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Morning News Call - India, September 29

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    FACTORS TO WATCH
    10:00 am: Mazagon Dock Shipbuilders IPO opens for subscription in Mumbai.
    10:00 am: UTI Asset Management Company IPO opens for subscription in Mumbai.
    12:00 am: Commerce Ministry Joint Secretary S. Suresh Kumar, Chemicals
Minister D.V. Sadananda Gowda at FICCI’s virtual conference on specialty
chemicals.
    1:00 pm: Pharma Secretary P.D. Waghela, Vice President Venkaiah Naidu at
FICCI HEAL conference on post-Covid Healthcare.
    3:00 pm: Adani Solar Chief Executive Ramesh Nair at ASSOCHAM’s EnergyTech
convention.
    11:00 am: Hindustan Copper is scheduled to hold its annual general meeting. 
    11:00 am: Eris Lifesciences is scheduled to hold its annual general meeting.
 
    11:30 am: MOIL is scheduled to hold its annual general meeting.  
    12:30 pm: Power Finance Corp is scheduled to hold its annual general
meeting.  
    2:00 pm: Glenmark Pharmaceuticals is scheduled to hold its annual general
meeting.  
    3:00 pm: PVR is scheduled to hold its annual general meeting.  
    3:00 pm: Dixon Technologies is scheduled to hold its annual general meeting.
 
    3:30 pm: Prestige Estates is scheduled to hold its annual general meeting.  
    4:00 pm: Welspun India is scheduled to hold its annual general meeting.  
    5:00 pm: Sunteck Realty is scheduled to hold its annual general meeting.
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Sam Bentley, director and portfolio manager for equities at Eastspring
Investments in Singapore, speaks on the impact of the U.S. election results on
EM assets as well as the broader outlook. To join the conversation at 1:30 pm
IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • RBI to keep rates on hold, provide economic forecasts
    The Reserve Bank of India is expected to keep key rates unchanged at its
upcoming monetary policy review, but may for the first time since February
provide guidance on how the economy is performing amid the coronavirus pandemic.

    • Virus sows dread in India's festival season as infections cross 6 million
    India reported on Monday that novel coronavirus infections had topped 6
million, nowhere near the number required for herd immunity in country of 1.3
billion people, and raising anxiety going into the peak period for Hindu
religious festivals.
    • Three top Apple suppliers to commit $900 mln to India smartphone incentive
plan - sources
    Three of Apple's top contract manufacturers plan to invest a total of almost
$900 million in India in the next five years to tap into a new production-linked
incentive plan, according to two sources familiar with the matter.
    • Lakshmi Vilas Bank's shares fall after RBI okays committee to run lender
    Shares of India's Lakshmi Vilas Bank fell on Monday, after the country's
central bank okayed a three-member committee of directors to run the private
lender after its shareholders voted out seven directors.
    • Low diesel demand hits BPCL's crude runs, ups petrol imports
    Indian refiner Bharat Petroleum will continue to import gasoline for the
next few months as its crude processing is hit due to lower demand for diesel
that accounts for 40%-45% of its product slate, its head of marketing A. K.
Singh said.
    
    
    GLOBAL TOP NEWS
    • Some in BOJ called for review of strategy to achieve elusive price goal
    Some Bank of Japan board members called for a review of the central bank's
policy strategy as the economic shock caused by the coronavirus pandemic pushes
inflation further away from its target, a summary of opinions from a September
meeting showed.
    • Biden campaign tees up Trump tax issue on eve of first debate
    Joe Biden's campaign seized on a fresh line of attack on the eve of the
Democratic presidential nominee's first debate with President Donald Trump,
accusing the Republican incumbent of gaming the system to avoid paying his fair
share of taxes.
    • Pandemic to keep Asia's growth at lowest since 1967, warns World Bank
    The coronavirus pandemic is expected to lead to the slowest growth in more
than 50 years in East Asia and the Pacific as well as China, while up to 38
million people are set to be pushed back into poverty, the World Bank said in an
economic update on Monday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.1% higher at 11,254.50. 
    • The Indian rupee is likely to open higher against the U.S. currency
tracking a broad dollar decline ahead of the first U.S. presidential debate
before this year’s elections and developments on the fiscal stimulus bill in the
world’s largest economy.
    • Indian government bond yields are likely to trade higher in early session
ahead of a fresh supply of debt via states, while market participants await the
borrowing calendar for the October-March period. The yield on the benchmark
5.77% bond maturing in 2030 is expected to trade in a 6.03%-6.09% range today.
    
    
    GLOBAL MARKETS
    • Wall Street rallied to close sharply higher on Monday as investors sought
bargains among sectors hardest-hit by the coronavirus recession, now limping
toward its ninth month.
    •  Asian markets largely opened higher, building on newfound momentum after
bargain hunters helped a recovery in U.S. markets in the wake of last week's
selloff.
    • The dollar was steady against a basket of currencies as traders looked out
to the first U.S. presidential debate and developments on the U.S. stimulus
bill.
    • U.S. Treasury yields were roughly flat toward the end of a quiet Monday,
with no significant data releases or Treasury issuance on the calendar, and
investors holding off from making significant moves ahead of Tuesday's
presidential debate.
    • Oil prices fell as demand concerns driven by COVID-19 outweighed hopes
that U.S. lawmakers and the White House were nearing an agreement on a new
stimulus package to revive the world's biggest economy.
    • Gold edged higher, with investors focusing on the first U.S. presidential
debate and progress on a new U.S. stimulus bill.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         73.75/73.78  September 28     (3,225.11  523.18 crores
                                                 ) crores   
 10-yr bond yield  6.056%       Month-to-date    (7,241)    3,766 crores
                                                 crores     
                                Year-to-date     28,889     (1,08,979) 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= 73.75 Indian rupees)
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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