To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH No events are scheduled for the day. GMF: LIVECHAT - BONDS UPDATE Reuters interest rate reporters delve into government bond markets at 5:00 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • OYO to buy @Leisure for 370 million euros - source Indian hotel startup OYO will buy European vacation rental group @Leisure for about 370 million euros from German media company Axel Springer and other shareholders, said a source familiar with the matter. • SEBI fines NSE over unfair broker access India's market regulator on Tuesday fined the National Stock Exchange over $90 million and barred it from raising money on securities markets for six months after finding it had failed to ensure equal access for all brokers to the exchange's network servers. • Hindustan Zinc sees output rebounding in 2019/20 financial year Hindustan Zinc, the world's second largest zinc miner, expects its output to grow in 2019/20 after a drop in the previous financial year, a senior executive said, a move that could put pressure on global prices. • Walmart-owned Flipkart in talks to buy Indian grocery chain - report Walmart-owned e-commerce firm Flipkart is in talks to buy Indian grocery chain Namdhari's Fresh, CNBC-TV18 reported on Wednesday, citing sources. • INSIGHT-Modi's war chest leaves India election rivals in the dust Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) is flush with cash, giving his Hindu nationalist bloc a massive advantage over the main opposition Congress party as he seeks to win a second term in India's general election. • Yes Bank shares sink after shock quarterly loss, rising bad loans Investors sold out of Indian lender Yes Bank on Tuesday after rising bad loans triggered its first quarterly loss and brokerage Macquarie Research set a rare double-downgrade on the company's stock. • Nayara Energy closes $750 million pre-pay with Trafigura, BP Russian-backed Indian refiner Nayara Energy has completed a long-term pre-payment deal with BP and global commodities trader Trafigura for $750 million, Nayara's chief executive said on Wednesday. • KKR, GIC betting on India's power sector with $400 million investment Global investment firm KKR is leading a deal to acquire a controlling stake in India Grid Trust, in a bet on the country's rapidly growing power sector, people familiar with the transaction told Reuters. GLOBAL TOP NEWS • U.S. Fed sees no strong case for hiking or cutting rates The U.S. Federal Reserve on Wednesday held interest rates steady and signaled little appetite to adjust them any time soon, taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher. • Maduro hangs on as Venezuelan protests peter out Venezuelans heeded opposition leader Juan Guaido's call to take to the streets on Wednesday in a bid to force President Nicolas Maduro from power, but there was little concrete sign of change in a crisis that increasingly looks like a political stalemate. • U.S., China reported near deal to end some tariffs; talks 'productive' The United States and China are nearing a trade deal that would roll back a portion of the $250 billion in U.S. tariffs on Chinese goods, Politico reported on Wednesday after U.S. Treasury Secretary Steven Mnuchin said the two countries completed "productive" talks in Beijing. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were down 0.5 percent at 11,792.50. • The Indian rupee is expected to open lower against the dollar after the Federal Reserve reiterated its patience stance, but clipped expectations for a rate cut. • Indian government bonds are likely to trade little changed in early session as the U.S. Federal Reserve kept its key policy rates unchanged as expected. The yield on the benchmark 7.26 percent bond maturing in 2029 is likely to trade in a range of 7.35 percent - 7.40 percent today, a trader with a state-run bank said. GLOBAL MARKETS • U.S. stocks ended lower on Wednesday and the S&P 500 snapped a three-day streak of record high closes as comments from Federal Reserve Chairman Jerome Powell appeared to dampen hopes the central bank could move later this year to cut interest rates. • Asian markets marked time with two major centres - Japan and China - shut for holidays while the dollar held on to overnight gains after the U.S. central bank poured cold water on rate cut expectations. • The dollar took a breather in Asia after recovering from a brief spill overnight when markets were whipsawed by mixed messages on policy from the Federal Reserve. • U.S. Treasury yields rose on Wednesday after Federal Reserve Chairman Jerome Powell said a decline in inflation this year could be due to transitory factors, after the U.S. central bank’s meeting statement struck a cautious tone on inflation. • Oil prices were caught between opposing forces, squeezed by record U.S. crude oil output and surging stockpiles, but supported by global market tensions as all exemptions to U.S. sanctions on Iran expired, Venezuela's crisis escalated, and producer club OPEC withheld supply. • Gold steadied, holding just above a one-week low touched in the previous session after comments from U.S. Federal Reserve Chairman Jerome Powell dashed hopes of a near-term rate cut, boosting the dollar. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 69.75/69.78 April 30 $16.54 mln $56.44 mln 10-yr bond yield 7.41 pct Month-to-date --- $2.11 bln Year-to-date --- $2.56 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 = 69.52 Indian rupees) (Compiled by Nachiket Tekawade in Bengaluru)
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