April 27, 2020 / 3:05 AM / a month ago

Morning News Call - India, April 27

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    FACTORS TO WATCH
    4:00 pm: IndusInd Bank MD & CEO Sumant Kathpalia will participate in a Q4
earnings conference call in Mumbai.
    
    LIVECHAT - MARKETS UPDATE
    Mike Dolan, Reuters Editor at Large, Finance & Markets, discusses the themes
in play for markets in the upcoming week at 3:30 pm IST. To join the
conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's Modi urges citizens to follow lockdown as coronavirus spreads
    Prime Minister Narendra Modi urged Indians to comply with a nationwide
lockdown and social distancing measures on Sunday, a day after some of the
world's toughest restrictions were eased slightly while cases of COVID-19
continued to mount.
    • Indian government brushes off Indian tax officers' proposal for
coronavirus tax on super rich
    A group of Indian Revenue Service officers have recommended taxing the super
rich, and foreign companies, to help pay for the coronavirus economic fallout,
but the government brushed off the idea, saying it did not reflect official
views.
    • EXCLUSIVE-India plans to fast track Chinese investments after policy
change - sources
    India plans to fast track the review of some investment proposals from
neigbouring countries such as China following concerns new screening rules could
hit plans of companies and investors, three sources told Reuters on Saturday.

    • Indian funds seek to reassure investors after shutdowns fuel redemption
fears
    Fund houses in India were battling to reassure investors on Friday, amid
fears of a flood of redemption requests after the unprecedented closure of six
debt funds by global giant Franklin Templeton.
    • India's truckers in crisis: Police checks, no food and fears of
coronavirus
    Indian truck driver Arju Yadav says he was on a 30-40 km journey earlier
this month to deliver a consignment of biscuits when he was stopped by police
for defying a coronavirus lockdown, beaten and made to do sit-ups.
    • Indians try to flee unsanitary, overcrowded coronavirus quarantine centres
    Thousands of people in overcrowded coronavirus quarantine centres in
government buildings across India are complaining of poor food and sanitation
and lack of social distancing, inmates and officials say. Some are trying to
escape.
    
    
    GLOBAL TOP NEWS
    • Next wave of U.S. states set to reopen as coronavirus could push jobless
rate to 16%
    Another wave of states prepared to ease coronavirus restrictions on U.S.
commerce this week, despite health experts warning there is still too little
diagnostic testing, while the White House forecast a staggering jump in the
nation's monthly jobless rate.
    • Bank of Japan to expand stimulus again as pandemic pain deepens
    The Bank of Japan is expected to expand monetary stimulus for the second
straight month to ease corporate funding strains and finance huge government
spending aimed at combating the deepening economic fallout from the coronavirus
pandemic.
    • S.Korean officials call for caution amid reports that N.Korean leader Kim
is ill
    South Korean officials are calling for caution amid reports that North
Korean leader Kim Jong Un may be ill, emphasising that they have detected no
unusual movements in North Korea.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.9% higher at 9,230.
    • The Indian rupee will likely edge higher against the dollar tracking
positive Asian risk appetite amid more signs than the coronavirus outbreak is
waning in major economies.
    • Indian government bonds are likely to open higher, ahead of the central
bank’s special open market operation, where it will simultaneously buy and sell
notes worth up to 100 billion rupees each. The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 6.12%-6.18%.
    
    
    GLOBAL MARKETS
    • Wall Street rallied on Friday, led higher by Apple and Microsoft as
investors finished a turbulent week of trading and some states prepared to relax
coronavirus-related lockdowns.
    • Asian shares inched higher ahead of a busy week for earnings and central
bank meetings, with much chatter the Bank of Japan (BOJ) will announce more
stimulus steps.
    • The yen was hemmed into a tight range before a Bank of Japan meeting where
policymakers may consider scrapping limits on bond purchases and easing funding
for companies hit by the coronavirus crisis.
    • U.S. Treasury yields were little changed on Friday as investors stuck with
riskier assets like stocks despite dim prospects of a quick economic rebound
after the novel coronavirus outbreak.
    • Oil prices fell on signs that worldwide oil storage is filling rapidly,
raising concerns that production cuts will not be fast enough to catch up with
the collapse in demand from the coronavirus pandemic.
    • Gold prices edged lower as equities firmed, while expectations for more
economic stimulus measures limited losses.
    
    
                   CLOSE       FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         76.3/76.33  April 24         482.54 crore    881.81 crore
 10-yr bond yield  6.16 pct    Month-to-date    (6,822) crore   (7,603) crore
                               Year-to-date     (54,852) crore  (77,530) crore
 
    (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 = 76.30 Indian rupees)
 
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