Morning News Call - India, January 11

Last Updated: Wed, Jan 11, 2017 09:00 hrs

To access the newsletter, click on the link: If you would like to receive this newsletter via email, please register at: FACTORS TO WATCH 9:30 am: Transport Minister Nitin Gadkari to attend a forum with NGOs in New Delhi. 11:30 am: Railway Minister Suresh Prabhu at discussion on various environmental and housekeeping issues of Indian Railways in New Delhi. 11:30 am: HSBC Global Asset Management India CIO Tushar Pradhan briefs media in Mumbai. 12:15 pm: Finance Ministry Joint Secretary Manish Singh at Reliance Nippon Life Asset Management media conference in Mumbai. LIVECHAT-CHARTING FX 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: INDIA TOP NEWS  PM Modi touts digitized economy to business leaders Indian Prime Minister Narendra Modi told a gathering of business leaders on Tuesday that the country was on the verge of becoming the world's most digitized economy, and avoided direct mention of the economic hit from demonetisation.  Auto sales see biggest drop in 16 years India's automobile sales saw their biggest monthly fall in 16 years in December after Prime Minister Narendra Modi's ban on high-value banknotes sparked a severe cash shortage that dented demand for big-ticket items such as cars.  2016 fuel sales growth highest in at least 16 years India's fuel demand in 2016 grew at its highest pace in at least 16 years as low oil prices for most of the year boosted demand for gasoline and aviation fuels.  Online realty services providers PropTiger, to merge Indian online real estate services providers and will merge to create what the companies said would be the biggest player in the segment, accelerating a consolidation in the sector.  Indian Commodity Exchange to launch diamond futures in March The Indian Commodity Exchange is planning to launch three futures contracts for diamonds in March to provide exporters with a hedging tool, the exchange said on Tuesday.  DP World targets inland India with logistics centres Dubai's DP World will spend part of a planned $1 billion investment in India on new inland logistics centres to help ease problems in transporting goods across the country, the port operator's chairman said on Tuesday.  India's gasoline thirst shows no sign of being slaked: Kemp India's gasoline consumption continues to grow rapidly as an increasing number of individuals purchase their first motorised vehicle, helping drive the fastest growth in fuel demand in the world. GLOBAL TOP NEWS  Trump's choice for U.S. attorney general says he can stand up to him U.S. President-elect Donald Trump's pick for attorney general, Jeff Sessions, promised on Tuesday to stand up to Trump, his close ally and future boss, saying he would oppose a ban on Muslims entering the country and enforce a law against waterboarding even though he voted against the measure.  Trump warned Russian hackers claim to have compromising information on him Classified documents that the heads of four U.S. intelligence agencies presented last week to President-elect Donald Trump included claims that Russian intelligence operatives have compromising information about him, two U.S. officials said Tuesday evening.  Volkswagen confirms $4.3 billion U.S. settlement over diesel emissions Volkswagen AG confirmed on Tuesday it has negotiated a $4.3 billion draft settlement with U.S. regulators to resolve its diesel emissions troubles and plans to plead guilty to criminal misconduct. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures was trading at 8,330.00, trading up 0.4 pct from its previous close.  The Indian rupee is poised to open lower against the dollar, mirroring losses across other Asian currencies, as investors pause ahead of a press conference by U.S. President-elect Donald Trump later today.  Indian sovereign bonds will likely trade steady in the absence of major triggers, as the market awaits U.S. President-elect Donald Trump's news conference later today and the domestic retail inflation data tomorrow for cues. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.37 pct-6.42 pct band today. The bond had closed at 104.06 rupees, yielding 6.40 pct, yesterday. GLOBAL MARKETS  The S&P 500 ended the day unchanged on Tuesday as lower oil prices hurt energy stocks, offsetting advances in healthcare and financial sectors, while the Nasdaq ended at another record high.  Asian shares stood near two-month highs as investors looked to President-elect Donald Trump's news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies.  The dollar trod water, showing little inclination to move against major peers such as the euro and yen before U.S. President-elect Donald Trump fronts a news conference that could set the market's near-term direction.  U.S. Treasury yields held steady on Tuesday as solid investor demand for $24 billion of three-year government notes offset mild selling in bonds after Wall Street stock prices pared early losses.  Oil prices edged up, lifted by a small supply cut by crude exporter Saudi Arabia, but markets remained under pressure from signs that the planned OPEC output reductions were being poorly implemented and as supplies from elsewhere rose.  Gold held steady after touching six-week highs in the session before, with investors awaiting more policy cues from U.S. President-elect Donald Trump's first news conference since the elections, due later in the day. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.31/68.34 January 10 -$3.11 mln -$187.74 mln 10-yr bond yield 6.66 pct Month-to-date - -$1.05 mln 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=68.18 Indian rupees) (Compiled by Sourav Bose in Bengaluru)

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