January 10, 2018 / 3:32 AM / 8 months ago

Morning News Call - India, January 10

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    FACTORS TO WATCH
    10:30 am: Kotak Mahindra Asset Management Company MD Harsha Upadhyaya and
other senior management to brief media in Mumbai.
    11:30 am: South Indian Bank post-earnings analyst conference call in Mumbai.
    12:00 pm: Department of Telecommunications to meet TRAI in New Delhi.
    12:15 pm: Amber Enterprises India to brief media about its upcoming IPO in
Mumbai.
    2:30 pm: Transport Minister Nitin Gadkari in bilateral talks with Iranian
Minister of Roads Abas Akhoundi in New Delhi  .
    3:00 pm: Transport Minister Nitin Gadkari at signing of MoU between Ministry
of Road Transport & Highways and Transport for London in New Delhi.
    4:30 pm: Prime Minister Narendra Modi, Finance Minister Arun Jaitley,
Transport Minister Nitin Gadkari and NITI Aayog CEO Amitabh Kant at Economic
Policy: The Road Ahead meeting in New Delhi..

    
    GMF: LIVECHAT-CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
04:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    •Infosys signs agreement with U.S. IRS; sees lower tax rate
Indian software services company Infosys Ltd on Tuesday said it has signed an
agreement with the U.S. Internal Revenue Service (IRS), resulting in an
effective tax rate of about 100 basis points lower going forward.
    •AirAsia CEO says India unit explores IPO
Malaysia-based carrier AirAsia Bhd's India unit is looking at a potential
initial public offering, the group's chief executive, Tony Fernandes said.
 
    •India wants GAIL to focus on building gas pipelines - minister
India wants state-run utility GAIL (India) Ltd to focus on laying gas pipelines,
the oil minister said on Tuesday after reports about government plans to spin
off its marketing operations.

    GLOBAL TOP NEWS
    •U.S. hails Korea talks, despite North's rejection of denuclearisation
North and South Korea held their first talks in over two years on Tuesday, which
Washington welcomed as a first step to solving the North Korean nuclear weapons
crisis, even though Pyongyang said those were aimed only at the United States
and not up for discussion.
    •Trump calls for two-step process on immigration, pushes bipartisan deal
U.S. President Donald Trump said on Tuesday he would back a two-step immigration
approach that initially protects young "Dreamer" immigrants from deportation if
it includes immigration restrictions and provisions for a border wall with
Mexico that Democrats have opposed.
    •Toyota, Mazda to build $1.6 bln plant in Alabama -sources
Alabama will be the site of a new $1.6 billion Toyota Motor Corp and Mazda Motor
Corp auto plant, a victory for President Donald Trump who had prodded
manufacturers to build new U.S. facilities and threatened tariffs on foreign
production, sources said on Tuesday.
  
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 10,645.50, trading up 0.06 pct from
its previous close.
    The Indian rupee will likely trade little changed against the dollar in
early session, as higher local equities are expected to offset rising global
crude oil prices and U.S. Treasury yields that boosted greenback demand.
    Indian government bonds are likely to fall tracking overnight gains in U.S.
Treasury yields and crude oil prices. The yield on the benchmark 6.79 pct bond
maturing in 2027 is likely to trade in a 7.35 pct-7.40 pct band today. 

    
    GLOBAL MARKETS
    • Wall Street's major indexes extended the New Year rally to close at record
levels on Tuesday on investor optimism ahead of quarterly earnings reports and
hopes for easing tensions with North Korea.
    • Asian shares hovered just below their 2007 record peak, supported by
expectations of solid corporate earnings on the back of synchronised growth in
the global economy.
    • The dollar edged up in early Asian trade, bolstered by higher U.S.
Treasury yields but still constrained against the yen after the Bank of Japan's
move to trim its purchases of Japanese government bonds triggered tapering
fears.
    • Yields on the 10-year U.S. Treasury note reached a 10-month high on
Tuesday, after the Bank of Japan said it will trim its purchases of Japanese
government bonds and U.S. corporate debt hit the market.
    • Oil prices hit their highest levels since 2014 due to ongoing production
cuts led by OPEC as well as healthy demand, although analysts cautioned that
markets may be overheating.
    • Gold prices edged lower for a second session, as a rally in equities and a
surge in U.S. treasury yields dented bullion's safe-haven appeal.
      
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         63.58/63.61  January 9        -$47.59mln  $207.82mln
 10-yr bond yield  7.32 pct     Month-to-date    $406.05mln  $300.47mln
                                Year-to-date     $406.05mln  $300.47mln
  
    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 = 63.67 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
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