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Morning News Call - India, October 19

·5 min read
In this article:
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To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_10192021.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: Tata Coffee management at 2Q results analyst call. 4:00 pm: Hindustan Unilever management at 2Q results conference call. 5:30 pm: ICICI Securities management at 2Q results analyst call. 7:00 pm: ICICI Prudential Life Insurance Company management at 2Q results analyst call. 8:00 pm: L&T Technology Services management at 2Q results analyst call. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM CP Gurnani, CEO at Indian technology giant Tech Mahindra, will discuss the creation of smart cities and how the UK can develop them, 5G’s implementation and the new opportunities it will create, as well as how businesses can integrate sustainability and security for the protection environments. To join the conversation at 6:30 pm IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/global-markets-forum INDIA TOP NEWS • WHO says it 'cannot cut corners' in approving India's Covaxin shot The World Health Organization on Monday asked for further data from Bharat Biotech to consider the company's request for an emergency-use listing for its COVID-19 shot, saying the WHO could not "cut corners" in making a decision. • India cenbank says longer policy support is needed for sustained economic recovery India's central bank said on Monday that policy support is needed for longer for a sustained recovery in Asia's third largest economy from a coronavirus induced slowdown, even as demand has picked up. • India presses Qatar for delayed LNG as power crisis mounts -sources India, grappling with its worst power crisis in five years, has asked Qatar to expedite delivery of 58 delayed liquefied natural gas (LNG) cargoes, two sources familiar with the matter said. • India, Israel to start talks on free trade agreement next month India and Israel agreed to resume talks on a free trade agreement from November, with the aim of signing a deal by mid 2022, both countries said on Monday. • DMart owner's stock tumbles on valuation worries Shares of Avenue Supermarts slipped 8% on Monday after briefly hitting a record high, as investor concerns about valuation eclipsed a surge in quarterly profit. • PNB Housing dives 5% after scrapping fund-raising deal with Carlyle Shares of PNB Housing Finance fell 5% on Monday to their lowest since early June after the mortgage lender scrapped a fund-raising deal with a group of investors, led by private-equity firm Carlyle Group. GLOBAL TOP NEWS • Apple doubles down on chip strategy with new premium-priced MacBooks Apple on Monday announced two new MacBook Pro models that run on more powerful in-house chips, furthering its break from previous supplier Intel and showing its strategy for setting its machines apart from the rest of the PC industry. • U.S. bill would stop Big Tech favoring its own products About a dozen U.S. senators from both parties on Monday formally introduced a bill that would bar Big Tech platforms, like Amazon and Alphabet's Google, from favoring their products and services. • Power squeeze curbs Chinese growth, leaves Europe in a gas bind China's power shortages hit growth in the world's second biggest economy, threatening more pain for global supply chains, while Europe's gas squeeze looked set to continue as Russia's Gazprom showed no sign of hiking exports to the region in October. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.44% higher at 18,566.0. GLOBAL MARKETS • The S&P and Nasdaq closed higher on Monday with the biggest boosts from the highest-profile technology and communications companies while investors eyed product news from Apple and appeared optimistic about the third-quarter earnings season. • Asian shares advanced, supported by a tech-driven Wall Street rally, and a rebound in Chinese markets a day after weak data heightened investor concerns about the world's second-largest economy. • The dollar languished near the bottom of its recent range against major peers, knocked back by weak U.S. factory data overnight and on market wagers of faster normalisation of monetary policy in other countries. • Mid-term U.S. Treasury yields resumed their upward march on Monday with five-year yields rising to their highest levels since early 2020 as traders positioned for expected central bank rate hikes. • Oil prices fell, with Brent down a second straight day, after Chinese data showed slowing economic growth and U.S. factory output dropped in September, raising fresh concerns about demand amid patchy recovery from the coronavirus pandemic. • Gold prices inched up, as a decline in the dollar and U.S. bond yields provided some support to the precious metal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 75.3/75.33 October 18 1,478.66 crores (367.35) crores 10-yr bond yield 6.387% Month-to-date 1,705 crores (2,600) crores Year-to-date 65,978 crores (585) 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 = 75.12 Indian rupees) (Compiled by Sourav Bose in Bengaluru)