Morning News Call – India, July 23

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FACTORS TO WATCH
3:30 pm: Prakash Kumar, CEO of the Goods and Services Tax Network, at the roundtable
discussion of GST issues in New Delhi.

LIVECHAT - FED WATCH
Reuters journalists and editors watching the Federal Reserve answer questions at
20:00 IST on Economy, Politics, Trade and Tariff Policies
US central bank and others whose decisions affect markets day after day
outside. To join the conversation, click on the link: refini.tv/2P8N0Wp


INDIA TOP NEWS
• According to RBI's DBI, a position change and an additional rate reduction of 25 basis points are required:
reports
The change in the monetary policy stance of the Reserve Bank of India
Governor Shaktikanta Das equates to a further reduction of 25 basis points (bps)
has been reported as saying.
• Higher government bonds in India may weigh on the business sector: RBI
Acharya
An increase in public borrowing could flood the debt
market, while making borrowing costly for businesses, according to the outgoing figures
Viral Acharya, Deputy Governor of the Reserve Bank of India.
• DHFL auditors raise red flags around quarterly results
Dewan Housing Finance Corp Ltd. filed long-delayed verified results for
ended March 31 at the end of the day on Monday and revealed that its auditors had
raised several red flags around its number, raising new concerns about the
future of the troubled lender.
• Indian government demands antitrust review of four leading accountants: source
The Indian government wants the country's antitrust body to determine whether
the so-called "Big Four" auditing firms and their affiliates are hurting
competition in any way, a senior government official told reporters.

• Kotak Mahindra bank joins rivals to alert future challenges
Kotak Mahindra Bank announced a 32.7% rise in first quarter earnings
Monday, but its results were slightly lower than estimates and it became the third
Indian private sector bank in a row to ring a warning on the slowdown
pace of internal growth.
• Indian panel recommends ban on cryptocurrency
A panel of the Indian government recommended to ban any private use
crypto-currencies and a jail term of up to 10 years and heavy fines for anyone
dealing with digital currencies, which could mark the end of these in India.

• ByteDance plans to install a data center in India
ByteDance of China announced plans to open a data center in India, where it is
deal with concerns about the privacy of consumers and the demand for an extreme ban on its content.
popular video application TikTok.


GLOBAL TOP NEWS
• Trump agrees to promptly respond to license applications for Huawei's sales
US President Donald Trump has agreed at a meeting with leaders of advanced technology
On Monday, companies such as Google will make "timely" decisions regarding US requests.
companies to sell to Huawei Technologies on the blacklist, said the White House.

• China's new Nasdaq-style STAR market plummets on day two of trading
The STAR Market of China began its second day of trading with a sharp decline in
most shares traded one day after recording average earnings of 140%, highlighting
the volatility of the country's new Nasdaq style board.
• Apple in Advanced Talks to Acquire Intel's On-Chip Modem-modem Business -
WSJ
Apple is in advanced talks to buy the Intel chips manufacturer modem-modem chip
Wall Street Journal, the newspaper reported Monday, citing people familiar
with the material.


OUTLOOK FOR LOCAL MARKETS
(As reported by NewsRise)
• The SGX Nifty futures contracts of the nearest month traded at a higher level of 11% at 11,352.50.
• The Indian rupee should open lower against the US dollar in the middle
a further decline in Asian currencies.
• Indian government bonds may open little, traders
wait for benchmarks after comments from the governor of the central bank hurt paris from
aggressive rate cuts. The yield on the 7.26% Reference Obligation maturing in 2029 is
likely to trade in a range of 6.38% to 6.43% today.


GLOBAL MARKETS
• The S & P 500 hit a record Monday, supported by
expectations of falling interest rates, while investors waited for quarterly profits
Facebook, Alphabet and Amazon brands later this week.
• expectations of easing the policies of major central banks such as the federal government
Reserve supported world stocks, while British pound fell as Britain geared up
new prime minister who could pave the way for a dead end exit from the European Union
Union.
• The pound sterling was relegated to the background when investors worried Boris Johnson, the
the favorite to become the next Prime Minister of the United Kingdom, would trigger a "tough
"Brexit" of the European Union, widely regarded as a major risk for the British
economy.
• US Treasury yields tumbled on Monday and yield curve flattened
The dovish policy of the world's central banks has supported the demand for public debt,
major new events to define the direction of the market.
• Oil prices have fallen slightly, as stated by the International Energy Agency (IEA)
would act quickly if necessary to keep the market powered amid tensions in the
Middle East and traders have observed a weaker demand outlook.
• The price of gold fell in the first Asian trade, the dollar rising to a level close to
higher one week on the hope of a lower interest rate cut by the US federal government
Book at the end of the month.


CLOSING FII INVESTMENTS IN SHARES
Spot PNDF 6.418 July 22 - - $ 141.56 million
Bond yield over 10 years 68.97 / 69% to date - $ 1.20 billion US $ 673.28 million
Cumulative total of the year: $ 10.14 billion - $ 727.48 million


For additional data:
India Bond Market Volumes
Stock reports
Deliverables not deliverable
Business Debt Stories               [IN CORPD]
    Closing the local market / intraday levels [IN SNAPSHOT]
    Monthly flow                      [INFLOWS RTRS TABLE IN]
    
    
    ($ 1 = 68.8930 Indian rupees)

(Compiled by Swathi Nair in Bengaluru)