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MORNING NEWS CALL
FACTORS TO WATCH
11:00 am: Monsoon session of Parliament continues in New Delhi.
3:00 pm: NITI Aayog CEO Amitabh Kant to sign statement of intent to collaborate in the Aspirational Districts
Programme in New Delhi.
3:00 pm: Interim Finance Minister Piyush Goyal to speak on GST at a meeting of traders in New Delhi.
INDIA TOP NEWS
India cuts sales tax across sectors to ease pain of traders and consumers
India slashed the sales tax rate on over 50 products on Saturday in a move aimed at appealing to traders and the middle
classes as Prime Minister Narendra Modi's government eyes next year's elections.
HDFC Bank net profit misses estimates on higher provisions
HDFC Bank posted a 18.2 percent rise in first-quarter net profit but missed analysts' estimates as the lender chose to
include all mark-to-market losses in the first quarter, leading to higher provisions.
UPL to buy Platform Specialty's agrochemical business Arysta for $4.2 billion
UPL Corp on Friday said it would buy the agrochemicals business of Platform Specialty Products Corp for $4.2 billion in
cash.
Wipro sees strong demand for services from financial clients
Wipro said it was seeing strong demand for its services from clients in banking, financial services and insurance, while it
faces challenges in its India business and in the U.S. healthcare sector.
GLOBAL TOP STORIES
G20 calls for stepped-up trade dialogue; no agreement on path forward
Global finance leaders called on Sunday for stepped-up dialogue to prevent trade and geopolitical tensions from hurting
growth, but ended a two-day G20 meeting with little consensus on how to resolve multiple disputes over U.S. tariff
actions.
Trump says his campaign was spied upon illegally, offers no evidence
U.S. President Donald Trump said on Sunday that documents released by the FBI relating to a former adviser's ties to
Russia showed that his campaign for the 2016 presidential election had been illegally spied upon by U.S. law
enforcement, but offered no evidence to support his assertion.
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ZTE's Hong Kong shares jump as U.S. lawmakers cut measure from bill
Shares of China's ZTE Corp rose in Hong Kong after U.S. lawmakers cut measures from a defence bill that would have
reinstated sanctions on the telecommunications equipment maker.
STATE OF THE MARKETS
SGX Nifty nearest-month futures were trading at 11,034.50, up 0.1 percent from its previous close. -NewsRise
The Indian rupee is expected to open higher against the U.S. currency amid a broad decline in the dollar after President
Donald Trump expressed displeasure over its strength. -NewsRise
Indian government bonds are likely to open lower following tracking U.S. President Donald Trump’s comments on
interest rates and on imposing tariffs on all $500 billion Chinese goods. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.76 percent-7.82 percent band till the auction result. -NewsRise
U.S. stocks ended slightly lower on Friday as escalating trade anxieties driven by U.S. President Donald Trump's latest
tariff threats against China offset a string of robust earnings led by Microsoft.
Asian shares dipped on fears of more protectionist measures from the United States while the dollar declined against
major currencies after U.S. President Donald Trump criticised the Federal Reserve's tightening policy.
The dollar fell to a two-week low versus the Japanese yen, dropping below 110.77 after U.S. President Donald Trump
expressed discomfort with the greenback's strength.
The U.S. yield curve reached its steepest level in more than three weeks on Friday afternoon as President Donald
Trump criticized the speed of the Federal Reserve's pace of interest rate hikes.
Oil prices were mixed as finance ministers and central bank governors from the G20 warned that risks to global growth
have increased with rising trade and geopolitical tensions among other vulnerabilities.
Gold prices rose further as the dollar eased to its lowest in nearly two weeks after U.S. President Donald Trump
criticised the Federal Reserve's interest rate tightening policy.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 68.83/68.86 July 20 $45.10 mln $245.50 mln
10-yr bond yield 7.78 pct Month-to-date -$378.30 mln -$50.55 mln
Year-to-date -$1.17 bln -$5.83 bln
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PICTURE OF THE DAY
Holy women belonging to the Jain community wade through a waterlogged street after heavy rain in Ahmedabad, July 20. REUTERS/
Amit Dave
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