July 22, 2020 / 3:30 AM / 18 days ago

Morning News Call - India, July 22

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    FACTORS TO WATCH
    11:00 am: Chief Economic Adviser Krishnamurthy Subramanian at FICCI’s Annual
Capital Market Conference in Mumbai.
11:00 am: World Bank’s Lead Economist Qaiser Khan at FICCI’s webinar on “Social
Protection and the Impact of the Global Pandemic” in Mumbai.
6:30 pm: Prime Minister Narendra Modi at India Ideas Summit 2020 in Mumbai.
    
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Equities reporters at Reuters covering Europe and the Americas discuss how a
busy week of corporate earnings, coronavirus updates, and political tensions are
playing out on equity markets. To join the conversation at 7:30 pm IST, click
here refini.tv/2P8N0Wp
        
    
    INDIA TOP NEWS
    • India, U.S. closing in on trade deal -commerce minister
 India and the United States are closing in on a trade deal, Indian Commerce
Minister Piyush Goyal said on Tuesday, after two years of negotiations.

• Zoom to open tech centre in India's Bengaluru
Zoom Video Communications said on Tuesday it will open a technology centre in
the southern Indian city of Bengaluru and soon begin hiring as part of an
expansion push in the country.
• Glenmark defends price of its COVID-19 drug favipiravir version
Glenmark Pharmaceuticals defended the pricing of its generic version of
favipiravir, FabiFlu, on Tuesday, after India's drug regulator had reportedly
sent the company a notice on overpricing.
• Tellurian stock soars after India's Petronet renews investment deal
Shares of U.S. liquefied natural gas (LNG) developer Tellurian soared after
Indian sources familiar with the matter said India's top gas importer, Petronet
LNG renewed a deal to give the parties more time to finalize an investment in
Tellurian's Driftwood export project in Louisiana.
    
    
    GLOBAL TOP NEWS
    • U.S. records 1,000 deaths in one day from COVID-19, California passes
400,000 cases
The United States reported more than 1,000 deaths from COVID-19 on Tuesday,
according to a Reuters tally, marking the first time since June 10 the nation
has surpassed that grim milestone, as California closed in on passing New York
in total infections.
• U.S. accuses Chinese nationals of hacking spree for COVID-19 data, defense
secrets
The U.S. Justice Department on Tuesday indicted two Chinese nationals over their
role in what the agency called a decade-long cyber espionage campaign that
targeted defense contractors, COVID researchers and hundreds of other victims
worldwide.
• Japan's July factory activity extends declines into third quarter as demand
sags - PMI
Japan's factory activity contracted for a 15th straight month in July,
indicating the economic pain from the coronavirus crisis extended into the third
quarter of the year as hopes for a quick global recovery fade.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,178.50.
• The Indian rupee is expected to rise against the U.S. currency as the euro's
surge prompted the biggest decline on the dollar index in about two months.
• Indian bond yields will likely edge lower in early session on value buying
after a sharp uptick yesterday, while investors await bond-supportive measures
from the central bank to offset supply concerns. The yield on the benchmark
5.79% bond maturing in 2030 is likely to trade in a range of 5.78%-5.85%.   
    
    
    GLOBAL MARKETS
    • The S&P 500 edged higher on Tuesday, as investors rotated into
economically sensitive cyclical stocks, optimistic that Washington will deliver
a new round of stimulus to sustain the U.S. economic recovery from a
pandemic-induced recession.
    • The euro stood at an 18-month high, silver soared and commodities forged
ahead, as economic recovery hopes drove bets on rebounding world demand and a
falling U.S. dollar.
    • The dollar nursed losses against most currencies in Asian trade,
undermined by concern that Republicans and Democrats are struggling to reach
consensus on the next round of U.S. economic stimulus measures.
    • U.S. Treasury yields headed lower on Tuesday despite mostly higher stocks,
as markets focused on negotiations over new federal aid to boost the
coronavirus-hit economy.
    • Oil prices fell as industry data showed a bigger- than-expected inventory
build in the United States where coronavirus cases continue to climb,
potentially further denting demand in the world's biggest oil consumer.
    • Gold jumped more than 1% to its highest in nearly nine years, driven by a
weaker dollar and as expectations of more stimulus to resuscitate pandemic-hit
economies lifted the metal's appeal as an inflation-hedge.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.79/74.82  July 21          1,647.79 crores  368.01 crores
 10-yr bond yield  5.82%        Month-to-date    (3,608) crores   626 crores
                                Year-to-date     (22,121) crores  (1,06,333) 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 = 74.53 Indian rupees)
 

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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