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Morning News Call - India, October 29

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    FACTORS TO WATCH
    8:30 am: PNB Housing Finance conference call post 2Q earnings.
    9:00 am: Chief Economic Advisor Krishnamurthy Subramanian and State Bank of
India Managing Director C.S. Setty at FICCI’s NBFC summit.
    10:00 am: Larsen & Toubro analyst conference call post 2Q earnings.
    11:00 am: Finance Ministry Additional Secretary Anand Mohan Bajaj, Life
Insurance Corp. Managing Director Vipin Anand and Reserve Bank of India General
Manager Manoj Kumar at ASSOCHAM webinar on India’s corporate bond market.
    11:00 am: Blue Star conference call post 2Q earnings.
    11:30 am: Hero MoroCorp analyst conference call post 2Q earnings.
    2:30 pm: Mahindra & Mahindra Chief Executive and Managing Director Pawan
Goenka at the launch webcast of its electric three-wheeler cargo.
    2:30 pm: Maruti Suzuki India Chairman R.C. Bhargava, Chief Executive and
Managing Director Kenichi Ayukawa at a virtual press conference post 2Q
earnings.
    3:30 pm: V-Guard Industries conference call post 2Q earnings.
    3:45 pm: Bank of Baroda Chief Executive and Managing Director Sanjiv Chadha
at a conference call post 2Q earnings.
    4:00 pm: Arvind conference call post 2Q earnings.
    4:00 pm: UTI Asset Management Company conference call post 2Q earnings.
    5:00 pm: InterGlobe Aviation conference call post 2Q earnings.
    5:00 pm: TVS Motor conference call post 2Q earnings.
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Reuters European Government Bonds Correspondent Yörük Bahçeli examines the
state of play in European govvies and tells the GMF what to look out for in debt
markets. To join the conversation at 5:00 pm IST, click here here
    
    
    INDIA TOP NEWS
    • Indian refiners bet on petrochems to hedge against low fuel margins
    Indian refiners have turned their focus to raising production of
petrochemicals to cater for rising demand and help hedge against lower refined
fuel margins, the country's oil secretary and company officials said on
Wednesday.
    • China bought nearly 30% of Indian steel exports in April-Sept - data
    China was the top foreign buyer of Indian steel between April and September,
government data showed on Wednesday, marking a rare rise in bilateral economic
activity at a time of political tensions that have triggered some trade curbs.

    • Lloyd's insurer Apollo to stop underwriting Adani coal mine from Sept.
2021
    Lloyd's of London firm Apollo has written insurance for Adani Enterprises'
Carmichael thermal coal mine which expires in Sept 2021 but is not planning to
provide any further insurance for the mine, according to a memo seen by Reuters.

    • NTPC to borrow $478 million from Japanese banks to fund clean energy
    India's largest electricity generator NTPC said on Wednesday it would borrow
50 billion yen ($478 million) from Japanese banks to fund the installation of
emission-cutting equipment and green energy projects.
    • India trials of Russian Sputnik-V vaccine may end as early as March - Dr
Reddy's
    Drugmaker Dr Reddy's Laboratories on Wednesday rolled out a preliminary
timeline for the India trials of Russia's coronavirus vaccine candidate, with
the late-stage expected to be completed by as early as March 2021.
    • Trade body urges India not to reduce import tax on edible oils
    A leading trade body has urged the Indian government not to reduce import
taxes on edible oils as lower prices could hurt local farmers who are trying to
boost production.
    • Indian parliamentary panel slams Twitter in China map dispute
    The head of an Indian parliamentary panel accused Twitter of disrespecting
New Delhi's sovereignty on Wednesday, after mapping data showed Indian-ruled
territory as part of China in what the social network said was a quickly
resolved mistake.
    • U.S. pitches cheaper solar tech to India amid high dependence on China
    The United States wants India to explore manufacturing a cheaper alternative
to silicon solar cells, U.S. Energy Secretary Dan Brouillette said on Wednesday,
amid high dependence on Chinese technology.
    
    
    GLOBAL TOP NEWS
    • As COVID-19 roars back in U.S., Trump stages rallies in Arizona
    With less than a week before Election Day, President Donald Trump held a
pair of in-person campaign rallies in Arizona on Wednesday despite a U.S. surge
in COVID-19 cases and criticism he is prioritizing his re-election above the
health of his supporters.
    • 'Who the hell elected you?' U.S. Senate tech hearing becomes political
showdown
    A U.S. Senate hearing to reform an internet law and hold tech companies
accountable for how they moderate content quickly turned into a political
scuffle as lawmakers not only went after the companies but also attacked each
other.
    • France and Germany thrust into lockdown as second COVID-19 wave sweeps
Europe
    French President Emmanuel Macron and German Chancellor Angela Merkel ordered
their countries back into lockdown on Wednesday, as a massive second wave of
coronavirus infections threatened to overwhelm Europe before the winter.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.5% lower at 11,667.20.
    • The Indian rupee is expected to decline against the dollar, tracking a
rout in equities worldwide on worries over the economic impact of new lockdowns
in Europe.
    • Indian government bond yields are expected to edge lower in the early
session, ahead of the central bank’s outright bond buyback auction today. The
yield on the benchmark 5.77% bond maturing in 2030 is likely to trade in a
5.83%-5.88% band till the auction today.
    
    
    GLOBAL MARKETS
    • U.S. stocks tumbled on Wednesday, with the Dow closing at lows last seen
in late July, as coronavirus cases soared globally and investors worried about
the possibility of a contested U.S. presidential election next week.
    • Asian stock markets fell but not as sharply as Wall Street's rout
overnight, while oil bounced off lows and U.S. futures jumped, as Asia's
brighter economic outlook offset investor worries about fresh COVID-19 lockdowns
in Europe.
    • The dollar held gains against a basket of major currencies as escalating
coronavirus cases in Europe stoked fears across markets that fresh lockdowns
would further hit the already fragile economic recovery.
    • U.S. Treasury yields were roughly unchanged across maturities on Wednesday
afternoon, as expectations of heavy issuance of new supply offset safe-haven
demand amid a dramatic stock sell-off that brought major U.S. stock indexes to
one-month lows.
    • Oil prices rose in early trading, regaining some of the ground lost in a
5% slump overnight, amid the prospect of tighter short-term supply with
two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed
Louisiana.
    • Gold was little changed, trading near a one-month low hit in the previous
session, as fears of the economic impact from a fresh wave of the novel
coronavirus in Europe kept the dollar around a one-week high it hit on
Wednesday.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         73.86/73.89  October 28       3,589.14 crores  (1,026.83) crores
 10-yr bond yield  5.85%        Month-to-date    20,413 crores    2,282 crores
                                Year-to-date     48,760 crores    (1,06,505) 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 = 73.94 Indian rupees)
 

    

 (Compiled by Pranay Prakash in Bengaluru)
  
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