October 17, 2018 / 3:21 AM / a month ago

Morning News Call - India, October 17

(Morning News Call - India edition will not be published on Thursday, October 18
as markets are closed for Dussehra)
 
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    FACTORS TO WATCH
    No major events are scheduled.
    
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    INDIA TOP NEWS
    • Infosys sticks to revenue growth guidance as quarterly profit rises 
Infosys retained its revenue forecast for the current financial year, with the
chief of India's second largest IT firm saying the demand for its services
remained strong.
    • India's cenbank lays out rules to make mobile wallet payments seamless
    India's central bank on Tuesday laid out guidelines that would allow for
seamless payments between different mobile wallets, in a move that could further
boost the use of digital payments in the country.
    • Amazon likely to buy 7-8 percent stake in Future Retail - TV
    Amazon.com is likely to buy an at least 7 percent to 8 percent stake in
Future Retail through an investment arm, CNBC-TV 18 reported, citing sources.

    • MRPL expects India to get waiver from U.S. sanctions on Iran this month -
official 
    Mangalore Refinery and Petrochemicals (MRPL) expects India to get a waiver
from U.S. sanctions on Iranian oil exports this month, a company official said
on Tuesday.
    • Hero MotoCorp quarterly profit drops 3 percent
    Hero MotoCorp, the world's largest two-wheeler maker, posted a 3.4 percent
drop in quarterly profit on Tuesday, hurt by higher expenses amid a depreciating
rupee.
    • India may look to raise 200 billion rupees via buybacks in state-run
companies- TVs
India may look to raise 200 billion rupees in 2018/19 fiscal year via buyback of
shares in state-run companies including Oil and Natural Gas Corp Ltd, local TV
channels reported on Tuesday, citing government sources.
    • India aims to cut stubble burning in key states by 70 percent, but experts
sceptical
    India aims to reduce stubble burning, a major source of pollution during the
winter months, by 70 percent in its top two farm states this year, a top
government official said on Tuesday, but experts questioned whether the target
was credible.
    • Tensions rise at Indian temple over entry of menstrual-age women
Tensions rose at an Indian hill temple on Tuesday before an expected face-off
between women of menstrual age who can enter for the first time in centuries and
conservative Hindu groups who want to stop them.
    
    
    GLOBAL TOP NEWS
    • Trump gives Saudi Arabia benefit of doubt in journalist's disappearance
    U.S. President Donald Trump gave Saudi Arabia the benefit of the doubt in
the disappearance of journalist Jamal Khashoggi even as U.S. lawmakers pointed
the finger at the Saudi leadership and Western pressure mounted on Riyadh to
provide answers.
    • Equity trading strength boosts profits at Morgan Stanley, Goldman
    Wall Street's top investment banks reported better-than-expected quarterly
profits on Tuesday, helped by strength in stock trading and equity underwriting,
wrapping up what has been a strong quarter for the big U.S. banks.
    • Uber IPO proposals value company at $120 billion - WSJ
    Ride-hailing company Uber could be valued at $120 billion, when it finally
goes public next year according to proposals made by U.S. banks bidding to run
the offering, the Wall Street Journal reported on Tuesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 1.1 percent higher at 10,696.00, form
its previous close.
    • The Indian rupee is expected to open higher against the dollar following
the biggest gains on Wall Street in more than six months, which helped boost
demand for regional assets. 
    • Indian government bonds will likely rise today as the central bank buys
notes through an open market operation and as the local currency is expected to
gain amid improved global risk appetite. The yield on the benchmark 7.17 percent
bond maturing in 2028 may trade in a 7.84 percent-7.90 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks surged more than 2 percent on Tuesday after upbeat earnings
reports from major companies including UnitedHealth and Goldman Sachs and solid
economic data, as equities rebounded from a recent sharp sell-off.
    • Asian equities got some welcome relief after upbeat U.S. earnings reports
drove a rebound on Wall Street and helped restore a little faith in emerging
market stocks and currencies.
    • The dollar was little changed against most of its major peers but made
gains against the yen as upbeat Wall Street earnings turned global sentiment
away from safe haven assets.
    • U.S. Treasury yields were little changed on Tuesday as the bond market
settled into a tight trading range in the aftermath of wild swings stemming from
worries about inflation and a rout across global equities.
    • U.S. oil prices extended gains after industry data showed a surprise
decline in U.S. crude inventories.
    • Gold prices held steady despite a rise in equities, with investors waiting
for minutes from the U.S. Federal Reserve's latest policy meeting for any fresh
clues on the pace of interest rate hikes.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         73.65/73.68  October 16       -$158.73 mln  $558.89 mln
 10-yr bond yield  7.87 pct     Month-to-date    -$2.35 bln    -$921.20 mln
                                Year-to-date     -$4.52 bln    -$7.67 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 = 73.4600 Indian rupees)

 (Compiled by Debanjan Bose in Bengaluru)
  
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