To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 5:00 pm: Government to release February Infrastructure output data in New Delhi. LIVECHAT - GLOBAL MARKETS & CORONAVIRUS Murray Gunn, Head of Global Research at Elliott Wave International and lead contributor to deflation.com discusses his outlook for markets at 11:30 am IST. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • India may slash borrowing from market in April amid lockdown -sources India may slash or even cancel its planned borrowings from the market for April amid a nationwide lockdown prompted by the coronavirus outbreak, two finance ministry sources told Reuters. • India's vegetable oil demand set to drop for first time in decades Demand for vegetable oil in India is poised to fall for the first time in decades as restaurants have pulled down their shutters to comply with a government order that imposed a 21-day nationwide lockdown to stem the spread of the coronavirus. • HPCL invokes force majeure on Iraqi oil - industry source Indian refiner Hindustan Petroleum Corp (HPCL) has issued a force majeure notice to Iraq's Oil Marketing Company (SOMO) to cancel two oil cargoes as local fuel demand is hit by a lockdown to stem spread of coronavirus, an industry source said. • Free cooking gas for poor during lockdown set to push up India's imports India's liquefied petroleum gas (LPG) imports are set to surge in the June quarter as a move to provide free cooking gas coincides with lower crude processing by refiners hit by collapsing local fuel demand, company officials said. • Indian police fire tear gas at jobless workers defying coronavirus lockdown Police in India fired tear gas to disperse a stone-pelting crowd of migrant workers defying a three-week lockdown against the coronavirus that has left hundreds of thousands of poor without jobs and hungry, authorities said on Monday. • Outrage in India as migrants sprayed with disinfectant to fight coronavirus Indian health workers caused outrage on Monday by spraying a group of migrants with disinfectant, amid fears that a large scale movement of people from cities to the countryside risked spreading the coronavirus. • India's internet curbs in Kashmir hamper coronavirus fight India's health ministry on Monday invited doctors in Indian-administered Kashmir to an online training session on managing ventilators - critical equipment for patients with COVID-19, the disease caused by the new coronavirus. GLOBAL TOP NEWS • U.S. coronavirus death toll rises past 3,000 on deadliest day The U.S. death toll from the coronavirus pandemic climbed past 3,000 on Monday, the deadliest day yet in the country's mounting crisis, while New York cheered the arrival of a gleaming 1,000-bed U.S. Navy hospital ship as a sign of hope in the city's desperate fight. • Pandemic to hit growth in Asia, China -World Bank The coronavirus pandemic is expected to sharply slow growth in developing economies in East Asia and the Pacific as well as China, the World Bank said in an economic update on Monday. • China March factory activity unexpectedly expands, but outlook still grim Factory activity in China unexpectedly expanded in March after contracting sharply to a record low, but the rapid global spread of the coronavirus is expected to keep businesses and the overall economy under heavy pressure as foreign demand slumps. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 2.3% higher at 8,478. • The Indian rupee is expected to rebound against the dollar as investors’ risk aversion eased after better-than-expected China manufacturing data. The rupee will likely be quoted at 75.40 in early trades compared with 75.61 at 5.00 p.m. yesterday, according to a currency dealer at a private bank. • Indian government bonds will likely trade higher in early session after the central bank’s announcement to allow uncapped foreign investment in some sovereign notes. GLOBAL MARKETS • U.S. stocks rose on Monday, led in part by healthcare stocks as investors looked for shares that have become cheap and can withstand the impact to the economy from efforts to stem the spread of the coronavirus. • Asian shares managed a tentative rally as factory data from China held out the hope of a rebound in activity even as other countries across the globe all but shut down. • The dollar rose against the yen as Japanese investors and companies rushed to cover a shortage of the U.S. currency before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis showed no signs of abating. • Longer-term U.S. Treasury yields recovered from lows in late trading on Monday as investors looked to some positive healthcare news and took signs from a stock market rally. • Oil recovered some ground as U.S. President Donald Trump and Russian President Vladimir Putin agreed to discuss stablising energy markets, but prices remain near 18-year lows as the coronavirus shutdown destroys demand. • Gold prices eased as the U.S. dollar held firm, while fears of further economic fallout from the coronavirus pandemic provided some supported to bullion, which is on track to post its sixth straight quarterly gain. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 75.54/75.57 March 30 (3,340.84) crore (2,265.31) crore 10-yr bond yield 6.20% Month-to-date (58,348) crore (58,575) crore Year-to-date (44,405) crore (68,126) 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 = 75.39 Indian rupees) (Compiled by Swathi Nair in Bengaluru)
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