11:15 am: Finance Minister Arun Jaitley briefs media after inaugural session of Tax Administrators conference 2016 in New Delhi.
GMF ASIA LIVECHAT - U.S. PRESIDENTIAL RACE FOCUS with Pippa Malmgren, ex-White House, American policy analyst and international economist Pippa Malmgren is an American policy analyst. She served as Special Assistant to U.S. President George W. Bush for Economic Policy on the National Economic Council and former member of the U.S. President's Working Group on Financial Markets. Founder of the DRPM Group and co-founder of H Robotics, Pippa specialises in bringing together insights about markets, politics, policy and geopolitics that signal important and investable trends. She will also talk about Brexit and the Fed. To join the conversation at 1200 IST, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ TRADING INDIA FORUM - LIVECHAT with A.V.Rajwade, Chairman, AV Rajwade & Co Mr. A.V.Rajwade is widely regarded as a pioneer in the field of foreign exchange and interest rate risk management in Indian financial markets. He has been a member of various committees appointed by the RBI including the committee on Forex Markets and Capital Account Convertibility. He has also acted as an expert witness in disputes involving complex derivatives, being arbitrated in London and Switzerland. We speak to Mr. Rajwade at 1100 IST on Rajan's second term extension, the fate of the INR and Indian macros. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS Government approves SBI takeover of units Prime Minister Narendra Modi's cabinet approved on Wednesday State Bank of India's (SBI) takeover of several subsidiaries, a government official said, in a first move to consolidate the country's struggling public sector banks.
RBI's Rajan faces ghosts of rupee's past The looming expiration of an emergency liquidity measure introduced during India's 2013 currency crisis comes at a risky time for the rupee, with about $20 billion in deposits expected to leave the country as global investment appetite worsens.
India overhauls aviation rules to boost air travel India overhauled rules governing the world's fastest-growing aviation market on Wednesday to make it easier for new airlines to fly overseas, aiming to boost air travel and economic growth.
India dials back chip ambitions as investors spurn plant funding India's ambitious plan to be a major player in semiconductors, taking on the Chinese and churning out locally-made chips for a new generation of smartphone users, has proved to be a little too ambitious.
Indian sugar refiners can benefit from export tax India's planned sugar export tax of 25 percent, intended to maintain local supplies, could boost opportunities for Indian refiners who unlike mills will not be subject to the tax, enabling them to sell to places such as Myanmar and Sri Lanka.
GLOBAL TOP NEWS Fed keeps interest rates unchanged, signals fewer future hikes The U.S. Federal Reserve kept interest rates unchanged on Wednesday and signaled it still planned to raise rates twice in 2016, though it said slower economic growth would crimp the pace of monetary policy tightening in future years.
Tencent nears deal to buy majority stake in Supercell-source Tencent Holdings Ltd is nearing a deal to buy a majority stake in Finnish games maker Supercell Oy, a person familiar with the matter said, marking the latest push by China's biggest social network and online entertainment company into the lucrative gaming industry.
U.S. senators, Trump open to ban on some gun sales after Orlando U.S. senators signaled on Wednesday a new willingness to consider restrictions on the sale of guns after the Orlando nightclub massacre, with presumptive Republican presidential nominee Donald Trump and others in his party ready to discuss limited gun control measures.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 8,187.00, down 0.3 pct from its previous close.
The Indian rupee will likely open higher against the dollar, tracking its Asian peers, as the U.S. Federal Reserve's comments about slower economic growth prompted markets to further roll back expectations of future rate increases.
Indian government bonds will likely rise in early trade after the U.S. Federal Reserve kept its key interest rates unchanged as expected and hinted at slower rate hikes in the years ahead. The yield on the benchmark 7.59 pct bond maturing in 2026 is likely to trade in a 7.48 pct-7.53 pct band.
GLOBAL MARKETS Wall Street fell for a fifth straight session on Wednesday after the Federal Reserve left interest rates unchanged and investors stewed over an impending vote in Britain on whether to leave the European Union.
Asian stocks turned lower after the Federal Reserve's cautious policy stance, with Japanese equities hit hard by a strong yen and nervousness before a Bank of Japan policy decision later in the day.
The dollar extended its losses against the yen and touched its lowest level since September 2014, staying on the defensive after U.S. Federal Reserve lowered its economic growth forecasts and scaled back its rate hike projections.
U.S. Treasury yields fell on Wednesday after the Federal Open Market Committee kept U.S. overnight interest rates unchanged and lowered its economic growth expectations, prompting investors to write down the chances for more rate hikes this year.
Oil prices fell, heading for a sixth day of declines, following a lower than expected draw on U.S. stockpiles and amid worries Britain might leave the European Union.
Gold touched a six-week high as the U.S. Federal Reserve signalled it could be less aggressive in tightening monetary policy next year.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.07/67.10 June 15 -$16.1 mln $42.74 mln 10-yr bond yield 7.68 pct Month-to-date $664.28 mln -$222.87 mln Year-to-date $2.85 bln -$1.29 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 = 67.15 Indian rupees) (Compiled by Hardik Vyas in Bengaluru)
