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Morning News Call - India, August 18

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    FACTORS TO WATCH
    3:00 pm: Kotak Mahindra Bank annual general meeting via video conferencing
in Mumbai. 
    5:00 pm: Former RBI Deputy Governor N.S. Vishwanathan and Bank of India
Chairman G. Padmanabhan at SPJIMR's webinar on banking and governance in India,
in Mumbai.  
    
        
    INDIA TOP NEWS
    • Facebook executive in India files police complaint after report on content
practices 
    A top Facebook executive in India has filed a police complaint in New Delhi
saying she is receiving death threats after a media report said she and the U.S.
social network company allegedly favoured Prime Minister Narendra Modi's ruling
party.
    • Reliance in talks to buy online furniture retail, milk delivery startups
    Reliance Industries is in talks to buy online furniture retailer Urban
Ladder and milk delivery firm Milkbasket to strengthen its e-commerce business,
the Times of India newspaper reported on Monday.
    • Migrants return to Delhi as India's COVID-19 deaths top 50,000
    India's COVID-19 deaths topped 50,000 on Monday, five months after the
country reported its first such fatality, as migrant workers poured back into
major cities in hopes of regaining work after the easing of anti-virus
restrictions.
    • India's power output rises for first time in five months in early August
    India's electricity generation in the first 15 days of August rose for the
first time since early March, provisional government data showed, as the country
opened up industries and lifted restrictions to control the spread of
coronavirus. 
    
    
    GLOBAL TOP NEWS
    • Joined by some Republicans, Democrats tout Biden's leadership as
convention opens
    Former rival Bernie Sanders and prominent Republican John Kasich joined
forces in a display of unity for Joe Biden on Monday, the opening night of a
Democratic convention showcasing the broad coalition arrayed against President
Donald Trump.
    • Japan manufacturers' gloom eases slightly but pandemic woes remain
    Japan's manufacturers were their least pessimistic in four months in August,
the Reuters Tankan survey of business sentiment showed, but signalled a slow
recovery from the coronavirus pandemic.
    • U.S. tightening restrictions on Huawei access to technology, chips
    The Trump administration on Monday announced it will further tighten
restrictions on Huawei Technologies, aimed at cracking down on its access to
commercially available chips.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading little changed at 11,285.20.
    • The Indian rupee is expected to trade higher against the U.S. currency,
tracking broad dollar weakness and pullback in Treasury yields.
    • Indian government bond yields may open little changed ahead of a fresh
supply of state debt, while market participants await likely bond-supportive
measures from the central bank. The yield on the benchmark 5.79% bond maturing
in 2030 is likely to trade in a range of 5.95%-6.00%, a trader with a state-run
bank said.
    
    
    GLOBAL MARKETS
    • The Nasdaq surged to a record high close on Monday, while the S&P 500
approached its own record level, with both indexes lifted by Nvidia and other
technology stocks.
    • Asian stocks inched up as Sino-U.S. tensions weighed on optimism generated
by Wall Street's tech-driven rally, while the dollar dropped against almost all
major currencies.
    • The dollar teetered near milestone lows, after a triple blow of retreating
yields, soft U.S. economic data and a dip in safe-haven demand exerted broad
selling pressure.
    • U.S. Treasury yields fell on Monday, retreating a bit from last week's
higher levels as the market awaited a new burst of supply to finance stimulus
efforts to combat the economic fallout from the coronavirus pandemic.
    • Oil prices edged lower, mostly holding onto overnight gains after OPEC+
said the producer grouping is almost fully complying with output cuts to support
prices amid a drop in demand for fuels due to the coronavirus pandemic.
    • Gold prices edged up on the back of a weaker dollar, although gains were
capped by a rally in U.S. equities and signs of a recovery in global economic
activity.
    
          
               CLOSE       FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot     74.87/74.9  August 17        (187.73) crores  (622.31) crores
 10-yr bond    5.97%       Month-to-date    25,959 crores    273 crores
 yield                                                       
                           Year-to-date     15,009 crores    (1,09,162) 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 = 75.02 Indian rupees)
 

 (Reporting by Pooja Kesavan in Bengaluru)
  
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