January 23, 2020 / 3:14 AM / a month ago

Morning News Call - India, January 23

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    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. Zhang Yi-Chen, Chairman and Chief Executive Officer,
CITIC Capital at 1.30 pm IST; George Oliver, Chairman and Chief Executive
Officer, Johnson Controls at 2.30 pm IST; Ajay Singh, Co-Founder, SpiceJet at
4.30 IST; Hazem Ben Gacem, Co- Chief Executive Officer, Investcorp at 5.30 pm
IST; Amit Nayyar, President, financial services business, Paytm at 6.15 pm IST;
David M. Rubenstein, Co-Founder and Co-Executive Chairman, Carlyle Group at 7.30
pm IST; Pirojsha Godrej, Executive Chairman, Godrej Properties at 8.30 pm IST.
To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Mumbai bets on all-night shopping to lift India's economy
Residents of Mumbai will be able to shop and dine out until dawn from late this
month as the Indian city plans to lift restrictions on retail trading hours in
order to boost the local economy.
    • Adani Power drives 21% jump in Indian utilities' coal imports in 2019
Indian utilities' coal imports jumped 21% last year, rebounding after a
three-year slide mainly due to increased purchases by an Adani Power plant in
western India, government data showed on Wednesday.
    • Jaguar Land Rover to cut 10% of workforce at UK Halewood factory
British carmaker Jaguar Land Rover said on Wednesday it will cut around 10% of
the workforce at its northern English Halewood factory as it changes shift
patterns to boost efficiency at the site.
    • Supreme Court gives government more time to explain divisive citizenship
law
Supreme Court declined calls to suspend the implementation of a new citizenship
law on Wednesday, deciding that a constitutional bench of five judges was needed
to hear all the challenges to legislation that critics say discriminates against
Muslims.
    
    
    GLOBAL TOP NEWS
    • China locks down epicentre of virus outbreak; nearly 600 infected
China is putting on lockdown a city of 11 million people considered the
epicenter of the new coronavirus outbreak that has killed 17 and infected nearly
600 people, as health authorities around the world work to prevent a global
pandemic.
    • Democrats launch first salvo at Trump impeachment trial, say U.S global
standing at stake
Democrats accused President Donald Trump at his impeachment trial on Wednesday
of a corrupt scheme to pressure Ukraine to help him get re-elected and warned
that America's global prestige would suffer if the U.S. Senate acquits him.

    • Japan exports shrink for 13th month in further blow to economy
Japan's exports fell for a 13th straight month in December, hurt by U.S.-bound
shipments of cars, construction and mining machinery, suggesting weak external
demand is likely to remain a drag on the trade-reliant economy for a while
longer.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 12,144.50.
    • The Indian rupee is expected to open little changed against the dollar as
concerns over the spread of a deadly virus in China erode the benefits of a fall
in crude oil. 
    • Indian government bonds are likely to rise today tracking a consistent
fall in crude oil prices. The yield on the benchmark 6.45% bond maturing in 2029
is likely to trade in a range of 6.60%-6.65% today.
    
    
    GLOBAL MARKETS
    • Technology shares led the S&P 500 marginally higher on Wednesday, as a
healthy forecast from IBM helped mitigate worries over the developing
coronavirus outbreak.
    • Asian shares and U.S. stocks fell as investors remained anxious about the
spread of a new flu-like virus in China just as millions prepared to travel for
the Lunar New Year.
    • The safe-haven Japanese yen was firm and the Chinese yuan fragile as
traders kept a wary eye on the spread of a virus in China, while the ailing
Australian dollar jumped after a surprise drop in unemployment.
    • U.S. Treasury yields were narrowly mixed on Wednesday, with market
participants cautious overall, as bond investors digested the economic
implications of a fatal new coronavirus from China.
    • Oil prices fell more than 2% on Wednesday as a market surplus forecast by
the International Energy Agency (IEA) and demand worries amid the outbreak of a
virus in China outweighed concern over disruptions to Libya's crude output.
    • Gold prices held steady, as rising fears over the spread of China's new
flu-like virus supported the safe-haven metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.18/71.21  January 22       1,696.53 crore  (1,163.65)
                                                                 crore
 10-yr bond yield  6.64 pct     Month-to-date    11,778 crore    (12,843)
                                                                 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 = 71.30 Indian rupees)
 

 (Compiled by Pooja Kesavan in Bengaluru)
  
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