April 4, 2018 / 3:28 AM / 17 days ago

Morning News Call - India, April 4

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    FACTORS TO WATCH
    9:00 am: Skymet Weather to release its monsoon forecast for 2018 in Mumbai.
    10:00 am: Insolvency and Bankruptcy Board of India Chairman M.S. Sahoo,
Corporate Affairs Secretary Injeti Srinivas, Corporate Affairs Joint Secretary
Gyaneshwar Kumar Singh, DIPP Additional Secretary Shailendra Singh at CII’s
‘National Conference on Resolving Insolvency in India’ in New Delhi.
    11:00 am: Budget session of Parliament continues in New Delhi.
    3:00 pm: Housing Minister Hardeep Singh Puri at an event in New Delhi.
    
    TRADING INDIA FORUM - INDIA POLITICS
    The BJP's loss in the Gorakhpur bypolls has caught the eye of many political
pundits. With unhappy regional allies like the TDP and Shiv Sena and the
re-emergence of the Third Front, 2019 is shaping up to be a massive political
battle. Who will win and who has the upper hand? Author, independent political
analyst and market expert Pankaj Sharma shares his views with us at 11:00 am
IST. To join the conversation, click on the link: here

    GMF: LIVECHAT - FX MONTH AHEAD
    John Noonan, Head of IFR FX Watch Asia, analyses cues and views for market
moves for the month ahead at 09:30 am IST. To join the Global Markets Forum,
click on the link: here
    
    
    INDIA TOP NEWS
    • Lacklustre demand drags Indian March factory growth to 5-month low-PMI 
Activity in India's manufacturing sector expanded at its weakest pace in five
months in March as order and production growth slowed, discouraging firms from
hiring, a business survey showed on Tuesday.
    • India central bank drops Axis Bank from list of bullion importers
The Reserve Bank of India has dropped Axis Bank from a list of banks it has
cleared to import gold and silver in the current financial year that began on
April 1, in the latest setback for the country's third-biggest private sector
lender.
    • India drops plan to punish journalists for "fake news" following outcry
Prime Minister Narendra Modi on Tuesday ordered the withdrawal of rules
punishing journalists held responsible for distributing "fake news", giving no
reason for the change, less than 24 hours after the original announcement.

    • Centrum Group to sell money exchange business to US-based Ebix
India's Centrum Capital Ltd said on Tuesday its parent Centrum Group had agreed
to sell its money exchange business, Centrum Direct, to U.S.-based Ebix Inc for
about 12 billion rupees.
    • Indian court orders tax dept to lift freeze on Cognizant's funds
IT services company Cognizant Technology Solutions Corp said on Tuesday an
Indian court had granted the company's application to lift the Indian income tax
department's freeze on its bank accounts.
    • INTERVIEW-Sberbank to increase gold sales to India and China in 2018
Sberbank CIB, an arm of Russia's largest lender, plans to more than double its
gold sales to India this year and sell more gold than forecast to China, while
keeping gold purchases in Russia flat, its head of global markets said.


    
    GLOBAL TOP NEWS
    • U.S. escalates China trade showdown with tariffs on $50 billion in imports
    The Trump administration on Tuesday raised the stakes in a growing trade
showdown with China, targeting 25 percent tariffs on some 1,300 industrial
technology, transport and medical products to try to force changes in Beijing's
intellectual property practices.
    • Japan March services PMI shows slowest growth in 17 months as new orders
ebb
    Activity in Japan's service sector expanded at the slowest pace in 17 months
in March as new business growth cooled, suggesting a slight moderation in
overall economic growth.
    • Samsung's Q1 profit seen at $13.7 billion as DRAM chip margins soar
    Samsung Electronics Co Ltd is set to forecast a near 50 percent jump in
quarterly profit on Friday as an unprecedented rally in the global memory chip
market should outweigh a slowdown in smartphones and related components sales.


        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty nearest-month futures were trading at 10,281.00, up 0.1
percent from its previous close.
    The Indian rupee is likely to edge higher against the dollar after the U.S.
unveiled a list of Chinese products on which it plans to impose tariffs.
    Indian government bonds are likely to trade little changed because investors
may stay on the sidelines as the Monetary Policy Committee’s first meeting for
current financial year starts today. The yield on the benchmark 7.17 percent
bond maturing in 2028 is likely to trade in a 7.32 percent-7.36 percent band
today.

    
    
    GLOBAL MARKETS
    • The three major U.S. stock indexes ended higher after a choppy session on
Tuesday as investors looked forward to earnings season while the S&P 500 pushed
above a key support level and Amazon.com shares jumped on bets that criticism
from President Donald Trump would not translate to policy changes.
    • Asian share markets faltered as simmering fears of a Sino-U.S. trade war
overshadowed a bounce on Wall Street and left investors reluctant to take
positions in anything.
    • The dollar eased against the yen, with the outlook clouded by worries that
escalating U.S.-China trade tensions could exert a toll on the global economy
and U.S. growth.
    • U.S. Treasury yields rose on Tuesday as stock markets firmed and as
investors looked ahead to Friday's closely watched employment report for March.

    • Oil prices slipped on expectations for a build-up in U.S. crude
inventories, but Russian government comments on prospects for stepping up
cooperation with OPEC to coordinate output cuts braked steeper declines.
    • Gold prices were steady in early Asian trade as the dollar eased amid
escalating trade tensions between the United States and China.
    
    
                   CLOSE         FII             EQUITIES      DEBT
                                 INVESTMENTS                   
 PNDF spot         64.98/65.01   April 3         -$57.86 mln   -$158.44 mln
 10-yr bond yield  7.49 pct      Month-to-date   -             -$145.09 mln
                                 Year-to-date    $2.13 bln     $575.54 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 = 64.99 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
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