Morning News Call - India, November 30

Last Updated: Wed, Nov 30, 2016 09:00 hrs

To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_11302016.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 11:00 am: Winter session of parliament continues in New Delhi. 5:00 pm: Government to release October infrastructure output data in New Delhi. 5:30 pm: Government to release July-September GDP data in New Delhi. 5:30 pm: Chief Statistician T.C.A. Anant to brief media after release of GDP data in New Delhi. 6:10 pm: Federal cabinet likely to meet in New Delhi. Agenda not given. LIVECHAT - TRADING INDIA FORUM - Bankruptcy Law with Sumant Batra, Litigation Lawyer, Founder & mentor - Kesar Dass B & Associates While all eyes have been on GST as a reform, many industry observers believe that the bankruptcy law is as important. We speak to Sumant, on its implications and the nitty-gritties, at 11:00 a.m. Kesar Dass B. & Associates is a full service commercial and litigation law firm, operating in South Asia. It has a prestigious list of clients, which include OECD, SAARC, World Bank, ADB, UNCITRAL besides industrial houses like ICICI, Kotak, IDBI, National Stock Exchange, Hero, amongst others. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ LIVECHAT - CHARTING FX with Martin Miller, Reuters technical analyst Take a look at the FX charts with Martin miller, at 4:30 p.m. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS  Chilled by demonetisation, India to take cold comfort from strong GDP India can ill-afford to take much pride in having the world's fastest growing large economy when it releases September quarter data, with businesses, farmers and families all suffering after the government's sudden demonetization drive.  Militants kill seven after storming Indian army base Militants attacked an army base near the Indian city of Jammu on Tuesday, killing at least seven security personnel and taking hostages in the boldest assault on a military base in the region in recent months, officials said.  Ban on rupee bank notes worries British Indians British Indians are calling for an extension to a deadline which could see some of their cash become worthless by the end of December, as part of Prime Minister Narendra Modi's shock decision earlier this month to abolish 500 and 1,000 rupee banknotes.  SAIL to sell stakes in three units via auction State-run Steel Authority of India Ltd (SAIL) has received approval 'in principle' from the government to sell stakes in three units, the company said in a statement on Tuesday.  India has sufficient sugar, unlikely to import - ISMA India is unlikely to need to import sugar in the 2016/17 season despite a drop in production, Abinash Verma, director general of the Indian Sugar Mills Association said on Tuesday.  German union leader says will fight for plants in Tata-Thyssen merger Thyssenkrupp's powerful labour chief said workers would resist shutting down capacity in any merger of the German industrial group's European steel business with that of peer Tata Steel.  Pakistan's outgoing army chief sends warning to India over Kashmir Pakistan's outgoing army chief issued a stern warning to India over violence in the disputed region of Kashmir on Tuesday as he handed over command, saying patience should not be mistaken for weakness.  Jaguar Land Rover to build new Discovery in Slovakia Jaguar Land Rover said on Tuesday it will build its next-generation Discovery sport utility vehicle in Slovakia, the first car chosen for the 1 billion pound plant which is due to open in 2018. GLOBAL TOP NEWS  Iran, Iraq at loggerheads with Saudis ahead of OPEC meeting Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a deal to limit output and boost the price of crude when it meets on Wednesday.  Japan October factory output steady, November seen solid in sign of tentative recovery Japan's industrial output rose in October from the previous month and manufacturers say production likely bounced sharply this month, preliminary government data showed, in a sign of a tentative pickup in factory activity.  Trump picks loyalists for economic posts, Obamacare critic for cabinet President-elect Donald Trump on Tuesday chose a former Goldman Sachs banker and a billionaire investor to steer economic policy in his administration and a fierce Obamacare critic to dismantle President Barack Obama's signature heathcare program. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were trading at 8,185.50, up 0.2 pct from its previous close.  The Indian rupee is poised to open higher against the dollar, tracking most of its Asian peers, as the greenback fell for a third day despite a stronger-than-expected U.S. third-quarter gross domestic product print.  Indian sovereign bonds will likely open steady to lower in the absence of fresh triggers ahead of growth data, even as investors remain wary of potential government measures to curb the surfeit of liquidity with banks. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.30 pct - 6.35 pct band. GLOBAL MARKETS  U.S. stocks edged higher on Tuesday as an upbeat outlook from UnitedHealth lifted health insurers, though a sharp drop in oil prices weighed on energy shares and limited the advance.  Asian stocks edged higher reflecting upbeat U.S. growth news while oil steadied after a sharp drop overnight as OPEC struggled to agree on a glut-draining production cut.  The dollar moved sideways against the yen and euro, as traders braced for a meeting by OPEC later in the day which could potentially churn financial markets and weigh on the U.S. currency.  U.S. Treasury yields edged lower on Tuesday, with long-dated yields touching their lowest levels in nearly two weeks, as institutional investors bought U.S. government bonds to balance their portfolios after this month's selloff.  Oil markets were jittery ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.  Gold prices held steady as markets braced for the outcome of an OPEC meeting later in the day, with members of the producer cartel trying to seal a deal to boost oil markets. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.62/68.65 November 29 -$104.20 mln -$92.21 mln 10-yr bond yield 6.47 pct Month-to-date -$2.46 bln -$2.16 bln Year-to-date $4.30 bln -$3.21 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 = 68.65 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)



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