November 5, 2018 / 3:16 AM / 14 days ago

Morning News Call - India, November 5

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    FACTORS TO WATCH
    10:00 am: Finance Minister Arun Jaitley to speak at National Conference on
Public Procurement & Competition Law in New Delhi.
    
    
    INDIA TOP NEWS
    • RBI to help shadow banks refinance debt as default worries loom
India's central bank sought on Friday to ease a massive credit crunch affecting
non-banking finance companies (NBFCs) by allowing banks to act as partial
guarantors for some of their existing debt which should make it easier to
refinance.
    • Axis Bank Q2 profit beats estimates; asset quality improves
Axis Bank, India's third-biggest private sector lender by assets, on Friday
posted a better-than-expected 82.6 percent jump in second-quarter profit,
boosted by higher interest income and as asset quality improved.
    • ONGC Q2 profit rises, beats estimate
India's Oil and Natural Gas Corp posted a 61 percent jump in second-quarter
profit on Saturday, with higher crude oil prices helping it to beat forecasts.

    • India iPhone sales to fall for first time in four years-researcher
Apple's iPhone sales are set to dip by around a quarter in India's holiday
season fourth quarter, putting them on course for the first full-year fall in
four years, industry research firm Counterpoint said on Saturday.
    • RCom clocks Q2 profit surge due to one-time gain
Reliance Communications posted a sharp rise in its quarterly profit on Saturday,
as it recorded a one-time gain.
    • Modi launches fast-track loan access plan for small businesses
India's Prime Minister Narendra Modi on Friday launched a programme to approve
loan requests of up to 10 million rupees for small- and medium-sized businesses
within 59 minutes, as he tries to woo a large voting block ahead of a series of
elections.
    • India's Petronet, ONGC Videsh eye stake in Tellurian project
India's Petronet and ONGC Videsh are jointly in talks about buying a stake in
Tellurian Inc's TELL.O proposed Driftwood project in Louisiana, Petronet's
managing director said on Friday.
    • SAIL posts Q2 profit, but misses estimate
Steel Authority of India posted a net profit of 5.54 billion rupees for the
quarter ended September, helped by robust revenue growth in its Eastern Indian
plants.
    
    
    GLOBAL TOP NEWS
    • China's services sector growth slowest in 13 months as orders dry up -
Caixin PMI
China's services sector chalked its slowest growth in over a year last month as
the volume of new orders dried up, a private survey showed, suggesting a further
loss in economic momentum as a rough 2018 draws to a close.
    • Trump, Obama tout clashing visions of U.S. as elections near
Republican Donald Trump and Democrat Barack Obama made dueling election
appearances on Sunday, offering sharply different views on the country's
problems but agreeing on the high stakes for voters in the final 48 hours of a
tight campaign.
    • Trade war, spy claims cloud horizon for China airshow
Trade frictions with the United States and accusations of industrial espionage
are set to cast a cloud over China's largest aerospace meeting this week, as
suppliers consider what the country's slowing economy could mean for booming jet
demand.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.4 percent lower at
10,544.50, from its previous close.
    • The Indian rupee is expected to open lower against the U.S. currency after
employers in the world’s largest economy added more jobs last month than
expected, prompting a rise in the dollar index and Treasury yields.
    • Indian government bonds may open lower, tracking likely losses in the
rupee and ahead of state debt auction that will add to supply in a holiday
truncated week. However, persistent fall in crude oil prices may limit any major
downward move in bond prices. The yield on the benchmark 7.17 percent bond
maturing in 2028 may trade in a 7.76 percent-7.82 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks snapped a three-day rally on Friday as Apple shares dropped
following a disappointing forecast and the White House dampened optimism over
U.S.-China trade talks.
    • Sterling jumped to a two-week high on hopes Britain was inching closer to
a smooth Brexit while Asian stocks started the week gingerly amid worries about
tense Sino-U.S. trade relations.
    • The dollar lost ground against most of its major peers, as growing
expectations of an orderly Brexit bolstered the pound, euro and broader global
investor sentiment.
    • U.S. Treasury prices fell on Friday, with the 30-year yield hitting a
four-year peak, as strong October job and wage growth data reinforced bets on
rising inflation and more interest rate hikes by the Federal Reserve.
    • Oil prices fell as the start to U.S. sanctions against Iran's fuel exports
was softened by waivers that will allow some countries to still import Iranian
crude, at least temporarily.
    • Gold prices were steady in early Asian trade as the dollar eased, while
investors are tuned in to the U.S. congressional elections on Tuesday.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         72.54/72.57  November 2       -$27.20 mln  $597.32 mln
 10-yr bond yield  7.78 pct     Month-to-date    $127.40 mln  $509.78 mln
                                Year-to-date     -$5.80 bln   -$7.59 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 = 72.4350 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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