December 22, 2017 / 3:13 AM / 10 months ago

Morning News Call - India, December 22

(Morning News Call - India edition will not be published through the year-end
holiday season from December 25, 2017 to January 1, 2018. Normal service will
resume from January 2, 2018. Season’s Greetings and Happy New Year.)
    
    
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    FACTORS TO WATCH
    11:00 am: Winter session of parliament continues in New Delhi.
    12:00 pm: Transport Minister Nitin Gadkari, Oil Minister Dharmendra Pradhan
at launch of Skill Development Program in New Delhi.
    2:00 pm: Transport Minister Nitin Gadkari at launch of electric vehicles of
Lohia Auto in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    GMF:QUIZ EAST
    The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed. To join the conversation at 1100 IST, click
on the link: here
    
    
    INDIA TOP NEWS
    Thyssenkrupp, workers strike deal to pave way for Tata Steel merger 
    Workers on Thursday struck a deal with German industrial company
Thyssenkrupp to secure steel plants and jobs, a big step towards a planned
merger of the group's European steel business with that of India's Tata Steel.

    
    Indian court acquits all accused in 2G telecoms case
    An Indian court on Thursday acquitted a former telecoms minister,
politicians and business executives of graft and money laundering charges in the
grant of telecoms licences due to lack of evidence in one of the country's
biggest corruption scandals.
    
    India budget likely to focus on rural areas after Modi's narrow home-state
victory 
    India's government will likely increase funding for the farm and rural
sectors in the budget for the coming fiscal year, finance ministry officials
said, to shore up political support in the countryside ahead of a raft of
elections.
    
    Bharti Airtel says purchase of Tanzania unit stake had government approval 
    Indian telecoms carrier Bharti Airtel said on Thursday that there were no
irregularities in deals that made it the majority shareholder in a Tanzanian
unit, a day after the country's president claimed the company belonged to the
state.
    
    HDFC to sell units HDFC Developers, HDFC Realty to Quikr India
    Indian mortgage lender Housing Development Finance Corporation on Thursday
said it will sell its units HDFC Developers and HDFC Realty to online classified
advertising platform Quikr India for 3.57 billion rupees.
    
    
    GLOBAL TOP NEWS
    Defying Trump, over 120 countries at U.N. condemn Jerusalem decision
More than 120 countries defied President Donald Trump on Thursday and voted in
favor of a United Nations General Assembly resolution calling for the United
States to drop its recent recognition of Jerusalem as Israel's capital.

    
    U.S. Congress votes to avert shutdown. sends Trump stopgap spending bill
    The U.S. Congress on Thursday averted a government shutdown just one day
before federal funding was due to expire, sending President Donald Trump a bill
to provide just enough money to keep agencies operating through Jan. 19.

    
    Japan cabinet approves record $860 bln spending in FY2018/19
    Japanese Prime Minister Shinzo Abe's cabinet endorsed a record $860 billion
spending budget for fiscal 2018, highlighting his greater emphasis on growth
than austerity, with aggressive monetary stimulus keeping borrowing costs low.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures was trading at 10,458.50, up 0.04 percent from its
previous close
    
    The Indian rupee will likely open little changed against the dollar tracking
mixed Asian cues amid a steady U.S. economic growth ahead of a long weekend.
    
    Indian government bonds are likely to fall in early session as investors
await fresh supply of notes through a weekly auction. The benchmark bond yield
is likely to trade in 7.18-7.24 percent band till the auction results later in
the day, a trader with a private bank said. Yesterday, the bond had closed at
97.13 rupees, yielding 7.21 percent.
    
    GLOBAL MARKETS
    • The three main U.S. stock indexes rose on Thursday, boosted by bank and
energy stocks as investors bet on more economically sensitive sectors.
    • Asian stocks edged up on Friday on new data pointing to steady growth in
the U.S. economy, while the euro slipped after a vote in Catalonia favoured
separatists wanting to break away from Spain.
    • The dollar edged up though remained on track for weekly losses, while the
euro skidded after Catalan vote results indicated a victory for separatists in a
blow to Madrid.
    • The U.S. yield curve flattened on Thursday with 10-year yields falling
from a nine-month peak as bargain-minded investors emerged, providing a respite
from a sharp three-day bond market selloff tied to a sweeping U.S. tax bill.

    • Oil prices dipped away from 2015 highs reached the previous session,
weighed down by rising U.S. output and the expected January re-opening of the
Forties pipeline in the North Sea.
    • Gold prices traded just below a two-week high, pressured by a firmer
dollar, but was on track to log a second consecutive week of gains.
    
        
                    CLOSE            FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot          64.08/64.11      December 21      -$59.99 mln   $14.83 mln
 10-yr bond yields  7.26 pct         Month-to-date    -$932.92 mln  $320.73 mln
                                     Year-to-date     $7.76 bln     $26.05 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 = 64.0100 Indian rupees)
0 : 0
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