10:00 am: Punjab National Bank annual shareholders meet in New Delhi.
11:15 am: Power Minister Piyush Goyal at an event in New Delhi.
12:15 pm: BMW to launch BMW 5 Series in Mumbai.
1:30 pm: JSW Group Chairman Sajjan Jindal to brief media after JSW Steel annual shareholders meeting in Mumbai.
3:00 pm: Power Minister Piyush Goyal at Maharashtra economic development council meeting in Mumbai.
4:30 pm: Railways Minister Suresh Prabhu at an event in Mumbai.
LIVECHAT - AFC SPECIAL Yue Chim Richard Wong, Founding Director of the Hong Kong Centre for Economic Research and the Hong Kong Institute of Economics and Business Strategy Asian Financial Crisis: Lessons From Two Decades Ago Under Today’s Global Leadership Reshuffles at 12:00 pm IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Indian cabinet approves plan to privatise Air India India approved plans on Wednesday to privatise debt-laden Air India, the first step of a process that could see the government offload an airline struggling to turn a profit in the face of growing competition from low-cost rivals.
• India's largest container port disrupted by global cyber attack Operations at one of three terminals at India's largest container port JNPT, near the commercial hub of Mumbai, have been disrupted by the global ransomware attack, the port said on Wednesday.
• India could import more sugar as prices plunge, rupee strengthens India, the world's biggest sugar consumer, could soon ramp up imports of the sweetener as a sharp drop in global prices and a stronger rupee make overseas purchases viable despite stiff tariffs, industry players said.
• Wipro touts U.S. jobs amid visa uncertainty Wipro Ltd, India's third-largest software services exporter, said on Wednesday that more than half its workforce in the United States consists of locals after it hired more than 1,600 people in the last six months.
• India tightens scrutiny of oil, gas fields to boost output India has intensified monitoring of oil and gas fields handed to state explorers as the South Asian nation seeks to cut dependence on imports and boost local output, oil minister Dharmendra Pradhan said on Wednesday.
• India should revisit lofty coal output targets as demand weak- policy panel India should rein in its lofty coal output target as power demand is growing at a slower pace than expected, a government policy think-tank said, even as state monopoly Coal India Ltd struggles to sell already-mined coal.
• India raises allowances for government employees, pensioners India's cabinet on Wednesday approved raising allowances of government employees and pensioners, a move that is expected to boost consumer demand but strain public finances.
• Russia's Rosneft says to complete Essar deal in nearest future Russian largest oil producer Rosneft said on Wednesday that it plans to complete the deal to acquire a 49 percent stake in India's Essar Oil in the "nearest future".
GLOBAL TOP NEWS • New computer virus spreads from Ukraine to disrupt world business A computer virus wreaked havoc on firms around the globe on Wednesday as it spread to more than 60 countries, disrupting ports from Mumbai to Los Angeles and halting work at a chocolate factory in Australia.
• U.S. Senate Republicans struggle to salvage healthcare effort The top U.S. Senate Republican struggled on Wednesday to salvage major healthcare legislation sought by President Donald Trump, meeting privately with a parade of skeptical senators as critics within the party urged substantial changes.
• Widespread uncertainty as U.S. travel ban start looms One day before President Donald Trump's temporary ban on all refugees and travelers from six predominantly Muslim countries is scheduled to take effect, there is still widespread uncertainty about how the administration will implement it.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,532.00, trading up 0.3 percent from its previous close.
• The Indian rupee is poised to open higher against the dollar, in line with most other Asian currencies, as the euro and British Pound Sterling gained amid bets interest rates may turn higher across Europe.
• Indian government bonds are likely to fall today after the Reserve Bank of India announced an unscheduled issuance of short-term cash management bills. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.49 percent-6.54 percent band today.
GLOBAL MARKETS • Wall Street stock rallied sharply on Wednesday, with the benchmark S&P 500 index scoring its biggest one-day percentage gain in about two months, as financial and technology stocks led a broad market rebound.
• Japan's Nikkei share average rose to hover near two-year highs after Wall Street rebounded, with tech shares, like Advantest Corp and Shin-Etsu Chemical, outperforming the overall market.
• The dollar wallowed close to one-year lows against the euro and slipped against sterling in Asian trading, as investors priced in tighter monetary policy in Europe.
• Long-dated U.S. Treasury prices weakened on Wednesday as central banks in Europe were deemed to strike a more hawkish tone, even after reports that markets had misinterpreted comments by European Central Bank President Mario Draghi on Tuesday.
• Crude oil rose for a sixth straight session to its highest since June 19 on a decline in U.S. output, but ongoing worries about global oversupply continued to drag.
• Gold held firm as the U.S. dollar hovered near 10-month lows on bets that central banks in Europe and Britain are preparing to scale back monetary stimulus.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.62/64.65 June 28 $72.71 mln $310.30 mln 10-yr bond yield 6.86 Month-to-date $555.11 mln $4.40 bln Year-to-date $8.54 bln $17.84 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 = 64.55 Indian rupees) (Compiled by Benny Thomas in Bengaluru)
