To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_07272017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 9:30 am: Trade Minister Nirmala Sitharaman and Junior Secretary Commerce Ministry Manoj Dwivedi at India International Jewellery Show 2017 in Mumbai. 11:00 am: Monsoon session of parliament continues in New Delhi. 11.00 am: Mphasis earnings conference call in Mumbai. 3:00 pm: Earth Sciences Minister Harsh Vardhan at foundation day event in New Delhi. 3:00 pm: Railways Minister Suresh Prabhu, Telecom Minister Manoj Sinha to facilitate Indian women cricket team in New Delhi. 4:30 pm: HCL Technologies earnings call in Mumbai. 6.30 pm: Dr. Reddy's Laboratories earnings call in Mumbai. 7:00 pm: ICICI Bank earnings concall with analysts and investors in Mumbai. TRADING INDIA FORUM - MODI’S AFFORDABLE HOUSING PUSH Housing for all is the key initiative under the PMAY which bravely calls for housing for all Indians by 2022. Towing the same line is XRBIA, which is gunning to build “100 future ready cities by 2030”. At 11:00 am IST, we meet Rahul Nahar, founder and chairman of XRBIA developers, to see if this pipe dream will come to fruition. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ LIVECHAT - INDO-SINO RELATIONS Relations between the top two populous countries in the world seem to have taken a turn for the worse over the past 3-4 months. Border tensions have risen while anti-neighbor rhetorics have ratcheted. Are we in danger of a full-scale conflict or will the decibel turn to normal? We speak to famed Indo-Sino expert, Claude Arpi, journalist, author and historian at 11:00 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Snapdeal board gives nod to Flipkart's bid, but obstacles remain -sources The board of Indian e-commerce firm Snapdeal has agreed to a deal with bigger rival Flipkart for up to $950 million, two sources said, bringing the two a step closer to forming a combine to challenge Amazon.com's domestic growth. • Reliance's 'free' JioPhone shakes up cheap end of India's billion-strong market At first glance, Indian telecoms upstart Jio's bet on 'free' internet-enabled phones to win over poorer customers is a near-fatal blow for low-end handset makers, most already struggling with paper-thin margins on some of the world's cheapest devices. • HCL Tech Q1 consol profit rises about 8 pct, beats estimates HCL Technologies Ltd posted about 8 percent growth in first-quarter consolidated profit, beating analysts' forecasts, helped by higher revenues from its software services segment and client additions. • Thyssenkrupp CEO keen for Tata steel merger deal before end-Sept - sources Thyssenkrupp's chief executive is pushing for a deal to fold its steel operations into a joint venture with Tata Steel as early as September, after two years of talks, sources told Reuters. • Yes Bank Q1 net profit beats estimates; bad loan ratio falls Yes Bank reported a 32 percent rise in quarterly profit, beating estimates, helped by higher interest and fee income. • Federal Bank Q1 profit rises 26 pct, lags estimates Federal Bank Ltd posted a 26 percent rise in first-quarter net profit, but lagged estimates as provisions for bad loans rose. • India relaxes rules of Gold Bond Scheme to attract more investors India eased the restrictions for its Sovereign Gold Bond Scheme after failing to secure the targeted investment, the government said. GLOBAL TOP NEWS • Trump to ban transgender U.S. military personnel, reversing Obama U.S. President Donald Trump said he would ban transgender people from the U.S. military, a move appealing to some in his conservative political base but creating uncertainty about the fate of thousands of transgender service members. • Samsung Electronics expects continued chip boom after record second-quarter profit Samsung Electronics Co Ltd said it expected the memory chip boom to continue in the current quarter, after reporting a record operating profit for the three months through June. • Facebook shares hit record high as mobile ad sales soar Facebook Inc's mobile advertising business grew by more than 50 percent in the second quarter, the company said in its earnings report, as the social network continued to establish itself as the venue of choice for an ever-growing array of online advertisers. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 10,040.50, 0.07 percent higher from previous close. • Indian sovereign bonds are likely to trade higher, as the U.S. Federal Reserve did not provide a timeline on unwinding its balance sheet while keeping the policy rate unchanged as expected. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.42 percent-6.46 percent band. • The Indian rupee will likely rise against the dollar in opening trade, in line with Asian peers, as the greenback languished at 13-month lows after the Federal Reserve’s dovish post-policy statement which, among other things, hinted at softness in U.S. inflation. GLOBAL MARKETS • U.S. stocks climbed modestly to record closing highs after the Federal Reserve kept interest rates unchanged and strong earnings reports from Boeing and AT&T. • Stocks, bonds and commodities were all on a roll in Asia as bulls scented a softening in the Federal Reserve's confidence on inflation that promised to keep U.S. interest rates low for longer. • The dollar licked its wounds at 13-month lows against a basket of currencies after the U.S. Federal Reserve's policy statement was perceived to be slightly on the dovish side. • U.S. Treasury prices gained after the Federal Reserve indicated that it is likely to begin paring its balance sheet in the coming months and struck a slightly dovish tone on inflation. • Oil prices dipped after three days of gains, but were sitting just below 8-week highs on hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce a global oversupply. • Gold prices held steady near six-week highs, with the dollar hovering close to 13-month lows hit in the previous session after the U.S. Federal Reserve's statement following its two-day policy meeting. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.37/64.40 July 26 -$9.42 mln $298.48 mln 10-yr bond yield 6.79 pct Month-to-date $230.03 mln $2.87 bln Year-to-date $8.82 bln $20.87 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 = 64.3131 Indian rupees) (Compiled by Erum Khaled in Bengaluru)