November 5, 2019 / 3:27 AM / 9 days ago

Morning News Call - India, November 5

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    FACTORS TO WATCH
    2:30 pm: Finance Minister Nirmala Sitharaman and SEBI Chairman Ajay Tyagi at
NSE's silver jubilee celebrations in Mumbai.
    2:30 pm: RBI Executive Director S. Ganesh Kumar at BSE's Gold event in
Mumbai.
    
    
    INDIA TOP NEWS
    • Asia trade pact doesn't reflect India's interests, decided not to join -
PM Modi
    India's Prime Minister Narendra Modi said on Monday that he could not
compromise the interests of farmers and workers at home by joining a China-led
regional trade pact after it failed to address Delhi's concerns over market
access.
    • Delhi banishes some cars in bid to curb hazardous air pollution
    Authorities in capital New Delhi banished from the roads cars with number
plates ending in an odd number on Monday in a bid to cut hazardous air pollution
shrouding the city.
    • Burger King's India unit looks to raise 4 billion rupees in IPO
    The Indian arm of U.S.-based Burger King filed for a local initial public
offering (IPO) to raise up to 4 billion rupees ($56.6 million) on Monday, as it
looks to open more restaurants in a country where international fast-food brands
are gaining in popularity.
    • India's Infosys says no immediate evidence to support whistleblower
complaints
    Indian IT services major Infosys said on Monday it had not yet
received any evidence to support the allegations in a whistleblower letter from
last month.
    • Activist asks Indian court to order probe into WhatsApp over hacking
scandal
    A right-wing social activist in India filed a petition asking the country's
top court to order a probe into Facebook Inc and WhatsApp over
revelations that a piece of spyware had exploited vulnerabilities in the popular
messaging app to snoop on hundreds of devices.
    • India's October gold imports drop 33% as higher prices curtail festive
buying
    India's gold imports in October fell a third from a year earlier, dropping a
fourth straight month as near record-high prices dampened festive buying in the
world's second-biggest consumer of the metal, a government source said on
Monday.
    • IndiGo says systems back to normal after outage hits flyers
    India's largest airline IndiGo said on Monday its flights and check-in
systems were running normally, after an hours-long outage hit operations at
airports, leading to long queues and hassling passengers.
    

    
    GLOBAL TOP NEWS
    • Chinese President Xi says need to bring down trade barriers
    Global trade barriers must be removed, and countries should uphold basic
multilateral trade principles while standing firm against protectionism and
unilateralism, Chinese President Xi Jinping said in a speech.
    • China central bank cuts medium-term loan rate for 1st time since 2016 as
growth cools
    China's central bank cut the interest rate on its medium-term lending
facility (MLF) for the first time since early 2016, as policymakers work to prop
up a slowing economy hit by weaker demand at home and abroad.
    • Uber's quarterly loss widens as costs rise; shares fall
    Uber on Monday posted a wider third-quarter loss as the company
tries to outspend competitors through discounts and invests heavily in
loss-making new business ventures, sending its shares down in after-hours
trading.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were almost flat at 11,974.
    • The Indian rupee is expected to open little changed against the U.S.
currency amid a rebound in the dollar index and fresh record highs of the U.S.
equities.
    • Indian government bonds will likely open lower, tracking a sharp uptick in
U.S. Treasury yields as demand for safe-haven assets eased amid rising hopes of
a trade truce between the United States and China. The yield on the benchmark
6.45% bond maturing in 2029 is likely to trade in a range of 6.46%-6.52%.
    
    
    GLOBAL MARKETS
    • All three major U.S. stock indexes posted record closing highs on Monday,
extending a recent run of gains on further hopes of a U.S.-China trade deal.

    • Asian shares approached their July peak on signs the United States and
China are inching closer to a truce in their trade war and on optimism the U.S.
economy is poised for solid, consumer-driven growth.
    • The U.S. dollar rose against the yen thanks to growing optimism the United
States and China are on the verge of reaching a preliminary agreement to scale
back their bruising trade war.
    • U.S. Treasury yields rose on Monday ahead of this week's Treasury
Department debt auctions, and as risk sentiment improved on optimism about a
deal to de-escalate the U.S.-China trade war.
    • Oil prices slipped amid doubts over whether OPEC and other countries will
continue to restrain output, edging lower after two days of gains on U.S.
economic data and hopes for a Washington-Beijing trade deal.
    • Gold prices edged down, extending losses to a second straight session, as
hopes of a U.S.-China trade pact bolstered the dollar and increased appetite for
riskier assets, weighing on the safe-haven bullion.
  
  
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         70.70/70.73  November 4       1,807.16 crore  1,655.67 crore
 10-yr bond yield  6.50%        Month-to-date    3,797 crore     2,712 crore
                                Year-to-date     72,350 crore    35,568 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  = 70.80 Indian rupees)
 

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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