Morning News Call - India, September 28



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INDIA TOP NEWS

• India's inclusion in key government bond index delayed to next year - sources

India's long wait to win inclusion in JPMorgan's influential emerging market debt index is set to be pushed out into next year due to a number of issues New Delhi needs to address, four sources familiar with the matter said.

• Adani Group to invest over $100 billion in next decade

India's Adani Group will invest more than $100 billion over the next decade, most of it in the energy transition business, its Chairman Gautam Adani said on Tuesday, as the ports-to-energy conglomerate accelerates an already aggressive expansion plan.

• RBI may need to tap old ways to boost forex reserves - economists

The Reserve Bank of India may have to resort to tried and tested measures to shore up its foreign exchange reserves, including encouraging non-resident Indians to deposit more funds, as it looks to stabilise a steadily declining rupee, economists said.

• Axis Bank looks to buy near 10% stake in Go Digit Life Insurance

Indian private lender Axis Bank said on Tuesday it has signed a non-binding term sheet to invest 499-699 million rupees for a 9.94% stake in Go Digit Life Insurance.

• Shadow lender Piramal sees no slowdown in credit growth

Demand for loans is not showing any signs of slowdown even among low-to-medium income customers despite rising interest rates and concerns of growth losing momentum, a top executive of shadow lender Piramal Capital and Housing Finance said on Tuesday.

• Blinken pledges action to address Indian concerns on U.S. visas

U.S. Secretary of State Antony Blinken on Tuesday blamed the COVID-19 pandemic for a backlog of visa applications from Indian nationals and said the United States had a plan to address it.

• India agency raids Coda offices in money laundering probe involving Free Fire

India's financial crime fighting agency on Tuesday searched the premises of Coda Payments India as part of a money laundering probe into the fintech firm and Sea Ltd's Free Fire.

• Defence manufacturer Saab to set up new facility in India, make weapons system

Swedish defence products company Saab will set up a facility to manufacture its Carl-Gustaf M4 weapons system in India, a top executive said on Tuesday, as the company looks to ramp up production. Link

GLOBAL TOP NEWS

• Ukraine 'sham' referendum results point to Russia annexation

Russian-installed officials in four occupied regions of Ukraine reported huge majorities of votes in favour of joining Russia as the United States planned a U.N. resolution condemning the referendums as shams and Moscow remained defiant.

• BOJ board agreed on need for vigilance on sharp yen moves, easy policy to stay

Bank of Japan (BOJ) board members agreed the inflationary impact of the yen's recent sharp moves must be closely scrutinised, but policymakers reiterated their resolve to keep policy loose even as the currency's rapid fall has unsettled financial markets.

• U.S. VP Harris to push against China's Taiwan policy in Japan speech

U.S. Vice President Kamala Harris is expected to take aim at China's actions toward Taiwan during a speech on Wednesday to American sailors serving in Japan.

LOCAL MARKETS OUTLOOK

• SGX Nifty nearest-month futures were trading 1.02% lower at 16,864.

GLOBAL MARKETS

• Wall Street sank deeper into a bear market on Tuesday, with the S&P 500 recording its lowest close in almost two-years as Federal Reserve policymakers showed an appetite for more interest rate hikes, even at the risk of throwing the economy into a downturn.

• Asian share markets slid as surging borrowing costs fed fears of a global recession, spooking investors into the arms of the safe-haven dollar and driving the Chinese yuan to record lows.

• The pound languished near a record low on lingering concerns over Britain's radical tax cuts to spur growth, while the dollar edged up after Treasury yields surged overnight.

• Benchmark U.S. 10-year Treasury yields rose to their highest level in about 12-1/2 years on Tuesday as investors girded for higher interest rates that could possibly remain for longer than anticipated as Federal Reserve officials held firm in their hawkish stance.

• Oil prices were mixed as support from U.S. production cuts caused by Hurricane Ian contended with crude storage builds and a strong dollar.

• Gold prices slipped as the dollar resumed climb after Federal Reserve officials reiterated the U.S. central bank's resolution to maintain an aggressive policy stance to tackle soaring inflation.

CLOSE

FII INVESTMENTS EQUITIES

DEBT PNDF spot

81.53/81.55 Sept. 27

(4,651.95) crores 435.17 crores 10-yr bond yield 7.292%

Month-to-date

1,386 crores

6,100 crores

Year-to-date

(1,59,779) crores (6,981) 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 = 81.71 Indian rupees) (Compiled by Archak Sengupta)

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