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Morning News Call - India, October 5
October 5, 2017 / 3:20 AM / 2 months ago

Morning News Call - India, October 5

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    FACTORS TO WATCH
    9:15 am: Prataap Snacks lists on the exchanges in Mumbai.
    10:00 am: Godrej Agrovet IPO subscription continues in Mumbai.
    11:00 am: Railway Minister Piyush Goyal, Bharti Enterprises Chairman Sunil
Mittal and Welspun India CEO Dipali Goenka at India Economic summit in New
Delhi.
    11:15 am: SBI's new Chairman Rajnish Kumar to interact with media in Mumbai.


    LIVECHAT- MARKET DRIVERS
    CMC Markets' chief market analyst Michael Hewson joins us for a look at
what's likely to drive direction in the coming month at 2:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • RBI keeps repo rate unchanged but frees up more liquidity
    The Reserve Bank of India held its policy rate steady near seven-year lows
on Wednesday after inflation surged, but still looked to prop up the cooling
economy by spurring banks into lending more.
    • India gives blessing to Oppo stores as focus turns to Apple
    India has given Chinese smartphone maker Oppo the go-ahead to open its own
single-brand retail stores, boding well for rivals like Apple Inc which are
seeking similar approvals.
    • RBI panel urges tougher line to get banks to pass on rate cuts
    A panel created by the Reserve Bank of India has said lenders are not
sticking to rules that determine how much they can charge for loans, and the
sector must be compelled to re-assess lending rates.
    • India appoints Rajnish Kumar as boss of State Bank of India
    The Indian government on Wednesday appointed Rajnish Kumar chairman of State
Bank of India for three years, effective October 7.
    • RCom says applies to withdraw towers spin-off plan
    Reliance Communications said on Wednesday it had applied to a tribunal to
withdraw a plan to spin-off its towers business, as a first step towards
renegotiating the deal after ending plans to merge its wireless business with a
rival.
    • Saudi Aramco plans expansion in India with new unit -sources
    Oil giant Saudi Aramco will open an Indian subsidiary next week, three
sources said, as the top global oil exporter looks to tap rising demand and
invest in the world's third-biggest consumer.
    • Thyssenkrupp's home state confident deal can be reached over Tata Steel
    North Rhine-Westphalia, Germany's most populous state and home to
Thyssenkrupp, said on Wednesday it was confident a deal between workers and
management could be reached to push through a steel merger with Tata Steel.

    • U.S. pressing India to avoid capping medical device prices, allow
withdrawals
    The United States is pressing India not to extend price caps on medical
devices and wants New Delhi to allow firms to withdraw products from the market
if they do not wish to sell at government determined rates, a U.S. trade
official told Reuters.

    
    GLOBAL TOP NEWS
    • Las Vegas gunman's girlfriend says no advance knowledge of massacre
    The girlfriend of the Las Vegas gunman who killed 58 people and himself in
the deadliest mass shooting in modern U.S. history was questioned by the FBI on
Wednesday and said she had no idea he was "planning violence against anyone."

    • Catalonia moves to declare independence from Spain on Monday
    Catalonia will move on Monday to declare independence from Spain after
holding a banned referendum, pushing the European Union nation towards a rupture
that threatens the foundations of its young democracy.
    • Google launches new phones, speakers in hardware push 
    Alphabet Inc's Google on Wednesday unveiled the second generation of its
Pixel smartphone along with new voice-enabled home speakers, redoubling its
commitment to the hardware business as it competes with a surge of devices from
Apple Inc and Amazon.com Inc.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,930.50, trading down 0.16 percent from its
previous close.
    • Indian government bonds are likely to edge lower in early session as
investors view the Monetary Policy Committee’s guidance as hawkish. The yield on
the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.68
percent-6.73 percent band.
    • The Indian rupee will likely trade lower in early trade against the
dollar, following better-than-expected U.S. economic data overnight that
underpinned hopes the Federal Reserve may raise interest rates at least once
before the year-end. 


    GLOBAL MARKETS
    • U.S. stocks edged up to extend their run of record closing highs on
Wednesday as data on the services sector added to signs of strength in the
economy and prospects for earnings.
    • Asian shares were a tad firmer, taking their cues from strong U.S. data
although holiday-thinned trade and uncertainty about the impact of recent
hurricanes on the U.S. economy are likely to keep investors cautious.

    • The dollar inched up against a basket of peers after data shed more
positive light on the U.S. economy, although sagging Treasury yields tempered
the greenback's gains.
    • U.S. Treasury debt yields drifted higher on Wednesday after a measure of
U.S. services sector activity hit a 12-year high, offsetting some concerns about
an upcoming payrolls report.
    • Oil prices dipped after the United States reported record crude exports,
although traders said that efforts led by OPEC and Russia to cut production
meant markets remained well supported overall.
    • Gold prices were little changed as the dollar held firm on strong U.S.
services sector growth, with markets awaiting the key U.S. non-farm payrolls
report on Friday.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.24/65.27  October 4        -$97.19 mln  $177.05 mln
 10-yr bond yield  6.96 pct     Month-to-date    -            $784.68 mln
                                Year-to-date     $5.26 bln    $24.07 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 = 65.03 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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