10.00 am: Junior Finance Minister Arjun Meghwal, Telecom Secretary Aruna Sundarajan and NITI Aayog CEO Amitabh Kant at CII Fintech event in New Delhi.
10:00 am: ITC annual general meeting in Kolkata.
11:00 am: Monsoon session of parliament continues in New Delhi.
3.00 pm: Minister for Science and Technology Harsh Vardhan at an exhibition event in New Delhi.
4.00 pm: Larsen & Toubro earnings briefing in Mumbai.
5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
LIVECHAT - AUSTRALIA FOCUS The lower-than-expected consumer price data failed to boost the Aussie dollar to break at 80 cents against the dollar. At the same time, the RBA governor made it clear there's no need to move in lock step with central banks that are tightening. At 09:30 am IST, Wayne Cole, Reuters chief treasury correspondent, joins us from Sydney to discuss the market reaction and RBA outlook after the inflation data. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Maruti Suzuki profit disappoints on costs, tax hit Maruti Suzuki posted a quarterly profit that missed estimates even though sales grew steadily, as a rise in commodity prices and the impact of a new nationwide sales tax ate into earnings.
• Indian businesses blindsided by unclear sales tax rules India's nationwide sales tax was meant to unify the $2 trillion economy and make it easier for companies to transact across state borders. Nearly a month on, many are finding that doing business is more complicated than ever.
• Once 'fragile' India gets thumbs up even as rates set to fall ] When Fed taper fears jolted emerging markets in 2013, India was one of the worst hit and was forced to raise interest rates to underpin its tumbling markets.
• ICICI Bank seeing "positive" trend on bad loans ICICI Bank Ltd said it was optimistic about containing its bad loans after the three months to June saw the smallest rise in soured assets for seven quarters.
• Idea Cellular posts third straight loss amid price war Idea Cellular Ltd reported a third straight quarterly loss, reeling in the wake of a price war wrought by upstart entrant Reliance Jio.
• Axis Bank agrees to buy payments wallet provider FreeCharge for $60 million Axis Bank Ltd said it had agreed to buy mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for 3.85 billion rupees.
• Dr Reddy's first-quarter profit slumps on pricing pressures in U.S.
Dr. Reddy's Laboratories Ltd said its first-quarter profit more than halved from a year ago, as regulatory hurdles and pricing pressures in its biggest market, the United States, dragged on the drugmaker's earnings.
• Indian coal utilities seek state funds or tariff hike to cut emissions Indian power companies are seeking billions of dollars of federal funding to retrofit coal-fired plants to cut emissions, saying hefty tariff increases would otherwise be needed to pay for the technology, according to internal documents.
GLOBAL TOP NEWS • U.S. Senate slaps new sanctions on Russia, putting Trump in corner The U.S. Senate voted almost unanimously to slap new sanctions on Russia, putting U.S. President Donald Trump in a tough position by forcing him to take a hard line on Moscow or veto the legislation and infuriate his own Republican Party.
• Japan household spending jumps most since 2015 in sign of sustainable growth Japanese household spending in June jumped the most since 2015 as job availability improved to a fresh 43-year high, in a sign the tightening labour market is helping push up wages and consumer spending - albeit gradually.
• Amazon plows ahead with high sales and spending; profit plunges Amazon.com reported a jump in retail sales along with a profit slump, as its rapid, costly expansion into new shopping categories and countries showed no sign of slowing.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,988.50, 0.82 percent lower from previous close.
• Indian sovereign bonds are likely to trade steady in early session ahead of a fresh supply of notes later today, while underlying sentiment remains positive amid bets the nation’s Monetary Policy Committee will go for a rate cut at its review next week. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.42 percent-6.47 percent band.
• The Indian rupee will likely edge lower against the dollar in opening trade, in line with Asian peers, after the greenback came off its multi-month lows tracking a spike in U.S. Treasury yields amid strong economic data from the world’s biggest economy.
GLOBAL MARKETS • A swoon in technology and transportation shares led the S&P 500 slightly lower on Thursday on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon.
• Asian stock markets sagged after U.S. tech shares retreated from recent rallies, though optimism on U.S. corporate earnings and the global economy underpinned overall sentiment.
• The dollar stalled against its major peers, its mild bounce earlier petering out ahead of the second quarter U.S. economic growth data due later in the session.
• U.S. Treasury prices fell on Thursday as the market was weighed down by government and corporate debt supply, and as investors evaluated the Federal Reserve's statement that it is closer to paring its balance sheet.
• Oil prices edged lower but were still near 8-week highs, buoyed by a decline in U.S. inventories and OPEC's ongoing efforts to curb production.
• Gold prices steadied after retreating from over six-week highs hit in the previous session, but was still on track for a third weekly gain.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.12/64.15 July 27 $291.69 mln $104.66 mln 10-yr bond yield 6.8 pct Month-to-date $200.14 mln $2.97 bln Year-to-date $8.79 bln $20.97 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 = 64.1100 Indian rupees) (Compiled by Erum Khaled in Bengaluru)
