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Morning News Call - India, March 22

·5 min read
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To access a PDF version of this newsletter, please click here http://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_03222021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 6:00 pm: Former Chief Statistician Pronab Sen, J.P. Morgan Chief India Economist Sajjid Chinoy at CSEP webinar on India’s public finances. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Mike Dolan, Reuters EMEA Markets Editor, discusses themes in play for the upcoming week. To join the conversation at 04:30 pm IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/editorial-communities-financial-forums INDIA TOP NEWS • Massive religious gathering worries India as COVID-19 cases surge India's health ministry warned on Sunday that a huge gathering of devotees for a Hindu festival could send coronavirus cases surging, as the country recorded the most new infections in nearly four months. • U.S. defense secretary urges India to avoid buying Russian equipment U.S. Defense Secretary Lloyd Austin discussed India's planned purchase of Russia's S400 air defence system at a meeting with his Indian counterpart on Saturday, reiterating U.S. allies should steer clear of Russian equipment to avoid sanctions. • India antitrust body says Reuters story corroborates evidence in probe of Amazon India's antitrust body on Friday told a court that a Reuters report showing Amazon.com gave preferential treatment to a small group of sellers on its India platform corroborated evidence it had received and which had triggered an investigation of the U.S. e-commerce giant. • WhatsApp hires Amazon Pay's Mahatme to lead India payments -sources WhatsApp has hired a top Amazon executive to head its payments business in India, two sources told Reuters, as the messenger service gears up to expand in the booming sector. • Serum to delay further vaccine shipments to Brazil, Morocco, Saudi - source The Serum Institute of India (SII) has told Brazil, Saudi Arabia and Morocco that further supplies of the AstraZeneca COVID-19 vaccine will be delayed due to surging demand at home and as it works through a capacity expansion, a source with direct knowledge of the matter told Reuters. • Stelis Biopharma to make 200 million doses of Sputnik V vaccine India's Stelis Biopharma has partnered with Russia's sovereign fund to make at least 200 million doses of Sputnik V, its parent company said on Friday, taking the nation's total output of the COVID-19 vaccine to more than half a billion doses. • India's crude oil throughput hits 4-month low in February India's crude oil processing fell to its lowest in four months in February, retreating from a near one-year high hit in the prior month hurt by higher crude prices and weaker fuel demand in the country. • Future Group tumbles 10% as court stops asset sale by its chief Shares in Future Group companies fell as much as 10% on Friday after an Indian court blocked its founder and chief executive officer from selling his personal assets, in a setback to the group's $3.4 billion deal with Mukesh Ambani's Reliance Industries. GLOBAL TOP NEWS • Turkish lira plunges after Erdogan sacks hawkish cenbank chief Turkey's lira plunged 15% to near its all-time low after markets opened following President Tayyip Erdogan's shock weekend decision to oust a hawkish central bank governor and install a like-minded critic of high interest rates. • European trust in AstraZeneca vaccine falls, opinion poll says Fewer Europeans trust the AstraZeneca COVID-19 vaccine after several countries reported side-effects, such as blood clots, an opinion poll by YouGov showed, even though scientific studies have found it is safe and effective. • Canadian Pacific to buy Kansas City Southern in $25 billion railway bet on trade Canadian Pacific Railway agreed on Sunday to acquire Kansas City Southern in a $25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada, standing to benefit from a pick-up in trade. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were little changed at 14,745.50. • The Indian rupee is expected to trade little changed to the dollar amid anticipated equity inflows and weaker regional currencies on concerns over U.S. inflation and bond yields. • Indian government bond yields are likely to open lower on hopes that New Delhi may cancel the last scheduled weekly debt auction for this financial year amid improved tax collections. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in a 6.16%-6.21% band. GLOBAL MARKETS • The Nasdaq ended higher on Friday, lifted by Facebook and energy shares, while the S&P 500 lost ground as U.S. Treasury yields took a break from a recent surge. • Asian markets turned mixed and bonds bounced as a plunge in the Turkish lira sparked talk that capital controls might be needed to stem the rout, though the wider fallout was relatively restrained for the moment. • The Turkish lira slumped toward a record low versus the dollar after President Tayyip Erdogan stunned investors over the weekend by replacing the hawkish central bank governor with a critic of high interest rates. • U.S. Treasury yields eased on Friday from more than one-year highs, while the shortest end of the market flirted with negative rate territory as it tried to absorb a flood of cash from the nation's massive fiscal stimulus package. • Oil prices resumed their decline, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading. • Gold prices fell as Turkey replacing its central bank governor with a high interest rate critic led to investors flocking towards the safety of the dollar, on fears that the move would threaten other financial markets. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.46/72.49 March 19 1,314.19 crores (308.79) crores 10-yr bond yield 6.19% Month-to-date 14,202 crores (9,581) crores Year-to-date 59,462 crores (18,587) 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 = 72.40 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)