Morning News Call – India, November 22

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    FACTORS TO WATCH
    11:00 am: Winter session of parliament continues in New Delhi.
    
    LIVECHAT - TRADING INDIA FORUM - Demonetisation with Yatish Rajawat, Policy
commentator
    Modi's demonetisaton drive caught most by surprise as 86% of the total
currency in circulation was targeted. Is it a brilliant move that thrives due to
its shock value or will it be strangled over time by the sheer volume of
systemic issues? We speak to Yatish, who is a frequent political and policy
commentator and writes for Firstpost and Business World, at 11:00 a.m. To join
the conversation, click on the link: here
    
    LIVECHAT - M&A UPDATE with Dasha Afanasieva, Reuters M&A correspondent
    Dasha Afanasieva looks back at the year's notable deals and what's to come
in 2017 at 3:30 p.m. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     India rail crash toll hits 146, survivor search called off
    Indian rescuers on Monday called off a search of the mangled carriages of a
derailed train after pulling more bodies from the wreckage, taking to at least
146 the number of passengers killed in the disaster. 
     INTERVIEW-India's top e-tailer Flipkart eyes groceries; renewed push in
furniture
    India's top e-commerce player Flipkart plans to move into the groceries
space and make a renewed push in the online furniture business, as it expands
its product portfolio and looks to outmaneuver global giant Amazon.com in a
burgeoning Indian market. 
     Cash crunch puts brake on India's cotton exports; rivals to gain 
    Exports of 1 million bales of cotton from top producer India have been
delayed after a government move to ban high-value currency notes prompted
farmers, who prefer cash payments, to postpone sales, industry officials told
Reuters. 
     India aims to boost low-grade coal sales while global prices high
    India is trying to boost sales of its low-quality coal by offering more of
the fuel at home and initiating steps to lower freight costs, while global
prices are high, with the government hoping the moves will help cut imports.
 
     India gets muted response to small discovered field auction
    India's first auction of small discovered fields drew a tepid response with
local firms dominating the auction for operating assets estimated to hold 625
million barrels of oil and oil equivalent gas. 
     India cenbank eases bad loan rules for small borrowers after cash crunch
    The Reserve Bank of India on Monday relaxed rules for classifying bad loans
for small borrowers saying they may need more time to repay their loan dues
after the government withdrew higher-value banknotes. 
    
    
    GLOBAL TOP NEWS
     Tsunami hits Japan after strong quake, nuclear plant briefly disrupted
    A powerful earthquake rocked northern Japan on Tuesday, briefly disrupting
cooling functions at a nuclear plant and generating a tsunami that hit the same
region devastated by a massive quake, tsunami and nuclear disaster in 2011.
 
     Trump meets with Cabinet hopefuls, outlines plans for first day in office
    U.S. President-elect Donald Trump met with Cabinet hopefuls at his Manhattan
office tower on Monday and later outlined plans for his first day in office,
including withdrawing from a major trade accord and investigating abuses of work
visa programs. 
     Japan PM says Trans-Pacific Partnership (TPP) trade pact meaningless
without U.S.
    The TPP would be meaningless without U.S. participation, Japan's Prime
Minister Shinzo Abe said on Monday as U.S. President-elect Donald Trump said he
would withdraw the United States from the pan-Pacific free trade deal.
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 7,994.50, up 0.55 pct from its previous
close.
     The Indian rupee is poised to open little changed to lower against the
U.S. dollar, as concerns of persistent foreign fund outflows from local debt and
equity markets will likely overshadow the impact of the greenback's retreat
after a recent rally. -NewsRise
     Indian sovereign bonds will likely open little changed, as investors may
deploy cash in high-yielding state debt that will be auctioned today. The yield
on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.26 pct
- 6.34 pct band. -NewsRise
    
    
    GLOBAL MARKETS
     All three major U.S. stock indexes set record closing highs on Monday,
extending their post-election rally as energy and other commodity-related shares
gained and Facebook led a jump in technology. 
     Asian stocks rose in the wake of solid gains in U.S. markets overnight,
while the Japanese yen briefly strengthened after a powerful earthquake rocked
northern Japan. 
     The dollar was on the back foot after snapping a 10-day rising streak as
investors consolidated the gains built on expectations of increased fiscal
spending and higher inflation under a Trump administration. 
     U.S. Treasury prices gained on Monday as higher yields caused by the
recent sell-off tempted some new buyers, though a new sale of two-year notes
drew relatively weak demand from fund managers. 
     Oil prices rose to their highest level since October as the market priced
in a potential output cut led by producer cartel OPEC, although analysts warned
that a failure to agree a cut could lead to a ballooning supply overhang by
early 2017. 
     Gold nudged higher, extending gains from the previous session, as the U.S.
dollar fell further after snapping a 10-day rising streak. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.21/68.24  November 21      -$192.18 mln  -$36.38 mln
 10-yr bond yield  6.46 pct     Month-to-date    -$1.46 bln    -$1.08 bln
                                Year-to-date     $5.30 bln     -$2.13 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 = 68.16 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)



Source: Reuters

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