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FACTORS TO WATCH
9:45 am: Railways Minister Suresh Prabhu and Telecom Minister Manoj Sinha at
an event in New Delhi.
10:00 am: Junior Finance Minister Arjun Ram Meghwal at an event in Mumbai.
10:00 am: India's Chief Economic Adviser Arvind Subramanian to speak at
ICRIER event in New Delhi.
4:30 pm: Junior Aviation Minister Jayant Sinha at an event in New Delhi.
5:45 pm: RBI Deputy Governor Viral Acharya to speak at ICRIER event in New
GMF: LIVECHAT - OIL OUTLOOK
Reuters correspondents Amanda Cooper and Jessica ResnickAult take your
questions about energy markets in the rapid-fire, weekly segment "Lock, Stock
and Barrel" at 7:00 pm IST. To join the conversation, click on the link: here
INDIA TOP NEWS
• India keeps key interest rate unchanged, RBI cuts inflation projections
India's central bank lowered inflation projections and delivered a slightly
less hawkish policy statement on Wednesday, as it left key interest rates
unchanged while waiting to be more sure that inflation will stay subdued.
• RCom says disagrees with new Moody's, Fitch ratings downgrades
India's Reliance Communications pushed back against Moody's and Fitch,
disagreeing with the ratings agencies' assessment the mobile phone carrier could
struggle to reduce its long-term debt even after completing key asset deals.
• India's cabinet approves plan for IREDA to go public
India's cabinet approved a plan on Wednesday to publicly list state-owned
Indian Renewable Energy Development Agency (IREDA) to fund its ambitious
renewable energy development programmes.
• GDF to sell entire 10 percent in India's Petronet LNG for up to $512
GDF International will sell its entire 10 percent stake in India's Petronet
LNG Ltd in block trades on Thursday for up to $512 million, according to a deal
• Samsung to double mobile phone capacity at main Indian factory
Samsung Electronics plans to double the production capacity for mobile
phones and fridges at its main factory in India, expanding in a country where
U.S. rival Apple Inc. has started assembling phones.
GLOBAL TOP NEWS
• May's bid for stronger Brexit hand at stake in UK election
British Prime Minister Theresa May faces the voters in an election she
called to strengthen her hand in looming Brexit talks, with her personal
authority at stake after a campaign that saw her lead in opinion polls contract.
• Ex-FBI chief Comey tells U.S. senators Trump pressured him on Russia probe
Former FBI Director James Comey said on Wednesday that U.S. President Donald
Trump asked him to drop an investigation of former national security adviser
Michael Flynn as part of a probe into Russia's alleged meddling in the 2016
• North Korea fires suspected land-to-ship missiles as South Korea delays
North Korea fired what appeared to be several land-to-ship missiles off its
east coast, South Korea's military said, the latest in a fast-paced series of
missile tests defying world pressure to rein in its weapons programme.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,677.50, down 0.2 percent from its
• The Indian rupee is likely to open lower against the dollar, in-line with
most Asian currencies, as investors stay away from risk assets ahead of key
political and economic events in the U.S. and Europe.
• Indian government bonds will likely edge higher, after the Monetary Policy
Committee lowered its inflation projections and unveiled a less-hawkish
statement, raising optimism the panel will ease interest rates in coming months.
The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade
in a 6.53 percent-6.58 percent band today.
• U.S. stocks rose on Wednesday despite a sharp decline in energy shares
after written testimony from former FBI director James Comey did not add major
revelations about an investigation into Russian meddling with last year's U.S.
• Asian shares wobbled in early trade as investors braced for any surprises
from former FBI director James Comey's congressional appearance, the European
Central Bank's policy meeting and the UK general elections.
• The euro held steady ahead of the European Central Bank's policy
announcement, while sterling was supported by expectations that Prime Minister
Theresa May's party will win a majority in Britain's election.
• U.S. Treasury debt prices dropped on Wednesday, after comments from former
FBI director James Comey on the bureau's investigation into Russia's alleged
interference in the 2016 U.S. presidential election were viewed by investors as
less damaging than they initially thought.
• Crude futures edged up in early Asian trading following heavy losses in
the previous session after official data showed that U.S. inventories rose for
the first time in 10 weeks, reawakening concerns over a glut.
• Gold edged lower after a written testimony by former FBI director James
Comey ahead of his Congressional appearance was seen containing few fireworks,
as investors also braced up for the UK national elections and a policy meeting
of the European Central Bank later in the day.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.31/64.34 June 7 -- $881.70 mln
10-yr bond yield 6.88 Month-to-date -$556.66 mln $1.70 bln
Year-to-date $7.42 bln $15.14 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 = 64.33 Indian rupees)
(Compiled by Benny Thomas in Bengaluru)