02:30 pm: RBI’s Monetary Policy Committee to announce interest rate decision in Mumbai.
02:45 pm: RBI Governor Urjit Patel briefs media post release of monetary policy statement in Mumbai.
05:00 pm: RBI analyst conference call post Monetary Policy Committee rate decision in Mumbai.
INDIA TOP NEWS • India's central bank, wary on inflation, set to keep rates on hold The Reserve Bank of India looks set to keep its policy rate on hold, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.
• More Chinese lenders plan to pursue RCom in insolvency court -sources Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications into insolvency court as they seek to recover about $2 billion in debt, said three people with knowledge of the matter.
• Google unveils new Android software in India to power cheap smartphones Alphabet Inc's Google launched a stripped-down version of its Android software in India on Tuesday, as it attempts to woo millions of basic phone users in the fast-growing wireless services market.
• Indian refiners turn to use dirty fuel to produce power, gas Indian oil refiners are drawing up plans to use petroleum coke for power generation and to produce syngas after the government banned use of the heavily polluting fuel in and around New Delhi.
• India's cenbank reiterates warnings about trading in Bitcoins India's central bank on Tuesday reiterated its concerns about Bitcoins, just days after the cryptocurrency hit a record high of just under $11,800, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion.
• India's case against Mallya politically motivated, UK court hears The Indian government’s fraud case against tycoon Vijay Mallya is baseless and politically motivated, his defence lawyer told a London court on Tuesday as she battled to prevent his extradition to his home country.
• Top Indian insurer LIC to slow stock investments after bumper buy State-owned Life Insurance Corp of India will likely slow stock purchases for the rest of the fiscal year after nearly doubling its equity market investments in the first half from a year earlier.
GLOBAL TOP NEWS • Trump to recognize Jerusalem as Israel capital, upending decades of U.S. policy President Donald Trump will recognize Jerusalem as Israel's capital and set in motion the relocation of the U.S. Embassy to the ancient city, senior U.S. officials said, a decision that upends decades of U.S. policy and risks fueling violence in the Middle East.
• Russia banned from Pyeongchang Winter Olympics Russia has been banned from the 2018 Pyeongchang Winter Olympics after the IOC found evidence of an "unprecedented systematic manipulation" of the anti-doping system that has led to a series of suspensions for the country's athletes in recent months.
• Trump lawyer denies Deutsche Bank got subpoena on Trump accounts A U.S. federal investigator probing alleged Russian interference in the 2016 U.S. presidential election asked Deutsche Bank for data on accounts held by President Donald Trump and his family, a person close to the matter said on Tuesday, but Trump's lawyer denied any such subpoena had been issued.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were at 10,116.50, down 0.27% from its previous close.
Indian government bonds are likely to trade steady ahead of the Monetary Policy Committee’s decision on interest rates due later today. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 7.05percent -7.08percent band till the MPC decision, a trader with a primary dealership said.
The Indian rupee will likely edge higher against the dollar, as concerns of a likely U.S. government shutdown stalled the greenback’s recent gains triggered by the Senate’s approval of a tax bill.
GLOBAL MARKETS • Wall Street fell on Tuesday as a technology rebound lost steam and Walt Disney Co shares dipped, while investors assessed how a Republican U.S. tax overhaul would impact corporate earnings.
• Asian stocks slipped, pressured by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the dollar sagged on lower long-term U.S. yields.
• The dollar edged down, as concerns about a possible U.S. government shutdown offset optimism about progress on tax reform legislation, while the Australian dollar weakened after economic data showed worrying signs for growth.
• Short-dated U.S. Treasury yields rose to their highest in more than eight years on Tuesday as investors increasingly expected the U.S. Congress to pass tax reform legislation and the Federal Reserve to raise interest rates several times next year.
• Oil prices dipped, as refined product inventories in the United States rose in what the market interpreted as a sign of lacklustre demand.
• Gold prices nudged down early on Wednesday after touching a two-month low in the previous session, despite a slightly weaker dollar.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.41/64.44 December 5 -$228.6 mln $236.25 mln 10-yr bond yields 7.11 pct Month-to-date - $230.97 mln Year-to-date $8.60 bln $25.97 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 = 64.3500 Indian rupees)
