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Domestic equity market benchmarks BSE Sensex and Nifty 50 have ended a per cent higher on Tuesday, extending the previous day’s gains.&nbsp;

Volatility ran high in the markets as investors tracked mixed signals from global peers and avoided making fresh bets in equities amid upward move in bond yields, yet again.&nbsp;

The headline S&amp;P BSE Sensex traded in a range of 600 points and hit an intra-day high and low of 50,425 and 49,807, respectively. At close, the index was quoting at 50,297 levels, up 447 points or 0.9 per cent.&nbsp;

Meanwhile, on the NSE, the Nifty50 settled above the 14,900-mark, at 14,919 levels. The index was up 157 points or 1.07 per cent from Monday's close.

On the Sensex chart, M&amp;M, NTPC, Bajaj Auto, Tech Mahindra, TCS and Maruti emerged as top gainers.

On the other hand, ONGC, HDFC, Dr Reddy's, PowerGrid and SBI suffered losses.

Of the Sensex constituents, 25 shares ended with gains.

Analysts said investor sentiment remained upbeat due to encouraging GDP numbers for the third quarter as well as returning of calmness in global bond markets after the last week's turmoil.

Elsewhere in Asia, bourses closed with significant gains for the second straight session after halt in sell-offs in global bond markets calmed investor sentiments.

Meanwhile, Brent Futures rose 0.71 per cent to trade at 63.76 per barrel.

On the forex market front, the rupee surged by 18 paise to close at 73.37 against the US dollar on Tuesday.

(With inputs from agencies)

Domestic equity market benchmarks BSE Sensex and Nifty 50 have ended a per cent higher on Tuesday, extending the previous day’s gains. Volatility ran high in the markets as investors tracked mixed signals from global peers and avoided making fresh bets in equities amid upward move in bond yields, yet again.

Domestic equity market benchmarks BSE Sensex and Nifty 50 have ended a per cent higher on Tuesday, extending the previous day’s gains. Volatility ran high in the markets as investors tracked mixed signals from global peers and avoided making fresh bets in equities amid upward move in bond yields, yet again. The headline S&P BSE Sensex traded in a range of 600 points and hit an intra-day high and low of 50,425 and 49,807, respectively. At close, the index was quoting at 50,297 levels, up 447 points or 0.9 per cent. Meanwhile, on the NSE, the Nifty50 settled above the 14,900-mark, at 14,919 levels. The index was up 157 points or 1.07 per cent from Monday's close. On the Sensex chart, M&M, NTPC, Bajaj Auto, Tech Mahindra, TCS and Maruti emerged as top gainers. On the other hand, ONGC, HDFC, Dr Reddy's, PowerGrid and SBI suffered losses. Of the Sensex constituents, 25 shares ended with gains. Analysts said investor sentiment remained upbeat due to encouraging GDP numbers for the third quarter as well as returning of calmness in global bond markets after the last week's turmoil. Elsewhere in Asia, bourses closed with significant gains for the second straight session after halt in sell-offs in global bond markets calmed investor sentiments. Meanwhile, Brent Futures rose 0.71 per cent to trade at 63.76 per barrel. On the forex market front, the rupee surged by 18 paise to close at 73.37 against the US dollar on Tuesday. (With inputs from agencies)

Sensex ends up 447 points, Nifty settles above 14,900

Zoom, the video conferencing application has become extremely famous as work-from-home culture took the limelight, pushed partially by restrictions in place owing to COVID-19. Based on the success enjoyed by companies due to new modes of working, Zoom's revenues have skyrocketed over the last year.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/zoom-app-should-you-be-using-it-293215/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

On Monday, the company announced that its revenues had jumped by 326 per cent, year-over-year, raking in $2.6 billion with little signs of slowdown by the end of the year. Sales had soared by 369 per cent in the last quarter to $882.5m.

“We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year,” &nbsp;Eric Yuan, founder and CEO of Zoom, announced.

Also read:&nbsp;<a href="http://13.235.153.162/world/doctor-performs-surgery-while-appearing-in-court-trial-on-zoom-for-traffic-violation-366750" hreflang="en">Doctor performs surgery while appearing in court trial on Zoom for traffic violation</a>

Zoom is nine-years-old and has become one of the many apps that found fame during the pandemic.&nbsp; Even though global workers complain about fatigue triggered by working remotely, many countries still have restrictions in place that prohibit people from working from their offices.

Also read:&nbsp;<a href="http://13.235.153.162/world/i-am-not-a-cat-lawyer-shows-up-as-kitty-during-zoom-court-hearing-362557" hreflang="en">'I am not a cat': Lawyer shows up as kitty during Zoom court hearing</a>

Zoom expects the upward trend to continue in 2021. In the first three months of 2021, the company hopes to generate revenues between $900-905 million, a figure much higher than previous estimates. Even then, vaccine distribution is in full swing in different parts of the world, and workers are expected to return to offices sometime this year, same as students.

Pandemic recovery could decide the shape of Zoom's future, with investors showing worry as global inoculation measures pick up the pace.

Zoom, the video conferencing application has become extremely famous as work-from-home culture took the limelight, pushed partially by restrictions in place owing to COVID-19.

