Morning News Call – India, October 22 – Reuters India

By Reuters Staff
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FACTORS TO WATCH
10:30 am: SAIL holds its annual general meeting
11:00 am: Ashok Leyland Chief Executive and Managing Director Vipin Sondhi
at the digital launch of its new intermediate commercial vehicle.
11:00 am: Bajaj Finserv conference call post 2Q earnings.
11:30 am: MEP Infrastructure Developers holds its annual general meeting
12:00 am: Steel Ministry Director Aman Sharma at ASSOCHAMs webinar on Metal
Scrap Industry.
2:00 pm: ICRA webinar on Indian Securitisation Market.
2:15 pm: Indian Bank Chief Executive and Managing Director Padmaja Chunduru
at a virtual press conference post 2Q earnings.
3:00 pm: Bank of Baroda Chief General Manager Rajneesh Sharma, Principal
Economic Advisor Sanjeev Sanyal, BSE Chief Executive and Managing Director
Ashishkumar Chauhan at CII Financial Markets summit.
4:00 pm: Chief Economic Advisor Krishnamurthy Subramanian, NSE Chief
Executive and Managing Director Vikram Limaye, Reserve Bank of India former
Deputy Governor Usha Thorat at the inauguration of SYFX Treasury foundation.
4:00 pm: Ministry of Road Transport and Highways Joint Secretary Amit Kumar
Ghosh, NHAI Member – Projects R.K. Pandey at PHD Chamber of Commerces virtual
conference on Indian roads and highways sector.
4:00 pm: Bajaj Auto conference call post 2Q results.
4:00 pm: Sterlite Technologies conference call post 2Q results.
PROMOTION
LIVECHAT- REUTERS GLOBAL MARKETS FORUM
Reuters correspondents examine the state of play in European govvies. To
join the conversation at 4:00 pm IST, click on the link: refini.tv/2P8N0Wp
INDIA TOP NEWS
POLL-Indian economy set for a near double-digit contraction this FY
The Indian economy will suffer its deepest contraction on record this fiscal
year and recent government stimulus does not go far enough to significantly
boost activity depressed by the coronavirus pandemic, according to economists
polled by Reuters.
Wall Street banks see rare payday bonanza in India despite pandemic
Major Wall Street banks in India raked in their second-highest fee income since
the global financial crisis in the first nine months of this year, benefitting
from a flurry of private-sector deals despite the coronavirus pandemic.
India at ‘doorstep of revival process’, says RBI chief
India is “at the doorstep of the revival process” from the coronavirus
pandemic, Reserve Bank of India governor Shaktikanta Das said in response to a
question at a panel discussion conducted by Bloomberg Quint on Wednesday.
Indian govt working on next stimulus package – finmin official
India’s government is working on the next stimulus package to support the
economy amid positive signs of a fall in COVID-19 cases, a senior finance
ministry official said on Wednesday.
India’s coronavirus tally climbs to 7.65 million
India has recorded 54,044 new coronavirus infections, taking its tally to
7.65 million, health ministry data showed on Wednesday.
GLOBAL TOP NEWS
U.S. coronavirus aid prospects uncertain after Trump blasts Democrats
High-level negotiations on a new coronavirus aid bill faced a setback on
Wednesday when President Donald Trump accused Democrats of being unwilling to
craft an acceptable compromise, despite reports of some progress earlier in the
day.
Tesla sets revenue record, makes profit thanks to pollution credit sales
to rivals
Tesla on Wednesday reported its fifth consecutive quarterly profit on record
revenue of $8.8 billion, boosted by an uptick in vehicle deliveries and sales of
environmental regulatory credits to other automakers.
Obama blasts Trump’s tweets, track record in 2020 campaign trail debut
Former President Barack Obama returned to the campaign trail on Wednesday
with a blistering attack on Donald Trump with less than two weeks to go before
the Republican president’s Election Day face-off with Democratic nominee Joe
Biden.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures were 0.5% lower at 11,876.20.
The Indian rupee is expected to weaken against the dollar tracking the
decline in regional currencies and equities. U.S. elections and fiscal stimulus
developments remained the main area of focus for investors.
India’s federal government bond yields are expected to trade little
changed before the central banks first-ever open market operation in state debt
today. The yield on the benchmark 5.77% bond maturing in 2030 is likely to trade
in a 5.88%-5.93% band.
GLOBAL MARKETS
Wall Street’s three major averages closed lower on Wednesday after a
volatile trading session, as investors worried whether difficult negotiations in
Washington would produce a deal for a fresh U.S. coronavirus stimulus package.
Asian shares fell and U.S. Treasury yields ticked lower as investors
fretted over the slow pace of U.S. stimulus talks and a surge in global cases of
COVID-19.
The U.S. dollar steadied against most major currencies as U.S. stimulus
talks remained the focus for markets with trading buffeted over recent days by
the extent of progress made on the potential size of the aid package.
Benchmark U.S. Treasury yields rose to four-month highs on Wednesday on
hopes that U.S. lawmakers will reach a deal to pass new fiscal stimulus in the
near term.
Oil prices dropped in early trade, adding to heavy losses overnight, after
a build in U.S. gasoline inventories pointed to a deteriorating outlook for fuel
demand as coronavirus cases soar in North America and Europe.
Gold edged lower as the dollar recovered from a seven-week trough and some
concerns emerged that an agreement on a new U.S. fiscal coronavirus aid package
will not be reached until after the presidential election.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 73.56/73.59 October 21 1,831.24 569.55 crores
crores
10-yr bond yield 5.91% Month-to-date 12,302 1,136 crores
crores
Year-to-date 40,649 (1,07,651) crores
crores
(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= 73.65 Indian rupees)
(Compiled by Nachiket Tekawade in Bengaluru)read more