11:00 am: Monsoon session of parliament continues in New Delhi.
11:00 am: Additional Secretary & Development Commissioner Ministry of MSME Surendra Nath Tripathi at CII- AMICOM 2017 event in New Delhi.
10:30 am: Transport Minister Nitin Gadkari, NITI Aayog CEO Amitabh Kant at India PPP Summit in New Delhi.
4:00 pm: Raymond conference call to discuss first quarter results in Mumbai.
TRADING INDIA FORUM - SINO-INDIA RELATIONS Decibel level have ratcheted significantly higher over border disputes between India and China during the past few weeks. Is this a continuation over a long evolving skirmish or does it hold the possibility of deteriorating further? At 11:00 am IST, we speak to Professor Alka Acharya, Centre for East Asian Studies, JNU, who is an expert on Sino-Indo relations. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ LIVECHAT - CHARTING FOREX Take a look at the FX charts with Reuters technical analyst Martin Miller at 3:30 pm IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Axis Bank sees progress on bad loans, smaller decline in profits Axis Bank reported a smaller-than-expected 16 percent drop in quarterly profit and said it was making progress on containing bad loans.
• Bharti Airtel posts smallest profit in 18 quarters Bharti Airtel Ltd, India's top telecoms operator, reported its smallest profit in 18 quarters as a price war sparked by an upstart carrier weighed on earnings.
• India's broader NSE share index breaches 10,000 pts for first time India's NSE share index topped 10,000 points for the first time on Tuesday, as hopes for improving earnings, accelerating economic growth and government reforms feed a strong rally in Asia's third-best performing stock market this year.
• India swears in Ram Nath Kovind as 14th president Ram Nath Kovind was sworn in as India's 14th president, becoming the first member of a powerful Hindu nationalist movement to assume the highest public office in the world's largest democracy.
• Vedanta Q1 consolidated profit doubles Vedanta Ltd, the Indian unit of diversified energy group Vedanta Resources PLC, reported a doubling of quarterly consolidated profit, as higher zinc prices helped the company to reap improved margins.
• Asian Paints Q1 consol profit falls 20 pct Asian Paints Ltd, India's biggest paint maker by market capitalisation, posted a 20 percent fall in first-quarter consolidated profit.
• Hero MotoCorp Q1 profit rises 3.5 pct on higher sales Hero MotoCorp Ltd posted a 3.5 percent increase in quarterly profit, in line with expectations, helped by higher sales volumes.
GLOBAL TOP NEWS • U.S. Senate advances on healthcare, with dramatic return by McCain U.S. Senate Republicans narrowly agreed on Tuesday to open debate on a bill to end Obamacare, but the party's seven-year effort to roll back Democratic President Barack Obama's signature healthcare law still faces significant hurdles.
• U.S. House approves new Russia sanctions, defying Trump The U.S. House of Representatives voted overwhelmingly to slap new sanctions on Russia and force President Donald Trump to obtain lawmakers' permission before easing any sanctions on Moscow, in a rare rebuke of the Republican president.
• Mortgage brokers feel the heat in Australia's housing fire fight The cosy relationship between Australia's big banks and mortgage brokers is under threat as authorities worry about risks to the financial system and lenders baulk at the growing costs of incentives for brokers.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,980.00, trading 0.07 percent higher from its previous close.
• Indian sovereign bonds are likely to trade lower tracking U.S. Treasuries, as investors await the Federal Reserve’s statement due at the conclusion of its two-day monetary policy review. 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 open slightly lower against the dollar in opening trade, in-line with most Asian currencies, as traders await the U.S. Federal Reserve’s monetary policy decision due later today on clues of further tightening plans.
GLOBAL MARKETS • The S&P 500 climbed to an all-time high on a heavy day of corporate results highlighted by well-received reports from McDonald's and Caterpillar and gains for bank shares.
• Asian stocks edged up after Wall Street indexes notched record highs, while the dollar was steady as investors awaited the Federal Reserve's policy decision later in the day for more clues on its tightening plans.
• Long-dated U.S. Treasury yields jumped by the most in almost five months as stocks hit record highs and demand for safe-haven bonds fell, a day before the Federal Reserve was due to release a statement after its two-day policy meeting.
• Oil prices firmed to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing.
• Gold prices held steady early as investors waited for a statement from the Federal Reserve later in the day for clues on the outlook for U.S. monetary policy.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.40/64.43 July 25 - -$102.05 mln 10-yr bond yield 6.78 pct Month-to-date $180.13 mln $2.57 bln Year-to-date $8.77 bln $20.57 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 = 64.38 Indian rupees) (Compiled by Erum Khaled in Bengaluru)
