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INDIA TOP NEWS • India's retail inflation rate drops, giving RBI a breathing space India’s retail inflation rate dropped sharply in October, giving the central bank leeway to allow easier lending policies, but plunging farm prices sent a stark warning to Prime Minister Narendra Modi about the challenges he faces in rural areas in next year’s general election. • RBI governor met PM, RBI may review lending curbs - media Urjit Patel, the governor of India's central bank, met Prime Minister Narendra Modi on Friday to discuss flash points between the Reserve Bank of India and the government, CNBC-TV18 tweeted late on Monday, citing sources. • India's debt-laden IL&FS begins work on assets sales Debt-laden Infrastructure Leasing and Financial Services (IL&FS) has started work on plans to sell off assets, part of a wider restructuring of the group, the company said on Monday. • Jet Airways to cut flights on some routes after further losses Debt-laden Indian carrier Jet Airways will cut flights on less profitable routes and add capacity to more lucrative markets, as part of its effort to lower costs and boost revenues as it struggles to stay aloft. • Coal India's Q2 profit jumps eight-fold as output rises Coal India's quarterly profit jumped more than eight-fold as the world's biggest coal miner produced more of the dry fuel, but profit fell slightly below analysts' expectations, its financial results showed on Monday. • Aurobindo Pharma Q2 profit falls nearly 22 percent Aurobindo Pharma, India's second-largest drugmaker by market capitalisation, posted a 21.7 percent fall in its second-quarter profit on Monday, hurt by higher expenses, but beat analysts' estimates. • Britannia Industries Q2 profit rises 16 percent Packaged-food maker Britannia Industries posted a 16.1 percent rise in second-quarter profit on Monday, in line with estimates, boosted by higher sales. • Oil India Q2 profit rises over 33 percent, but misses estimates State-controlled Oil India posted a 33.4 percent rise in its second-quarter profit on Monday, helped by strong gains from its crude oil segment, but missed analysts' estimates. GLOBAL TOP NEWS • White House to consider Commerce Dept auto tariff recommendations -officials The U.S. Commerce Department has submitted draft recommendations to the White House on its investigation into whether to impose tariffs of up to 25 percent on imported cars and parts on national security grounds, two administration officials said. • China calls for open world economy but work remains on landmark trade pact China will further open its economy in the face of rising protectionism, Premier Li Keqiang said as he arrived in Singapore on Monday for meetings with Asia-Pacific leaders that will focus on speeding up work on a major new trade pact. • Apple shares drop on iPhone suppliers' warnings Apple shares fell to their lowest in more than three months on Monday as three suppliers issued warnings on results that pointed to weakness in iPhone sales. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.4 percent lower at 10,462.00, from its previous close. • The Indian rupee is expected to open little changed against the U.S. currency as a selloff on Wall Street and fresh 16-month highs on the dollar index would likely be offset by falling crude oil and lower-than-expected domestic retail inflation. • Indian government bonds are likely to open higher, as local retail inflation grew at its slowest pace in over a year, further raising speculations that rate hikes may be some time away. The yield on the benchmark 7.17 percent bond maturing in 2028 is expected to trade in a 7.74 percent-7.82 percent band today. GLOBAL MARKETS • Wall Street's major indexes tumbled on Monday as shares of Apple and Goldman Sachs Group dragged down the technology and financial sectors. • Asian shares skidded after a rout in tech stocks put Wall Street to the sword, while a sharp drop in oil prices and political risks in Europe pushed the dollar to 16-month highs as investors dumped riskier assets. • The dollar traded just below a 16-month high versus a basket of peers, benefiting from save-haven flows as investors shunned riskier assets because of political uncertainties in Europe and fears of a global economic slowdown. • Oil prices fell by around 1 percent, with Brent crude sliding below $70 and WTI below $60 per barrel, after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market. • Gold prices edged higher, as investors looked for bargains after the metal fell to a more than one-month low on a stronger U.S. dollar. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.93/72.96 November 12 $114.20 mln -$3.26 mln 10-yr bond yield 7.80 pct Month-to-date - $563.39 mln Year-to-date - -$7.54 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 = 72.8550 Indian rupees) (Compiled by Hrithik Kiran Bagade in Bengaluru)