Zoom, the video conferencing application has become extremely famous as work-from-home culture took the limelight, pushed partially by restrictions in place owing to COVID-19. Based on the success enjoyed by companies due to new modes of working, Zoom's revenues have skyrocketed over the last year. On Monday, the company announced that its revenues had jumped by 326 per cent, year-over-year, raking in $2.6 billion with little signs of slowdown by the end of the year. Sales had soared by 369 per cent in the last quarter to $882.5m. “We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year,” Eric Yuan, founder and CEO of Zoom, announced. Also read: Doctor performs surgery while appearing in court trial on Zoom for traffic violation Zoom is nine-years-old and has become one of the many apps that found fame during the pandemic. Even though global workers complain about fatigue triggered by working remotely, many countries still have restrictions in place that prohibit people from working from their offices. Also read: 'I am not a cat': Lawyer shows up as kitty during Zoom court hearing Zoom expects the upward trend to continue in 2021. In the first three months of 2021, the company hopes to generate revenues between $900-905 million, a figure much higher than previous estimates. Even then, vaccine distribution is in full swing in different parts of the world, and workers are expected to return to offices sometime this year, same as students. Pandemic recovery could decide the shape of Zoom's future, with investors showing worry as global inoculation measures pick up the pace.

Zoom's revenue soars by 326% as work from home becomes new normal

The domestic stock market indices made a firm start to the first trading session of March, up over 1 per cent, in early deals, on the back of upbeat global mood and the Q3 GDP print.

The S&amp;P BSE Sensex rallied 550 points to 49,640 levels and the Nifty50 at 14,700-mark. M&amp;M, ONGC and Titan were among the top Sensex gainers and rose in the range of 3-5 per cent.

Auto and metal stocks raised the most. The Auto index jumped over 2 per cent on the back of February auto sales numbers, meanwhile, IT, energy and banking sectors also lifted the sentiment.&nbsp;

Meanwhile, the Indian rupee slumped 29 paise to 73.76 against the US dollar in opening trade, weighed down by significant foreign fund outflows and rising crude oil prices.

(With inputs from agencies)

The domestic stock market indices made a firm start to the first trading session of March, up over 1 per cent, in early deals, on the back of upbeat global mood and the Q3 GDP print.

The domestic stock market indices made a firm start to the first trading session of March, up over 1 per cent, in early deals, on the back of upbeat global mood and the Q3 GDP print. The S&P BSE Sensex rallied 550 points to 49,640 levels and the Nifty50 at 14,700-mark. M&M, ONGC and Titan were among the top Sensex gainers and rose in the range of 3-5 per cent. Auto and metal stocks raised the most. The Auto index jumped over 2 per cent on the back of February auto sales numbers, meanwhile, IT, energy and banking sectors also lifted the sentiment. Meanwhile, the Indian rupee slumped 29 paise to 73.76 against the US dollar in opening trade, weighed down by significant foreign fund outflows and rising crude oil prices. (With inputs from agencies)

Sensex gains 550 points, Nifty at 14,698.80

The United Kingdoms finance minister Rishi Sunak said the idea of giving people vaccine passports or certificates to allow them to enter venues or events might be a way to help the country and its economy recover from the coronavirus pandemic.

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Hitting the lowest level since last May and missing market expectations after brief COVID-19 linked disruptions. China's factory activity has expanded at the slowest pace in nine months in February

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Rimac Automobili owner Mate Rimac told that Volkswagen unit Porsche is participating in a financing round, that will see the electric supercar maker raise $157 million-$181 million.

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India`s market regulator proposed on Monday tighter eligibility and appointment rules for independent directors of listed companies, a move seen aimed at protecting minority investors. 
 
The Securities and Exchange Board of India (SEBI) proposed that if listed companies in India wish to appoint or remove independent directors they should require the "dual approval" of shareholders and a majority of the company`s minority investors. 
 
If either of the requirements are not met, a new person will not be appointed and existing independent directors can`t be removed, SEBI said in its proposal, which is open for public consultation until April 1. 
 
The proposal may be revised after SEBI receives public feedback, and there is no clear timeline on its implementation. 
 
Currently, only a 51% shareholder approval is required for appointing or removing such directors in most cases, and no separate sign-off is needed from minority investors. 
 
The current process gives a company`s promoters, or main backers, "significant influence" on the appointment and removal of independent directors and undermines independent directors` ability to take differing views from promoters, SEBI said in its proposal. 
 
The need for independent directors and diverse board views came under the spotlight after Indian conglomerate Tata Group fired its chairman Cyrus Mistry in 2016, and removed a board member who supported him. 
 
"This would mean more rights to minority investors, better disclosures and also responsibility for promoters," said Sumit Agrawal, a partner at Regstreet Law Advisors and former SEBI official. 
 
SEBI`s proposal also stipulates that a former employee of an Indian group company cannot be appointed as an independent director at any entity within the same group if he left the group company less than three years previously. 
 
There was "a need to further strengthen the independence of independent directors and enhance their effectiveness in protection of the interest of the minority shareholders," SEBI said.

India`s market regulator proposed on Monday tighter eligibility and appointment rules for independent directors of listed companies, a move seen aimed at protecting minority investors.

