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Morning News Call - India, July 9

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    FACTORS TO WATCH
    1:30 pm: Prime Minister Narendra Modi and Principal Economic Adviser Sanjeev
Sanyal at “India Global Week 2020,” in New Delhi.
    
    
    LIVECHAT - TRADING INDIA FORUM
    Despite seeing no signs of a peak in COVID-19 cases, India is slowly opening
up. The economic implications of the lockdown have been massive. What does the
unlock mean for sectors and the economy in general? We discuss this and a lot
more with Ankita Pathak, Lead Economist, Research at Edelweiss wealth
management. To join the conversation at 11:00 am IST, email Savio.shetty@tr.com
   
    
    INDIA TOP NEWS
    • Indian travel curbs thwart gold smugglers, boost legal market
    Gold smuggling in India has declined as a lack of international flights
thwarts grey market operators and serves to boost the premium legal importers
can charge, industry officials said on Wednesday.
    • Indian lender SBI to invest 17.60 billion rupees in Yes Bank
    State bank of India, country's largest lender's executive committee has
approved a further investment of upto 17.60 billion rupees in public offering of
Yes Bank, according to a regulatory filing.
    • Cipla prices its generic remdesivir at 4,000 rupees per vial, below rivals
    Cipla has priced its generic version of remdesivir, Cipremi, at 4,000 rupees
per 100 mg vial, the Indian drugmaker said on Wednesday, making it among the
lowest priced versions of the COVID-19 treatment available so far globally.

    • India arrests South Korean CEO, 11 others for gas leak at LG Polymers
    Indian police have arrested 12 LG Polymers officials, including its South
Korean Chief Executive Sunkey Jeong, an officer said on Wednesday, two months
after a gas leak at the company's south Indian chemical plant killed 12.

    • Amazon India's unit gets 23.10 bilion rupees in fresh funds from parent
    Amazon.com has invested 23.10 billion rupees  in Amazon Seller Services, an
Indian unit, strengthening the business at a time when more people shop online
in a bid to avoid crowded public places.
    • E-tailers in India begin work to list 'country of origin' labels on
products
    E-commerce companies in India like Amazon.com's local unit and Walmart's
Flipkart have begun to update their back-end systems to allow sellers to
identify the country of origin on all new product listings on their platforms,
two sources aware of the matter said on Wednesday.
    • India equity mutual fund inflows plummet as investors book profits, stay
away
    Inflows into India's equity mutual funds slowed to a trickle in June even as
stock markets recovered sharply, as investors worried about the impact of the
new coronavirus on their livelihood chose to book profits and stay away.

    • Death toll from NLC India boiler blast rises to 13
    NLC India NLCI.NS said on Wednesday the death toll from a boiler blast at
the lignite miner and electricity generator's plant in the southern Tamil Nadu
state rose to 13.
    
       
    
    GLOBAL TOP NEWS
    • China's producer prices extend declines amid sluggish demand
    China's factory gate prices fell for the fifth consecutive month in June but
at a slower-than-expected pace, with persistent deflation in the industrial
sector highlighting the lasting economic impact of the coronavirus pandemic.

    • Worsening U.S. outbreak prompts tough actions as new coronavirus cases hit
record
    New Jersey adopted a stringent coronavirus face-mask order on Wednesday, and
New York City unveiled a plan to allow public school students back into
classrooms for just two or three days a week,  as newly confirmed U.S. COVID-19
cases soared to a daily global record.
    • Fed officials suggest U.S. recovery may be stalling
    Federal Reserve officials raised fresh doubts on Wednesday about the
durability of the U.S. recovery, while new business surveys highlighted
developing risks from the relentless coronavirus pandemic.
    
           
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.5% higher at 10,730.
    • The Indian rupee is expected to edge higher against the dollar, tracking
the Chinese-yuan led strength in Asian currencies amid a positive risk mood.
    • Indian government bond yields are likely to be largely unchanged in early
trade as investors await another special open market operation by the central
bank. The yield on the benchmark 5.79% bond maturing in 2030 is likely to trade
in a range of 5.76%-5.82% today.
    
    
    GLOBAL MARKETS
    • U.S stocks rose on Wednesday and the Nasdaq hit a record closing high,
supported by technology shares as early signs of an economic rebound offset
concern about further lockdowns due to a jump in coronavirus cases across the
country.
    • Asian equity markets ground higher as investors tried to look past
gathering Sino-U.S. tension and renewed coronavirus lockdowns to upcoming
company earnings.
    • The dollar nursed losses against most currencies as a rally in riskier
assets such as global equities and commodities put a dent in safe-haven demand
for the U.S. currency.
    • The U.S. sold $29 billion worth of 10-year notes for the lowest high yield
on record on Wednesday, indicating strong demand for the safe-haven securities
despite a flood of new issuance to fund economic stimulus in response to the
coronavirus pandemic.
    • Oil prices drifted lower as concerns about renewed COVID-19 lockdowns in
the United States outweighed signs of a recovery in U.S. gasoline demand.
    • Gold prices eased from a near nine-year high scaled in the previous
session, as hopes of an economic recovery lifted risk-on sentiment, although
losses were capped by worries over rising coronavirus cases across the globe.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         74.99/75.02  July 8           (1665.82) crores  (26.69) crores
 10-yr bond yield  5.78%        Month-to-date    (4,528) crores    837 crores
                                Year-to-date     (23,041) crores   (1,06,122) 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 = 74.92 Indian rupees)


    

 (Compiled by Pranay Prakash in Bengaluru)
  
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