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 11:00 am: Finance Industry Development Council Director General Mahesh Thakkar, State Bank of India Deputy Chief Technical Officer Amit Saxena among others at National BFSI Technology summit. 11:00 am: KEC International investors conference call post second-quarter earnings. 11:30 am: Hindustan Petroleum analyst conference call post 2Q earnings. 12:00 pm: United Spirits conference call post second-quarter earnings. 12:00 pm: Balrampur Chini Mills conference call post second-quarter earnings. 2:30 pm: EIH conference call post second-quarter earnings. 3:00 pm: Minister of State for Chemicaks Mansukh Mandaviya at FICCI webinar on the outlook for agrochemicals industry. 4:00 pm: Godrej Agrovet investors conference call post second-quarter earnings. 4:00 pm: Apollo Tyres investors conference call post second-quarter earnings. 4:30 pm: Larsen & Toubro Chief Executive and Managing Director S.N. Subrahmanyan, Bandhan Bank Managing Director Chandra Shekhar Ghosh, Indraprastha Gas Managing Director A.K. Jana at Business Standard event. 5:30 pm: Aditya Birla Capital conference call post second-quarter earnings 6:00 pm: Lupin conference call post second-quarter earnings. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Sara Croom, strategist director at the Prosper Group, discusses the results of the U.S. elections and the policy implications for major issues. To join the conversation at 8:30 pm IST, click here here INDIA TOP NEWS • India's largest bank sees stronger credit growth after profit beat State Bank of India, the country's largest lender by assets, on Wednesday forecast stronger annual credit growth and beat estimates for quarterly profit as economic activity gathers momentum after being hammered by one of the world's strictest lockdowns. • Top Indian news anchor arrested for alleged abetment of suicide One of India's top TV news anchors, Arnab Goswami, was arrested by police in Mumbai on Wednesday for alleged abetment of suicide in a case registered in 2018, his channel said in a statement. • India's services activity grows in October for first time in 8 months Activity in India's dominant services industry, expanded for the first time in eight months in October as demand surged, but pandemic-hit firms continued to cut jobs, a private survey showed on Wednesday. GLOBAL TOP NEWS • Biden predicts victory in U.S. election; Trump launches lawsuits to stop vote counting Democrat Joe Biden on Wednesday predicted a U.S. election win over President Donald Trump after pivotal victories in Michigan and Wisconsin, while the Republican incumbent sought to offset a narrowing path to re-election with lawsuits and demands for a recount. • Republicans on track to dash Democratic hopes of U.S. Senate majority Republicans appeared poised to retain control of the U.S. Senate on Wednesday, after Senator Susan Collins defied political odds to win re-election in Maine and other Republican incumbents led Democrats in a handful of undecided races. • Singapore banks' Q3 profits skid but beat market estimates Singapore's top lenders, DBS Group Holdings and Oversea-Chinese Banking Corp, reported declines in quarterly profits, hit by lower net interest income, but the results still came in above analysts' estimates. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 1.3% higher at 12,062.50. • The Indian rupee is expected to rise against the U.S. dollar tracking upbeat Asian currencies and equities amid likelihood that Democratic Party nominee Joe Biden could win the U.S. presidential elections. • Indian federal government bond yields will likely open largely unchanged ahead of the central bank’s open market operation in state debt later today. The yield on the benchmark 5.77% 2030 bond is likely to trade in a 5.86%-5.92% band today, a trader with a primary dealership said. GLOBAL MARKETS • U.S. stocks surged to close higher on Wednesday as the presidential election race remained cloudy but the likelihood of gridlock in Congress made investors optimistic that major policy changes would be difficult to enact. • Asian share markets firmed while bonds held big gains as investors awaited a clear result from the U.S. election, with the likely prospect of policy gridlock seemingly warmly welcomed by Wall Street overnight. • The dollar slipped to its weakest level in more than two years against the yuan and ground lower against other Asian currencies as Democrat Joe Biden edged ever so closer to the White House in a nail-biting U.S. presidential election. • U.S. Treasury yields tumbled on Wednesday after incomplete election results pointed to a still-divided national government and the likelihood for a smaller stimulus plan to revive the pandemic-slammed economy. • U.S. oil prices dropped as the dollar strengthened on growing expectations Democrat Joe Biden would win the U.S. presidential election but the Republicans would retain Senate control, holding back any huge COVID-19 relief package. • Gold prices were little changed after early U.S. election results suggested a lead for Democrat contender Joe Biden, even as the possibility of a contested result remained. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.71/74.74 November 4 1,542.98 crores 1,576.26 crores 10-yr bond yield 5.89% Month-to-date 993 crores 1,701 crores Year-to-date 48,881 crores (1,05,445) crores 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=74.28 Indian rupees) (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
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