February 5, 2020 / 3:16 AM / 14 days ago

Morning News Call - India, February 5

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    FACTORS TO WATCH
    10:30 am: The Federal cabinet is likely to meet in New Delhi. 
    11:00 am: Budget Session of Parliament continues in New Delhi.
    3:00 pm: NITI Aayog Member Ramesh Chand will be present at post budget
interactive session on agriculture sector in New Delhi.
    4:00 pm: Revenue Secretary Ajay Bhushan Pandey, CBDT Chairman Pramod Chandra
Mody and Central Board of Indirect Taxes & Customs Chairman Ajit Kumar will be
present at post budget interactive session in New Delhi. 
    
    LIVECHAT- EQUITIES WATCH
    Reuters stocks correspondents in London and New York take a look at equity
markets on both sides of the Atlantic. To join the conversation at 07:30 pm IST,
click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    •India may issue $5 billion of bonds with no foreign investment cap, sources
say 
    India is likely to issue at least $5 billion worth of bonds with no limits
on foreign investment next year, in a bid to list the bonds on global indices
and attract more foreign funds, according to two finance ministry
sources.
    •Bharti Airtel posts another loss as it faces massive government dues
    Bharti Airtel reported its third straight quarterly loss on Tuesday, as
India's third-largest telecom firm booked 10.50 billion rupees in charges
related to spectrum fee payments and write-downs of network
equipment.
    •India's top refiner, Israel's Phinergy seal next generation battery deal
    Indian Oil, the country's top refiner, has bought a minority stake in
Israel's Phinergy and signed a joint venture deal to produce metal-air
batteries, an alternative to more mainstream lithium technology.
    •VW's Skoda targets Indian revival with tougher safety, emission rules 
    Skoda is hoping government moves to drag regulations for cars sold in India
up to developed market standards will help turn around its fortunes in a market
where it has stalled.
    •India's Jan gold imports plunge 48% to 4-month low on record prices
    India's gold imports in January plunged 48% from a year earlier to their
lowest in 4 months as a rally in local prices near record highs prompted buyers
to curtail purchases, a government source said on Tuesday.
        
    
    GLOBAL TOP NEWS
    •China virus claims second life off mainland, Macau casinos told to close
    The coronavirus outbreak claimed its first life in Hong Kong on Tuesday,
compounding the international financial centre's problems after anti-government
protests, and Macau, the world's biggest gambling playground, urged casinos to
shut their doors.
    •China's services sector growth hits 3-month low in Jan - Caixin PMI 
    Growth in China's services sector slowed for a second straight month in
January, a traditionally busy sales season, hitting a three-month low as
companies cut prices and new orders dipped, a private sector survey
showed.
    •Buttigieg takes lead in Iowa, Biden lags in Democrats' first 2020 results
    Pete Buttigieg took a narrow lead in the first batch of long-delayed results
on Tuesday from the chaotic Iowa Democratic Party caucuses, and former Vice
President Joe Biden trailed badly in fourth place with about 62% of precincts
reporting.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2% lower at 11,950.50. 
    • The Indian rupee is expected to edge higher against the dollar, boosted by
supportive risk appetite and Brent crude hovering at more-than-one-year lows.
    • The Indian government bonds are likely to trade largely unchanged, as
investors await the Monetary Policy Committee’s interest rate decision due
tomorrow. The yield on the benchmark 6.45% bond maturing in 2029 is likely to
trade in a range of 6.48%-6.54%. 
    
    
    GLOBAL MARKETS
    • The Nasdaq hit a record high on Tuesday and the S&P 500 posted its biggest
one-day gain in about six months as fears of a heavy economic impact from the
coronavirus outbreak waned after China's central bank intervened.
    • Asian stocks steadied as Chinese stocks nudged higher on hopes of
additional stimulus to lessen the economic impact of a coronavirus outbreak, but
risks remain as the illness continues to spread and the death toll neared
500.
    • The dollar held gains against the yen amid a broad unwinding of safe-haven
positions as China's responses to the coronavirus outbreak supported investor
confidence, even as deaths and new cases climbed.
    • U.S. Treasury yields rose on Tuesday as investors grew more comfortable
with risk, encouraged by steps taken by China in response to the
coronavirus
    • Oil prices rose, reversing out of a 1% slump in the previous session,
boosted by producers weighing further output cuts to counter a potential squeeze
on global oil demand resulting from China's fast-spreading coronavirus.
    • Gold prices inched up after a sharp drop in the previous session, as a
virus outbreak from China spread further and the death toll neared 500, although
risk appetite was buoyed by Beijing's efforts to mitigate its economic
impact.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.22/71.25  February 4       1,850.57 crore  203.15 crore
 10-yr bond yield  6.50 pct     Month-to-date    (2,525) crore   94 crore
                                Year-to-date     9,598 crore     (11,554) 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 = 71.10 Indian rupees)
 


 (Compiled by Prajakta Gadgil in Bengaluru)
  
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