To access a PDF version of this newsletter, please click here http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_05182020.pdf If you would like to receive this newsletter via email, please register at: http://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH 4:00 pm: The Health ministry will brief on the COVID-19 situation in New Delhi. LIVECHAT - MARKETS UPDATE Mike Dolan, Reuters Editor at Large, Finance & Markets, discusses the major themes and factors in play for markets at 3:30 pm IST. To join the conversation, click here https://refini.tv/2P8N0Wp INDIA TOP NEWS • India extends lockdown to May 31, to relax rules in some areas India on Sunday extended a nationwide lockdown to May 31, as cases exceeded 90,000 and further clashes erupted between police and stranded migrants. • Reliance in $870 million General Atlantic deal as Jio Platforms funding tops $8 billion India's Reliance Industries on Sunday announced U.S. fund General Atlantic will invest 65.98 billion rupees ($870 million) in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month. • India to privatise state-run companies and halt fresh insolvencies amid COVID-19 pandemic India said on Sunday it would privatise state-run companies in non-strategic sectors and stop fresh insolvency cases for a year, as the country battles with the economic fallout from the coronavirus pandemic. • India to ease restrictions on foreign ownership in defence ventures India will ease restrictions on the level of foreign ownership in defence manufacturing, Finance Minister Nirmala Sitharaman said on Saturday, in a move aimed at cutting down on imports. • India watchdog reviewing antitrust allegations against Facebook's WhatsApp -sources India's antitrust watchdog is looking into allegations that Facebook's WhatsApp is abusing its dominant position by offering payment services to its vast base of messaging app users in the country, three sources told Reuters on Friday. • Modi's stimulus package so far is all about liquidity, Indian officials say India's Prime Minister Narendra Modi's $266 billion economic stimulus programme to deal with the fallout from the coronavirus pandemic has been all about liquidity measures, with negligible extra budget spending, according to government officials. • Amazon Prime snags Bollywood premieres, angering theater owners Amazon Prime Video, Amazon's streaming service, will screen several new Indian films originally meant for theatrical release this month, sparking protests from cinema owners as the novel coronavirus outbreak upends Bollywood. GLOBAL TOP NEWS • Japan slips into recession, worst yet to come as pandemic wreaks havoc Japan's economy slipped into recession for the first time in 4-1/2 years, GDP data showed, putting the nation on course for its deepest postwar slump as the coronavirus crisis takes a heavy toll on businesses and consumers. • SoftBank proposes three new board members as Alibaba's Jack Ma resigns SoftBank Group Corp said that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. • China says opposed to latest U.S. rules against Huawei China's commerce ministry said on Sunday it is firmly opposed to the latest rules by the United States against Huawei and will take all necessary measures to safeguard Chinese firms' rights and interests. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.3% lower at 9,096.50. • The Indian rupee is expected to trade lower against the dollar after Asia’s third-largest economy extended the nationwide lockdown to contain the spread of the coronavirus. • Indian government bond yields will likely edge higher in early session after New Delhi hiked the borrowing limit of states, raising worries of excess supply in the debt market. A debt switch auction later today will also impact yields, traders said. The yield on the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of 6.06%-6.12%. GLOBAL MARKETS • Wall Street's three major indexes closed higher after swinging between gains and losses on Friday as investors weighed worries about Sino-U.S. trade relations and weaker-than-expected U.S. economic data against growing optimism that easing coronavirus restrictions would boost activity this month. • Asian shares were led higher by S&P 500 futures and oil prices hit a five-week peak as countries' efforts to re-open their economies stirred hopes the world was nearer to emerging from recession. • The dollar held its ground as concern about global tensions with China overshadowed improving sentiment from easing coronavirus lockdowns, while talk of negative interest rates pushed the pound to an almost two-month low. • U.S. Treasury yields were slightly higher on Friday as investors looked for signs that public health steps have readied the economy to reopen. • Oil prices climbed by more than $1 a barrel to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading. • Gold rose to its highest since October 2012 as worries regarding the souring U.S.-China relations and bleak U.S. economic data underpinned the safe-haven metal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 75.53/75.56 May 15 (2,368.71) crore (5,632.01) crore 10-yr bond yield 6.08 pct Month-to-date 17,363 crore (18,840) crore Year-to-date (37,551) crore (1,01,319) crore 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 = 75.79 Indian rupees) (Compiled by Prajakta Gadgil and Sourav Bose in Bengaluru)