Morning News Call – India, November 24 – Reuters India

By Reuters Staff
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FACTORS TO WATCH
11:00 am: DPIIT Joint Secretary Anil Agrawal, Bata India Chief Executive
Sandeep Kataria, V-Mart Retail Chairman and Managing Director Lalit Agarwal at
CII India Retail summit in New Delhi.
11:00 am: Syngene International Chief Operating Officer Mahesh Balghat at FICCI
Global Virtual Healthcare and Hygiene Expo in New Delhi.
12:30 pm: Maharashtra Chief Minister Uddhav Thackeray at the virtual
inauguration of IMC Chamber of Commerce and Industrys Engage Maharashtra in
New Delhi.
3:00 pm: CBDT Member S.K. Gupta, Petronet LNG Director (Finance) and Officiating
Chief Executive and Managing Director V.K. Mishra at ASSOCHAM webinar on role of
technology in taxation in New Delhi.
4:00 pm: Airports Authority of India Former Chairman and Managing Director V.P.
Agrawal at Capa India webinar on Reinventing Regional Aviation in New Delhi.
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
David Wagner of Aptus Capital Advisors will join the forum to discuss his
firm’s framework for stock selection across all Aptus-run funds: Aptus
Drawdown-Managed Equity ETF (ADME), Aptus Defined Risk ETF (DRSK) and Aptus
Collared Income Opportunity ETF (ACIO) To join the conversation at 07:30 pm IST,
click here here
INDIA TOP NEWS
Serum Institute to focus on supplying COVID-19 vaccine to India first
The Serum Institute of India, the world’s largest manufacturer of vaccines by
volume, will first focus on supplying AstraZeneca’s COVID-19 vaccine to Indians
before distributing it to other countries, Serum’s Chief Executive Adar
Poonawalla said on Monday.
India’s October crude imports mark biggest fall since July
India’s October crude oil imports posted their steepest fall since July and
seventh consecutive monthly year-on-year decline as rising COVID-19 cases
limited mobility and curbed consumption, government data showed on Monday.
India plans to put off parliamentary session due to virus surging in Delhi
India plans to put off the winter session of parliament due to the rising number
of coronavirus infections, a government official said on Monday, with New Delhi
facing a shortage of hospital beds and doctors as the epidemic spreads.
Coal India to invest 56.50 billion rupees over 4 yrs in solar to cut costs
Coal India, the world’s largest coal miner, said on Monday it would invest 56.50
billion rupees by March 2024 to build 14 solar projects to help power its mining
operations and cut costs.
S&P sceptical of allowing corporates into Indian banking
S&P Global Ratings said on Monday a recommendation from an Indian central bank
committee to allow industrial conglomerates to set up banks as part of proposed
changes to the banking sector, is fraught with risk.
Singapore, Saudi companies push Indian solar tariffs to record low
The Indian units of Singapore-based Sembcorp Industries and Saudi Arabia-based
Aljomaih Holding won government auctions to sell solar power for a record low of
2 rupees ($0.0270) per kilo watt hour (kWh), sources said.
GLOBAL TOP NEWS
Trump finally gives the green light to proceed with Biden transition
After weeks of defiance, President Donald Trump on Monday allowed officials to
proceed with a transition to President-elect Joe Biden, giving his Democratic
rival access to briefings and funding even as he vowed to persist with efforts
to fight the election results.
Biden to name Yellen to Treasury to lead U.S. from sharp economic downturn
President-elect Joe Biden is expected to nominate former Federal Reserve Chair
Janet Yellen as U.S. Treasury secretary, breaking a 231-year gender barrier and
putting a seasoned economist and labor market expert in charge of leading the
country out of the steepest downturn since the Great Depression.
AstraZeneca says COVID-19 ‘vaccine for the world’ can be 90% effective
AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal
trials and could be up to 90% effective, giving the world’s fight against the
global pandemic a third new weapon that can be cheaper to make, easier to
distribute and faster to scale-up than rivals.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures were trading 0.1% higher at 12,960.
The Indian rupee is expected to trade lower against the U.S. currency,
mirroring weakness in Asian peers. Upbeat risk appetite after the Trump
administration formally authorized Joe Bidens transition process is, however,
expected to cap the rupees decline.
Indian federal government bond yields are likely to edge lower in early
session, after New Delhi announced the issuance of a new 10-year paper. The
yield on the benchmark 5.77% 2030 bond is likely to trade in a 5.86%-5.91% band
today.
GLOBAL MARKETS
U.S. stocks closed higher in a choppy session on Monday as hopes for a
COVID-19 vaccine lifted economically sensitive sectors such as energy and
industrials, but a pullback in megacap shares curbed gains on the S&P 500 and
Nasdaq.
Asian shares climbed as news U.S. President-elect Joe Biden was given the
go-ahead to begin his White House transition added to an already brighter mood
from progress made on COVID-19 vaccine and the prospects for a speedy global
economic revival.
The yen was on the back foot while riskier currencies were supported on
rising optimism following news U.S. President-elect Joe Biden is expected to tap
former Federal Reserve Chair Janet Yellen as U.S. Treasury Secretary.
U.S. Treasury yields moved higher on Monday and the yield curve steepened
on positive COVID-19 vaccine news and a report that former Federal Reserve
Chairwoman Janet Yellen is President-elect Joe Biden’s pick for Treasury
secretary.
Oil prices held gains as news of a third promising vaccine candidate
spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe
Biden received the go-ahead to begin his presidential transition.
Gold prices eased in early Asian trade as COVID-19 vaccine developments
and upbeat U.S. manufacturing data bolstered investors’ hopes of a swift
economic recovery.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 74.09 / 74.12 November 23 3,899.98 crores 361.16 crores
10-yr bond yield 5.9% Month-to-date 48,278 crores 1,175 crores
Year-to-date 96,166 crores (1,05,971) 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 = 74.24 Indian rupees)
(Compiled by Siddharth Athreya V in Bengaluru)read more