September 30, 2016 / 4:02 AM / in 10 months

Morning News Call - India, September 30

6 Min Read

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    FACTORS TO WATCH
    9:15 am: Government to sell 7 pct stake in Hindustan Copper through offer
for sale route on stock exchanges in Mumbai.
5:00 pm: Government to release August infrastructure output data in New Delhi.
5:00 pm: Weekly foreign exchange data in Mumbai.
    
    ASIA LIVECHAT - YUAN FOCUS: Kiran Kowshik, Emerging Markets FX Strategist,
UniCredit Bank AG 
    The Chinese currency will officially join IMF's Special Drawing Rights
basket on October 1. Kiran Kowshik, will talk about the SDR impact on yuan
internationalization and the strategies to trade the currency at 1200 IST . To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     After military raid, India looks at more ways to pressure Pakistan
    Beyond Thursday's raid by Indian special forces into Pakistan's side of
divided Kashmir, New Delhi is considering new economic and diplomatic measures
to bring pressure to bear on its neighbour, Indian officials said. 
     India's ICICI Pru Life makes weak market debut after $911 mln IPO
    ICICI Prudential Life Insurance Co Ltd, India's biggest private-sector life
insurer, fell as much as 7.2 percent on its market debut on Thursday, as
investors fretted over its high valuation and rising competition. 
     Tata Steel says making progress on extra land for Indian plant
    Tata Steel Ltd is making good progress on acquiring the land it needs to
double the capacity of its newest steel plant in eastern India to meet growing
demand in the country, a company executive said. 
     India govt asks state-run NALCO to re-think Iran smelter unit plan 
    India's government has asked state-controlled National Aluminium Co Ltd to
re-think its overseas expansion plans including a proposal to set up a $2
billion smelter unit in Iran, a top official said on Wednesday. 
     Indian bitcoin company raises $1.5 million from U.S., Indian investors
    Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in
funding from a mix of Indian and U.S. investors, the company announced on
Thursday. 
    
    
    GLOBAL TOP NEWS
     Japan CPI, consumption fall again, keeping BOJ under pressure
    Japan's core consumer prices fell in the year to August, a sixth straight
drop, keeping the Bank of Japan under pressure to ease monetary conditions
further as it reboots policy in a bid to hit 2 percent inflation more
quickly. 
     Deutsche Bank admits 'perception issue' as U.S. shares slide
    Deutsche Bank admitted it had an image problem with investors as fresh
concerns over the stability of Germany's largest lender pushed its U.S.-listed
shares to a record low. 
     Goldman feels the heat in Asia as IPO engine slows
    Goldman Sachs failed to make it to the upper echelon of Asia's equity market
fee earners for the first time in more than a decade, hit by a squeeze in fees
that is prompting the U.S. bank to cut back jobs in the region. 

  
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 8,597.50, trading down 0.54 pct from
its previous close.
     The Indian rupee will likely open lower against the U.S. dollar, as local
sentiment remains cautious after India's attack on suspected terror camps in
Pakistan this week.
     Indian government bonds will likely extend yesterday's fall, as investors
remain cautious amid rising geo-political tensions between the country and its
western neighbour Pakistan.The yield on the benchmark 7.59 pct bond maturing in
2026 is likely to trade in a 6.99 pct - 7.04 pct band.
    
    GLOBAL MARKETS
     Wall Street dropped on Thursday, weighed down by Apple as well as selling
in Wells Fargo, Citigroup and other major banks as investors worried about the
health of Deutsche Bank. 
     Asian stocks followed Wall Street lower, while oil prices held close to
the highest level in almost a month on optimism over an OPEC plan to curb
output. 
     The Japanese yen looks set to log its third straight quarter of gains on
Friday, while the Swiss franc held firm as concerns about the health of Deutsche
Bank undermined investor risk appetite. 
     U.S. Treasury debt yields retreated on Thursday, as risk appetite faded
amid fresh concerns about Deutsche Bank triggered by a news report saying a
number of funds that clear derivative trades with the German lender have
withdrawn excess cash and positions. 
     Oil prices dropped on profit-taking, after rising 7 percent in the past
two sessions, amid doubts that OPEC's first planned output cut in eight years
would make a substantial dent in the global crude glut. 
     Gold inched up as equities fell, but was on track to end the week down
over 1 percent. 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.89/66.92  September 29     $510.70 mln  -$904.71 mln
 10-yr bond yield   7.05 pct    Month-to-date    $916.46 mln  $1.44 bln
                                Year-to-date     $7.02 bln    -$24.23 mln
 
    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 = 66.85 Indian rupees)

 (Compiled by Shradha Singh  in Bengaluru)

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