 = 64.4600 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

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