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Morning News Call - India, September 20

·5 min read

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09202021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH 12:00 pm: Nazara Technologies to hold annual general meeting. 3:30 pm: Suryoday Small Finance Bank to hold annual general meeting. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Mike Dolan, Reuters Editor at Large, Finance & Markets, takes a look at the major themes and key events to watch in the week ahead. To join the conversation at 3:30 pm IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/editorial-communities-financial-forums INDIA TOP NEWS • India antitrust probe finds Google abused Android dominance, report shows Google abused the dominant position of its Android operating system in India, using its "huge financial muscle" to illegally hurt competitors, the country's antitrust authority found in a report on its two-year probe seen by Reuters. • Private equity firm Advent to buy India's Eureka Forbes U.S. private equity firm Advent International will buy a controlling stake in Indian consumer electronics brand Eureka Forbes for 44 billion rupees, its parent Shapoorji Pallonji Group said on Sunday. • India extends lower tax rate on COVID-19 drugs to year end India will extend until the end of the year a reduction on taxes on drugs used for the treatment of COVID-19 infection, Finance Minister Nirmala Sitharaman said on Friday. • 'Quad' countries to agree on secure microchip supply chains-media Leaders of the United States, Japan, India and Australia will agree to take steps to build secure semiconductor supply chains when they meet in Washington next week, the Nikkei business daily said on Saturday, citing a draft of the joint statement. • U.S. trade official called India's Mastercard ban 'draconian'-emails A senior U.S. trade official privately criticised India's July decision to ban Mastercard from issuing new cards, calling it a "draconian" move that caused "panic", according to U.S. government emails seen by Reuters. • Indian airlines fly high as August passenger traffic surges Shares of Indian airlines InterGlobe Aviation and SpiceJet surged on Friday after regulatory data showed that passenger growth jumped 136.6% last month as the government started to ease COVID-related travel restrictions. • Biocon unit plans 15% stake sale to Serum Institute for access to vaccines Biocon said late on Thursday its biologics unit will sell a 15% stake to a Serum Institute of India (SII) subsidiary for access to 100 million doses of vaccines annually for 15 years, including COVID-19 shots. GLOBAL TOP NEWS • U.S. opens probe into 30 million vehicles over air bag inflators U.S. auto safety investigators have opened a new probe into 30 million vehicles built by nearly two dozen automakers with potentially defective Takata air bag inflators, a government document seen by Reuters on Sunday showed. • Russia's ruling pro-Putin party wins majority after crackdown but loses some ground Russia's ruling United Russia party, which supports President Vladimir Putin, retained its majority in parliament after a three-day election and a sweeping crackdown on its critics, despite losing around one fifth of its support, partial results showed. • Australia defends scrapping of French submarine deal, Macron and Biden to talk Australia on Sunday defended its decision to ditch a multi-billion-dollar order for French submarines and opt instead for an alternative deal with the United States and Britain, saying it had flagged its concerns to Paris months ago. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.7% lower at 17,482.50. • The Indian rupee is expected to weaken against the dollar amid risk aversion prompted by worries over the Federal Reserve’s policy outlook and concerns regarding a Chinese property developer. • Indian federal government bond yields will likely open little changed ahead of fresh supply of long-duration notes at today’s debt switch. The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.15%-6.20% band today. GLOBAL MARKETS • U.S. stocks ended sharply lower in a broad sell-off on Friday, ending a week buffeted by strong economic data, corporate tax hike worries, the Delta COVID variant, and possible shifts in the U.S. Federal Reserve's timeline for tapering asset purchases. • Asian shares slid and the dollar held firm ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering. • U.S. government bond yields edged up on Friday, with the 10-year yield touching a two-month high, as traders look ahead to a busy week of central bank meetings including a key one at the Federal Reserve. • Oil prices fell, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output remained offline in the wake of two hurricanes. • Gold prices inched lower, pressured by a firmer dollar, while investors awaited guidance from the U.S. Federal Reserve on when it is likely to start withdrawing its bond-buying programme. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.47/73.50 September 17 1,839.47 crores 914.97 crores 10-yr bond yield 6.16% Month-to-date 11,287 crores 4,709 crores Year-to-date 62,406 crores (6,080) 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 = 73.69 Indian rupees) (Compiled by Yoganand KN in Bengaluru)