January 3, 2017 / 3:19 AM / 7 months ago

Morning News Call - India, January 3

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    FACTORS TO WATCH
    11:00 am: Cabinet Committee on Political Affairs likely to meet in New Delhi
to decide budget session period.
    2:30 pm: State Bank of India Head Arundhati Bhattacharya at an event in
Mumbai.
    
    
    INDIA TOP NEWS
     PM Modi defends cash ban, announces incentives
    Indian Prime Minister Narendra Modi announced a series of incentives to the
poor, farmers, women and small businesses on Saturday in a New Year's address,
and defended his recent decision to abolish high denomination bank notes.
 
     Indian banks aim to boost credit growth with sharp rate cuts
    Indian banks, led by market leader State Bank of India, announced sharp cuts
to their lending rates after a recent surge in deposits, raising hopes that
lower borrowing costs will help spark credit growth in Asia's third-largest
economy. 
     Cricket-Top Indian officials removed for stalling reforms
    Indian cricket board president Anurag Thakur and secretary Ajay Shirke were
removed by the country's top court on Monday for failing to implement
administrative reforms within the body. 
     India to start taxing capital gains to Singapore investors from April
    India will start imposing capital gains tax on investments coming from
Singapore from April and fully withdraw exemptions in two years as the two
countries agreed to amend a decade-old treaty after New Delhi rolled back
similar concessions to Mauritius and Cyprus earlier this year. 
     Indian coal mine death toll rises to 16, some still trapped
    The death toll in an Indian coal mine collapse rose to 16 on Saturday and
could rise further, officials said, as some people are still feared trapped at a
coalfield run by state-owned Coal India Limited. 
     Indian exchange's IPO under cloud, but unlikely to be derailed
    The disclosure by the National Stock Exchange that some high-frequency
trading brokers may have been provided unfair access to its servers is unlikely
to derail the Indian bourse operator's IPO plans, a senior regulatory source and
investors said on Thursday. 
     Apple partner Wistron seeks to expand India smartphone parts plant -govt
official
    Smartphone component maker Wistron Corp, which counts Apple Inc among its
customers, has applied for permission to expand its plant in the Indian city of
Bengaluru, a high-ranking regional government official said on Monday.
 
     Israel warns on travel to India, citing immediate threat of attacks
    Israel's anti-terrorism directorate issued a travel warning for India on
Friday, citing an immediate threat of attack to Western and tourist targets,
particularly in the south-west of the country. 
    
    
    GLOBAL TOP NEWS
     Islamic State claims Istanbul attack, gunman remains at large
    Islamic State claimed responsibility on Monday for a New Year's Day mass
shooting in a packed Istanbul nightclub that killed 39 people, an attack carried
out by a lone gunman who remains at large. 
     China December factory activity rises to near 4-year high-Caixin PMI
    China's factory activity picked up more than expected in December as demand
accelerated, with output reaching a near six-year high, a private business
survey showed on Tuesday, giving the manufacturing sector a solid boost heading
into 2017. 
     South Korea pushes for extradition of daughter of President Park's friend
    South Korean authorities said on Tuesday they will proceed with steps to
extradite Chung Yoo-ra, the daughter of a central figure in a South Korean
political scandal that has led to a parliament vote to impeach President Park
Geun-hye. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were trading at 8,201.00, trading up 0.2 pct from
its previous close.
     The Indian rupee is poised to open higher against the dollar, as upbeat
Chinese manufacturing data ebbed concerns of slowdown in Asia's largest economy,
boosting regional stock indices.
     Indian sovereign bonds will likely edge higher in opening trade, after
India's federal government curtailed its weekly borrowings for the rest of the
financial year. The yield on the benchmark 6.97 pct bond maturing in 2026 is
likely to trade in a 6.36 pct - 6.42 pct band today.
    
    
    GLOBAL MARKETS
     U.S. stocks slumped on the last trading day of the year on Friday, led
down by Apple and other big tech stocks, but major indexes still posted solid
gains in 2016. 
     Asian stocks began 2017 on a flat note, uninspired by a surge in European
markets to their highest in more than a year, while the dollar resumed its climb
after last week's stumble. 
     The U.S. dollar held firm as the prospect of rising U.S. interest rates
this year kept sentiment bullish, while a surprisingly upbeat reading on Chinese
manufacturing gave the Aussie dollar a lift.
 
     U.S. Treasury debt yields closed lower on Friday in a shortened session,
falling for the third straight day to end a weak fourth quarter with a modest
consolidation and round out a year of surprises. 
     Oil prices rose in the first trading hours of 2017, buoyed by hopes that a
deal between OPEC and non-OPEC members to cut production, which kicked in on
Sunday, will be effective in draining the global supply glut. 
     Gold began the new year quietly, edging up slightly, despite pressure from
a strong dollar. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         68.00/68.03  January 2        -$38.31 mln  -$11.29 mln
 10-yr bond yield  6.62 pct     Month-to-date    -            -
                                Year-to-date     -            -
 
    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 = 68.22 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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