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 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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