May 7, 2018 / 3:44 AM / in 5 months

Morning News Call - India, May 7

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    FACTORS TO WATCH
    6:00 pm: ICICI Bank post-earnings conference call in Mumbai.
    
    INDIA TOP NEWS
    • Flipkart yet to finalise stake sale deal with Walmart- sources
    Flipkart's board is yet to finalise a deal to sell a controlling stake to
Walmart, two sources with direct knowledge of the matter said on Friday, adding
a deal could just be days away.
    • Fraud-hit Indian lender PNB targets over 10 pct business growth in 2018/19
    Fraud-hit Indian lender Punjab National Bank said on Sunday it aimed to
expand its total business 10.8 percent to $180 billion in the year to March 2019
and outlined steps to prevent more such frauds.
    • Manipal raises bid for Fortis, outlines cash injection plan
    India's privately-held Manipal Hospitals sweetened its bid for rival Fortis
on Sunday, offering to inject $314 million to help the ailing hospital operator
meet its immediate cash needs.
    • Monsanto appeals to India's top court over GM cotton patents
    Monsanto has appealed to India's Supreme Court against a ruling by the Delhi
High Court which decreed last month that the world's biggest seed maker cannot
claim patents on its GM cotton seeds, a company spokesman said on Friday.

    • India's cryptocurrency investors bet trading will survive bank ban
    A month after India's central bank barred regulated lenders from
facilitating cryptocurrency transactions, trading volumes have surged
dramatically alongside a sharp rally in prices.
    • India to allow longer hours for equity derivatives trading
    India's market regulator said on Friday it will extend the window for
trading equity derivatives  starting October, a move that will enable stock
exchanges to offer the products for nearly 14  hours a day.
   •  India announces government bond purchases after disappointing auction
    RBI unexpectedly announced it would buy $1.50 billion of government bonds
via open market operation, after failing to sell all the debt it had offered to
bidders earlier on Friday.
    
    GLOBAL TOP NEWS
    • Some in BOJ warned of premature exit debate in March - minutes
    Some Bank of Japan policymakers warned against premature debate of an exit
from ultra-loose policy even as they worried about the rising cost of prolonged
easing, minutes of the BOJ's March meeting showed, reinforcing yet again the
challenge of hitting an elusive inflation target with a diminishing tool-kit.
 
    • Activist investment rising in Asia, led by local players -JP Morgan
    Activist investing in Asia is rising steadily, driven more by local players
rather than headline-grabbing foreign firms, as the region's regulators pay
greater attention to corporate governance, according to research from JP
Morgan.
    • ZTE says asked U.S. Commerce Department to suspend business ban
    China's ZTE has submitted an application to the U.S. Commerce Department's
Bureau of Industry and Security (BIS) for the suspension of a business ban, it
said in a filing to the Shenzhen stock exchange on Sunday.
    
    
   LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,682.00, up 0.2
percent from previous close.
    • The Indian rupee is likely to open slightly higher against the dollar
after U.S. job additions and average hourly earnings missed estimates.
    • Indian government bonds are likely to jump today as the Reserve Bank of
India unexpectedly announced an open market purchase of notes to meet durable
liquidity needs going forward.The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in 7.60 percent-7.68 percent band today.
    
    
    GLOBAL MARKETS
    • The three major U.S. stock indexes rose more than 1 percent on Friday
after weaker-than-expected U.S. wage growth helped to calm investor fears about
rising interest rates and inflation, though the S&P 500 and Dow Industrials
still posted losses for the week.
    • Asian shares crept higher after a tame reading on U.S. wages lowered the
risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade
tensions and a looming deadline for the Iranian nuclear deal argued for
caution.
    • The dollar stayed near its 2018 peak after U.S. jobs and wages data did
little to water down perceptions of strength in the U.S. economy, though renewed
concerns about trade frictions could cloud its outlook.
    • U.S. Treasury yields were little changed on Friday after dropping to
multiweek lows, supported by U.S. equity gains as investors believed a
weaker-than-expected jobs report will not deter the Federal Reserve from raising
interest rates at the June meeting.
    • U.S. oil prices rose above $70 a barrel for the first time since November
2014, as a deepening economic crisis in Venezuela threatened the country's
already tumbling oil supplies.
    • Gold prices edged up in early trade as the dollar took a breather after
climbing to its highest level this year in the previous session.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         66.83/66.86  May 4            -$243.68 mln  -$118.01 mln
 10-yr bond yield  7.73 pct     Month-to-date    -$65.43 mln   -$228.23 mln
                                Year-to-date     $1.12 bln     -$1.89 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 = 66.81 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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