January 17, 2018 / 3:47 AM / 10 months ago

Morning News Call - India, January 17

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    FACTORS TO WATCH
    10:00 am: SBI Deputy MD Mrutyunjay Mahapatra, Maharashtra Chief Minister
Devendra Fadnavis, Bajaj Electricals Executive President Pratap Gharge, SEBI
General Manager Avneesh Pandey at MTech event in Mumbai.
    11:00 am: Textile Minister Smriti Irani, Junior Textile Minister Ajay Tamta
and Textile Secretary Anant Kumar Singh at International Garment Fair in New
Delhi.
    12:00 pm: GIFT City CEO Ajay Pandey to provide business update to media in
New Delhi.
    3:00 pm: Commerce Minister Suresh Prabhu, Andhra Pradesh Chief Minister N.
Chandrababu Naidu at CII’s Partnership Summit 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
    • Indian bonds slump after RBI deputy warns of banks' high interest rate
risks
    Indian bonds slumped to a near two year low on Tuesday after a central bank
deputy governor highlighted growing balance sheet risks for state banks due to
their high exposure to government securities.
    • Modi launches $6.8 bln refinery in desert state of Rajasthan
    Indian Prime Minister Narendra Modi on Tuesday launched the construction of
a $6.8 billion refinery in the western state of Rajasthan, hopeful to lift
national capacity to meet the surge in fuel demand.
    • Reliance declares 30 pct higher refinery capacity at export plant -
document 
    India's Reliance Industries has declared a 30 percent increase in the
installed capacity of its export-focused oil refinery, a government report
showed, increasing the size of the world's largest refinery complex.

    • GAIL reworks Gazprom LNG deal, raises volume
    Gas utility GAIL (India) Ltd has renegotiated the terms of a long-term
liquefied natural gas purchase deal with Russia's Gazprom, the Indian company
said on Tuesday.
    • India's oil imports in 2017 surged to a record 4.4 million bpd
    India's oil imports rose by about 1.8 percent in 2017 to a record 4.37
million barrels per day (bpd) as the country boosted purchases to feed its
expanded refining capacity, ship-tracking data obtained from sources and data
compiled by Thomson Reuters Oil Research & Forecasts showed.

    
    GLOBAL TOP NEWS
    • Big gain in Japan's machinery orders shows businesses ready to spend
Japanese orders for machinery surged to their highest level in a decade in
November, in a sign businesses may finally be responding to policymakers'
efforts to get companies to spend their massive cash piles to spur economic
growth.
    • Nations at North Korea meeting commit to considering more sanctions
A 20-nation meeting on North Korea agreed on Tuesday to consider imposing
unilateral sanctions on Pyongyang that go beyond those required by U.N. Security
Council resolutions, the United States and Canada said in a joint statement.

    • Back Brexit law or risk chaos, PM May's Conservatives tell lawmakers
    Prime Minister Theresa May's Conservative Party urged lawmakers to back the
government's Brexit legislation at a vote in parliament later on Wednesday,
warning opponents that trying to block the plan would bring chaos.
    
   LOCAL MARKETS OUTLOOK
   (As reported by NewsRise)
    • The SGX Nifty Futures was trading at 10,713.50, trading little changed
from its previous close.
    • The Indian rupee will likely trade little changed against the dollar in
early session, as subdued local sentiment after wider trade deficit data and
rally in global crude oil prices are expected to offset broad greenback
weakness.
    • Indian government bonds are expected to edge higher in early trade on
value buying, though investor sentiment continues to remain bearish, traders
said. The yield on the benchmark 6.79 pct bond maturing in 2027 is likely to
trade in a 7.52 pct-7.57 pct band today.
    
    
    GLOBAL MARKETS
    • Wall Street paused its rally on Tuesday, weighed down by weakness in
General Electric shares and as lower oil prices dragged down the energy sector.

    • Asian stocks stepped back from a record high as the region's resource
shares were dented by falling oil and commodity prices while digital currencies
tumbled on worries about tighter regulations.
    • The dollar fell to a three-year low against its peers, with an earlier
bounce sputtering as the euro edged back after shaking off a potentially
negative turn in German politics.
    • U.S. long-dated Treasury yields fell on Tuesday morning along with those
of European bonds, after a Reuters report said the European Central Bank was not
quite ready to end its bond-buying scheme at next week's meeting.
    • Oil prices rose on tightening supply and strong global demand, although
some analysts warned of a downward correction after a more than 13-percent price
rise in a month.
    • Gold prices edged up towards four-month highs hit early in the week, as
the U.S. dollar slumped to three-year lows against a basket of currencies.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.04/64.07  January 16       $108.26mln  -$22.18mln
 10-yr bond yield  7.54 pct     Month-to-date    $278.64mln  $539.37mln
                                Year-to-date     $278.64mln  $539.37mln
 
    
    
    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 = 64.01 Indian rupees)
    

 (Compiled by Nishit Kunal in Bengaluru)
  
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