To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH No major events are scheduled LIVECHAT - MARKETS UPDATE Mike Dolan, Reuters EMEA Markets Editor, talks the forum through the upcoming week in European markets at 3:30 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • Automakers halt production in India due to coronavirus India's biggest automaker Maruti Suzuki India and peers including Mahindra & Mahindra, Mercedes-Benz, Fiat Chrysler Automobiles (FCA) as well as Hyundai Motor said they will halt car production in the country due to the coronavirus outbreak. • New Delhi and scores of Indian districts under lockdown to contain coronavirus spread New Delhi will be under lockdown until March 31, the Indian capital's government announced on Sunday, seeking to keep citizens indoors to prevent the spread of coronavirus and giving police powers to punish violators. • Coronavirus undermines Indian crop prices, derails rural rebound Indian farmer Banwarilal Bhardwaj was planning to buy a car after harvesting his winter-sown crops that were promising bumper returns. • India tightens regulations to limit virus-led market volatility India's market regulator on Friday halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares in a bid to curb "abnormally high" volatility amid the coronavirus pandemic. • India lays out $6 billion roadmap to boost electronics manufacturing India's cabinet has approved a 480 billion rupees plan to boost electronics manufacturing and woo large investment to a country which, following Prime Minister Narendra Modi's Make-in-India drive, has become the world's second-biggest mobile phone manufacturer. • Indian banks seek more time over bad loan classification Indian banks have asked the banking regulator to allow more time before labelling a loan as bad debt, and they sought longer deadlines to meet certain capital standards as the coronavirus pandemic derails businesses, sparking concern over the financial health of banks. • India to give incentives for drug and medical device production India will provide incentives worth 137.6 billion rupees under four different schemes to boost production of bulk drugs and medical devices over the next six years, the government said on Saturday. • Walt Disney delays India launch of streaming service Walt Disney has delayed the March 29 launch of its Disney+ streaming service in India, where it was gearing up to open another front against global rival Netflix. GLOBAL TOP NEWS • China sees drop in new coronavirus cases; all new cases imported Mainland China saw a drop in its daily tally of new coronavirus cases, reversing four straight days of gains, as the capital Beijing ramped up measures to contain the number of infections arriving from abroad. • Domestic travel, airline hubs the latest hit as coronavirus restrictions tighten Airlines cancelled more flights on Monday as Australia and New Zealand advised against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers. • Coronavirus forces states to order nearly 1 in 3 Americans to stay home Nearly one in three Americans was under orders on Sunday to stay home to slow the spread of the coronavirus pandemic as Ohio, Louisiana and Delaware became the latest states to enact broad restrictions, along with the city of Philadelphia. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 12% lower at 7,730.75. • The Indian rupee is expected to open lower against the dollar after several parts of the world’s second-most populous nation were locked down to slow the spread of the coronavirus. • Indian government bonds are seen opening lower tracking the rupee’s likely fall to another record low that may prompt more foreign fund outflows from local notes and shares. The yield on the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of 6.22%-6.30% today, a trader with a private bank said. GLOBAL MARKETS • Wall Street wrapped up its worst week since October 2008, with the Dow Jones Industrial Average and S&P 500 sliding more than 4% on Friday as tough restrictions imposed by New York and California to try to limit the spread of the coronavirus fueled worries about damage to the U.S. economy. • Asian shares sank as a rising tide of national lockdowns threatened to overwhelm policymakers' frantic efforts to cushion what is likely to be a deep global recession. • The dollar rose against major currencies as fresh declines in global stocks and worries about tightening liquidity amid the worsening coronavirus crisis accelerated the flight to cash. • U.S. Treasury yields fell on Friday as an order for New York state residents to stay at home reinforced concerns about the economic impact of the coronavirus pandemic, and the Federal Reserve stepped in with measures aimed at boosting liquidity. • Oil prices fell as governments escalated lockdowns to curb the spread of the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a global economic contraction. • Gold prices fell as investors liquidated their positions in the safe-haven metal despite stimulus measures from global central banks to combat economic damage from the coronavirus outbreak. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.96/74.99 March 20 (3,340.85) crore 2,265.31 crore 10-yr bond yield 6.26% Month-to-date (49,507) crore (49,228) crore Year-to-date (35,564) crore (58,779) 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 = 75.36 Indian rupees) (Compiled by Swathi Nair in Bengaluru)
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