January 29, 2020 / 3:43 AM / 2 months ago

Morning News Call - India, January 29

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    FACTORS TO WATCH
    10:30 am: The Federal cabinet is likely to meet in New Delhi.
    
    LIVECHAT- EQUITIES WATCH
    Reuters stocks correspondents in London and New York discuss how the year's
first earnings season is playing out on equity markets at 07:30 pm IST. To join
the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    •Maruti Suzuki India quarterly profit falls short as promotions rise
    Maruti Suzuki India Ltd MRTI.NS reported lower-than-expected third-quarter
profit on Tuesday as the country's biggest carmaker spent more on promotions
during a wider industry slowdown.
    •Tata launches 'ecosystem' to kickstart Indian clean vehicles
    Tata Group is making its biggest push yet towards clean vehicles with plans
to make electric cars and batteries, set up charging stations and build a
battery recycling plant, senior executives said on Tuesday.
    •Reliance seeks to counter India plastics pushback with new road project
    Reliance Industries, India's largest petchem player, is launching a project
to use plastics in road construction, amid growing concerns over pollution in
the country of 1.3 billion whose major cities are often plagued with smog and
litter.
    •India, Bangladesh consider evacuating citizens from China's Wuhan
    India and Bangladesh said on Tuesday they were working on evacuating their
citizens from the Chinese city of Wuhan, the epicentre of a coronavirus outbreak
that has killed more than 100 people.
    •Sugar buyers nervous as Indian export surge fails to materialise
    Global sugar buyers are growing increasingly nervous as a much touted surge
of Indian sugar exports has failed to materialise, with some mills reluctant to
sell even as global prices LSUc1, SBc1 trade near 2-1/2-year highs.
    •Police arrest Indian protest organiser on sedition charges
    Indian police on Tuesday arrested a university student who has been involved
in organising protests against a contentious citizenship law after he made
comments that the ruling Hindu nationalist party said were
seditious.
    
    
    GLOBAL TOP NEWS
    •China virus toll passes 130 as U.S. weighs flight ban
    The death toll from a new coronavirus in China rose sharply to 132 with
nearly 1,500 new cases, heaping pressure on Beijing to control the disease as
U.S. officials said the White House was weighing whether to suspend flights to
the country.
    •Defying Trump, UK's Johnson refuses to ban Huawei from 5G
    Prime Minister Boris Johnson granted Huawei a limited role in Britain's 5G
mobile network on Tuesday, frustrating a global attempt by the United States to
exclude the Chinese telecoms giant from the West's next-generation
communications.
    •Do or die: Nissan takes the axe to the house Ghosn built
    Nissan is planning aggressive cost cuts to deal with an unexpected slump in
sales as the expansionist strategy it inherited from fugitive former Chairman
Carlos Ghosn flounders, four people familiar with the plans said.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    •SGX Nifty nearest-month futures were trading 0.3% higher at 12,101.00.
    •The Indian rupee is expected to open higher against the dollar as most
regional currencies rebound from the losses triggered by fears over the China
epidemic.
    •Benchmark 10-year Treasury yields bounced off three-month lows on Tuesday,
after a key part of the yield curve briefly inverted for the first time since
October, as risk appetite improved even while investors kept assessing the
economic impact from a virus outbreak in China. 

   
    GLOBAL MARKETS
    • U.S. stocks rebounded on Tuesday, as the S&P 500 bounced back from its
worst day in nearly four months, led by a climb in Apple and other names hit by
exposure concerns to the coronavirus outbreak in China that sparked a recent
sell-off.
    • Asian shares erased earlier gains, swinging into negative territory as a
spike in new Chinese virus cases sent Hong Kong stocks tumbling and fuelled
fears about the economic impact of the outbreak.
    • Risk currencies steadied as investors took stock of the economic damage
from the outbreak of the coronavirus originating in China, with focus on Hong
Kong shares that will resume trading later in the day after the Lunar New Year
break.
    • Benchmark 10-year Treasury yields bounced off three-month lows on Tuesday,
after a key part of the yield curve briefly inverted for the first time since
October, as risk appetite improved even while investors kept assessing the
economic impact from a virus outbreak in China.
    • Oil prices rose for a second day, standing on firmer ground after a
five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts
demand, while data showing a decline in U.S. stockpiles helped steady prices.

    • Gold prices were little changed after sliding 1% in the previous session,
as investors took stock of the economic impact of the new coronavirus and
awaited the U.S. Federal Reserve's interest rate decision.
   
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.28/71.31  January 28       (174.25) crore  (172.78) crore
 10-yr bond yield  6.57 pct     Month-to-date    13,725 crore    (11,027) 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 = 71.07 Indian rupees)
 


(1 Indian rupee = $0.0141)

 (Compiled by Prajakta Gadgil in Bengaluru)
  
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