To access a PDF version of this newsletter, please click here http://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_03182021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 10:00 am: Suryoday Small Finance Bank, Nazara Technologies IPOs subscription continues in Mumbai. • 10:00 am: Power Ministry Additional Secretary Vivek Kumar Devangan, Niti Aayog Adviser Sudhendu Sinha, Ashok Leyland General Manager - EV and eMobility Technology Shankar Akella among others at PHD Chamber of Commerce Electric Vehicle Technologies summit. • 11:00 am: Tata Communications Vice President Amit Sinha Roy, Department of Science and Technology Secretary Ashutosh Sharma, Principal Scientific Advisor K VijayRaghavan at CII International Conference on Artificial Intelligence. • 11:35 am: Lupin Global Chief Investment Officer Sreeji Gopinathan, Alkem Laboratories Global Chief Investment Officer Ganesh Ramachandran and other pharma industry heads at B2B Infomedia at National Pharma Tech Connect. • 11:45 am: Housing Ministry Joint Secretary and financial adviser Shyam S. Dubey, World Bank Senior Economist Shrayana Bhattacharya at Niti Aayog webinar on Sustainable Development Goals. • 12:20 pm: Tata Consultancy Services Executive Vice President and Global Head P.R. Krishnan, Tech Mahindra Global Head Innovation Nikhil Malhotra at CII International conference on Artificial Intelligence. • 2:00 pm: Food Secretary Sudhanshu Pandey at Niti Aayog webinar on food security. • 2:00 pm: Federal Bank Executive Director, Chief Operating Officer and Business Head - Retail Shalini Warrier, Ujjivan Small Finance Bank Managing Director and Chief Executive Nitin Chugh at CII International conference on Artificial Intelligence. • 3:15 pm: Ashok Leyland Chief Digital Officer Venkatesh Natarajan, Department of Heavy Industries Secretary Arun Goel, Niti Aayog Senior Adviser Anna Roy, Tata Motors Head of Mobility Services Pankaj Jhunja at CII International conference on Artificial Intelligence. • 4:30 pm: Brookfield Managing Director Dev Santani, Kotak Alternate Assets Managing Director S. Sriniwasan, Edelweiss Financial Services Vice Chairman Venkat Ramaswamy at Indian PE and Venture Capital Association virtual conclave. • 5:00 pm: Kalyan Jewellers IPO closes for subscription in Mumbai. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Patrick Reid, Co-founder at The Adamis principle discusses foreign exchange and global currencies at 12:30 pm IST. To join the conversation, click here https://www.refinitiv.com/en/products/refinitiv-messenger/editorial-communities-financial-forums INDIA TOP NEWS • India backs AstraZeneca shot as COVID-19 cases hit three-month high India said on Wednesday its coronavirus immunisation campaign would continue with "full rigour" despite some concerns in Europe about the safety of the AstraZeneca vaccine it relies heavily upon as infections hit a three month high. • India frets over wastage of 'elixir-like' COVID-19 vaccines About 6.5% of coronavirus vaccine doses in India are going to waste, health officials said on Wednesday, urging states to manage their immunisation drives better to optimise use of what one called "this elixir-like precious commodity". • Amazon Prime Video to produce its first Bollywood film in India Amazon.com's Prime Video will co-produce a Bollywood film, it said on Wednesday, marking the streaming giant's foray into film production in India. • India, UAE vow to strengthen energy cooperation - minister India and the UAE on Wednesday discussed ways to strengthen energy cooperation, India's oil minister Dharmendra Pradhan said, despite the South Asian nation asking its refiners to reduce their reliance on Middle Eastern oil. • Indian sugar mills rush to sign export contracts as prices rally Indian mills have contracted to export 4.3 million tonnes of sugar so far in the 2020/21 season ending on Sept. 30, a trade body said on Wednesday, as a rally in global prices to a four-year high and an export subsidy makes overseas sales lucrative. GLOBAL TOP NEWS • Fed expects growth surge, inflation jump in 2021 but no rate hike The U.S. economy is heading for its strongest growth in nearly 40 years, the Federal Reserve said on Wednesday, and central bank policymakers are pledging to keep their foot on the gas despite an expected surge of inflation. • U.S. subpoenas Chinese communications firms in probe of national security risks The U.S. Commerce Department said on Wednesday that it has served subpoenas on multiple Chinese companies that provide information and communications technology services in the United States to see if they pose a national security risk. • Toshiba shareholders in landmark win for Japan corporate governance with vote for probe Toshiba shareholders voted in favour of an independent investigation into allegations that investors were pressured ahead of last year's annual general meeting - a watershed victory expected to spur more shareholder activism. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 1.1% higher at 14,929.50. • The Indian rupee is likely to open higher against the U.S. currency, tracking a pullback in the dollar index and Treasury yields, after the Federal Reserve signaled it will not raise rates through 2023. • India's federal government bond yields are likely to fall today tracking the pullback in U.S. Treasury yields and ahead of Indian central bank’s special open market operation. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in a 6.15%-6.21% band. GLOBAL MARKETS • The S&P 500 and Dow Jones Industrial Average closed at record highs on Wednesday after the Fed predicted a fast economic recovery from the coronavirus pandemic and said it would maintain its interest rate at close to zero. • Asian shares rose after the Federal Reserve committed to maintaining accommodative monetary policy and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases. • The U.S. dollar was on the defensive after the Federal Reserve signalled it was in no hurry to raise interest rates through all of 2023 even as it saw a V-shaped recovery in the world's largest economy. • U.S. Treasuries yields on the longer end of the curve remained elevated, while yields on shorter-term debt fell on Wednesday after the Federal Reserve projected a bigger jump in economic growth with no interest rate hikes through 2023. • Oil prices dropped for a fifth day after official data showed a sustained rise in U.S. crude and fuel inventories, while the ever-present pandemic clouded the demand outlook. • Gold prices rose, as the dollar weakened after the U.S. Federal Reserve kept the interest rate unchanged and reiterated its stance to keep benchmark rates near-zero through at least 2023. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.56/72.59 March 17 7,257.37 crores 613.82 crores 10-yr bond yield 6.19% Month-to-date 9,656 crores (9,058) crores Year-to-date 54,916 crores (18,064) 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 = 72.37 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)