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Indian equity benchmarks ended lower on Wednesday’s trading session. After

a positive start of the trading day, key indices remained higher during first half

of the session, taking support with ICRA’s report that India's current account

will swing to a surplus of $30 billion or 1.2 percent of GDP in FY21, due to

slowdown in imports during the pandemic, making it clear that it will be a

temporary phenomenon. Some support also came with report that the

government aims to catapult India to among the top 10 countries in World

Bank's ease of doing business rankings with the comprehensive labour

reforms which are likely to be completed after Parliament approves three draft

codes in the ongoing session.

In noon deals, markets turned negative, as the United Nations Conference on

Trade and Development (UNCTAD) projected India’s economy to contract 5.9

per cent in 2020, and warned the country to not repeat its past mistake of

announcing austerity measures. It forecast the economy to grow 3.9 per cent

next year. However, markets trimmed most of losses in last hour of trade, after

industry body CII urged the government to extend the export incentive scheme

MEIS till December 31 in its present form to help exporters..

On the global front, European markets were trading higher with US futures as

equity markets built upward momentum after the September selloff cut

valuations. The dollar extended its rebound. Asian markets ended mixed on

Wednesday, after the manufacturing sector in Japan continued to contract in

September, albeit at a barely slower pace, the latest survey from Jibun Bank

revealed on Wednesday with a manufacturing PMI score of 47.3. That's up

marginally from 47.2 in August, although it remains beneath the boom-or-bust

line of 50 that separates expansion from contraction

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