Morning News Call – India, December 22 – Reuters India

By Reuters Staff
(Morning News Call India will not be published through the year-end holiday
season, from December 25, 2020 to January 1, 2021. Normal service will resume
from January 4, 2021. Seasons Greetings and Happy New Year.)
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FACTORS TO WATCH
10:00 am: Antony Waste Handling Cell IPO subscription continues in Mumbai.
11:00 am: Prime Minister Narendra Modi to address the centenary
celebrations of Aligarh Muslim University via video conferencing.
11:40 am: Drugs Controller General of India V.G. Somani, Department of
Pharmaceuticals Joint Secretary Navdeep Rinwa at PHD Chamber of Commerce
webinar.
3:00 pm: Trade Ministry Special Secretary (Logistics) Pawan Kumar Agarwal,
Commerce Ministry Joint Secretary Anant Swarup, Civil Aviation Ministry Senior
Economic Advisor Vandana Aggarwal at PHD Chamber of Commerce Virtual Logistics
conclave.
4:00 pm: Health Ministry briefing on Covid-19 situation in New Delhi.
4:30 pm: Prime Minister Narendra Modi, Health Minister Harsh Vardhan at
India International Science festival.
PROMOTION
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
Patrick Reid, co-founder at the Adamis principle in London, who traded
derivatives at Europe’s largest prop desk TTG before co-founding the Adamis
principle, joins the forum to discuss if the consensus short USD trade will work
out in 2021 and about emerging markets as we enter the New Year. To join the
conversation at 10:30 a.m. IST, click here refini.tv/2P8N0Wp
INDIA TOP NEWS
India suspends UK flights over fears of new virus strain
India said on Monday it would suspend flights from the United Kingdom until
the end of the year over fears of a new strain of the coronavirus.
India court leaves fate of Future’s $3.4 billion deal opposed by Amazon to
regulators
An Indian court on Monday left it to regulators to decide the fate of the
$3.38 billion sale of Future Group’s retail assets to Reliance Industries, but
allowed U.S. partner Amazon.com to raise objections to it.
Indian farmers start hunger strike to pressure Modi on reforms
Farmers leaders sought to step up pressure on Prime Minister Narendra Modi
to repeal three agricultural reform laws on Monday by starting a 24-hour relay
hunger strike.
GLOBAL TOP NEWS
Britain faces isolation as world tightens borders to keep out new
coronavirus strain
Countries across the globe shut their borders to Britain on Monday due to
fears about a highly infectious new coronavirus strain, causing travel chaos and
raising the prospect of food shortages days before Britain is set to leave the
European Union.
U.S. House passes $892 billion coronavirus relief package; Senate to vote
The U.S. House of Representatives passed an $892 billion coronavirus aid
package on Monday aimed at throwing a lifeline to the nation’s pandemic-battered
economy, clearing the way for Senate approval later in the evening.
Apple targets car production by 2024 and eyes ‘next level’ battery
technology -sources
Apple is moving forward with self-driving car technology and is targeting
2024 to produce a passenger vehicle that could include its own breakthrough
battery technology, people familiar with the matter told Reuters.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures were trading 1.1% higher at 13,408.00.
The rupee is expected to trade lower against the U.S. currency tracking
dollars advance on the non-deliverable forward market amid virus mutation
worries.
India’s federal government bond yields are likely to open largely
unchanged ahead of an auction of state debt today. The yield on the benchmark
5.77% 2030 bond is likely to trade in a 5.94%-5.98% band.
GLOBAL MARKETS
The S&P 500 closed lower on Monday, having clawed its way back from steep
losses early in the session as investors juggled the outbreak of an ominous new
strain of COVID-19 with the passage of a long-anticipated stimulus package.
Asian shares slipped, extending a pullback from multi-year highs hit last
week on renewed fears a highly infectious new strain of COVID-19 that shut down
much of Britain could lead to a slower global economic recovery.
The dollar was firm but traded well below peaks hit on a wild ride higher
overnight, as a new coronavirus strain in Britain sent jitters through
holiday-thinned currency markets.
Benchmark Treasury yields were little changed on Monday, erasing an
earlier dip, as investors shrugged off concerns about a new strain of COVID-19
in the United Kingdom, while demand was solid for the Treasury Department’s $24
billion sale of 20-year bonds.
Oil prices fell, extending sharp losses overnight, as the rapid spread of
a new strain of the novel coronavirus in the United Kingdom prompted several
countries to close their borders to British travellers and freight.
Gold edged higher as investors focussed on the U.S. fiscal stimulus
package that is set to be voted on by Congress, with fresh restrictions forced
by a new coronavirus strain in the UK providing further support to the metal.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 73.71/73.74 December 21 3,840.64 crores (332.68) crores
10-yr bond yield 5.96% Month-to-date 52,699 crores 5,027 crores
Year-to-date 1,60,945 crores (1,03,925) 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 = 74.03 Indian rupees)
(Compiled by Sourav Bose)read more