February 4, 2020 / 3:36 AM / 15 days ago

Morning News Call - India, February 4

    Feb 4(Reuters) - To access a PDF version of this newsletter, please click
here here
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    9:30 am: Revenue Secretary Ajay Bhushan Pandey, Central Board of Direct
Taxes Chairman P. C. Mody and other tax officials will be present at Assocham’s
post budget event in New Delhi.
    11:00 am: Budget session of parliament continues in New Delhi.
    6:00 pm: Finance Minister Nirmala Sitharaman will be present at industry
body CII post-budget analysis event in New Delhi. 

    LIVECHAT- AUTHOR CHAT
    Daniel Beunza, Cass Business School professor and LSE research associate,
joins us to discuss his book "Taking the floor: Models, Morals, and Management
in a Wall street Trading Room." To join the conversation at 06:30 pm IST, click
on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    •India central bank seen holding rates, retaining dovish stance
    India's central bank is likely to keep monetary policy accommodative without
cutting interest rates at a policy meeting on Thursday, economists said, as
inflation is above target and the economy has shown possible signs of recovery
from its worst slowdown in more than a decade.
    •India's January manufacturing activity hits near 8-year high as orders jump
    India's manufacturing activity expanded at its quickest pace in nearly eight
years in January with robust growth in new orders and output, a private survey
showed on Monday, suggesting the economy may be getting back on firmer
footing.
    •Apple supplier Wistron to assemble key iPhone component in new India plant
- sources
    Taiwan's Wistron Corp plans to assemble printed circuit boards (PCBs) for
iPhones at its new plant in southern India, two sources said, highlighting
Apple's push to expand manufacturing in the world's second-biggest smartphone
market. 
    
    
    GLOBAL TOP NEWS
    •China virus death toll posts grim record rise, passes 400
    China said it would welcome assistance from the United States to fight a
coronavirus outbreak, a day after it accused Washington of scaremongering, and
as the death toll rose by a new daily record to more than 420.
    •Alphabet shares fall as Google misses on sales, YouTube revenue disappoints
    Alphabet new Chief Executive Sundar Pichai unveiled sales figures that
investors have long demanded, but shares fell 5% as Google's advertising
business and the new data about YouTube and Google Cloud broadly
disappointed.
    •Iowa Democrats begin caucus meetings, kicking off search for Trump election
challenger
    Iowa Democrats began meeting at caucus sites around the state on Monday,
kicking off what could be a bruising months-long national nominating fight to
choose a November election challenger to Republican U.S. President Donald
Trump.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.3% higher at 11,740.50.
    • The Indian rupee is expected to open higher against the dollar. The
Chinese yuan’s rebound is further expected to help the rupee.  
    •The Indian government bonds are likely to edge higher today. The yield on
the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.46%-6.52%. 
    
    
    GLOBAL MARKETS
    • U.S. stocks rallied on Monday, boosted by heavyweight technology shares
and on surprise strength in U.S. manufacturing activity, following a sharp
selloff last week on concerns about the economic impact from the fast-spreading
coronavirus out of China.
    • Asian stocks bounced with Chinese markets reversing some of their previous
plunge amid official efforts to calm virus fears, although sentiment remained
fragile with oil near 13-month lows.
    • The dollar held firm after a key U.S. manufacturing survey showed a
surprise recovery, while concerns about a widening coronavirus outbreak in China
kept the yuan and the Australian dollar subdued.
    • U.S. Treasury yields pared gains on Monday as traders took stock of the
international response to the coronavirus epidemic.
    • Oil prices rose, matching moves in other financial markets as investors
regained calm after Monday's sharp sell-off on fears of the impact of the China
coronavirus on demand sent crude to its lowest level in more than a year.
    • Gold prices eased on Tuesday as the dollar held firm after a key U.S.
manufacturing survey showed a surprise rebound, although rising concerns about a
widening coronavirus outbreak in China and its economic fallout provided some
support to the metal.
    
                   CLOSE        FII           EQUITIES          DEBT
                                INVESTMENTS                     
 PNDF spot         71.50/71.53  February 3    (4,375.56) crore  (109.60) crore
 10-yr bond yield  6.50 pct     Month-to-dat  (4,376) crore     (110) crore
                                e                               
                                Year-to-date  7,747 crore       (11,758) 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 = 71.32 Indian rupees)
 


 (Compiled by Prajakta Gadgil in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below