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Morning News Call - India, September 23

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    FACTORS TO WATCH
    9:00 am: Monsoon session of Parliament continues in New Delhi.
    10:30 am: Coal India is scheduled to hold its annual general meeting. 
    11:00 am: Bharat Forge is scheduled to hold its annual general meeting. 
    11:00 am: Karur Vysya Bank is scheduled to hold its annual general meeting. 
    5:00 pm: IPO subscriptions for Computer Age Management Services and Chemcon
Speciality Chemicals closes.
    6:00 pm: Commerce Minister Piyush Goyal is scheduled to participate in
CII-Exim Bank Digital conclave.
    
    
    INDIA TOP NEWS
    • India approves labour reforms amid union protests
India's lower house of parliament on Tuesday approved long-pending, disputed
labour reforms in the teeth of a boycott by opposition parties and protests from
trade unions.
    • India's new coronavirus infections at lowest in almost a month
India reported its lowest daily tally of coronavirus cases in almost a month on
Tuesday as it prepares for clinical trials of a potential Russian vaccine in the
next few weeks.
    • Shapoorji Pallonji group to separate interests from Tata group
Shapoorji Pallonji (SP) group, the largest minority shareholder in Tata Group,
believes it is necessary to separate interests from the autos to steel
conglomerate, it said on Tuesday.
    • India's Serum Institute starts manufacturing Codagenix's potential
COVID-19 vaccine
Codagenix said on Tuesday Serum Institute of India has started manufacturing the
U.S. biotech firm's potential COVID-19 vaccine and it expects to begin
early-stage human trial of the vaccine by the end of 2020 in the UK.

    • China, India agree not to send more troops to border flashpoint
China and India have agreed to stop sending more troops to a Himalayan
flashpoint along their contested border and to avoid any actions that might
complicate the tense situation there, the two countries said on Tuesday.

    • NSE, Singapore's SGX finalise derivatives tie-up
India's National Stock Exchange (NSE) and Singapore Exchange (SGX) have
finalised a derivatives tie-up and ended arbitration proceedings relating to a
2018 dispute on SGX's launch of an index derivative, the bourses said on
Tuesday.
    • Paytm executive says India's secondary listing plan would be undue burden
India's potential plan to compel companies to do a secondary listing on an
Indian stock exchange if they opt to first list on an overseas bourse would
unfairly penalise Indian firms, according to a senior executive at fin-tech
company Paytm.
    
    
    GLOBAL TOP NEWS
    • U.S.-China tensions take center stage at U.N. as Trump accuses Beijing of
unleashing 'plague'
U.S. President Donald Trump told the United Nations General Assembly on Tuesday
that China must be held accountable for having "unleashed" COVID-19 on the
world, prompting Beijing to accuse him of "lies" and abusing the U.N. platform
to provoke confrontation.
    • Japan factory activity struggles to recover as output falls - PMI
Japan's factory activity extended declines in September largely due to a sharper
fall in output, as the world's third-largest economy struggles to stage a robust
recovery from the coronavirus pandemic.
    • Tesla's value drops $50 billion as Musk's promised cheaper battery 3 years
away
Investors slashed $50 billion from Tesla's market value on Tuesday despite CEO
Elon Musk's promise to cut electric vehicle costs so radically that a $25,000
car that drives itself will be possible, but not for at least three years.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.1% at 11,170.50.
    • The Indian rupee is expected to open little changed against the U.S.
currency amid the dollar index’s climb to a two-month high and tepid risk
appetite.
    • Indian government bond yields will likely trade largely unchanged in early
session, as traders await clarity on New Delhi’s borrowing calendar for the
second half of this fiscal year and the outlook for outright open market
purchases by the central bank. The yield on the benchmark 5.77% bond maturing in
2030 is expected to trade in a 5.98%-6.04% range.
    
    
    GLOBAL MARKETS
    • Wall Street stocks rebounded on Tuesday, led by a jump in Amazon.com, even
as a likely delay in new fiscal stimulus by Congress and an increase in the
number of coronavirus cases dampened hopes of a faster economic recovery.
    • Asia's stock markets struggled to emulate Wall Street's rebound as
persistent worries about the global economic recovery kept investors cautious,
while ebbing inflation expectations helped the U.S. dollar to a two-month high.

    • The U.S. dollar held onto gains against major currencies, supported by
positive U.S. economic data and concerns about a second wave of coronavirus
infections in Europe and Britain.
    • Oil prices fell after an industry group reported a rise in U.S. crude
inventories against expectations for a decline, adding to worries about demand
that led to a steep selloff earlier in the week.
    • Gold prices edged higher, supported by renewed U.S.-China tensions and
concerns over economic recovery, but a robust dollar capped gains.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         73.55/73.58  September 22     (283.40) crores  942.84 crores
 10-yr bond yield  6.010%       Month-to-date    3,307 crores     3,343 crores
                                Year-to-date     39,437 crores    109,402 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 = 73.50 Indian rupees)
 

 (Compiled by Yoganand KN in Bengaluru)
  
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