Morning News Call - India, July 28

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_07282021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 10:00 am: Glenmark Life Sciences IPO subscription continues. • 10:00 am: Rolex Rings IPO opens for subscription. • 11:00 am: SEBI Chairman Ajay Tyagi, DIPAM Secretary Tuhin Kanta Pandey, NIIF CEO Sujoy Bose and others at FICCI Capital Market conference. • 3:00 pm: Chief Economic Advisor Krishnamurthy Subramanian at BASE University webinar on economic reforms post Covid. • 3:20 pm: IDBI Bank management at virtual press briefing on first-quarter earnings. • 3:30 pm: Maruti Suzuki India management at analyst call on first-quarter earnings. • 7:30 pm: Pfizer management at virtual analyst call on first-quarter earnings. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Reuters markets correspondents in London and New York discuss what's driving equity markets and what to look out for at 7:30 pm IST. To join the conversation, click on the link: https://refini.tv/2P8N0Wp INDIA TOP NEWS • Walmart's Flipkart goes to Indian Supreme Court in antitrust case - sources Walmart's Flipkart has appealed to India's Supreme Court against a state court's decision that allowed an antitrust probe into the e-commerce firm and its rival Amazon.com to continue, three sources told Reuters on Tuesday. • IndiGo signals bookings recovery after COVID-19 curbs trigger bigger loss Interglobe Aviation, the operator of India's biggest airline IndiGo, on Tuesday pointed to a steady recovery in bookings after COVID-19 related restrictions led the company to post its sixth consecutive quarterly loss. • India says it will meet end-July domestic vaccine supply target India will meet its target of supplying more than half a billion COVID-19 vaccine doses to states by the end of this month, the health ministry said on Tuesday, but added not all doses may be administered by then. • ShareChat raises $145 mln from Temasek, others at near $3 bln valuation Indian content-sharing platform ShareChat has raised $145 million in fresh funding from Singapore's Temasek Holdings and two other investors, giving it a valuation of $2.88 billion, the company told Reuters on Tuesday. • Amazon eyes potential stake in Indian film, media businesses; Inox denies report Amazon.com's India arm is in talks with several domestic players in film and media distribution including cinema chain Inox Leisure for a potential stake, the Indian Express newspaper reported on Tuesday, citing sources. GLOBAL TOP NEWS • Apple says chip shortage reaches iPhone, growth forecast slows Apple said on Tuesday that a global chip shortage that has bit into its ability to sell Macs and iPads will start to affect iPhone production and forecasted slowing revenue growth, sending its shares lower. • Google parent Alphabet reaches record quarterly revenue, profit in ad boom Google parent Alphabet's quarterly revenue and profit surged to record highs, the company reported on Tuesday, powered by a rise in advertising spending as more consumers shopped online. • Microsoft sees steady cloud growth after record quarterly profit Microsoft posted its most profitable quarter on Tuesday, beating Wall Street expectations for revenue and earnings, as PC sales declines stemming from a global chip shortage were more than made up for by a boom in cloud services. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were little changed at 15,748.00. • The Indian rupee is expected to trade little changed against the dollar ahead of the U.S. Federal Reserve’s policy review that may provide cues on the timing and pace of its stimulus withdrawal. • Indian federal government bond yields will likely open little changed, as traders await the outcome of the Federal Reserve’s policy meeting later today to parse the trajectory of the U.S. bond market. The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.15%-6.20% band. GLOBAL MARKETS • U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement. • Asian shares stayed stuck at seven-month lows, as markets continued to digest a storm in Chinese equity markets, while the dollar rested with traders reluctant to place large bets ahead of the outcome of the Federal Reserve meeting. • The U.S. dollar was pinned below recent highs by a decline in real yields and by trepidation ahead of a Federal Reserve meeting, while other safe-haven currencies were in favour following an unnerving plunge in Chinese equity markets. • U.S. Treasury yields tumbled on Tuesday as risk appetite languished amid lingering concerns about high inflation and the fast-spreading Delta coronavirus variant that could thwart global economic growth. • Oil prices climbed after industry data showed U.S. crude and product inventories fell more sharply than expected last week, reinforcing expectations that demand will outstrip supply growth even amid a surge in COVID-19 cases. • Gold prices were flat, holding near the key psychological level of $1,800 per ounce, as investors await the U.S. Federal Reserve's meeting for hints on policy tapering plans. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.45/74.48 July 27 (2,219.91) crores 57.91 crores 10-yr bond yield 6.178% Month-to-date (8,124) crores (869) crores Year-to-date 52,220 crores (23,020) 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 = 74.50 Indian rupees) (Compiled by Haneyl Jacob in Bengaluru)