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Morning News Call - India, May 6

Reuters logo Reuters 5/6/2021

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_05062021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 11:00 am: Insolvency and Bankruptcy Board of India Executive Director Ritesh Kavdia at ASSOCHAM webinar on insolvency norms for MSMEs. • 11:00 am: Angel Broking management at a conference call post 4Q earnings. • 4:00 pm: Economic Statistics Panel Chairman Pronab Sen at IGC India Research conference on the impact of Covid-19 in India and pathways to recovery. • 4:30 pm: Tata Steel management at an analyst conference call post 4Q earnings. PROMOTION LIVECHAT - REUTERS GLOBAL MARKET FORUM The Reuters Global Markets Forum brings a line-up of guests to talk about the Paris Agreement climate targets, green energy, digital transformation and sustainability, with perspectives from industry leaders, policymakers and corporates. Assaad Razzouk, Chairman and CEO at Sindicatum Sustainable Resources; Clean energy entrepreneur, investor and commentator on renewables will speak to the forum at 10:30 am IST. To join the conversation, click on the link: https://refini.tv/2P8N0Wp INDIA TOP NEWS • 'Last resort': Desperate for oxygen, Indian hospitals go to court A court in India's capital New Delhi has become the last hope for many hospitals struggling to get oxygen for COVID-19 patients as supplies run dangerously short while government officials bicker over who is responsible. • India's services growth slowed further in April, input costs soared Growth in India's dominant services sector eased to a three-month low in April but remained unexpectedly resilient even as the COVID-19 crisis intensified and cost pressures rose at the fastest pace in over nine years, a private survey showed. • India orders antitrust probe into Tata Motors' truck sales to some dealers India's competition regulator on Wednesday ordered an investigation into allegations that Tata Motors, the country's top seller of trucks, abused its market position while supplying commercial vehicles to some of its dealers. • India approves Roche/Regeneron antibody cocktail to treat COVID-19 India has given emergency use authorization for a COVID-19 antibody drug cocktail developed by Roche and Regeneron, expanding its arsenal of drugs to battle a massive second wave of infections. • India accounts for 46% of world's new COVID-19 cases, quarter of deaths India accounted for 46% of the new COVID-19 cases recorded worldwide last week and one in four of deaths, the World Health Organization said on Wednesday. • COVID scare at G7 meeting after Indian delegates test positive The Group of Seven meeting in London was hit by a COVID-19 scare on Wednesday when India's foreign minister and his entire team said they were self-isolating after two delegation members tested positive. GLOBAL TOP NEWS • U.S. backs giving poorer countries access to COVID-19 vaccine patents, reversing stance President Joe Biden on Wednesday threw his support behind waiving intellectual property rights for COVID-19 vaccines, bowing to mounting pressure from Democratic lawmakers and more than 100 other countries, but angering pharmaceutical companies. • BOJ policymakers agreed to focus on low rates as pandemic pain persists Bank of Japan (BOJ) policymakers agreed on the need to focus on keeping interest rates stably low while the economy remains under the strain caused by the COVID-19 pandemic, minutes of the central bank's March meeting showed. • Uber sees driver cost rising as U.S. economy recovers Uber Technologies signaled it would pay drivers more to get cars back on the road as the U.S. economy recovers from the pandemic and disclosed a $600 million charge to provide UK drivers with benefits, a sign of the potential costs if the United States requires more driver compensation. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.5% higher at 14,762.50. • The Indian rupee is expected to trade little changed against the dollar amid a decline in most Asian shares and muted Treasury yields. • Indian sovereign bond yields will likely ease in early session as investors may add positions ahead of the central bank’s so-called special open market operation today, under which it will buy the benchmark note. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in the 5.95%-6.00% band. GLOBAL MARKETS • The Dow Jones Industrial Average ended at a record high on Wednesday, driven higher by energy and other economically sensitive sectors, while the Nasdaq closed in red as megacap growth stocks slipped. • Asian shares rose and commodity prices held near multi-year highs as investors switched to cyclicals amid hopes of a strong economic recovery, while the Australian dollar fell after China said it would end economic dialogue with Canberra. • The dollar hovered below a two-week high, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus. • U.S. Treasury yields drifted lower on Wednesday as inflation expectations leaped to multi-year highs even as Federal Reserve officials downplayed the risk of a big and sustained rise in inflation. • Oil prices fell as gasoline inventories in the United States, the world's largest oil consumer, rose for a fifth consecutive week although a draw in crude stockpiles helped to underpin prices. • Gold prices inched lower due to a stronger dollar, while investors awaited the release of U.S. non-farm payrolls data for April due later this week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.95/73.98 May 5 (1,744.37) 629.42 crores crores 10-yr bond yield 5.97% Month-to-date (6,565) (237) crores crores Year-to-date 39,518 (15,853) 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 = 73.80 Indian rupees) (Compiled by Pooja Kesavan in Bengaluru)

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