March 29, 2019 / 3:15 AM / 6 months ago

Morning News Call - India, March 29

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    FACTORS TO WATCH
    No Major events are scheduled.
    
    
    INDIA TOP NEWS
    • Modi promises "new India" as he launches election campaign
Prime Minister Narendra Modi officially launched his party's general election
campaign on Thursday with a rally in India's most populous state, promising
development with national security in seeking votes for another term.

    • Infosys to buy 75 percent stake in ABN AMRO's mortgage services arm for
$143.5 million
Infosys said on Thursday it would buy a 75 percent stake in ABN AMRO Group's
mortgage administration services unit for $143.53 million.
    • EXCLUSIVE-Deal for new Sri Lanka oil refinery will take at least a year to
finalise-investor
An agreement to build a proposed $3.85 billion oil refinery in Sri Lanka will
take at least a year to be finalized as its main investor, India's Accord Group,
says it is yet to recruit partners and conduct an assessment of the plan's
viability.
    • Accenture beats estimates, hikes forecast as digital investments pay off
Accenture beat estimates for quarterly earnings and raised its full-year profit
forecast on Thursday as it continues to benefit from investments in digital and
cloud services, sending its shares higher.
    
    
    GLOBAL TOP NEWS
    • U.S., China resume trade talks in Beijing after 'productive working
dinner'
U.S. Treasury Secretary Steven Mnuchin said he had a "productive working dinner"
the previous night in Beijing, kicking off a day of talks aimed at resolving the
bitter trade dispute between the world's two largest economies.
    • Weak rebound in Japan factory output leaves economy in fragile state
Japan's factory output expanded for the first time in four months in February,
though the rebound was relatively weak and the overall outlook for the sector
and businesses suggested a record postwar economic growth phase may be coming to
an end.
    • UK PM May plans watered-down Brexit vote to secure departure delay
British Prime Minister Theresa May scrambled on Thursday for a way to secure a
new delay to Brexit in the face of parliamentary deadlock by setting out plans
for a watered-down vote on her EU divorce deal to be held on Friday.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.1 percent at
11,663.50, from its previous close.
    • The Indian rupee is likely to open higher against the dollar, in-line with
most Asian currencies, as U.S. Treasury yields came off from their near-16-month
low, while hopes of progress in trade talks between the U.S. and China lifted
investors’ appetite for risk assets.
    • Indian government bonds are likely to trade little changed as investors
await the federal government's borrowing calendar for April-September that will
be released after market today. The yield on the benchmark 7.26 percent bond
maturing in 2029 is likely to trade in a 7.28 percent-7.34 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks climbed on Thursday as Treasury yields rose off 15-month lows,
with investors optimistic about the latest round of U.S.-China trade talks.
    • Asian shares posted narrow gains on revived hopes of progress in
U.S.-China trade talks, while global bond yields moved higher after a prolonged
slide on worries about the economic outlook.
    • The dollar was poised for its strongest gain in three weeks as investors
responded positively to a bounce in U.S. Treasury yields and as some of its
rivals were hit by dovish signals from their own central banks.
    • Benchmark 10-year Treasury yields rose off 15-month lows on Thursday as
U.S. stocks were little changed and investors continued to adjust to a dovish
pivot from global central banks.
    • Oil prices rose, pushed up by ongoing supply cuts led by producer club
OPEC and U.S. sanctions against Iran and Venezuela, putting the crude markets on
pace to post their biggest first quarter gain since 2009.
    • Gold inched up but was on track for its first weekly decline in four weeks
after posting its steepest fall in more than seven months in the previous
session on a strong dollar.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         68.98/69.01  March 28         $519.74 mln  -$117.35 mln
 10-yr bond yield  7.32 pct     Month-to-date    $4.26 bln    $1.79 bln
                                Year-to-date     $6.33 bln    -$373.49 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 = 69.1690 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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