April 19, 2017 / 3:20 AM / 4 months ago

Morning News Call - India, April 19

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    FACTORS TO WATCH
    10:00 am: Steel Minister Birender Singh and Tata Steel MD TV Narendran at
industry body event in Mumbai.
    10:30 am: Cabinet likely to meet in New Delhi. Agenda not disclosed.
    12:15 pm: Railways Minister Suresh Prabhu, Telecom Minister Manoj Sinha at
an event in New Delhi.
    12:15 pm: S Chand & Co. Ltd's IPO conference in Mumbai.
    1:15 pm: IndusInd Bank earnings conference in Mumbai.
    2:45 pm: YES Bank earnings conference in Mumbai.
    5:00 pm: Farm Minister Radha Mohan Singh to attend an event in New Delhi.
    
      
    
    INDIA TOP NEWS
    • Indian businessman Mallya granted bail in London extradition hearing
    Flamboyant businessman Vijay Mallya, pursued by Indian authorities over
unpaid loans tied to his defunct Kingfisher Airlines, was arrested in London on
Tuesday and appeared in court for an extradition hearing.
    • Trump orders review of visa program to encourage hiring Americans
    President Donald Trump on Tuesday ordered a review of the U.S. visa program
for bringing high-skilled foreign workers into the country, putting technology
firms and the outsourcing companies that serve them on notice that possible
changes may be ahead.
    • India's TCS posts higher profit, confident of demand growth
    Tata Consultancy Services Ltd, India's biggest software services exporter,
reported a slightly smaller than expected rise in fourth-quarter earnings on
Tuesday, but was confident of demand growth in some of its major focus areas.

    • India's 2017 monsoon rains seen at average levels -weather office
    India's crucial monsoon rains are expected to be of an average amount in
2017, the weather office said on Tuesday, easing concerns over farm and economic
growth in the world's leading producer of an array of agricultural goods.

    
    
    GLOBAL TOP NEWS
    • British PM May calls for early election to strengthen Brexit hand
    British Prime Minister Theresa May called on Tuesday for an early election
on June 8, saying she needed to strengthen her hand in divorce talks with the
European Union by bolstering support for her Brexit plan.
    • Japan govt fund, bank mull bid with Broadcom for Toshiba chip unit -media
    A Japanese government-backed fund and policy bank are considering a joint
bid with Broadcom Ltd for Toshiba Corp's semiconductor business, a move that
would vault the U.S. chipmaker into the lead to buy the prized unit, the Asahi
newspaper said.
    • Indonesians vote in Jakarta poll marred by religious divisions
    Indonesians lined up to vote in an election to choose between a Muslim and a
Christian candidate to govern Jakarta, after a bruising campaign marred by
religious tensions in the capital of the world's third-largest democracy.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,118.50, trading 0.02 pct higher
from its previous close.
    • The Indian rupee will likely open higher against the dollar, as a jump in
the pound sterling after British Prime Minister Theresa May called for an early
general election and disappointing U.S. economic data weighed on demand for the
greenback.
    • Indian government bonds will likely edge higher, tracking gains in U.S.
Treasuries triggered by safe-haven demand ahead of the first-round presidential
polls in France this weekend and amid brewing geopolitical tensions. The yield
on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.82
pct-6.88 pct band today. The bond closed at 100.72 rupees yesterday, yielding
6.86 pct.
    
    
    GLOBAL MARKETS
    • The S&P 500 fell for the fourth time in five sessions on Tuesday, weighed
down by a drop in Goldman Sachs and Johnson & Johnson following their quarterly
results, while geopolitical tensions added to investor caution.
    • Japanese stocks edged down in choppy trade as geopolitical tensions soured
investor sentiment, while regional banking stocks underperformed as Japanese
government bond yields fell to five-month lows.
    • The dollar index traded near three-week lows, dragged down by a resurgent
sterling after British Prime Minister Theresa May called for an early general
election ahead of Brexit negotiations.
    • U.S. Treasury yields fell to five-month lows on Tuesday as nervousness
ahead of France’s first round of presidential elections this weekend and ongoing
geopolitical tensions increased demand for safe-haven U.S. debt.
    • Oil prices dipped as bloated U.S. supplies weighed on markets while a fall
in Saudi crude exports was offset by rising production in the country.
    • Gold held steady, supported by a weaker dollar, geopolitical concerns
about North Korea and nervousness ahead of the French presidential election.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.61/64.64  April 18         -$144.2 mln   $34.5 mln
 10-yr bond yield  7.16         Month-to-date    -$136.81 mln  $3.57 bln
                                Year-to-date     $6.65 bln     $9.04 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 = 64.5500 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

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