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Morning News Call - India, July 20
July 20, 2017 / 3:17 AM / 3 months ago

Morning News Call - India, July 20

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    FACTORS TO WATCH
    9:30 am: Railways Minister Suresh Prabhu and Telecom Minister Manoj Sinha to
attend technical seminar in New Delhi.
    10:30 am: Kotak Mahindra Bank annual shareholders meeting in Mumbai.
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    6:00 pm: Oil Minister Dharmendra Pradhan to attend an event in New Delhi.
    7:00 pm: Earth Sciences Minister Harsh Vardhan to speak an event in New
Delhi.

    
    GMF: LIVECHAT - PRECIOUS METALS 
    Get an outlook on precious metals with Georgette Boele, senior precious
metals and diamonds analyst at ABN AMRO at 2:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • POLL-Economy set to reclaim top spot for growth this year
India will reclaim its position as the fastest growing major global economy this
year, partly propelled by benefits from a new tax system and bolstered by an
expected central bank interest rate cut, a Reuters poll showed.
    • Tata Group considers restructuring tech, infra businesses - Bloomberg
Salt-to-software Tata Group is considering a plan to streamline its technology
and infrastructure businesses, Bloomberg reported on Wednesday, citing people
with knowledge of the matter.
    • ONGC gets go-ahead to buy government stake in refiner HPCL 
India has approved explorer Oil and Natural Gas Corp's plan to buy its 51.1
percent stake in state-refiner Hindustan Petroleum, a government source said on
Wednesday, as New Delhi seeks to create a large integrated oil firm.

    • Canara Bank Q1 net profit misses estimates; bad loans rise
Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt
by higher bad loan provisions.
    • Banks face $37 billion hit from top 50 stressed assets - CRISIL 
Indian banks may have to write off 60 percent of the value of bad loans from
their 50 large stressed asset accounts, or a hit of 2.4 trillion rupees, ratings
agency CRISIL said on Wednesday.
    • Rising global potash demand puts buyers on the back foot as contract talks
start 
Improved global demand for potash, a widely used fertilizer, will likely lead to
India signing more costly import contracts in 2017 than last year, even as the
country's demand is set to drop after the government reduced farmer's subsidies
in April.
    • Supreme Court to decide on right to privacy, but much more at stake
The Supreme Court will hear arguments on Wednesday to determine whether
individual privacy is a fundamental right protected by the constitution, in a
ruling legal scholars say will have far-reaching consequences.
    • India steel ministry says increased Canadian coking coal import likely 
India plans to increase its import of coking coal from Canada in a bid to
diversify its import basket, the steel ministry said in a statement on
Wednesday.
    
    
    GLOBAL TOP NEWS
    • U.S., China fail to agree on trade issues, casting doubt on other issues
The United States and China failed on Wednesday to agree on major new steps to
reduce the U.S. trade deficit with China, casting doubt over President Donald
Trump's economic and security relations with Beijing.
    • BOJ to cut inflation forecasts but stand pat on policy as economy picks up
The Bank of Japan is set to paint a brighter picture of the economy on Thursday
but cut its inflation forecasts again, reinforcing expectations that it will lag
well behind major global central banks in scaling back its massive stimulus
programme.
    • Trump scolds U.S. Republicans on healthcare; CBO sees 32 million uninsured
U.S. President Donald Trump took Senate Republicans to task on Wednesday for
failing to reach agreement on overhauling Obamacare, as a new report showed 32
million Americans would lose health insurance if senators opt to repeal the law
without a replacement.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The Indian rupee is seen to remain steady against the dollar in opening
trade, as traders await outcome to monetary policies from the Bank of Japan and
European Central Bank, due to conclude today, for further cues. 
    • The SGX Nifty Futures were at 9,915.00, down 0.12 percent from previous
close.
    • Indian government bonds are likely to open lower as investors await fresh
supply of papers through two auctions scheduled for today and tomorrow. The
yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in
a 6.43 percent-6.47 percent band today.

        
    GLOBAL MARKETS
    • The major U.S. stock indexes closed at record highs on Wednesday helped
partly by technology stocks, which surpassed a long-standing mark, despite gains
on the Dow being capped by a sharp drop in IBM shares.
    • Asian shares scaled a near-decade peak, bolstered by a surge in global
stocks to new records on strong U.S. corporate earnings, while investors awaited
the Japanese and European central bank meetings for insight into their policy
outlooks.
    • The euro held near a 14-month high against the dollar as investors look to
hints from the European Central Bank on tapering of its stimulus, while the yen
braced for news from the Bank of Japan's policy meeting.
    • U.S. Treasury yields were little changed on Wednesday on light trading
volume with benchmark yields hitting their lowest levels in nearly three weeks
in advance of a meeting of European Central Bank policymakers on Thursday.
    • Oil prices held steady following solid gains the previous day when falling
U.S. fuel inventories lifted the market.
    • Gold prices steadied early, with the dollar firming as markets waited for
clues on the future of key stimulus programmes in upcoming Bank of Japan and
European Central Bank meetings.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.32/64.35  July 19          $162.96 mln  $219.51 mln
 10-yr bond yield  6.8 pct      Month-to-date    $52.66 mln   $1.85 bln
                                Year-to-date     $8.64 bln    $19.85 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 = 64.28 Indian rupees)

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