February 12, 2020 / 3:35 AM / 16 days ago

Morning News Call - India, February 12

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    FACTORS TO WATCH
    5:30 pm: Government is likely to release consumer price inflation data for
January and industrial production data for December.
    LIVECHAT- EQUITIES WATCH
    Reuters stocks correspondents in London and New York discuss equity market
moves on both sides of the Atlantic. To join the conversation at 07:30 pm IST,
click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Mahindra draws up $423 million turnaround plan for Korean unit Ssangyong
    Indian automaker Mahindra & Mahindra will invest $423 million to turnaround
its struggling South Korean unit Ssangyong Motor and make it profitable by 2022,
a senior company executive told reporters in Mumbai on Tuesday.
    • India's economic growth set to bounce back as slump bottoms out: govt
adviser
    Indian economic growth is poised to bounce back after slipping to a more
than six-year low of 4.5% in the July-September quarter as the government has
taken measures to prop up investments and consumer demand, a top government
adviser said.
    • India's electricity demand picks up after being hit by sluggish economy
    Electricity demand in India rose in January for the first time in six
months, government data showed on Tuesday, after declining since August as the
economy slowed.
    • Indian tycoon Mallya appeals against extradition from Britain 
    Indian businessman Vijay Mallya launched an appeal in Britain's High Court
on Tuesday against a 2018 decision to extradite him to India to face fraud
charges resulting from the collapse of his defunct company Kingfisher
Airlines.

    
    GLOBAL TOP NEWS
    • New coronavirus cases lowest since Jan but experts disagree over peak
    China's Hubei province reported its lowest number of new coronavirus cases
since January, lending credence to a prediction from the country's senior
medical adviser that the outbreak could be over by April.
    • SoftBank stock surges to seven-month high after judge OKs Sprint-T-Mobile
merger
    SoftBank Group stock surged to its highest price in over half a year in
Tokyo, after a U.S. federal judge rejected an antitrust challenge to the
proposed takeover of subsidiary Sprint by T-Mobile US.
    • Fed's Powell says economy in good place, warns on coronavirus
    Federal Reserve Chair Jerome Powell told Congress on Tuesday that the U.S.
economy is in a good place, even as he cited the potential threat from the
coronavirus in China and concerns about the economy's long-term
health.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.3% higher at 12,159.00.
    • The Indian rupee is expected to edge higher against the dollar, boosted by
positive Asian leads.
    • Indian government bonds will likely trade largely unchanged as traders
await January’s retail inflation data, due post market hours, to gauge the
future outlook on interest rate cuts.The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 6.45%-6.50%. 
    
    
    GLOBAL MARKETS
    • S&P 500 and the Nasdaq inched to their second consecutive record closing
highs on Tuesday as Chinese officials said the deadly coronavirus epidemic could
be contained by April.
    • Asian shares and Wall Street futures nudged higher amid hopes the worst of
the coronavirus in China may have passed, although prevailing uncertainty about
the outbreak has kept investors wary.
    • Asian currencies found support from a slowdown in the spread of
coronavirus, but a strong dollar and caution about the rising death toll kept
gains in check, while the New Zealand dollar jumped after the central bank
dropped its easing bias.
    • U.S. Treasury yields rose on Tuesday after Federal Reserve Chair Jay
Powell said the U.S. economy is resilient and maintained that current interest
rate policy remains appropriate.
    • Oil prices rose for a second day amid preliminary signs that new
coronavirus cases are slowing in China, easing concerns over the demand impact
from the disease in the world's second-largest oil consumer.
    • Gold prices were flat as equities ticked up after China's senior medical
adviser suggested the coronavirus epidemic may be over by April, although
uncertainty over the impact of the outbreak supported the safe-haven
metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.27/71.30  February 11      (502.85) crore  2,148.99 crore
 10-yr bond yield  6.46 pct     Month-to-date    8,268 crore     10,074 crore
                                Year-to-date     20,391 crore    (1,574) crore
 
    (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 = 71.28 Indian rupees)
 



 (Compiled by Prajakta Gadgil in Bengaluru)
  
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