India`s market regulator proposed on Monday tighter eligibility and appointment rules for independent directors of listed companies, a move seen aimed at protecting minority investors. The Securities and Exchange Board of India (SEBI) proposed that if listed companies in India wish to appoint or remove independent directors they should require the "dual approval" of shareholders and a majority of the company`s minority investors. If either of the requirements are not met, a new person will not be appointed and existing independent directors can`t be removed, SEBI said in its proposal, which is open for public consultation until April 1. The proposal may be revised after SEBI receives public feedback, and there is no clear timeline on its implementation. Currently, only a 51% shareholder approval is required for appointing or removing such directors in most cases, and no separate sign-off is needed from minority investors. The current process gives a company`s promoters, or main backers, "significant influence" on the appointment and removal of independent directors and undermines independent directors` ability to take differing views from promoters, SEBI said in its proposal. The need for independent directors and diverse board views came under the spotlight after Indian conglomerate Tata Group fired its chairman Cyrus Mistry in 2016, and removed a board member who supported him. "This would mean more rights to minority investors, better disclosures and also responsibility for promoters," said Sumit Agrawal, a partner at Regstreet Law Advisors and former SEBI official. SEBI`s proposal also stipulates that a former employee of an Indian group company cannot be appointed as an independent director at any entity within the same group if he left the group company less than three years previously. There was "a need to further strengthen the independence of independent directors and enhance their effectiveness in protection of the interest of the minority shareholders," SEBI said.

Indian regulator proposes stricter rules on independent directors

With a Green open in the Indian Markets, expectations for returns from bonds is also higher while China's Manufacturing Purchasing Managers Index (PMI) has missed the official forecasts.

World Business Watch: Indian Markets open in Green ahead of OPEC

Internet investor SoftBank Group said Saturday it reached a settlement with WeWork co-founder Adam Neumann and other investors in the office sharing giant, amid reports that the deal would give the ex-CEO an extra $50 million.

SoftBank Group did not release details of the agreement that puts to rest a bitter dispute emerging from the Japan-based firm's 2019 decision to bail out WeWork, once regarded as a soaring unicorn but which quickly spiralled into deep troubles as it lost cash and cancelled its eagerly waited share offering.

Under the deal, the Wall Street Journal reported, SoftBank Group would buy about $1.5 billion of stock from other investors, including nearly $500 million from Neumann, roughly a half of what it originally planned to buy.

But the deal would give the controversial founder a $50 million windfall, another $50 million to cover his legal fees and extend by five years a $430 million SoftBank Group loan, according to reports.

Neumann and WeWork investors had sued SoftBank claiming the investment firm breached its obligations by backing out of a $3 billion rescue plan.

"This agreement is the result of all parties coming to the table for the sake of doing what is best for the future of WeWork," Marcelo Claure, executive chairman of WeWork and chief operating officer of SoftBank Group.

"With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world." 
WeWork was a dazzling unicorn valued at $47 billion, and SoftBank's founder Masayoshi Son had openly hailed Neumann's vision.&nbsp;

But things began to unravel as the firm lost cash and cancelled its share offering, with the ex-CEO pushed out -- albeit with a generous package

Internet investor SoftBank Group said Saturday it reached a settlement with WeWork co-founder Adam Neumann and other investors in the office sharing giant, amid reports that the deal would give the ex-CEO an extra $50 million.

Internet investor SoftBank Group said Saturday it reached a settlement with WeWork co-founder Adam Neumann and other investors in the office sharing giant, amid reports that the deal would give the ex-CEO an extra $50 million. SoftBank Group did not release details of the agreement that puts to rest a bitter dispute emerging from the Japan-based firm's 2019 decision to bail out WeWork, once regarded as a soaring unicorn but which quickly spiralled into deep troubles as it lost cash and cancelled its eagerly waited share offering. Under the deal, the Wall Street Journal reported, SoftBank Group would buy about $1.5 billion of stock from other investors, including nearly $500 million from Neumann, roughly a half of what it originally planned to buy. But the deal would give the controversial founder a $50 million windfall, another $50 million to cover his legal fees and extend by five years a $430 million SoftBank Group loan, according to reports. Neumann and WeWork investors had sued SoftBank claiming the investment firm breached its obligations by backing out of a $3 billion rescue plan. "This agreement is the result of all parties coming to the table for the sake of doing what is best for the future of WeWork," Marcelo Claure, executive chairman of WeWork and chief operating officer of SoftBank Group. "With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world." WeWork was a dazzling unicorn valued at $47 billion, and SoftBank's founder Masayoshi Son had openly hailed Neumann's vision. But things began to unravel as the firm lost cash and cancelled its share offering, with the ex-CEO pushed out -- albeit with a generous package

SoftBank reaches deal with WeWork

Two South Korean billionaires have vowed to give away half of their wealth for social causes.&nbsp;

Kim Beom-su, the founder of the country's biggest messaging app KakaoTalk, said this month he will donate over half his estimated $9.6 billion assets to try solving "social issues".

