March 19, 2018 / 3:37 AM / a month ago

Morning News Call - India, March 19

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    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:30 am: MG Motor India MD Rajeev Chaba to brief on company’s plans for
Indian market in New Delhi.
    05:30 pm: Prime Minister's Economic Advisory Council Chairman and NITI Aayog
member Bibek Debroy to address annual general meeting of ICC India in New Delhi.

    
    GMF: LIVECHAT - FX WEEK AHEAD 
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 4:30 PM IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    India's Edelweiss scraps deal to buy Religare's securities unit 
    India's Edelweiss Financial Services' agreed acquisition of the securities
business of Religare Enterprises has fallen through because Religare failed to
get the necessary regulatory approvals, the suitor said on Friday.
    
    India's Oct-Dec current a/c deficit widens sharply on higher imports
    India's October-December current account deficit widened sharply from a year
earlier, driven by higher imports, data from the Reserve Bank of India showed on
Friday.
    
    DP World buys stakes in Peru's No. 2 container terminal, India logistics
firm
    DP World , one of the world's largest port operators, said on Sunday it had
bought a logistics firm in Peru for $315.7 million, giving it a 50 percent stake
in the country's second largest container terminal.
    
    
    GLOBAL TOP NEWS
    Putin wins another six years at Russia's helm in landslide victory
    Russian President Vladimir Putin won a landslide re-election victory on
Sunday, extending his rule over the world's largest country for another six
years at a time when his ties with the West are on a hostile trajectory.

    
    U.S. tariffs, China trade tensions overshadow G20 finance meeting
    Worries about the potential for a U.S.-China trade war and frustration over
U.S. President Donald Trump's steel and aluminum tariffs threatened to dominate
a gathering of finance leaders this week amid strengthening growth.
    
    China president's confidante Liu He nominated as a vice premier, Yi Gang as
PBOC chief
    Liu He, a key economic adviser to China's President Xi Jinping, was
nominated to be a vice premier, while vice central bank governor Yi Gang was
nominated to take over the helm at the People's Bank of China (PBOC).


    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty March Futures were trading at 10,206, down 0.3 pct from
previous close.
    
     The Indian rupee is likely to fall against the dollar as regional
currencies began the week on a defensive note ahead of a Federal Reserve
meeting.
    
    Indian government bonds are likely to edge lower on profit booking amid
concerns that the U.S. Federal Reserve may hike its policy rate later this week.
The yield on the benchmark 7.17 pct bond maturing in 2028 is likely to trade in
7.55 pct-7.62 pct band today.

    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow Industrials rose on Friday, boosted by strong
industrial output numbers, though all three of Wall Street's major indexes
posted losses for the week.
    • Asian share markets slipped into the red as caution gripped investors in a
week in which the Federal Reserve is likely to hike U.S. interest rates and
perhaps signal that as many as three more lie in store for the rest of the
year.
    • The dollar started the week little changed as traders set sights on new
Federal Reserve Chair Jerome Powell's first monetary policy meeting later in the
week and as the increased threat of trade protectionism kept markets on
edge.
    • Yields rose on Friday after data showed U.S. industrial production surged
in February and in anticipation of next week's Federal Open Market Committee
meeting, at which the U.S. central bank is expected to raise interest rates for
the first time this year.
    • Oil prices fell as rising drilling activity in the United States pointed
to further increases in output, raising concerns about a return of
oversupply.
    • Gold prices inched lower as the dollar remained supported, with investors
expecting the U.S. Federal Reserve to raise interest rates at this week's policy
meeting.
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         64.90/64.93  March 16         --         $40.97 mln
 10-yr bond yield  7.61 pct     Month-to-date    $1.25 bln  -$1.26 bln
                                Year-to-date     $1.35 bln  -$167.71 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]
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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