November 27, 2019 / 3:34 AM / 14 days ago

Morning News Call - India, November 27

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    FACTORS TO WATCH
    • 9:30 am: Junior Finance Minister Anurag Thakur at the ‘Real Estate and
Housing Finance in India’ conference in New Delhi. 
    • 9:45 am: Finance Minister Nirmala Sitharaman at Kashmironomics Conclave
2019 in New Delhi.
    
    LIVECHAT - EQUITIES WATCH
Reuters stocks correspondent in London and New York take questions on the latest
developments on bourses on both sides of the Atlantic at 7:30 pm IST. To join
the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India probe finds bearings collusion by SKF, Schaeffler, Tata Steel units
    An Indian antitrust investigation has found that units of Tata Steel,
Sweden's SKF and Germany's Schaeffler colluded on the pricing of bearings, a
report seen by Reuters shows, opening them up to potential fines.
    • POLL-Indian stock gains to be limited in 2020 as economy slows
    Indian stocks are set to rise further over the coming year, according to a
Reuters poll of equity strategists, but those gains will be limited as fiscal
stimulus and easy monetary policy fail to reverse an economic slowdown.

    • Investors fret as SEBI bars brokerage Karvy over alleged misuse of client
funds
    A ban by India's market regulator on Karvy Stock Broking from taking on new
clients and executing trades for allegedly misusing client securities has
unnerved the country's retail investors.
    • India asks state-run firms to clear over $1 billion owed to green energy
firms -sources
    India has asked state lenders to provide over $1 billion to government power
distribution companies to clear longstanding debts to green energy firms that
could hinder further investment, three sources familiar with the plan said on
Tuesday.
    • India steel minister expects to increase coking coal imports from Russia
    India's Steel Minister Dharmendra Pradhan said on Tuesday he was confident
India's imports of coking coal from Russia would increase significantly in
coming months, adding that steelmakers had started testing samples of Russian
coal.
        
    
    GLOBAL TOP NEWS
    • U.S.-China trade deal close, Trump says; negotiations continue
    The United States and China are close to agreement on the first phase of a
trade deal, U.S. President Donald Trump said on Tuesday, after top negotiators
from the two countries spoke by telephone and agreed to keep working on
remaining issues.
    • China's industrial profits post steepest fall in 8 months
    Profits at China's industrial firms declined in annual terms for the third
consecutive month in October, tracking sustained drops in producer prices and
exports and underscoring slowing momentum in the world's second-largest economy.

    • U.S. consumer confidence ebbing; housing market firming
    U.S. consumer confidence fell for a fourth straight month in November amid
worries about current business conditions and employment prospects, but remained
at levels sufficient to support a steady pace of consumer spending.
   
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 12,082.50.
    • The Indian rupee is expected to open little changed against the dollar
amid month-end fund flows and the latest remarks of President Donald Trump on
the U.S.-China interim trade deal.
    • Indian government bonds are likely to open lower, tracking an uptick in
crude oil prices overnight on renewed hopes of a trade truce between the United
States and China. The yield on the benchmark 6.45% bond maturing in 2029 is
likely to trade in a range of 6.46%-6.51%.
    
    
    GLOBAL MARKETS
    • U.S. stocks crawled higher on Tuesday, and all three major Wall Street
indexes notched record levels, as upbeat comments by President Donald Trump on
trade talks eclipsed some softer-than-anticipated economic data.
    • Asian shares ticked higher as more upbeat signals from Sino-U.S. trade
talks fanned hopes of an imminent end to tariff hostilities, which helped offset
concerns about a slowing U.S. economy.
    • Major currencies hardly budged as traders looked ahead to the final
outcome of U.S.-China trade talks and a shortened holiday week in the United
States.
    • U.S. Treasury yields fell alongside British government debt on Tuesday,
while expectations that the Federal Reserve will keep rates on hold kept the
yield curve near its flattest level in almost a month.
    • Oil fell after an industry report showed an unexpected build in U.S. crude
inventories, but optimism around the signing of the first phase of a U.S.-China
trade deal capped a deeper slide in prices.
    • Gold prices inched lower after U.S. President Donald Trump said an interim
trade deal with China is close, boosting demand for riskier assets.
      
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.53/71.56  November 26      1,986.63 crore  (364.71) crore
 10-yr bond yield  6.47%        Month-to-date    20,141 crore    219 crore
                                Year-to-date     88,694 crore    33,075 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 Pranay Prakash in Bengaluru)
  
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