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Morning News Call - India, October 8

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    FACTORS TO WATCH
    10:00 am: Majesco management at conference call post 2Q earnings.
    10:30 am: Electronics and IT Joint Secretary Saurabh Gaur, Niti Aayog CEO
Amitabh Kant among others at “RAISE 2020” summit on artificial intelligence.
    11:00 am: BMW Group to launch two new motorcycles.
    12:00 am: Civil Aviation Minister Hardeep Singh Puri briefs media on
aviation-related matters in New Delhi.
    1:00 pm: Agriculture Joint Secretary Ashish Kumar Bhutani, Niti Aayog
Advisor Anna Roy at FICCI’s virtual international conference on agriculture.
    2:00 pm: AMFI Chief Executive N.S. Venkatesh at conference call on the
outlook for mutual fund industry.
    2:30 pm: Mercedes-Benz India to launch a fully electric EQC SUV.
    4:00 pm: Titan Chief Investment Officer Krishnan Venkateswaran at ET BFSI’s
virtual roundtable.

    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Reuters correspondents examine the state of play in European govvies. To
join the conversation at 4:00 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's TCS plans up to 160 billion rupees buyback as legal costs hit
profit
    Tata Consultancy Services said on Wednesday it would buy back shares worth
up to 160 billion rupees, and reported a fall in quarterly profit as it set
aside 12.18 billion rupees to cover legal fees related to a U.S. lawsuit.

    • Amazon sends legal notice to India's Future Group over Reliance deal
    Amazon.com said on Wednesday it has sent a legal notice to a promoter of
Future Group, alleging the Indian retailer breached the terms of its contract by
signing a deal with Mukesh Ambani's Reliance Industries.
    • Indian banks say government interest waiver will add to costs, spark
litigation
    Indian bankers fear the government's decision to waive some interest
payments on loans under a COVID-19 support plan will create unnecessary work for
lenders and lead to more litigation, without providing much of a boost for the
sagging economy.
   •  SBI's new chief says top priority to maintain loan book quality
    India's largest lender, State Bank of India's newly appointed chairman said
that his focus areas as he takes over will be maintaining the quality of the
loan book while ensuring that provisioning requirements are met.
    • EXCLUSIVE-Google faces new antitrust case in India over abuse in smart TVs
market-sources
    Alphabet's Google is facing a new antitrust case in India in which the U.S.
tech giant is alleged to have abused its Android operating system's position in
the smart television market, a source and two lawyers involved in the case told
Reuters.
    • India appoints M Rajeshwar Rao as RBI deputy governor
    The Indian government has appointed M. Rajeshwar Rao as one of the Reserve
Bank of India's deputy governors, according to a statement issued on Wednesday.

    • India introduces new gas marketing mechanism to help producers
    India will let companies producing gas from new local fields sell the
cleaner fuel on e-bidding platforms, oil minister Dharmendra Pradhan said on
Wednesday, in a move expected to help them get better prices and boost output.

    
    
    GLOBAL TOP NEWS
    • Harris, Pence clash over Trump's coronavirus record at U.S. VP debate
    Democratic challenger Kamala Harris wasted little time going after Vice
President Mike Pence over the Trump administration's handling of the coronavirus
pandemic during their only debate on Wednesday, as the White House struggled to
contain an outbreak that has infected President Donald Trump and dozens of
others.
   •  White House aides downplay coronavirus aid chances; Pelosi blasts Trump,
but discusses airline help
    Top White House officials on Wednesday downplayed the possibility of more
coronavirus relief, while House Speaker Nancy Pelosi disparaged President Donald
Trump for backing away from talks on a comprehensive deal.
    • BOJ's Kuroda says economy to continue recovering from pandemic's pain
    Bank of Japan Governor Haruhiko Kuroda said the economy was starting to pick
up and was likely to continue recovering thanks in part to the boost from fiscal
and monetary stimulus measures.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.5% higher at 11,814.20.
    • The Indian rupee is expected to open little changed to the dollar amid
focus on the likelihood and timing of the next U.S. fiscal stimulus.
    • Indian federal government bond yields are likely to trade largely
unchanged today as investors await the rate-setting panel’s decision due
tomorrow. The yield on the benchmark 5.77% bond maturing in 2030 is likely to
trade in a range of 5.98%-6.03% today.
    
    
    GLOBAL MARKETS
    • U.S. stocks closed sharply higher on Wednesday as investors regained hope
that at least a partial deal on more U.S. fiscal stimulus may happen.
    •  A gauge of Asian shares climbed to a one-month high, as renewed hopes for
more U.S. stimulus helped restore investor confidence with markets now pricing
in a Democratic victory during elections in November.
    • The safe-haven dollar and yen nursed losses, after the revival of hopes
for some U.S. spending improved investor sentiment and appetite for riskier
currencies.
    • U.S. Treasury prices fell on Wednesday, amid hope there could be a relief
package for airlines, small businesses, and individuals, after President Donald
Trump scuppered talks for a comprehensive coronavirus-related stimulus the
previous session.
    • Oil prices rose as oil workers evacuated rigs in the U.S. Gulf of Mexico
ahead of Hurricane Delta, though fuel demand concerns persisted on fading
chances for an economic stimulus deal in the United States, the world's biggest
oil consumer.
    • Gold prices were steady as renewed hopes for more U.S. stimulus kept the
bullion afloat, with investors eyeing the weekly jobless claims data to further
gauge the health of the world's largest economy.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         73.27/73.30  October 7        1,061.40    (287.85) crores
                                                 crores      
 10-yr bond yield  6.014%       Month-to-date    2,999       (3,642) crores
                                                 crores      
                                Year-to-date     31,346      (1,12,429) 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= 73.32 Indian rupees)
 



 (Compiled by Nachiket Tekawade in Bengaluru)
  
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