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Morning News Call - India, November 23

·6 min read

To access a PDF version of this newsletter, please click here http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_11232020.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH 11:00 am: Finance Minister Nirmala Sitharaman and Chief Economic Adviser K. Subramanian at CII MNCs conference in Mumbai. 11:30 am: NABARD Chairman G.R. Chintala, Food Secretary Sudhanshu Pandey, Special Secretary - Logistics - Pawan Agarwal at CII National Food Processing conclave in Mumbai. 3:00 pm: Minister of State for Agriculture Parshotttam Rupala, Agriculture Commissioner S.K. Malhotra at ASSOCHAM webinar at Mumbai. 6:30 pm: International Monetary Fund Executive Director for India Surjit Bhalla, Tata Steel Chief Executive and Managing Director T.V. Narendran, Morgan Stanley India Managing Director Ridham Desai at Asia Society webinar on the Indian economy in Mumbai. LIVECHAT - REUTERS GLOBAL MARKETS FORUM Tom Wilson, Reuters EMEA Cryptocurrency Correspondent, joins the forum to discuss Bitcoin's surge over the last week and how the landscape for the cryptocurrency market has changed over the past few years. To join the conversation at 08:30 pm IST, click here https://refini.tv/2P8N0Wp INDIA TOP NEWS • Indian central bank committee recommends reshaping domestic banking industry A working group at India's central bank has recommended a series of changes that could transform the country's banking landscape by paving the way for large industrial conglomerates to set up banks. • Indian watchdog clears Reliance-Future's $3.4 billion deal despite Amazon's objections India's antitrust body on Friday cleared conglomerate Reliance Industries' $3.4 billion deal to buy Future Group's retail assets, thwarting Amazon.com's efforts to block the deal. • Modi says India set to double oil refining capacity in 5 years, earlier than expected India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi said on Saturday, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy. • Singapore Airline's India venture Vistara eyes direct flights to U.S. Vistara, an Indian full-service airline owned by Tata Group and Singapore Airlines, is considering starting direct flights to the United States as the COVID-19 pandemic increases demand for non-stop travel, a senior executive said on Friday. • India says local COVID-19 vaccine final trials could end within two months India's health minister said on Sunday a locally-developed COVID-19 vaccine candidate could complete its final trials in a month or two, raising hopes for a rapid roll-out in a country with the world's second highest number of infections. • India could get access to AstraZeneca vaccine by January, local manufacturer says The head of an Indian company contracted to make AstraZeneca's COVID vaccine said it could deliver it to health care workers and elderly Indians by January as the country's caseload of infections crossed nine million on Friday. • Bharat Biotech offers Brazil potential COVID-19 vaccine Bharat Biotech this week offered Brazil a COVID-19 vaccine that is in late-stage clinical trials and a possible technology transfer partnership, a company executive said on Friday. • Gland Pharma jumps in market debut Shares of Gland Pharma got off to a flying start in their market debut on Friday, rising as much as 23% and highlighting a strong appetite for drug stocks. GLOBAL TOP NEWS • Biden to unveil first Cabinet picks on Tuesday, envisions scaled-down inauguration President-elect Joe Biden will announce the first of his Cabinet appointments on Tuesday and is planning for a scaled-down inauguration due to the coronavirus pandemic, aides said on Sunday, as he lays the foundation for his new administration despite President Donald Trump's refusal to concede. • COVID-19 shots could reach first Americans by mid-December, top health official says U.S. healthcare workers and others recommended for the nation's first COVID-19 inoculations could start getting shots within a day or two of regulatory consent next month, a top official of the government's vaccine development effort said on Sunday. • Singapore's economy to return to growth in 2021 after worst slump Singapore's economy contracted less than initially estimated in the third quarter due to the gradual easing of COVID-19 lockdown measures and authorities expect the city-state to bounce back to growth next year from its worst recession. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.4% higher at 12,935.50. • The Indian rupee is expected to rise against the U.S. currency after the dollar index began the week on the defensive amid firm risk appetite. • Indian federal government bond yields are expected to trade largely unchanged in early session, ahead of a fresh supply of papers at a debt switch auction today. The yield on the benchmark 5.77% 2030 bond is likely to trade in a 5.86%-5.92% band today. GLOBAL MARKETS • U.S. stocks closed lower on Friday as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of state-level shutdowns to combat the spiraling COVID-19 pandemic. • A broad gauge of Asian shares edged up to record highs morning as hopes for imminent coronavirus vaccines buoyed investor sentiment, but worries over the impact of economic lockdowns and uncertainty over U.S. stimulus capped gains. • The U.S. dollar marked time as the prospect of an early rollout of coronavirus vaccines was offset by concerns about economic restrictions to control the spread of the virus, leaving safe-haven assets in limbo. • U.S. Treasuries pared an overnight yield drop but ended lower on the day in choppy trading on Friday as investors balanced the prospect of new fiscal stimulus against the request by the U.S. government for the Federal Reserve to return unused funds from programs meant to backstop markets. • Oil prices extended their gains as traders were optimistic about a recovery in crude demand thanks to successful coronavirus vaccine trials, but price gains were contained by renewed lockdowns in several countries. • Gold prices ticked higher in early Asian trade, supported by a weaker dollar and hopes of further U.S. stimulus aimed at cushioning the economic blow from the COVID-19 pandemic. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.12/74.15 November 20 2,188.16 crores (766.31) crores 10-yr bond yield 5.88% Month-to-date 44,378 crores 813 crores Year-to-date 92,266 crores (1,06,333) 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 = 74.07 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)