Watch |&nbsp;Billion Dollar Idea | How did an accounting teacher become a property tycoon? | Niranjan Hiranandani

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/billion-dollar-idea-how-did-an-accounting-teacher-become-a-property-tycoon-niranjan-hiranandani-366033/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

After a short while, Kim Bong-jin of food-delivery app Woowa Brothers and his wife, Bomi Sul, signed Giving Pledge which asks billionaires to give away at least 50 per cent of their fortunes.&nbsp;

Kim and his wife are the first South Koreans to sign the Giving Pledge, which was an initiative of Bill and Melinda Gates and Warren Buffett.&nbsp;

The decision by both the Korean billionaires is a rarity in a country where most of the ultra-rich are descendants of the founders whose businesses flourished in the post-war era.&nbsp;

Also read | <a href="https://www.wionews.com/business-economy/bumbles-31-year-old-ceo-who-left-tinder-over-sexual-harassment-becomes-billionaire-363116">Bumble's 31-year-old CEO, who left Tinder over sexual harassment becomes billionaire</a>

Both the Kims were also born in working-class families, which is also in contrast as the rich in South Korea mostly inherit wealth.&nbsp;

The parents of Kim of Woowa Brothers ran a small restaurant and he gave away his dream of attending an art high school and instead got enrolled in a cheaper vocational school.&nbsp;

He said that wealth is of value if it was used for "the greatest benefit of the least advantaged members of society".

"We are certain that this pledge is the greatest inheritance that we could provide for our children," Kim and his wife said in their statement.&nbsp;

Two South Korean billionaires have vowed to give away half of their wealth for social causes. Kim Beom-su, the founder of the country's biggest messaging app KakaoTalk, said this month he will donate over half his estimated $9.

Two South Korean billionaires have vowed to give away half of their wealth for social causes. Kim Beom-su, the founder of the country's biggest messaging app KakaoTalk, said this month he will donate over half his estimated $9.6 billion assets to try solving "social issues". Watch | Billion Dollar Idea | How did an accounting teacher become a property tycoon? | Niranjan Hiranandani After a short while, Kim Bong-jin of food-delivery app Woowa Brothers and his wife, Bomi Sul, signed Giving Pledge which asks billionaires to give away at least 50 per cent of their fortunes. Kim and his wife are the first South Koreans to sign the Giving Pledge, which was an initiative of Bill and Melinda Gates and Warren Buffett. The decision by both the Korean billionaires is a rarity in a country where most of the ultra-rich are descendants of the founders whose businesses flourished in the post-war era. Also read | Bumble's 31-year-old CEO, who left Tinder over sexual harassment becomes billionaire Both the Kims were also born in working-class families, which is also in contrast as the rich in South Korea mostly inherit wealth. The parents of Kim of Woowa Brothers ran a small restaurant and he gave away his dream of attending an art high school and instead got enrolled in a cheaper vocational school. He said that wealth is of value if it was used for "the greatest benefit of the least advantaged members of society". "We are certain that this pledge is the greatest inheritance that we could provide for our children," Kim and his wife said in their statement.

'Greatest inheritance for our children': Two S. Korean billionaires vow donating half of wealth

The pandemic-induced technical recession in India has ended with growth in both GDP and the gross value added (GVA) in real terms in Q3 FY2021.

The Gross Domestic Product (GDP) grew 0.4 per cent in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed.

This growth compares with revised contractions of 24.4 per cent in April-June 2020 and 7.3 per cent in July-September. GDP had expanded by 3.3 per cent in October-December 2019.

While India has become one of the few major economies to post growth in the last quarter of 2020, the annual GDP estimate for the fiscal year ending March 31 has been revised to an 8 per cent contraction, deeper than an earlier estimate of (-) 7.7 per cent.

China's economy grew by 6.5 per cent in October-December 2020, faster than the 4.9 per cent growth in July-September 2020.

Commenting on the growth numbers, the finance ministry in a statement said real GDP growth has "returned the economy to the pre-pandemic times of positive growth rates."

"It is also a reflection of a further strengthening of V-shaped recovery that began in Q2 of 2020-21 after a large GDP contraction in Q1 followed one of the most stringent lockdown imposed by government relative to other countries," it said.

Stating that the V-shaped recovery has been driven by rebounds in private consumption and investments, the ministry said the initial policy choice of "lives over livelihoods" succeeded by "lives as well as livelihoods" is now bearing positive results.

Agriculture, a bright spot through the pandemic, grew 3.9 per cent in October-December while manufacturing expanded 1.6 per cent as the economy reopened after a harsh lockdown.

Financial and real estate services grew 6.6 per cent but trade, hotels, transport and communication fell 7.7 per cent. Construction rose 6.2 per cent.

The positive growth ends the recession that the Indian economy had witnessed lately.

Arun Singh, Global Chief Economist, Dun &amp; Bradstreet, said the release of pent-up demand fuelled by the festive period might have added to the marginal positive growth in GDP in Q3 FY21.

"Most surprising is the contribution of government spending to the GDP during the third quarter which is a seven-quarter low, even as the government's stimulus package 3.0 was announced before the festive month," he said, adding that private consumption demand, although improved, remains weak.

However, there are risks to growth that arise from the fact that industrial production is yet to stabilise, core inflation remains stubbornly high, oil prices are rearing its head again and unemployment remains elevated.

Add to this is the risk of spurt in COVID-19 cases in some states and the likely disruptions to businesses and supply chain from the restrictions imposed to curb the possibility of a second wave.

"The measures taken by the government to contain the spread of the COVID-19 pandemic have had an impact on the economic activities as well as on the data collection mechanisms.

