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Morning News Call - India, November 18

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    FACTORS TO WATCH
    11:20 am: Steel Minister Dharmendra Pradhan, Minister of State for Steel
Faggan Singh Kulaste at PHD Chamber of Commerce virtual mining summit.
    12:00 pm: Minister of State for Information and Communication Technology T.
Zunaid Ahmed Palak at FICCI Global Young Leaders Summit. 
    12:30 pm: Health Minister Harsh Vardhan, Health Secretary Rajesh Bhushan,
15th Finance Commission Chairman N.K. Singh at CII Asia Heath 2020 digital
conference.
    2:45 pm: Former Chief Economic Adviser Arvind Virmani at PHD Chamber of
Commerce webinar on “Economic Reforms and Post COVID-19 Growth.”
    3:00 pm: NITI Aayog Advisor (Energy) Rajnath Ram, Tata Power President
Renewables at ETEnergyWorld webinar.
    5:00 pm: Wipro virtual analyst meet.
    6:45 pm: International Monetary Fund Economic Counsellor and Director of
Research Gita Gopinath, Tata Sons Executive Chairman Natarajan Chandrasekaran at
Bloomberg “2020 New Economy Forum.”
    7:30 pm: Fitch Ratings webinar on outlook for global debt, growth and
financial stability.

    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Reuters equities correspondents in London and New York examine how a busy
week is playing out on bourses on both sides of the Atlantic. To join the
discussion at 7:30 pm IST, click here here
   
    
    INDIA TOP NEWS
    • India set to hand troubled Lakshmi Vilas Bank to Singapore's DBS
Lakshmi Vilas Bank is set to be folded into the Indian unit of Singapore's DBS
under a plan proposed by the Reserve Bank of India (RBI), which took over LVB on
Tuesday due to a "serious deterioration" in its finances.
    • India pins hopes on locally-tested COVID-19 vaccines given Pfizer
constraints
India hopes five locally-tested vaccines will help it to control COVID-19, as
those developed by Pfizer and Moderna may not be available to it in big
quantities soon.
    • Indian oil firms need to bring in foreign players to unlock resources-
minister
India's oil minister Dharmendra Pradhan asked exploration companies to consider
farming out their acreages to global players with advanced technology to
expedite development and raise oil and gas output.
    • Delhi plans virus curbs as infections rise, critical-care beds run short
As India's capital battles its worst phase in the coronavirus pandemic,
authorities drew up plans on Tuesday to reinstate some curbs, such as lockdowns
of some markets, if necessary, although elsewhere in the nation new infections
are falling.
  
    
    GLOBAL TOP NEWS
    • Biden's coronavirus advisers warn on stalled transition, Trump pushes
legal challenges
President-elect Joe Biden's top coronavirus advisers warned on Tuesday that
President Donald Trump's stalling of the transition could hinder the country's
pandemic response, as Trump and his allies persisted in challenging the Nov. 3
election results.
    • 'More power than traditional media': Facebook, Twitter policies attacked
Republican senators on Tuesday attacked the chief executives of Facebook and
Twitter for what they called censorship of President Trump and his allies during
the U.S. election while Democrats bemoaned the spread of misinformation on
social media.
    • U.S. House passes bill to reform plane certification process after two
Boeing 737 MAX crashes
The U.S. House of Representatives unanimously approved legislation on Tuesday to
reform the Federal Aviation Administration’s aircraft certification process
after two fatal Boeing 737 MAX crashes killed 346 people.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.1% lower at 12,891.50.
    • The Indian rupee is expected to trade little changed against the dollar
amid a pause in the equity rally on concerns over the economic impact of surging
coronavirus infections in the U.S.
    • Indian government bond yields will likely open little changed as traders
await the central bank’s so-called special open market operation, due tomorrow,
for further cues. The yield on the benchmark 5.77% 2030 bond is likely to trade
in a 5.85%-5.90% band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks retreated from record closing highs on Tuesday, ending lower
as surging COVID-19 cases, the growing threat of a fresh round of economic
lockdowns and weak retail sales data dampened the euphoria caused by potential
vaccine breakthroughs.
    • Global shares stepped back as soft U.S. retail sales fuelled worries that
rising coronavirus cases could stifle a still fragile economic recovery,
dampening the euphoria from vaccine trial breakthroughs.
    • The safe-haven Japanese yen sat near a one-week high and a steady U.S.
dollar held commodity currencies in check, as worries about rising coronavirus
cases tempered optimism around promising vaccine trials.
    • U.S. Treasury yields fell on Tuesday as data showed U.S. retail sales
increased less than expected in October, underscoring expectations that growth
might slow this quarter.
    • Oil prices fell after a bigger-than-expected build in U.S. crude
stockpiles stoked fears for weak fuel demand and a potential supply glut, but
hopes that OPEC and its allies will postpone a planned January increase to oil
output braked losses.
    • Gold prices edged higher as investors weighed the economic impact from the
resurgence of COVID-19 globally against optimism over a potential vaccine.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.43/74.46  November 17      1,730.94 crores  (4.44) crores
 10-yr bond yield  5.88%        Month-to-date    31,167 crores    1,566 crores
                                Year-to-date     79,055 crores    (1,05,580) 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 = 74.46 Indian rupees)
 

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
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