for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Morning News Call - India, October 14

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
    10:00 am: Chief Economic Adviser Krishnamurthy Subramanian, IBBI Chairperson
M.S. Sahoo at FICCI’s webinar on “Investment Opportunities in Stressed Assets in
India.”
    11:00 am: Coal Secretary Anil Kumar Jain at Federation of India Mineral
Industries virtual annual general meeting.
    11:00 am: Chemicals Minister D.V. Sadananda Gowda at FICCI “LEADS 2020.”
    11:30 am: Isuzu Motors India to launch BS VI-compliant Isuzu D-Max and S-Cab
pickup trucks.
    12:00 am: Government to release September wholesale price inflation data in
New Delhi. 
    12:30 pm: ICRA webinar on the outlook for automotive industry.
    3:00 pm: Power Minister R.K. Singh, Tata Power Chief Executive and Managing
Director Praveer Sinha among others at Economic Times webinar on power sector
reforms for economic recovery.
    4:30 pm: Infosys virtual press conference post 2Q earnings followed by
analyst conference call.
    7:00 pm: Prime Minister's Economic Advisory Council’s part-time member
Sajjid Chinoy at The Indian Express webinar on the outlook for Indian economy. 

    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    U.S. Reuters stocks correspondents in London and New York discuss major
moves and themes in equity markets. To join the conversation, click on the link:
refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
   •  India examining international arbitration award in Vodafone tax dispute,
says govt official
    India is examining the international arbitration decision on tax dispute
with Vodafone, involving a $2 billion tax claim, but has not yet decided whether
to challenge it in court, a government official said on Tuesday.
    • India moving 'cautiously' on oil refiner BPCL's privatisation- minister
    India is "treading very cautiously" in its plan to privatise state-run oil
refiner Bharat Petroleum, Oil Minister Dharmendra Pradhan said on Tuesday, in a
sign that the process could be delayed.
    • India's federal government allows 20 states to raise 688.25 billion rupees
in loans to meet revenue shortfall
    India's federal government on Tuesday allowed 20 states to raise market
loans amounting 688.25 billion rupees to meet revenue shortfall in the current
financial year ending in March 2021, a government statement said.
    • Indian activists oppose plans to make Goa a coal transport hub
    Indian activists and politicians in the southwestern state of Goa, known
globally for its pristine coastline and dense forests, are opposing a plan by
Prime Minister Narendra Modi's government to turn Goa into a coal transportation
hub.
    
    
    GLOBAL TOP NEWS
    • FDA faults quality control at Lilly plant making Trump-touted COVID drug
    U.S. drug inspectors uncovered serious quality control problems at an Eli
Lilly pharmaceutical plant that is ramping up to manufacture one of two
promising COVID-19 drugs touted by President Trump as “a cure” for the disease,
according to government documents and three sources familiar with the matter.

    • Apple enters 5G race with new iPhone 12 range
    Apple launched its next-generation iPhone 12, with faster 5G connectivity
that the California company hopes will spur consumers to trade in their old
phones and keep its sales booming through the end of the year.
    • McConnell sets Senate vote on coronavirus aid, Pelosi spurns White House
bid
    Senate Majority Leader Mitch McConnell said on Tuesday the Republican-led
U.S. Senate would vote next week on a targeted, $500 billion coronavirus
economic aid bill of the type Democrats already have rejected as they hold out
for trillions in relief.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.3% lower at 11,898.50. 
    • The Indian rupee is expected to open lower against the dollar amid a
pullback in Asian and U.S. equities.  
    • Indian government bond yields are likely to trade largely unchanged in
early session, as traders await the central bank’s open market operation, due
tomorrow, for further cues. The benchmark 5.77% bond maturing in 2030 is likely
to trade in a 5.87%-5.92% band today. 

    
    
    GLOBAL MARKETS
    • Wall Street lost ground on Tuesday, with halted COVID-19 vaccine trials
and an elusive U.S. stimulus agreement weighing on sentiment as third quarter
earnings season got underway.
    • Asian equities slipped as halted COVID-19 vaccine trials and an impasse in
U.S. fiscal aid package talks soured risk appetite, while the greenback held on
to gains as demand firmed for safe-harbour assets.
    • The U.S. dollar held on to gains against most currencies as renewed
questions about a coronavirus vaccine and lack of an agreement on additional
U.S. fiscal stimulus prompted a shift to safer assets.
    • U.S. Treasury yields moved lower on Tuesday as disparate views in
Washington over the next move on coronavirus aid contributed to a risk-off tone
in markets.
    • Oil prices were steady on concerns that fuel demand will continue to
falter as rising coronavirus cases across Europe and in the United States, the
world's biggest oil consumer, could impede economic growth.
    • Gold prices lingered below the key $1,900/ounce psychological level as
lack of an agreement on additional U.S. fiscal stimulus helped the dollar stay
firm.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         73.36/73.39  October 13       1,766.32    571.14 crores
                                                 crores      
 10-yr bond yield  5.904%       Month-to-date    5,757       (1,073) crores
                                                 crores      
                                Year-to-date     34,104      (1,09,860) crores
                                                 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= 73.38 Indian rupees)
 

 (Compiling by Nachiket Tekawade in Bengaluru)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up