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Morning News Call - India, August 26

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    FACTORS TO WATCH
    2:30 pm: Indirect Taxes Committee’s Chairman N.K. Gupta and Co-Chairman
Gaurav Gupta at PHD Chamber of Commerce’s webinar, in Mumbai. 
    
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Paul Krishnamurty, Betfair Political Betting Expert, joins the forum to
discuss how bettors are assessing the U.S. presidential elections and how this
election cycle is different from those in the past. To join the conversation,
click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Indian government consumption key to growth in economy amid pandemic, RBI
says
    Government spending will support the economy during the pandemic, but
private consumption will be needed to drive any economic recovery once the
coronavirus threat eases, the central bank said on Tuesday.
    • Tata Motors says it will significantly reduce 480 billion rupees debt over
3 years
    Tata Motors will significantly reduce its group automotive debt of 480
billion rupees over the next three years, the company's chairman said during its
annual shareholder meeting on Tuesday.
    • India's new COVID cases top global tally for 18th straight day
    India reported on Tuesday the highest number of new coronavirus cases
globally for the 18th straight day, remaining well ahead of the United States
and Brazil, a Reuters tally based on official reporting showed.
    • Facebook plans news service launch in UK, India, Brazil
    Facebook said on Tuesday it plans to launch its news service in the United
Kingdom, Germany, France, India and Brazil in the coming months, after having
introduced the feature in the United States last year.
    • ICICI Bank uses space images for farm loans to cut costs
    ICICI Bank has begun using satellite images of farmland to help assess
farmers' credit-worthiness, a move the bank says is helping cut travel costs and
make faster lending decisions in a world hit by the COVID-19 pandemic.

    • Indian refiners' July throughput recovery slows from June
    Refiners processed 2.5% less oil in July compared to June, the first monthly
fall since April, as renewed restrictions due to rising coronavirus cases
stalled a recovery in fuel sales in the world's third largest domestic market.

    • India plans deep cut in thermal coal imports in coming years
    India plans to significantly reduce its thermal coal imports in "the next
few years" to save foreign exchange and create jobs through the development of
existing and new coal blocks, a senior official in the federal coal ministry
said on Tuesday.
    • Apple to open India online store in September - Bloomberg News
    Apple is set to open an online store in India next month, Bloomberg News
reported on Tuesday, citing a person familiar with the matter.    
    
    
    GLOBAL TOP NEWS
    • U.S., China reaffirm commitment to Phase 1 trade deal in phone call 
    Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase
1 trade deal, which has seen China lagging on its obligations to buy American
goods, giving a boost to financial markets on Tuesday.
    • Republicans make their case for Trump, cite his leadership on economy,
religious freedom
    Republicans pressed their case on Tuesday for U.S. President Donald Trump's
re-election over Democrat Joe Biden, arguing that Trump's leadership was crucial
to revitalize the economy and preserve religious freedom.
    • U.S. charges Teva in generic drugs price-fixing probe
    The U.S. Justice Department charged Teva Pharmaceutical Industries on
Tuesday with conspiring with competitors to raise prices for generic drugs.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.3% higher at 11,508.00.
    • The Indian rupee is expected to advance against the U.S. currency
following a decline on the dollar index amid a fall in the U.S. consumer
confidence to a six-year low.
    • India government bond yields are likely to trade largely unchanged in
early session, ahead of the central bank’s so-called special open market
operation tomorrow. The yield on the benchmark 5.79% bond maturing in 2030 is
likely to trade in a range of 6.13%-6.18%.
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Nasdaq hit all-time closing highs on Tuesday, but a
drop in Apple stock capped gains from positive developments in U.S.-China trade
and fresh progress in the medical battle against the coronavirus pandemic.
    • Asian stocks eased from a two-year high, as a mixed bag of economic data
had investors a touch more circumspect about the global recovery, while oil
jumped to a five-month peak owing to a hurricane disrupting output in the Gulf
of Mexico.
    • The dollar nursed losses against most currencies as traders braced for
U.S. data expected to show a slowdown in durable goods orders and a key speech
by Federal Reserve Chairman Jerome Powell.
    • Longer-term U.S. Treasury yields were higher on Tuesday and a closely
watched part of the yield curve steepened as investors moved into riskier assets
on trade hopes and a solid auction of 2-year notes.
    • The price of Brent crude oil edged higher, lifted by U.S. producers
shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane
Laura and optimism over China-U.S. trade talks.
    • Gold prices were mostly unchanged, as worries over the global economic
outlook from rising COVID-19 cases offset an uptick in risk sentiment driven by
signs of progress in U.S.-China trade negotiations.
    
    
               CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot     74.31/74.34  August 25        1062.24 crores  130.33 crores
 10-yr bond    6.15%        Month-to-date    41,762 crores   519 crores
 yield                                                       
                            Year-to-date     30,812 crores   (1,08,916) crores
 
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)

    
   
    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 = 74.22 Indian rupees)
 

 (Compiled by Pooja Kesavan in Bengaluru)
  
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