January 21, 2019 / 3:10 AM / 3 months ago

Morning News Call - India, January 21

To access the newsletter, click on the link:
here
 
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    No major events are scheduled.  
    
    
    INDIA TOP NEWS
    • India sacks PNB executives for lapses in $2 billion fraud in first firings
-sources
    India has sacked two executives of state-run Punjab National Bank for
allegedly failing to prevent a $2 billion fraud, two sources said on Sunday,
nearly a year after the country's biggest bank scam came to light and also
dragged the government into the controversy.
    • SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways -
paper
    The State Bank of India (SBI)-led consortium of lenders is waiting for
India’s capital markets regulator to decide on a bailout offer by Etihad Airways
for the financially stressed Jet Airways, SBI Chairman Rajnish Kumar said, the
Business Standard reported on Saturday.
    • HDFC Bank profit up 20 percent in third quarter
    HDFC Bank, India's biggest lender by market value, reported a 20.31 percent
rise in third-quarter net profit on Saturday, lifted by higher interest and fee
income.
    • Wipro expects small rise in IT services revenue in quarter
    Software services provider Wipro on Friday forecast a small rise in revenue
growth from IT services for the quarter to March after beating third quarter
profit estimates.
    • Sun Pharma tumbles on reports of fresh whistleblower complaint
    Shares of Sun Pharmaceutical Industries plunged on Friday to near six-year
lows, hit by reports that a whistleblower filed a complaint to regulators over
transactions involving the top Indian drugmaker and its co-promotor.
    
    • Indian central bank needs to ensure stability, head of bank says
    The head of India's central bank said on Friday he would take the steps
necessary to maintain financial stability in the country and help create
favourable conditions for growth.
    
    
    GLOBAL TOP NEWS
    • China's economy cools in Q4, 2018 growth hits 28-year low
China's economic growth cooled slightly in the fourth quarter from a year
earlier as expected, weighed down by weak investment and faltering consumer
confidence as Washington piled on trade pressure, leaving 2018 growth the
weakest in 28 years.
    • U.S. demands regular review of China trade reform
The United States is pushing for regular reviews of China's progress on pledged
trade reforms as a condition for a trade deal - and could again resort to
tariffs if it deems Beijing has violated the agreement, according to sources
briefed on negotiations to end the trade war between the two nations.

    • Nissan CEO says new capital ties with Renault not discussed 
    Nissan CEO Hirota Saikawa told reporters that he had not heard directly
about a reported French proposal to integrate Nissan's management with France's
Renault, adding that it was not the stage to discuss revising their capital
ties.    
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2 percent higher at
10,954.00 from its previous close.
    • The Indian rupee is expected to open lower against the dollar after Brent
crude oil reached the highest in two weeks. Losses in most of its Asian peers
are further expected to hurt demand for the local currency, a dealer with a
commodity company said.
    • Indian government bonds are expected to trade lower in early session,
tracking higher U.S. yields and crude oil prices. The yield on the benchmark
7.17 percent bond maturing in 2028 is likely to trade in a 7.58 percent - 7.63
percent band today. 
    
    
    GLOBAL MARKETS
    • U.S. stocks rallied on Friday, helping Wall Street's major indexes advance
for the fourth consecutive week, as increased hopes the United States and China
would resolve their trade dispute lifted shares across sectors.
    • Asian markets kept their nerve as data showed the Chinese economy slowed
at the end of last year, underlining the urgent need for more stimulus as
Beijing wrestles with the United States over trade.
    • The dollar hovered near a two-week high against a basket of currencies,
supported by a sustained recovery in investor risk appetite which nudged U.S.
bond yields higher.
    • U.S. Treasury yields climbed to three-week highs on Friday as investors
piled back into Wall Street on hopes Washington and Beijing were moving to end
their trade dispute as well as on stronger-than-expected data on manufacturing
output.
    • Oil prices dipped as China reported its weakest annual economic growth in
28 years, although oil prices remain relatively well supported by supply cuts
led by the Organization of the Petroleum Exporting Countries.
    • Gold prices inched up on expectations that the U.S. Federal Reserve will
pause its multi-year interest rate hike cycle, but gains were limited by a
recovery in investor appetite for risk.
        
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.13/71.16  January 18       -$17.55 mln   $160.33 mln
 10-yr bond yield  7.6 pct      Month-to-date    -$238.46 mln  -$524.60 mln
                                Year-to-date     ---           ---
    
    
    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 = 71.22 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below