11:00 am: Monsoon session of Parliament continues in New Delhi.
4:00 pm: Interim Finance Minister, Piyush Goyal, likely to meet NBCC, banking officials to discuss measures to help real estate sector in New Delhi.
TRADING INDIA FORUM – INDIAN EQUITY MARKETS India equity markets have been on an upward swing despite global jitters. But the rally hides the paucity of depth. Just five stocks are responsible for majority of gains. Will such a narrow rally really hold or are we in for a difficult remainder for 2018? We speak to Ajay Bodke, CEO & Chief Portfolio Manager at Prabhudas Lilladher, at 11:00 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ Please note, Ajay will not answer stock specific questions.
LIVECHAT - INVESTMENT FOCUS Courtney Rickert McCaffrey, manager of the global business policy council at AT Kearney, joins us to discuss the findings of the 2018 Foreign Direct Investment Confidence Index, which was topped by the U.S. for the sixth year in a row, with the government’s protectionist rhetoric motivating companies to invest there. Developed markets reasserted their dominance as FDI destinations, with investors focused on opportunities in Europe. Rising geopolitical tensions topped investors’ list of likely wildcards for the fourth year in a row.
GMF: XXX. To join the conversation at 09:30 am IST, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • India to inject $1.65 billion in five state banks in about a week - govt source Government will inject a total 113.36 billion rupees in five state-run banks, including fraud-hit Punjab National Bank, in a week or so, a senior government official told Reuters on Wednesday.
• Indian state to ask court to dismiss Vedanta plea to reopen copper smelter Tamil Nadu will ask the nation's environment court to dismiss a Vedanta petition seeking to reopen its copper smelter, a lawyer representing the state government said on Wednesday.
• Online ticketing portal BookMyShow raises $100 million funding Bigtree Entertainment, owner of online movie and events ticketing portal BookMyShow, on Wednesday said it has raised $100 million in its latest round of funding from a group of investors.
• UltraTech Cement Q1 profit beats estimates UltraTech Cement on Wednesday reported a first-quarter net profit of 5.98 billion rupees, beating street estimates.
• RCom reports smaller loss in first quarter Debt-laden Indian telecoms company Reliance Communications (RCom) said its losses narrowed in the first quarter and it is confident of closing its debt resolution process by the end of September.
• Amazon in talks to invest in MedPlus Amazon.com Inc is in early talks to invest in Indian pharmacy chain MedPlus, Indian news website FactorDaily reported on Tuesday, citing sources.
• Bandhan Bank Q1 profit surges on higher interest income Bandhan Bank posted a 47 percent surge in its quarterly profit on Wednesday, helped by higher interest income.
GLOBAL TOP NEWS • Japan exports to U.S. fall for first time in 17 months amid protectionism fears Japan's exports to the United States fell in June for the first time in 17 months amid worries about U.S. President Donald Trump's protectionist trade policies.
• White House struggles to contain political outcry over Trump-Putin summit The White House struggled on Wednesday to contain a political outcry and confusion over U.S. President Donald Trump's summit with Russian President Vladimir Putin, denying Trump ever meant to say that Moscow was no longer targeting the United States.
• Audit faults U.S. oversight of auto safety recalls, Takata inflators A government audit released on Wednesday faulted the National Highway Traffic Safety Administration's oversight of auto safety recalls and said its "delayed action" may have delayed the expansion of a record-setting callback of millions of vehicles for Takata air bag inflators.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading at 11,011.50, up 0.3 percent from previous close.
• The Indian rupee is expected to open slightly lower in the wake of the dollar index hitting a three-week high and the Chinese yuan’s continuing weakness.
• Indian government bonds are likely to open lower tracking an uptick in U.S. Treasury yields following Fed Chairman Jerome Powell’s bullish stance on U.S. economic growth. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.73 percent-7.79 percent band today.
GLOBAL MARKETS • The S&P 500 rose to its highest in more than five months and the Dow climbed for a fifth session on Wednesday as solid earnings boosted financial and industrial stocks and reinforced expectations for a strong second-quarter reporting season.
• Asian shares made early gains as upbeat Wall Street earnings supported global investor sentiment, although trade war jitters pushed China's offshore yuan to a fresh one-year low.
• The dollar held firm against the yen and other major currencies, supported by bullish comments from the U.S. Federal Reserve chairman, which affirmed expectations about the central bank's possible interest rate moves this year.
• U.S. Treasury yields were little changed on Wednesday with the yield curve remaining near its flattest in nearly 11 years as Federal Reserve Chairman Jerome Powell stayed on message about a healthy economy before a U.S. House of Representatives committee.
• U.S. Oil prices extended gains from the previous session, after official data showed that U.S. inventories of gasoline, diesel and heating oil unexpectedly fell last week.
• Gold prices rose slightly, after hitting a one-year low in the previous session, as the U.S. dollar eased off a three-week high.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.61/68.64 July 18 $13.94 mln $93.42 mln 10-yr bond yield 7.75 pct Month-to-date -$342.78 mln -$226.03 mln Year-to-date -$1.13 bln -$6.01 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 = 68.6200 Indian rupees) (Compiled by Yoganand KN in Bengaluru)
