May 5, 2017 / 3:16 AM / 7 months ago

Morning News Call - India, May 5

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    FACTORS TO WATCH
    10:00 am: RBI Executive Director Sudarshan Sen at an event in Mumbai.
    11:00 am: Aviation Minister Ashok Gajapathi Raju at an event in new Delhi.
    12:00 pm: Telecom Minister Manoj Sinha to brief media in New Delhi.
    12:00 pm: Oil Minister Dharmendra Pradhan to brief media in New Delhi.
    2:30 pm: Revenue Secretary Hasmukh Adhia at an event in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - QUIZ EAST
    The first of our Friday quizzes focuses on Asia and the week's top news.
Test your wits and googling speed at 11:00 am. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • Coal India considering listing on London's LSE -sources
    Coal India Ltd, the world's largest coal miner, is considering a listing on
the London Stock Exchange and has had early discussions with the LSE, three
sources with direct knowledge of the matter said on Thursday.
    • India's service sector growth nearly stalls in April, prices rise-PMI
    Growth in India's dominant services industry came close to stalling in April
as new orders slowed to a trickle, forcing companies to spend more on aggressive
advertising campaigns as they fought for business, a private survey showed on
Thursday.
    • India's rule revamp to make bad loan resolution more effective-finance
secretary
    India's revamp of its banking regulations will make the mechanism to deal
with bad loans more effective, Finance Secretary Ashok Lavasa said on Thursday,
although he declined to share details of the amendments.
    • INTERVIEW-Infosys plays down cost concerns on U.S. hiring plan
    Infosys said its plans to hire thousands of workers in the United States
would enable faster deployment of staff in areas such as big data and cloud,
dismissing concerns about additional labour costs.
    • India gold demand seen muted in H2 on new national sales tax-WGC
    Gold demand in India could be muted in the second half of 2017, as the
rollout of a new national sales tax from July is expected to dent appetite in
the world's second-biggest consumer, the World Gold Council (WGC) said on
Thursday.
    
    
    GLOBAL TOP NEWS
    • U.S. House votes to repeal, replace Obamacare, Senate battle looms
    The U.S. House of Representatives on Thursday narrowly approved a bill to
repeal and replace Obamacare, handing Republican President Donald Trump a
victory that could prove short-lived as the healthcare legislation heads for a
likely battle in the Senate.
    • C919 jet set for maiden flight, in test of China's aviation ambitions
    China's home-grown C919 passenger jet is set to take to the skies on its
long-delayed maiden flight, a major step for Beijing as it looks to boost its
profile in the global aviation market.
    • J&J ordered to pay $110 million in U.S. talc-powder trial
    Johnson & Johnson on Thursday was ordered by a Missouri jury to pay over
$110 million to a Virginia woman who says she developed ovarian cancer after
decades of using of its talc-based products for feminine hygiene.  
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,351.00, down 0.38 pct from its
previous close.
    • The Indian rupee will likely edge lower against the dollar, in line with
most Asian peers, as a decline in crude oil prices and other commodities
undermined global risk appetite.
    • Indian government bonds will likely edge lower tracking gains in U.S.
Treasury yields and ahead of a weekly supply of notes today. The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.96 pct - 7.02
pct band today.
    
    
    GLOBAL MARKETS
    • Wall Street ended flat on Thursday as a steep fall for the energy sector
countered some solid earnings reports, with major stock indexes closing little
changed after the U.S. House of Representatives passed a healthcare overhaul.

    • Asian stocks declined for a third consecutive day as fresh falls in
commodities raised concerns about the health of the global economy, though the
euro bucked the broad weakness on receding concerns about France's presidential
election.
    • The euro traded near a six-month high against the dollar, supported by
expectations that centrist Emmanuel Macron will win France's presidential
election.
    • U.S. Treasury yields rose on Thursday after strong labor data reinforced
expectations the Federal Reserve was likely to raise interest rates again in
June, and as investors waited on Friday's highly anticipated jobs report for
April.
    • Oil prices were marooned near five-months lows after a near 5 percent fall
in the previous session on concerns over rising U.S. supply, wiping out all of
the price gains since OPEC's move to curb output.
    • Gold inched up as the euro rose against the dollar, but was on track for
its biggest weekly fall since November on receding political risks in France and
expectations of a U.S. rate rise as early as June.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.20/64.23  May 4            -$93.61 mln  $192.43 mln
 10-yr bond yield  7.23         Month-to-date    -$66.46 mln  $319.05 mln
                                Year-to-date     $6.37 bln    $9.71 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 = 64.18 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)
  

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