April 23, 2019 / 3:13 AM / a month ago

Morning News Call - India, April 23

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    FACTORS TO WATCH
    No events are scheduled for the day.
    
    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 at 7:00
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Blackstone buys majority stake in Indian packaging firm Essel Propack
    U.S.-based Blackstone Group agreed to buy a 51 percent stake in Essel
Propack, India's largest rigid plastic packaging provider said on Monday.

    • Voting begins in third phase of India's mammoth general election
Voting began in the third and largest phase of India's staggered general
election, including in Prime Minister Narendra Modi's home state of Gujarat and
southern Kerala, where opposition Congress party chief Rahul Gandhi is
contesting.
    • India hopes US will allow allies to buy some Iranian oil - source
    India hopes the U.S. will allow its allies to continue to buy some Iranian
oil instead of halting the purchases altogether from May, a source familiar with
U.S.-India talks said on Monday.
    • GAIL highest bidder for IL&FS wind assets with $689 million offer
    GAIL is set to complete the purchase seven wind power plants from India's
debt-ridden Infrastructure Leasing and Financial Services (IL&FS), after
offering 48 billion rupees, IL&FS said on Monday.
    
    
    GLOBAL TOP NEWS
    • U.S. to end all waivers on imports of Iranian oil, crude price jumps
    The United States on Monday demanded that buyers of Iranian oil stop
purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues
which sent crude prices to six-month highs on fears of a potential supply
crunch.
    • Samsung delays Galaxy Fold phone launch over screen problems
    Samsung said on Monday it would delay the retail launch of its Galaxy Fold
smartphone for an unspecified period of time after reviewers discovered problems
with the display, a hit to the reputation of the world's largest handset maker.

    • Sri Lanka imposes emergency, says international network involved in
attacks
    Sri Lanka said on Monday it was invoking emergency powers in the aftermath
of devastating bomb attacks on hotels and churches, blamed on militants with
foreign links, which killed 290 people and wounded nearly 500.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,626.50, from its
previous close.
    • The Indian rupee is expected to edge higher against the dollar with
traders eyeing forex swap auction and crude oil prices.
    • Indian government bonds will likely open lower, as crude oil prices
continued to gain with the benchmark Brent contract nearing $75 per barrel,
expected to hurt inflation outlook. The yield on the benchmark 7.26 percent bond
maturing in 2029 will likely trade in a 7.45 percent-7.50 percent range today, a
trader with a private bank said.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended a low-volume trading session little changed on Monday,
with the biggest gains in the energy sector as investors otherwise stayed on the
sidelines ahead of quarterly earnings.
    • Asian shares were little changed, hovering not far from nine-month peaks
hit last week, with concerns China may slow the pace of policy easing curbing
the market's enthusiasm.
    • The dollar trod water against other major currencies in early Asian trade,
while the Canadian dollar was supported by rising crude oil prices due to U.S.
plans to tighten a clamp down on Iranian oil exports from next month.
    • The Treasury yield curve steepened on Monday, with the kick-off of a busy
auction week that will see $237 billion of new debt sold.
    • Oil prices were near 2019 highs after Washington announced all Iran
sanction waivers would end by May, pressuring importers to stop buying from
Tehran.
    • Gold prices edged up as Washington moved to choke off Iran's oil revenues,
prompting safe haven buying, but gains were capped by a strong dollar and Asian
shares hovering near a nine-month peak.
 
        
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         69.57/69.60  April 22         $10.49 mln  -$26.71 mln
 10-yr bond yield  7.47 pct     Month-to-date    $2.37 bln   -$1.57 bln
                                Year-to-date     $9.21 bln   -$2.02 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 = 69.69 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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