Morning News Call – India, July 8

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    FACTORS TO WATCH
    No major events are scheduled.
         
    
    INDIA TOP NEWS
    • India's coronavirus death toll hits 20,000 as infections surge
    India's death toll from the coronavirus pandemic surpassed 20,000 on Tuesday
and case numbers surged as the south Asian nation pushed ahead with relaxations
to its almost two-month lockdown amid grim economic forecasts.
    • Sovereign Pharma dispatches first batch of remdesivir to Cipla
    India's Sovereign Pharma said it has dispatched the first batch of generic
remdesivir for drugmaker Cipla, as the country recorded more than 22,000 new
coronavirus cases on Tuesday.
    • Indian committee recommends moving S.Korea-owned plant hit by gas leak
    An investigation into a deadly gas leak at a South Korean-owned chemical
plant in southern India that killed 12 people in May recommended the factory be
moved away from inhabited areas, according to its full report released on
Tuesday.
    • U.S. firms in India not ready to pay digital tax, lobby group says
    A lobby group representing U.S. technology giants has said its members are
not yet ready to make the first payment of the country's digital tax due this
week, urging New Delhi to defer the move.
    • Court grants relief to Unilever's India unit over 'Glow & Handsome'
trademark
    An Indian court has directed consumer goods maker Emami to give bigger rival
Hindustan Unilever seven days notice before initiating legal proceedings over
the 'Glow & Handsome' trademark, according to a July 6 order.
    • Indian households shun downmarket palm oil, cutting demand in lockdown
    Palm oil demand in India, the world's top edible oil importer, is set to
plunge this year as coronavirus lockdowns slash food service sector demand and
households opt for alternatives at the supermarket.
    
    
    GLOBAL TOP NEWS
    • U.S. tops 3 million known infections as coronavirus surges
    The U.S. coronavirus outbreak crossed a grim milestone of over 3 million
confirmed cases on Tuesday as more states reported record numbers of new
infections, and Florida faced an impending shortage of intensive care unit
hospital beds.
    • Coronavirus spurs Japan bank lending at record pace in June
    Japanese bank lending grew at the fastest annual pace on record in June as
companies continued to hoard cash to tide over the sweeping impact of the
coronavirus pandemic, central bank data showed.
    • U.S. probing allegations TikTok violated children's privacy -sources
    The Federal Trade Commission and the U.S. Justice Department are looking
into allegations that popular app TikTok failed to live up to a 2019 agreement
aimed at protecting children's privacy, according to two people interviewed by
the agencies.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.3% higher at 10,784.50.
    • The Indian rupee is expected to trade higher against the U.S. currency,
tracking the dollar’s decline on the offshore non-deliverable forwards market.
    • India’s federal government bond yields are likely to rise in early trade
as investors may book profits after yesterday’s sharp fall. The yield on the
benchmark 5.79% bond maturing in 2030 is likely to trade in a range of
5.78%-5.83% today. 
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Tuesday, adding to losses into the close, as investors
took profits a day after the S&P 500 logged its longest streak of gains this
year and as new U.S. coronavirus cases rose further.
    • Asian stocks dithered as an increase in new coronavirus cases in some
parts of the world cast doubts over the economic recovery while oil prices eased
on oversupply fears.
    • The dollar held onto gains as a resurgence of the coronavirus in the
United States and the return of lockdowns in some countries boosted safe-haven
demand for the U.S. currency.
    • U.S. Treasury yields fell on Tuesday as a worsening COVID-19 caseload
aggravated concerns about reopening businesses too quickly.
    • Oil prices eased in early trade as industry data showing a build in U.S.
crude stockpiles and a forecast for U.S. crude output to fall less than
anticipated in 2020 added to worries about oversupply.
    • Gold held firm near a more than eight-year high, as safe-haven demand was
bolstered by worries over surging COVID-19 cases and hopes of more stimulus
measures to combat the economic blow.
    

                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.91/74.94  July 7           475.99 crores    776.16 crores
 10-yr bond yield  5.79%        Month-to-date    (2,862) crores   864 crores
                                Year-to-date     (21,375) crores  (1,06,095) 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 = 74.83 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  

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