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Morning News Call - India, November 17

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    FACTORS TO WATCH
    11:00 am: Government to sign contracts with winning bidders under round five
of Open Acreage Licensing Policy. 
    3:00 pm: Mahanagar Gas analyst conference call post second-quarter earnings.
    4:00 pm: General Insurance Corporation of India analyst conference call post
second-quarter earnings.
    4:00 pm: Health Ministry briefing on COVID-19 situation. 
    6:30 pm: Prime Minister Narendra Modi, European Central Bank President
Christine Lagarde at Bloomberg “2020 New Economy Forum.”
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
Marcus Chenevix, TS Lombard’s MENA and Turkey specialist, joins the forum to
discuss what U.S.-Turkey ties could look like under a new president given
matters including cases of sanctions violations. He will also discuss Saudi
Arabia‘s attempted reform measures and the state of its economy, considering
current oil prices. To join the discussion at 5:30 pm IST, click here here
    
    
    INDIA TOP NEWS
    • Drugmaker Biological E. starts human trials of COVID-19 vaccine candidate
India's Biological E. has started human trials of its COVID-19 vaccine candidate
and expects results by February, the drugmaker said on Monday.
    • India rate cuts bets fall as recovery gains hold, inflation stays high
Negative real rates in India and recovering growth alongside high inflation
suggest its central bank has little room for more monetary stimulus, but policy
is likely to stay accommodative, economists and analysts said.
    • India's diesel sales dip in first half of November -data
India's diesel sales dipped in the first half of November after briefly
recovering from the impact of the COVID-19 pandemic in October, raising concerns
about industrial growth in Asia's third largest economy.\
    • India's top retail trade body says Diwali sales up 10.8% in 2020 
India's top retail trade body said on Sunday that sales during the country's
Diwali festive period rose by more than 10% year-on-year, indicating "good
business prospects" for small businesses.
    • Reliance buys Indian furniture retailer Urban Ladder
Reliance Industries said on Sunday it has bought a 96% stake in online furniture
retailer Urban Ladder for 1,821.2 million rupees, furthering its attempt to
expand its presence in India's online retail market.
    • SSAB eyes Tata Steel's Dutch assets as European consolidation picks up
Swedish steelmaker SSAB is in talks with Tata Steel about potentially buying the
Indian group's Dutch steel mill in IJmuiden and related assets, it said on
Friday.
    • Deadly fire at Oil India well extinguished after nearly six months
A deadly fire that has been raging for nearly six months at a well operated by
Oil India in the eastern Assam state has been "doused completely," the company
said in a filing to exchanges on Monday.
    • Indian capital's third coronavirus wave has peaked - minister
The latest surge of coronavirus infections in the Indian capital, that has
swamped its intensive care wards and killed hundreds of people, has passed its
peak, the city's top health official said on Monday, dismissing fears of another
lockdown.
    
    
    GLOBAL TOP NEWS
    • We can stop COVID-19: Moderna vaccine success gives world more hope
Moderna's experimental vaccine is 94.5% effective in preventing COVID-19 based
on interim data from a late-stage trial, the company said on Monday, becoming
the second U.S. drugmaker to report results that far exceed expectations.

    • 'More people may die,' Biden says, if Trump goes on blocking pandemic
cooperation
President-elect Joe Biden said on Monday "more people may die" if outgoing
President Donald Trump continues blocking a U.S. transition of power as the
coronavirus pandemic worsens, and he urged Congress to pass new relief
legislation.
    • Trump asked for options for attacking Iran last week, but held off -source
President Donald Trump asked for options on attacking Iran's main nuclear site
last week but ultimately decided against taking the dramatic step, a U.S.
official said on Monday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.4% higher at 12,887.
    • The Indian rupee is expected to trade higher against the U.S. currency,
tracking broad dollar decline amid yet another encouraging development on the
coronavirus vaccine.
    • Indian government bond yields will likely open little changed ahead of a
fresh supply of state debt today, while traders eye moves on the U.S. 10-year
Treasury yield for further cues. The yield on the benchmark 5.77% 2030 bond is
expected to trade in a 5.85%-5.90% band.
    
    
    GLOBAL MARKETS
    • The S&P 500 and Dow Jones industrial average notched record closing highs
on Monday as news of another promising coronavirus vaccine fanned hopes of
eradicating COVID-19, while spiking infections and new shutdowns threatened to
hobble a recovery from the pandemic recession.
    • Asian stocks cautiously pushed further into record territory, and oil
edged higher after U.S. benchmarks were pepped up by news of another promising
coronavirus vaccine.
    • The dollar nursed losses as a return of coronavirus restrictions in some
U.S. states and worries about a smooth transition for President-elect Joe Biden
offset optimism about a coronavirus vaccine.
    • U.S. Treasury yields rose on Monday and the yield curve steepened as news
of another promising coronavirus vaccine boosted optimism that the economy may
be closer to returning to normal, but that was tempered by a likely slow
rollout.
    • Oil prices edged higher on expectations OPEC and its allies will extend
oil production cuts for at least three months, while sentiment was bolstered by
news of another promising coronavirus vaccine.
    • Gold prices were little changed, as concerns over spiking U.S. coronavirus
cases offset pressure from vaccine optimism brought about by a positive vaccine
trial data.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.55/74.58  November 13      3,559.05 crores  (318.23) crores
 10-yr bond yield  5.88%        Month-to-date    29,436 crores    1,570 crores
                                Year-to-date     77,324 crores    (1,05,576) 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  = 74.35 Indian rupees)
 

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
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