March 20, 2017 / 4:27 AM / 5 months ago

Morning News Call - India, March 20

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    FACTORS TO WATCH
    11:00 am: Budget session of parliament continues in New Delhi.
    
    LIVECHAT- GREECE
    We take a look at what's in store for Greece's debt talks with the IMF with
Yannis Koutsomitis, European affairs analyst and Managing Director of Imperial
Media, at 02.30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Hardline priest's elevation a sign Modi is moving toward Hindu India
    A saffron-robed Hindu holy man was sworn in on Sunday to lead India's most
populous state, sealing what appears to be a shift in course by Prime Minister
Narendra Modi that could redefine the world's largest democracy as a Hindu
nation. 
    • India's Adani to finalise Australia coal investment plan by June
    India's Adani Enterprises said it would finalise an investment decision by
June for its Carmichael coal project in the northern Australian state of
Queensland, which has been delayed due to protests from environmental groups.

    • POSCO offers to surrender land for planned India steel project 
    South Korean steelmaker POSCO has asked the eastern state of Odisha in India
to take back the land it was allotted for a $12 billion steel project as it has
not been able to start work, two senior state officials said.
    • Indian drugmakers face squeeze in U.S. healthcare market 
    India's small and medium-sized generic drugmakers say the threat of tougher
rules and higher barriers for outsiders in the U.S. healthcare market will force
many to find a niche or focus their expansion efforts on other countries.

    • India's Music Broadcast shares rise on debut after $75 million IPO
    Shares of India's Music Broadcast Ltd rose as much as 24.6 percent in their
trading debut on Friday, after the radio station operator's initial public
offering of shares raised $75 million. 
    • India to examine if foreign airlines can fully own local carriers through
investment partners
    India's civil aviation secretary said on Friday it was not possible for a
foreign airline to fully own an Indian carrier, but will examine whether it can
be done through an investment partner. 
    • India steel min says he hopes SAIL, ArcelorMittal resolve JV issues by May
    India's steel minister said he hoped state-owned Steel Authority of India
Ltd and ArcelorMittal SA would resolve differences over building an $897 million
automotive steel plant before the deadline in May to close the deal.

     
   
     GLOBAL TOP NEWS
    • Tillerson ends China trip with warm words from President Xi 
    With warm words from Chinese President Xi Jinping on Sunday, U.S. Secretary
of State Rex Tillerson ended his first trip to Asia since taking office with an
agreement to work together with China on North Korea and putting aside trickier
issues.
    • Pressure builds on Trump to back off wiretap accusations 
    U.S. lawmakers from both parties said on Sunday they had seen no proof to
support the claim by Republican President Donald Trump that his predecessor
Barack Obama had wiretapped him last year, adding pressure on Trump to explain
or back off his repeated assertion.
    • Germany's Merkel and Japan's Abe urge free trade with jabs at U.S.
    German Chancellor Angela Merkel and Japan's Prime Minister Shinzo Abe spoke
up for free trade at a major technology fair on Sunday with jabs clearly pointed
at an increasingly protectionist United States.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,152.00, trading down 0.20 pct from
its previous close. 
    • The Indian rupee is poised to open little changed to slightly lower
against the dollar amid a lack of fresh triggers after the U.S. Federal
Reserve's hint of a gradual pace of rate increases sparked a rally last week. 
    • Indian government bonds are likely to open little changed, as investors
await fresh cues on interest rates globally as well as in India. 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, a dealer with a state-run bank said. The bond had
settled at 100.75 rupees, yielding 6.86 pct, on March. 17. 
    
    
    GLOBAL MARKETS
    • U.S. stocks dipped on Friday as bank shares fell alongside Treasury yields
while Adobe helped buoy the S&P tech sector and the Nasdaq Composite.
    • Asian stocks were slightly weaker early, following Wall Street's declines
and the G20's decision to drop a pledge to avoid trade protectionism, while the
Federal Reserve's seemingly dovish stance last week continued to drag the dollar
lower.
    • The dollar slowly ceded ground in Asia with greenback bulls still nursing
grudges after the Federal Reserve's rate guidance last week proved to be less
"hawkish" than many had wagered on.
    • U.S. Treasury yields edged lower on Friday after data showing low
inflation in March suggested that the Federal Reserve could aim for a slower
pace of interest rate hikes this year than it had forecast on Wednesday.
    • Oil prices fell as rising U.S. drilling activity and steady supplies from
OPEC countries despite touted production cuts pressured already-bloated
markets.
    • Gold prices edged up as the dollar stayed on the defensive, finding
support from the U.S. Federal Reserve's conservative guidance on the path of
rate hikes this year.
    

                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.46/65.49  March 17         $234.07 mln  -$5.81 mln
 10-yr bond yield  7.24 pct     Month-to-date    $2.42 bln    $858.50 mln
                                Year-to-date     $3.98 bln    $2.17 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 = 65.46 Indian rupees)

 (Reporting by Pradip Kakoti in Bengaluru)
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