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Morning News Call – India, January 28

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    FACTORS TO WATCH
    11:00 am: Ministry of Finance Economic Adviser Rajasree Ray will be present
at India-UK Dialogue on "Supercharging Sustainable Finance in India" at New
Delhi.
    
    INDIA TOP NEWS
    •IndiGo cuts capacity growth forecast for second straight quarter  
    IndiGo, India's biggest airline, cut its estimates for capacity growth for a
second straight quarter on Monday, to rein in maintenance costs and improve
aircraft utilisation amid a spate of groundings.
     •100,000 tons of Dutch-made Tata steel exempt from U.S. tariffs 
    A U.S. tariff on laminated steel used in packaging will not apply to Tata
steel products manufactured in the Netherlands, the Dutch foreign trade minister
said on Monday.
    •Brazil's Taurus signs deal with steel group Jindal to produce guns in India
- filing 
    Brazilian gunmaker Taurus Armas SA has signed a joint venture with Indian
steelmaker Jindal Group to produce and sell guns in India, according to a
securities filing on Monday.
    •India wants to delink Qatar gas supply deals from crude; Qatar says no
    India wants Qatar to delink the price of its imported gas from that of oil
under long-term deals, India's oil minister said on Monday, to make supplies
cheaper for price-sensitive customers after a sharp fall in spot prices of the
cleaner fuel. 
    •Four months after "Howdy, Modi!", some Indians abroad protest over
citizenship law 
    Prime Minister Narendra Modi got a thunderous reception when he addressed a
crowd of more than 50,000 Indian-Americans in a stadium in the U.S. city of
Houston last September.But four months after the event dubbed "Howdy Modi!,"
intended to deepen relations with the wealthy Indian-American minority which has
influence in India, some members of the diaspora have been protesting against a
new citizenship law.
    •Indian panel wants encryption broken in fight against child porn 
    Indian enforcement agencies should be able to break end-to-end encryption to
hunt down distributors of child pornography online, a parliamentary panel has
urged as the south Asian nation looks to regulate social media.

    
    GLOBAL TOP NEWS
    •China virus death toll passes 100 as U.S., Canada issue travel warning
    The United States warned against travel to China and Canada issued a more
narrow travel warning as the death toll from the spreading coronavirus passed
100, with tens of millions stranded during the biggest holiday of the year and
global markets rattled.
    •Britain seeks Huawei 'solution' as U.S. pressure mounts
    Prime Minister Boris Johnson will meet senior ministers to decide whether to
allow the use of equipment made by China's Huawei in Britain's future 5G mobile
network.
    •J&J CEO questioned over stock sale ahead of story on asbestos in Baby
Powder
    Johnson & Johnson Chief Executive Alex Gorsky faced questions from
plaintiffs lawyers over the timing of his sale of company stock, as he testified
for the first time in a jury trial over allegations that the company's Baby
Powder causes cancer.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    •SGX Nifty nearest-month futures were trading 0.2% lower at 12,087.00.
    •The Indian rupee is expected to open little changed against the dollar as
regional assets and crude oil extended declines amid worsening China virus
epidemic. 
    •The Indian government bonds are likely to trade largely unchanged ahead of
a fresh supply of state loans today.The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 6.53%-6.58%.
    
    
    GLOBAL MARKETS
    • U.S. stocks suffered their worst day in over three months as China
extended the Lunar New Year holiday due to a virus outbreak, fueling worries
about the economic impact of containment efforts in the world's second largest
economy.
    • Asian stocks extended a global selloff as China took more drastic steps to
combat a deadly new coronavirus, while bonds shone on expectations central banks
would need to keep stimulus flowing to offset the likely economic
drag.
    • The yuan was mired near its weakest level in a month in offshore trade as
heightened anxiety about the economic impact of a deadly new coronavirus in
China battered riskier assets.
    • Benchmark U.S. Treasury yields fell to three-month lows as investors piled
in on concerns about the economic impact of China’s spreading coronavirus, while
part of the yield curve reinverted for the first time since December.
    • Oil futures slipped, extending losses into a sixth session as the spread
of a new virus in China and other countries raised concerns about a hit to
economic growth and slower oil demand.
    • Gold prices were little changed as rising concerns over the fast-spreading
coronavirus in China and its economic impact offset a firmer dollar.
    
    
                    CLOSE        FII             EQUITIES   DEBT
                                   INVESTMENTS              
 PNDF spot          71.41/71.44  January 27      595.42     807.29
                                                   crore      crore
 10-yr bond         6.54 pct     Month-to-date   13,899     (10,854)
   yield                                           crore      crore
 
    
    (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 = 71.07 Indian rupees)
 

 (Compiled by Prajakta Gadgil in Bengaluru)
  

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