November 15, 2019 / 3:28 AM / 23 days ago

Morning News Call - India, November 15

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    FACTORS TO WATCH
    11:30 am: Fifteenth Finance Commission Chairman N.K. Singh to deliver
Founder’s Day Lecture at the Institute of Economic Growth in New Delhi.
    4:30 pm: Principal Economic Adviser Sanjeev Sanyal at a book launch event in
New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
        
    INDIA TOP NEWS
    • Vodafone Idea makes $7 billion loss after provisions for government dues
    Indian mobile carrier Vodafone Idea on Thursday reported the
biggest quarterly loss in India's corporate history after making provisions for
outstanding government dues.
    • India's October diesel demand falls the most in nearly 3 years
    India's diesel demand in October fell at its steepest annual rate in nearly
three years, provisional government data showed, reflecting subdued industrial
and economic activity during the month.
    • India resumes buying Malaysian palm oil as Kuala Lumpur offers discount -
traders
    Indian refiners have resumed buying Malaysian palm oil after a near
one-month suspension linked to a political row as Kuala Lumpur began offering a
$5 a tonne discount over supplies from rival Indonesia, five traders told
Reuters on Thursday.
    • CBI set to file fresh charges in $2 billion PNB bank fraud case - source
    The Central Bureau of Investigation (CBI) will soon file fresh charges in
the $2 billion Punjab National Bank (PNB) fraud case and detail how
the alleged wrongdoing was carried out, according to a source with direct
knowledge of the matter.
    • Indian rice falls on weak demand; cyclone damages fields in Bangladesh
    Indian rice export prices extended losses for a second week as the rupee
weakened and demand from Africa remained low, while a cyclone damaged paddy
fields in neighbouring Bangladesh.
    • BRICS nations vow to stand up to unilateral protectionism
    The BRICS nations of leading emerging economies warned on Thursday that
trade tensions and policy uncertainty are undermining confidence in
international commerce, investment and economic growth.
    • Putin: Russia to deliver S-400 missiles to India as planned
    Russia plans to deliver S-400 surface-to-air missile systems to India on
schedule, President Vladimir Putin said on Thursday.
    
    GLOBAL TOP NEWS
    • U.S. and China 'getting close' to trade deal -White House economic adviser
    The United States and China are getting close to a trade agreement, White
House economic adviser Larry Kudlow said on Thursday, citing what he called very
constructive talks with Beijing about ending a 16-month trade war.
    • Pelosi says Trump has admitted to bribery as impeachment probe intensifies
    House of Representatives Speaker Nancy Pelosi said on Thursday President
Donald Trump already has admitted to bribery in the Ukraine scandal at the heart
of a Democratic-led inquiry, accusing him of an impeachable offense under the
U.S. Constitution.
    • Hong Kong condemns London 'attack' on justice secretary as protests rumble
on
    The Hong Kong government condemned an attack by a "violent mob" on the
city's justice secretary in London, the first direct altercation between
demonstrators and a government minister during months of often violent protests.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.2% higher at 11,915.50.
    • The Indian rupee is expected to open higher against the dollar after a
White House economic advisor indicated that a U.S.-China trade deal was close,
boosting Asian currencies.
    • Indian government bonds are expected to open lower, as weekly debt sale
today and supply of the benchmark paper at next week’s bond switch auction may
weigh on appetite. The yield on the benchmark 6.45% bond maturing in 2029 is
likely to trade in a range of 6.50%-6.55% till the auction outcome.
    
        
    GLOBAL MARKETS
    • The benchmark S&P 500 stock index posted a slim gain to end with a record
closing high on Thursday, as a dour forecast from tech stalwart Cisco Systems
was offset by a strong report from big box retailer Walmart.
    • Asian stocks jumped, propelled by a record S&P 500 finish and White House
comments suggesting Washington and Beijing were close to striking a trade deal,
reviving hopes the tariff war may near an end.
    • The dollar found broad support as fresh signs of a global economic
slowdown put investors in a risk-averse mood.
    • U.S. Treasury yields fell on Thursday as investors reassessed the
likelihood that the United States and China are close to reaching a deal to
de-escalate their trade war and as bonds retraced last week’s selloff, which was
exaggerated by technical factors.
    • Oil prices posted early gains as OPEC's outlook for oil demand next year
fuelled hopes that the producer group and its associates will keep a lid on
supply when they meet to discuss policy on output next month.
    • Gold prices fell as investors' risk appetite was whetted by comments from
White House economic adviser Larry Kudlow that the United States is nearing an
interim trade pact with China.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.95/71.98  November 14      1,518.87 crore  (977.62)
                                                                 crore
 10-yr bond yield  6.51%        Month-to-date    14,867 crore    4,870 crore
                                Year-to-date     83,420 crore    37,726 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 = 71.35 Indian rupees)
 

 (Compiled by Pranay Prakash in Bengaluru)
  
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