Morning News Call - India, October 20

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    FACTORS TO WATCH
    10:00 am: Equitas Small Finance Bank IPO opens for subscription in Mumbai.
    10:00 am: Britannia Industries conference call post 2Q earnings.
    10:30 am: Steel Minister Dharmendra Pradhan, Minister of State Faggan Singh
Kulaste at webinar.
    3:15 pm: Petroleum and and Natural Gas Minister Dharmendra Pradhan to
inaugurate trial run of H-CNG buses at Rajghat Bus Depot in New Delhi.
    4:00 pm: Hindustan Zinc conference call post 2Q earnings.
    5:00 pm: Granules India conference call post 2Q earnings.

    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Daniel Ghali, VP of Commodities Strategy at TD Securities, joins the forum
to discuss his precious metals outlook amidst the broad US election market
volatility, along with his expectations from these metals into year-end. To join
the conversation at  6:30 pm IST, click on the link: https://refini.tv/2P8N0Wp


    INDIA TOP NEWS
    • India asks at least eight state-run firms to consider buybacks, sources
say
    India has asked at least eight state-run companies to consider share
buybacks in the fiscal year that runs through March 2021, two government
officials said, as New Delhi scours for ways of raising funds to rein in its
fiscal deficit.
    • Reliance says India will fully shift to renewable energy in next few
decades
    India will fully move away from fossil fuels to renewable energy in the next
few decades, the chairman of Reliance Industries, operator of the world's
biggest refining complex, said on Monday.
    • India must not neglect bank recap despite pandemic, says former RBI deputy
    India is neglecting bank recapitalisation as it focuses on debt moratoriums
and interest waivers for borrowers amid the COVID-19 pandemic, a former central
bank official told Reuters on Monday.
    Half of Indians may have had coronavirus by February, govt panel estimates
    • At least half of India's 1.3 billion people are likely to have been
infected with the new coronavirus by next February, helping slow the spread of
the disease, a member of a federal government committee tasked with providing
projections said on Monday.
    • Indian developer RMZ sells real estate assets to Canada's Brookfield for
$2 billion
    Privately held Indian developer RMZ Corp has sold 12.5 million square feet
of its real estate assets to Brookfield Asset Management for $2 billion, the
Canadian asset manager said on Monday.
    • Lawsuit accuses Indian hackers of leaking businessman's emails
    Iranian-American businessman Farhad Azima has accused a pair of Indian
companies of stealing his emails and publishing them to the web, according to a
lawsuit filed in federal court in North Carolina.


    GLOBAL TOP NEWS
    • Final Trump-Biden debate will feature 'mute' button after chaotic first
clash
    The final debate between President Donald Trump and Democratic rival Joe
Biden will feature a mute button to allow each candidate to speak uninterrupted,
organizers said on Monday, looking to avoid the disruptions that marred the
first matchup.
    • South Korea's SK Hynix to buy Intel's NAND business for $9 billion
    Intel has agreed to sell its NAND memory chip business to SK Hynix for $9
billion in an all-cash deal that would propel the South Korean chipmaker to
second in the global rankings.
    • U.S. House Speaker Pelosi, Mnuchin narrow differences on aid bill, Pelosi
spokesman says
    U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary
Steve Mnuchin "continued to narrow their differences" in a 53-minute telephone
conversation on Monday about a fresh coronavirus aid package, Pelosi's
spokesman, Drew Hammill, wrote on Twitter.


    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.2% lower at 11,873.20.
    • The Indian rupee is expected to open little changed against the U.S.
currency amid losses on the safe-haven dollar despite the worst session on Wall
Street in three weeks.
    • Indian government bond yields are expected to edge higher in early session
ahead of a fresh supply of state debt today. The benchmark 5.77% bond maturing
in 2030 is likely to trade in a 5.92%-5.98% band today.



    GLOBAL MARKETS
    • Wall Street's main indexes closed lower on Monday as Washington lawmakers
still appeared to struggle to reach an agreement on coronavirus stimulus ahead
of a Tuesday deadline that would make a relief package possible ahead of the
Nov. 3 elections.
    • Asian stocks slipped as investors adjusted risk exposure heading into the
U.S. election and as a deadline for Washington to pass an economic stimulus bill
approached while Europe reported record daily coronavirus infections.

    • The yuan held near a two-year high against the dollar in offshore trade on
Tuesday on signs of a robust economic recovery in China however, doubts about a
U.S. stimulus deal capped gains for other risk currencies.
    • U.S. Treasury yields came off their highs on Monday as optimism ebbed that
U.S. lawmakers will reach a deal to launch new stimulus in the near term, though
the yields held higher on the day.
    • Oil prices slipped for a fourth straight day on worries about a resurgence
of coronavirus cases globally stifling a promising recovery in fuel demand,
while growing output from Libya adds to plentiful supply in the market.
    • Gold prices inched lower early as caution set in ahead of the deadline to
reach an agreement on a new U.S. coronavirus stimulus, diminishing the metal's
appeal of being a hedge against inflation.


                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         73.35/73.38  October 19       (8.54)      1,201.83 crores
                                                 crores
 10-yr bond yield  5.94%        Month-to-date    8,480       587 crores
                                                 crores
                                Year-to-date     36,827      (1,08,200) crores
                                                 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= 73.35 Indian rupees)


 (Compiled by Nachiket Tekawade in Bengaluru)

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