10:00 am: Society of Indian Automobile Manufacturers releases April sales and production data in New Delhi.
3:15 pm: NITI Aayog Vice Chairman Rajiv Kumar at an awards event in New Delhi.
5:00 pm: Union Bank of India post results media conference in Mumbai.
TRADING INDIA FORUM - INDIA EQUITY MARKETS Andrew Holland, CEO at Avendus Capital Alternate Strategies, shares his views at 11:00 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ LIVECHAT- THE INVESTOR VIEW.
We get a view on buyside thinking with Charles Diebel, head of rates at Aviva Investors at 2:30 pm IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Walmart to pay $16 billion for control of India's Flipkart Walmart said on Wednesday it will pay $16 billion for a roughly 77 percent stake in Indian e-commerce firm Flipkart, the U.S. retailer's largest-ever deal as it copetes with Amazon.com in an important growth market.
• Indian refiners in no rush to seek alternatives to Iranian oil Indian refiners said on Wednesday they were in no hurry to replace Iranian oil with alternatives, counting on the fact that many Western countries have so far declined to join the United States in pulling out of a nuclear deal with Tehran.
• CPPIB, Allianz buy into Indian infrastructure trust set to list Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partner has agreed to take 55 percent of the units in an infrastructure investment trust backed by a subsidiary of Larsen & Toubro.
• ArcelorMittal hires Bank of America to sell European steel assets The world's largest steelmaker ArcelorMittal has hired Bank of America-Merrill Lynch to sell a number of its steel assets to secure antitrust clearance to acquire Italian peer Ilva.
• Saudi's SABIC eyes 50 percent stake in ONGC's west India petchem plant - sources Saudi Basic Industries Corp (SABIC), the world's No.4 petrochemical company, wants to buy about half of the $4.6-billion Indian petchem project backed by Oil and Natural Gas Corp (ONGC), two sources familiar with the matter said.
• Federal Bank Q4 profit slides, misses forecast Federal Bank reported on Wednesday a 43 percent drop in fourth-quarter profit, hurt by higher provisions for bad loans.
• Jindal Steel and Power Q4 loss widens Steel producer Jindal Steel and Power on Wednesday said its quarterly net loss widened, hurt by a one-time expense due to certain demands and claims from regulatory authorities.
• Vedanta's Konkola Copper Mines disputes $18 million Zambia tax bill - industry source Vedanta Resources' Zambia unit, Konkola Copper Mines (KCM), is disputing a bill of almost $18 million slapped on it by tax authorities after an audit, an industry source familiar with the matter, told Reuters on Wednesday.
GLOBAL TOP NEWS • Singapore likely summit venue after N.Korea releases prisoners - U.S. official Singapore is the most likely venue for a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un, a U.S. official said, after Pyongyang cleared a major obstacle to the meeting with the release of three American prisoners.
• Malaysia's Mahathir, 92, to be sworn in as prime minister after historic poll win Malaysia's Mahathir Mohamad will be sworn in as the world's oldest elected leader on Thursday after his opposition alliance pulled off a stunning election win, ending six decades of rule by a coalition he once led.
• China April producer inflation picks up for first time in 7 months China's producer inflation picked up for the first time in seven months in April, bolstered by surging commodities prices and suggesting industrial demand remains resilient even as trade tensions ratchet up with the United States.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty nearest-month futures were trading almost flat at 10,766.50 • The Indian rupee is expected to open little changed today as the dollar index halted its three-day gains, helping offset the impact from fresh three-year high crude oil prices.
• Indian government bonds are likely to ease in early trade amid concerns that higher global crude oil prices may fan domestic inflation going ahead. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in 7.69 percent - 7.75 percent band today.
GLOBAL MARKETS • Wall Street surged on Wednesday as surging oil prices boosted energy stocks following U.S. President Donald Trump's decision the previous day to quit a nuclear agreement with Iran.
• Asian stocks rose, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump's decision to pull out of a nuclear deal with Iran.
• The dollar held firm after the 10-year U.S. bond yield rose back to the psychologically important 3 percent mark and investors looked to U.S. consumer price data due later to show a acceleration in inflation.
• The yield on the benchmark U.S. government note rose back above the psychologically significant level of 3 percent on Wednesday afternoon following fair investor demand at auction for $25 billion in new 10-year notes.
• Oil prices clocked up more multi-year highs as traders adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran amid an already tightening market.
• Gold prices nudged lower as the dollar held near its 2018-peak on firm U.S. bond yields, with investors also keeping an eye out for any further impact from U.S. President Donald Trump's decision to pull out of a nuclear deal with Iran.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.40/67.43 May 9 -$104.54 mln -$114.78 mln 10-yr bond yield 7.86 pct Month-to-date -$337.40 mln -$829.17 mln Year-to-date $844.65 mln -$2.49 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 = 67.35 Indian rupees) (Compiled by Shradha Singh in Bengaluru)
