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Morning News Call - India, September 22

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    FACTORS TO WATCH
    9:00 am: Monsoon session of Parliament continues in New Delhi.
    10:00 am: Angel Broking IPO opens for subscription.
    10:00 am: Power Ministry’s Joint Secretary Ghanshyam Prasad, NITI Aayog CEO
Amitabh Kant, International Solar Alliance’s Director General Upendra Tripathy
are scheduled to participate in India Energy Storage Alliance’s virtual World
Energy Storage Day summit.
    11:00 am: Housing Ministry’s Joint Secretary D. Thara, Jal Shakti Ministry’s
Secretary Upendra Prasad Singh will be part of ETEnergyworld.com’s virtual
conference on “Drinking Water Supply and Distribution in India.”
    11:00 am: Axis Bank Chief Executive and Managing Director Amitabh Chaudhry,
Bandhan Bank Chief Executive and Managing Director Chandra Shekhar Ghosh will be
at AIMA’s National Management Convention.
    11:00 am: Ducati India’s online launch of the Scrambler 1100 PRO motorcycle.
    11:00 am: Power Grid Corp is scheduled to hold its annual general meeting. 
    11:30 am: GAIL is scheduled to hold its annual general meeting. 
    12:15 pm: JK Tyre is scheduled to hold its annual general meeting. 
    3:00 pm: PTC India is scheduled to hold its annual general meeting. 
    3:00 pm: Mahindra Finance Vice Chairman and Managing Director Ramesh Iyer is
scheduled to a virtual media analyst meet.
    4:00 pm: Balrampur Chini Mills is scheduled to hold its annual general
meeting. 

    
      
    INDIA TOP NEWS
    • India's August crude imports continue slide as economy stalls
India's crude oil imports declined in August, albeit at a slower pace, as
soaring coronavirus cases continued to hit mobility and slowed economic
recovery, government data showed on Monday.
    • India's government bonds miss out on J.P. Morgan index inclusion
J.P. Morgan has opted not to include India's government bonds in one of its
flagship emerging market indexes after investors cited ongoing problems with
capital controls, custody and settlement and other operational snags.

    • Indian Oil Corp reviews refinery expansion plans
Indian Oil Corp, the country's largest refiner, is reviewing its refinery
expansion plans because of a gradual rise in use of cleaner fuels and changing
demand patterns in Asia's third-largest economy, its chairman said.
    • Taj Mahal gets first visitors as coronavirus infections climb
India reopened the Taj Mahal after six months on Monday, with the first visitors
trickling into the famous monument as authorities reported 86,961 new
coronavirus infections across the country, with no signs of a peak yet.

    • Dairy firm Kwality Ltd under investigation for alleged $190 million fraud
India's federal police on Monday said they had registered a case against dairy
company Kwality and its directors for allegedly cheating a consortium of banks
of around $190 million.
    
    
    GLOBAL TOP NEWS
    • Beijing unlikely to approve ByteDance's TikTok deal with Oracle -Global
Times
A deal China's ByteDance has struck with Oracle and Walmart over the future of
its video-streaming app TikTok is unlikely to receive Chinese government
approval, state-backed newspaper Global Times said in an editorial.
    • Trump to name Supreme Court pick by Saturday as Democratic hopes of
blocking nomination dim
President Donald Trump raced on Monday to cement a conservative majority on the
U.S. Supreme Court before the Nov. 3 election, telling reporters he planned by
Saturday to reveal his pick to succeed liberal icon Ruth Bader Ginsburg.

    • Global banks seek to contain damage over $2 trillion of suspicious
transfers
Global banks faced a fresh scandal about dirty money on Monday as they sought to
limit the fallout from a cache of leaked documents showing they transferred more
than $2 trillion in suspect funds over nearly two decades.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.6% higher at 11,291.20.
    • The Indian rupee is expected to open lower against the U.S. currency,
tracking broad dollar strength amid worries that new restrictions in Europe to
contain the surging coronavirus infections will weigh on the fragile economic
recovery.
    • Indian government bond yields are expected to edge higher in early session
ahead of a fresh supply via state papers today. A Reuters report that JP Morgan
will not include Indian federal bonds in one of its emerging market indices may
also cause yields to rise. The yield on the benchmark 5.77% bond maturing in
2030 is likely to trade in a 6.00%-6.06% range. 
    
    
    GLOBAL MARKETS
    • Wall Street's main indexes closed lower on Monday as concerns about new
lockdowns in Europe and possible delays in fresh stimulus from Congress raised
fears the U.S. economy faces a longer road to recovery than previously hoped
for.
    • Asian shares opened weaker on concerns about new pandemic lockdowns in
Europe and after reports about financial institutions allegedly moving illicit
funds hurt global banking stocks.
    • A resurgent dollar held on to overnight gains after virus fears and
worries about U.S. stimulus drove a wave of selling in just about everything
else.
    • Oil rose, paring sharp overnight losses, as the latest tropical storm in
the Gulf of Mexico lost strength, but worries about fuel demand persisted with
flare-ups around the globe in coronavirus cases.
    • Gold prices inched up after slumping in the previous session, as the
resurgent dollar held on to overnight gains, while economic concerns over fresh
rounds of coronavirus-induced lockdowns across Europe also helped buoy the
metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         73.42/73.45  September 21     1,823.94 crores  340.54 crores
 10-yr bond yield  6.016%       Month-to-date    3,590 crores     2,400 crores
                                Year-to-date     39,720 crores    (110,345) 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 = 73.57 Indian rupees)
 

 (Compiled by Yoganand KN in Bengaluru)
  
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