March 29, 2017 / 3:14 AM / 8 months ago

Morning News Call - India, March 29

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    FACTORS TO WATCH
    10:30 am: Power Minister Piyush Goyal to speak on UDAY scheme in New Delhi.
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:30 am: Tata Motors launch event in Mumbai.
    03:15 pm: Kotak Mahindra Bank Managing Director Uday Kotak to brief media in
Mumbai.
    06:30 pm: Cabinet likely to meet, agenda not known in New Delhi..
    
    LIVECHAT- ASSETS
    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
    • Monsanto loses legal battle with Indian seed producer
    Monsanto lost a legal battle with one of India's biggest seed producers over
a contract dispute on Tuesday, and was ordered to restore a licensing agreement
and cut royalty charges.
    • Indian Prime Minister Modi to visit Washington this year -White House 
    U.S. President Donald Trump spoke by phone to Indian Prime Minister Narendra
Modi on Tuesday and said he looked forward to playing host to a visit by Modi to
Washington later this year.
    • Crop shipper AGT sees resolution of India-Canada pulse trade snag 
    Canada's AGT Food and Ingredients Inc, one of the world's biggest exporters
of peas and lentils, expects India to extend an exemption for Canada within days
from a crop fumigation policy that threatened to jeopardizeC$1.1 billion
inannual tradeof the food staples, Chief Executive Murad Al-Katib said on
Tuesday.
    • Bharti Airtel sells 10 pct stake in tower unit to KKR, Canada Pension 
India's Bharti Airtel said it sold a 10.3 percent stake in its telecom tower
unit Bharti Infratel to U.S. private equity firm KKR & Co LP and Canada Pension
Plan Investment Board for more than 61.9 billion rupees.
    • India brings back 10 pct tax on wheat imports 
    India on Tuesday imposed a 10 percent import tax on wheat with immediate
effect, government sources said, reinstating the tariff after a gap of nearly
four months that saw large overseas purchases.   
    
    
    GLOBAL TOP NEWS
    • Trump signs order dismantling Obama-era climate policies 
    President Donald Trump on Tuesday signed an order to undo Obama-era climate
change regulations, keeping a campaign promise to support the coal industry and
calling into question U.S. support for an international deal to fight global
warming.
    • Profits near flat at two of China's Big Five banks, pressures persist 
    Two of China's 'Big Five' lenders, Bank of Communications and Agricultural
Bank of China, reported modest annual profit growth on Tuesday, as they battled
operating pressures and the narrowest net interest margins since at least 2011.

    • Japan's tepid retail sales raise concerns about consumption, growth
    Japanese retail sales were effectively flat in February as consumers cut
back on food and durable goods after employers offered the lowest spring wage
increases in four years.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 9,139.50, trading up 0.29 pct from its
previous close.
    The Indian rupee will likely open lower against the dollar, as upbeat U.S.
economic data and hawkish comments from Federal Reserve officials supported
expectations of more rate increases this year, propping up the greenback The
rupee closed at a 17-month high of 65.04 to the dollar in Mumbai on March 27.
    Indian government bonds are likely to edge higher in early trade amid
expectations foreign investors will continue to pour money into the debt market.
The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in
a 6.68 pct-6.74 pct band today. The bond had closed at 101.80 rupees, yielding
6.71 pct, on Mar. 27.

        
    GLOBAL MARKETS
    • U.S. stocks ended sharply higher on Tuesday, with financial and energy
shares surging as data showed U.S. consumer confidence soaring to a more than
16-year high.
    • Asian shares inched ahead while the dollar and commodities held gains as
investors shook off disappointment about U.S. President Donald Trump's failed
healthcare bill and focussed on an improving outlook for global
growth.
    • The dollar pulled away from 4-1/2-month lows against a currency basket  as
solid data backed expectations for more U.S. interest rate hikes this year,
while sterling was knocked by concern about Britain's impending exit from the
European Union.
    • U.S. Treasury debt yields rose on Tuesday, in generally below-average
volume, tracking a jump in stocks after U.S. consumer confidence surged to a
16-year high.
    • Oil prices  extended gains from the previous session, lifted by supply
disruptions in Libya and expectations that an OPEC-led output reduction will be
extended into the second half of the year.
    • Gold prices fell  as positive economic data from the United States backed
expectations of further interest rate hikes by the Federal Reserve this year,
prompting the dollar to bounce back from multi-month lows.
  
   
            CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot  65.04/65.07  March 28         $986.62 mln  -
    
    
    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 = 65.0200 Indian rupees)

 (Reporting by Pradip Kakoti in Bengaluru)
  ))

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