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FACTORS TO WATCH
10:30 am: Federal cabinet likely to meet in New Delhi.
11:30 am: Junior Finance Minister Santosh Kumar Gangwar at an event in New
12:00 pm: Tejas Networks IPO roadshow in Mumbai.
2:00 pm: Farm Minister Radha Mohan Singh at an event in New Delhi.
2:30 pm: RBI releases Monetary Policy Committee statement in Mumbai.
3:45 pm: Joint Secretary (Transport) Abhay Damle at an event in New Delhi.
GMF: LIVECHAT - COMMODITIES FOCUS
Clyde Russell, Reuters Asia commodities and energy columnist, will give us a
walkthrough on the latest moves and outlooks of major commodity prices at 9:30
am IST. To join the conversation, click on the link: here
INDIA TOP NEWS
• India seen holding rates steady, RBI expected to sound less hawkish
India's central bank will likely strike a less hawkish tone while leaving
interest rates unchanged at a policy meeting on Wednesday, according to
analysts, as inflation is running well below forecasts, and the economy has
slowed more than expected.
• India sees 2017 monsoon rains at 98 percent of long-term average
India's crucial monsoon rains are expected to reach 98 percent of the
long-term average this year, the state-run weather office said on Tuesday, 2
percentage points higher than its previous forecast, potentially boosting farm
incomes and economic growth.
• EXCLUSIVE - Regulator wants medical devices added to price control list,
India's drug-pricing regulator has asked the health ministry to add four
more medical devices to a list of products eligible for price controls to reduce
costs to patients, which if agreed could be another blow to the country's $5
billion-a-year medical-technology industry.
• India Grid Trust shares fall on market debut after $350 million IPO
India Grid Trust's shares fell as much as 6.3 percent on their debut on
Tuesday, clouding the listing prospect for other infrastructure investment funds
after raising $349.68 million in an initial public offering.
• National Stock Exchange aims to settle unfair access probe with regulator
India's National Stock Exchange is talking with the market regulator to
settle any issues and accept a penalty tied to the disclosure that some brokers
may have been given unfair access to NSE servers, two sources familiar with the
GLOBAL TOP NEWS
• Trump takes sides in Arab rift, suggests support for isolation of Qatar
U.S. President Donald Trump took sides in a deep rift in the Arab world on
Tuesday, praising Middle East countries' actions against American ally Qatar
over Islamist militants even though the tiny Gulf state hosts the largest U.S.
air base in the region.
• UK police name third London attacker, Italy says was flagged in advance
Police on Tuesday named the third of the jihadis who killed seven people in
a knife and van attack in London, someone an Italian prosecutor said had been
flagged to British authorities as a potential risk after he moved to England
• Trump seeks legislative wins to cast off shadow of Russia probes
President Donald Trump pressed Republican congressional leaders on Tuesday
to complete their overhaul of the U.S. healthcare system as lawmakers said they
were making progress on a contentious effort that threatens to overwhelm their
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,690.00, trading up 0.15 percent
from its previous close.
• The Indian rupee is likely to open little changed against the dollar and
trade in a narrow band today, as investors await the outcome of the Monetary
Policy Committee’s two-day meet later in the day.
• Indian government bonds will likely edge higher amid bets the nation’s
Monetary Policy Committee will relax its stance in view of slowing growth and
inflation when it announces its decision later today. The yield on the benchmark
6.79 percent bond maturing in 2027 is likely to trade in a 6.62 percent-6.66
percent band till the policy decision due at 2:30 p.m. local time today.
• Major U.S. stock indexes ended near session lows on Tuesday as traders
shied away from risky assets ahead of major political and economic headlines
expected on Thursday.
• Asian stocks inched higher but investors remained noticeably risk averse,
with gold and sovereign debt set for a second day of solid gains ahead of
several major political and economic events later this week.
• The dollar wallowed near a six-week low against the safe-haven yen, with
traders cautious ahead of Britain's general election, a European Central Bank
policy decision and testimony by former FBI Director James Comey.
• U.S. long-dated Treasury yields fell to seven-month lows on Tuesday, as
nervous investors favored the safety of bonds ahead of Thursday's general
election in Britain, the European Central Bank's policy meeting, and former FBI
Director James Comey's testimony before a Senate panel.
• Oil prices dipped, with Brent crude futures failing to find support at $50
per barrel, as global fuel markets remained oversupplied, although rising
tension in the Middle East and falling U.S. inventories lent some support.
• Gold held steady near its highest in seven months, supported by a weaker
U.S. dollar ahead of key political and economic events that are expected to
stoke bullion's safe-haven appeal.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.43/64.46 June 6 $9.49 mln $65.34 mln
10-yr bond yield 7.01 Month-to-date -$69.70 mln $820.71 mln
Year-to-date $7.91 bln $14.26 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 = 64.43 Indian rupees)
(Compiled by Benny Thomas in Bengaluru)