for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Morning News Call - India, September 17

To access a PDF version of this newsletter, please click here here
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    9:00 am: The Monsoon session of the Parliament continues in New Delhi.
    9:15 am: Happiest Minds Technologies is scheduled to list on the exchange in
Mumbai.
    10:30 am: Housing Secretary Durga Shankar Mishra is likely to participate in
FICCI’s real estate summit.
    11:00 am: Jindal Stainless is scheduled to hold its annual general meeting. 
    11:00 am: Skoda Auto India is scheduled to hold a virtual press conference
to launch the Rapid TSI AT car.
    11:30 am: Suven Life Sciences is scheduled to hold its annual general
meeting. 
    12:30 pm: ITC Chairman and Managing Director Sanjiv Puri is scheduled to
partiicpate in CII’s webinar on “Advanced Technologies Reshaping Indian
Agriculture.”
    2:00 pm: Kajaria Ceramics Chairman and Managing Director Ashok Kajaria is
likely to participate in the PHD Chamber of Commerce’s webinar on startups.
    3:30 pm: Jet Airways is scheduled to hold the Committee of Creditors meet.
    3:30 pm: Ipca Laboratories is scheduled to hold its annual general meeting.
    4:00 pm: Supreme Industries is scheduled to hold its annual general meeting.
    6:00 pm: Junior Finance Minister Anurag Thakur, Financial Services Secretary
Debashish Panda and IBA Chairman Sunil Mehta will participate in FICCI’s
conference on “Investment in Stressed Assets in India.”
    
    
    INDIA TOP NEWS
    • Indian hospitals desperate for oxygen as coronavirus cases top 5 million
    Coronavirus infections in India surged past 5 million on Wednesday, piling
pressure on hospitals grappling with unreliable supplies of oxygen that they
need to treat tens of thousands of critical patients. 
    • RBI chief says India's recovery not entrenched, will only be gradual
    Some high frequency indicators are pointing towards stabilisation in
economic activity in India but the recovery is still not entrenched and will
only be gradual, Reserve Bank of India Governor Shaktikanta Das said on
Wednesday.
    • Serum Institute gets approval to resume India trial of AstraZeneca COVID
vaccine-source 
    Serum Institute of India has received Indian regulatory approval to resume
local clinical trials of AstraZeneca's potential COVID-19 vaccine, a source
familiar with the matter said on Wednesday. 
    • Walmart's Flipkart eyes overseas listing as early as 2021 -sources 
    Walmart controlled Flipkart is preparing for an initial public offering
overseas as early as 2021, which could value the firm up to $50 billion, sources
familiar with the company's plans told Reuters. 
    • Indian airlines seek $1.5 billion interest-free credit line from
government 
    Indian airlines have sought interest-free credit of at least $1.5 billion
from the government to enable them to cope with the loss of revenue from the
coronavirus pandemic, the country's aviation minister said on
Wednesday. 
     • India's fraud-hit PMC asked other major banks for merger - administrator 
    India's fraud-hit PMC Bank has approached other banks over a possible merger
even as its efforts to recover funds from a big borrower have been disrupted by
the coronavirus pandemic, the bank's administrator said in a court filing seen
by Reuters. 
    • Russia seals another deal to supply and test its coronavirus vaccine
abroad
    Russia's sovereign wealth fund will supply 100 million doses of its
potential coronavirus vaccine to Indian drug company Dr Reddy's Laboratories,
the fund said on Wednesday, as Moscow speeds up plans to distribute its shot
abroad. 
    • India's coal-fired power output picks up as industrial use rises 
    India's coal-fired electricity generation rose 9.4% in the first half of
September, provisional government data showed, as demand from industrial western
states rose for the first time since coronavirus lockdowns were
enforced. 
    
    
    GLOBAL TOP NEWS
    • Fed touts economic recovery, vows to keep interest rates low
    The Federal Reserve on Wednesday vowed to keep interest rates near zero
until inflation is on track to overshoot the U.S. central bank's 2% target, a
bold new promise aimed at bringing millions of out-of-work Americans back to the
labor market. 
    • Trump raises questions about TikTok-Oracle deal if ByteDance ties remain
    U.S. President Donald Trump raised questions on Wednesday about plans by
China's ByteDance to keep a majority stake in the U.S. operations of popular
social media platform TikTok after six Republican lawmakers urged him to reject
the proposal. 
    • Chances of Brexit deal fading every day, EU Commission chief says
    The head of the European Commission said on Wednesday the chances of
reaching a trade deal with Britain were fading by the day as the British
government pushes ahead with moves that would breach their divorce treaty.
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.8% lower at 11,522.50. 
    • The Indian rupee is expected to fall against the dollar tracking the
decline in regional equities amid uncertainty over the strength of the U.S.
economic recovery.
    • India's federal government bond yields are likely to edge lower ahead of
the central bank’s so-called special open market operation today. The yield on
the benchmark 5.77% bond maturing in 2030 is likely to trade in a range of
5.95%-6.00%.  
    
    
    GLOBAL MARKETS
    • The S&P 500 ended lower on Wednesday, reversing gains late in the day as
losses in technology shares outweighed a Federal Reserve statement that stoked
optimism it would keep U.S. interest rates near zero for a prolonged period.

    • Stocks fell and the dollar advanced after the Federal Reserve pledged to
keep interest rates low for a long time but stopped short of offering further on
stimulus to shore up a battered U.S. economy.
    • Investors on Wednesday pushed longer-term U.S. Treasury yields to their
highest levels this week and steepened the yield curve after the U.S. Federal
Reserve said it would keep interest rates near zero for some time.
    • Oil prices were mixed in early trade, just clinging to overnight gains, as
concerns about weak fuel demand were in the frame again after Hurricane Sally
blasted through the Gulf of Mexico into the southeastern United States.
    • Gold prices eased as the U.S. dollar firmed, although doubts over a swift
global economic recovery and the Federal Reserve's pledge to hold interest rates
near zero until at least 2023 limited losses for the safe-haven metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         73.52/73.55  September 16     1,854.56     877.01 crores
                                                 crores       
 10-yr bond yield  5.99%        Month-to-date    1,402        2,114 crores
                                                 crores       
                                Year-to-date     37,532       (1,10,631) crores
                                                 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 = 73.53 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up