March 9, 2017 / 3:26 AM / 7 months ago

Morning News Call - India, March 9

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    FACTORS TO WATCH
    10:00 am: LIC Chairman V.K. Sharma, IRDAI Chairman T.S. Vijayan and general
insurance company heads at FICCI organised insurance conference in Mumbai.
    
    11:00 am: Budget session of parliament resumes in New Delhi.
    
    1:00 pm: Wipro Chairman Azim Premji meets Electronic & IT Minister Ravi
Shankar Prasad in New Delhi.
    
    1:30 pm: Trade Minister Nirmala Sitharaman, EXIM Bank Managing Director
David Rasquinha at India-Africa project partnership event in New Delhi.
    
    LIVECHAT-COMMODITIES OUTLOOK 
    Commodity prices are around 45 percent above their most recent lows in late
2015. China seems to be staging a recovery and its demand for commodities is on
the upswing once again.  Jonathan Barratt, Economist, CIO Ayers Alliance and
Principal at Celsiuspro.com, joins us at 9.30 am to discuss the next cues to
watch including OPEC output, copper supply shortages, China's clampdown on low
quality iron ore and U.S. President Trump's policy uncertainties. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • With India visit, Westinghouse CEO keeps nuclear project alive 
    A deal to build six Westinghouse nuclear reactors in India is still alive,
but to be viable must be ring-fenced from a financial crisis at the U.S. reactor
maker and its Japanese parent Toshiba Corp, people with direct knowledge of the
matter told Reuters.
    • Flipkart looking to raise $1 bln in latest funding round - source 
    Top e-commerce company Flipkart is holding talks with investors to raise up
to $1 billion in one of its biggest funding rounds so far, a source familiar
with developments said on Wednesday.
    • Canadian pension funds buy India Kotak Mahindra bank stake worth $338 mln 
    Canada's two largest pension funds have bought a stake of about 1.5 percent
in India's Kotak Mahindra Bank for about 22.55 billion rupees from its founder
and chief executive Uday Kotak, stock exchange data showed on Wednesday.

    • Delhi cuts tax on aviation fuel to boost travel to smaller cities 
    The Delhi government has reduced the tax on aviation fuel to 1 percent from
25 percent for flights operating to smaller towns and cities, Deputy Chief
Minister Manish Sisodia said, in a move to reduce costs for airlines flying to
remote areas from the Indian capital.
    • Avenue Supermarts IPO fully subscribed on first day 
    Avenue Supermarts Ltd's initial public offering to raise up to 18.7 billion
rupees was fully subscribed on the first day of the offer, exchange data showed
on Wednesday.
    • Indians vote in Modi's constituency in last phase of crucial election 
    Indians headed to the polls on Wednesday in the final lap of a race for the
country's most politically important state, the biggest mid-term verdict on
Prime Minister Narendra Modi since he stormed to power three years
ago.
    
    
    GLOBAL TOP NEWS
    • Medical providers oppose Trump-backed health plan, Democrats take aim
    The top U.S. doctors' organization and several hospital groups came out
strongly on Wednesday against a Republican plan backed by President Donald Trump
to overhaul America's healthcare system, as Democrats mounted a fierce battle to
thwart the bill.
    • Toshiba's Westinghouse calls in U.S. bankruptcy lawyers -sources
    Westinghouse Electric Co, the U.S. nuclear power plant developer owned by
troubled Japanese electronics giant Toshiba Corp, has brought in bankruptcy
attorneys from law firm Weil Gotshal & Manges LLP, people familiar with the
matter said on Wednesday.
    • CIA contractors likely source of latest WikiLeaks release -U.S. officials
    Contractors likely breached security and handed over documents describing
the Central Intelligence Agency's use of hacking tools to anti-secrecy group
WikiLeaks, U.S. intelligence and law enforcement officials told Reuters on
Wednesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 8,908.50, trading down 0.5 pct from
its previous close.
    • The Indian rupee will likely open lower against the dollar, tracking
weakness in other Asian currencies, as upbeat U.S. private sector jobs data
further cemented expectations of a Federal Reserve rate increase. 
    • Indian government bonds are poised to open lower tracking U.S. Treasury
yields, which rose after a robust jobs data reinforced bets of a Federal Reserve
interest rate increase next week. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.84 pct-6.89 pct band today. The paper
had settled at 100.73 rupees, yielding 6.86 pct yesterday.
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow Jones Industrial Average dipped on Wednesday as
energy stocks suffered their worst drop in nearly six months.
    • The dollar stood firm in Asia and bond yields spiked after super-strong
U.S. jobs data made a rate hike a near certainty, while oil nursed bruising
losses as U.S. stockpiles swelled past all expectations.
    • The dollar held gains as a stronger-than-expected U.S. private-sector jobs
figures in February sealed expectations that the Federal Reserve will raise
interest rates next week.
    • U.S. Treasury yields jumped on Wednesday, with the two-year yield hitting
its highest levels in more than 7-1/2 years, as a strong gain in U.S.
private-sector jobs in February cemented expectations that the Federal Reserve
would raise interest rates next week.
    • U.S. oil prices rose in Asian trade on as high compliance with OPEC's
production cuts lent support, although U.S. record crude inventories weigh on
market sentiment.
    • Gold prices held steady early near a five-week low touched in the previous
session, pressured by an uptick in the dollar ahead of U.S. non-farm payrolls
data on Friday.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.77/66.80  March 8          $535.24 mln  $81.71 mln
 10-yr bond yield  7.26 pct     Month-to-date    $462.02 mln  $122.98 mln
                                Year-to-date     $2.02 bln    $1.44 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 = 66.70 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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