10:30 am: IDFC Bank annual general meeting in Chennai.
11:00 am: Monsoon session of Parliament continues in New Delhi.
5:00 pm: Government to release June Infrastructure output data in New Delhi.
INDIA TOP NEWS • HDFC Bank launches up to $2.26 billion share sales in U.S. and India HDFC Bank launched separate share sales on Monday in the United States and its home Indian market in a bid to raise as much as 155 billion rupees.
• Axis Bank sees further recovery after smaller-than-expected profit drop Axis Bank expects a further revival in the second half of the year after reporting a smaller-than-expected drop in first-quarter net profit and an improvement in asset quality on Monday.
• Air India seeks additional equity from govt to pay vendors - source State-owned carrier Air India has sought 21.21 billion rupees of additional equity from the government for the fiscal year 2018-19 to make pending payments to its vendors, a source at the airline told Reuters on Monday.
• Tech Mahindra Q1 profit falls short of estimates Software services exporter Tech Mahindra posted on Monday a lower-than-expected first-quarter profit, dented by higher expenses.
• Idea Cellular turns in Q1 profit on tower sale gain Idea Cellular reported a surprise quarterly profit on Monday on a one-time gain from the sale of telecom towers, but an aggressive pricing war set in motion by deep-pocketed rival Reliance Jio continued to dent its topline.
• Fuel costs, plane delivery delays hit InterGlobe profit InterGlobe Aviation, which operates top Indian airline IndiGo, on Monday reported its lowest quarterly profit in three years, with earnings hit by surging fuel costs and forex losses.
• India looking to compel e-commerce, social media firms to store data locally India is considering asking e-commerce and social media firms to exclusively store customer data locally, a move that could affect global giants that operate in the country such as Amazon, Facebook and its messaging service WhatsApp.
• Anil Agarwal given more time to make firm offer for Vedanta Resources Billionaire Anil Agarwal has been given more time to make a firm offer or walk away from a deal to buy out minority shareholders in Vedanta Resources for $1 billion, the London-listed miner said on Monday.
GLOBAL TOP NEWS • BOJ to mull ways to make stimulus sustainable amid weak inflation The Bank of Japan will likely trim its inflation forecasts and consider changes to its massive stimulus programme to make it more sustainable, reflecting a growing recognition it will take longer than expected to meet its elusive price goal.
• China's July manufacturing growth slows on U.S. trade dispute, bad weather Growth in China's manufacturing sector slowed more than expected in July, as the worsening trade dispute with Washington and bad weather weighed on factory activity.
• Samsung Electronics profit growth slows despite stellar chip sales Samsung Electronics posted its slowest quarterly profit growth in more than a year as the sluggish global smartphone market weighed on earnings, although the chip business continued to perform well.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading at 11,333.00, down 0.1 percent from its previous close.
• The Indian rupee is expected to open lower against the U.S. currency after crude oil prices climbed to their highest in two weeks, eclipsing the dollar index’s decline.
• Indian government bonds are likely to open slightly lower tracking higher crude oil prices as well as fresh supply of state debt. Yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.77 percent-7.82 percent band today.
GLOBAL MARKETS • A broad sell-off of technology stocks pushed the three major U.S. stock indexes lower on Monday, with the Nasdaq Composite posting its third consecutive loss of more than 1 percent for the first time in three years just days after hitting a record high.
• Asian share markets weakened, taking cues from the rout in global technology shares while the yen edged higher ahead of the Bank of Japan's rate review, at which it could flag a shift away from its massive monetary stimulus.
• The yen edged up against the U.S. dollar as investors braced for the highly-anticipated policy decision later in the day from the Bank of Japan.
• U.S. Treasury bond yields on Monday afternoon were back to where they started the day as investors traded cautiously in the lead up to Tuesday's interest-rate policy decision from the Bank of Japan.
• Oil prices slipped after a report showed that OPEC production reached a 2018 high in the month of July, although the losses were limited as concerns about supply lingered.
• Gold prices crept higher early, supported by the dollar's slight fall against the yen ahead of a monetary policy decision from the Bank of Japan.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.64/68.67 July 30 -$34.11 mln $106.31 mln 10-yr bond yield 7.79 pct Month-to-date $97.24 mln -$85.88 mln Year-to-date -$690.19 mln -$5.87 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 = 68.6000 Indian rupees) (Compiled by Yoganand KN in Bengaluru)
