October 6, 2016 / 3:37 AM / 10 months ago

Morning News Call - India, October 6

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    FACTORS TO WATCH
    9:00 am: Niti Aayog CEO Amitabh Kant and Trade Minister Nirmala Sitharaman
at World Economic Forum event in New Delhi.
    10:30 am: Trade Minister Nirmala Sitharaman to deliver inaugural address at
India-Japan trade partnership summit in New Delhi.
    12:00 pm: Oil Minister Dharmendra Pradhan meets with Petroleum Resources
Development Minister of Sri Lanka in New Delhi.
    
    EMEA LIVECHAT - THE FUTURE OF WORK AND THE IMPACT OF TECHNOLOGY IN REAL
ESTATE with Tom Carroll, Director of EMEA and UK Corporate Research at JLL
We look at how technology is impacting the real estate market with JLL's Tom
Carroll, at 15:30 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Markets price in more easing by RBI, see risk in policy shift
    The Reserve Bank of India has embarked on a significant but potentially
risky shift towards greater tolerance of higher inflation under new governor
Urjit Patel, prompting markets to price in another rate cut. 
     Indian services activity loses momentum in Sept - PMI 
    India's services industry lost momentum last month from August's robust
performance as growth in domestic and foreign demand waned, a survey showed on
Wednesday. 
     Government clears ONGC's extra 11 percent stake buy in Russia's Vankor
fields
    India's cabinet has approved ONGC Videsh's purchase of an additional 11
percent stake in Russia's Vankor oil fields from Rosneft for $930 million,
raising the Indian firm's stake in the project to 26 percent, a government
statement said. 
     India says will not change domestic gas price formula
    India will not change a domestic gas price formula which was set up in 2014,
Oil Minister Dharmendra Pradhan said on Wednesday. 
     India plans to take away RBI's debt management role in two years 
    India plans to transfer the central bank's responsibilities for managing
public debt on behalf of the government to a new independent agency in the next
two years, the finance ministry said. 
     At least 2 dead as building collapses in Indian city of Bengaluru 
    At least two people were killed and several more were trapped after an
incomplete five-storey building collapsed in India's technology hub of Bengaluru
on Wednesday, officials said. 
     Jindal Steel defaults on debenture interest payments
    Jindal Steel and Power said on Wednesday it had not made interest payments
due on some of its non-convertible debentures, underscoring the size of the
debt-laden company's woes. 
     India arrests 70 call-centre workers accused of duping US citizens
    Police in India said they arrested 70 call-centre workers on Wednesday on
suspicion of tricking American citizens into sending them money by posing as
U.S. tax officials. 
    
    
    GLOBAL TOP NEWS
     Samsung Elec to carefully review Elliott proposals, shares hit record high
    Tech giant Samsung Electronics Co Ltd said it will carefully review
proposals made by U.S. hedge fund Elliott Management for restructuring and a
special dividend, pushing the firm's shares to a record high. 
     Paris climate accord to take effect; Obama hails 'historic day'
    A global agreement to combat climate change will take force after support
from European nations sent the accord across an important threshold on
Wednesday, prompting U.S. President Barack Obama to hail it as a "historic day"
for protecting the planet. 
     Twitter to conclude sale deliberations this month -sources
    Twitter Inc has told potential acquirers it is seeking to conclude
negotiations about selling itself by the time it reports third-quarter earnings
on Oct. 27, according to people familiar with the matter. 
       
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were trading at 8,791.50, trading up 0.24 pct from
its previous close. 
     The Indian rupee is poised to open slightly lower against the dollar, as
mixed U.S. economic data and caution ahead of monthly nonfarm payroll numbers
will likely keep investors on the sidelines.
     Indian government bonds will likely edge higher in early trade amid
speculation that a slowing inflation and a lowering of the central bank's real
rate target would spur more rate cuts going ahead. The yield on the benchmark
7.59 pct bond maturing in 2026 is likely to trade in a 6.77 pct-6.83 pct band
today.
        
    
    GLOBAL MARKETS
     Stocks on Wall Street rose on Wednesday led by the energy sector as oil
prices rallied and as financials gained on the increasing likelihood of an
interest rate hike after strong economic data. 
     Asian shares firmed thanks to stronger U.S. economic data, while growing
prospects of a near-term U.S. rate hike and possible tapering of stimulus in
Europe hit gold and lifted the dollar to one-month highs versus the yen.
 
     The dollar stood tall against the yen and was steady against other rivals
ahead of this week's nonfarm payrolls report that could reinforce expectations
that the U.S. Federal Reserve will hike interest rates by December. 
     U.S. Treasury yields rose on Wednesday after data showing strong hiring in
the services sector boosted hiring expectations for Friday's highly anticipated
jobs report. 
     Oil prices eased but remained near June highs reached the previous session
when they were buoyed by a fall in U.S. crude inventories. 
     Gold edged higher as bargain hunters stepped in to buy after the metal hit
fresh three-month lows in the previous session, ahead of Friday's nonfarm
payrolls report. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         66.53/66.56  October 5        $36.5 mln   -$416.39 mln
 10-yr bond yield  6.85 pct     Month-to-date    $92.04 mln  -$441.14 mln
                                Year-to-date     $7.60 bln   -$406.52 mln
   
    
    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 = 66.50 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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