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To access a PDF version of this newsletter, please click here http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_03242020.pdf If you would like to receive this newsletter via email, please register at: http://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH No major events are scheduled for the day.​ LIVECHAT - COMMODITIES FOCUS Bjarne Schieldrop, Chief Analyst, Commodities at SEB, discusses the outlook for oil markets at 5:30 pm IST. To join the conversation, click on the link: https://refini.tv/2P8N0Wp INDIA TOP NEWS • Indian government asks banks to provide liquidity support to corporates The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe. • RBI to infuse 150 billion rupees via repos, advances bond purchase The Reserve Bank of India (RBI) stepped in to calm markets once again by bringing forward its open market purchase of bonds worth up to 150 billion rupees while also announcing a fresh round of fund infusion via variable rate repos on Monday. • Coronavirus threatens retail jobs, Indian retailers see revenue hit The coronavirus pandemic amid an economic slowdown has hit revenue at Indian retailers selling non essential items like clothes and jewelry by 75% so far and is likely to cause widespread job losses, an industry body said on Monday. • India may soon allow repurchase operations in corporate bonds - sources Indian authorities are considering allowing corporate bonds as collateral for repurchase operations as they seek to cool the recent spike in corporate borrowing costs in the wake of the coronavirus outbreak, two sources told Reuters. • India shuts down flights, big cities as coronavirus toll rises in region India on Monday announced a halt to domestic flights and said the majority of the country was under complete lockdown to stop the spread of coronavirus as the number of people dying of the disease ticked up across densely populated South Asia. • E-commerce companies face disruption as India locks down to curb coronavirus E-commerce and online groceries faced disruption to their warehouse and delivery operations in India on Monday as dozens of cities including New Delhi went into a lockdown to tackle the spread of coronavirus, industry executives said. • India faces spike in coronavirus cases, says study, in test for health system India could face between around 100,000 and 1.3 million confirmed cases of the disease caused by the new coronavirus by mid-May if it continues to spread at its current pace, according to a team of scientists based mainly in the United States. • Ford decides to halt production in India, South Africa on coronavirus impact Ford Motor said on Monday it has decided to temporarily halt vehicle and engine production at its factories in India, South Africa, Thailand and Vietnam in response to the growing impact of the coronavirus. GLOBAL TOP NEWS • China's new coronavirus infections double due to imported cases Mainland China saw a doubling in new coronavirus cases driven by a jump in infected travellers returning home from overseas, raising the risk of transmissions in Chinese cities and provinces that had seen no new infections in recent days. • Mnuchin expresses hope a deal is 'very close' on $2 trillion coronavirus aid package in U.S. Senate A far-reaching coronavirus economic stimulus package remained stalled in the U.S. Senate on Monday as lawmakers haggled over its provisions, but the U.S. Treasury secretary voiced confidence a deal would be reached soon. • U.S. Fed aims 'bazooka' to backstop coronavirus-hit economy The U.S. Federal Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on commerce that scientists say are needed to slow the coronavirus pandemic and ultimately keep more people safe. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 4.7% higher at 7,828.75. • The Indian rupee is expected to rise against the dollar after the U.S. Federal Reserve announced unlimited bond purchases and more credit facilities to counter the coronavirus pandemic. • Indian government bonds will likely open little changed ahead of the central bank’s open market purchases scheduled today and Mar. 26, while trading volume is expected to remain shallow on uncertainty amid the coronavirus outbreak. The yield on the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of 6.34%-6.42% today, a trader with a private bank said. GLOBAL MARKETS • Wall Street's slide deepened on Monday as an unprecedented moves by the U.S. Federal Reserve to shore up credit across the economy proved insufficient to sooth investors' fears about the swiftly-spreading coronavirus. • Asian stocks rebounded sharply as the U.S. Federal Reserve's promise of bottomless dollar funding eased painful strains in financial markets, even if it could not soften the immediate economic hit of the coronavirus. • The dollar eased but remained near a three-year high against a basket of currencies as investors sought the world's main funding and settlement currency ahead of a sharp anticipated fall in cashflow. • Treasury yields fell on Monday, with the two-year yield falling to a seven-year low, as investors kept buying safe-haven assets like government bonds even after the Federal Reserve announced enormous stimulus measures to combat the blow dealt to the U.S. economy by the coronavirus pandemic. • U.S. crude oil futures climbed nearly 3% in light trading as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices. • Gold prices rose, following a near 4% jump in the previous session after the U.S. Federal Reserve announced unprecedented measures to support an economy which is reeling from the coronavirus pandemic. CLOSE FII EQUITIES DEBT INVESTMENTS PNDF spot 76.01/76.04 March 23 (3,340.85) (2,265.31) crore crore 10-yr bond 6.38% Month-to-date (52,960) (52,671) yield crore crore Year-to-date (39,017) (62,222) crore crore 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 = 76.32 Indian rupees) (Compiled by Swathi Nair in Bengaluru)