Stocks in India are up this morning in line with global indices as governments ease lockdown measures.

Join us as we follow the top business news through the day.

OYO sees revival next quarter, seeks graded opening of hotels

Softbank-backed OYO expects to see some revival in business starting next quarter, the company’s CEO for India and South Asia, Rohit Kapoor, said on Tuesday, adding that the hospitality firm’s only appeal to the government is to allow graded opening of hotels.

“My sense is that we are looking at a recovery starting in the next quarter and coming back to the pre-COVID levels, if you ask people, the range is anywhere between six and 24 months, I am more towards the six month side than the 24 month side... I don’t have any data or information which is more scientific,” Mr. Kapoor said.

Most Asian currencies adrift as vaccine doubts dent risk sentiment

Investors continue to prefer the US dollar as virus fears continue to linger.

Reuters reports: "Asian currencies struggled to find direction on Wednesday after a report raised questions about the effectiveness of an early-stage COVID-19 trial vaccine, ending the risk-on momentum that had boosted the region's riskier assets in the previous session.

Most stock markets in the region inched down and the few trading in the black saw only incremental gains, after a subdued session on Wall Street.

Overnight, medical news website STAT reported that several vaccine experts had said the effectiveness of Moderna Inc's coronavirus vaccine could not be determined due to scanty details released in its preliminary trial result.

Optimism over the potential vaccine did not last long and market nerves have returned, Robert Carnell, ING's regional head of research for Asia-Pacific, wrote in a note. “By this morning, doubts appear to be growing, though it is worth bearing in mind that this U.S. firm is just one of many developing a vaccine worldwide, and there are some promising signs elsewhere,” Carnell wrote."

Earnings calls got longer this quarter

Rupee rises 6 paise to 75.60 against US dollar in early trade

The positive sentiment in domestic equities has worked to the favor of the rupee.

PTI reports: "The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities.

Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus pandemic weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.60, registering a rise of 6 paise over its previous close.

On Tuesday, the rupee had settled at 75.66 against the US dollar.

Domestic bourses were trading on a positive note with the benchmark Sensex trading 281.53 points higher at 30,477.70 and broader Nifty rising 87.20 points to 8,966.30.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09 per cent higher at 99.46.

Traders said investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy."

Stimulus will not trigger consumption, says Crisil

The ₹20 lakh crore financial package announced by the aims at the ‘right corners’ but is not a consumption trigger, according to ratings agency Crisil.

Considering the earlier announced measures worth ₹ 9.9 lakh crore (RBI’s liquidity support and others), the financial support works out to ₹20.9 lakh crore.

“While most of the steps are in the right direction, it is unlikely to stimulate demand/ consumption given that the package is more focussed on supply-side reforms,” said Crisil in a report.

Sensex surges over 300 points in opening trade; Nifty tests 8,950

The benchmark indices are off to a strong start this morning.

PTI reports: "Equity benchmark Sensex jumped over 300 points in opening session on Wednesday tracking gains in index-heavyweights ITC, HDFC twins and HUL amid mixed cues from global markets.

After rising to 30,524.53, the 30-share index was trading at 217.69 points or 0.72 per cent higher at 30,413.86.

Similarly, NSE Nifty rose 57.70 points, or 0.65 per cent, to 8,936.80.

ITC was the top gainer in the Sensex pack, surging around 3 per cent, followed by L&T, Tata Steel, NTPC, HUL, PowerGrid, HDFC twins and UltraTech Cement.

On the other hand, Hero MotoCorp, IndusInd Bank, Bajaj Finance, Asian Paints and SBI were among the laggards.

In the previous session, the BSE barometer settled 167.19 points or 0.56 per cent higher at 30,196.17, while the broader Nifty advanced 55.85 points or 0.63 per cent to end at 8,879.10.

Foreign portfolio investors offloaded equities worth Rs 1,328.31 crore in the capital market on Tuesday, provisional exchange data showed."