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FACTORS TO WATCH
9:30 am: Shipping Secretary Rajive Kumar at an event in New Delhi.
9:30 am: Economic Affairs Joint Secretary Saurabh Garg at an event in New
10:00 am: Future Retail Joint Managing Director Rakesh Biyani at an event in
10:00 am: Godrej Group Chairman Adi Godrej to speak at an event in Mumbai.
10:30 am: SIAM to release auto sales data in Mumbai.
12:30 pm: Eris Lifesciences IPO conference in Mumbai.
3:00 pm: CARE Ratings banking sector outlook webcast in Mumbai.
5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
GMF: LIVECHAT - WEEKAHEAD
Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 3:30 pm IST. To join the conversation, click on the
INDIA TOP NEWS
• Big Indian state banks need up to $14.8 billion capital by March 2019 -
Moody's Investors Service said on Thursday the 11 Indian state-run banks
that it rates could need up to 950 billion rupees ($14.76 billion) in equity
capital by March 2019, far above the 200 billion rupees the government plans to
inject into state banks by then.
• India calls for middle-income country coalition to revive globalisation
India called on Thursday for a coalition of middle-income countries to drum
up support for globalisation as a political backlash in the United States and
parts of Europe against free trade and investment imperils its growth
• Coal India to shut 37 mines this fiscal year - sources
Coal India Ltd plans to shut 37 underground mines by the end of this fiscal
year, two company officials said, despite unions' plans to strike for three days
this month if the decision is not withdrawn.
• India's top refiner sets extensive maintenance shutdown plans for units
Indian Oil Corp has lined up an extensive maintenance turnaround plan for
its refineries in 2017, sources with knowledge of the plan said, which could
force the country's top refiner to tap overseas markets for gasoline and diesel
to meet rising local demand.
GLOBAL TOP NEWS
• UK election hangs in balance in disastrous night for PM May
Prime Minister Theresa May faced calls to quit after her election gamble to
win a stronger mandate backfired, throwing British politics into turmoil and
potentially delaying the start of Brexit negotiations.
• Trump still standing, but damaged by Comey's testimony
President Donald Trump survived one of the biggest threats to his presidency
when Thursday's hugely awaited congressional testimony by the FBI chief he fired
did not yield any explosive new disclosures about his campaign's alleged ties
• SoftBank unit buys robotics businesses from Alphabet Inc
Japan's SoftBank Group Corp said that a unit of the company will buy two
firms that build walking robots from Alphabet Inc, which would add to the
group's growing artificial intelligence portfolio.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,668.00, trading down 0.1 percent
from its previous close.
• The Indian rupee is likely to open lower against the dollar, as early exit
polls indicated British Prime Minister Theresa May's Conservative Party may lack
a parliamentary majority, boosting the greenback.
• Indian government bonds will likely trade largely unchanged ahead of a
weekly auction of notes, which may see a robust demand amid bets the Monetary
Policy Committee’s lowering of inflation projections will lead to a rate cut in
coming months. The yield on the benchmark 6.79 percent bond maturing in 2027 is
likely to trade in a 6.50 percent-6.55 percent band today.
• The "Trump trade" made a comeback on Thursday on Wall Street but the S&P
and Dow industrials ended flat as former FBI director James Comey said President
Donald Trump fired him to undermine an investigation into Russian meddling into
last November's U.S. election.
• Japan's Nikkei soared as index-heavyweight SoftBank leapt 7 percent after
its unit agreed to buy a robotics firm, but traders said chances of a shock
election result in the UK, where the vote was underway, had put investors on
• The pound fell sharply after British Prime Minister Theresa May's
Conservative Party appeared set to fall short of an expected majority in a
• U.S. Treasury yields rose on Thursday as investors looked past the
testimony of former Federal Bureau of Investigation chief James Comey, who made
no new revelation about the agency's Russian probe, to focus on the Federal
Reserve's widely expected interest rate hike next week.
• Oil prices continued to slide, adding to sharp declines from earlier this
week as evidence mounted that a fuel supply overhang continued despite an
ongoing effort led by OPEC to tighten the market by holding back production.
• Gold edged down ahead of the UK election verdict with early results
suggesting no clear winner which could push the country into a new bout of
political turmoil before Brexit talks.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.37/64.40 June 8 $14.13 mln $507.40 mln
10-yr bond yield 6.86 Month-to-date -$542.80 mln $2.21 bln
Year-to-date $7.44 bln $15.65 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 = 64.21 Indian rupees)
(Compiled by Benny Thomas in Bengaluru)