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Morning News Call - India, October 16

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    FACTORS TO WATCH
    9:30 am: SIAM to announce monthly auto industry sales data, followed by
virtual press conference.
    10:00 am: HCL Technologies virtual press conference post 2Q earnings.
    10:00 am: Agriculture Minister Narendra Singh Tomar at CII’s webinar on agro
and food technology.
    11:00 am: Petroleum Secretary Tarun Kapoor, GAIL (India) Marketing Director
E.S. Ranganathan at PHD Chamber of Commerce’s webinar on alternate fuel
technology for vehicles.
    1:30 pm: Federal Bank Chief Executive and Managing Director Shyam Srinivasan
at a virtual press conference post 2Q earnings.
    
        
    INDIA TOP NEWS
    • India will not mandate secondary listings for firms joining overseas
markets, sources say
    India has decided not to mandate secondary listings for domestic firms that
float shares on a foreign stock exchange as it prepares to announce a new policy
within weeks, two senior government sources and two industry executives told
Reuters.
    • Bollywood stays away as Indian cinemas reopen after eight months
    Movie theatres in some parts of India opened for the first time in eight
months on Thursday, but with no major Bollywood releases likely any time soon,
beleaguered cinema owners worry about whether audiences can be lured back to the
big screen.
    • Tata Group looking for stake in IPO-bound online grocer BigBasket - report
    Salt-to-software conglomerate Tata Group is in talks with Indian online
grocery startup BigBasket to buy a stake in the company, the Mint newspaper
reported, citing people familiar with the matter.
    • JLR to launch electric Jaguar I-PACE in India in early 2021
    Jaguar Land Rover (JLR) plans to launch its electric Jaguar I-PACE sedan in
India early next year, the automaker's country head told Reuters on Thursday, as
governments across the world push for more clean-energy vehicles.
    • India sends out scientists to tackle winter air pollution woes
    Indian authorities sent teams of scientists out to various parts of the
capital, New Delhi, and surrounding districts on Thursday to clamp down on
illegal factories and construction sites as part of efforts to combat worsening
winter air pollution.

    
    
    GLOBAL TOP NEWS
    • In split-screen town halls, Trump and Biden squabble over coronavirus
response
    Democratic presidential candidate Joe Biden on Thursday criticized what he
called President Donald Trump's "panicked" response to the coronavirus pandemic,
while Trump defended his handling of a crisis that has killed more than 216,000
Americans.
    • Trump urges big COVID-19 stimulus, McConnell disagrees as talks continue
    President Donald Trump on Thursday said he is willing to raise his offer of
$1.8 trillion for a COVID-19 relief deal with Democrats in the U.S. Congress,
but the idea was shot down by his fellow Republican, Senate Majority Leader
Mitch McConnell.
    • Vaccine cooperation, recovery could boost global income $9 tln by 2025-IMF
chief
    Strong international cooperation on COVID-19 vaccines could speed up the
world economic recovery and add $9 trillion to global income by 2025,
International Monetary Fund Managing Director Kristalina Georgieva said on
Thursday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.7% higher at 11,759.00.
    • The Indian rupee is expected to open lower tracking the dollar’s strength
against most Asian currencies. However, a likely rebound in Indian equities is
expected to cap the rupee’s losses, traders said.
    • Indian sovereign bond yields are likely to rise today, after the federal
government raised its borrowing plan for the second half of this fiscal. Bond
yields may also move higher ahead of the debt auction today, wherein New Delhi
plans to raise at least 280 billion rupees. The benchmark 5.77% bond maturing in
2030 is likely to trade in a 5.92%-5.98% band till the debt auction today.

    
    
    GLOBAL MARKETS
    • The S&P 500 ended lower on Thursday after a rise in weekly jobless claims
compounded worries about a stalling economic recovery and fading hopes for more
fiscal aid before the election.
    • Asian stocks edged higher, buoyed by gains in China, but the mood was
cautious due to a resurgence of coronavirus infections in Europe and the United
States.
    • The dollar was headed for its best week of the month, as surging
coronavirus cases and stalled progress toward U.S. stimulus had nervous
investors seeking safe assets.
    • U.S. Treasury yields edged higher on Thursday, changing direction after an
earlier safe-haven rally sparked when jobless claims notched an unexpected
climb.
    • Oil prices fell on concerns that major producers will move ahead with
plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and
the United States is curtailing demand in two of the world's biggest fuel
consuming regions.
    • Gold prices inched lower, on track for its first weekly decline in three,
as the dollar held firm and U.S. stimulus talks showed no progress.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         73.36/73.39  October 15       1,149.13     (3.87) crores
                                                 crores       
 10-yr bond yield  5.898%       Month-to-date    8,782        (878) crores
                                                 crores       
                                Year-to-date     37,129       (1,09,665) 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= 73.42 Indian rupees)
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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