10:00 am: Food Processing Secretary JP Meena, FSSAI Pawan Agarwal at an event in New Delhi.
11:00 am: Achal Kumar Joti to take over as Chief Election Commissioner of India in New Delhi.
2:00 pm: Earth Sciences Minister Harsh Vardhan at an event in New Delhi.
2:30 pm: Commerce Minister Nirmala Sitharaman at SBI conclave in Mumbai.
TRADING INDIA FORUM - GST AND REAL ESTATE The real estate market in India stands at the cusp of a major transformative moment. On one hand you have the Real Estate (Regulation and Development) Act and its far reaching implications while Goods and Services Tax aims to widen the tax net and eventually reduce the cost of owning property. To discuss this and more we have Anuj Puri, who was Chairman and Country Head at JLL India for 23 years before starting out on his own venture, Anarock Properties. To join the conversation at 11:00 am IST, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ LIVECHAT - JAPAN FOCUS Yuki Arai, Founder, Well Investments Research joins GMF to discuss corporate scandals and short-selling in Japan at 9:00 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • June services activity hits 8-month high on solid new orders -PMI Activity in India's dominant service sector expanded at its fastest pace in eight months in June as new business orders surged, a private survey showed on Wednesday.
• India considers private cars for ridesharing to cut traffic India is examining the use of private vehicles as shared taxis in an effort to reduce car ownership and curb growing traffic congestion in major cities, sources familiar with the matter told Reuters.
• HMEL delays full start of Bathinda oil refinery to end-July India's HPCL-Mittal Energy Ltd, part-owned by steel tycoon L N Mittal, has delayed the full-scale start-up of its Bathinda oil refinery in northern Punjab state to the end of July, four sources familiar with the matter said.
• Indian renewable firms plan $2.5 billion in offshore dollar bond issues Four Indian renewable power producers are planning to raise up to $2.5 billion via dollar bonds offshore because of caution among domestic lenders, banking sources said.
• London court hears Vedanta's challenge to Zambian villagers' pollution claim London's Court of Appeal began hearing legal arguments on Wednesday into whether Zambian villagers have the right to make a claim for damages for environmental pollution in the English courts against miners Vedanta Resources and its Zambian subsidiary Konkola Copper Mines.
• Jyoti Structures says tribunal OKs insolvency proceedings Indian power infrastructure company Jyoti Structures Ltd said on Wednesday the National Company Law Tribunal admitted its application for bankruptcy proceedings.
GLOBAL TOP NEWS • U.S. prepared to use force on North Korea 'if we must' -U.N. envoy The United States cautioned on Wednesday it was ready to use force if need be to stop North Korea's nuclear missile program but said it preferred global diplomatic action against Pyongyang for defying world powers by test launching a ballistic missile that could hit Alaska.
• Fed minutes suggest increasing tensions on inflation shortfall Federal Reserve policymakers were increasingly split on the outlook for inflation and how it might affect the future pace of interest rate rises, according to the minutes of the Fed's last policy meeting on June 13-14 released on Wednesday.
• Philippines' Duterte proposed deal to end city siege, then backed out Philippine President Rodrigo Duterte was preparing to make a deal with Islamic State-inspired militants in the days after they laid siege to a southern city, but aborted the plan without explanation, an intermediary involved in the process said.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,650.50, down 0.04 percent from previous close.
• The Indian rupee will likely be little changed against the dollar in early trade, as Asian markets remain cautious after the U.S. Federal Reserve’s June meeting minutes showed difference amongst policymakers over future pace of interest rate hikes amid softening inflation.
• Indian government bonds are likely to trade marginally lower amid auctions of government securities by the Reserve Bank of India. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.52 percent-6.57 percent band.
GLOBAL MARKETS • A steep drop in oil prices dragged energy shares lower and kept the Dow and S&P 500 in check on Wednesday, while the Nasdaq was buoyed by gains in tech stocks.
• Asian shares were tentative after minutes from the Federal Reserve's last meeting showed a lack of consensus on the future pace of interest rate increases, while oil prices inched higher following the previous day's steep declines.
• The dollar steadied against its peers after the Federal Reserve's policy meeting minutes took the wind out of its advance, with the market awaiting comments by central bankers and U.S. data for its next cues.
• U.S. Treasury yields edged lower on Wednesday as traders remained concerned about weak U.S. factory orders data, reversing a jump on Federal Reserve meeting minutes, while holding near recent peaks on views that global central bank policy was turning more hawkish.
• Oil prices nudged higher on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets.
• Gold held steady after Federal Reserve minutes released the day before showed the central bank was split on how inflation might affect the pace of interest rate hikes.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.83/64.86 July 5 $35.19 mln -$136.77 mln 10-yr bond yield 6.94 Month-to-date -$317.12 mln -454.39 mln Year-to-date $8.27 bln $17.55 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 = 64.78 Indian rupees) (Compiled by Benny Thomas in Bengaluru)
