Morning News Call - India, September 23

Source : REUTERS
Last Updated: Fri, Sep 23, 2016 09:00 hrs

To access the newsletter, click on the link: FACTORS TO WATCH 10:00 am: National Institution for Transforming India Aayog Chief Executive Amitabh Kant to speak at global investors forum in New Delhi. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. GMF: LIVECHAT-EMEA-ECONOMIC OUTLOOK with Holger Schmieding, chief economist, Berneberg Bank A look at European markets with German economist Holger Schmielding at 1430 IST. To join the conversation, click here. To join the conversation, click on the link: INDIA TOP NEWS  Vodafone injects $7.2 billion into Indian arm as competition intensifies Vodafone Group has injected $7.2 bln into its Indian unit ahead of an auction of airwaves in the world's second-biggest mobile phone market, which has seen increased competition with the entry of a new player.  Bharat Financial Inclusion launches up to $113 million share sale Micro lender Bharat Financial Inclusion has launched a share sale to institutions to raise up to $112.7 million, the company said on Thursday.  Bharat Petroleum looks for more oil, gas assets already in production Bharat Petroleum is looking at buying more stakes in oil and gas assets that are already producing to speed up investment returns, the managing director of the company's exploration business told Reuters.  India names three independent economists for RBI policy panel India's government has picked three economists from the academic world for a new monetary policy committee (MPC) to set interest rates, as the Reserve Bank of India (RBI) gets ready for a landmark switch in the way it decides policy.  India to renew labour law overhaul drive to boost jobs Indian Prime Minister Narendra Modi's government is to make a renewed drive to overhaul labour laws, hoping to create millions of new jobs by making it easier to hire and fire, the labour ministry's top bureaucrat said on Thursday.  Pakistan air force closes highway for "routine" drill amid India tension Pakistan's air force closed a major highway on Thursday to let it practice landing jets on the road, in what it said was routine training not related to heightened tension with India after a deadly attack in the disputed Kashmir region. GLOBAL TOP NEWS  Japan Sept flash manufacturing PMI shows expansion for 1st time in 7 mths Japanese manufacturing activity expanded for the first time in seven months in September, a preliminary survey showed on Friday, in a tentative sign that economic growth could pick up pace.  Trump vs Clinton: Debate will mark biggest moment of election Democrat Hillary Clinton, suddenly vulnerable in the presidential race, is under pressure to deliver a strong performance against Republican Donald Trump in their first debate on Monday, a moment that could be the most consequential yet of the 2016 election.  Yahoo says hackers stole data from 500 mln accounts in 2014 Yahoo said on Thursday that at least 500 million of its accounts were hacked in 2014 by what it believed was a state-sponsored actor, a theft that appeared to be the world's biggest known cyber breach by far. LOCAL MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures were trading at 8,884.00, trading up 0.06 pct from its previous close.  The Indian rupee is poised to open little changed against the dollar, as slight weakness in most Asian currencies will likely offset stronger shares amid expectations of foreign fund inflows.  Indian government bonds will likely scale fresh record highs in early session, as investors may continue to add positions amid hopes of monetary easing. The yield on the benchmark 7.59 pct bond maturing in 2026 is likely to trade in a 6.95 pct - 7.00 pct band. GLOBAL MARKETS  U.S. stocks climbed on Thursday, with big tech names leading broad gains, building on strength from a day earlier that was fueled by the Federal Reserve's decision to stand pat on interest rates.  Asian shares edged closer to 14-month highs while the dollar was on the defensive as investors grew more convinced that the Federal Reserve is settling into a phase of very gradual interest rate hikes.  The dollar gained in Asian trading but was on track to end a tumultuous week with losses after the Federal Reserve trimmed its long-term interest rate expectations and the Bank of Japan rebooted its monetary policy framework.  U.S. Treasury yields fell on Thursday with benchmark yields hitting near two-week lows on revived bets the Federal Reserve would raise interest rates only slowly due to weak economic growth and inflation stuck below its 2-percent goal.  Oil prices eased, pulled down by a technical sell-off following two sessions of strong rises and on caution ahead of meeting of OPEC ministers next week in Algeria to dicuss possible production cooperation.  Gold was little changed, but remained set for the biggest weekly gain in nearly two months after rising to a two-week high in the previous session. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.74/66.76 September 22 $50.56 mln -$6.60 mln 10-yr bond yield 7.04 pct Month-to-date $647.16 mln $877.93 mln Year-to-date $6.75 bln -$588.30 mln 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 = 66.66 Indian rupees) (Compiled by Debanjan Bose in Bengaluru)

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