Morning News Call - India, October 13

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    9.30 am: NITI Aayog CEO Amitabh Kant, Tata Power President - Renewables
Ashish Khanna, Mahindra Group Deputy Managing Director and CFO Anish Shah at
    11:30 am: Road Transport Minister Nitin Gadkari launches 8 national highway
projects in Kerala state. 
    12:00 am: Nippon Paint India virtual media briefing on a strategic
    2:30 pm: Indian Banks’ Association Chief Executive Sunil Mehta, State Bank
of India Chairman Dinesh Khara and other banking heads at IBA webinar.
    4:00 pm: Health Ministry briefing on Covid-19 situation in India. (National
Media Centre) in New Delhi 

    • India announces economic stimulus to boost demand by $10 billion
    India on Monday announced steps to stimulate consumer demand, including
advance payment of a part of the wages of federal government employees during
the festival season and more capital spending as it tries to bolster the
pandemic-hit economy.
    • India's retail inflation picks up in Sept as food prices soar 
    India's retail inflation picked up in September to 7.34%, its highest level
in eight months, as food prices surged ahead of the festival season, increasing
chances of a further delay in a rate cut by the central bank to bolster the
shrinking economy.
    • India in stalemate on borrowing to help out pandemic-hit states
    Spending to help India's pandemic-hit economy is likely to face delays after
the federal government and some states on Monday failed to agree who should
borrow to cover revenue shortfalls.
    • India's Aug industrial contracts 8% y/y -government
    India's industrial output contracted 8% in August from a year earlier,
government data showed, as a monthly measure indicated some recovery in the
sector that was hit by lockdowns imposed to curb the spread of coronavirus.

    • Mumbai's millions get their power back after massive outage
    Millions went without power in India's financial capital Mumbai and
surrounding areas for hours on Monday, after a grid failure triggered its first
major blackout in more than two years.
    • Businessman Shetty seeks India probe of NMC, Finablr ex-CEOs over $6
billion scandal
    Indian entrepreneur BR Shetty has filed a complaint with federal
investigative agencies in India seeking a probe into two former top executives
of his companies and two Indian banks related to a multibillion dollar financial
scandal engulfing his group.
    • Back on campaign trail, Trump says he feels 'powerful' after COVID
    President Donald Trump returned to the campaign trail on Monday for the
first time since he announced his COVID-19 diagnosis, touting his management of
the pandemic as opinion polls showed him losing more ground to Democratic rival
Joe Biden.
    • J&J pauses COVID-19 vaccine trials due to unexplained illness in
    Johnson & Johnson said it had temporarily paused its COVID-19 vaccine
candidate clinical trials due to an unexplained illness in a study participant,
delaying one of the highest profile efforts to contain the global pandemic.

    • Japan manufacturers struggle to shake gloom in October - Reuters Tankan
    The pessimism hanging over Japan's manufacturers lifted slightly in October,
suggesting businesses were emerging from the coronavirus pandemic's heavy blow
to activity and earnings but at a glacial pace.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.1% lower at 11,927.80.
    • The Indian rupee is expected to open lower against the dollar, tracking
the decline in regional equities and U.S. futures after a leading coronavirus
vaccine trial was paused.
    • India bond yields are likely to edge higher in early session, as retail
inflation rate quickened at a faster-than-expected pace in September and stayed
above the central bank’s tolerance ceiling. Yields may also rise ahead of a
fresh supply of state debt, traders said. The benchmark 5.77% bond maturing in
2030 is likely to trade in a 5.90%-5.95% band today.
    • Wall Street ended sharply higher on Monday, fueled by expectations of a
coronavirus relief package and by a rally in Amazon, Apple and other technology
stocks ahead quarterly earnings season. 
    • Asian shares slipped, brushing off a firmer Wall Street lead as China's
post-holiday rally cooled, although a buoyant tech sector and fresh optimism
about U.S. stimulus are expected to continue to support sentiment.
    • The dollar flirted with three-week lows as investors stuck to hopes that
there will be large U.S. fiscal stimulus after the Nov. 3 election to shore up a
pandemic-hit economy, supporting riskier currencies.
    • Oil prices were steady in early trade, sitting on losses of nearly 3% from
the previous session after supplies began to resume in Norway and the U.S. Gulf
of Mexico and Libya resumed production at its largest oilfield.
    • Gold prices inched lower as the dollar ticked up, although concerns over
rising COVID-19 cases and hopes of a large U.S. fiscal stimulus being eventually
released checked the metal's decline.
                   CLOSE          FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         (73.22/73.25)  October 13       (1,254.66)  2,923.73 crores
 10-yr bond yield  5.899%         Month-to-date    3,990       (1,644) crores
                                  Year-to-date     32,337      (1,10,431) 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= 73.33 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)