"The data challenges in the case of other underlying macro-economic indicators like IIP (industrial production) and CPI (retail inflation), used in the estimation of National Accounts aggregates and specific measures, if any, taken by the government in the following months with a view to addressing the pandemic led economic situation will have implications on the subsequent revision of these estimates," the NSO said.

Estimates are, therefore, likely to undergo sharp revisions for the aforesaid causes in due course, as per the release calendar. Users should take this into consideration when interpreting the figures, it added.

"With a growth re-emerging in both GDP and GVA in Q3 FY2021, the pandemic-induced technical recession in India has ended, in line with our expectations," Icra Principal Economist Aditi Nayar said.

Recouping of GDP to the positive territory is a promising sign as it portends the end of the pandemic-induced recessionary phase seen in the first half of the year, CII Director General Chandrajit Banerjee said.

The growth stimuli available from the Union Budget and the additional measures, including the PLI (Production Linked Incentives), will lead to a sturdy growth path over the recovery horizon, he added.

"The real push will come in the Q4 (January-March) 2021 because lockdowns on many sectors, particularly hospitality and travel eased substantially during this quarter.

"It is hoped that it remains that way, given the uptick in COVID-19 cases in some pockets and in some states. Important to note that the states coming under uptick constitute a large part of industrial activity, and that is important for Q4 and the next financial year," Deloitte India partner Sanjay Kumar said.

(With inputs from agencies)

The pandemic-induced technical recession in India has ended with growth in both GDP and the gross value added (GVA) in real terms in Q3 FY2021. The Gross Domestic Product (GDP) grew 0.

The pandemic-induced technical recession in India has ended with growth in both GDP and the gross value added (GVA) in real terms in Q3 FY2021. The Gross Domestic Product (GDP) grew 0.4 per cent in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed. This growth compares with revised contractions of 24.4 per cent in April-June 2020 and 7.3 per cent in July-September. GDP had expanded by 3.3 per cent in October-December 2019. While India has become one of the few major economies to post growth in the last quarter of 2020, the annual GDP estimate for the fiscal year ending March 31 has been revised to an 8 per cent contraction, deeper than an earlier estimate of (-) 7.7 per cent. China's economy grew by 6.5 per cent in October-December 2020, faster than the 4.9 per cent growth in July-September 2020. Commenting on the growth numbers, the finance ministry in a statement said real GDP growth has "returned the economy to the pre-pandemic times of positive growth rates." "It is also a reflection of a further strengthening of V-shaped recovery that began in Q2 of 2020-21 after a large GDP contraction in Q1 followed one of the most stringent lockdown imposed by government relative to other countries," it said. Stating that the V-shaped recovery has been driven by rebounds in private consumption and investments, the ministry said the initial policy choice of "lives over livelihoods" succeeded by "lives as well as livelihoods" is now bearing positive results. Agriculture, a bright spot through the pandemic, grew 3.9 per cent in October-December while manufacturing expanded 1.6 per cent as the economy reopened after a harsh lockdown. Financial and real estate services grew 6.6 per cent but trade, hotels, transport and communication fell 7.7 per cent. Construction rose 6.2 per cent. The positive growth ends the recession that the Indian economy had witnessed lately. Arun Singh, Global Chief Economist, Dun & Bradstreet, said the release of pent-up demand fuelled by the festive period might have added to the marginal positive growth in GDP in Q3 FY21. "Most surprising is the contribution of government spending to the GDP during the third quarter which is a seven-quarter low, even as the government's stimulus package 3.0 was announced before the festive month," he said, adding that private consumption demand, although improved, remains weak. However, there are risks to growth that arise from the fact that industrial production is yet to stabilise, core inflation remains stubbornly high, oil prices are rearing its head again and unemployment remains elevated. Add to this is the risk of spurt in COVID-19 cases in some states and the likely disruptions to businesses and supply chain from the restrictions imposed to curb the possibility of a second wave. "The measures taken by the government to contain the spread of the COVID-19 pandemic have had an impact on the economic activities as well as on the data collection mechanisms. "The data challenges in the case of other underlying macro-economic indicators like IIP (industrial production) and CPI (retail inflation), used in the estimation of National Accounts aggregates and specific measures, if any, taken by the government in the following months with a view to addressing the pandemic led economic situation will have implications on the subsequent revision of these estimates," the NSO said. Estimates are, therefore, likely to undergo sharp revisions for the aforesaid causes in due course, as per the release calendar. Users should take this into consideration when interpreting the figures, it added. "With a growth re-emerging in both GDP and GVA in Q3 FY2021, the pandemic-induced technical recession in India has ended, in line with our expectations," Icra Principal Economist Aditi Nayar said. Recouping of GDP to the positive territory is a promising sign as it portends the end of the pandemic-induced recessionary phase seen in the first half of the year, CII Director General Chandrajit Banerjee said. The growth stimuli available from the Union Budget and the additional measures, including the PLI (Production Linked Incentives), will lead to a sturdy growth path over the recovery horizon, he added. "The real push will come in the Q4 (January-March) 2021 because lockdowns on many sectors, particularly hospitality and travel eased substantially during this quarter. "It is hoped that it remains that way, given the uptick in COVID-19 cases in some pockets and in some states. Important to note that the states coming under uptick constitute a large part of industrial activity, and that is important for Q4 and the next financial year," Deloitte India partner Sanjay Kumar said. (With inputs from agencies)

Covid-driven recession over, India economy returns to growth in December quarter

Domestic equity markets followed global markets and witnessed one of the steepest sell-offs since March last year.

Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points. The indices ended near the lowest point of the day, at 49,100 and 14,529 levels, respectively, down 1,939 points and 568 points.

Investors also turned cautious ahead of the third quarter GDP data release, besides keeping an eye on simmering geopolitical tensions between the US and Syria.&nbsp;

Sectorally, banking index suffered the maximum loss with over 4.8 per cent drop. Financial and telecom indices too fell sharply by 4.9 per cent and 3.85 per cent, respectively.

"Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal," said Hemang Jani, Head of Equity Strategy, Broking &amp; Distribution, Motilal Oswal.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Domestic markets tumbled in line with global trend triggered by a sharp rise in bond yields. Increasing geopolitical tension between the US and Syria aggravated the selling. Q3 GDP data which is to be released today also added volatility in the Indian market."&nbsp;

Global markets

Global stocks fell on Friday, with Asian shares down by the most in nine months. MSCI's Emerging Markets equity index suffered its biggest daily drop in nearly 10 months and was 2.7 per cent lower, while European shares opened in the red, with the STOXX 600 down 0.7 per cent.

The MSCI world equity index, which tracks shares in 50 countries, was 0.9 per cent lower and was heading for its worst week in a month.

Asia saw the heaviest selling, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding more than 3 per cent to a one-month low, its steepest one-day percentage loss since May 2020.

(With inputs from agencies)

Domestic equity markets followed global markets and witnessed one of the steepest sell-offs since March last year. Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points.

Domestic equity markets followed global markets and witnessed one of the steepest sell-offs since March last year. Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points. The indices ended near the lowest point of the day, at 49,100 and 14,529 levels, respectively, down 1,939 points and 568 points. Investors also turned cautious ahead of the third quarter GDP data release, besides keeping an eye on simmering geopolitical tensions between the US and Syria. Sectorally, banking index suffered the maximum loss with over 4.8 per cent drop. Financial and telecom indices too fell sharply by 4.9 per cent and 3.85 per cent, respectively. "Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal," said Hemang Jani, Head of Equity Strategy, Broking & Distribution, Motilal Oswal. Vinod Nair, Head of Research at Geojit Financial Services, said, "Domestic markets tumbled in line with global trend triggered by a sharp rise in bond yields. Increasing geopolitical tension between the US and Syria aggravated the selling. Q3 GDP data which is to be released today also added volatility in the Indian market." Global markets Global stocks fell on Friday, with Asian shares down by the most in nine months. MSCI's Emerging Markets equity index suffered its biggest daily drop in nearly 10 months and was 2.7 per cent lower, while European shares opened in the red, with the STOXX 600 down 0.7 per cent. The MSCI world equity index, which tracks shares in 50 countries, was 0.9 per cent lower and was heading for its worst week in a month. Asia saw the heaviest selling, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding more than 3 per cent to a one-month low, its steepest one-day percentage loss since May 2020. (With inputs from agencies)

Sensex sinks 1,939 points, Nifty tanks below 14,500

India's benchmark <a href="https://www.wionews.com/business-economy/sensex-jumps-258-points-nifty-reclaims-15000-level-366253">Sensex</a> nosedived 1,000 points in early trade on Friday as bank stocks ICICI and HDFC including Reliance Industries showed negative trend.

The Sensex fell further falling over 1,700 points as IndusInd Bank, Axis Bank, and Bajaj Finance dragged down the markets. The Sensex was trading at 49,336.03 down 3.36 per cent in mid-afternoon trade.

The NSE Nifty also fell 270.40 points down at 14,826.95 &nbsp;ahead of December-quarter gross domestic product(GDP) data.

On Thursday, Sensex had surged 257.62 points to finish at 51,039.31 with the Nifty climbing 115.35 points to 15,097.35.

Asian markets showed similar trends on Friday as Tokyo's key Nikkei index tumbled four per cent at the close as blue-chip and tech share were hit hard. Sony, Tokyo Electron, Fast Retailing also dived in Friday's trade.

Hong Kong's Hang Seng index dropped over three per cent while Shanghai also traded lower.

The Dow had earlier dropped 1.8 per cent to 31,402.01, retreating from an all-time on Wednesday. 
&nbsp;

India's benchmark Sensex nosedived 1,000 points in early trade on Friday as bank stocks ICICI and HDFC including Reliance Industries showed negative trend. The Sensex fell further falling over 1,700 points as IndusInd Bank, Axis Bank, and Bajaj Finance dragged down the markets.

India's benchmark Sensex nosedived 1,000 points in early trade on Friday as bank stocks ICICI and HDFC including Reliance Industries showed negative trend. The Sensex fell further falling over 1,700 points as IndusInd Bank, Axis Bank, and Bajaj Finance dragged down the markets. The Sensex was trading at 49,336.03 down 3.36 per cent in mid-afternoon trade. The NSE Nifty also fell 270.40 points down at 14,826.95 ahead of December-quarter gross domestic product(GDP) data. On Thursday, Sensex had surged 257.62 points to finish at 51,039.31 with the Nifty climbing 115.35 points to 15,097.35. Asian markets showed similar trends on Friday as Tokyo's key Nikkei index tumbled four per cent at the close as blue-chip and tech share were hit hard. Sony, Tokyo Electron, Fast Retailing also dived in Friday's trade. Hong Kong's Hang Seng index dropped over three per cent while Shanghai also traded lower. The Dow had earlier dropped 1.8 per cent to 31,402.01, retreating from an all-time on Wednesday.

