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FACTORS TO WATCH
9:15 am: IndiGrid listing ceremony at BSE in Mumbai.
7:30 pm: Junior Aviation Minister Jayant Sinha to speak at an industry event
in New Delhi.
GMF: LIVECHAT - YUAN FOCUS
The Chinese currency strengthened significantly against the dollar after the
central bank applied a new method to set the daily fixing. The currency gain
also came on the heels of a credit rating cut of China by Moody's. OCBC
economist Tommy Xie will discuss the outlook of yuan and how the potential rate
hike by the Fed plays a role in the latest yuan surge at 09:00 am IST. To join
the conversation, click on the link: here
INDIA TOP NEWS
• Adani gives final approval for $4 billion Australia coal mine
India's Adani Enterprises said that it has given final investment approval
for its controversial $4 billion Carmichael mine and rail project in Queensland.
• SBI on course to raise $2.3 billion in record Indian share sale to
Top Indian lender State Bank of India's share sale to institutional
investors to raise as much as $2.33 billion was fully covered within hours of
the launch on Monday, three sources with direct knowledge said.
• India's services activity accelerates in May as new business picks up-PMI
Activity in India's services industry accelerated in May as domestic and
foreign orders rose, prompting firms to create jobs at the fastest pace in
nearly four years, a private business survey showed on Monday.
• Jet Airways in talks to buy 75 aircraft - sources
Jet Airways Ltd, India's biggest full service carrier by market share, is in
talks to buy 75 single aisle aircraft with an option to purchase another 75, two
people familiar with the plan said on Monday.
• ICICI Bank, Fairfax to pare stakes in Indian insurer ICICI Lombard IPO
India's ICICI Bank Ltd and Canada's Fairfax Financial Holdings Ltd will pare
their stakes in joint venture insurer ICICI Lombard General Insurance Co Ltd's
planned initial public offering of shares, the insurer said on Monday.
• India launches fraud investigation into news channel's founders
Indian federal authorities launched a fraud investigation on Monday into the
founders of news channel NDTV, a move the company said was an attempt to muzzle
• NALCO puts Iran project on hold - chairman
India's National Aluminium Company Ltd has put all its overseas projects on
hold, including one in Iran, in order to focus on expanding domestic capacity,
its chairman said on Monday.
• NSE chairman says will complete IPO by end of year - TV
The chairman of India's National Stock Exchange, Ashok Chawla, told TV
channels on Monday the bourse operator would complete an initial public offering
by the end of the year once it addresses pending issues raised by the country's
GLOBAL TOP NEWS
• Arab powers sever Qatar ties, citing support for militants
The Arab world's biggest powers cut ties with Qatar on Monday, accusing it
of support for Islamist militants and Iran, and reopening a festering wound two
weeks after U.S. President Donald Trump's demand for Muslim states to fight
• UK police reveal names of London attackers, say one investigated before
British police and security services had previously investigated one of the
Islamist militants who carried out Saturday's attack in London, but with
resources scarce, he was not deemed enough of a threat to warrant close
monitoring, police said on Monday.
• Top U.S. diplomat in China quits over Trump climate policy
David Rank, the chargé d'affaires of the U.S. Embassy in Beijing, has left
the State Department over the Trump administration's decision to quit the 2015
Paris agreement to fight climate change, a senior U.S. official said on Monday.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,698.00, trading up 0.04 percent
from its previous close.
• The Indian rupee is likely to open little changed against the dollar as
investors await the outcome of the Monetary Policy Committee’s two-day meeting
that starts today.
• Indian government bonds will likely open higher tracking a fall in crude
oil prices and ahead of India's monetary policy decision, due tomorrow. The
yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in
a 6.62 percent-6.67 percent band today.
• Stocks dipped on Wall Street on Monday as a drop in Apple partly offset
gains in energy and financial stocks, some of the market's worst-performing
sectors so far this year.
• Asian stocks retreated after Wall Street's stumble overnight, while oil
inched up from the previous day losses as lower Libyan oil production assuaged
concerns that the severing of ties with Qatar by other Arab states could impede
a deal to cut crude output.
• The dollar held firm after crawling away from an 18-day low against the
yen thanks to a bounce in U.S. yields, while the Australian dollar was steady
ahead of a policy decision by the country's central bank later in the day.
• U.S. Treasury debt prices fell on Monday in thin trading, as investors
booked profits after gains the previous session on a U.S. employment report that
underwhelmed expectations and suggested a more cautious Federal Reserve policy
• Oil prices resumed their slide from the previous session, hit by concerns
that a political rift between Qatar and several Arab states would undermine an
OPEC-led push to tighten the market.
• Gold held steady, hovering close to a more than six-week high hit in the
previous session, on weaker Asian stocks and amid tapered expectations for
aggressive U.S. rate hikes this year.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.27/64.30 June 5 $74.15 mln $240.99 mln
10-yr bond yield 7.02 Month-to-date -$52.33 mln $755.37 mln
Year-to-date $7.93 bln $14.19 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 = 64.36 Indian rupees)
(Compiled by Benny Thomas in Bengaluru)