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Morning News Call - India, March 16
March 16, 2017 / 3:28 AM / 8 months ago

Morning News Call - India, March 16

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    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi.
    
    10:15 am: Transport Minister Nitin Gadkari at an event in Mumbai.
    
    12:00 pm: BNP Paribas Mutual Fund to brief media in Mumbai.
    
    12:30 pm: Honda launch media conference in Mumbai.
   
    2:30 pm: Payments Council of India members to speak on MDR charges in
Mumbai.
    
    5.00 pm: GST Council meets in New Delhi.
    
    LIVECHAT-MARKET DISCONNECT
    Discuss the disconnect between equity, fixed income and currency markets
with Naeem Aslam, Chief Market Analyst, Think Markets UK, at 3.30 pm. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Engineering sales lift India's exports for sixth month in Feb 
    India's exports rose in February for the sixth straight month, helped by a
pick-up in engineering sales despite fears of protectionist and anti-trade
sentiment in the United States and Europe.
    • Indian billionaire Agarwal to invest up to 2 billion pounds in Anglo
American 
    Indian billionaire Anil Agarwal said on Wednesday he would buy a stake of up
to 2 billion pounds in Anglo American, but had no intention of trying to take
control of the global miner.
    • SBI approves plan to raise up to $2.3 billion in capital 
    State Bank of India, the country's biggest lender by assets, said on
Wednesday its board had approved a plan to raise up to 150 billion rupees from
capital markets in the next fiscal year starting from April 1.
    • Suncor sells cargo of offshore Canadian crude to Indian Oil Corp 
    Suncor Energy has sold a cargo of offshore Canadian crude from its Hibernia
field to Indian Oil Corp, a Suncor spokeswoman said on Wednesday.
    • Troubled waters? India fast-tracks hydro projects in disputed Kashmir 
    India has fast-tracked hydropower projects worth $15 billion in Kashmir in
recent months, three federal and state officials said, ignoring warnings from
Islamabad that power stations on rivers flowing into Pakistan will disrupt water
supplies.
    
    
    GLOBAL TOP NEWS
    • Dutch PM Rutte on course for big victory over far-right Wilders
    The Netherlands' centre-right Prime Minister Mark Rutte was on course for a
resounding victory over anti-Islam and anti-EU Geert Wilders in an election on
Wednesday, offering huge relief to other EU governments facing a wave of
nationalism.
    • Hawaii judge halts Trump's new travel ban before it can go into effect
    Just hours before President Donald Trump's revised travel ban was set to go
into effect, a U.S. federal judge in Hawaii on Wednesday issued an emergency
halt to the order's implementation.
    • Fed raises rates as job gains, firming inflation stoke confidence
    The U.S. Federal Reserve raised interest rates on Wednesday for the second
time in three months, a move spurred by steady economic growth, strong job gains
and confidence that inflation is rising to the central bank's target.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,180.00, trading up 0.79 pct from
its previous close.
    • The Indian rupee will likely open higher against the dollar after the U.S.
Federal Reserve raised interest rates but refrained from signaling a faster pace
of tightening going forward. 
    • Indian government bonds will likely rise in early trade after the U.S.
Federal Reserve raised interest rates yesterday, as expected, but stuck to its
earlier guidance on further monetary tightening this year. The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a wide 6.75
pct-6.84 pct band today. The bond had closed at 100.99 rupees, yielding 6.83
pct, yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose sharply on Wednesday after the Federal Reserve raised
interest rates for the second time in three months, as expected.
    • The dollar nursed bitter losses in Asia while sovereign bonds savoured
their biggest rally in nine months after the Federal Reserve hiked interest
rates, as expected, but signalled no pick-up in the pace of tightening.

    • The dollar wallowed at a one-month low after the U.S. Federal Reserve
sounded less hawkish as anticipated following its latest policy decision, while
the euro stood tall as Dutch election exit polls gave the country's prime
minister a big lead over his far-right rival.
    • U.S. Treasury yields plummeted after the Federal Reserve raised interest
rates for the second time in three months as expected, but did not flag any plan
to accelerate the pace of monetary tightening.
    • Crude oil prices rose in early Asian trading, extending gains from the
previous session after official data showed U.S. stockpiles had eased from
record highs.
    • Gold prices rose to a one-week high as the dollar fell after the U.S.
Federal Reserve stuck to a less hawkish stance on further interest rate hikes
this year.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.62/65.65  March 15         $173.88 mln  $89.51 mln
 10-yr bond yield  7.23 pct     Month-to-date    $1.99 bln    $157.69 mln
                                Year-to-date     $3.54 bln    $1.47 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 = 65.69 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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