February 25, 2020 / 3:21 AM / a month ago

Morning News Call - India, February 25

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
    1:30 pm: NITI Aayog CEO Amitabh Kant at FICCI’s ‘US-India Forum: Partners
for Growth,’ in New Delhi.
    4:00 pm: U.S. Commerce Secretary Wilbur Ross at CII’s India-US Business
Summit, in New Delhi
           
    
    INDIA TOP NEWS
    • 'Namaste Trump': India's nationalist leader Modi holds huge rally for U.S.
President's visit
    Donald Trump was cheered by more than 100,000 Indians at the opening of the
world's largest cricket stadium on Monday, promising "an incredible trade deal"
and "the most feared military equipment on the planet" at his biggest rally
abroad.
    • In Mumbai, Microsoft boss Nadella trumpets cloud tie-up with Reliance
    Microsoft Chief Executive Officer Satya Nadella touted the new India cloud
partnership with Reliance Industries as he shared centre-stage with its chairman
Mukesh Ambani at an event in India's financial capital on Monday.
    • TVS sees 10% drop in February production as coronavirus hits parts supply
    Scooter manufacturer TVS Motor said on Monday it expects a 10% drop in
February production as the supply of components used in vehicles is being hit by
the coronavirus epidemic.
    • India refiners getting rare oil cheap as China demand slows
    Indian refining companies are snapping up rare crude grades as the
coronavirus outbreak curtails China's demand for processing, executives and
traders said, with prices for some grades falling by as much as 15%.

    • India reallocates sugar exports quotas to boost shipments
    India has reallocated unused sugar exports quotas of more than 600,000
tonnes among mills after some producers failed to ship due to a drop in output,
a government circular said on Monday.
    • GAIL says sustained cheaper spot LNG prices are the biggest risk
    Gas utility GAIL (India) sees the falling spot price of liquefied natural
gas as the biggest risk to its business, its chairman Manoj Jain said on Monday.

    
    
    GLOBAL TOP NEWS
    • Battle against coronavirus turns to Italy; Wall Street falls on pandemic
fears
    The coronavirus death toll climbed to seven in Italy on Monday and several
Middle East countries were dealing with their first infections, sending markets
into a tailspin over fears of a global pandemic even as China eased curbs with
no new cases reported in Beijing and other cities.
    • U.S. still eyeing ways to curb sales to Huawei after Trump's chipmaker
comments -sources
    U.S. government officials are still considering ways to further curb sales
to China's Huawei Technologies  despite President Donald Trump's tweets and
comments last week in support of sales to China, according to people familiar
with the matter.
    • Weinstein found guilty of sexual assault, rape, in victory for #MeToo
movement
    Former movie producer Harvey Weinstein was convicted of sexual assault and
rape in a New York court on Monday and taken off to jail in handcuffs, a victory
for the #MeToo movement that inspired women to publicly accuse powerful men of
misconduct.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.5% higher at 11,789.00.
    • The Indian rupee is expected to trade higher against the dollar, helped by
the recovery in most Asian currencies from yesterday’s slump.
    • Indian government bonds are likely to edge lower, ahead of fresh supply of
state debt today, while traders may look to book profits after a sharp rally
yesterday. The yield on the benchmark 6.45% bond maturing in 2029 is likely to
trade in a range of 6.34%-6.39% today.
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow Jones Industrial Average on Monday suffered their
biggest one-day percentage losses in two years after a surge in coronavirus
cases outside China fanned worries about the global economic impact of a
potential pandemic.
    • Asian share markets were trying to stabilise after a wave of early selling
petered out and Wall Street futures managed a solid bounce, allowing investors
to take a break from coronavirus fears.
    • The dollar checked its march higher as investors sharply raised bets that
the growing fallout from the coronavirus outbreak would prompt U.S. interest
rate cuts.
    • U.S. Treasury yields fell on Monday to their lowest levels since 2016 as
investors sought safety in government bonds amid fears the coronavirus epidemic
could do more economic damage than predicted.
    • Oil rose as investors snapped up bargains after crude benchmarks dropped
almost 4% in the previous session, but fears that the spreading coronavirus
could wreak far greater economic damage than initially thought capped gains.

    • Gold prices fell as investors chose to pocket profits after the metal hit
a seven-year high in the previous session, although growing fears over a spike
in new coronavirus cases outside of China capped bullion's losses.
      
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.87/71.90  February 24      840.85 crore  (1,117.71) crore
 10-yr bond yield  6.36 pct     Month-to-date    11,591 crore  9,501 crore
                                Year-to-date     23,714 crore  (2,147) crore
      
    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 = 71.87 Indian rupees)
 

 (Compiled by Pranay Prakash in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below