June 6, 2018 / 3:25 AM / 2 months ago

Morning News Call - India, June 6

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    FACTORS TO WATCH
    12:00 pm: Civil aviation ministry weekly briefing in New Delhi.
    2:30 pm: Monetary Policy Committee to announce interest rate decision in
Mumbai.
    2:45 pm: RBI Governor Urjit Patel briefs media post release of monetary
policy statement in Mumbai.
    4:00 pm: Health Minister J.P. Nadda at an event in New Delhi.
    5:00 pm: RBI analyst conference call post Monetary Policy Committee decision
on interest rate in Mumbai.
    5:00 pm: Oil Minister Dharmendra Pradhan briefs media on four-year
achievements of the ministry in New Delhi.
    
    LIVECHAT- MARKETS 
    Our regular monthly look at the financial markets with Michael Hewson, chief
market analyst, CMC Markets at 02:30 pm IST. To join the conversation, click on
the link: here
    
    
    INDIA TOP NEWS
    • POLL-Reserve Bank of India to hold rates, but June hike now close call
    An increasing number of economists expect the Reserve Bank of India to raise
interest rates on Wednesday, a Reuters poll found, but most still think the
central bank will stay on hold and use this week's meeting to prepare for an
August hike.
    • Weak demand drags India services activity into contraction in May-PMI
    Activity in India's service industry shrank in May for the first time in
three months as new orders stagnated, but business optimism was the highest
since 2015 on expectations that demand will turn around, a business survey
showed.
    • Flipkart founder-backed Indian startup launches subsidised electric
scooter
    Bengaluru-based startup Ather Energy opened pre-orders for its flagship
electric scooters on Tuesday, hoping to build a beachhead in the world's largest
two-wheeler market that will allow it to launch a mass-market vehicle within two
years.
    • India prepares sweeteners for sugar mills, cane growers
    India is set to announce support measures to cut a growing sugar surplus and
prop up local prices, the food minister said on Tuesday, a move aimed at helping
loss-making mills and millions of cane growers who make up a key voting
bloc.
    • India's Nayara sees no problem in replacing Iranian oil, if required
    Indian private refiner Nayara Energy, a key buyer of Iranian oil, is
prepared to replace Iranian oil if required under U.S. sanctions and hopes to
settle dues owed to Tehran for past purchases ahead of a November deadline, its
chief executive said.
    • India may install 225 GW renewable power by 2022 - minister
    India hopes to touch renewable power capacity of 225 gigawatts by March
2022, the country's power minister said on Tuesday, likely breaching the 175 GW
target set in 2015.


    GLOBAL TOP NEWS
    • China's ZTE signed preliminary agreement to lift U.S. ban -sources
    ZTE Corp has signed an agreement in principle that would lift a U.S.
Commerce Department ban on buying from U.S. suppliers, allowing China's No. 2
telecommunications equipment maker to get back into business, according to
sources familiar with the matter.
    • Australia's economy rebounds in Q1, extends recession-free run 
Australia's economy grew at the fastest annual pace in almost two years as it
entered its 27th year of growth without a recession, but uncertainty over
household consumption and global trade dimmed the outlook for future
growth.
    • Trump-Kim summit set for Singapore's Sentosa Island -White House
    The summit between U.S. President Donald Trump and North Korean leader Kim
Jong Un will be on Singapore's southern island of Sentosa, the White House said
on Tuesday as preparations accelerated for next week's event.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.2 percent at
10,588.50.
    • The Indian rupee is expected to open marginally higher against the dollar
ahead of the monetary policy decision from the nation's rate-setting panel.
    • Indian government bonds are likely to trade little changed ahead of the
Monetary Policy Committee's rate decision today. The yield on the benchmark 7.17
percent bond maturing in 2028 is likely to trade in 7.81 percent-7.87 percent
band today until the policy outcome at 2:30 p.m., a trader with a private bank
said. 


    GLOBAL MARKETS
    • The Nasdaq closed at a record high for the second day in a row with help
from the technology and consumer discretionary sectors, while the S&P 500 edged
higher as investors eyed solid U.S. economic data.
    • Asian stocks edged up after tech sector strength lifted Wall Street
shares, while concerns about Italy's debt prompted investors to move into
lower-risk government debt elsewhere, pushing U.S. Treasury yields down from
recent highs.
    • The euro held firm as investors started to focus on the European Central
Bank's policy meeting next week, while concerns that the United States could
pull out of a trade pact with Canada and Mexico hit the peso and the Canadian
dollar.
    • U.S. Treasury yields fell on Tuesday as traders piled back into lower-risk
government debt after Italy's new prime minister vowed to enact economic
policies that could balloon the nation's already-heavy debt load.
    • U.S. oil prices edged up in early Asian trade to move away from lows hit
in the previous session, buoyed after industry data showed a decline in U.S.
crude inventories.
    • Gold prices inched higher in early Asian trade as the U.S. dollar and
treasury yields eased amid lingering concerns about global trade after the
United States imposed tariffs on its allies.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         67.18/67.21  June 5           -$23.55 mln  $30.08 mln
 10-yr bond yield   8 pct       Month-to-date    $462.88 mln  -$6.13 mln
                                Year-to-date     $218.23 mln  -$4.23 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 = 67.09 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
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