October 7, 2016 / 3:37 AM / 10 months ago

Morning News Call - India, October 7

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    FACTORS TO WATCH
    9:00 am: Trade Minister Nirmala Sitharaman and Niti Aayog Chief Amitabh Kant
at World Economic Forum in New Delhi
    10:00 am: RBI Executive Director Sudarshan Sen at Associated Chambers of
Commerce and Industry of India's seminar on 'Indian Accounting Standards' in New
Delhi.
    11:30 am: SEBI Chairman U.K. Sinha to deliver JRD Tata Memorial lecture In
New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
        
    LIVECHAT: THE WEEKAHEAD with Reuters markets editor Mike Dolan
    Join Mike as he goes through the key macroeconomic and political themes for
the coming week at 1530 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     India telecoms spectrum auction raises $9.9 bln, Vodafone tops spending
    Vodafone Group Plc was the biggest spender in an Indian mobile phone
spectrum auction that raised a total $9.9 billion for the government, as
carriers competed to boost subscribers in the world's fastest-growing internet
services market. 
     BP to set up 3,500 fuel stations in India
    Global oil major BP will set up 3,500 fuel stations in India, becoming the
second overseas firm drawn to the rising demand for gasoil and gasoline in the
world's fastest growing major economy. 
     Sri Lanka to build 100,000 bpd refinery with India
    Sri Lanka will build a second refinery with a capacity of at least 100,000
barrels per day in a tie-up with Indian Oil Corp, a top Sri Lankan official said
on Thursday, a move that strengthens New Delhi's engagement with Colombo.
 
     India says it foils attack on Kashmir base, kills three militants
    Indian soldiers shot dead three suspected militants who tried to raid an
army base in northern Kashmir on Thursday, police said, the latest in a wave of
attacks that has raised tensions with neighbouring Pakistan. 
     Nissan shifts India strategy, to launch 8 new car models by 2021
    Nissan Motor Co Ltd plans to launch eight new car models in India by 2021, a
senior company executive said on Thursday, under a new product strategy expected
to boost sales and market share in one of the world's fastest-growing markets.
 
     Taiwan's MediaTek to triple India workforce to 1,500 within 3 years
    Leading Taiwanese chip designer MediaTek Inc, said on Thursday it will
triple its workforce in India within three years to 1,500 from more than 500 as
it expands research and software development as well as customer service
operations. 
     NSE says investors to pare stakes in IPO, no sale of new shares
    India's National Stock Exchange Ltd, the country's biggest bourse, said on
Thursday a planned initial public offering will consist of stake sales by
existing investors, without the sale of new shares. 
    
    
    GLOBAL TOP NEWS
     Deadly Hurricane Matthew closes in on Florida
    Matthew, the first major hurricane threatening a direct hit on the United
States in more than 10 years, blasted the Bahamas on Thursday as it headed for
Florida after killing at least 265 people in the Caribbean, mostly in Haiti.
 
     IMF, global finance leaders fret over populist backlash
    World finance leaders on Thursday decried a growing populist backlashagainst
globalization and pledged to take steps to ensure trade and economic integration
benefited more people currently left behind. 
     Samsung Electronics' Q3 profit guidance beats estimates despite Note 7
woes
    Tech giant Samsung Electronics Co said it expects third-quarter operating
profit grew 5.6 percent, beating estimates, as a pickup in chip and display
earnings likely offset the impact of the Galaxy Note 7 smartphone recall.
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were trading at 8,742.00, trading up 0.02 pct from
its previous close.
     The Indian rupee will likely open lower against the dollar, as a surprise
drop in U.S. jobless claims pointed toward strengthening labor market conditions
in the world's largest economy, boosting odds of a Federal Reserve rate increase
this year.
     Indian government bonds are poised to open lower, as investors may defer
purchases ahead of a weekly debt sale and on caution before the release of U.S.
jobs report later today.The yield on the benchmark 7.59 pct bond maturing in
2026 is likely to trade in a 6.80 pct - 6.85 pct band.
       
    
    GLOBAL MARKETS
     Major U.S. stock indexes closed little changed on Thursday, even as
declining names outnumbered advances, ahead of job market data seen as key to
determine whether the Federal Reserve will raise rates before the end of the
year. 
     Asian shares dipped but held not far from the 14-month high touched last
month ahead of the U.S. jobs report later in the day. 
     Sterling seized centre stage in early trading, plunging to fresh
three-decade lows in thin conditions as a break of key technical support levels
triggered wave of stop-loss orders. 
     U.S. Treasury yields rose to three-week highs on Thursday as investors
prepared for a potentially strong jobs report on Friday, which will be
interpreted for when the Federal Reserve is likely to next raise interest rates.
 
     U.S. oil futures held above $50 per barrel as the entire crude forward
curve pushed above above that level in a sign that financial markets have
increasing confidence in the sector. 
     Gold snapped an eight-session losing streak, edging up from four-month
lows on bargain hunting, but was headed for its worst weekly dip in nearly a
year on increased expectations of a U.S. rate rise by year end. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.62/66.65  October 6        $53.1 mln    -$98.97 mln
 10-yr bond yield  6.87 pct     Month-to-date    $190.54 mln  -$540.11 mln
                                Year-to-date     $7.70 bln    -$505.49 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 = 66.69 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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