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Morning News Call - India, October 9

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    FACTORS TO WATCH
    10:00 am: Reserve Bank of India Governor Shaktikanta Das to detail Monetary
Policy Committee’s interest rate decision in Mumbai.
    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: SRF to hold its annual general meeting. 
    11:00 am: Former Finance Secretary Subhash Chandra Garg, Indian Bank
Managing Director and Chief Executive Padmaja Chanduru at ASSOCHAM’s webinar on
one-time loan restructuring.
    2:00 pm: Central Board of Direct Taxes Member Seema Khorana Patra, Income
Tax Principal Chief Commissioner Patanjali Jha among others at IMC Chamber of
Commerce’s webinar on direct taxes.
    3:00 pm: FIDC Director General Mahesh Thakkar, Mahindra & Mahindra Financial
Services Vice Chairman Ramesh Iyer and other NBFC heads at IMC Chamber of
Commerce’s online seminar on NBFCs.
    3:00 pm: ONGC management holds virtual media interaction post annual general
meeting.
    3:00 pm: Former Steel Secretary Aruna Sharma at Metalogic PMS webinar on
iron ore and secondary steelmakers.


    
    INDIA TOP NEWS
    • Paytm targets a million apps on its mini app store to take on Google
    Alibaba-backed Indian fintech firm Paytm is aiming for a million apps on its
"mini app store" by the first quarter of 2021, it said on Thursday, seeking to
challenge the dominance of Alphabet's Google in India's mobile web economy.

    • Food minister Paswan dies after weeks in hospital
    Veteran politician Ram Vilas Paswan, a federal minister and an ally of Prime
Minister Narendra Modi's ruling coalition, died on Thursday after weeks in
hospital, his son Chirag Paswan said in a Tweet. He was 74.
    • Lakshmi Vilas Bank gets non-binding offer from Clix Group
    Lakshmi Vilas Bank has received a non-binding offer from Clix Group, the
private sector lender said on Thursday, weeks after the bank's shareholders
voted out seven directors from its board.
    • South Asia faces worst ever recession, tipping millions into poverty -
World Bank
    Millions of people in South Asia are being pushed into extreme poverty as
the region where a quarter of humanity lives suffers its worst-ever recession
due to the devastating impact of the coronavirus pandemic, the World Bank said
on Thursday.
       
    
    GLOBAL TOP NEWS
    • Pelosi, Mnuchin search for common ground as U.S. COVID-19 talks resume
    U.S. House of Representatives Speaker Nancy Pelosi on Thursday said
legislation to help airline companies survive the fallout from the coronavirus
pandemic could only move through Congress with guarantees that a comprehensive
aid bill would be developed too.
    • China's services sector recovery gathers pace in Sept - Caixin PMI
    The recovery in China's service sector activity extended into a fifth
straight month in September, an industry survey showed, with hiring increasing
for the second month in a row.
    • Trump rejects virtual debate, says may hold a campaign rally on Saturday
    President Donald Trump added more turbulence to the U.S. election campaign
on Thursday, pulling out of an Oct. 15 debate with Democratic rival Joe Biden
after it was changed to a virtual event and saying he may hold a rally in
Florida on Saturday. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.4% higher at 11,869.00. 
    • The Indian rupee is expected to open little changed to the dollar amid
focus on the Monetary Policy Committee’s interest rate decision.
    • Indian government bond yields are likely to open largely unchanged, as
traders await the rate-setting panel’s interest rate decision today and the
commentary from the central bank governor. The yield on the benchmark 5.77% bond
maturing in 2030 is likely to trade in a range of 6.00%-6.04% till the policy
outcome today. 
        
    
    GLOBAL MARKETS
    • U.S. stocks ended higher on Thursday as comments by U.S. President Donald
Trump fueled hopes of fresh fiscal support, while data underscored the view that
the labor market recovery was struggling to gain momentum.
    • Asian shares inched close to 2-1/2-year highs as revived hopes for a U.S.
stimulus deal eclipsed weaker-than-expected jobs data, while mainland Chinese
markets jumped after a week-long holiday.
    • The dollar drifted toward a small weekly loss on Friday, while the Chinese
yuan soared to a 17-month high, as investors wagered on a Joe Biden presidency
and on more U.S. stimulus spending.
    • U.S. Treasury yields retreated on Thursday, with those on long-dated debt
falling from four-month peaks hit earlier this week, amid persistent uncertainty
about the stimulus talks on coronavirus aid.
    • Oil prices eased a few cents early in trading in a breather at the end of
a week of big gains propelled by a strike in Norway that raised the prospect of
supply from the major producer being slashed by up to 25%.
    • Gold prices edged higher, supported by a weaker dollar and optimism over a
new U.S. coronavirus relief aid after President Donald Trump said talks with
Congress have restarted.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         73.23/73.26  October 8        1,019.93    (667.92) crores
                                                 crores      
 10-yr bond yield  6.015%       Month-to-date    4,019       (4,310) crores
                                                 crores      
                                Year-to-date     32,366      (1,13,097) 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= 73.29 Indian rupees)
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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