January 5, 2017 / 3:37 AM / 7 months ago

Morning News Call - India, January 5

6 Min Read

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    FACTORS TO WATCH
    11:30 am: Banks Board Bureau Chairman Vinod Rai to speak at event.
    
    2:45 pm: Trade minister Nirmala Sitharaman to brief media on meeting of
Council for Trade Development and Promotion.
    
    LIVECHAT-COMMODITIES TECHNICALS with Wang Tao, Reuters Market Analyst for
Commodities Technicals
    Wang joins us at 09:00 am to discuss his 2017 Q1 outlook for commodities on
the charts. To join the conversation, click on the link: here
    
    LIVECHAT-TRADING INDIA FORUM- Commodity Outlook - 2017 with Gnanasekar
Thiagarajan, Commtrendz research, Columnist at ET
    Gold ended 2016 with a 9 pct gain but masks the 30 pct rally it accumulated
at one time. Has the safe haven tag taken a beating? And what about its
siamese-twin, silver? We also of course have crude and soft commodities. For
views on these and more we have Gnanasekar joining us at 11:00 am. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Indian services activity contracts for second month in December after cash
ban
    India's services industry ended 2016 on a sour note, contracting for a
second month in a row in December as orders shrank amid a severe cash shortage,
a private business survey showed on Wednesday. 
     Indian state elections to begin next month will test PM Modi    
    India's election commission on Wednesday scheduled five state polls for the
next two months that will test support for Prime Minister Narendra Modi's gamble
to abolish high-denomination banknotes. 
     HDFC Bank to cut lending rates by 75-90 bps - source
   HDFC Bank Ltd is set to cut its marginal cost of funds-based lending rates
across maturities by 75 to 90 basis points, effective Jan. 7, a source with
direct knowledge said on Wednesday. 
     Video of New Year attack on woman in India's tech hub prompts police probe
    Police in India's technology hub of Bengaluru said on Wednesday they had
begun investigating reports of a New Year's assault on a woman after a video
emerged showing the attack by two men, as bystanders watched. 
    
    
    GLOBAL TOP NEWS
     Fed policymakers agree Trump fiscal boost poses inflation risk
    Almost all Federal Reserve policymakers thought the economy could grow more
quickly because of fiscal stimulus under the Trump administration and many were
eyeing faster interest rate increases, minutes from the central bank's December
meeting showed. 
     China services sector activity rises to 17-month high in December-Caixin
PMI    
Growth in China's services sector accelerated to a 17-month high in December, a
private survey showed, adding to views that the world's second-largest is
entering the new year with stronger momentum. 
     Apple confirms $1 bln investment in SoftBank tech fund
    Apple Inc confirmed on Wednesday its plans to invest $1 billion in a tech
fund being set up by Japan's SoftBank Group Corp. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 8,236.50, up 0.47 pct from its
previous close.
     The Indian rupee will likely open higher against the dollar, tracking its
Asian peers, as the greenback retreated from 14-year highs after investors took
profits following a recent rally.
     Indian sovereign bonds will likely open steady-to-higher ahead of a fresh
supply of notes tomorrow, as investors expect a policy rate cut next month amid
truncated government borrowing. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.33 pct-6.39 pct band today. The bond
had closed at 104.34 rupees, yielding 6.36 pct, yesterday.
    
    
    GLOBAL MARKETS
     U.S. shares ended higher on Wednesday even after minutes from the Federal
Reserve's December meeting showed concerns that quicker economic growth under
President-elect Donald Trump could require faster interest rate increases to
ward off inflation. 
     Asian stocks rose for an eighth consecutive day, buoyed by further gains
on Wall Street and an overnight bounce in oil prices that bolstered energy
shares. 
     The dollar stepped further away from a 14-year peak against a basket of
currencies, as investors locked in gains from its two-month-old rally since
Donald Trump won the U.S. presidential election. 
     U.S. Treasury debt yields slid in choppy trading on Wednesday after
minutes of the last Federal Reserve meeting struck a more uncertain tone than
the market expected, especially with respect to the new administration's fiscal
policies. 
     Oil prices dipped on doubts producers would fully deliver on promises to
cut output, although record U.S. automobile sales and falling crude stocks
offered markets some support. 
     Gold rose to its highest in four weeks as the U.S. dollar retreated from a
14-year peak touched earlier this week.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES  DEBT
 PNDF spot         67.88/67.91  January 4        -         -$31.01 mln
 10-yr bond yield  6.60 pct     Month-to-date    -         $53.12 mln
                                Year-to-date     -         -
    
    
    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=68.05 Indian rupees)

 (Compiled by Sourav Bose in Bengaluru)

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