Morning News Call – India, March 26

PUBLISHED: Fri, 26 Mar 2021 03:29:22 GMT

(Morning News Call – India edition will not be published on Monday, March 29, as markets are closed for Holi) To access a PDF version of this newsletter, please click here If you would like to receive this newsletter via email, please register at: FACTORS TO WATCH • 9:15 am: Kalyan Jewellers India lists on exchanges in Mumbai. • 12:30 pm: Petroleum Minister Dharmendra Pradhan, Aviation Minister Hardeep Singh Puri, Trade Minister Piyush Goyal at India Economic Conclave 2021 in New Delhi. • 5:00 pm: Barbeque Nation Hospitality IPO closes for subscription in Mumbai. • 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Danielle DiMartino Booth, CEO & Chief Strategist for Quill Intelligence and former Dallas Fed advisor, looks at how markets have reacted to the Fed’s decision to let inflation run hot and the broader implications for the economy. To join the conversation at 9:30 pm IST, click here INDIA TOP NEWS • India’s economic revival to be ‘unabated’ despite coronavirus surge, says RBI chief A revival in India’s economic activity should continue “unabated” despite a recent surge in coronavirus infections in many areas, the chief of the Reserve Bank of India said on Thursday. • India locks down some towns as coronavirus cases hit 5-month high​ Authorities ordered people indoors in some towns in western India as the number of new coronavirus infections hit 53,476 infections overnight, the highest in five months, data showed on Thursday. • Amazon calls on India not to alter e-commerce investment rules -sources Amazon asked the Indian government on Thursday not to change e-commerce foreign investment rules until investigations into its business practices had been concluded, two sources familiar with the discussions told Reuters. • India’s Modi pushes to win West Bengal against formidable opposition The populous Indian state of West Bengal has emerged as a key battleground for Prime Minister Narendra Modi’s party, which is looking to extend its national domination and dislodge one of Modi’s sharpest critics. • COLUMN-India and Saudi Arabia spar over oil prices: John Kemp Tensions this month between India and Saudi Arabia over rising oil prices have underscored the growing importance of the bilateral relationship and its potential to generate conflict as well as cooperation. • India says video streaming platforms should be held responsible for content India’s technology minister on Thursday said video streaming services have to be “responsible and accountable” for their shows and movies, defending rules introduced last month that regulate such content. • ‘Helpless’: alarm after India delays vaccines to COVAX programme for poor countries News that India will delay deliveries of AstraZeneca’s COVID-19 vaccine to the global programme to inoculating poor countries triggered alarm on Thursday, with the head of Africa’s disease control agency describing the continent as “helpless”. GLOBAL TOP NEWS • Biden compares Xi to Putin, Republican voting restriction plans to segregation-era laws President Joe Biden vowed on Thursday to push China to play by international rules, criticized his Republican opponents and defended his policy to provide shelter to children crossing the U.S. border from Mexico at his first solo news conference since taking office. • Suez Canal could be blocked for weeks by ‘beached whale’ ship A huge container ship blocking the Suez Canal like a “beached whale” may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global trade. • ‘Yes or no?’ U.S. lawmakers fume over Big Tech’s answers on misinformation In their first appearance before Congress since Trump supporters stormed the U.S. Capitol, the chief executives of Facebook, Google and Twitter were asked by U.S. lawmakers whether their platforms bore some responsibility for the riot: “yes or no?” LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading up 1% at 14,568. • The Indian rupee is expected to trade little changed against the U.S. currency amid a further uptick on the dollar index despite a positive risk mood. • India’s federal government bond yields are likely to open lower as the central bank will skip the 14-day reverse repo auction next fortnight. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in a 6.10%-6.16% band. GLOBAL MARKETS • U.S. stocks rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery, while picking up beaten-down Apple and Tesla shares, in anticipation that the U.S. economy grows at its fastest pace in decades this year. • Japanese shares jumped, led by a bounce back in tech shares, on bargain hunting after a sharp retreat in the benchmark index Nikkei this week, while overnight Wall Street gains on economic recovery hopes also supported the sentiment. • The U.S. dollar traded near multi-month highs against most major currencies, supported by a wave of optimism over improving U.S. economic data, the rollout of coronavirus vaccines, and rising Treasury yields. • Treasury yields jumped on Thursday after the Treasury Department saw tepid interest for an auction of seven-year notes for the second month in a row, though yields came off their highs as quarter-end rebalancing was seen as boosting demand for bonds. • Oil prices bounced back from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply. • Gold prices were on course for a first weekly decline in three as elevated Treasury yields and a firm U.S. dollar dented safe-haven bullion’s appeal even as the metal steadied on the day. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.64/72.67 March 25 (1,609.77) crores 2,014.68 crores 10-yr bond yield 6.13% Month-to-date 13,445 crores (7,316) crores Year-to-date 58,705 crores (16,322) 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 = 72.56 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)

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