FACTORS TO WATCH 11:00 am: Godrej Consumer Products at analyst call post first-quarter earnings. 11:00 am: Blue Star management at analyst call post first-quarter earnings. 12:00 pm: Biotechnology Secretary Renu Swaroop at Science, Technology and Innovation Policy (STIP) Forum lecture series. 12:30 pm: Aptus Value Housing Finance virtual conference to announce its initial public offering. 1:00 pm: Prime Minister Narendra Modi to interact with beneficiaries of Pradhan Mantri Garib Kalyan Anna Yojana in Uttar Pradesh via video conferencing. 2:30 pm: Tata Communications management at an virtual briefing post first-quarter earnings. 4:00 pm: management at analyst call post first-quarter earnings. 4:30 pm: GAIL () management at analyst call on first-quarter earnings. 4:30 pm: NCC management at analyst call on first-quarter earnings. 5:00 pm: Escorts management at analyst call on first-quarter earnings. 6:00 pm: Tourism Secretary Arvind Singh at FICCI webinar on India’s travel, tourism and hospitality sector. 7:30 pm: management at a conference call on first-quarter earnings.

PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM With global markets recovering from COVID-19 and central banks trimming relief measures, uncertainty remains over inflation, geopolitics and a host of other factors. As investors eye new themes to trade on, the Reuters Global Markets Forum hosts a two-week line-up of global fund managers to discuss their market outlook for the rest of the year and into 2022. Yichen Zhang, CEO, CITIC Capital (12:30 pm IST), Lorna Logan, Co-Portfolio Manager of European Sustainable Strategy Fund at Stewart Investors, SFG (4:30 pm IST) and Mark Haefele, CIO, UBS Global Wealth Management (6:30 pm IST) are scheduled to speak. To join the discussions, click here

INDIA TOP NEWS India enforcement agency threatens Flipkart, founders with $1.35 billion fine -sources India's financial-crime agency has asked Walmart's Flipkart and its founders to explain why they shouldn't face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters.

SBI pins hopes on economic recovery after record quarterly profit India's largest lender State reported a record first-quarter profit on Wednesday and bet on economic activity picking up to contain a spike in bad loans, sending its shares to an all-time high.

India's services activity shrank again in July, outlook turned pessimistic Activity in India's dominant services industry shrank for a third consecutive month in July as restrictions to control the coronavirus pandemic hit demand, with companies turning the most pessimistic in a year, a private survey showed on Wednesday.

Fintech firm BharatPe valued at $2.85 billion after Tiger Global-led funding Indian fintech firm BharatPe said on Wednesday it had raised $370 million in a funding round led by investment giant Tiger Global, giving the company a valuation of $2.85 billion.

Carlsberg's India partner demands governance overhaul

1 Carlsberg's partner in India called on the Danish brewer to improve governance standards at their joint venture on Wednesday, citing "grave concerns" over its operations.

Indian firms plan to invest $27 billion to boost refining capacity by 2025 India state refiners are set to invest 2 trillion rupees ($26.96 billion) to boost oil refining capacity by 20% in Asia's third-largest economy by 2025, junior oil minister, Rameswar Teli, told lawmakers on Wednesday.

Indian banks get extra time to comply with revised current account rules The Reserve Bank of India said it will give banks an extra three months until Oct. 31 to implement revised rules on opening and maintaining current accounts.

India deploys warships in South China Sea as part of 'Act East' policy India is sending a naval task force to the South China Sea this month to expand security ties with friendly countries, officials said on Wednesday, signalling its intent to play a bigger role in regional efforts to counter China.

GLOBAL TOP STORIES Key Fed official sees rates liftoff in 2023 as policy debate heats up The contours of debate within the U.S. central bank over when to dial back support for the economy burst into the open on Wednesday as a key architect of the Federal Reserve's new policy strategy said he feels the conditions for raising interest rates could be met by the end of 2022.

Biden plans shift in arms policy to add weight to human rights concerns U.S. President Joe Biden's administration is preparing an overhaul of arms export policy to increase the emphasis on human rights, a departure from former President Donald Trump's prioritization of economic benefits to U.S. defense contractors, four people familiar with the initiative said.

Japan considers expanding COVID-19 curbs as surges strain hospitals Japan proposed expanding emergency restrictions to eight more prefectures to fight a surge in COVID-19 cases, a cabinet minister said, as worries grow about strains on the nation's medical system in Olympics host Tokyo and elsewhere.

STATE OF THE MARKETS SGX Nifty nearest-month futures were trading 0.1% higher at 16,276.50. - NewsRise

The Indian rupee is expected to open little changed against the U.S. currency after hawkish comments on rate increases from three U.S. Federal Reserve officials. - NewsRise

Indian federal government bond yields are likely to open marginally lower tracking another fall in crude oil prices, but any large move is unlikely as traders await the country’s monetary policy decision and comments that are due tomorrow. The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.17%-6.21% band. - NewsRise

U.S. stocks closed mostly lower on Wednesday, with the S&P 500 falling from a record high after data signaled a slowdown in jobs growth in July, and General Motors tracked its worst day since early March.

Asian shares held on to recent gains in morning trading, despite hawkish remarks from a senior official at the U.S. Federal Reserve, that boosted the dollar while weighing on risk appetite, and uncertainty about Chinese policy.

The dollar was poised to push higher as hawkish comments from the U.S. Federal Reserve led markets to bring forward the likely timing of a policy tightening there, while action in Europe and Japan remain distant prospects.

U.S. Treasury yields settled mostly higher on Wednesday after a top Federal Reserve official's comments on interest rates shifted traders' focus away from disappointing payroll data.

Oil prices edged higher, supported by tensions in the Middle East, but failed to regain most of the previous day's losses after a surprise build in crude stockpiles in the United States, the world's top oil consumer.

Gold prices inched lower after the dollar firmed and remarks from a top U.S. Federal Reserve official signalled the possibility of bringing forward policy tightening.

CLOSE FII INVESTMENTS EQUITIES DEBT

PNDF spot 74.22/74.25 August 4 2,098.05 crores (470.61) crores

10-yr bond yield 6.199% Month-to-date (1,948) crores 53 crores

Year-to-date 47,088 crores (22,880) crores

(FII investment numbers are in Indian rupees. Source: National Securities Depository Limited)

2 PICTURE OF THE DAY

Supporters of India's main opposition Congress party attend a candlelight vigil to protest against the alleged rape and murder of a 9- year-old girl in New Delhi, August 4. REUTERS/Anushree Fadnavis

© 2021 Refinitiv. All rights reserved.

Refinitiv 3 Times Square, New York, NY 10036 [email protected] Please visit: Refinitiv for more information.

click here privacy statement

3