To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_10262017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 9:15 am: NLC India offer for sale retail portion opens for subscription in Mumbai.

10:00 am: Reliance Nippon Life IPO subscription continues in Mumbai.

10:00 am: Prime Minister Narendra Modi, Food Minister Ram Vilas Paswan and Junior Food Minister C.R. Chaudhary at an international conference in New Delhi.

10:00 am: Road & Transport Minister Nitin Gadkari at New India-Vision 2022 conference in New Delhi.

1:00 pm: Railway Minister Piyush Goyal at New India-Vision 2022 conference in New Delhi.

2:30 pm: Tata Communications post-earnings conference call in Mumbai.

2:30 pm: Department of Industrial Policy & Promotion Secretary Ramesh Abhishek and Principal Economic Advisor Sanjeev Sanyal at New India-Vision 2022 conference in New Delhi.

4:30 pm: Jubilant FoodWorks post-earnings conference call in Mumbai.

5:00 pm: Jubilant Life Sciences post-earnings conference call in Mumbai.

6:30 pm: Realtors and Estate Consultants event in Kolkata.

LIVECHAT - OIL FOCUS The OPEC-led production cut deal has helped lift oil from the $30-$40 per barrel range in late 2016/early 2017. But traders say supplies remain ample despite these cuts, thanks in large part to surging U.S. production. OPEC is now widely expected to extend production cuts beyond March 2018. Maher, at commodity merchant RCMA Group, joins us at 9:00 am IST to discuss when the market is likely to balance out and what's next for prices. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Indian state-run GIC Re falls on market debut after $1.72 billion IPO State-run General Insurance Corp of India slumped as much as 14.5 percent on market debut on Wednesday after raising 111.76 billion rupees in the country's biggest initial public offering in seven years.

• India's $32 billion bank recap plan spurs share gains and questions Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32.4 billion plan to recapitalise its state banks over the next two years, although it was unclear how the injections will be structured.

• RCom says to focus strategy on 4G mobile broadband service Debt-laden Indian telecoms network operator Reliance Communications Ltd said on Wednesday it will concentrate on offering a 4G mobile broadband service in a bid to turn the heavily indebted business around.

• Hindustan Unilever Q2 profit up 16 percent India's Hindustan Unilever Ltd posted a 16 percent rise in quarterly profit on Wednesday, beating estimates.

• Kotak Mahindra Bank Q2 profit rises, meets estimates Kotak Mahindra Bank, India's fourth-largest private sector lender by assets, posted a 22 percent rise in second-quarter profit on Wednesday, helped by higher interest income and lower bad loans ratio.

• HCL Tech Q2 net profit rises, beats estimates HCL Technologies Ltd, India's fourth-largest software services exporter, posted a 9.5 percent rise in second-quarter net profit, helped by higher revenue from its software services sector.

• IDFC Bank Q2 profit falls about 40 percent India's IDFC Bank reported a 40 percent fall in second-quarter profit on Wednesday.

• India defends ties with North Korea in talks with Tillerson India's foreign minister defended the country's ties with North Korea and Iran during talks on Wednesday with Secretary of State Rex Tillerson aimed at building robust relations between the two giant democracies.

GLOBAL TOP NEWS • Republican tax fight complicates plan to pass budget in U.S. House A budget plan crucial to President Donald Trump's hopes for large-scale tax cuts looked set for a close vote in the U.S. House of Representatives on Thursday after some Republicans vowed opposition in an effort to protect a popular tax break.

• Beginning of the end for Europe's loose money? ECB to curb stimulus The European Central Bank is all but certain to cut back on its bond-buying stimulus today, taking its biggest step yet in unwinding years of loose monetary policy.

• S.Korea GDP grows at fastest pace in 7 years, brushes off geopolitical tensions South Korea's economy clocked its fastest growth in seven years last quarter, as global demand for the country's electronics more than offset the impact of regional geopolitical strains on trade and boosted expectations for an imminent interest rate rise.

LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 10,270.00, trading down 0.19 percent from its previous close.

• Indian sovereign bonds are likely to extend their decline amid concerns that New Delhi’s recapitalization plan for state-run lenders that includes bank recap bonds will lower investor appetite for government notes. The yield on the benchmark 6.79 percent bond maturing in 2027 may trade in a 6.78 percent -6.84 percent band.

• The Indian rupee will likely edge higher against the dollar in early trade, tracking most Asian peers, as the greenback slipped overnight on profit-taking despite strong economic data while the euro was stronger ahead of the European Central Bank meet today.

GLOBAL MARKETS • U.S. stocks fell on Wednesday, with the Dow Industrials and S&P 500 indexes suffering their worst day in seven weeks, on a batch of soft quarterly earnings and a rise in bond yields.

• Asian stocks stalled, weighed as Wall Street shares pulled back from record highs, while the euro stretched gains ahead of a European Central Bank policy meeting at which it could take a major step away from accommodative policy.

• The euro inched higher, as investors awaited details of the European Central Bank's plans for scaling back its bond-buying stimulus programme, while the dollar took a breather after its recent rally.

• U.S. Treasury yields climbed on Wednesday, boosted by strong U.S. durable goods and new home sales data as well as speculation about President Donald Trump's nominee to head the Federal Reserve.

• U.S. oil prices extended declines after government data showed a surprise climb in U.S. crude inventories.

• Gold prices inched up, after marking a 2-1/2 week low in the previous session, with the dollar easing ahead of a key European Central Bank meeting later in day.

CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.12/65.15 October 25 $551.91 mln $40.84 mln 10-yr bond yield 6.98 pct Month-to-date -$992.85 mln $2.16 bln Year-to-date $4.36 bln $25.44 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 = 64.9200 Indian rupees) (Compiled by Samrhitha Arunasalam in Bengaluru)