April 29, 2020 / 3:05 AM / in a month

Morning News Call - India, April 29

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - EQUITIES FOCUS
    Reuters stocks correspondents in London and New York discuss the first week
of corporate earnings after the novel coronavirus outbreak wreaked havoc on
equity markets. To join the conversation at 7:30 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Coronavirus cases in India climb towards 30,000; Pakistan mosques a
growing worry
    India was nearing 30,000 coronavirus infections on Tuesday, second only to
China in Asia, a steady rise that would make it difficult to lift a nearly
six-week lockdown that ends this weekend, health officials and some government
leaders said.
    • Reliance Industries to consider first rights issue in three decades
    Reliance Industries said it will consider its first rights issue in almost
30 years when its board meets on Thursday, in another attempt to slash its debt.

    • Axis Bank posts 13.88 billion rupee loss as provisions nearly triple on
COVID-19
    Axis Bank on Tuesday posted a surprise fourth-quarter loss of 13.88 billion
rupees, as it set aside more funds to cover a potential rise in bad loans in a
coronavirus-hit economy.
    • Fitch warns India against further deterioration in fiscal outlook
    India's sovereign rating could come under pressure if its fiscal outlook
deteriorates further as the government tries to steer the country through the
coronavirus crisis, rating agency Fitch said on Tuesday.
    • Nokia wins network equipment order from India's Bharti Airtel
    Nokia said on Tuesday it has won a multi-year deal with India's
third-largest telecom firm Bharti Airtel to provide equipment and services.

    • India's Serum Institute to make millions of potential coronavirus vaccine
doses
    The Serum Institute of India said on Tuesday it plans this year to produce
up to 60 million doses of a potential vaccine against the new coronavirus that
is under clinical trial in Britain.
    • China says Indian criticism of coronavirus test kits is "irresponsible"
    China has criticised India's decision to stop using Chinese testing kits for
the novel coronavirus because of quality issues as unfair and irresponsible in
the latest strain in their ties.
    
    
    GLOBAL TOP NEWS
    • Samsung expects Q2 profit fall as virus hits sales of smartphones, TVs
    Samsung Electronics said it expected profit to decline in the current
quarter due to a coronavirus-related slump in sales of smartphones and TVs,
although the chip business would remain solid.
    • Ford expects $5 billion loss in current quarter as coronavirus hits demand
    Ford Motor said on Tuesday its second-quarter loss would more than double to
over $5 billion from $2 billion in the first quarter due to the impact of the
coronavirus pandemic, but added it had enough money despite the crisis to last
the rest of 2020.
    • U.S. coronavirus deaths surpass Vietnam War toll as Florida governor meets
Trump
    The U.S. coronavirus death toll reached a grim milestone on Tuesday,
surpassing the number of American lives lost in the Vietnam War, as Florida's
governor met with President Donald Trump to discuss easing shutdowns aimed at
curbing the pandemic.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty futures were trading 0.4% higher at 9,436.30.
    • The Indian rupee is expected to rise against the U.S. currency, tracking
the dollar’s decline and the positive risk appetite ahead of the Federal
Reserve’s policy review.
    • Indian government bonds are likely to trade little changed in early
session, as traders still await a likely fiscal stimulus package from the
government to cushion the impact of the coronavirus. The yield on the benchmark
6.45% bond maturing in 2029 is likely to trade in a range of 6.10%-6.17%
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes lost ground on Tuesday as investors moved out
of market-leading growth stocks, though a rotation into cyclical value stocks
indicated hopes of economic revival as states began to relax restrictions
enacted to fight the deadly COVID-19 pandemic.
    • Asian shares were cautiously higher as investors paused ahead of the U.S.
Federal Reserve's policy decision while oil prices jumped on hopes demand will
pick up as many countries lift some of the coronavirus-related restrictions.

    • The dollar was on the back foot as the slowing spread of the coronavirus
and moves to re-open economies supported the investor mood, ahead of major
central bank meetings.
    • Traders looking for stronger indications of the economy's path through the
COVID-19 pandemic sent U.S. Treasury yields lower on Tuesday.
    • Oil prices climbed, trimming some of this week's steep losses after U.S.
stockpiles rose less than expected and hopes grew for demand to pick up as some
European countries and U.S. cities moved to ease coronavirus lockdowns.
    • Gold prices inched higher as the dollar weakened amid plans to ease major
economies out of coronavirus lockdowns, while investors awaited any forward
guidance from the U.S. Federal Reserve's policy statement due later in the day.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         76.17/76.20  April 28         (770.63) crore  546.89 crore
 10-yr bond yield  6.14 pct     Month-to-date    (7,718) crore   (7,890) crore
                                Year-to-date     (55,748) crore  (77,817) crore
 
    (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 = 76.02 Indian rupees)
 
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