To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_05042017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 10:00 am: Road Transport Minister Nitin Gadkari, Trade Minister Nirmala Sitharaman and Railways Minister Suresh Prabhu at India Integrated Transport and Logistics Summit in New Delhi. 10:30 am: Heavy Industries Minister Anant Geete at an event in New Delhi. 12:00 pm: DSP BlackRock to release outlook for equity and fixed income markets in Mumbai. 12:30 pm: Power Minister Piyush Goyal to brief media in New Delhi. 2:00 pm: HDFC Ltd. earnings press meet in Mumbai. LIVECHAT CMC Markets' chief market analyst Michael Hewson joins us at 2:30 pm, for a look at what's likely to drive direction in the coming month. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • ICICI Bank sees bad loan additions falling significantly India's ICICI Bank Ltd expects additions to its bad loans to be "significantly lower" this financial year, its chief executive said on Wednesday, as the lender reported a smaller than expected rise in quarterly profit. • India's cabinet makes local steel mandatory in govt projects India's cabinet on Wednesday approved a proposal to make the use of local steel mandatory for government's infrastructure projects, Finance Minister Arun Jaitley said, aimed at boosting the sales of local companies. • Adani agrees $54 million steel supply agreement with Arrium India's Adani Enterprises has agreed a $54 million steel supply agreement with Australia's Arrium to be used in a rail line for the proposed Carmichael coal mine, a source told Reuters. • Mahindra pulls the plug on electric car sales in UK Mahindra & Mahindra has stopped selling electric cars in the United Kingdom due to weak sales and is winding up sales operations there, according to a document seen by Reuters, in a new setback to the Indian automaker's global ambitions. • Thyssenkrupp steelworkers protest against Tata merger plan Thousands of Thyssenkrupp steelworkers protested on Wednesday against the German industrial group's plan to merge its European steel operations with those of India's Tata Steel. • Ordinary Indians rush into stocks, spurring a rally as well as risks With red-and-white headphones draped around her neck, 22-year-old Indian IT security consultant Abdhija Sharma looks like she would be more at home discussing the latest music or Bollywood movies than compound returns on equity investments. • India's cabinet takes decision on banking sector -finance minister India's cabinet has taken significant decisions on the country's banking sector, Finance Minister Arun Jaitley said, declining to give further details, saying it needed a Presidential accord. GLOBAL TOP NEWS • Trump gains traction on healthcare bill, vote set for Thursday President Donald Trump's effort to roll back Obamacare gained momentum on Wednesday as Republican leaders scheduled a vote in the House of Representatives on Thursday on a fresh version of legislation. • Squeezed by global powers, South Koreans seek "Korea first" in new leader Frustration - and a growing desire that politicians put "Korea first" - could drive a near-record number of people to the polls in the May 9 election to find a successor for former president Park Geun-hye, ousted in March over corruption charges. • Fed holds interest rates steady, downplays economic weakness The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasizing the strength of the labor market, in a sign it was still on track for two more rate rises this year. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,326.50, trading down 0.11 pct from its previous close. • The Indian rupee will likely open little changed to slightly lower against the dollar, as expectations of a Federal Reserve rate increase in June gathered pace after the central bank downplayed a slowdown in first-quarter U.S. economic growth. • Indian government bonds will likely edge lower after a hawkish Federal Reserve policy statement increased bets of a U.S. rate hike next month. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.93 pct - 6.99 pct band today. GLOBAL MARKETS • Wall Street ended slightly lower on Wednesday after the U.S. Federal Reserve held interest rates unchanged and investors digested another heavy round of earnings reports. • Asian stocks retreated, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve delivered a hawkish policy statement. • The dollar hit a six-week high against the yen, after the U.S. Federal Reserve downplayed weak first-quarter economic growth and was seen as leaving the door open to raising interest rates in June. • Benchmark U.S. Treasury yields rose after the Federal Reserve kept interest rates unchanged and downplayed weak first-quarter economic growth, keeping a rate increase in June on the table. • Crude oil lost ground, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in U.S. inventories. • Gold inched up, but held near a six-week low hit in the previous session as expectations that the U.S. Federal Reserve may raise interest rates as early as June boosted the dollar. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.14/64.17 May 3 - $11.22 mln 10-yr bond yield 7.21 Month-to-date - $126.62 mln Year-to-date $6.39 bln $9.52 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 = 64.15 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)