September 6, 2017 / 3:22 AM / 20 days ago

Morning News Call - India, September 6

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    FACTORS TO WATCH
    9:45 am: SEBI Chairman Ajay Tyagi, Disinvestment Secretary Neeraj Kumar
Gupta, NIIF CEO Sujoy Bose, Principal Economic Advisor Sanjeev Sanyal and other
officials at CAPAM 2017 in Mumbai.
    10:00 am: Dixon Technologies and Bharat Road Network IPOs open for
subscriptions in Mumbai.
    11:00 am: Junior Environment Minister Mahesh Sharma, Environment Secretary
Ajay Narayan Jha, ITC CEO Sanjiv Puri, Apollo Hospitals Executive Chairperson
Shobana Kamineni and others at 12th Sustainability Summit in New Delhi.
    11:30 am: Road & Transport Minister Nitin Gadkari to release “Road Accidents
in India-2016” publication in New Delhi. 
    11:30 am: Escorts management at launch of global range of agri machinery and
construction equipment in Faridabad.
    5:30 pm: Road & Transport Minister Nitin Gadkari at 12th Sustainability
Summit in New Delhi.
    
    LIVECHAT - GREEN BONDS  
    We take a look at green bonds and their role in climate change goals with
Isabelle Laurent, Head of Funding, European Bank for Reconstruction and
Development at 2.30 pm IST. To join the conversation, click on the link: here
    
    LIVECHAT - CHINA PROPERTY  
    Home prices in China are expected to climb 6.8 pct this year, despite
government measures to curb demand. Reuters China economy analyst Yawen Chen
will discuss the key findings from our recent survey and the demand trend on the
ground at 8.30 am IST on Thursday. To join the conversation, click on the link:
here
    
    
    INDIA TOP NEWS
    • India freezes bank accounts of suspected shell companies
    India has frozen the bank accounts of 209,032 suspected shell companies as
part of a crackdown on illegal transactions and tax evasion, the finance
ministry said on Tuesday.
    • China's Xi wants to put relations with India on "right track"
    China wants to put its relationship with India on the "right track", China
President Xi Jinping told Prime Minister Narendra Modi on Tuesday, as the two
countries sought to mend ties damaged by a recent tense Himalayan border
standoff.
    • Services activity contracts again in August on weak demand
    Activity in India's dominant services sector contracted for a second
straight month in August as disruptions caused by a new tax policy hurt new
orders, a private survey showed on Tuesday.
    • Bajaj Finance launches up to $702 million share sale to institutions
    Bajaj Finance Ltd has launched a share sale to institutional investors to
raise up to 45 billion rupees, according to a regulatory filing on Tuesday.

    • Dassault CEO says in talks with India about more Rafale jets 
    The chief executive of Dassault Aviation on Tuesday said the company was
still in discussions with India over the possible purchase of additional
twin-engine Rafale fighter jets, on top of the 36 ones India ordered in
2016.
        
    
    GLOBAL TOP NEWS
    • Sanctions doubts grow as N.Korea warns of 'gift packages' for U.S.
    A top North Korean diplomat on Tuesday warned that his country is ready to
send "more gift packages" to the United States as world powers struggled for a
response to Pyongyang's latest nuclear weapons test.
    • Trump ends 'Dreamer' immigration program, places onus on Congress
    U.S. President Donald Trump on Tuesday scrapped an Obama-era program that
protects from deportation immigrants brought illegally into the United States as
children, delaying implementation until March and giving a gridlocked Congress
six months to decide the fate of almost 800,000 young people.
    • 'Potentially catastrophic' Irma barrels toward Virgin Islands, Puerto Rico
    Hurricane Irma, one of the most forceful Atlantic storms in a century,
churned across the ocean on Tuesday on a collision course with Puerto Rico and
the Virgin Islands, bearing down on the northern Caribbean with a devastating
mix of fierce winds, surf and rain.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,923.50, trading down 0.5 percent from its
previous close.
    • Indian government bond prices are likely to rise in early trade tracking a
fall in U.S. Treasury yields amid ongoing geopolitical tensions. The yield on
the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.48
percent-6.52 percent band.
    • The Indian rupee will likely open little changed against the dollar, as
the ongoing geopolitical tensions led by North Korea continue to sap risk
appetite.
    
    
    GLOBAL MARKETS
    • U.S. stocks sank on Tuesday, with the S&P 500 stumbling to its biggest
single-day loss in about three weeks, as investors weighed fresh tensions with
North Korea.
    • Asian stocks tracked Wall Street's slide overnight to slip while the
dollar was on the defensive with tensions in the Korean Peninsula showing little
signs of abating.
    • The U.S. Treasuries market rallied on Tuesday, with the 10-year yield
hitting a near 10-month low, as worries about further nuclear tests by North
Korea and concerns about Irma, a powerful storm heading toward the southern
United States, spurred safety bids.
    • Oil prices dipped as crude demand remained subdued on the back of refinery
closures following Hurricane Harvey which hit the U.S. Gulf coast 10 days ago.

    • Gold was up for a fifth day as geopolitical risks over North Korea
remained elevated, and as low U.S. inflation concerns left some Federal Reserve
officials backing delays in further interest rate hikes.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.11/64.14  September 5      -$59.13 mln   $29.48 mln
 10-yr bond yield  6.8 pct      Month-to-date    -$248.70 mln  -$4.25 mln
                                Year-to-date      $6.76 bln    $23.14 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 = 64.1000 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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