February 27, 2018 / 3:26 AM / 6 months ago

Morning News Call - India, February 27

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    FACTORS TO WATCH
    9:30 am: Prime Minister Narendra Modi, Finance Minister Arun Jaitley, Heavy
Industries Minister Anant Geete, IT & Law Minister Ravi Shankar Prasad, Commerce
Minister Suresh Prabhu and other senior government officials at India-Korea
Business Summit in New Delhi.
    10:00 am: Finance Minister Arun Jaitley, Housing Minister Hardeep Singh Puri
and Transport Minister Nitin Gadkari at annual meeting of Asian Infrastructure
Investment Bank in New Delhi. 
    11:00 am: Mines Secretary Arun Kumar to address FICCI’s “Landscape for
Non-Ferrous Metals in India 2030” conference in New Delhi. 
    2:00 pm: IDBI Bank Executive Director A.L. Bongirwar at Capital World’s
“Smart Loan Disintermediation Ecosystem” event in Mumbai.
    2:30 pm: IT & Law Minister Ravi Shankar Prasad, NSE Managing Director Vikram
Limaye at NSE Tech Conclave in New Delhi.
    
    FX MONTH AHEAD
    John Noonan, Head of IFR FX Watch Asia, analyses cues and views for market
moves for the month ahead at 0930 IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    BSE waives transaction fees for stocks in benchmark index
    • India's second-biggest stock exchange, BSE, said it would waive
transaction fees on stocks in its flagship S&P BSE Sensex 30 index in an effort
to encourage retail investors to participate in "financially sound companies".

        
    • Airbus, Delta, telecom companies form alliance for in-flight internet
    European planemaker Airbus SE and U.S.-based Delta Air Lines have formed an
alliance with U.S. wireless carrier Sprint, satellite startup OneWeb backed by
Japan's SoftBank, and India's Bharti Airtel to develop in-flight 5G services,
the companies said.    
    
    
    GLOBAL TOP NEWS
    • 'Don't worry about the NRA,' Trump tells U.S. governors
    U.S. President Donald Trump on Monday urged governors not to be afraid of
the nation's most powerful gun lobby as they seek to beef up school safety after
last week's deadly mass shooting in Parkland, Florida.
    
    • S.Korea keeps rates unchanged, mindful of Fed timing, soft inflation
    The Bank of Korea left its key interest rate unchanged on Tuesday, as
expected, taking note of muted inflationary pressure and showing caution ahead
of any further monetary tightening from the U.S Federal Reserve's policy meeting
on March 20-21.
    
    • GE names accounting, turnaround experts to board
    General Electric Co nominated top aviation and industrial executives and an
accounting expert to its board on Monday as it battled new challenges to its
share price and the restructuring of one of the largest industrial conglomerates
in the United States.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,645.00, up 0.5 pct from its
previous close.
    • The Indian rupee is expected to open marginally higher against the dollar,
tracking weakness in the U.S. currency before Federal Reserve Chair Jerome
Powell’s congressional testimony. 
    • Indian government bonds are likely to edge lower in early trade amid
concerns that a rise in crude oil prices may feed into domestic inflation.The
yield on the 7.17 pct bond maturing in 2028 is likely to trade in a 7.67
pct-7.72 pct band today.
    
        
    GLOBAL MARKETS
    • U.S. stocks rose to more than three-week highs on Monday, recovering much
of the losses sustained in a sell-off earlier this month, as a decline in
Treasury yields assuaged investor concerns about rising interest rates and
refocused attention on economic growth.
    • Asian shares extended their recovery, hitting a three-week high as U.S.
borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell's
highly-anticipated first congressional testimony later in the day.
    • The dollar eased, with the focus on a slew of economic data this week and
Federal Reserve Chairman Jerome Powell's testimony, which could determine
whether the U.S. currency's recovery from a three-year low has more room to run.

    • U.S. oil prices rose for a fourth session to near a three-week high hit a
day earlier, supported by signs of robust production curbs by OPEC and non-OPEC
countries and a slight fall in U.S. production.
    • Gold prices were up for a second day in a row on the back of a weaker
dollar, while investors awaited U.S. Federal Reserve Chair Jerome Powell's first
congressional testimony for clues on the future pace of monetary
tightening    
    
                   CLOSE       FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.7/64.73  February 26      -$172.95 mln  $28.25 mln
 10-yr bond yield  7.72 pct    Month-to-date    -$1.36 bln    $99.41 mln
                               Year-to-date     $679.19 mln   $1.57 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 = 64.7600 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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