for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Morning News Call - India, October 5

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
    7:00 pm: Prime Minister Narendra Modi at “RAISE 2020” summit on artificial
intelligence.
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Wayne Cole, Reuters Chief Treasury Correspondent in Sydney, joins us to
discuss the themes to watch for markets in the week ahead. To join the
conversation at 9:30 am IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Paytm, other Indian startups vow to fight "big daddy" Google's
clout-sources
    Dozens of India's technology startups, chafing at Google's local dominance
of key apps, are banding together to consider ways to challenge the U.S. tech
giant, including by lodging complaints with the government and courts,
executives told Reuters.
    • London transport regulator strips Ola's operating licence over public
safety failings 
    London's public transport authority stripped Indian ride-hailing company Ola
of its London operating licence, saying that the taxi app was not "fit and
proper" to hold one, having put passenger safety at risk.
    • India seeks up to 500 million coronavirus vaccine doses by July
    India hopes to receive up to 500 million doses of coronavirus vaccine by
July to inoculate about 250 million people, health minister Harsh Vardhan said
on Sunday, as infections in the world's second-worst affected country continue
to surge.
    • India to waive certain interest levies on loans in COVID-19 relief
    The Indian government has told the Supreme Court it will waive certain
interest levies on loans up to 20 million rupees under a COVID-19 support plan,
a legal filing showed, in a move that will bring relief to millions of
borrowers.
    • Reliance says GIC, TPG to invest 73.50 billion rupees in retail arm
    Indian oil-to-telecoms conglomerate Reliance Industries said on Saturday
Singapore sovereign wealth fund GIC and global private equity firm TPG Capital
invested a combined 73.50 billion rupees in its retail unit.
   •  Tesla CEO Musk suggests India entry in 2021
    Tesla chief executive Elon Musk indicated on Friday that the U.S. electric
carmaker will make a foray into India in 2021.
    • Supreme Court orders airlines to refund bookings during coronavirus
lockdown
    India's top court on Friday ordered airlines to refund passengers who were
forced to cancel tickets booked during a two-month, nationwide lockdown to stop
the spread of the novel coronavirus.
    • India's Sept factory activity grew at fastest pace in over 8 years
    India's factory activity expanded at its fastest pace in over eight years in
September as a relaxation in coronavirus lockdown restrictions drove a surge in
demand and output, a private survey showed on Thursday, though layoffs
continued.

    
    
    GLOBAL TOP NEWS
    • Infected Trump greets supporters in motorcade outside hospital; his health
unclear
    Doctors treating President Donald Trump for COVID-19 sent conflicting
signals about the severity of his condition on Sunday, hours before the
president surprised supporters gathered outside the hospital with an impromptu
motorcade.
    • Japan's September service sector activity shrinks at slowest pace since
pandemic's start
    Activity in Japan's services sector contracted for the eight straight month
in September but at the slowest pace since the coronavirus pandemic started
wreaking havoc on the economy, a private business survey showed, in a sign that
demand is starting to steady.
    • Azerbaijan's leader says no end to fighting until Armenia sets pullout
timetable
    Azerbaijan's President Ilham Aliyev demanded on Sunday that Armenia set a
timetable for withdrawing from the enclave of Nagorno-Karabakh and surrounding
Azeri territories, and said Azerbaijan would not cease military action until
that happened.

        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were at 11,422.00. 
    • The Indian rupee is expected to open little changed to the dollar amid
focus on U.S. President Donald Trump’s health updates after he was tested
positive for coronavirus. ​
    • Indian government bond yields are likely to trade largely unchanged in
early session as investors await the central bank’s debt purchase plan and the
Monetary Policy Committee’s next meeting. The yield on the benchmark 5.77% bond
maturing in 2030 is likely to trade in a range of 5.97%-6.03% today. 
    
    
    GLOBAL MARKETS
    • U.S. stocks closed lower on Friday as news that U.S. President Donald
Trump tested positive for COVID-19 put investors in a risk-off mood and added to
mounting uncertainties surrounding the looming election.
    • Stock markets rose on hopes that President Donald Trump could be
discharged from hospital later in the day, easing some of the political
uncertainty that shook global bourses in the previous session.
    • The dollar held tight ranges against its peers as investors awaited
clarity on the health of U.S. President Donald Trump after he tested positive
for the coronavirus, sending markets into safe-haven assets.
    • The benchmark 10-year U.S. Treasury yield rose modestly on Friday,
steepening the yield curve, but remained range-bound in spite of news that
President Donald Trump has contracted COVID-19 and that U.S. jobs growth slowed
in September.
    • Oil prices rose about 2%, lifted by comments from doctors for U.S.
President Donald Trump suggesting he could be discharged from hospital as soon
as Monday, just a few days after his positive test for COVID-19 sparked
widespread alarm.
    • Gold prices were steady around the $1,900 level, amid political
uncertainty stoked by U.S. President Donald Trump's health after he tested
positive for COVID-19 last week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES  DEBT
 PNDF spot         73.10/73.13  October 1        --        --
 10-yr bond yield  5.996%       Month-to-date    --        --
                                Year-to-date     --        --
    
    
    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= 73.29 Indian rupees)
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up