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Morning News Call - India, December 23
December 23, 2016 / 3:25 AM / 9 months ago

Morning News Call - India, December 23

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    (India Morning Newsletter will not be published through the year-end holiday
season from December 26, 2016 to December 30, 2016. Normal service will resume
from January 2, 2017. Season's Greetings and Happy New Year.)
    
    FACTORS TO WATCH
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
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    INDIA TOP NEWS
     Tata-Mistry spat shows independent company directors vulnerable in India
    The bitter boardroom battle at the heart of Tata Sons has put a spotlight on
the vulnerability of India's independent company directors who stand-up to, or
take on a dominant shareholder. 
     EXCLUSIVE-How India lobbied Moody's for a ratings upgrade, but failed 
    India criticised Moody's ratings methods and pushed aggressively for an
upgrade, documents reviewed by Reuters show, but the U.S.-based agency declined
to budge citing concerns over the country's debt levels and fragile
banks. 

    GLOBAL TOP NEWS
     Limited room for China to tighten policy as debt fear grows
    China's leadership is signalling growth will slow slightly in 2017, policy
advisers say, as it struggles to strike a balance between supporting the economy
with loose credit conditions and preventing a destabilising build-up in
debt. 
     Trump tweets about nuclear weapons, raising questions and fears
    President-elect Donald Trump called for an expansion of the United States'
nuclear capabilities on Thursday, in a tweet that alarmed nonproliferation
experts who said that a boost to the U.S. arsenal could fuel global
tensions. 
     Syrian army announces victory in Aleppo in boost for Assad
    The Syrian army said it had retaken complete control of Aleppo on Thursday
after the last rebel fighters were evacuated from the battered city, handing
President Bashar al-Assad his biggest victory of the nearly six-year-old
war. 
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 7,977.50, down 0.2% from its previous
close.
     Indian rupee will likely open slightly higher against the dollar, amid a
lack of fresh triggers, and as the greenback trades in a narrow band ahead of
the upcoming holidays.
     Indian government bonds will likely edge lower, as sentiment remains
subdued ahead of a fresh supply of debt, while meeting minutes of the nation's
Monetary Policy Committee hint at a delay in rate cuts.The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.49 pct - 6.55
pct band.

    GLOBAL MARKETS
     U.S. stocks fell on Thursday, weighed down by weakness in retailers, as
investors stepped back from a recent rally fueled by optimism that
President-elect Donald Trump will invigorate economic growth. 
     Asian stocks stepped back as Wall Street took a breather from its
relentless rise since the U.S. election, while the dollar hovered below its
14-year high set earlier this week. 
     Little was stirring in currency markets as dealers bedded down for the
Christmas holidays, though the mood remains bullish for more dollar gains in the
New Year as yield spreads widen in its favour. 
     U.S. Treasury yields rose on Thursday after data showed improving economic
growth, and as investors prepared for new Treasury supply next week. 
     Oil prices slipped ahead of the Christmas and New Year holidays, wiping
out some of the gains in the previous session as traders took profits. A strong
dollar also weighed on sentiment. 
     Gold held little changed and was on track for a seventh straight weekly
decline amid expectations that the U.S. Federal Reserve will opt for more
interest rate hikes in 2017. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.83/67.86  December 22      -$90.15 mln   $136.64 mln
 10-yr bond yield  6.76 pct     Month-to-date    -$413.55 mln  -$2.58 bln
                                Year-to-date     $3.74 bln     -$5.73 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 = 67.99 Indian rupees)
 

 (Compiled by Shradha Singh in Bengaluru)

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