December 21, 2016 / 3:26 AM / a year ago

Morning News Call - India, December 21

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    (India Morning Newsletter will not be published through the year-end holiday
season from December 26, 2016 to December 30, 2016. Normal service will resume
from January 2, 2017. Season's Greetings and Happy New Year.)
    10:15 am: Federal cabinet likely to meet in New Delhi. 
    11:15 am: State Bank of India Head Arundhati Bhattacharya to brief media at
SBI Life Insurance event in Mumbai.
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
04:30 pm. To join the conversation, click on the link: here
     India to offer tax benefits to promote cashless economy - Jaitley
    India will offer tax incentives to small businesses engaged in cashless
transactions, Finance Minister Arun Jaitley told reporters on Tuesday, as part
of the government's fight against the cash economy. 
     Cyrus Mistry launches legal battle against India's Tata Sons 
    Tata Sons' ousted chairman Cyrus Mistry ratcheted up his battle against the
$100 billion software-to-salt conglomerate by launching legal proceedings on
Tuesday, two sources familiar with the matter said. 
     Apple in talks with India to manufacture locally -WSJ
    Apple Inc is in talks with India's government to explore making products
locally, the Wall Street Journal reported on Tuesday, as the U.S. firm aims to
make deeper inroads in the world's second-largest mobile phone market by
     Obama bans new oil, gas drilling off Alaska, part of Atlantic coast
    U.S. President Barack Obama on Tuesday banned new oil and gas drilling in
federal waters in the Atlantic and Arctic Oceans, in a push to leave his stamp
on the environment before Republican Donald Trump takes office next
     Australia set for strong M&A year though foreign investor limits dampen
    Australia's privatisation drive is set to draw billions of dollars of
acquisition funds in 2017 adding to what corporate advisers expect to be a
strong year for dealmaking, albeit one tempered by potential restrictions on
foreign suitors. 
     Linde, Praxair agree $65 billion merger outline, ambitious cost savings
    German industrial gases group Linde and U.S. suitor Praxair have agreed an
outline for a $65 billion-plus merger, with the combined company to be run out
of the United States by Praxair's chief executive. 
    (As reported by NewsRise)
     The SGX Nifty Futures were trading at 8,114.50, up 0.1 pct from its
previous close.
     The Indian rupee will likely open higher against the dollar, helped by
expectations that gains in most regional equity markets will spill over to local
indices, even as trading remains thin ahead of the holiday season.
     Indian government bonds will likely trade largely unchanged in early
session, as investors await fresh local and global cues.The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.46 pct - 6.51
pct band.

     The Dow and Nasdaq Composite rose to record highs on Tuesday in a rally
fueled by optimism about U.S. President-elect Donald Trump's policies. 
     The U.S. dollar held near 14-year peaks as global yield spreads moved
inexorably in its favour, while a falling yen lifted Japanese shares to a
one-year top. 
     The dollar hovered near a 14-year high against the euro, supported by
expectations of U.S. interest rates rising more rapidly during the incoming
Trump Administration. 
     U.S. Treasury prices fell on Tuesday as stocks gained, reducing demand for
safe-haven assets, and with no new economic data to give further indications of
the strength of the U.S. economy. 
     Oil prices nudged higher on expectations of a U.S. crude inventory draw,
although trading activity was muted as markets start to wind down ahead of the
Christmas weekend. 
     Gold extended its losses after dipping in the previous session, dragged
down as the U.S. dollar stayed near 14-year highs against a basket of
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.89/67.92  December 20      -$100.96 mln  -$133.32 mln
 10-yr bond yield  6.73 pct     Month-to-date    -$158.76 mln  -$2.86 bln
                                Year-to-date     $3.99 bln     -$6.01 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 = 68.03 Indian rupees)

 (Compiled by Shradha Singh in Bengaluru)

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