March 14, 2019 / 3:18 AM / 5 days ago

Morning News Call - India, March 14

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    FACTORS TO WATCH
    9:30 am: Economic Affairs Secretary Subhash Chandra Garg at Indian Banks’
Association-PICUP Fintech 2019 conference in Mumbai.
    12:00 pm: Government to release February wholesale price inflation data in
New Delhi.
    12:30 pm: ICRA webinar on outlook for public sector banks after
recapitalization, in Mumbai.
    5:30 pm: Principal Economic Advisor Sanjeev Sanyal at FICCI FRAMES event in
Mumbai.
    
    LIVECHAT - CRUDE FOCUS
Vandana Hari, Founder at Vanda Insights in Singapore, joins us to discuss energy
markets and cues that will impact crude prices. To join the conversation at
10:00 am IST, click on the link: here
    
    
    INDIA TOP NEWS
    • Reliance halts diluents export to Venezuela, not raised oil buying
Reliance Industries said on Wednesday it had halted supply of diluents to
Venezuela's national oil company PDVSA and will not resume such sales until
sanctions are lifted.
    • U.S. and India commit to building six nuclear power plants
The United States and India on Wednesday agreed to strengthen security and civil
nuclear cooperation, including building six U.S. nuclear power plants in India,
the two countries said in a joint statement.
    • Wipro Chairman Premji pledges 34 percent of company shares for
philanthropy
Wipro Chairman Azim Premji has pledged about 34 percent of the company's shares
controlled by him towards philanthropy, the Azim Premji Foundation said on
Wednesday.
    • Vistara gets approval to fly to international routes
Vistara, a joint venture of India's Tata Sons and Singapore Airlines, can now
fly to international destinations, the secretary of the Ministry of Civil
Aviation told reporters on Wednesday.
    • Philip Morris says Indian partner charges machinery costs; calls it
"business expense"
Philip Morris International's Indian partner charges machinery-related costs for
manufacturing its Marlboro cigarettes in India, the company said on Wednesday,
following a Reuters article that showed it may have circumvented foreign direct
investment rules.
    
    
    GLOBAL TOP NEWS
    • Brexit set for delay after May wounded by rejection of "no-deal"
The British parliament on Wednesday rejected leaving the European Union without
a deal, further weakening Prime Minister Theresa May and paving the way for a
vote that could delay Brexit until at least the end of June.
    • China industrial output growth falls to 17-year low, but investment picks
up 
    Growth in China's industrial output fell to a 17-year low in the first two
months of the year, pointing to further weakness in the world's second-biggest
economy.
    • Boeing faces crisis with worldwide grounding of 737 MAX jetliners
The United States grounded Boeing's money-spinning 737 MAX aircraft on Wednesday
over safety fears after an Ethiopian Airlines plane crash that killed 157
people, leaving the world's largest planemaker facing its worst crisis in years.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.1 percent at 11,390,
from its previous close.
    • The Indian rupee is expected to open lower against the dollar in wake of
Brent crude’s climb to near its highest in four months.
    • Indian government bonds are likely to fall in early trade as expectations
of more open market purchases eased after the central bank's announcement of
liquidity infusion through foreign exchange swaps this month. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.53
percent-7.60 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Wednesday, led by gains in healthcare shares, and
Boeing edged upward even as the United States joined other nations in grounding
the company's 737 MAX jets.
    • Asian shares barely budged as investors reacted cautiously to mixed data
from China, while the pound hovered near nine-month highs as the risk of a
no-deal Brexit receded following a late-night vote.
    • The dollar edged back from a nine-day low, as a big rally by the pound
made on Brexit relief tapered off and gave the greenback some reprieve.
    • U.S. Treasury yields rose on Wednesday after falling the previous session,
as risk appetite improved and equity markets stabilized, with a poor 30-year
bond auction further lifting rates.
    • Brent crude oil prices hit their highest so far this year, pushed up by
ongoing supply cuts led by OPEC and by U.S. sanctions against Venezuela and
Iran.
    • Gold held close to two-week highs as the U.S. dollar eased after British
lawmakers rejected a no-deal Brexit in any scenario and as tepid U.S. inflation
data reduced the chance of future U.S. interest rate hikes.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.43/69.46  March 14         $391.54 mln  -$5.71 mln
 10-yr bond yield  7.54 pct     Month-to-date    $1.84 bln    $525.70 mln
                                Year-to-date     $3.92 bln    -$1.65 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 = 69.5200 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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