Morning News Call – India, November 19 – Reuters India

By Reuters Staff
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FACTORS TO WATCH
11:00 am: Minister of State Prime Ministers Office Jitendra Singh, Niti
Aayog Member Vinod Paul, Reliance Retail President & Chief of Public Policy Ravi
Gandhi at CII Asia Heath 2020 digital conference.
11:00 am: Defence Production Secretary Raj Kumar, Jindal Stainless Head
Defence Business C.P. Agrawal at PHD Chamber of Commerce webinar.
3:00 pm: Power Minister R.K. Singh at Global Re-Invest summit.
4:00 pm: Finolex Cables Executive Chairman Deepak Chhabria at a conference
call post second-quarter earnings.
7:00 pm: Moderna Chief Executive Officer Stephane Bancel, Infosys Chairman
and Co-Founder Nandan Nilekani at Bloomberg 2020 New Economy Forum.
PROMOTION
LIVECHAT-REUTERS GLOBAL MARKETS FORUM
Reuters markets correspondents discuss the outlook for European govvies. To join
the discussion at 5:00 pm IST, click here here
INDIA TOP NEWS
DBS faces potential culture clash as it scoops up distressed Indian lender
DBS Group’s move to take over troubled Lakshmi Vilas Bank will give Southeast
Asia’s largest lender the boost in India it has long desired, but aligning the
two banks’ business cultures could prove tricky.
Vedanta says interested in buying govt’s stake in BPCL
Vedanta,the billionaire Anil Agarwal-controlled metals-to-oil conglomerate, said
on Wednesday it was interested in buying the government’s stake in the state-run
Bharat Petroleum, India’s largest fuel retailer.
Twitter apologises to India parliament panel for China geo-tagging error
Social media giant Twitter has apologised to an Indian parliamentary panel for
showing a northern Himalayan region as part of China, promising to make
corrections by month-end, the panel’s chief said on Wednesday.
Modi calls Biden to advance strategic ties
Indian Prime Minister Narendra Modi has spoken to U.S. President-elect Joe Biden
by telephone to congratulate him on his election victory, which he said showed
the strength of U.S. democracy, and he vowed to deepen strategic ties.
Vedanta Zinc suspends mining at South Africa’s Gamsberg mine after
accident
Vedanta Zinc International (VZI), a unit of Vedanta, has suspended all
mining-related activities at its Gamsberg zinc mine in South Africa after a
geotechnical failure trapped ten employees.
GLOBAL TOP NEWS
U.S. COVID-19 deaths surpass 250,000 mark as infections surge
The number of COVID-19 deaths in the United States crossed 250,000 on Wednesday,
according to a Reuters tally, as a third coronavirus wave brings a fresh surge
in infections and puts immense strain on the healthcare system.
Georgia, Wisconsin recounts likely will not change Trump election defeat,
officials say
President Donald Trump’s attempts to cling to power appeared more tenuous than
ever on Wednesday as election officials in Georgia said a soon-to-be-completed
recount was not likely to change President-elect Joe Biden’s victory there.
U.S. lifts Boeing 737 MAX flight ban after crash probes, tough hurdles
remain
The United States lifted a 20-month-old flight ban on Boeing’s 737 MAX on
Wednesday, easing a safety crisis that left its top exporter with a tarnished
reputation and hundreds of idle jets.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures were 0.9% lower at 12,875.
The Indian rupee is expected to trade lower against the dollar tracking
the decline in Asian currencies and equities on worries over the economic impact
of new restrictions across the U.S. to contain the pandemic.
Indian federal government bond yields will likely trade little changed in
the early session as investors await the central banks simultaneous purchase
and sale of notes at a so-called special open market operation, due later today.
The yield on the benchmark 5.77% bond maturing in 2030 is likely to trade in a
5.85%-5.90% band today.
GLOBAL MARKETS
U.S. stocks closed steeply lower after a late-session sell-off on
Wednesday as investors weighed surging COVID-19 infections and mounting
shutdowns against encouraging vaccine developments.
Asian shares eased from all-time highs as widening COVID-19 restrictions
in the United states weighed on Wall Street, while bonds were underpinned by
speculation the Federal Reserve would have to respond with yet more easing.
U.S. Treasury yields rose on Wednesday on optimism over coronavirus
vaccines and after a weak 20-year bond auction dented the appeal of the safe
haven debt.
U.S. crude futures fell, giving up some of gains from the previous day as
surging COVID-19 cases and widening lockdowns raised fears over fuel demand,
offsetting further upbeat vaccine news.
Gold fell in early Asian trade as the dollar gained some ground and
progress in COVID-19 vaccine development dented the precious metal’s
appeal.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 74.19/74.22 November 18 5,618.74 crores 118.99 crores
10-yr bond yield 5.88% Month-to-date 36,786 crores 1,685 crores
Year-to-date 84,674 crores (1,05,461) 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 = 74.11 Indian rupees)
(Compiled by Pathikrit Bandyopadhyay in Bengaluru)read more