January 11, 2017 / 3:27 AM / 6 months ago

Morning News Call - India, January 11

7 Min Read

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    FACTORS TO WATCH
    9:30 am: Transport Minister Nitin Gadkari to attend a forum with NGOs in New
Delhi.
    
    11:30 am: Railway Minister Suresh Prabhu at discussion on various
environmental and housekeeping issues of Indian Railways in New Delhi.
    
    11:30 am: HSBC Global Asset Management India CIO Tushar Pradhan briefs media
in Mumbai.
    
    12:15 pm: Finance Ministry Joint Secretary Manish Singh at Reliance Nippon
Life Asset Management media conference in Mumbai.
    
    LIVECHAT-CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
04:30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     PM Modi touts digitized economy to business leaders
    Indian Prime Minister Narendra Modi told a gathering of business leaders on
Tuesday that the country was on the verge of becoming the world's most digitized
economy, and avoided direct mention of the economic hit from demonetisation.
 
     Auto sales see biggest drop in 16 years
    India's automobile sales saw their biggest monthly fall in 16 years in
December after Prime Minister Narendra Modi's ban on high-value banknotes
sparked a severe cash shortage that dented demand for big-ticket items such as
cars. 
     2016 fuel sales growth highest in at least 16 years
    India's fuel demand in 2016 grew at its highest pace in at least 16 years as
low oil prices for most of the year boosted demand for gasoline and aviation
fuels. 
     Online realty services providers PropTiger, Housing.com to merge
    Indian online real estate services providers PropTiger.com and Housing.com
will merge to create what the companies said would be the biggest player in the
segment, accelerating a consolidation in the sector. 
     Indian Commodity Exchange to launch diamond futures in March
    The Indian Commodity Exchange is planning to launch three futures contracts
for diamonds in March to provide exporters with a hedging tool, the exchange
said on Tuesday. 
     DP World targets inland India with logistics centres
    Dubai's DP World will spend part of a planned $1 billion investment in India
on new inland logistics centres to help ease problems in transporting goods
across the country, the port operator's chairman said on Tuesday. 
     India's gasoline thirst shows no sign of being slaked: Kemp
    India's gasoline consumption continues to grow rapidly as an increasing
number of individuals purchase their first motorised vehicle, helping drive the
fastest growth in fuel demand in the world. 
    
    
    GLOBAL TOP NEWS
     Trump's choice for U.S. attorney general says he can stand up to him
    U.S. President-elect Donald Trump's pick for attorney general, Jeff
Sessions, promised on Tuesday to stand up to Trump, his close ally and future
boss, saying he would oppose a ban on Muslims entering the country and enforce a
law against waterboarding even though he voted against the measure. 
     Trump warned Russian hackers claim to have compromising information on him
    Classified documents that the heads of four U.S. intelligence agencies
presented last week to President-elect Donald Trump included claims that Russian
intelligence operatives have compromising information about him, two U.S.
officials said Tuesday evening. 
     Volkswagen confirms $4.3 billion U.S. settlement over diesel emissions
    Volkswagen AG confirmed on Tuesday it has negotiated a $4.3 billion draft
settlement with U.S. regulators to resolve its diesel emissions troubles and
plans to plead guilty to criminal misconduct. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 8,330.00, trading up 0.4 pct from its
previous close.
     The Indian rupee is poised to open lower against the dollar, mirroring
losses across other Asian currencies, as investors pause ahead of a press
conference by U.S. President-elect Donald Trump later today.
     Indian sovereign bonds will likely trade steady in the absence of major
triggers, as the market awaits U.S. President-elect Donald Trump's news
conference later today and the domestic retail inflation data tomorrow for cues.
The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in
a 6.37 pct-6.42 pct band today. The bond had closed at 104.06 rupees, yielding
6.40 pct, yesterday.
    
    
    GLOBAL MARKETS
     The S&P 500 ended the day unchanged on Tuesday as lower oil prices hurt
energy stocks, offsetting advances in healthcare and financial sectors, while
the Nasdaq ended at another record high. 
     Asian shares stood near two-month highs as investors looked to
President-elect Donald Trump's news conference later in the day for any clues to
his policies on tax, fiscal spending, international trade and currencies.
 
     The dollar trod water, showing little inclination to move against major
peers such as the euro and yen before U.S. President-elect Donald Trump fronts a
news conference that could set the market's near-term direction. 
     U.S. Treasury yields held steady on Tuesday as solid investor demand for
$24 billion of three-year government notes offset mild selling in bonds after
Wall Street stock prices pared early losses. 
     Oil prices edged up, lifted by a small supply cut by crude exporter Saudi
Arabia, but markets remained under pressure from signs that the planned OPEC
output reductions were being poorly implemented and as supplies from elsewhere
rose. 
     Gold held steady after touching six-week highs in the session before, with
investors awaiting more policy cues from U.S. President-elect Donald Trump's
first news conference since the elections, due later in the day. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         68.31/68.34  January 10       -$3.11 mln  -$187.74 mln
 10-yr bond yield  6.66 pct     Month-to-date    -           -$1.05 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=68.18 Indian rupees)

 (Compiled by Sourav Bose in Bengaluru)

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