GMF: LIVECHAT - INDIA MARKETS & POLICY POST-ELECTIONS On results day, Ritesh Jain, global macro investor, formerly CIO at BNP Paribas Asset Management, will discuss his expectations on Indian markets and fiscal policy, and what combination of government the world's largest democracy is likely to see for the next five years at 9:30 am IST. To join the conversation, click on the link: https://www.refinitiv.com/en/products/eikon-trading-software/eikon-messenger-secure-messaging/editorial-communities-financial-forums INDIA TOP NEWS • India starts counting 600 million votes, Modi looks at second term India began counting about 600 million votes in its general election, with a coalition led by Prime Minister Narendra Modi's party predicted to win a clear majority.
• Snapdeal conducts due diligence on ShopClues, considers bid: sources Indian online retailer Snapdeal is conducting due diligence on ShopClues, in a move likely to result in a potential acquisition of its rival in an all-stock deal, two people familiar with the matter said on Wednesday.
• RBI concerned to avert contagion from NBFC liquidity issues: sources The Reserve Bank of India is concerned about liquidity issues facing some Indian non-banking finance companies such as mortgage or auto lenders and wants to ensure the problems do not become a systemic issue, two sources told Reuters on Wednesday.
• Wirecard teams up with India to issue tax ID cards German payments company Wirecard said on Wednesday it would work with India to simplify the process of issuing tax identity cards required to open bank accounts, transfer money or complete business transactions.
• DHFL shares fall on deposit curbs after downgrade Shares of Dewan Housing Finance, one of India's biggest home loan lenders, fell on Wednesday after it stopped taking new deposits and blocked premature withdrawals following a credit rating downgrade.
• India proposes electrifying motorbikes, scooters in 6-8 years: source The Indian government's leading think-tank has proposed electrifying most motorbikes and scooters within the next six to eight years to curb pollution and reduce dependency on fossil fuels, a source with direct knowledge of the matter said.
• Antitrust probe finds Monsanto abused dominant position: sources A probe by the investigations unit of India's antitrust body has found that Monsanto abused its dominant position as a supplier of genetically modified cotton seeds in the country, three sources with direct knowledge of the matter told Reuters.
• Tribunal stays NSE fine in unfair access case India's National Stock Exchange won a partial reprieve on a $90 million regulatory fine for allegedly giving unfair access to its network servers, as an appellate tribunal on Wednesday announced an interim hold on the penalty.
GLOBAL TOP NEWS • Next round of U.S. tariffs on China at least a month away: Mnuchin The United States is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on American consumers, U.S. Treasury Secretary Steven Mnuchin said on Wednesday.
• Trump torpedoes meeting with Democrats, blasts Pelosi's 'cover-up' accusation President Donald Trump on Wednesday abruptly cut short a White House meeting with Democratic lawmakers on infrastructure, then ripped into them over House Speaker Nancy Pelosi's accusation that he is engaged in a cover-up and asserted that he could not work with them unless they dropped multiple investigations.
• Minister quits, piling pressure on Britain's May Prominent Brexit supporter Andrea Leadsom resigned from Prime Minister Theresa May's government on Wednesday, piling pressure on the British leader after a new Brexit gambit backfired and fuelled calls for her to quit.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were up 0.2% at 11,802.
• The Indian rupee, tracking offshore rates, is likely to edge higher in early trade even as vote counting for the nation’s federal elections begin.
• Indian government bonds are likely to rise in early trade on expectation that Prime Minister Narendra Modi-led alliance will come back to power for a second five-year term. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 7.22%-7.28% in morning session.
GLOBAL MARKETS • Wall Street's major indexes dipped on Wednesday as inflamed trade tensions between the United States and China weighed on investor sentiment.
• Asian shares were stuck in the red amid worries the Sino-U.S. trade conflict was fast morphing into a technology cold war between the world's two largest economies.
• The yen advanced broadly as persistent U.S.-China trade fears and Brexit concerns fanned risk aversion, lifting the safe-haven Japanese currency.
• U.S. Treasury yields fell on Wednesday, pressured by worsening trade tensions between the United States and China after a media report said the Trump government is considering limits to Chinese video surveillance firm Hikvision's ability to buy American technology.
• Oil prices dropped, extending falls from the previous session amid surging U.S. crude inventories and weak demand from refineries.
• Gold prices steadied just above a two-week low touched this week, buoyed by worries the Sino-U.S. trade conflict could expand into a technology cold war between the world's two largest economies.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 69.67/69.70 May 22 -$138.53 mln -$52.06 mln 10-yr bond yield 7.26% Month-to-date -$252.40 mln -$223.49 mln Year-to-date $9.52 bln -$2.78 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 = 69.66 Indian rupees) (Compiled by Karthick Arvinth in Bengaluru)
