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Morning News Call - India, October 6

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    FACTORS TO WATCH
    10:30 am: Reserve Bank of India Executive Director T. Rabi Sankar,
Electronics and IT Secretary Ajay Sawhney at “RAISE 2020” summit on artificial
intelligence.
    2:15 pm: Exim Bank Chief Executive and Managing Director David Rasquinha at
a webinar on “Enhancing India-GCC Relations: Prospects in Project Exports &
Beyond.” 
    3:30 pm: Commerce Minister Piyush Goyal at DPIIT’s national startup awards
event in New Delhi 
    5:00 pm: Power Minister R.K. Singh, Niti Aayog Vice Chairman Rajiv Kumar at
“India PV Edge 2020” webinar.
        
    
    INDIA TOP NEWS
    • Indian government names Shashanka Bhide, Ashima Goyal, Jayanth Varma as
new MPC members
    The Indian government named Shashanka Bhide, Ashima Goyal and Jayanth Varma
as its nominees on the central bank's monetary policy committee (MPC) late on
Monday.
    • Google defers Indian in-app fees after angry startups complain
    Alphabet's Google has extended its deadline for Indian app developers to
comply with a new billing system for commission fees by six months, it said on
Monday, days after local startups voiced anger about the charges.
    • India to extend surcharge on taxes on luxury items, tobacco
    India will extend a surcharge on taxes on luxury goods including cars and
tobacco products beyond 2022, under plans to help states repay loans raised to
meet revenue shortfalls in the current fiscal year, the finance minister said on
Monday.
    • Netflix India screens three 'Bad Boy' episodes after legal row
    Netflix has released three episodes of its four-part series about four
Indian tycoons facing fraud allegations after a state court lifted an
injunction, a lawyer for the world's largest streaming service said on Monday.

    • India's gas imports set to rise, demand reaches pre-pandemic level 
    India's gas imports are set to rise as GAIL has reopened its western India
imports facility after months of shutdown during the monsoon and as local demand
has returned to pre-pandemic levels, its head of marketing said on Monday.

    
    
    GLOBAL TOP NEWS
    • 'Don't be afraid' of COVID, Trump says as he returns to White House that
is stalked by illness
    President Donald Trump told Americans "to get out there" and not fear
COVID-19 as he returned to the White House on Monday after a three-night
hospital stay to be treated for the virus and removed his white surgical mask to
pose for pictures.
    • Pelosi, Mnuchin talk coronavirus aid as presidential illness complicates
picture
    U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke
by phone for about an hour on Monday on coronavirus economic relief and were
preparing to talk again Tuesday, continuing their recent flurry of activity
working towards a deal on legislation.
    • China says U.S. TikTok, WeChat bans break WTO rules
    China said at a World Trade Organization meeting that restrictions by the
United States on Chinese mobile applications TikTok and WeChat are in violation
of the body's rules, a trade official said.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.4% higher at 11,568.
    • The Indian rupee is expected to open higher against the U.S. currency
tracking the dollar’s broad weakness amid firm risk appetite following President
Donald Trump’s discharge from hospital.
    • Indian government bond yields are likely to edge lower in early session,
after the federal government appointed three new members to the rate-setting
Monetary Policy Committee. The yield on the benchmark 5.77% bond maturing in
2030 is likely to trade in a range of 5.96%-6.02% today.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose sharply on Monday, recovering from declines in the
previous session, as investors viewed more fiscal stimulus as likely and after
news President Donald Trump will leave the hospital where he is being treated
for COVID-19.
    • Asian stock markets advanced to a two-week high after U.S. President
Donald Trump was discharged from hospital following treatment for COVID-19 and
as prospects for a fresh U.S. stimulus package appeared to brighten.
    • The dollar was softer against riskier currencies on rising optimism that
U.S. lawmakers could agree on new stimulus to blunt the economic impact of the
coronavirus.
    • U.S. Treasury yields rose on Monday, as expectations grew that a stimulus
package to combat the economic devastation caused by the pandemic could be
completed before the November presidential election.
    • Oil prices edged higher in early trade after U.S. President Donald Trump
returned to the White House from hospital after being admitted for treatment for
COVID-19 last Friday, while another storm brewed in the U.S. Gulf of Mexico.

    • Gold prices were steady, having hit a near-two week high in the previous
session, as a softer dollar countered pressure from an upbeat risk sentiment.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         73.26/73.29  October 5        1,862.02     (1,781.78) crores
                                                 crores       
 10-yr bond yield  6.004%       Month-to-date    1,597        (2,956) crores
                                                 crores       
                                Year-to-date     29,944       (1,11,743) crores
                                                 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= 73.09 Indian rupees)
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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