December 17, 2018 / 3:22 AM / 6 months ago

Morning News Call - India, December 17

(Morning News Call - India edition will not be published through the year-end
holiday season from December 24, 2018 to January 1, 2019. Normal service will
resume from January 2, 2019. Season’s Greetings and Happy New Year.)

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    FACTORS TO WATCH
    6:00 pm: Federal cabinet likely to meet in New Delhi.
    
    GMF:  LIVECHAT - MARKETS UPDATE
EMEA Markets Editor Mike Dolan analyses the state of the European markets at
4:30pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Court clears way for reopening Vedanta copper smelter, state government to
appeal
An Indian environment court set aside on Saturday the Tamil Nadu state
government's order to close Vedanta's copper smelter plant permanently, taking
the company closer to reopening its facility in southern India.
    • FOCUS-Jet Airways' survival may rest on founder Goyal leaving the cockpit 
Jet Airways' 69-year-old founder Naresh Goyal, who started out as an assistant
in a travel agency, wove together charm, persistence and consummate dealmaking
to build India's biggest full-service carrier.
    • India's November trade deficit narrows to $16.67 billion
India's November trade deficit narrowed to $16.67 billion due to a fall in gold
imports, the country's trade ministry said in a statement on Friday.

    • RBI board seeks more discussion on governance under new boss
The board of the Reserve Bank of India (RBI) said on Friday it had deliberated
on the central bank's governance framework and decided the matter requires
"further examination".
    • Supreme Court rejects challenge to Rafale jet deal; win for Modi
India's top court rejected petitions on Friday seeking an investigation of
fighter jet deal worth about $8.7 billion with France's Dassault Aviation,
handing a political victory to the ruling party months before a general
election.
    • Fortis Healthcare plunges; report says top court puts sale on hold
Shares of Fortis Healthcare posted its biggest intraday fall in over 8-1/2
months after a CNBC TV18 report said the country's top court put its sale to
Malaysia's IHH Healthcare on hold.
    
    
    GLOBAL TOP NEWS
    • Brexit pressure rises, but UK government says no to second vote
Britain's government is not preparing for a second referendum on Brexit,
ministers said on Sunday, sticking to the script that Prime Minister Theresa
May's deal could still pass through parliament with a few changes.
    • Canada says China has granted consular access to second detainee
Canadian diplomats received consular access on Sunday to the second of two men
detained by China over the past week, Canada's foreign ministry said in a
statement that gave few details.
    • North Korea condemns U.S. sanctions, warns denuclearization at risk
North Korea on Sunday condemned the U.S. administration for stepping up
sanctions and pressure on the nuclear-armed country, warning of a return to
"exchanges of fire" and that disarming Pyongyang could be blocked forever.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.2 percent at 10,854,
from its previous close.
    • The Indian rupee is expected to trade little changed as the impact from
the dollar index’s rise to its highest in one-and-half years would be offset by
the decline in Brent crude prices.
    • Indian government bonds are likely to trade little changed in early
session, as investors await further cues on interest rates. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.41
percent-7.47 percent band today, a dealer with a state-run bank said. 
  
    
    GLOBAL MARKETS
    • Wall Street's three major indexes tumbled on Friday and the Dow confirmed
a correction as weak data from China and Europe stoked fears of a global
economic slowdown, while Johnson & Johnson shares were the biggest drag after
Reuters reported the company knew for decades that its Baby Powder contained
asbestos.
    • Asian share markets started the week on a cautious footing after weak
economic data from China and Europe added to evidence of cooling global growth
and reinforced anxiety over the impact of international trade frictions on
business and profits.
    • The dollar held near a 19-month high, bolstered by safe-haven buying as
heightened concerns of a global economic slowdown reduced appetite for riskier
assets such as stocks and Asian currencies.
    U.S. Treasury yields slid on Friday, in line with declines in U.S. equities,
weighed down by worries about global growth after poor economic numbers out of
Europe and China.
    • Oil prices climbed after U.S. drilling activity fell to its lowest level
in about two months, but increasing concerns about weaker growth in major
economies kept a lid on gains.
    • Gold prices inched down ahead of a U.S. Federal Reserve meeting this week,
pressured by a robust dollar as investors outside the United States sought the
safety of the greenback amid global growth concerns.
    
    
                   CLOSE            FII            EQUITIES     DEBT
                                    INVESTMENTS                 
 PNDF spot         71.86/71.89      December 14    $119.87 mln  -$7.08 mln
 10-yr bond yield  7.44 pct         Month-to-date  $296.72 mln  $364.97 mln
                                    Year-to-date   -$4.76 bln   -$6.78 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 = 71.91 Indian rupees)

 (Compiled by Avina Ajit in Bengaluru)
  
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