July 17, 2017 / 3:14 AM / in 10 days

Morning News Call - India, July 17

7 Min Read

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    FACTORS TO WATCH
    10:30 am: ICICI Bank MD Chanda Kochhar and BPCL CMD D. Rajkumar at Fino
event in Mumbai.
    11:00 am: Monsoon session of Parliament begins in New Delhi.
    12:15 pm: Equitas Small Finance Bank to launch digital banking services in
Mumbai.
    2:00 pm: ICICI Prudential annual shareholders meeting in Mumbai.
    4:00 pm: Junior Earth Sciences Minister Y.S. Chowdary at an event in New
Delhi.
    
    LIVECHAT - GCC OUTLOOK
    Riad al Khouri, Director of Middle East, GeoEconomica GmbH, joins the forum
with his insights on the unfolding political situation in the Gulf at 2:30 pm
IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Infosys manages slight Q1 profit increase, labour costs cloud outlook
    Infosys Ltd, India's No. 2 software services exporter, eked out a slight
rise in first-quarter profit, although the outlook for more earnings gains
remains cloudy due to higher labour costs and unfavorable currency rates.

    • Trade deficit narrows to $13 billion in June -govt
    India's trade deficit narrowed more-than-expected to $12.96 billion in June
as gold imports nearly halved from a month earlier, government data showed on
Friday.
    • BPCL makes its first U.S. oil purchase, buys Mars, Poseidon
    India's Bharat Petroleum Corp has made its first purchase of U.S. oil,
buying high sulphur crudes Mars and Poseidon in a tender, its head of refineries
R. Ramachandran said.
    • ICICI Lombard files for first Indian IPO by a non-life insurer
    India's ICICI Lombard General Insurance Co Ltd has filed for an initial
public offering of shares in what would be the first IPO by a non-life insurance
company in Asia's third-largest economy.
    • TCS sees big opportunity in manufacturing, life sciences
    India's top IT services company Tata Consultancy Services Ltd is moving to
capitalize on growth opportunities in areas such as life sciences and
manufacturing, Chief Executive Rajesh Gopinathan said on Friday.
    • WPI inflation eases to 0.9 percent y/y in June - govt
    India's wholesale prices further eased to 0.9 percent year-on-year in June,
government data showed on Friday, in line with the decline in retail inflation.

    • Australia in final stages of mulling loan for Adani 
    Adani Enterprises' $4 billion Carmichael coal mine in Australia's north is
one of five projects that have been shortlisted for potential government
funding, a source with direct knowledge of the matter said on Friday.

    • Finance veteran Vikram Limaye to take over as NSE CEO
    Vikram Limaye, former head of infrastructure lender IDFC Ltd, will take over
as the next managing director and chief executive of the National Stock Exchange
on Monday, the country's largest bourse said.
    
    
    GLOBAL TOP NEWS
    • China Q2 GDP growth beats expectations on strong factory output
    China's economy grew faster than expected in the second quarter as
industrial output picked up and investment remained strong, though analysts
expect growth to slow over the remainder of the year as policymakers seek to
reduce financial risk.
    • U.S. Secret Service rejects suggestion it vetted Trump son's meeting
    The U.S. Secret Service on Sunday denied a suggestion from President Donald
Trump's personal lawyer that it had vetted a meeting between the president's son
and Russian nationals during the 2016 campaign.
    • South Korea proposes military, family reunion talks with North Korea
    South Korea proposed military talks with North Korea this week, the first
government-level talks since late 2015, in an effort to halt hostile activities
near their joint border and after a series of missile tests by the North in
recent weeks.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,942.00, up 0.40 percent from previous
close.
    • The Indian rupee will likely edge higher against the dollar in early
trade, in line with Asian peers, as weaker-than-expected U.S. economic data
dimmed chances of another Federal Reserve rate hike this year, hurting the
greenback.
    • Indian government bonds are likely to open higher, tracking a fall in U.S.
Treasury yields, after weaker-than-expected data raised doubts on the timing of
the Federal Reserve's next rate hike. The yield on the benchmark 6.79 percent
bond maturing in 2027 is likely to trade in a 6.44 percent-6.48 percent band
today.

        
    GLOBAL MARKETS
    • The Dow and S&P 500 hit record highs on Friday after weak economic data
dulled prospects of more interest rate hikes this year.
    • Asian stocks mostly rose, spurred by record high closes for the Dow and
S&P 500 on bets that the Federal Reserve's policy will remain accommodative
following lacklustre U.S. data, which sent the dollar reeling to a 10-month low.

    • The dollar huddled near a 10-month trough as the diminished risk of
aggressive U.S. policy tightening sent investors piling into leveraged positions
in higher yielding currencies or risky assets.
    • U.S. Treasury yields dropped to multi-week lows on Friday as benign U.S.
inflation data in June and surprise fall in retail sales clouded expectations
about an interest rate increase later this year.
    • Oil prices firmed, supported by a slowdown in new rigs looking for crude
and a perception of strong demand.
    • Gold prices rose as the dollar fell to multi-month lows following weak
economic data from the United States that has diminished the outlook for
aggressive rate hikes from the U.S. Federal Reserve.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.43/64.46  July 14          --            $51.82 mln
 10-yr bond yield  6.84 pct     Month-to-date    -$147.23 mln  $1.49 bln
                                Year-to-date     $8.44 bln     $19.49 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 = 64.45 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  

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