January 30, 2018 / 3:30 AM / a month ago

Morning News Call - India, January 30

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    FACTORS TO WATCH
    11:45 am: Hero MotoCorp to launch next-gen Hero motorcycle in New Delhi.
    3:00 pm: Auto Expo curtain raiser event in New Delhi.
    
    LIVECHAT - FED WATCH
    Reuters reporters and editors tracking the Federal Reserve take questions on
the economics, politics, trade matters and rates policies facing America's
central bank and others whose decisions drive markets day in and day out. To
join the conversation at 2000 IST, click on the link: here
    
    
    INDIA TOP NEWS
    • India expects to regain pole position as fastest-growing major economy
    India on Monday forecast its economic growth would accelerate to 7 to 7.5
percent in the 2018/19 fiscal year, to once again become the world's
fastest-growing major economy.
    • EXCLUSIVE-With Roman law doctrine, India moves to stub out tobacco
industry rights
    The Indian government is pushing the Supreme Court to apply a rarely used
doctrine that would strip the $11 billion tobacco industry's legal right to
trade, an effort aimed at deterring tobacco companies from challenging tough new
regulations.
    • Reliance Communications  narrows loss as sells off wireless assets
    RCom reported a narrower quarterly loss, as its move out of consumer
business helped cut losses.
    • Tech Mahindra Q3 profit rises over 10 percent
    Software services exporter Tech Mahindra posted a 10.2 percent rise in
third-quarter net profit, helped by a rise in active clients.
    
    
    GLOBAL TOP NEWS
    • FBI's No. 2 official McCabe, blasted by Trump, steps down
    FBI Deputy Director Andrew McCabe, criticized by President Donald Trump and
other Republicans for alleged bias against him and in favor of his 2016
Democratic opponent, Hillary Clinton, has stepped down, U.S. officials confirmed
on Monday.
    • Creditors to take 70 percent of Noble Group in $3.5 billion debt
restructuring
    Struggling Noble Group has struck a deal with creditors to restructure $3.5
billion of its debt for 70 percent of the company, with existing equity holders'
combined stake diluted to only 10 percent.
    • Trump team idea to nationalize 5G network to counter China is rejected
    The top U.S. communications regulator, wireless companies and some lawmakers
oppose an idea by members of President Donald Trump's national security team for
the government to build a 5G wireless network to counter China spying on phone
calls.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 11,135.50, trading down 0.06 percent
from its previous close.
    • The Indian rupee will likely open lower against the dollar, as the
greenback continued to recover from its 2014-lows tracking an uptrend in U.S.
bond yields, even as traders await cues from the two-day Fed policy meet that
begins today.
    • Indian government bonds are likely to fall tracking higher U.S. Treasury
yields. Regular supply of the benchmark paper through weekly auctions may also
hurt demand for the note, traders said. The yield on the 7.17 percent bond
maturing in 2028 is likely to trade in a 7.43 percent - 7.48 percent band today.
    
   
    GLOBAL MARKETS
    • Wall Street pulled back from record highs on Monday, with the Dow and the
S&P 500 indexes marking their biggest one-day percentage declines in about five
months, weighed down by a slide in Apple shares.
    • Asian stocks retreated from record highs after a selloff in Apple shares
knocked Wall Street, while the dollar found support as U.S. bond yields climbed
to near four-year highs.
    • The dollar traded above a recent three-year low against a basket of major
currencies, having drawn some support from a rise in U.S. bond yields as traders
awaited a U.S. Federal Reserve policy meeting for fresh catalysts.
    • U.S. Treasury yields surged to more than three-year highs on Monday after
comments from a European Central Bank official added to expectations that
central banks globally will reduce stimulus as the economic outlook
improves.
    • U.S. oil slipped, extending losses into a second session, as a
strengthening dollar sapped demand for crude, while rising U.S. output helped
dampen prices.
    • Gold slipped, extending losses into a second session, as the dollar
strengthened against a basket of currencies and U.S. bond yields rose.
      
                   CLOSE            FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         63.54/63.57      January 29       $45.76 mln  $198.52 mln
 10-yr bond yield  7.56 pct         Month-to-date    $1.97 bln   $1.27 bln
                                    Year-to-date     $1.97 bln   $1.27 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 = 63.5900 Indian rupees)   
    


 (Compiled by Samrhitha Arunasalam and Yoganand K N)
  
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