Morning News Call - India, April 26
Reuters
3 hrs ago
To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_04262021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 3:00 pm: SIAM to host panel discussion on electric mobility. • 3:50 pm: HDFC Life Insurance Company Managing Director and Chief Executive Vibha Padalkar at a conference call on 4Q earnings. • 5:30 pm: SBI Cards and Payment Services management at an analyst call post 4Q earnings. • 6:30 pm: Tech Mahindra management at a conference call post 4Q earnings. PROMOTION LIVECHAT - MARKETS WEEK AHEAD Wayne Cole, Reuters Chief Treasury Correspondent joins the forum with updates on markets. To join the discussion at 9:30 am IST, click on the link: https://refini.tv/2P8N0Wp INDIA TOP NEWS • PM Modi says India shaken by coronavirus 'storm', U.S. to help Prime Minister Narendra Modi urged all citizens to be vaccinated and exercise caution, saying on Sunday the "storm" of infections had shaken India, as the country set a new global record of the most number of COVID-19 infections in a day. • India asks Twitter to take down some tweets critical of its COVID-19 handling The Indian government asked social media platform Twitter to take down dozens of tweets, including some by local lawmakers, that were critical of India's handling of the coronavirus outbreak, as cases of COVID-19 again hit a world record. • U.S. to provide vaccine components, medical supplies as India battles COVID-19 spike The United States will immediately send raw materials for COVID-19 vaccines, medical equipment and protective gear to help India respond to a massive surge in coronavirus infections, U.S. President Joe Biden said on Sunday. • India in talks with Guyana for long-term crude supply -minister India, the world's third-largest crude consumer and importer, has approached Guyana's government about a possible long-term deal to buy the South American country's oil, a Guyanese official said. • Bharat Biotech to supply Covaxin to states, hospitals at Rs 600-1,200 per dose Bharat Biotech said on Saturday that it will supply Covaxin directly to state governments at 600 rupees per dose, while it will supply the vaccine directly to private hospitals at 1,200 rupees per dose. • GRAPHIC-Why India is facing an oxygen crisis as COVID cases mount By air, by train and by road, India is scrambling to move large quantities of medical oxygen to hospitals in its capital New Delhi and other areas hit hard by a record surge of COVID-19. • Cadila Healthcare starts producing COVID-19 vaccine candidate Cadila Healthcare has started producing its potential COVID-19 vaccine for which it will seek emergency use authorisation in May or June, its managing director told Reuters, with an aim to make up to 240 million doses a year. • India rescues two of three kidnapped ONGC employees India has rescued two of the three employees of Oil and Natural Gas Corp kidnapped by gunmen from a rig site on Wednesday, a defence ministry official said on Saturday. GLOBAL TOP NEWS • China to launch month-long effort in May to boost consumption China will launch a series of promotional activities, including a new consumer goods expo in southern Hainan province, in May to boost spending as the Chinese retail sector recovers from COVID-19-induced consumer caution. • Japan's services prices rebound but outlook clouded by new COVID-19 curbs Japan's services prices showed signs of a pick-up in March as advertising and transportation fees rose, data showed, suggesting the economy was recovering moderately from last year's severe hit as the coronavirus pandemic took hold. • Chloe Zhao, Youn Yuh-jung nab Oscars in diversity-packed show China native Chloe Zhao was named best director at the Oscars on Sunday in a historic win that made her the first Asian woman and only the second woman ever to take home the trophy. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.4% higher at 14,403.50. • The Indian rupee is expected to strengthen against the dollar, tracking the U.S. currency’s broad losses on expectations of a dovish Federal Reserve. • Indian sovereign bond yields will likely open largely unchanged as traders eye fresh triggers, including the announcement of the next auction under the central bank’s so-called government securities acquisition programme. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in the 6.01%-6.06% band. GLOBAL MARKETS • U.S. stocks rallied on Friday, driving the S&P 500 to a near-record closing high, after factory data and new home sales underscored a booming economy while megacap stocks rose in anticipation of strong earnings reports next week. • Asian stocks rose with Chinese shares near three-week highs as signs the world economic recovery was well on track bolstered risk appetite, while the U.S. dollar slipped to a two-month low. • The dollar edged lower amid speculation that U.S. Federal Reserve Chairman Jerome Powell will shun talk of tapering bond purchases at a policy meeting this week. • Traders left U.S. Treasury yields in a narrow range on Friday as they weighed the political prospects of a new tax plan from President Joe Biden and the direction of Federal Reserve policy. • Oil prices eased slightly on concerns that a resurgence of coronavirus infections in India and Japan, the world's third and fourth largest oil importers, would cut fuel demand in Asia. • Gold prices inched higher, helped by a soft dollar ahead of the U.S. Federal Reserve policy meeting this week, while palladium held below a record peak scaled last week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 75/75.03 April 23 (904.49) crores (562.12) crores 10-yr bond yield 6.03% Month-to-date (8,674) crores (1,201) crores Year-to-date 47,068 crores (14,297) 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 = 74.92 Indian rupees) (Compiled by Samrhitha Arunasalam in Bengaluru)