May 4, 2018 / 3:38 AM / 4 months ago

Morning News Call - India, May 4

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    FACTORS TO WATCH
    11:30 am: GST Council meeting in New Delhi.
    02:00 pm: Castrol India earnings conference call in Mumbai.
    05:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    07:00 pm: Trade Minister Suresh Prabhu at convocation function of Indian
Institute of Foreign Trade in New Delhi.
    
    LIVECHAT - QUIZ EAST 
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    INDIA TOP NEWS
    • Flipkart buys back shares worth $350 million 
    Indian online marketplace Flipkart has bought back $350 million worth of
shares from its investors as it seeks to convert its Singapore-incorporated
company to a private limited firm, in a move that could ease the way in for a
new strategic investor.
    • Vedanta Q4 profit climbs 81 percent 
    Vedanta, the Indian unit of diversified mining group Vedanta Resources,
posted an 81 percent surge in quarterly profit on Thursday, helped by higher
volumes and favourable commodity prices.
    • Rural purchases to boost Indian gold demand through December -WGC 
    Indian gold demand may improve through to December as positive monsoon rains
and government efforts to raise farmer incomes could boost rural purchases
enough to offset higher prices because of the weak rupee, the World Gold Council
said.
    • Lanco Infratech to file for potential liquidation 
    Lanco Infratech said on Thursday a panel of its creditors has not approved
an insolvency resolution plan and that its administrator will file for potential
liquidation of the company.
    
     GLOBAL TOP NEWS 
    • U.S. Treasury Secretary says having good trade talks in China 
    A U.S. trade delegation in China has been having very good conversations,
U.S. Treasury Secretary Steven Mnuchin said, as he heads into the second and
likely last day of talks in Beijing.
    • Trading in Samsung Elec shares surges after stock split 
    Shares in Samsung Electronics opened at 53,000 won each after a 50:1 stock
split which makes it easier for retail investors to buy into the South Korean
technology giant.
    • Ex-Volkswagen CEO Winterkorn charged in U.S. over diesel scandal
    The U.S. Justice Department on Thursday disclosed the filing of criminal
charges against former Volkswagen Chief Executive Martin Winterkorn, accusing
him of conspiring to cover up the German automaker's diesel emissions cheating.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,658.00, down 0.5
percent from its previous close.
    • The Indian rupee is expected to open higher against the dollar amid a
minor pullback in the U.S. currency ahead of the closely watched non-farm
payroll data. 
    • Indian government bonds are likely to trade little changed ahead of a
weekly debt auction today, amid concerns over overall demand. The yield on the
benchmark 7.17% bond maturing in 2028 is likely to trade in 7.71 percent - 7.76
percent band today.
    
    GLOBAL MARKETS
    • The S&P 500 ended lower on Thursday after a choppy session as
disappointing earnings reports from several companies offset strong economic
data.
    • Asian shares stepped back while the Japanese yen held onto overnight gains
as financial markets turned their attention to the looming U.S. payrolls data
for fresh catalysts.
    • The dollar held steady against a basket of currencies, having retreated
from four-month highs on profit-taking, with the focus on whether U.S. jobs data
will provide the spark for another push higher.
    • U.S. Treasury yields slid on Thursday, pressured by falls in Europe after
a surprising drop in euro zone inflation that could constrain the European
Central Bank's efforts to unwind its monetary stimulus this year.
    • Oil prices held steady after shedding earlier gains, as market jitters
kicked in over the prospect of geopolitical risks from possible new U.S.
sanctions against Iran.
    • Gold prices were little changed as investors awaited key U.S. jobs data
due later in the day, while the dollar held steady after declining from 2018
highs hit earlier this week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.55/66.58  May 3            -$22.20 mln  $130.70 mln
 10-yr bond yield  7.73 pct     Month-to-date        -        -$110.22 mln
                                Year-to-date     $1.13 bln    -$1.78 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 = 66.66 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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