March 25, 2020 / 3:25 AM / 4 days ago

Morning News Call - India, March 25

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    FACTORS TO WATCH 
    No major events are scheduled for the day.
    
    LIVECHAT - EQUITIES FOCUS
    Reuters stocks correspondents in London and New York look at how coronavirus
fears, monetary stimulus, and policy changes are playing out on equities at 7:00
pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India locks down its 1.3 billion people to halt coronavirus spread
    India ordered a 21-day lockdown of its 1.3 billion people on Tuesday to try
to protect the world's second most populous country from the coronavirus
spreading around the world.
    • India to announce fiscal package to help economy face coronavirus -
minister
    India's government will soon announce a fiscal package to help the economy
face the impact of the coronavirus, Finance Minister Nirmala Sitharaman said in
a video conference with reporters on Tuesday.
    • Facebook eyes multi billion dollar stake in Reliance Jio -FT
    Facebook is in talks to buy a multi billion dollar stake in Reliance
Industries telecom unit, the Financial Times reported on Tuesday, citing two
people with knowledge of the matter.
    • After series of cuts, India axes Bayer's GM cotton royalty
    India has axed the royalties that local seed companies pay to German
drugmaker Bayer AG for Monsanto's genetically modified (GM) cotton, a government
order said, after cutting them back since 2016.
    • Walmart's India e-commerce unit Flipkart suspends services due to lockdown
Walmart's Flipkart has suspended services, a notice on the Indian e-commerce
firm's website said on Wednesday, as India began a 21-day lockdown to fight the
spread of the coronavirus pandemic.
    • Indian state refiners reduce oil processing runs as demand tumbles 
    India's state oil refiners are reducing crude processing as local fuel
demand has tumbled due to lockdowns in much of the country that are aimed at
halting the spread of coronavirus, industry and company officials said.
   
    • India needs stimulus plan or it risks crippling small businesses -industry
bodies
    India's small and mid-sized enterprises (SMEs) will struggle for survival if
the government does not follow international counterparts in offering financial
support to those acutely impacted by the coronavirus outbreak, industry bodies
said.
    • Oyo sees signs of recovery in China after coronavirus outbreak
Oyo Hotels and Homes has started to see a recovery in bookings in China, its
second-largest market, as the coronavirus outbreak eases up in some parts of the
country, the Indian hospitality startup's Chief Executive Ritesh Agarwal told
Reuters on Tuesday.
        
    
    GLOBAL TOP NEWS
    U.S. could be next 'virus epicentre', as India locks down, global recession
looms
    The United States could become the global epicentre of the coronavirus
pandemic, the World Health Organization said on Tuesday, as India announced a
full 24-hour, nationwide lockdown in the world's second-most populous country.

    Fed's stimulus eases global market fears, gets cash flowing
    Investors across a broad range of asset markets breathed a sigh of relief
Tuesday, a day after the Federal Reserve rolled out unprecedented measures aimed
at boosting liquidity and bolstering investor confidence in the face of a
spreading coronavirus pandemic.
    Bank of Japan sees deeper economic pain, even after emergency easing
    The coronavirus pandemic could plunge Japan into deep economic stagnation,
the country's central bankers warned at last week's emergency monetary policy
meeting with one seeing room for more stimulus, a summary of their discussion
showed.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 2.33% lower at 7,697.​
    
    
    GLOBAL MARKETS
    • The Dow soared on Tuesday to its biggest one-day percentage gain since
1933, after U.S. lawmakers said they were close to a deal for an economic rescue
package in response to the coronavirus outbreak, injecting optimism following
the biggest selloff since the financial crisis.
    • Asian shares extended their rally in the wake of Wall Street's big gains
as U.S. Congress appeared closer to passing a $2 trillion stimulus package to
curb the coronavirus pandemic's economic toll.
    • The dollar halted its decline and gains in riskier currencies petered out
as fresh rises in coronavirus cases kept markets on edge and the greenback
funding market tight.
    • U.S. government bond yields rose on Tuesday and one measure of the yield
curve steepened as investors waited for Congress to vote on a $2 trillion
stimulus bill to combat the blow dealt to the U.S. economy by the coronavirus
pandemic.
    • Oil prices extended gains for a third session, rising alongside broader
financial markets on hopes Washington will soon approve a massive aid package to
stem the economic impact of the coronavirus pandemic.
    • Gold rose for a third straight session, hitting its highest in about two
weeks, as positive rhetoric from U.S. lawmakers regarding a stimulus bill to
cushion the economic damage from the coronavirus outbreak lifted investor
sentiment.
    
            
                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         76.19/76.22  March 24         (3.340.85) crore  (2,265.31) crore
 10-yr bond yield  6.3%         Month-to-date    (55,600) crore    (54,240) crore
                                Year-to-date     (41,657) crore    (63,791) 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 = 76.37 Indian rupees)
    

 (Compiled by Swathi Nair in Bengaluru)
  
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