India's Sensex dives over 1,700 points on global cues

The automobile giant Tesla Inc has reportedly halted the production of its Model 3 vehicle amid supply chain woes. Tesla is battling supply-chain issues due to backlogs at ports and severe snow storms affecting ground transport.

Tesla halts model 3 production

The Federal Aviation Administration said Thursday that Boeing managers failed to put adequate priority on living up to the earlier settlement and complying with FAA regulations.

Boeing will pay $6.6 million to FAA

Suzuki Motor Corp's 91-year old chairman, Osamu Suzuki, announced he will retire in June.

Suzuki Motor's 91-year-old chairman to retire

President Joe Biden said on Wednesday he would seek $37 billion in funding for legislation to supercharge chip manufacturing in the United States.

Biden to press for $37 billion to boost chip manufacturing

Standard Chartered PLC (StanChart) on Thursday posted a 57% fall in annual profit, missing analyst estimates, on higher credit impairments due to the COVID-19 pandemic.

StanChart, which earns the bulk of its revenue in Asia, posted a pretax profit of $1.61 billion. That compared with $3.71 billion in 2019 and the $1.85 billion average of analyst forecasts compiled by the bank.

Credit impairments last year more than doubled compared with a year earlier to $2.3 billion because of the pandemic, the bank said, but noted the majority of these took place in the first half of the year.

The London-headquartered lender said it would return capital to investors via a 9 cents per share dividend and $254 million buyback, with the total payout being the maximum permitted under temporary 'guardrails' set by the Bank of England.

The central bank last year told Britain's largest lenders to suspend dividend payments and share buybacks for 2020 to help them maintain capital buffers against an expected hit to loan books from the pandemic.

"Having now resumed it, we expect to be able to increase the full-year dividend per share over time as we execute our strategy and progress towards a 10% return on tangible equity," Jose Vinals, Standard Chartered's chairman, said in the exchange filing.

The bank said its return on tangible equity, a key profit metric, would climb from 3% to 7% by 2023.

It also said overall income in 2021 is likely to be similar to 2020's because of the impact of global interest rate cuts.

Standard Chartered PLC (StanChart) on Thursday posted a 57% fall in annual profit, missing analyst estimates, on higher credit impairments due to the COVID-19 pandemic.

Standard Chartered PLC (StanChart) on Thursday posted a 57% fall in annual profit, missing analyst estimates, on higher credit impairments due to the COVID-19 pandemic. StanChart, which earns the bulk of its revenue in Asia, posted a pretax profit of $1.61 billion. That compared with $3.71 billion in 2019 and the $1.85 billion average of analyst forecasts compiled by the bank. Credit impairments last year more than doubled compared with a year earlier to $2.3 billion because of the pandemic, the bank said, but noted the majority of these took place in the first half of the year. The London-headquartered lender said it would return capital to investors via a 9 cents per share dividend and $254 million buyback, with the total payout being the maximum permitted under temporary 'guardrails' set by the Bank of England. The central bank last year told Britain's largest lenders to suspend dividend payments and share buybacks for 2020 to help them maintain capital buffers against an expected hit to loan books from the pandemic. "Having now resumed it, we expect to be able to increase the full-year dividend per share over time as we execute our strategy and progress towards a 10% return on tangible equity," Jose Vinals, Standard Chartered's chairman, said in the exchange filing. The bank said its return on tangible equity, a key profit metric, would climb from 3% to 7% by 2023. It also said overall income in 2021 is likely to be similar to 2020's because of the impact of global interest rate cuts.

Standard Chartered profit falls 57 per cent as COVID inflates bad loans

Robust global markets, along with healthy foreign fund inflows, aided India`s benchmark equity indices to end higher for the second straight session on Thursday.

The two key indices had a gap up opening but later remained in a broad positive range.

At the closing bell, the BSE S&amp;P Sensex was up by 258 points or 0.51 per cent at 51,039 while the Nifty 50 ticked up by 115 points or 0.77 per cent to 15,097.Apart from Nifty FMCG and financial service, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty metal gaining by 3.9 per cent and PSU bank by 1.1 per cent.

Among stocks, Coal India moved up by 8.6 per cent to Rs 156.90 per share and UPL ticked higher by 7.3 per cent to Rs 594.50.Adani Ports was up by 6 per cent, Hindalco by 5.1 per cent, ONGC by 4.5 per cent and Tata Motors by 3.7 per cent.

