March 28, 2018 / 3:30 AM / 25 days ago

Morning News Call - India, March 28

(Morning News Call - India edition will not be published on Thursday, March 29
and Friday, March 30, as markets are closed for Mahavir Jayanti and Good Friday
respectively) 
    
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    FACTORS TO WATCH
    9:00 am: Finance Minister Arun Jaitley at GST Network Foundation Day event
in New Delhi.
    9:15 am: Hindustan Aeronautics Ltd.’s board of directors at the listing
ceremony in Mumbai.
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:30 am: Prime Minister's Economic Advisory Council Chairman Bibek Debroy
at a convocation ceremony in Mumbai. 
    12:45 pm: Oil Minister Dharmendra Pradhan to meet Texas Governor Greg Abbott
in New Delhi.
    2:30 pm: Essar Shipping CEO Ranjit Singh to brief on key issues of Indian
shipping industry in Mumbai.
    4:00 pm: SEBI Chairman Ajay Tyagi to brief media in Mumbai. 

    GMF: LIVECHAT - TRADE & FED FOCUS
    Robert Carnell, chief economist and head of research at ING Asia, joins us
at 09:30 am ISt to discuss the fallouts of the United States’ protectionist
rhetoric, and how deep China could dig in its ammunition to retaliate. What
would this mean for the U.S. economy, and also for the Fed for its future rate
path. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Rift deepens between Apple, India's telecom regulator over anti-spam app
    U.S. technology giant Apple Inc and India's telecoms regulator are at
loggerheads over the development of a government anti-spam mobile application,
with user privacy at the heart of a deepening rift between the two
sides.
    • Fortis to sell its hospital business to Manipal Hospitals
    Fortis Healthcare Ltd said on Tuesday it would sell its hospital business to
Manipal Hospitals Enterprises Private Ltd, creating the largest provider of
healthcare services in India by revenue.
    • Bandhan Bank soars in trading debut after $691 million IPO
    India's Bandhan Bank Ltd rose as much as a third on its trading debut on
Tuesday after a $691 million initial public offering, a rare bright spot in a
volatile market that has led to companies struggling to find takers for their
share sales.
    • PNB moving to quickly resolve disputes with peer banks over fraud - source
    Indian state-run Punjab National Bank is working with the government and
India's central bank to try to settle a dispute over claims from counterparty
banks in a $2 billion fraud by the end of March, a source with direct knowledge
said.
    • India tax department freezes certain Cognizant bank accounts-report 
    India's Income Tax department has frozen Cognizant Technology Solutions
Corp's bank accounts and deposits in Chennai and Mumbai for allegedly evading a
dividend distribution tax, according to a report on Tuesday.
    • Reliance sells Texas shale assets for $100 million 
    Reliance Industries Ltd said on Tuesday its unit would sell some of its
shale assets in the United States to privately held Sundance Energy Inc for $100
million, as the Indian oil-to-telecom conglomerate moves closer to exit U.S.
shale investments.
 
    
    GLOBAL TOP NEWS
    • China says North Korea pledges denuclearisation during friendly visit
    China said North Korean leader Kim Jong Un pledged to denuclearise the
Korean peninsula during an historic meeting in Beijing with President Xi
Jinping, who promised China would uphold its friendship with its isolated
neighbour.
    • Facebook's Zuckerberg to testify before U.S. Congress -source
    Facebook Inc Chief Executive Mark Zuckerberg plans to testify before U.S.
Congress, a source briefed on the matter said on Tuesday, as he bows to pressure
from lawmakers insisting he explain how 50 million users' data ended up in the
hands of a political consultancy.
    • South Korean economy hit speed bump in 4th quarter, central bank sees 3
percent 2018 growth
    South Korea's economy marked its worst quarterly performance since 2008 in
October-December as weakness in car exports and construction overshadowed
strength in consumption and public spending, revised central bank data showed.

   
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 10,123.00, down 0.4 percent from its
previous close.
    The Indian rupee will likely open lower against the U.S. currency, weighed
by a selloff in regional equities and expected dollar demand from importers
ahead of the long weekend.
    Indian government bonds are likely to rise today as market sentiment remains
positive after New Delhi took steps to ease debt supply in first half of the
next financial year. The yield on the 7.17 percent bond maturing in 2028 is
likely to trade in a 7.30 percent-7.36 percent band today.

    
    GLOBAL MARKETS
    • Wall Street closed sharply lower Tuesday, with each of the major U.S.
indexes suffering their fourth decline in five sessions, fueled by a selloff in
the tech sector.
    • Asian shares pulled back as Wall Street was knocked hard on concerns about
tighter regulations on the tech industry, denting a brief global equities
recovery driven by hopes of easing fears of a trade war between China and the
United States.
    • The dollar stalled as lingering global trade tensions curbed its capacity
to bounce back from recent lows.
    • U.S. Treasury yields fell on Tuesday with 10-year yield hitting six-week
lows as fund managers purchased bonds to rebalance their portfolios for
quarter-end, offsetting sales to make room for the record high $294 billion in
government debt this week.
    • Oil prices fell, with Brent falling back below $70 per barrel and U.S.
West Texas Intermediate crudes dipping below $65, pulled down by a report of
increasing U.S. crude inventories that surprised many traders.
    • Gold prices edged higher buoyed by a softer dollar, a day after the yellow
metal recorded its biggest one-day percentage fall in nearly two weeks as
U.S.-China trade spat concerns eased.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         64.84/64.87  March 27         -          $197.91 mln
 10-yr bond yield  7.49 pct     Month-to-date    $1.89 bln  -$813.57 mln
                                Year-to-date     $2.00 bln  $277.33 mln
 
    
    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 = 64.94 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
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