MORNING NEWS CALL

FACTORS TO WATCH

9:30 am: Junior Finance Minister Shiv Pratap Shukla and SEBI Whole Time Member Madhabi Puri Buch at

ASSOCHAM Commodity Futures Market summit in New Delhi.

11:00 am: Monsoon session of Parliament continues in New Delhi.

4:00 pm: Interim Finance Minister, Piyush Goyal, likely to meet NBCC, banking officials to discuss measures to help

real estate sector in New Delhi.

TRADING INDIA FORUM – INDIAN EQUITY MARKETS

India equity markets have been on an upward swing despite global jitters. But the rally hides the paucity of depth. Just

five stocks are responsible for majority of gains. Will such a narrow rally really hold or are we in for a difficult remainder

for 2018? We speak to Ajay Bodke, CEO & Chief Portfolio Manager at Prabhudas Lilladher, at 11:00 am IST. To join

the conversation, click here. Please note, Ajay will not answer stock specific questions.

LIVECHAT - INVESTMENT FOCUS

Courtney Rickert McCaffrey, manager of the global business policy council at AT Kearney, joins us to discuss the

findings of the 2018 Foreign Direct Investment Confidence Index, which was topped by the U.S. for the sixth year in a

row, with the government’s protectionist rhetoric motivating companies to invest there. Developed markets reasserted

their dominance as FDI destinations, with investors focused on opportunities in Europe. Rising geopolitical tensions

topped investors’ list of likely wildcards for the fourth year in a row. To join the conversation at 09:30 am IST, click here

INDIA TOP NEWS

India to inject $1.65 billion in five state banks in about a week - govt source

Government will inject a total 113.36 billion rupees in five state-run banks, including fraud-hit Punjab National Bank, in a

week or so, a senior government official told Reuters on Wednesday.

Indian state to ask court to dismiss Vedanta plea to reopen copper smelter

Tamil Nadu will ask the nation's environment court to dismiss a Vedanta petition seeking to reopen its copper smelter, a

lawyer representing the state government said on Wednesday.

Online ticketing portal BookMyShow raises $100 million funding

Bigtree Entertainment, owner of online movie and events ticketing portal BookMyShow, on Wednesday said it has raised

$100 million in its latest round of funding from a group of investors.

UltraTech Cement Q1 profit beats estimates

UltraTech Cement on Wednesday reported a first-quarter net profit of 5.98 billion rupees, beating street estimates.

RCom reports smaller loss in first quarter

Debt-laden Indian telecoms company Reliance Communications (RCom) said its losses narrowed in the first quarter and

it is confident of closing its debt resolution process by the end of September.

Amazon in talks to invest in MedPlus

Amazon.com Inc is in early talks to invest in Indian pharmacy chain MedPlus, Indian news website FactorDaily reported

on Tuesday, citing sources.

Bandhan Bank Q1 profit surges on higher interest income

Bandhan Bank posted a 47 percent surge in its quarterly profit on Wednesday, helped by higher interest income.

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GLOBAL TOP STORIES

Japan exports to U.S. fall for first time in 17 months amid protectionism fears

Japan's exports to the United States fell in June for the first time in 17 months amid worries about U.S. President Donald

Trump's protectionist trade policies.

White House struggles to contain political outcry over Trump-Putin summit

The White House struggled on Wednesday to contain a political outcry and confusion over U.S. President Donald

Trump's summit with Russian President Vladimir Putin, denying Trump ever meant to say that Moscow was no longer

targeting the United States.

Audit faults U.S. oversight of auto safety recalls, Takata inflators

A government audit released on Wednesday faulted the National Highway Traffic Safety Administration's oversight of

auto safety recalls and said its "delayed action" may have delayed the expansion of a record-setting callback of millions

of vehicles for Takata air bag inflators.

STATE OF THE MARKETS

SGX Nifty nearest-month futures were trading at 11,011.50, up 0.3 percent from previous close. -NewsRise

The Indian rupee is expected to open slightly lower in the wake of the dollar index hitting a three-week high and the

Chinese yuan’s continuing weakness. -NewsRise

Indian government bonds are likely to open lower tracking an uptick in U.S. Treasury yields following Fed Chairman

Jerome Powell’s bullish stance on U.S. economic growth. The yield on the benchmark 7.17 percent bond maturing in

2028 is likely to trade in a 7.73 percent-7.79 percent band today. -NewsRise

The S&P 500 rose to its highest in more than five months and the Dow climbed for a fifth session on Wednesday as

solid earnings boosted financial and industrial stocks and reinforced expectations for a strong second-quarter reporting

season.

Asian shares made early gains as upbeat Wall Street earnings supported global investor sentiment, although trade war

jitters pushed China's offshore yuan to a fresh one-year low.

The dollar held firm against the yen and other major currencies, supported by bullish comments from the U.S. Federal

Reserve chairman, which affirmed expectations about the central bank's possible interest rate moves this year.

U.S. Treasury yields were little changed on Wednesday with the yield curve remaining near its flattest in nearly 11

years as Federal Reserve Chairman Jerome Powell stayed on message about a healthy economy before a U.S. House

of Representatives committee.

U.S. Oil prices extended gains from the previous session, after official data showed that U.S. inventories of gasoline,

diesel and heating oil unexpectedly fell last week.

Gold prices rose slightly, after hitting a one-year low in the previous session, as the U.S. dollar eased off a three-week

high.

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PICTURE OF THE DAY

Children light candles beside a painting commemorating South African revolutionary Nelson Mandela's 100th birth anniversary at an

art school in Mumbai, July 18.

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CLOSE FII INVESTMENTS EQUITIES DEBT

PNDF spot 68.61/68.64 July 18 $13.94 mln $93.42 mln

10-yr bond yield 7.75 pct Month-to-date -$342.78 mln -$226.03 mln

Year-to-date -$1.13 bln -$6.01 bln