October 11, 2017 / 3:13 AM / 11 days ago

Morning News Call - India, October 11

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    FACTORS TO WATCH
    11:00 am: Prime Minister Narendra Modi to address a gathering to commemorate
the Birth Centenary Celebrations of Nanaji Deshmukh in New Delhi.
    11:00 am: Railways Minister Piyush Goyal to address International Rail
Conference in New Delhi.
    11:15 am: Global Consumer Products CMD A. Mahendran to address media on
current trends in FMCG Industry in Mumbai.
    11:30 am: PM Narendra Modi's Economic Advisory Council holds its first
meeting in New Delhi.
    12:00 pm: Water Resources Minister Nitin Gadkari at an event in New Delhi.
    1:30 pm: Oil Minister Dharmendra Pradhan to launch IGL smart card and
prepaid CNG cards in New Delhi.
    4:00 pm: Federal cabinet likely to meet in New Delhi.
    6:30 pm: Housing and Urban Affairs Minister Hardeep Singh Puri at
inauguration of Dynamic Façade Lighting of North and South Block in New Delhi.

    
    LIVECHAT-CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
3:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-No respite for Indian banks as bad loans hit record $146 billion
    Indian banks' sour loans hit a record 9.5 trillion rupees at the end of
June, unpublished data shows, suggesting Asia's third-largest economy is no
nearer to bringing its bad debt problems under control.
    • India wants foreign investors for $300 billion worth of energy projects
    India wants to attract foreign investors to $300 billion worth of energy
projects planned for the next decade, its oil minister said, as the world's
third biggest oil consumer aims to cut imports.
    • MAS Financial Services $71 million IPO subscribed nearly 128 times
    Indian non-banking financial company MAS Financial Services Ltd's initial
public offering of shares to raise 4.6 billion rupees was subscribed nearly 128
times on the last day of the sale on Tuesday, adding to the strong interest seen
in initial share sales this year.
    • India's September gold imports jump 31 percent on festive demand-GFMS
    India's gold imports in September rose 31 percent from a year ago as
jewellers increased their purchases ahead of a festival at the end of the month,
provisional data from GFMS showed.

    
    GLOBAL TOP NEWS
    • U.S. flies bombers over Korea as Trump discusses options
    The U.S. military flew two strategic bombers over the Korean peninsula in a
show of force late on Tuesday, as President Donald Trump met with top defence
officials to discuss how to respond to any threat from North Korea.
    • Catalonia baulks at formal independence declaration to allow talks
    Catalonia's leader balked at making a formal declaration of independence
from Spain on Tuesday, calling for talks with Madrid over the region's future in
a gesture that eased fears of immediate unrest in the heart of the euro zone.

    • Japan August core machinery orders rise in signs of pick-up in capex
    Japan's core machinery orders rose for a second straight month in August,
handily beating market expectations, signalling a pickup in capital expenditure
that should encourage Prime Minister Shinzo Abe ahead of a general election this
month.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,071.00, trading up 0.28 percent from its
previous close.
    • Indian government bonds are likely to trade steady in early session as
investors await the September inflation data due tomorrow, even as underlying
sentiment remains negative. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.72 percent-6.77 percent band.
    • The Indian rupee will likely edge higher against the dollar in early
trade, tracking overnight weakness in the greenback after U.S. President Donald
Trump's tax reforms hit a fresh roadblock, while the euro continued to
strengthen.


    GLOBAL MARKETS
    • The Dow Jones Industrial Average hit a record high on Tuesday, helped by a
surge in Wal-Mart Stores, while Amazon and Facebook lost ground and investors
focused on upcoming quarterly reports.
    • Asian shares rose, tracking Wall Street's rally to all-time highs, while
the euro hovered near a 10-day peak after Catalonia's leader talked down
immediate plans to secede from Spain, easing near-term concerns about euro zone
instability.
    • The dollar wobbled against its peers, edging further away from a 10-week
high scaled recently amid speculation that President Donald Trump's tax overhaul
plan would stall, with a buoyant euro adding further pressure.
    • U.S. Treasury prices pared gains on Tuesday after Catalonia's leader
proclaimed independence for the region but suspended the effects pending talks,
easing some immediate concerns about violent clashes on the issue.
    • Oil prices edged up on signs that markets are gradually tightening after
years of oversupply, although the outlook for 2018 remained less certain.
    • Gold rose for a fourth day, after hitting a near two-week high in the
previous session, supported by weakness in the U.S. dollar.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.23/65.26  October 10       -$77.39 mln   $25.74 mln
 10-yr bond yield  6.98 pct     Month-to-date    -$462.75 mln  $1.56 bln
                                Year-to-date     $4.89 bln     $24.84 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 = 65.25 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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