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Morning News Call - India, October 7

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    FACTORS TO WATCH
    10:30 am: Electronics and IT Ministry Joint Secretary Saurabh Gaur, State
Bank of India Deputy Managing Director Anup Mahapatra, Maruti Suzuki India
Executive Vice President Tarun Aggarwal among others at “RAISE 2020” summit on
artificial intelligence.
    12:00 am: Principal Economic Advisor Sanjeev Sanyal, Oil Minister Dharmendra
Pradhan, former banker K.V. Kamath among others at PHD Chamber of Commerce’s
webinar.
    12:30 pm: HDFC Bank Managing Director Aditya Puri, Apollo Hospitals Founder
Chairman Prathap C. Reddy at a digital press conference to announce a joint
initiative.
    1:00 pm: Zurich International to sign concession agreement with Uttar
Pradesh’s Jewar International Airport.
    2:00 pm: Department of Economic Affairs Additional Secretary K. Rajaraman,
RIS’ Director General Sachin Chaturvedi at CII’s digital conference on “B-20
Global Dialogue in India.”
    7:00 pm: Tata Consultancy Services Chief Executive and Managing Director
Rajesh Gopinathan media webcast post 2Q results. ?

    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Reuters stocks correspondents in London and New York discuss major moves and
themes in equity markets. To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India approves 16 companies, including top Apple suppliers, for smartphone
plan
    India on Tuesday said it was approving incentives under a federal plan to
boost domestic smartphone production to 16 companies, including top Apple
suppliers Foxconn, Wistron and Pegatron.
    • India's services sector slump eased in September, but job losses balloon
    The plunge in India's services sector activity eased considerably in
September after the government lifted some coronavirus restrictions, but demand
continued to contract, prompting firms to cut more jobs, a private business
survey showed on Tuesday.
    • Abu Dhabi Investment Authority to invest over 55.13 billion rupees in
Reliance Retail
    Abu Dhabi Investment Authority (ADIA) will invest 55.13 billion rupees in
Reliance Industries' retail arm, the Indian conglomerate said, the latest in a
string of such investments in recent weeks.
    • India appoints Dinesh Khara as chairman of State Bank of India
    The Indian government on Tuesday appointed Dinesh Khara as chairman of the
State Bank of India (SBI), the country's top lender, for three years, effective
October 7.
    • India's September gold imports fall 59% y/y to 4-month low - govt source
    India's gold imports in September fell 59% from a year earlier to the lowest
level in four months, a government source said on Tuesday, as a drop in prices
from a record high failed to lure buyers, which were postponing purchases
anticipating bigger drop.
    • India to replace coal fired power plants with renewables - minister
    India is planning to replace retiring coal-fired power plants with renewable
generating capacity in a bid to cut the nation's carbon footprint, power
minister R. K. Singh said on Tuesday.

    
    
    GLOBAL TOP NEWS
    • Trump calls off aid talks, Biden says president 'turned his back' on
Americans
    U.S. President Donald Trump, still being treated for COVID-19, abruptly
ended talks with Democrats on an economic aid package on Tuesday, drawing
criticism from presidential rival Joe Biden that he was abandoning Americans in
the midst of a pandemic.
    • Pompeo uses Tokyo visit to slam China, seek Asian allies' support
    U.S. Secretary of State Mike Pompeo visited Japan on Tuesday to rally
support from Washington's closest allies in Asia, calling for deeper
collaboration with Japan, India and Australia as a bulwark against China's
growing regional influence.
    • BOJ's Kuroda calls for more digitalisation, reform in Asia
    Asia must accelerate digitalisation and business reform to tackle challenges
to achieve sustainable growth, Bank of Japan Governor Haruhiko Kuroda said,
highlighting vulnerabilities in supply chains and social infrastructure.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.3% higher at 11,704.20.
    • The Indian rupee is expected to open little changed to the dollar amid
muted reaction in Asia to President Donald Trump calling off U.S. fiscal
stimulus negotiations.
    • India's federal government bond yields are likely to trade largely
unchanged ahead of the rate-setting panel’s interest rate decision due later
this week. The yield on the benchmark 5.77% bond maturing in 2030 is likely to
trade in a range of 6.00%-6.05% today.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended down more than 1% on Tuesday after President Donald
Trump said he was calling off negotiations with Democratic lawmakers on
coronavirus relief legislation until after the election.
    • Japanese stocks tracked Wall Street lower, as economic uncertainty
resurfaced after U.S. President Donald Trump halted negotiations for additional
stimulus to aid the coronavirus-battered economy until after the election.

    • The dollar held gains against most currencies after U.S. President Donald
Trump abruptly cancelled talks on economic stimulus with Democrat lawmakers,
heightening demand for safe-haven assets.
    • U.S. Treasury yields dropped from four-month peaks after President Donald
Trump on Tuesday called off negotiations with Democratic lawmakers on a
coronavirus relief stimulus package until after the Nov. 3 election.
    • Oil prices slipped after U.S. President Donald Trump dashed hopes for a
fourth stimulus package to boost the coronavirus-hit economy and on a
larger-than-expected build-up in U.S. crude stocks.
    • Gold prices hovered near a one-week low hit in the previous session, after
U.S. President Donald Trump halted new stimulus talks, bolstering the dollar.

    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         73.44/73.47  October 6        340.97       (397.65) crores
                                                 crores       
 10-yr bond yield  6.026%       Month-to-date    1,938        (3,354) crores
                                                 crores       
                                Year-to-date     30,285       (1,12,141) 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= 73.43 Indian rupees)
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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