10:30 am: Finance Minister Arun Jaitley and State Bank of India Chairman Rajnish Kumar at Civil Accounts Day function in New Delhi.
LIVECHAT- COMMODITIES FOCUS Oil prices are pressured as high U.S. crude exports outweigh an unexpected drop in inventories in the world's biggest fuel consumer. Meanwhile, demand outlook for metals looks bright with China back from its Lunar New Year holiday, while cautiousness persists in gold thanks to the Fed. Clyde Russell, Reuters Asia commodities and energy columnist, talks on the subject at 0930 IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • India regains status as fastest growing major economy India regained its status as the world's fastest growing major economy in the October-December quarter, surpassing China for the first time in a year as government spending, manufacturing and services all picked up.
• Federal police arrest auditor at PNB as investigation widens The federal police on Wednesday arrested an auditor of a Punjab National Bank branch at the centre of an alleged $2 billion fraud, a police spokesman said, bringing the number of bank employees held to seven as the investigation widens.
• Mobile carrier Aircel files for bankruptcy Mobile carrier Aircel Ltd filed for bankruptcy on Wednesday, pressured by a high debt pile and mounting losses following a price war triggered by a telecom upstart.
• Bharti Airtel wants to get out of towers, committed to Africa Bharti Airtel is exploring merger and sale options for its mobile towers businesses as Chairman Sunil Bharti Mittal seeks to get out of the infrastructure game and focus on connectivity.
• H.G. Infra Engg's $70.9 mln IPO subscribed nearly 5 times Construction firm H.G. Infra Engineering Ltd's initial public offering to raise up to $70.92 million was subscribed 4.9 times on the last day of the sale on Wednesday.
• India to double state purchases of oilseeds, pulses to help farmers India's cabinet approved on Wednesday doubling state purchases of oilseeds and pulses from farmers, in a bid to boost local output and prevent distressed sales.
• Police probing graft case arrest son of former finmin Chidambaram The federal police arrested the son of former finance minister P. Chidambaram on Wednesday, but the agency which has been investigating suspected criminal misconduct related to approvals of investment deals, did not reveal the charges.
• Amazon launches music streaming service in India Amazon.com launched its music-streaming service in India on Wednesday, its latest offering to drive customers to shop more on its flagship e-commerce platform.
GLOBAL TOP NEWS • China Feb factory growth picks up to 6-month high - Caixin PMI Growth in China's manufacturing sector unexpectedly picked up to a six-month high in February as factories rushed to replenish inventories to meet rising new orders, a private survey showed on Thursday.
• In blow to Trump, top aide Hope Hicks to leave White House Hope Hicks, one of U.S. President Donald Trump's longest-serving and most trusted aides, is resigning from her job as White House communications director, a blow to the president, whose inner circle has been depleted by firings and clouded by scandal.
• Walmart joins Dick's Sporting Goods in raising age to buy guns Walmart, the largest U.S. retailer, joined Dick's Sporting Goods in raising the minimum age to purchase firearms to 21 after the massacre at a Florida high school that has reopened a fierce debate over gun control in America.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 10,457.00, down 0.6 pct from its previous close.
• The Indian rupee will likely open lower against the dollar, as ongoing concerns about higher U.S. inflation and interest rates pressured risk assets and boosted the greenback.
• Indian government bonds may ease in early trade after a faster-than-expected economic growth in the third quarter of this fiscal year boosts expectations of monetary policy tightening going ahead.The yield on the 7.17 pct bond maturing in 2028 is likely to trade in a 7.70 pct-7.76 pct band today.
GLOBAL MARKETS • U.S. stocks sold off late to end sharply lower on Wednesday, dragged down by continued worries over rising interest rates, and the Dow and S&P 500 capped their worst months since January 2016.
• Asian stocks fell after Wall Street marked its worst monthly performance in two years as the impact from new Federal Reserve chief Jerome Powell's hawkish-sounding comments reverberated across the broader risk asset markets.
• The dollar held firm, drawing support after the Federal Reserve's new chief Jerome Powell struck an optimistic tone on the U.S. economy in a boost to rate hawks that sent global stocks tumbling.
• The spread between short- and longer-dated U.S. Treasury yields shrank further on Wednesday after Federal Reserve Chairman Jerome Powell's optimistic outlook on the economy raised bets the U.S. central bank may raise interest rates faster.
• Oil prices extended declines after official data showed a larger-than-expected increase in U.S. crude inventories and a surprise build in gasoline stocks.
• Gold prices dipped, pulled down as the dollar remained strong following comments from Federal Reserve Chairman Jerome Powell that fanned concerns of faster-than-expected hikes in U.S. interest rates.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.23/65.26 February 28 -$268.56 mln -$281.68 mln 10-yr bond yield 7.73 pct Month-to-date -$1.67 bln -$379.74 mln Year-to-date $371.87 mln $1.09 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 = 65.2000 Indian rupees) (Compiled by Swathi Nair in Bengaluru)
