March 15, 2018 / 3:27 AM / 6 months ago

Morning News Call - India, March 15

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    FACTORS TO WATCH
    10:30 am: Food Minister Ram Vilas Paswan to brief media and inaugurate
Celebration of World Consumer Rights Day in New Delhi.
    11:00 am: Budget session of Parliament continues in New Delhi.
    12:00 pm: Pension Fund Regulatory and Development Authority Chairman Hemant
Contractor in an interactive meeting on National Pension Systems in Mumbai.
    12:15 pm: ICICI Securities Chairperson Chanda Kochhar to give details about
its forthcoming IPO in Mumbai.
    12:30 pm: Benara Bearings and Pistons to announce details of its upcoming
SME IPO in Mumbai.
    5:00 pm: Bharat Dynamics IPO subscription closes in Mumbai.
    
    TRADING INDIA FORUM - TOP SMALLCAPS BETS
    In a 1 year horizon, the BSE small caps index (+28%) has outperformed both
the BSE midcap (+20%) and BSE sensex (+16%). While returns look great in a bull
market, it may not be so during sharp drawdowns. How does one pick a small cap
and which are the next multi-baggers? Anil Rupani, director of Arm research and
expert at investing in micro caps will speak on the subject. To join the
conversation, click on the link: here
    
    LIVECHAT - MARKETS INSIGHT
    Dhaval Joshi, Senior Vice President, European Invesment Strategy at BCA
Research joins for a look at the markets at 1530 IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • India needs 8 percent growth for 30 years to join middle-income group -
World Bank
    India's economy needs to grow 8 percent and higher a year for the next three
decades to join the ranks of middle-income countries, which would require major
reforms in the land, labour and financial sectors, the World Bank said on
Wednesday.
    • Central bank chief calls for more powers over state lenders in wake of
fraud
    The central bank chief said on Wednesday that it had "very limited
authority" over state-run banks and called for reforms to give the regulator
more powers to police such lenders in the wake of a $2 billion
fraud.
    • February wholesale inflation eases for third straight month
    India's annual wholesale price inflation eased for the third straight month
in February after touching an eight-month high in November, helped by a softer
rise in food and fuel prices, government data showed on Wednesday.
    • U.S. challenges Indian export subsidies at WTO -official
    The United States launched a challenge to Indian export subsidies at the
World Trade Organization on Wednesday, saying they hurt U.S. companies by
letting Indian exporters sell goods more cheaply, U.S. Trade Representative
Robert Lighthizer said.
    • Importers face funding crunch with clampdown on credit guarantees
    The Indian central bank's move to cut off a key form of trade finance in the
aftermath of a multi-billion dollar fraud could both dent the rupee and sharply
raise costs for many importers, bankers and traders said.
    • ICICI Securities IPO seeks up to $620 million, adding to a busy March
    Brokerage ICICI Securities will launch an initial public offering next week
in a sale that will raise its parent as much as $620 million, adding to a busy
month for first-time share sales in the country.
    • New Tata Steel UK pension scheme to be set up after meeting minimum
criteria
    A new pension fund backed by Tata Steel UK, a unit of India's Tata Steel,
will be set up after meeting minimum size and funding criteria, paving the way
for the firm's merger with Germany's Thyssenkrupp.
    
    
    GLOBAL TOP NEWS
    • Trump picks TV commentator Kudlow to succeed Cohn as economic adviser
    U.S. television commentator and conservative economic analyst Larry Kudlow
will replace Gary Cohn as President Donald Trump's top economic adviser, the
White House and Kudlow said on Wednesday, adding another loyalist to Trump's
inner circle.
    • 'ENOUGH': U.S. student walkout sends message on gun violence
    U.S. students spilled out of classrooms by the tens of thousands on
Wednesday, chanting slogans like "No more silence" and "We want change" as part
of a coast-to-coast protest over gun violence prompted by last month's massacre
at a Florida high school.
    • Britain expels 23 Russian diplomats over nerve attack on ex-spy
    Britain is to kick out 23 Russian diplomats, the biggest such expulsion
since the Cold War, over a chemical attack on a former Russian double agent in
England that Prime Minister Theresa May blamed on Moscow, an assessment backed
by the United States.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,384.50, down 0.4 percent from its
previous close.
    • The Indian rupee is likely to fall against the dollar, tracking losses in
most regional currencies amid worries that trade tensions between the U.S. and
China could rise.
    • Indian government bonds are likely to open higher, tracking a fall in U.S.
Treasury yields, as investors await a scheduled debt buyback later today. The
yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in
7.65 percent -7.70 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Wednesday after U.S. President Donald Trump sought to
impose fresh tariffs on China, intensifying fears of a trade war that could
raise costs and hurt overseas sales for U.S. companies.
    • Stock markets slipped broadly while government bonds attracted safe-haven
demand amid mounting investor concerns that growing trade tensions would hurt
the global economy.
    • The dollar fell against the yen and pulled further away from a recent
two-week high, as lingering worries about global trade tensions weighed on
investors' risk appetite.
    • The U.S. Treasury yield curve flattened on Wednesday as the market turned
cautious over rising diplomatic tension between Britain and Russia, weak U.S.
economic data and concerns over U.S. political and trade issues.
    • Oil prices held steady, supported by healthy global demand but capped by
the relentless rise in U.S. production that is undermining efforts led by
producer cartel OPEC to cut supplies and prop up markets.
    • Gold prices edged higher and hovered near one-week highs hit in the
previous session, as concerns over trade tensions weighed on share
markets.
    
    
        
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.91/64.94  March 14         -$39.95 mln  $95.19 mln
 10-yr bond yield  7.678 pct    Month-to-date    $1.28 bln    -$1.03 bln
                                Year-to-date     $1.39 bln    $57.76 mln
        
    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 = 64.8300 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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