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Morning News Call - India, October 15

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    FACTORS TO WATCH
    10:00 am: Information Technology Minister Ravi Shankar Prasad, Housing
Minister Hardeep Singh Puri, Junior Finance Minister Anurag Thakur at FICCI
“LEADS 2020.”
    11:00 am: Moody's Vice President Senior Credit Officer Srikanth Vadlamani
and Alka Anbarasu, Indian Banks' Association Chief Executive Sunil Mehta at
Moody’s webinar on Indian banking system.
    11:00 am: IRDAI Chairman Subhash Kuntia and other insurance company heads at
CII’s Health Insurance summit.
    12:00 am: Apollo Hospitals Executive Vice Chairperson Shobana Kamineni at a
virtual media conference.
    12:00 am: Equitas Small Finance Bank virtual press meet on forthcoming IPO.
    3:00 pm: Tata Elxsi investor conference call post 2Q earnings.
    5:00 pm: Mindtree conference call post 2Q earnings.
    8:00 pm: Cyient conference call post 2Q earnings.​
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM 
    Reuters correspondents examine the state of play in European govvies. To
join the conversation at 4:00 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's Infosys raises revenue forecast, says ready for visa challenge
    Indian software services firm Infosys raised its annual revenue growth
forecast on Wednesday as it posted a better-than-expected quarterly profit,
buoyed by growth in demand for its digital services during the pandemic.

    • U.S. apparel watchdog probes Jockey's Indian partner after human rights
abuse allegations
    A top apparel industry watchdog has launched an investigation into underwear
maker Jockey International's Indian partner Page Industries following
allegations of human rights abuses at one of its factories, the watchdog told
Reuters.
    • Tata Group pulls ad featuring Hindu-Muslim family after outcry
    A subsidiary of India's tea-to-telecoms Tata Group has withdrawn a jewellery
advertisement featuring a Hindu-Muslim family celebrating a baby shower,
following threats to one of its stores and wide criticism on social media.

    • India allows UAE's ADNOC to export oil from strategic reserve
    The Indian cabinet on Wednesday allowed Abu Dhabi National Oil to export oil
from its Mangalore strategic petroleum reserve (SPR), a minister said, marking a
policy shift that could enhance foreign participation as India seeks to expand
its storage capacity.
    • Hindustan Zinc to set up smelter in Gujarat state
    Hindustan Zinc Limited plans to set up a smelter in the western state of
Gujarat, it said on Wednesday, potentially increasing the company's zinc
refining capacity by a third.
    • Coal minister wants Coal India units to set prices independently
    Coal Minister Pralhad Joshi said on Wednesday the units of Coal India should
be allowed to independently set fuel prices in a bid to increase competition and
reduce the price of coal in the country.
    
    
    GLOBAL TOP NEWS
    • Mnuchin says coronavirus aid deal unlikely before U.S. election, will keep
trying
    U.S. Treasury Secretary Steve Mnuchin said he and House of Representatives
Speaker Nancy Pelosi were "far apart" on another coronavirus economic relief
package, and that a deal would be hard to reach before the Nov. 3 elections, but
he would keep trying.
    • Trump administration to consider adding China's Ant Group to trade
blacklist -sources
    The U.S. State Department has submitted a proposal for the Trump
administration to add China's Ant Group to a trade blacklist, according to two
people familiar with the matter, before the financial technology firm is slated
to go public.
    • G20 pledges to do 'whatever it takes' to support global economy
    Financial leaders from the Group of 20 major economies on Wednesday
underscored the urgent need to bring the spread of the coronavirus pandemic
under control, and vowed to "do whatever it takes" to support the global economy
and financial stability.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were almost flat at 11,986.50.
    • The Indian rupee is expected to open little changed to the dollar amid a
quiet session for Asian currencies despite the risk-off mood.
    • India bond yields are likely to edge lower in early session, as traders
expect the central bank to buy the entire quantum of notes at an open market
operation today. The benchmark 5.77% bond maturing in 2030 is likely to trade in
a 5.86%-5.92% band today.
    
    
    GLOBAL MARKETS
    • Wall Street finished weaker on Wednesday, led lower by Amazon and
Microsoft, as investors lost hope that a U.S. fiscal stimulus would be approved
before the presidential election in November.
    • Asian markets were off to a mixed start as hopes of U.S. fiscal stimulus
before the presidential election faded and a record number of new coronavirus
infections in parts of Europe propelled investors toward safe-havens.

    • The dollar and yen drew support as rising coronavirus cases and scant
progress towards a U.S. stimulus deal unsettled investors, while the Australian
dollar hit a one-week low after the central bank chief hinted at easing to come.

    • U.S. Treasury yields drifted mostly lower on Wednesday as Treasury
Secretary Steve Mnuchin said a deal to combat the economic fallout from the
coronavirus pandemic appeared unlikely before the Nov. 3 presidential election.

    • Oil prices rose slightly in early trade after data showed U.S. crude
stockpiles fell last week, adding to 2% gains overnight, as OPEC and its allies
were seen fully complying in September with their pact to curb output.
    • Gold prices fell, weighed by a steady dollar and fading chances of a new
U.S. fiscal stimulus package being finalised before the November elections.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         73.26/73.29  October 14       1,876.03   198.45 crores
                                                 crores     
 10-yr bond yield  5.9%         Month-to-date    7,633      (875) crores
                                                 crores     
                                Year-to-date     35,980     (1,09,662) 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= 73.33 Indian rupees)
 


 (Compiled by Nachiket Tekawade in Bengaluru)
  
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