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Morning News Call - India, November 21
November 21, 2017 / 3:32 AM / a month ago

Morning News Call - India, November 21

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    FACTORS TO WATCH
    11:30 am: Railway Minister Piyush Goyal to address media on “Bullet Train &
Modernization of Indian Economy” in New Delhi. 
    01:30 pm: ESAF Small Finance Bank to discuss key strategic initiatives and
outlook in Mumbai.
    01:45 pm: Farm Minister Radha Mohan Singh at World Fisheries Day in New
Delhi.
    
    

    LIVECHAT - FX MARKETS
    We take a look at the FX markets with Eddie Tofpik, head of foreign
exchange, ADMISI at 3:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Mahindra wants to sell electric vehicles in U.S.
    Mahindra & Mahindra Ltd, one of India's oldest vehicle manufacturers, is
testing autonomous tractors, trucks and cars, while moving closer to bringing
electric vehicles to the United States, Chairman Anand Mahindra said on
Monday.
    • India's biggest tax hike in a decade may cut palm oil imports
    India's palm oil imports are likely to drop until the end of the year after
the world's largest edible oils buyer raised import taxes to the highest in more
than a decade, importers and dealers said.
    • MRPL seeks 1 mln barrels of high-sulphur U.S. Oil
    India's state-run Mangalore Refinery and Petrochemicals Ltd has floated its
first tender to buy high-sulphur crude oil from the United States, a tender
document showed on Monday.
    • Indian bond yields fall after cenbank cancels open market sale of debt
    Indian bond yields fell for the second straight day on Monday as traders
took comfort from the central bank's unexpected decision to cancel a scheduled
sale of bonds via open market operation (OMO) post market hours on
Friday.

    
    
    GLOBAL TOP NEWS
    • S.Korea, Japan say listing N.Korea as terror sponsor will pressure
Pyongyang to denuclearise
    South Korea and Japan on Tuesday welcomed U.S. President Donald Trump
putting North Korea back on a list of state sponsors of terrorism, saying it
would ramp up pressure on Pyongyang to denuclearise the Korean peninsula.

    • White House asks U.S. Supreme Court to allow full travel ban
    The White House asked the U.S. Supreme Court on Monday to allow President
Donald Trump's latest travel ban to take full effect after an appeals court in
California ruled last week that only parts of it could be enacted.
    • Zimbabwe's Mugabe faces impeachment after military takeover
    Zimbabwean President Robert Mugabe faces the start of impeachment
proceedings on Tuesday that could see him ousted within the week, against the
backdrop of a military takeover dubbed "Operation Restore Legacy".X
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,329.50, trading up 0.2 percent
from its previous close.
    • Indian government bonds are likely to edge higher in early trade, as
investors may continue buying notes after the country’s central bank withdrew an
open market sale scheduled for this week. The yield on the benchmark 6.79
percent bond maturing in 2027 is likely to trade in a 6.86 percent - 6.92
percent band.
    • The Indian rupee will likely open slightly lower against the dollar, as
U.S. Treasury yields rose ahead of the Federal Reserve’s minutes due tomorrow,
while weakness in euro was underpinned by the ongoing German political
uncertainty, lifting demand for the greenback. 

    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Monday, with Verizon boosting the telecoms sector
after the stock got an upgrade, while a deal in semiconductors lifted
high-performing tech shares.
    • Asian stocks edged higher as investors took heart from further evidence of
strength in the global economy, while the dollar hovered near a one-week high
against its peers thanks to higher U.S. yields and a floundering euro.

    • The dollar gave back some of its gains in Asian trading but remained not
far from a one-week high against a basket of currencies as German political
uncertainty continued to pressure the euro.

    • U.S. Treasury yields rose on Monday as investors awaited minutes on
Wednesday from the Fed’s last meeting, with no major economic releases due this
week and trading expected to be subdued before the Thanksgiving holiday on
Thursday.

    • Oil prices were little changed as expectations of an extended OPEC-led
production cut were cancelled out by rising output in the United States.

    • Gold prices crept up after falling more than 1 percent in the previous
session, with U.S. President Donald Trump's move to put North Korea back on a
list of state sponsors of terrorism burnishing the metal's safe-haven
appeal.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.96/64.99  November 20      -$55.15 mln  $157.73 mln
 10-yr bond yield  7.05pct      Month-to-date    $2.44 bln    -$268.74 mln
                                Year-to-date     $8.08 bln    $25.68 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 = 65.0950 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  

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