Morning News Call – India, December 2 – Reuters India

By Reuters Staff
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FACTORS TO WATCH
10:00 am: Burger King IPO opens for subscription in Mumbai.
11:00 am: Coal Minister Pralhad Joshi, Vedanta Group Chief Executive Sunil
Duggal, Coal India Chairman-cum-Managing Director Pramod Agrawal at CII Global
Mining summit.
11:00 am: Ministry of Textiles Secretary Ravi Capoor at CII virtual conference
on Indian textile sector.
11:15 am: Axis AMC Chief Executive and Managing Director Chandresh Kumar Nigam
at the announcement of a New Fund Offer.
2:00 pm: ICRA webinar on credit pressures in Indian corporate sector.
3:00 pm: Ministry of New & Renewable Energy Secretary Indu Shekhar Chaturvedi,
Suzlon Chief Executive Ashwini Kumar at ETEnergyworld webinar on emerging trends
shaping the power sector.
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
Mihir Vora, CIO, Max Life Insurance, Mumbai, will speak at the Reuters
Global Investment Outlook Summit 2020. To join the discussion at 11:00 am IST,
click here refini.tv/2P8N0Wp
INDIA TOP NEWS
Government, protesting farmers fail to break deadlock, to meet again on
Thursday
Indian ministers and representatives of thousands of protesting farmers failed
to break a deadlock over a set of new farm laws at a meeting on Tuesday, but
both sides were set to meet again on Thursday, a farmers’ leader and the
government said.
RBI seen holding rates; liquidity stance watched
The Reserve Bank of India monetary policy committee is expected to leave
interest rates unchanged when it meets on Friday, after data showing the economy
contracting less than expected and persistently high inflation.
India’s factory recovery stumbled in Nov as COVID-19 fears remain
India’s manufacturing recovery faltered in November as coronavirus fears weighed
on demand and output, prompting firms to cut jobs for the eighth month in a row,
a survey showed.
India says may not need to vaccinate entire population to control COVID
India may not need to vaccinate all of its 1.3 billion people if it manages to
inoculate a critical mass and break the transmission of the coronavirus, senior
government officials said on Tuesday.
AstraZeneca partner sticks with two full dose regimen in COVID trials in India
Serum Institute of India, which has partnered with AstraZeneca to manufacture
its COVID-19 vaccine, will continue to test a two full dose regimen of the shot
despite it showing a lower success rate than a half and full dose regimen in
pivotal trials, a top executive told Reuters.
India plans dam on Brahmaputra to offset Chinese construction upstream
India is considering a plan to build a 10 gigawatts (GW) hydropower project in a
remote eastern state, an Indian official said on Tuesday, following reports that
China could construct dams on a section of the Brahmaputra river.
India’s Nov diesel sales plunge after rising in Oct
India’s diesel sales fell 7% in November from a year earlier, after rising in
the previous month, according to preliminary data on state refiners’ fuel sales,
signalling industrial activity is still slow to pick up after a national
lockdown was eased.
GLOBAL TOP NEWS
Barr sees no sign of major U.S. vote fraud despite Trump’s claims
U.S. Attorney General William Barr said on Tuesday the Justice Department
has found no evidence of widespread voter fraud in last month’s election, even
as President Donald Trump kept up his flailing legal efforts to reverse his
defeat.
U.S. Senate leader McConnell urges new COVID-19 aid in broad funding bill
The U.S. Congress should include a fresh wave of coronavirus stimulus in a
must-pass $1.4 trillion spending bill aimed at heading off a government shutdown
in the midst of a pandemic, top Senate Republican Mitch McConnell said on
Tuesday.
U.S. plans for first COVID vaccines as pandemic deaths surge again
Top U.S. health officials announced plans on Tuesday to begin vaccinating
Americans against the coronavirus as early as mid-December, as nationwide deaths
hit the highest number for a single day in six
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures were trading 0.1% lower at 13,133.
The Indian rupee is expected to strengthen against the U.S. currency tracking
broad dollar decline amid focus on fresh U.S. fiscal stimulus talks.
India bond yields are likely to open higher tracking U.S. Treasuries, as
global risk sentiment improved amid the proposal of a bipartisan fiscal stimulus
bill in the worlds largest economy. The yield on the benchmark 5.77% 2030 bond
is likely to trade in a 5.91%-5.96% band.
GLOBAL MARKETS
The S&P 500 and Nasdaq Composite indexes closed at record highs on
Tuesday, with investors betting a COVID-19 vaccine will be available soon, and
more confident about a speedy economic recovery following upbeat Chinese factory
data.
Asian shares shed early gains from a strong Wall Street lead, as some
investors booked profits on a stellar run to record highs, but hope for
additional U.S. economic stimulus and a coronavirus vaccine kept market
sentiment well supported.
The U.S. dollar stayed near a 2 1/2-year low on Wednesday as investors
cautiously eyed developments in talks about further fiscal stimulus from the
United States, while risk currencies held onto gains on improving risk
appetite.
U.S. Treasury yields surged on Tuesday, propelled by a new push in
Congress to send federal aid to businesses and state and local governments
slammed by the coronavirus pandemic.
Oil prices extended losses, hit by a surprise build in oil inventories in
the United States and as OPEC and its allies left markets in limbo by delaying a
formal meeting to decide whether to increase output in January.
Gold prices edged lower on growing progress over a coronavirus vaccine to
aid a swift global economic recovery, with investors eyeing the possibility for
further U.S. stimulus.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 73.56/73.59 December 1 9,132.60 crores (602.34) crores
10-yr bond yield 5.93% Month-to-date 9,133 crores (602) crores
Year-to-date 1,17,379 crores (1,09,554) 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 = 73.49 Indian rupees)
(Compiled by Siddharth Athreya V in Bengaluru)read more