March 30, 2020 / 3:13 AM / 2 months ago

Morning News Call - India, March 30

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    FACTORS TO WATCH
    No major events are scheduled for the day.
    
    LIVECHAT - GLOBAL MARKETS & CORONAVIRUS
    Binay Chandgothia, MD & Portfolio Manager at Principal Global Investors,
discusses global markets amid the policy changes implemented to counter the
economic fallout of the coronavirus pandemic at 9:30 am IST. To join the
conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Modi seeks 'forgiveness' from India's poor over coronavirus lockdown
    Indian Prime Minister Narendra Modi asked the nation's poor for forgiveness
on Sunday, as the economic and human toll from his 21-day nationwide lockdown
deepens and criticism mounts about a lack of adequate planning ahead of the
decision.
    • India cuts rates as distress mounts across South Asia over coronavirus
    India's central bank slashed interest rates on Friday in an emergency move
to counter the economic fallout from the coronavirus pandemic after the
government locked down the country to slow the spread of infections.

    • SBI slashes lending and deposit rates
    India's largest lender, State Bank of India (SBI), on Friday slashed its
lending and deposit rates, a rare move that followed on the heels of an Indian
central bank rate cut to tackle the economic fallout from the coronavirus
pandemic.
    • Reliance seeks to sell Mideast crude cargoes in rare move
    Reliance Industries is seeking to sell some April-loading crude cargoes in a
rare move as it plans to cut crude processing after the coronavirus pandemic hit
global fuel demand, four sources said on Friday.
    • Tata Motors to spin off car division as separate unit
    Tata Motors said on Friday it would spin off its passenger vehicles arm as a
separate unit within the company, at a time when the coronavirus has disrupted
auto production.
     • Two Indian refiners declare force majeure to curb Mideast oil supply
    Two Indian refiners declared force majeure on crude purchases from the
Middle East on Friday after fuel demand plummeted due to a nationwide lockdown
to stem the spread of coronavirus and the companies' tanks are full, sources
said.
    • India asks state-run power producers to ensure supply
    India's power ministry said on Saturday state-run firms will supply
electricity to distribution companies including ones with large payments due, to
ensure supply to people whose ability to pay bills has been hit by a nationwide
coronavirus lockdown.
    • Vedanta CEO Venkatakrishnan resigns; zinc unit head named interim chief
    Diversified miner Vedanta said on Friday Chief Executive Officer S
Venkatakrishnan has resigned due to personal reasons, less than two years after
he took the helm.
    
    
    GLOBAL TOP NEWS
    • Trump backs off plan to reopen businesses by mid-April amid coronavirus
warnings
    U.S. President Donald Trump on Sunday extended his stay-at-home guidelines
until the end of April, dropping a hotly criticized plan to get the economy up
and running by mid-April after a top medical adviser said more than 100,000
Americans could die from the coronavirus outbreak.
    • China sees drop in new coronavirus cases; none in Hubei for sixth day
    Mainland China reported a drop in new coronavirus cases for the fourth
consecutive day on Sunday, as Beijing seeks to stamp out the risk of a second
wave of infections by shutting its borders to foreign travellers and cutting
international flights.
    • Singapore eases monetary policy sharply as virus heralds deep recession
    Singapore's central bank aggressively eased its monetary policy, as widely
expected, with the city-state's bellwether economy bracing for a deep recession
due to the coronavirus pandemic.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 2.3% lower at 8,440.00. 
    • The Indian rupee is expected to weaken against the dollar as regional
equities resumed their fall after the number of coronavirus infections surged
around the world.
    • Indian government bonds are expected to edge lower in early trade, ahead
of a fresh supply of state debt and Treasury Bills today. The yield on the
benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.12%-6.20%, a trader with a private bank said. -NewsRise
    
    
    GLOBAL MARKETS
    • Wall Street stocks tumbled on Friday, ending a massive three-day surge
after doubts about the fate of the U.S. economy resurfaced and the number of
coronavirus cases in the country climbed.
    • Asian shares slid and oil prices took another tumble as fears mounted that
the global shutdown for the coronavirus could last for months, doing untold harm
to economies.
    • The dollar slowed its descent after a week of declines and the safe-haven
yen edged ahead, as coronavirus lockdowns tightened across the world and
investors braced for a prolonged period of uncertainty.
    • Treasury yields fell on Friday as investors shrugged off the passage of a
$2 trillion stimulus bill by the U.S. Congress and sought safety in high-quality
assets.
    • Crude oil benchmarks dropped, extending last week's losses as the global
coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no
signs of abating.
    • Gold prices edged up as the U.S dollar hovered near a two-week low touched
in the previous session, while coronavirus lockdowns tightened across the world
and stoked fears of economic damage, lifting demand for safe-haven bullion.
    
    
                     CLOSE        FII                EQUITIES            DEBT
                                    INVESTMENTS                          
 PNDF spot           75.11/75.14  March 27           (3,340.85)          (2,265.31)
                                                       crore               crore
 10-yr bond          6.14%        Month-to-date      (59,377)            (57,003)
   yield                                               crore               crore
                                  Year-to-date       (45,434)            (66,554)
                                                       crore               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 = 75.47 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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