July 25, 2018 / 3:10 AM / 2 months ago

Morning News Call - India, July 25

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    FACTORS TO WATCH
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    
    
    TRADING INDIA FORUM – INDIAN EQUITY MARKETS
Over the past five years, a number of initiatives w.r.t insolvency, delisting,
takeover and GST have been initiated. Harman Walia, Principal Associate at
IndusLaw, will share his views on these on other legal changes at 11:00 am IST.
     To join the conversation, click on the link: here
    
    
    LIVECHAT - BITCOIN FOCUS 
George Harrap, CEO, BitSpark, discusses Bitcoin at 10:30 am IST.
    To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's bank non-performing loans rise to $150.2 billion at end-March
Bad loans held by India's banks rose to 10.36 trillion rupees at the end of
March, the government said on Tuesday, with state-backed lenders accounting for
more than 86 percent of the total non-performing loans.
    • Asian Paints Q1 profit beats estimates
Asian Paints, India's biggest paint maker by market capitalisation, on Tuesday
reported first-quarter profit above analysts' expectations, helped by
double-digit volume growth in its decorative paint business.
    • Idea shares jump as Vodafone deal clears govt hurdle
Shares of Idea Cellular surged on Tuesday, after the operator paid the
department of telecommunications money it had demanded relating to its merger
with Vodafone's India unit.
    • Adani sees six-fold rise in coal mining volume despite challenges in
Australia
Adani Group expects an over six-fold rise in coal mining volumes by the end of
fiscal year 2021, an executive said on Tuesday, despite its struggle to develop
a coal project in Australia.
    
    
    GLOBAL TOP NEWS
    • Trump wants $12 billion in aid to U.S. farmers suffering from trade war
The Trump administration on Tuesday said it will use a Great Depression-era
program to pay up to $12 billion to help U.S. farmers weather a growing trade
war with China, the European Union and others that the president began.

    • Asian chipmakers' production plans in focus as super-cycle winds down
Asian memory chipmakers' production plans and outlook will be closely watched as
they start reporting earnings this week, following sharp falls in their stock
prices due to concerns that a 2-year industry super-cycle may be skidding to a
halt.
    • Pakistan votes in tight race between Imran Khan, jailed ex-PM's party
Pakistanis vote on Wednesday in a knife-edge general election pitting cricket
hero Imran Khan against the party of jailed ex-Prime Minister Nawaz Sharif, with
the prospect of neither winning a clear majority amid a looming currency crisis.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,150.00, up 0.1 percent
from its previous close.
    • The Indian rupee is expected to open higher against the U.S. currency amid
a minor decline on the dollar index before a meeting between President Donald
Trump and European Commission chief Jean-Claude Juncker.
    • Indian government bonds are likely to open lower, as higher crude oil
prices sparked inflationary concerns that may lead to a rate hike. The yield on
the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.76
percent-7.82 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 on Tuesday closed at its highest level since Feb. 1 as
Alphabet's blowout results bolstered expectations of a robust earnings season.

    • Asian stocks were higher, supported by strong Wall Street earnings and
hopes China's government spending would boost growth but trade tensions remain
in focus ahead of a meeting between the U.S. and European Commission presidents.

    • The dollar and euro held tight ranges, ahead of a meeting between U.S.
President Donald Trump and European Commission President Jean-Claude Juncker as
investor focus shifted to the trade rift between the two economic powers.
    • The highest short-term yields in a decade helped the government sell $35
billion in two-year notes on Tuesday, bringing the yield curve down from its
steepest levels in three weeks.
    • Oil prices rose for a second day after industry group data showed U.S.
crude inventories fell more than expected last week, easing worries about
oversupply that had dragged on markets in recent sessions.
    • Gold prices inched higher early as the greenback softened while investors
awaited U.S. economic growth data due later this week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.92/68.95  July 24          -$15.09 mln   -$44.94 mln
 10-yr bond yield  7.78 pct     Month-to-date    -$305.38 mln  -$41.34 mln
                                Year-to-date     -$1.09 bln    -$5.82 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 = 68.9425 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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