July 18, 2017 / 3:29 AM / 9 days ago

Morning News Call - India, July 18

6 Min Read

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    FACTORS TO WATCH
    11:00 am: Monsoon session of Parliament to continue in New Delhi.
    3:30 pm: IDBI Bank and UltraTech Cement annual shareholders meetings in
Mumbai.

    
    LIVECHAT - FX OUTLOOK
    Join Credit Agricole currency strategist Manuel Oliveri for a look at the FX
markets at 2:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • HDFC Life revives IPO plan as Max Life deal struggles 
    HDFC Standard Life Insurance said on Monday it had revived a planned initial
public offering, as it struggles to get regulatory approval to buy smaller rival
Max Life.
    • Religare says it suffers cyber attack 
    Several units of Religare financial services group suffered a cyber attack,
but its systems, operations and sensitive client information were secure and
unaffected, it said on Monday.
    • SBI Life files for IPO; seen raising more than $1 billion
    SBI Life Insurance Co Ltd, a unit of State Bank of India, on Monday filed
for an initial public offering of shares that bankers have said could raise more
than $1 billion.
    • Court dismisses Essar Steel appeal against bankruptcy proceedings 
    Gujarat High Court on Monday dismissed Essar Steel India's appeal against a
central bank order that asked creditor banks to start insolvency proceedings
against the steelmaker, lawyers on the case said.
    • India raises tax on cigarettes 
    India has raised the total tax on cigarettes resulting in an increase of as
much as 792 rupees for every 1,000 cigarettes, adding about 50 billion rupees in
revenues for the government, finance minister Arun Jaitley said.
    • Parliament elects president, BJP-backed candidate favourite 
    The parliament began voting on Monday for a new president in an election
likely to be won by a candidate backed by the ruling Bharatiya Janata Party,
tightening its grip over top political positions.
    • Resolving regulatory probe of NSE is top priority - CEO
    The new chief executive of embattled National Stock Exchange said on Monday
his immediate priority was to resolve a regulatory investigation facing the
country's largest bourse and improve relations with stakeholders.
    
    
    GLOBAL TOP NEWS
    • Opposition from two more Republicans may sink Senate healthcare effort
    The U.S. Senate's healthcare overhaul appeared to be in serious trouble on
Monday after two more Republicans said they oppose a revised version of the
bill.
    • Asian sovereign investors face off with funds in hunt for private deals
    Asian sovereign investors are increasingly adding non-public firms to their
portfolios amid pricey stock markets, a strategy that could be risky as they
compete head-on for such deals with cashed-up private funds.
    • Netflix beats subscriber targets
    Netflix crushed Wall Street forecasts by adding 5.2 million new streaming
customers in the second quarter and predicted continued momentum as foreign
subscriptions topped those in the United States.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The Indian rupee will likely be little changed against the dollar in early
trade, even as the U.S. currency continues to hover at a 10-month low, as local
equities are expected to remain weak tracking regional peers.
    • The SGX Nifty Futures were at 9,912.50, down 0.33 percent from previous
close.
    • Indian government bonds are likely to open lower as the Reserve Bank of
India surprised investors by opting to sell an existing paper in this week’s
auction, as against the market’s expectation for a new bond maturing in 13 years
or 14 years. The yield on the benchmark 6.79 percent bond maturing in 2027 is
likely to trade in a 6.44 percent-6.49 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks closed little changed in low volume on Monday as gains in
utilities and consumer stocks offset declines in healthcare, with earnings news
filtering out winners and losers across the board.
    • Asian shares stepped back from more than two-year highs and the dollar
extended losses as passage of a U.S. healthcare bill grew doubtful, and as
investors bet the Federal Reserve will be more cautious about raising interest
rates.
    • The dollar sank to a 10-month low against a basket of major currencies,
hobbled by uncertainty over the pace of the Federal Reserve's policy tightening
and worries that President Donald Trump will fail to deliver healthcare
reforms.
    • U.S. Treasury yields drifted lower on Monday, trading in narrow ranges,
after falling the previous session on soft U.S. inflation and retail sales data
ahead of the Federal Reserve's monetary policy meeting next week.
    • Oil prices were stable, supported by strong consumption but weighed by
ongoing high supplies from producer club OPEC and also the United States.
    • Gold prices held steady near two-week highs hit in the previous session,
as the dollar hovered near multi-month lows on fading prospects for further U.S.
rate hikes this year.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.37/64.40  July 17          $51.15 mln   $124.94 mln
 10-yr bond yield  6.83 pct     Month-to-date    -$64.14 mln  $1.61 bln
                                Year-to-date     $8.53 bln    $19.61 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 = 64.35 Indian rupees)

 (Compiled by Debanjan Bose in Bengaluru)
  

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