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Morning News Call - India, November 4

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    FACTORS TO WATCH
    11:30 am: PVR conference call post second-quarter earnings.
    2:15 pm: State Bank of India Chairman Dinesh Khara at a virtual press
conference post second-quarter earnings.
    4:00 pm: Adani Enterprises Chief Financial Officer Jugeshinder Singh at a
conference call post second-quarter earnings.
    5:00 pm: Hindustan Petroleum second-quarter earnings virtual conference. 
    6:30 pm: Indian Hotels analyst conference call post second-quarter earnings.
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Reuters markets correspondents discuss how markets reacted to election day,
and the outlook for stocks. To join the conversation at 7:30 pm IST, click here
here
    
    
    INDIA TOP NEWS
    • RBI exploring investment options for reserves, sources say
    The Reserve Bank of India is looking at diversifying its foreign exchange
reserve investments amid the fall in global interest rates caused by the
COVID-19 pandemic, according to two government sources aware of the development.

    • India's September crude imports decline at slower pace; LPG imports jump
    India's crude oil imports fell for the sixth straight month in September as
surging COVID-19 cases continued to limit fuel demand, but the decline was the
least since virus restrictions began earlier this year, government data showed
on Tuesday.
    • Punjab hit by power cuts as coal trains halted amid protests
    Millions of people in India's northern Punjab state were left without power
for up to five hours on Tuesday, a state official said, due to a coal shortage
after trains were suspended following a blockade by farmers.
    • Bank of Baroda rolls back charges after public outcry
    One of India's largest state-owned banks, Bank of Baroda, on Tuesday
reversed course and said it would not charge for basic banking services
following a public outcry.
    • India's merchandise exports fell 5.4% y/y in October - govt
    India's merchandise exports fell 5.4% in October from a year ago to $24.82
billion while imports contracted 11.56% to $33.6 billion, preliminary data
released by the government on Tuesday showed.
    • GSPL says new pipeline to boost FY22 gas supply by a quarter
    Gas transmission by Gujarat State Petronet will rise by about a quarter in
the next fiscal year starting from April as it links northern regions to an
existing grid in the western state, a company official said on Tuesday.

    
    
    GLOBAL TOP NEWS
    • Trump leads Biden in Florida, seen as a must-win for the president
    President Donald Trump was narrowly leading Democratic rival Joe Biden in
the vital battleground state of Florida on Tuesday, while other competitive
swing states that will help decide the election outcome, such as Georgia and
North Carolina, remained up in the air.
    • Twitter, Facebook suspend some accounts as U.S. election misinformation
spreads online
    Twitter and Facebook on Tuesday suspended several recently created and
mostly right-leaning news accounts posting information about voting in the hotly
contested U.S. election for violating their policies.
    • China's halt of Ant IPO 'necessary, reasonable' to curb risks - state
media
    China's move to suspend Ant Group's $37 billion listing is "necessary,
reasonable and legal," given rising concerns over risks to financial stability,
a top Chinese state-backed newspaper cited an expert as saying on Wednesday.


        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.6% lower at 11,776.20.
    • The Indian rupee is expected to trade lower, tracking broad dollar
strength amid focus on the updates on U.S. election vote counts.
    • Indian government bond yields will likely edge higher in early session,
tracking choppy moves in U.S. Treasuries after early results from the American
Presidential election hinted at a close race between President Donald Trump and
Democratic candidate Joe Biden. The yield on the benchmark 5.77% 2030 bond is
likely to trade in a 5.88%-5.95% band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks closed sharply higher on Tuesday as Americans voted in one of
the country's most rancorous presidential elections and investors bet it would
be decided without a prolonged process, leading to a swift deal on more fiscal
stimulus.
    • Asian share markets turned skittish and S&P futures wobbled as results
from the U.S. presidential election showed an agonisingly close race with no
clear winner yet in sight.
    • The U.S. dollar clawed back early losses against risk-sensitive currencies
after preliminary results suggested President Donald Trump has a slight edge
over Democratic challenger Joe Biden in Florida, a key battleground state.

    • Longer-dated U.S. Treasury yields retreated from five-month highs after
reports U.S. President Donald Trump led Democrat challenger Joe Biden in the
crucial state of Florida, suggesting a closer election than first thought.
    • Oil rose nearly 2% early after industry data showed crude inventories in
the United States dropped sharply, but analysts said uncertainty had crept into
the market amid growing suspense over the result of the U.S. presidential
election.
    • Gold retreated in Asian trade as the dollar strengthened after early
voting results showed a close contest between President Donald Trump and
Democratic rival Joe Biden in the U.S. Presidential election.
    
                   CLOSE       FII INVESTMENTS  EQUITIES       DEBT
 PNDF spot         74.37/74.4  November 3       856.21 crores  (355.43) crores
 10-yr bond yield  5.89%       Month-to-date    (550) crores   125 crores
                               Year-to-date     47,338 crores  (1,07,021) 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 = 74.61 Indian rupees)
 


 (Compiled by Pranay Prakash in Bengaluru)
  
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