February 7, 2018 / 3:29 AM / in 6 months

Morning News Call - India, February 7

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
    9:30 am: Natco Pharma post-earnings analyst conference call in Mumbai.
    2:30 pm: RBI to release bi-monthly monetary policy statement in Mumbai.
    2:45 pm: RBI Governor briefing post release of monetary policy statement in
Mumbai.
    4:00 pm: Eicher Motors post-earnings analyst conference call in Mumbai.
    4:00 pm: BSE MD & CEO Ashishkumar Chauhan and Hindalco Chief Risk Officer
Anil Mathew at Commodities Market Outlook in Mumbai.
    5:00 pm: RBI monetary policy analyst conference call in Mumbai.
    
    LIVECHAT-FX MONTH AHEAD 
    John Noonan, Head of IFR FX Watch Asia, analyses cues and views for
market moves for the month ahead at 1930 IST. To join the conversation, click on
the link: here
    
    
    INDIA TOP NEWS
    •RBI expected to keep rates on hold - for now
    The Reserve Bank of India, meeting amid a global market storm, is widely
expected to keep its key rate on hold, but toughen its rhetoric as inflation has
accelerated sharply, making an increasing number of analysts see a hike this
year.
    •Indian markets down on global weakness - finmin official
    The recent slump in Indian stock markets was a result of global weakness and
not because of a tax on long term capital gains that the government had
announced in its federal budget last week, the country's finance secretary said
on Tuesday.
    •Indian govt, RBI to discuss bond yield surge at borrowing meeting - sources
    India's finance ministry will raise its concerns about the sharp rise in
market bond yields when it holds a meeting this week with the central bank to
discuss government borrowing plans for the year, two people familiar with the
matter said.
    •Hero MotoCorp Q3 profit up 4 percent, but misses estimates
    Hero MotoCorp, the world's biggest two-wheeler maker, posted a more than 4
percent rise in quarterly profit on Tuesday, helped by higher sales particularly
in its scooter segment.
    •Lupin Q3 profit misses estimates on lower sales in North America, forex
losses
    Lupin, India's second-largest drugmaker by revenue, on Tuesday reported
lower-than-expected third-quarter net profit, hurt by lower sales in North
America and foreign exchange losses.
    •India sees no scope for more excise duty cut on petrol, diesel for now -
finmin source
    India has no immediate plan to further cut factory gate tax on petrol and
diesel due to its tight fiscal situation, a finance ministry source said on
Tuesday.
    •Punjab National Bank Q3 net profit rises 11 percent, lags estimates
    Punjab National Bank, India's fourth-largest lender by assets, reported
third-quarter net profit rose 11 percent as its proportion of bad loans to total
loans fell, although the profit increase was smaller than expected.
    •ArcelorMittal to exit India's Uttam Galva to make way for new steel bids
    ArcelorMittal is set to sell its entire stake in India's Uttam Galva Steels
to the company's founders at less than the market price of the stock, a member
of Uttam Galva's founding Miglani family told Reuters on Tuesday.
    
    
    GLOBAL TOP NEWS
    •U.S. House passes stopgap spending bill to avert shutdown
    The U.S. House of Representatives on Tuesday approved another stopgap bill
to keep the federal government from shutting down, hours after President Donald
Trump said he would "love" to see a shutdown if immigration legislation were not
included.
    •Theme parks lift Disney profit, more 'Star Wars' coming
    Walt Disney Co on Tuesday reported a quarterly profit that topped Wall
Street forecasts as theme park crowds packed a new "Avatar" land, making up for
a decline at the ABC broadcasting network.
    •SpaceX's Falcon Heavy rocket soars in debut test launch from Florida
    The world's most powerful rocket, SpaceX's Falcon Heavy, roared into space
through clear blue skies in its debut test flight on Tuesday from a Florida
launch site where moon missions once began, in another milestone for billionaire
entrepreneur Elon Musk's private rocket company.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    •The SGX Nifty Futures were trading at 10,636.00, trading up 1.35 percent
from its previous close.
    •The rupee will likely open higher against the dollar, tracking gains across
Asian peers, as global equity markets bounced back following recent massive
sell-offs. 
    •Indian sovereign bonds are likely to trade steady ahead of the Monetary
Policy Committee’s decision on interest rates due later in the day.The yield on
the 7.17 percent bond maturing in 2028 is likely to trade in a 7.55 percent-7.59
percent band till the policy decision due at 2:30 p.m.
    
    
    GLOBAL MARKETS
    • Shaken out of many months of calm, Wall Street braced for a higher level
of volatility in the days ahead, after a roughly 2 percent rebound in U.S.
stocks on Tuesday followed the biggest one-day selloff in more than six
years.
    • Asian share markets were trying to find their footing as a semblance of
calm returned to Wall Street where major indices bounced into the black after
days of deep losses.
    • The dollar was firmer against the yen but trimmed gains against the euro
when U.S. equities bounced overnight after suffering deep losses earlier in the
week.
    • U.S. Treasury debt prices gained on the day on Tuesday as volatile equity
markets led some investors to seek out lower risk bonds, though many investors
remained nervous after a week long bond rout sent yields on Monday to four-year
highs.
    • Oil prices rose amid a share market recovery and supported by a report
that U.S. crude inventories fell last week, although analysts warned that
soaring U.S. output and a seasonal demand drop could soon weigh on crude.
    • Gold prices edged up as investors resorted to bargain hunting after the
yellow metal's sharp decline of over 1 percent to its lowest in more than three
weeks in the previous session.   
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.15/64.18  February 6       -$362.31 mln  $66 mln
 10-yr bond yield  7.66 pct     Month-to-date    $215.38 mln   $694.61 mln
                                Year-to-date     $2.25 bln     $2.17 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 = 64.2000 Indian rupees)
    
    
    

 (Compiled by Yoganand KN 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