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FACTORS TO WATCH
12:00 pm: Shipping Minister Nitin Gadkari at event to sign initial pact
between Chidambaranar Port Trust and Tamil Nadu Generation and Distribution Corp
in New Delhi.
12:00 pm: Food Minister Ram Vilas Paswan briefs media on achievements of the
ministry in last 3 years of NDA government in New Delhi.
LIVECHAT - FX WEEK AHEAD
FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm. To join the
conversation, click on the link: here
INDIA TOP NEWS
• India imposes new duties on steel products, risking trade complaints
India imposed retroactive anti-dumping duties on some steel products of
foreign firms including POSCO and Nippon Steel & Sumitomo Metal Corp, the latest
in a series of protectionist measures that have already drawn international
• India's Idea Cellular posts 2nd straight quarterly loss
Idea Cellular Ltd, India's third-biggest telecoms operator, posted its
second straight quarterly loss after a rival carrier's free services hit sales
and eroded margins.
• India's retail inflation eases to below 3 pct y/y in April
India's consumer inflation eased in April to its lowest in at least five
years, reviving a debate on whether the Reserve Bank of India (RBI) should
revisit policy easing even as most analysts expect it to hold rates for the time
• EXCLUSIVE-IEA to review oil demand outlook after China, India signal auto
The International Energy Agency will review its electric vehicle (EV) use
and oil demand forecasts after India and China recently signaled new policies in
favour of electric cars and vehicles using other alternatives to gasoline.
• India's Piramal looking to expand in real estate financing
Indian conglomerate Piramal Enterprises said it is looking to expand its
real estate development business and also expects to have a licence to start
providing home mortgages by July.
• Dr Reddy's says U.S. drug approvals hard to get after "bad" year
India's Dr Reddy's Laboratories Ltd said it expects to launch more than 10
products in the United States this year and hopes business there will improve as
it caps off what it termed as a "particularly bad year" marked by regulatory
• India's UCO Bank says regulator begins "corrective action" over high bad
India's central bank has initiated "prompt corrective action" for state-run
UCO Bank over its high bad loans and negative return on assets, UCO said on
• Limit registration of petrol, diesel cars: India policy commission report
India could save as much as $60 billion in energy costs by 2030 and one
gigatonne of carbon emissions between 2017 and 2030 by adopting more electric
and shared vehicles, according to a report released on Friday by the country's
GLOBAL TOP NEWS
• N.Korea says missile test aimed at testing carrying large nuclear warhead
North Korea said on Monday it had successfully conducted a newly developed
mid-to-long range missile test on Sunday, supervised by leader Kim Jong Un and
aimed at verifying the capability to carry a "large scale heavy nuclear
• More disruptions feared from cyber attack; Microsoft slams gov't secrecy
Officials across the globe scrambled over the weekend to catch the culprits
behind a massive ransomware worm that disrupted operations at car factories,
hospitals, shops and schools, while Microsoft on Sunday pinned blame on the U.S.
government for not disclosing more software vulnerabilities.
• China pledges $124 bln for new Silk Road as champion of globalisation
Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk
Road plan to forge a path of peace, inclusiveness and free trade, and called for
the abandonment of old models based on rivalry and diplomatic power games.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures was trading at 9,448.00, up 0.35 pct from its
• The Indian rupee will likely open little changed to slightly higher
against the dollar, tracking its Asian peers, as soft U.S. inflation and retail
sales numbers dampened demand for the greenback.
• Indian government bonds will likely edge higher, as retail inflation fell
to its lowest in over five years, spurring bets that the central bank may relax
its policy stance and slash interest rates going forward. The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.87 pct-6.93
pct band today.
• Wall Street slipped on Friday, ending the week lower as tepid economic
data weighed on banks and worries deepened over Nordstrom and other department
• Asian stocks got off to a shaky start as a ransomware attack that locked
up more than 200,000 computers in over 150 countries and a missile test by North
Korea on Sunday kept investors on edge.
• The dollar started the week on the defensive, after U.S. economic data
came in shy of expectations and another missile test by North Korea over the
weekend underpinned the perceived safe-haven yen.
• The U.S. Treasuries market rallied on Friday with the benchmark yield
posting its biggest one-day drop in more than three weeks, as
weaker-than-expected consumer inflation data in April diminished the view on
whether Federal Reserve would raise interest rates more than once for the rest
of the year.
• Oil prices held steady, supported by expectations that OPEC and Russia
have agreed to extend a production cut beyond the first half of this year.
• Gold prices held on to their gains in the previous session, as
weaker-than-expected economic data from the U.S. and a missile test by North
Korea over the weekend weighed on risk appetite and pressured the dollar.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.30/64.33 May 12 $222.68 mln $345.26 mln
10-yr bond yield 7.17 Month-to-date $216.86 mln $1.28 bln
Year-to-date $6.65 bln $10.68 bln
($1 = 64.30 Indian rupees)
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]
(Compiled by Pathikrit Bandyopadhyay in Bengaluru)