September 29, 2017 / 3:20 AM / in 3 months

Morning News Call - India, September 29

(India Morning Newsletter will not be published on Monday, October 2, as markets
are closed for Mahatma Gandhi Jayanti.)
    
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    FACTORS TO WATCH
    10:00 am: Indiabulls Real Estate annual general meeting in New Delhi.
    10:00 am: Harvard, NITI Aayog & NIPFP organize Symposium on “Building
Financial Systems of the 21st Century” in New Delhi.
    10:00 am: Law Minister Ravi Shankar Prasad, BSNL Chairman Anupam Shrivastav,
Vodafone India Vice President Deepankar Ghosal, Cisco India Director Sandeep
Arora at India Mobile Congress 2017 in New Delhi.
    12:00 pm: HDFC Bank Digital Bank Country Head Nitin Chugh at launch of
center for digital excellence in Mumbai.
    12:00 pm: DLF annual general meeting in Gurugram.
    1:30 pm: Maruti Suzuki India MD Kenichi Ayukawa and Suzuki Motorcycle MD
Satoshi Uchida at ECSTAR launch in New Delhi.
    2:30 pm: Railway Minister Piyush Goyal to launch additional Mumbai suburban
train services in Mumbai. 
    3:00 pm: Telecom Commission meeting in New Delhi.
    3:30 pm: Just Dial annual general meeting in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    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
link: here
    
    
    INDIA TOP NEWS
    • India sticks to 2017/18 borrowing target, open to extra bond sales
    India's federal government on Thursday stuck to its budgeted market
borrowing target for the fiscal year ending in March 2018 but held out the
possibility of selling additional bonds to fund any new spending.
    • India says GE diesel locomotive factory on track, but to pursue
electrification
    General Electric's plan to build a diesel locomotive factory in eastern
India is proceeding as planned, the nation's railways minister said on Thursday,
aiming to allay the U.S. firm's concerns that India was unilaterally making
changes to the contract.
    • RBI increases foreign investment limits for debt 
    India's central bank said on Thursday it would raise the foreign investment
limits for government bonds by 80 billion rupees to 2.5 trillion rupees for the
October-December quarter, after current quotas had been almost fully
exhausted.
    • Ford's Welsh engine plant to lose JLR business in 2020
    Jaguar Land Rover will stop sourcing petrol engines from Ford's plant in
Bridgend, Wales, after ending its current contract earlier than expected in
2020, creating uncertainty over around 750 jobs.
    • MAS Financial Services IPO to open on October 6
    Indian non-banking financial company MAS Financial Services Ltd's initial
public offering of shares to raise up to 4.6 billion rupees will run from
October 6 to October 10, according to a public notice issued on
Thursday.

    
    GLOBAL TOP NEWS
    • White House battles critics over tax plan as lawmakers prepare to act 
    The White House struggled on Thursday to defend its new tax plan against
criticism that it would help the rich at the expense of lower classes, as
Republicans in Congress prepared to move ahead with actual
legislation.
    • China sets 2019 deadline for automakers to meet green-car sales targets
    China has set a deadline of 2019 to impose tough new sales targets for
electric plug-in and hybrids vehicles, slightly relaxing an earlier plan to
launch the rules from next year that had left global automakers worried about
being able to comply.
    • Japan's inflation, labour demand and factory output signal solid economic
recovery
    Japan's core inflation accelerated in August, industrial output rose more
than expected and demand for labour remained at its strongest in over 40 years
in a further sign of solid momentum in the world's third-largest economy.
          
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,769.00, trading up 0.3 percent from its
previous close.
    • Indian government bonds are likely to edge higher in early trade as the
federal government’s borrowing plan for the second half of the fiscal year was
along expected lines. The yield on the benchmark 6.79 percent bond maturing in
2027 is likely to trade in a 6.60 percent-6.66 percent band.
    • The Indian rupee will likely edge higher against the dollar on
expectations of capital inflows after the nation’s central bank raised the limit
for foreign investments in government debt.

   
    GLOBAL MARKETS
    • Wall Street edged higher on Thursday, as the S&P 500 eked out a record on
gains in McDonald's and healthcare names, while investors continued to hope
President Donald Trump will be able to make progress on tax reform.
    • Asian shares tried to regain some poise after a tough week in which the
gathering risk of a U.S. rate rise lifted Treasury yields toward nine-year highs
and boosted borrowing costs across the region.
    • The dollar inched higher against a basket of major currencies on Friday,
having pulled back from one-month highs set this week as investors pondered the
Trump administration's tax plan and the outlook for Federal Reserve
policy.
    • The yield spread between shorter and longer-dated U.S. Treasuries grew on
Thursday in the aftermath of a tax plan that raised concerns about faster growth
in the federal deficit and borrowing.
    • Oil prices rose, with both Brent and U.S. crude set to chalk up another
weekly gain as investors bet that efforts to cut a global glut are working and
that the demand outlook is improving.
    • Gold prices held steady just above the previous session's six-week low,
supported by a weaker dollar, but remained on course for their biggest monthly
fall this year.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.51/65.54  September 28     -$813.93 mln  -$164.73 mln
 10-yr bond yield  6.96 pct     Month-to-date    -$1.11 bln    $75.77 mln
                                Year-to-date     $5.90 bln     $23.22 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 = 65.4600 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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