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Morning News Call - India, March 22

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    FACTORS TO WATCH
    9:30 am: Finance Minister Arun Jaitley to speak at 23rd conference of
Auditor Generals of Commonwealth Nations in New Delhi
    10:30 am: DIPP Secretary Ramesh Abhishek at an event in New Delhi
    11:00 am: Budget session of Parliament continues in New Delhi
    12:15 pm: Niti Aayog CEO Amitabh Kant at AIMA event  in New Delhi
    3:15 pm: Railways Minister Suresh Prabhu and Telecom Minister Manoj Sinha at
an event  in New Delhi
    4:15 pm: IT Minister Ravi Shankar Prasad and CISCO Worldwide Leader John
Kern at an event in New Delhi
    6:00 pm: Federal Cabinet meets. Agenda not known in New Delhi
    
    LIVECHAT- EQUITIES WATCH
    Join our Reuters correspondents in London and New York for a discussion on
the stock markets and company earnings, at 7.30 pm. . To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • Indians leave bankers in the cold in $23 bln telecoms mega-deal 
    Investment banking business in India should be enjoying bumper fees after a
record year of dealmaking. It's not, and big banks blame in-house teams of
advisers that have proliferated as the country's top family-owned conglomerates
tighten their grip.
    • SoftBank-backed Snapdeal in deal talks with rivals Flipkart, Paytm - Mint
    Indian online marketplace Snapdeal is in talks with domestic rivals Paytm
E-Commerce Pvt Ltd and Flipkart for a potential sale, Indian daily business
newspaper Mint reported on Wednesday, citing sources.
    • Russian bank VTB says to shut only office in India 
    Russian bank VTB has decided to close its only office in India to cut costs
but will continue to work in India, the bank said on Tuesday.  [nL5N1GY16H
    • India's Avenue Supermarts shares soar in debut after $286 mln IPO 
Shares of India's Avenue Supermarts Ltd more than doubled in value in their
trading debut on Tuesday, after raising 18.7 billion rupees in an initial public
offering that drew strong demand.
    • Bharti Infratel says Nettle Infra to buy about 21.63 pct stake in co from
Airtel 
    Telecom tower infrastructure company Bharti Infratel said Nettle
Infrastructure Investments would buy about 21.63 percent of its stake from
company's promoter Bharti Airtel Ltd. 
    
    
    GLOBAL TOP NEWS
    • Japan Feb exports jump, take s/a trade surplus to highest since April 2010
    Japan's exports grew 11.3 percent year-on-year in February, led by shipments
of car parts and electronics parts to Asia, taking the seasonally-adjusted trade
surplus to 680.3 billion yen-- the highest since April 2010, Ministry of Finance
data on showed. 
    • Trump's high court pick vows independence, says he is no 'rubber stamp' 
U.S. Supreme Court nominee Neil Gorsuch on Tuesday pledged independence from
President Donald Trump, bristled at his criticism of the judiciary and said not
even the president is above the law amid Democratic concerns he would be
beholden to the man who selected him. 
    • Trump tries to move past controversies, says he is keeping promises
    President Donald Trump argued on Tuesday that his 60 days in office have
been a successful keeping of his campaign promises as he attempted to turn the
page from a variety of controversies that have bedeviled his White House tenure.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures was trading at 9,085.00, trading down 0.74 pct from
its previous close.
    The Indian rupee will likely open lower against the dollar, tracking
weakness in other Asian currencies and equities, as uncertainty about U.S.
President Donald Trump’s economic policies sparked losses on Wall Street.  The
local currency, up more than 2 pct against the greenback so far this month, has
been trading around 17-month highs.     
    Indian government bonds are likely to edge higher in early trade, as U.S.
Treasury yields fell for a third consecutive session yesterday, making
emerging-market debt attractive for investors. The yield on the benchmark 6.97%
bond maturing in 2026 is likely to trade in a 6.87%-6.92% band today. The bond
had settled at 100.57 rupees, yielding 6.89%, yesterday.      
    
    
    GLOBAL MARKETS
    • Wall Street fell sharply on Tuesday as investors worried that President
Donald Trump will struggle to deliver promised tax cuts that propelled the
market to record highs in recent months, with nervousness deepening ahead of a
key healthcare vote.
    • Asian stocks posted their biggest drop in two weeks as growing doubts
about Donald Trump's economic growth agenda prompted investors to dump risky
assets and to rush to safe havens such as gold and government bonds.
    • The dollar struggled at a four-month low against the yen early after a
slide in Wall Street stocks sent U.S. Treasury yields sharply lower, eroding the
greenback's interest rate allure.
    • U.S. Treasury yields fell to three-week lows on Tuesday as stock markets
tumbled, raising demand for low-risk U.S. government debt, with analysts citing
frustration with the pace of the Trump administration's fiscal plans as a factor
behind the move.
    • Oil prices dipped as rising crude stocks in the United States underscored
an ongoing global fuel supply overhang despite an OPEC-led effort to cut
output.
    • Gold prices held firm close to near 3-week highs touched the session
before, buoyed as the dollar weakened and equities fell on doubts over U.S.
President Donald Trump's economic agenda.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.29/65.34  March 21         $254.63 mln  $639.61 mln
 10-yr bond yield  7.23 pct     Month-to-date    $2.76 bln    $1.76 bln
                                Year-to-date     $4.32 bln    $3.07 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 = 65.2900 Indian rupees)

 (Reporting by Pradip Kakoti in Bengaluru)
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