January 22, 2020 / 3:21 AM / a month ago

Morning News Call - India, January 22

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    FACTORS TO WATCH
    5:15 pm: Axis Bank earnings simulcast in Mumbai. 
    
    LIVE CHAT - LIVE FROM DAVOS
    Moderated by experienced Reuters journalists, join us in the GMF as we bring
you to the heart of the Davos debate and on-location coverage of one of the
biggest global events of the year. Lord Greg Barker, Chairman, En + Group at
1.30 pm IST; Ravi Kumar S President, Infosys at 2.30 pm IST; John M. Lervik
Founder and CEO, Cognite at 3.30 pm IST; Antonio Neri President and Chief
Executive Officer, Hewlett Packard Enterprise at 4.30 pm IST; Matthew
Chamberlain CEO, LME at 5.30 pm IST; Xue Lan, Dean of Schwarzman College,
Tsinghua University at 6.45 pm IST; Anthony Scaramucci, Founder, SkyBridge
Capital at 8.30 pm IST; Scott Minerd, Global Chief Investment Officer,
Guggenheim Partners at 10.30 pm IST. To join the conversation, click on the
link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
     • Indian state refiners near first annual deals to buy Russian oil -
sources
Indian state refiners are close to signing their first annual deals to buy
Russian oil, three sources privy to the development said, as the nation moves to
tap new sources to hedge against geopolitical risks.
     • India to auction rare art belonging to diamond magnate arrested in UK
The seized assets of Indian diamond magnate Nirav Modi, arrested in Britain last
year over fraud allegations, will be auctioned within the next two months, the
Mumbai-based Saffronart auctioneers said on Tuesday.
     • Trump says U.S. ready to 'help' in India-Pakistan Kashmir dispute
President Donald Trump said the United States was watching developments between
India and Pakistan over Kashmir "very closely" and was prepared to help if
necessary, but did not say how.
   
    
    GLOBAL TOP NEWS
    • China virus death toll rises to nine as pandemic fears mount 
The death toll from a new flu-like coronavirus in China rose to nine with 440
confirmed cases, Chinese health officials said as authorities stepped up efforts
to control the outbreak by discouraging public gatherings in Hubei province.

    • U.S. Senate blocks Democratic bids for evidence, witnesses in Trump
impeachment trial 
The Republican-controlled U.S. Senate rejected Democratic efforts on Tuesday to
obtain evidence and call witnesses in President Donald Trump's impeachment
trial, an early sign the proceeding could advance along lines favorable to
Trump.
    • Boeing warns of new 737 MAX delay, now sees mid-year return to service
Boeing said on Tuesday it does not expect to win approval for the return of the
737 MAX to service until mid-year due to further potential developments in the
certification process and regulatory scrutiny on its flight control system.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     • SGX Nifty nearest-month futures were trading 0.2% higher at 12,216.50.
     • The Indian rupee is expected to open slightly higher against the dollar
amid continued focus on the effects of the new virus that originated in China.
The Chinese yuan and Asian equities recovered from yesterday’s selloff.
     • Indian government bonds are likely to trade largely unchanged as
investors await cues on New Delhi’s fiscal trajectory. The yield on the
benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.62%-6.67% today.
    
 
    GLOBAL MARKETS
    • Wall Street lost ground on Tuesday, backing away from record highs as a
viral outbreak from China found its way to U.S. shores and the International
Monetary Fund (IMF) lowered its global economic growth forecast.
    • Asian share markets steadied as investors took stock of the spread of a
new strain of coronavirus from China and weighed the possible consequences of a
global pandemic.
    • The yen was supported while the yuan was on the back foot as investors
tried to assess the risk of the outbreak of a new coronavirus in China
disrupting the country's economy and trade partners.
    • U.S. Treasury prices surged on Tuesday, pushing yields lower as risk
appetite dropped, amid worries about the potential fallout from a lethal virus
that has broken out in China.
    • Oil prices edged lower, extending the previous session's drops, as
investors continue to shrug aside the impact of almost all of Libya's crude
production being off-line amid plentiful supplies elsewhere.
    • Gold prices fell, as the dollar firmed and investors assessed the risk of
a global epidemic from a coronavirus outbreak from China that could have an
impact on economic growth.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.18/71.21  January 21       1,301.46 crore  93.12 crore
 10-yr bond yield  6.63 pct     Month-to-date    10,081 crore    (11,680) 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 = 71.17 Indian rupees)
 

 (Compiled by Pooja Kesavan in Bengaluru)
  
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