January 23, 2019 / 3:09 AM / 24 days ago

CORRECTED-Morning News Call - India, January 23

 (Corrects to remove names of Anand Birje and Tawfik Hammoud from the livechat
item)
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    FACTORS TO WATCH
    No major events are scheduled. 
    
    LIVECHAT - LIVE FROM DAVOS
    As leaders gather at the World Economic Forum, industry experts and peers
brainstorm strategies and share valuable takeaways as we untangle critical
issues arising from Globalisation 4.0 and the Fourth Industrial Revolution. Dr.
Fatih Birol, Executive Director, IEA, joins the Global Markets Forum at 12:30 pm
IST; Zhang Yi-Chen, Chairman and Chief Executive Officer, CITIC Capital at 3:30
pm IST; David Craig, Chief Executive Officer, Refinitiv at 4:30 pm IST; Anthony
Scaramucci, Founder, SkyBridge Capital at 7:00 pm IST and Madhur Deora, Chief
Financial Officer & SVP, Paytm at 9:30 pm IST. To join the conversation, click
on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India likely to target about $11 billion from state asset sales in 2019/20
FY - sources
    The Indian government is likely to seek to raise about 800 billion rupees
through the sale of state-owned assets in the next fiscal year, beginning April
1, two government sources with direct knowledge of budget discussions told
Reuters on Tuesday.
    • Sun Pharma takes steps to ease governance concerns; shares rally
    India's top drugmaker by market value Sun Pharmaceutical Industries
announced on Tuesday a new local distributor and other measures in a bid to ease
investor concerns over its corporate governance, sending its shares up.

    • Asian Paints third-quarter profit jumps 14.6 percent, beats estimate
    Asian Paints posted a 14.6 percent rise in third-quarter net profit on
Tuesday, beating estimate, buoyed by strong performances in its paints
manufacturing vertical.
    • TVS Motor third-quarter profit rises about 16 percent, beats estimates 
    Auto manufacturer TVS Motor Co posted a better-than-expected rise in
third-quarter profit on Tuesday, aided by higher sales of its two- and
three-wheeler vehicles.
    • IndiGo flight returns to base after "high vibration" in Pratt & Whitney
engine 
    An IndiGo flight returned to the airport shortly after it took off from the
Indian city of Lucknow after the pilot observed "high vibration" in one of its
engines, the airline said in a statement on Tuesday.
    
    
    GLOBAL TOP NEWS
    • U.S. Senate to vote on ending government shutdown, Trump wall impasse
    The U.S. Senate shifted slightly closer on Tuesday to resolving a month-long
partial government shutdown, but there was no sign of relief anytime soon for
800,000 federal workers who are furloughed or working without pay.
    • BOJ to retain ultra-low rates, global slowdown raises fresh policy
challenge
    The Bank of Japan is set to cut its inflation forecasts and maintain its
ultra-loose monetary policy, as pressure on the economy mounts in the face of
slowing global demand, dealing another blow to its years-long efforts to foster
durable growth.
    • Renault convenes board to turn page on Ghosn era
    Renault has called a board meeting to replace Chairman and Chief Executive
Carlos Ghosn, in a move that may begin to ease tensions with alliance partner
Nissan in the wake of Ghosn's arrest in Japan for alleged financial misconduct.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.1 percent higher at
10,945.00 from its previous close. 
    • The Indian rupee is expected to open higher against the dollar in the wake
of a broad advance in regional currencies. 
    • Indian government bonds are expected to edge higher in early trade
tracking an overnight decline in crude oil prices and on the central bank’s
announcement of open market note purchase. The yield on the benchmark 7.17
percent bond maturing in 2028 is likely to trade in a 7.49 percent - 7.55
percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended lower on Tuesday, snapping a four-session rally, as a
gloomy global economic growth outlook, trade concerns and disappointing company
forecasts dampened sentiment.
    • Asian stocks edged down on mounting signs of slowing global growth and
anxiety over a yet-unresolved Sino-U.S. trade dispute.
    • The safe-have Japanese yen kept overnight gains against the dollar as
concerns about slowing global growth and U.S.-Sino trade tensions drove
investors away from risky assets.
    • U.S. Treasury yields dropped on Tuesday as investors shifted some cash
back into the bond market, prompted by worries over slowing global growth and
trade tensions between China and the United States.
    • Oil prices stabilised after steep falls in the previous session, when
markets were dragged down by growing concerns about an economic slowdown.
    • Gold prices held steady, as mounting concerns over a slowing global
economic growth and uncertainty around Sino-U.S. trade tensions dampened
appetite for risk.   
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.38/71.41  January 22       -$11.03 mln   -$16.99 mln
 10-yr bond yield  7.53 pct     Month-to-date    -$435.43 mln  -$701.65 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 = 71.19 Indian rupees)  
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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