Reuters logo
Morning News Call - India, June 29
June 29, 2017 / 3:15 AM / 5 months ago

Morning News Call - India, June 29

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    9:00 am: SEBI Chairman Ajay Tyagi, Reliance Group Chairman Anil Ambani at
AMFI Mutual Fund Summit in Mumbai.
    10:00 am: Punjab National Bank annual shareholders meet in New Delhi.
    11:15 am: Power Minister Piyush Goyal at an event in New Delhi.
    12:15 pm: BMW to launch BMW 5 Series in Mumbai.
    1:30 pm: JSW Group Chairman Sajjan Jindal to brief media after JSW Steel
annual shareholders meeting in Mumbai.
    3:00 pm: Power Minister Piyush Goyal at Maharashtra economic development
council meeting in Mumbai.
    4:30 pm: Railways Minister Suresh Prabhu at an event in Mumbai.
    
    LIVECHAT - AFC SPECIAL
    Yue Chim Richard Wong, Founding Director of the Hong Kong Centre for
Economic Research and the Hong Kong Institute of Economics and Business Strategy
Asian Financial Crisis: Lessons From Two Decades Ago Under Today’s Global
Leadership Reshuffles at 12:00 pm IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • Indian cabinet approves plan to privatise Air India
    India approved plans on Wednesday to privatise debt-laden Air India, the
first step of a process that could see the government offload an airline
struggling to turn a profit in the face of growing competition from low-cost
rivals.
    • India's largest container port disrupted by global cyber attack
    Operations at one of three terminals at India's largest container port JNPT,
near the commercial hub of Mumbai, have been disrupted by the global ransomware
attack, the port said on Wednesday.
    • India could import more sugar as prices plunge, rupee strengthens
    India, the world's biggest sugar consumer, could soon ramp up imports of the
sweetener as a sharp drop in global prices and a stronger rupee make overseas
purchases viable despite stiff tariffs, industry players said.
    • Wipro touts U.S. jobs amid visa uncertainty
    Wipro Ltd, India's third-largest software services exporter, said on
Wednesday that more than half its workforce in the United States consists of
locals after it hired more than 1,600 people in the last six months.

    • India tightens scrutiny of oil, gas fields to boost output
    India has intensified monitoring of oil and gas fields handed to state
explorers as the South Asian nation seeks to cut dependence on imports and boost
local output, oil minister Dharmendra Pradhan said on Wednesday.
    • India should revisit lofty coal output targets as demand weak- policy
panel 
    India should rein in its lofty coal output target as power demand is growing
at a slower pace than expected, a government policy think-tank said, even as
state monopoly Coal India Ltd struggles to sell already-mined coal.
    • India raises allowances for government employees, pensioners
    India's cabinet on Wednesday approved raising allowances of government
employees and pensioners, a move that is expected to boost consumer demand but
strain public finances.
    • Russia's Rosneft says to complete Essar deal in nearest future
    Russian largest oil producer Rosneft said on Wednesday that it plans to
complete the deal to acquire a 49 percent stake in India's Essar Oil in the
"nearest future".
    
    
    GLOBAL TOP NEWS
    • New computer virus spreads from Ukraine to disrupt world business
    A computer virus wreaked havoc on firms around the globe on Wednesday as it
spread to more than 60 countries, disrupting ports from Mumbai to Los Angeles
and halting work at a chocolate factory in Australia.
    • U.S. Senate Republicans struggle to salvage healthcare effort
    The top U.S. Senate Republican struggled on Wednesday to salvage major
healthcare legislation sought by President Donald Trump, meeting privately with
a parade of skeptical senators as critics within the party urged substantial
changes.
    • Widespread uncertainty as U.S. travel ban start looms 
    One day before President Donald Trump's temporary ban on all refugees and
travelers from six predominantly Muslim countries is scheduled to take effect,
there is still widespread uncertainty about how the administration will
implement it.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,532.00, trading up 0.3 percent from its
previous close.
    • The Indian rupee is poised to open higher against the dollar, in line with
most other Asian currencies, as the euro and British Pound Sterling gained amid
bets interest rates may turn higher across Europe.
    • Indian government bonds are likely to fall today after the Reserve Bank of
India announced an unscheduled issuance of short-term cash management bills. The
yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in
a 6.49 percent-6.54 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street stock rallied sharply on Wednesday, with the benchmark S&P 500
index scoring its biggest one-day percentage gain in about two months, as
financial and technology stocks led a broad market rebound.
    • Japan's Nikkei share average rose to hover near two-year highs after Wall
Street rebounded, with tech shares, like Advantest Corp and Shin-Etsu Chemical,
outperforming the overall market.
    • The dollar wallowed close to one-year lows against the euro and slipped
against sterling in Asian trading, as investors priced in tighter monetary
policy in Europe.
    • Long-dated U.S. Treasury prices weakened on Wednesday as central banks in
Europe were deemed to strike a more hawkish tone, even after reports that
markets had misinterpreted comments by European Central Bank President Mario
Draghi on Tuesday.
    • Crude oil rose for a sixth straight session to its highest since June 19
on a decline in U.S. output, but ongoing worries about global oversupply
continued to drag.
    • Gold held firm as the U.S. dollar hovered near 10-month lows on bets that
central banks in Europe and Britain are preparing to scale back monetary
stimulus.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.62/64.65  June 28          $72.71 mln   $310.30 mln
 10-yr bond yield  6.86         Month-to-date    $555.11 mln  $4.40 bln
                                Year-to-date     $8.54 bln    $17.84 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 = 64.55 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below