March 28, 2019 / 3:16 AM / a month ago

Morning News Call - India, March 28

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    FACTORS TO WATCH
    6:00 pm: Fifteenth Finance Commission Chairman N.K. Singh at a book launch
event in New Delhi.
    
    LIVECHAT - BONDS FOCUS
    Reuters interest rate reporters delve into government bond markets at 6:00
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India shoots down satellite in test, Modi hails arrival as space power
India shot down one of its satellites in space with an anti-satellite missile on
Wednesday, Prime Minister Narendra Modi said, hailing the country's first test
of such technology as a major breakthrough that establishes it as a space power.

    • GMR Infra sells 80 billion rupees stake in airports arm to Tata, GIC, SSG
GMR Infrastructure said a consortium of Tata Group, an affiliate of Singapore's
sovereign wealth fund GIC, and SSG Capital Management will invest 80 billion
rupees in GMR Airports, which operates India's biggest airport in New Delhi.

    • Jet Airways shares rise after govt official rules out grounding more
planes
Jet Airways shares rose on Wednesday after a top aviation ministry official
ruled out grounding more planes and said the carrier would fly 40 more aircraft
by the end of April.
    • S&P cuts Jaguar Land Rover, Tata credit ratings on Brexit worries
S&P said on Wednesday it had downgraded its credit rating on Jaguar Land Rover,
and its owner, even deeper into junk and put it on review for a possible further
downgrade due to the growing risks of a no-deal Brexit and U.S. import tariffs.

    • India's monsoon should be robust provided no El Nino surprise -top govt
forecaster
India's monsoon, crucial for Asia's third largest economy, is likely to be a
robust and healthy one this year provided there isn't a surprise El Nino
phenomenon, Indian's top government weather official said on Wednesday.

    
    
    GLOBAL TOP NEWS
    • May's offer to quit fails to break Britain's Brexit stalemate
British Prime Minister Theresa May failed to sway hardline opponents of her
European Union divorce deal on Wednesday with an offer to quit, but parliament's
bid to agree an alternative fell short, leaving the Brexit process as deadlocked
as ever.
    • EXCLUSIVE-China makes unprecedented proposals on tech transfer, trade
challenges remain -U.S. officials
The United States and China have made progress in all areas under discussion in
trade talks, with unprecedented movement on the touchy issue of forced
technology transfers, but sticking points remain, U.S. officials told Reuters on
Wednesday.
    • Nissan panel says facts point to legal violations by ousted chairman Ghosn
An external committee reviewing governance at Nissan Motor said on Wednesday
there were enough facts to suspect violations of laws and the private use of
company funds by ousted chairman Carlos Ghosn.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.1 percent at
11,435.00, from its previous close.
    • The Indian rupee is likely to open lower against the dollar, as investors’
appetite for risk assets remained subdued amid concerns over a slowdown in
global growth.
    • Indian government bonds are likely to edge higher tracking a fall in U.S.
Treasury yields, but gain in prices could be capped as investors await the
federal government's market borrowing calendar for April-September. The yield on
the benchmark 7.26 percent bond maturing in 2029 is likely to trade in a 7.31
percent-7.36 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks eased on Wednesday as Treasury bond yields fell again and a
prolonged inversion in the yield curve fanned fears of a U.S. economic slowdown.

    • Asian share markets were painted red as recession concerns sent bond
yields spiralling lower across the globe, overwhelming central bank efforts to
calm frayed nerves.
    • The dollar rose as many of its peers weakened after more central banks
opted to shift to a dovish policy stance in the wake of deteriorating economic
prospects.
    • Benchmark 10-year Treasury yields fell to 15-month lows on Wednesday as
the New Zealand and European central banks adopted a dovish tone on interest
rates and investors worried about a global recession.
    • Oil prices fell, extending losses into a second straight session, after
widely watched data showed a surprising increase in U.S. stocks.
    • Palladium fell further, a day after the metal posted its biggest drop in
more than two years on technical selling and profit-booking.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         68.83/68.86  March 27         $214.36 mln  -$29.27 mln
 10-yr bond yield  7.32 pct     Month-to-date    $4.06 bln    $1.92 bln
                                Year-to-date     $6.14 bln    -$256.14 mln
 
    
    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 = 69.0900 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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