Eli Lilly to supply 400,000 tablets of its COVID

FACTORS TO WATCH 10:30 am: Niti Aayog Chief Executive Amitabh Kant, Biocon Executive Chairperson Kiran Mazumdar-Shaw at Financial Times webinar on effective post-pandemic strategies. 11:30 am: S&P Global Ratings webinar on emerging trends and developments for the Asia-Pacific financial institutions sector. 2:00 pm: Transport Minister Nitin Gadkari, Junior Transport Minister Vijay Kumar Singh at Indian Roads Congress webinar on road tunnel - recent trends and outlook. 4:00 pm: ICICI Prudential Life Insurance Finance Chief Satyan Jambunathan, HDFC Life Insurance Finance Head Niraj Shah at Business Standard webinar on "De-risking the risk business." 4:30 pm: ABB Power Products & Systems management at an analyst 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. Andrew Grant, Head of oil, gas and mining at Carbon Tracker will speak to the forum at 2:30 pm IST. To join the discussion, click here

INDIA TOP NEWS UK and India step closer to trade deal, agreeing investment and migration pacts Britain and India announced 1 billion pounds of private-sector investment and committed to seek a free trade deal as Prime Minister Boris Johnson hailed a new era in bilateral relations on Tuesday.

India COVID cases top 20 million, halting cricket, prompting lockdown call India halted its hugely popular cricket league on Tuesday as COVID-19 infections surged past 20 million in the world's second-most populous country and the opposition leader said a nationwide lockdown was now the only way out.

India's March crude imports edge up but pandemic concerns loom India's oil imports in March rose from the previous month, buoyed by an upturn in economic activity that could take a knock again because of renewed lockdowns in the world's third-largest crude importer.

Adani Ports could abandon Myanmar project if found to violate U.S. sanctions Adani Ports and Special Economic Zone said on Tuesday it could abandon a Myanmar container terminal project and write down the investment if it is found to be in violation of sanctions imposed by the United States.

EU and India to revive stalled trade talks, draft statement says The European Union and India will agree to relaunch stalled free-trade talks at a virtual summit on Saturday, according to a draft statement seen by Reuters, as concerns about China's rise bring Brussels and New Delhi closer.

India doesn't name Huawei among participants in 5G trials India will allow mobile carriers to carry out 5G trials with equipment makers including Ericsson, Nokia and Samsung's network unit, the government said on Tuesday, but did not name China's Huawei among the participants.

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Eli Lilly to supply 400,000 tablets of its COVID-19 treatment to India Eli Lilly said on Tuesday it would supply 400,000 tablets of its COVID-19 treatment, to be used with Gilead's remdesivir, to the Indian government as the country fights a raging pandemic that has morgues and hospitals overflowing.

GLOBAL TOP STORIES Yellen says she sees no inflation problem after rate hike comments roil Wall Street U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Biden's spending plans boost growth.

Biden aims for 70% of U.S. adults to get one vaccine dose by July 4 President Joe Biden on Tuesday announced a goal to vaccinate 70% of U.S. adults with at least one COVID-19 shot by the July 4 Independence Day holiday and said the government would innoculate 12- to 15-year-olds as soon as allowed.

Pfizer sees robust COVID-19 vaccine demand for years, $26 billion in 2021 sales Pfizer on Tuesday raised its forecast for 2021 COVID-19 vaccine sales by more than 70% to $26 billion and said demand from governments around the world fighting to halt the pandemic could contribute to its growth for years to come.

STATE OF THE MARKETS SGX Nifty nearest-month futures were trading 0.4% higher at 14,585.00. - NewsRise

The Indian rupee is expected to edge higher against the dollar after U.S. Treasury Secretary Janet Yellen clarified her earlier remarks that interest rates may need to rise. - NewsRise

Indian sovereign bond yields will likely open little changed in early session, while traders' major focus will remain on the speech by the central bank Governor Shaktikanta Das. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in the 5.98%6.04% band. - NewsRise

The Nasdaq ended sharply lower on Tuesday as investors dumped megacap growth stocks to seek shelter in more defensive parts of the market, amid concerns on rising interest rate and uncertainty over an upcoming jobs report.

Asian shares risked falling for a fourth straight session as sentiment took a knock from a selloff in large cap Wall Street tech darlings, combined with talk of rising U.S. interest rates.

The dollar tried to extend a rally as chatter about the possibility of higher U.S. interest rates and a sell-off in tech stocks soured risk sentiment to the benefit of the safe-haven currency.

A safe-haven bid helped push U.S. Treasury yields lower on Tuesday, while U.S. Treasury Secretary Janet Yellen warned that rates may need to rise to keep the economy from running too hot.

Oil prices rose nearly 1%, extending overnight gains, after industry data estimated U.S. crude stockpiles fell much more than expected last week reinforcing bullish views on fuel demand in the world's largest economy.

Gold prices were flat, as concerns over possibility of higher U.S. interest rates countered a subdued dollar, while palladium held firm after scaling a record high in the previous session.

CLOSE

FII INVESTMENTS

EQUITIES

DEBT

PNDF spot

73.83/73.86

May 4

(1,670.02) crores

38.30 crores

10-yr bond yield

6.01%

Month-to-date

(4,821) crores

(867) crores

Year-to-date

41,262 crores

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

(16,483) crores

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PICTURE OF THE DAY

Workers load medical aid to be flown in an Air Indian aeroplane to destinations in India, at Ben Gurion International Airport near Tel Aviv, Israel, May 4. Menahem Kahana/Pool

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