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FACTORS TO WATCH
11:00 am: Power Minister Piyush Goyal to brief media in New Delhi.
11:30 am: Commerce Minister Nirmala Sitharaman at an event in New Delhi.
5:30 pm: Government to release May retail inflation data in New Delhi.
5:30 pm: Government to release April industrial output data in New Delhi.
GMF: LIVECHAT - CHINA CLEAN ENERGY
As China comes out of a ministerial conference on clean energy, Barbara
Finamore, senior attorney and Asia director of China program at Natural
Resources Defense Council, joins us to discuss the specifics of a potential
boost to China's role, as Trump pulled the U.S. out of the international
alliance to fight climate change, how it may help environmental protection
efforts in the country, and whether China will benefit by filling the leadership
void. To join the conversation, click on the link: here
INDIA TOP NEWS
• India's Maharashtra state waives off all farm loans, averting strike
India's Maharashtra state, home of the country's financial capital Mumbai,
agreed to forgive all loans held by farmers, who in turn ended a strike that had
sent prices of vegetables and produce sharply higher.
• Indian regulator says Reliance Jio telecom offers not anti-competitive
India's anti-trust regulator said on Friday offers for free voice and data
from Reliance Jio Infocomm, a unit of Reliance Industries, did not amount to
anti-competitive actions, rejecting a complaint by rival Bharti Airtel.
• Stressed balance sheets cast cloud over Modi-led India rebound
Vikas Patharkar borrowed $700,000 in 2014 to set up a factory to make
electric transformers on the outskirts of Mumbai, buoyed by the promise of
massive government spending and hopes of a strong economic rebound.
• India takes U.S. to WTO for failing to drop steel duties
India has complained to the World Trade Organization that the United States
has failed to drop anti-subsidy duties on certain Indian steel products after
losing an earlier ruling, a document published by the WTO said on Friday.
• SBI says $2.3 billion share sale satisfies capital needs for at least a
State Bank of India said on Friday it may not need to tap equity markets for
at least another year as its capital ratios will strengthen in the wake of this
week's $2.3 billion share sale.
• Indian regulator conditionally approves new head of NSE bourse
India's market regulator on Friday approved the appointment of Vikram
Limaye, head of infrastructure lender IDFC Ltd, as the next managing director
and chief executive of National Stock Exchange (NSE), subject to his resignation
from a cricket committee.
• India's Infosys denies promoters selling stake in company
Infosys Ltd denied a media report on Friday that the founders of India's
second-biggest software services exporter were looking to sell their entire
12.75 percent stake in the company.
• India's Tata Motors reaches wage deal with Sanand plant union
India's Tata Motors Ltd reached a long-term wage settlement with workers at
Sanand plant in the western state of Gujarat.
GLOBAL TOP NEWS
• Britain's May brings back foe, aiming to unite party before Brexit
Prime Minister Theresa May reappointed most of her ministers on Sunday but
brought a Brexit campaigner and party rival into government to try to unite her
Conservatives after a disastrous election sapped her authority, days before
Brexit talks begin.
• U.S. attorney general to face questions on Comey firing, Russia
Attorney General Jeff Sessions will face questions about the firing of FBI
Director James Comey and undeclared meetings with Russian officials at a U.S.
Senate hearing on Tuesday, though it was unclear whether he would testify in
public or in private.
• Macron's party set for huge French parliamentary majority
President Emmanuel Macron's fledgling party is set to trounce France's
traditional main parties in a parliamentary election and secure a huge majority
to push through his pro-business reforms, projections after the first round
showed on Sunday.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,633.50, trading down 0.5 percent
from its previous close.
• The Indian rupee will likely open lower against the dollar, tracking
losses in most other Asian currencies, as cautious investors focus on interest
rate trajectory in the U.S. after a near-certain Federal Reserve rate increase
later this week.
• Indian government bonds are expected to edge higher before the release of
inflation data for May, amid expectations the nation’s monetary policy committee
will ease interest rates in the months ahead. The yield on the benchmark 6.79
percent bond maturing in 2027 is likely to trade in a 6.48 percent-6.52 percent
• U.S. technology stocks sold off sharply on Friday, taking a toll on the
Nasdaq and dragging on other major Wall Street indexes, which touched record
highs earlier in the day.
• Asian stocks fell, with electronics heavyweights such as Samsung
Electronics knocked lower by a slide in U.S. tech shares and caution ahead of
this week's U.S. Federal Reserve policy meeting.
• Sterling steadied as British Prime Minister Theresa May scrambled to pick
up the pieces and reunite her Conservative Party after a disastrous election
that could disrupt Brexit negotiations.
• Prices on U.S. Treasury futures slipped on Sunday as after-hour trading
began in advance of the U.S. Treasury Department's auctions of $24 billion in
three-year notes and $20 billion in benchmark 10-year debt on Monday.
• Oil prices rose as futures traders bet the market may have bottomed after
a recent steep fall, even as physical markets remain bloated by oversupply,
especially from a relentless rise in U.S. drilling.
• Gold prices edged up as Asian stocks fell ahead of a two-day U.S. Federal
Reserve policy meeting that could give clues on the pace of possible U.S
interest rate hikes over the rest of the year.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.31/64.34 June 9 -$15.7 mln $611.15 mln
10-yr bond yield 6.82 Month-to-date -$220.74 mln $2.82 bln
Year-to-date $7.76 bln $16.26 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 = 64.2400 Indian rupees)
(Compiled by Nayyar Rasheed in Bengaluru)