Morning News Call

Morning News Call
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    FACTORS TO WATCH
    11:00 am: Former Finance Secretary Subhash Chandra Garg and IBBI Chairperson
M.S. Sahoo at ASSOCHAM’s e-summit on Insolvency & Bankruptcy Code, in Mumbai. 
    5:15 pm: Union Bank of India MD & CEO Rajkiran Rai G at Q1 earnings
conference call, in Mumbai. 

    
    INDIA TOP NEWS
    • India's monetary policy committee constrained by rising inflation -
minutes
    Rising inflation has complicated the task of India's monetary policy
committee and could limit its ability to support growth, its August meeting
minutes showed on Thursday, while it also called on the government for more
fiscal action.
    • India's envoy to U.S. says current trade talks first step to a
comprehensive bilateral trade pact
    India's ambassador to the United States said on Thursday concluding current
negotiations on a limited trade deal would be a crucial step towards a
comprehensive bilateral trade pact between the two nations.
    • Millions likely infected by coronavirus in New Delhi, survey finds
    Almost 30% of the population in India's capital of New Delhi likely have
been infected by the novel coronavirus, according to a serological survey of
15,000 people conducted by the local government, a figure that indicates
infection numbers are much higher than those recorded.
    • India's crude imports fall to lowest in over a decade in July 
    Crude oil imports fell in July to their lowest since March 2010 as fuel
demand slowed amid renewed coronavirus-induced lockdowns and closures of
refinery units for maintenance, government data showed on Thursday.
    • Indian Oil to fully restart Paradip refinery by Saturday
    Indian Oil, the country's top refiner, will restart all units at its 300,000
barrels per day (bpd) Paradip refinery in eastern India by Saturday, a
government official said on Thursday.
    • India's silver imports could tumble as scrap supplies surge, importers say
    India's silver imports are likely to fall by more than 40 percent from a
year ago to the lowest level in eight years, with investors booking profit by
selling stocks after local prices rallied to a record high this month, leading
importers said.
        
    
    GLOBAL TOP NEWS
    • Biden to lay out vision for post-Trump America as he accepts Democratic
nomination
    Joe Biden will outline his plans to bring relief and solace to a country
battered by the coronavirus pandemic on Thursday when he accepts the Democratic
nomination to challenge President Donald Trump in the Nov. 3 U.S. election.

    • U.S., China differ over plans for Phase 1 trade deal talks
    The Trump administration on Thursday declined to acknowledge any plans to
meet with China over the Phase 1 trade deal after the commerce ministry in
Beijing said bilateral talks would be held "in the coming days" to evaluate the
agreement's progress.
    • Japan's consumer prices mired as deflation spectre looms
    Japan's core consumer prices were stubbornly unchanged in July, dashing
hopes for a modest rise as the coronavirus pandemic hit household demand and
revived fears of a national plunge back into deflation.
    • Hindalco to supply 1.2 mln tonnes of bauxite residue to UltraTech Cement
    Hindalco Industries on Thursday signed an agreement with UltraTech Cement to
supply 1.2 million tonnes of bauxite residue every year to be used as a raw
material for cement, as part of its push for alternative methods of disposing of
the toxic waste.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.8% higher at 11,378.80.
    • The Indian rupee is expected to trade higher against the U.S. currency
after an unexpected increase in weekly U.S jobless claims put the dollar on the
backfoot. 
    • India government bond yields are likely to rise in early session, as the
minutes of the Monetary Policy Committee’s latest meeting further hurt rate cut
bets amid quickening inflation. The yield on the benchmark 5.79% bond maturing
in 2030 is likely to trade in a range of 6.00%-6.05% till the auction today,
wherein New Delhi will raise at least 300 billion rupees via bonds, a trader
with a private bank said.
    
    
    GLOBAL MARKETS
    • Nasdaq ended at a record high on Thursday, with the S&P 500 and Dow also
rising, as gains in heavyweight tech stocks outweighed downbeat data that
affirmed the Federal Reserve's view of a difficult road to economic recovery

    • Japan's benchmark Nikkei average opened up 0.62% at 23,022.76, while the
broader Topix gained 0.61% at 1,608.91.        
    • The dollar was on the defensive against most currencies after a rise in
U.S. jobless claims and a dip in Treasury yields dampened the appeal of holding
the greenback.
    • U.S. Treasury yields fell on Thursday, while a poor showing for an auction
of 30-year Treasury-Inflation Protected Securities (TIPS) indicated that
previous hot demand has cooled off.
    • Oil prices rose in early trade, on track for a third straight week of
gains, buoyed by major oil producers' efforts to hold back output amid concerns
about the economic recovery from the coronavirus pandemic.
    • Gold rose as the dollar weakened after downbeat U.S. jobless claims data
reinforced fears of a slower recovery from the pandemic-induced economic crisis,
keeping bullion on track for a weekly gain.
    
        
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         75.02/75.05  August 20        1098.76 crores  719.65 crores
 10-yr bond yield  6%           Month-to-date    40,423 crores   534 crores
                                Year-to-date     29,473 crores   1,08,901 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=75.02 Indian rupees)
 

 (Reporting by Pooja Kesavan in Bengaluru)
  

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