November 18, 2019 / 3:18 AM / 20 days ago

Morning News Call - India, November 18

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    FACTORS TO WATCH
    • 11:00 am: Winter session of Parliament begins in New Delhi.
    • 12:00 pm: NITI Aayog Vice Chairman Rajiv Kumar to release a report on
India’s health system in New Delhi
    • 12:00 pm: Fifteenth Finance Commission Chairman N.K. Singh at TIOL Awards
event in New Delhi.
    
    • GMF: LIVECHAT - MARKETS FOCUS
    Reuters EMEA Markets Editor Mike Dolan walks us 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
    • Over half of India's coal-fired power plants set to miss emission norm
deadline
    More than half of India's coal-fired power plants ordered to retrofit
equipment to curb air pollution are set to miss the deadline, private industry
estimates and a Reuters analysis show, as millions in the country wake up to
toxic air each day.
    • India considering telecoms firms' request for relief on overdue payments
    India is considering requests for financial relief from mobile carriers
Vodafone Idea Ltd and Bharti Airtel Ltd, the federal finance
minister said on Friday.
    • Untimely rains hit India's summer crops, delay rural economy recovery
    Heavy rains in October and November have brought more misery to India's
farmers, after summer-sown crops such as soybean, cotton, rice and vegetables
suffered rain and flood damage during the wettest June-September monsoon season
in 25 years.
    • India's bankruptcy laws tweaked to help resolve problems at non-bank
lenders 
    India has amended its insolvency and bankruptcy rules to allow for greater
flexibility in resolving problems at troubled non-banking finance companies
(NBFCs), the government said in a statement on Friday.
    • Supreme court clears path for ArcelorMittal to acquire Essar Steel
    India's Supreme Court cleared the path on Friday for steelmaker
ArcelorMittal SA to take over bankrupt Essar Steel, following a legal
tussle that has dragged through multiple courts for over two years.
    • WTO rejects most Indian claims against U.S. steel duties
    World Trade Organization adjudicators on Friday rejected most of India's
claims that the United States was not respecting an earlier WTO ruling related
to anti-subsidy duties on Indian steel.
    • Russia says India delaying signing helicopters deal - executive
    The head of Russian Helicopters said on Sunday that India was delaying the
signing of a firm agreement for purchasing 200 helicopters despite providing all
information.
    • Indian tax officials find Modi's targets too taxing, some quit
    Over a dozen Indian tax officials interviewed by Reuters said they are stuck
between a push to meet unrealistic collection targets, which influence their
appraisals and transfers, and the fear of being accused of over-zealousness if
they crack down on evasion.
    
    
    GLOBAL TOP NEWS
    • Security tight at HK university as hundreds of protesters trapped on
campus
    Hong Kong police fired tear gas at protesters as they tried to escape a
besieged university while hundreds more pro-democracy activists stayed inside
armed with petrol bombs and other weapons awaiting an expected operation to oust
them.
    • China central bank cuts 7-day reverse repo rate for first time since 2015
    China's central bank lowered the interest rate on reverse repurchase
agreements by five basis points, the first reduction in the short-term liquidity
tool in more than four years.
    • Saudi Aramco in race for IPO record with $1.7 trillion top value
    Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil
giant on Sunday, below the $2 trillion sought by Saudi's crown prince but
putting it in the running to become the world's biggest IPO.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were flat at 11,943.50.
    The Indian rupee is expected to open little changed against the dollar amid
tepid regional cues as investor focus remains on U.S.-China trade developments.
    Indian government bonds may open higher, as the finance minister’s comment
that the government will complete the stake sale of two state-run companies by
the end of this financial year eased some worries about a likely fiscal
slippage. The yield on the benchmark 6.45% bond maturing in 2029 is likely to
trade in a range of 6.48%-6.53%.
    
    
    GLOBAL MARKETS
    • Wall Street's main stock indexes closed at record levels on Friday, fueled
by fresh optimism over a potential calming of U.S.-China trade tensions and by
big gains in shares of healthcare companies.
    • Asian shares blipped higher after Beijing surprised markets by trimming a
key interest rate for the first time since 2015, stirring speculation that more
stimulus was on the way for the world's second-largest economy.
    • Major currencies were off to a cautious start as market players looked to
whether Washington and Beijing can soon sign off on a deal to end their trade
war that has been a drag on the global economic growth.
    • U.S. Treasury yields rose on Friday as fresh hopes that the United States
and China will reach a deal to de-escalate their trade war boosted risk
appetite, and reduced demand for U.S. government bonds.
    • Oil prices were little changed following steady gains in the previous week
with investors awaiting fresh clues over prospects for a trade deal between the
United States and China, shrugging off concerns over steadily rising oil
supplies.
    • Gold eased, pressured by optimism over U.S.-China trade ties following a
report of "constructive talks" over the weekend, but held within a tight range
as caution set in with investors awaiting concrete signals on the negotiations.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.81/71.84  November 15      (431.03) crore  (102.78) crore
 10-yr bond yield  6.51%        Month-to-date    14,436 crore    4,767 crore
                                Year-to-date     82,989 crore    37,623 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 Nayyar Rasheed in Bengaluru)
  
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