Morning News Call – India, November 11 – Reuters India

By Reuters Staff
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FACTORS TO WATCH
10:00 am: SIAM to announce October auto industry sales data.
11:30 am: ICICI Bank Executive Director Anup Bagchi at a conference call on
the banks mortgage business.
12:30 pm: HDFC Bank Country Head Payments Business, Consumer Finance,
Digital Banking and Marketing Parag Rao at launch of SmartHub Merchant
Solutions 3.0.
2:00 pm: Indirect Taxes Committee Chairman Bimal Jain at PHD Chamber of
Commerce webinar on Goods and Services Tax.
2:30 pm: Bharat Forge conference call post second-quarter earnings.
3:30 pm: RITES Chairman and Managing Director Rajeev Mehrotra at a
conference call post second-quarter earnings.
4:00 pm: PTC India analyst conference call post second-quarter earnings.
4:30 pm: Prime Minister Narendra Modi, Telecom Minister Ravi Shankar Prasad
at the launch of a state-of-the-art office-cum-residential complex of Income Tax
Appellate Tribunal in Cuttack.
4:30 pm: India International Exchange Chief Executive and Managing Director
V. Balasubramaniam, HDFC Securities Chief Financial Officer Kunal Sanghavi among
others at ASSOCHAM webinar on pre-budget consultation for capital market.
5:00 pm: Gland Pharma IPO subscription closes.
LIVECHAT-REUTERS GLOBAL MARKETS FORUM
Reuters markets correspondents discuss how markets reacted to election
uncertainty and the outlook going forward. To join the discussion at 7:30 pm
IST, click here here
INDIA TOP NEWS
Australia’s FAR sells Senegal project stake to ONGC Videsh in ‘bittersweet
moment’
Australia’s FAR said it will exit the troubled $4.2 billion Sangomar oil
project off Senegal’s shore, agreeing to sell its 15% stake to a unit of India’s
ONGC Videsh for $45 million.
India revives plans to offer incentives for 6 million tonnes sugar exports
India has revived a proposal to get sugar mills to export 6 million tonnes of
the sweetener by incentivising overseas sales in the 2020/21 season, the third
year in a row, as part of efforts to cut surplus stocks and prop up local
prices, two government sources said.
Amazon takes down underwear, doormat listings with Hindu symbols after
India backlash
Amazon.com said on Tuesday it had taken down listings of products such as briefs
and doormats with Hindu sacred symbols, which were being sold on its overseas
websites, following a furore on social media in India.
Dealers in India consider legal action against Harley Davidson
Dealers in India for Harley-Davidson said on Tuesday they are exploring legal
action against the iconic American motorcycle brand after it effectively exited
the market as part of a broader restructuring plan.
GLOBAL TOP NEWS
Biden says nothing will stop transition as Trump vows new legal action
President-elect Joe Biden said on Tuesday that nothing would stop the transfer
of power in the U.S. government, while President Donald Trump pursued lawsuits
in several states in a long-shot bid to hold on to power.
Apple launches MacBook laptops powered by its own computing chips
Apple on Tuesday introduced a MacBook Air notebook and other machines with its
first central processor designed in-house for Macs, a move that will tie its
computers and iPhones closer together technologically.
ByteDance challenges Trump’s TikTok divestiture order
ByteDance, the Chinese parent company of video-sharing app TikTok, filed a
petition late on Tuesday with a U.S. Appeals Court challenging a Trump
administration order set to take effect on Thursday requiring it to divest
TikTok.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures were 0.3% higher at 12,691.50.
The Indian rupee is expected to trade lower against the dollar amid
speculation the local currencys upside is capped by the Reserve Bank of Indias
intervention in the forex market.
Indian federal government bond yields will likely open largely unchanged
as traders await Octobers retail inflation print and the central banks special
open market operation, due tomorrow, for further cues. The yield on the
benchmark 5.77% 2030 bond is likely to trade in a 5.90%-5.95% band.
GLOBAL MARKETS
The Nasdaq closed lower and the S&P 500 dipped slightly on Tuesday as
investors sold off technology stocks that benefited from virus lockdowns,
favoring sectors that have suffered most during the pandemic instead on hopes a
COVID-19 vaccine will turn the economy around.
Asian stock markets gained, as news of a working COVID-19 vaccine seemed
to inoculate investors against worry about surging infections in Europe and the
United States, while the kiwi rose as traders thought the central bank sounded
upbeat.
The dollar fell as optimism about a coronavirus vaccine was offset by
worries about how the drug will be delivered and by a surge of new infections in
the United States.
U.S. Treasury yields rose modestly on Tuesday, as the market consolidated
the previous session’s strong gains fueled by news of a potential coronavirus
vaccine.
Oil futures rose after an industry report showed that U.S. crude
inventories fell by more than expected as prices continued to be supported by
news of successful trials of a vaccine for coronavirus.
Gold prices edged higher supported by hopes of more U.S. stimulus measures
as surging COVID-19 cases threaten to hamper economic recovery, although
optimism over vaccine developments limited gains.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 74.21/74.24 November 10 4,426.03 crores 881.85 crores
10-yr bond yield 5.92% Month-to-date 15,874 crores 1,993 crores
Year-to-date 63,762 crores (1,05,153) 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 = 74.28 Indian rupees)
(Compiled by Pathikrit Bandyopadhyay in Bengaluru)read more