December 18, 2019 / 3:15 AM / a month ago

Morning News Call - India, December 18

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    FACTORS TO WATCH
    9:45 am: Finance Minister Nirmala Sitharaman to hold pre-budget
consultations with state finance ministers in New Delhi.
    12:30 pm: ICRA to hold webinar on state government finances in Mumbai.
    1:45 pm: Finance Minister Nirmala Sitharaman to chair GST Council meeting in
New Delhi.
    
    LIVECHAT - EQUITIES WATCH
    Reuters stocks correspondents in London and New York discuss the 2020
outlook for European and American equities at 7:30 pm IST. To join the
conversation, click on the link: refini.tv/2P8N0Wp  
    
    
    INDIA TOP NEWS
    • Indian budget likely to cut tax rates for individual taxpayers, sources
say
    The Indian government is likely to trim personal income tax rates and cut
the tax on long-term capital gains from equity investments in its next budget,
in a bid to spur economic growth, four government officials.
    • TRAI defers abolition of telecom interconnection fees by a year
    The Telecom Regulatory Authority of India (TRAI) on Tuesday deferred by a
year a plan to abolish interconnection usage fees that operators pay each other
for calls made from one network to another, a move that will help Bharti Airtel
and Vodafone Idea.
    • India aims to buy stakes in producing oil and gas fields abroad
    India aims to invest in producing oil and gas fields abroad to compensate
for falling domestic output and to help reduce the impact of oil price
volatility, the oil minister said on Tuesday.
    • NMDC gets 20-year extension for four iron ore mines
    India's largest state-owned iron ore miner NMDC Ltd said on Tuesday it had
received a 20-year extension for four mines in its biggest mining project in the
central state of Chhattisgarh.
    
    
    GLOBAL TOP NEWS
    • On eve of expected impeachment, Trump lashes out at Pelosi, Democrats
    On the eve of his expected impeachment in the U.S. House of Representatives,
President Donald Trump accused Democrats of pursuing an "illegal, partisan
attempted coup" and declaring war on American democracy as they seek to remove
him from office for pressing Ukraine to investigate political rival Joe Biden.

    • Boards of Fiat Chrysler, Peugeot owner PSA, sign off on merger -sources
    The boards of French carmaker PSA, the owner of Peugeot, and Fiat Chrysler
in separate meetings on Tuesday approved a binding agreement for a $50 billion
merger, sources said.
    • Police and protesters clash in Indian capital over citizenship law
    Police fired shots in the air and volleys of tear gas to push back thousands
of demonstrators in the Indian capital New Delhi on Tuesday as protests raged
against a new citizenship law that has angered the country's Muslims.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.1% higher at 12,209.50. 
    • The Indian rupee is expected to open slightly lower against the dollar
after Brent crude climbed to the highest level in three months.
    • Indian government bonds will likely open lower tracking the overnight jump
in crude oil prices, which may impact domestic inflation. The yield on the
benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.74%-6.78% today.
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes inched higher on Tuesday, extending their
record-setting rally, as strong housing and manufacturing data bolstered
investors' confidence in the U.S. economy.
    • Asian stocks took a breather at 18-month peaks having climbed for five
straight sessions.
    • The pound nursed heavy losses after tumbling when Britain re-set a hard
deadline for quitting the European Union, rekindling old fears of a chaotic exit
from the bloc.
    • U.S. Treasury yields were steady on Tuesday as investors stayed cautious
despite strong U.S. housing data.
    • Oil retreated after rising more than 1% in the previous session as U.S.
industry data showed a surprise build in crude stocks, but hopes for firmer
demand next year checked a deeper fall in prices.
    • Gold prices were little changed as mixed messages on the U.S-China trade
deal countered positive economic data out of the United States.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.99/71.02  December 17      869.61 crore  290.23 crore
 10-yr bond yield  6.8%         Month-to-date    (435) crore   (2,058) crore
                                Year-to-date     93,349 crore  28,440 crore
 
        
    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 = 71.77 Indian rupees)
 

 (Compiled by Swathi Nair in Bengaluru)
  
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