Index heavyweight Reliance Industries jumped by 4.2 per cent to Rs 2,147 per share. Bharti Airtel rose by 1 per cent after the company said it had raised 1.25 billion dollars through debt instruments. However, ICICI Bank dipped by 1.9 per cent while infrastructure major Larsen &amp; Toubro was down by 1 per cent.&nbsp;

FMCG stocks also did not fare well with Nestle India down by 1.4 per cent and Hindustan Unilever by 0.7 per cent. Meanwhile, Asian stocks jumped after US Federal Reserve Chair Jerome Powell reaffirmed interest rates will stay low for a long time.&nbsp;

That calmed market fears that higher inflation may prompt the central bank to tighten the monetary spigot. Japan`s Nikkei gained by 1.7 per cent while Hong Kong`s Hang Seng jumped by 1.5 per cent to pare more than half of its previous day`s losses following the announcement of a stamp duty hike.

(With inputs from agencies)

Robust global markets, along with healthy foreign fund inflows, aided India`s benchmark equity indices to end higher for the second straight session on Thursday.

Robust global markets, along with healthy foreign fund inflows, aided India`s benchmark equity indices to end higher for the second straight session on Thursday. The two key indices had a gap up opening but later remained in a broad positive range. At the closing bell, the BSE S&P Sensex was up by 258 points or 0.51 per cent at 51,039 while the Nifty 50 ticked up by 115 points or 0.77 per cent to 15,097.Apart from Nifty FMCG and financial service, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty metal gaining by 3.9 per cent and PSU bank by 1.1 per cent. Among stocks, Coal India moved up by 8.6 per cent to Rs 156.90 per share and UPL ticked higher by 7.3 per cent to Rs 594.50.Adani Ports was up by 6 per cent, Hindalco by 5.1 per cent, ONGC by 4.5 per cent and Tata Motors by 3.7 per cent. Index heavyweight Reliance Industries jumped by 4.2 per cent to Rs 2,147 per share. Bharti Airtel rose by 1 per cent after the company said it had raised 1.25 billion dollars through debt instruments. However, ICICI Bank dipped by 1.9 per cent while infrastructure major Larsen & Toubro was down by 1 per cent. FMCG stocks also did not fare well with Nestle India down by 1.4 per cent and Hindustan Unilever by 0.7 per cent. Meanwhile, Asian stocks jumped after US Federal Reserve Chair Jerome Powell reaffirmed interest rates will stay low for a long time. That calmed market fears that higher inflation may prompt the central bank to tighten the monetary spigot. Japan`s Nikkei gained by 1.7 per cent while Hong Kong`s Hang Seng jumped by 1.5 per cent to pare more than half of its previous day`s losses following the announcement of a stamp duty hike. (With inputs from agencies)

Sensex jumps 258 points; Nifty reclaims 15,000 level

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said there is a need for coordinated action between the centre and state governments to reduce taxes on petrol and diesel prices.

"There is a need for coordinated action between the centre and the states because there are inherent taxes levied by both,"&nbsp;the governor said, adding that calibrated reduction of taxes is important.

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-2-factors-are-dictating-how-much-you-spend-on-fuel-365528/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

He, however, said both the centre and the state governments have their revenue pressures and they are required to spend high sums of money to enable the country and the people to come out of the COVID-19 pandemic stress.

"So the revenue requirement and the compulsion of the governments are fully understood. But having said that the impact on inflation also is something, which comes in from the fact that petrol and diesel prices do have an impact on the cost of manufacturing, production,"&nbsp;the Governor said at an event organised by Bombay Chamber of Commerce.

On the central bank's digital currency, Das said a lot of work is going on internally in the RBI and some broad guidelines and approach papers will be released on it soon.

The governor said RBI has certain concerns on cryptocurrencies and it has already been communicated to the government.

He said RBI is looking into strengthening the regulatory architecture for asset reconstruction companies (ARCs).

"(We are) refining and further upgrading the regulatory architecture in respect of the ARCs to ensure that they have a skin in the game, and they are very much in business is receiving a lot of attention from us,"&nbsp;Das said.

On setting up of ARC for non-performing asset (NPA) management, as announced in the Budget 2021, he said, "(in) no way will it jeopardise the activity of the existing ARCs."

The governor said there is growing realisation and awareness among banks to dealing with bad assets and they are proactively making provision in their books for stressed assets.

He said RBI has sharpened and deepened its supervisory methods and is doing deep dive into areas of banking which were not done earlier.&nbsp;

"We have a precise idea of build-up of stressed assets in banks and as soon as we see a sign of stress, we immediately enter into a discussion with the banks and proactively deal with the problems,"&nbsp;he said.

Das also asked public and private sector banks to improve their credit appraisal processes and take measures to stop ever-greening of loans.

He emphasised that the country's financial sector currently is in a far much better place than it was earlier.&nbsp; 
&nbsp;

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said there is a need for coordinated action between the centre and state governments to reduce taxes on petrol and diesel prices.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said there is a need for coordinated action between the centre and state governments to reduce taxes on petrol and diesel prices. "There is a need for coordinated action between the centre and the states because there are inherent taxes levied by both," the governor said, adding that calibrated reduction of taxes is important. Watch | He, however, said both the centre and the state governments have their revenue pressures and they are required to spend high sums of money to enable the country and the people to come out of the COVID-19 pandemic stress. "So the revenue requirement and the compulsion of the governments are fully understood. But having said that the impact on inflation also is something, which comes in from the fact that petrol and diesel prices do have an impact on the cost of manufacturing, production," the Governor said at an event organised by Bombay Chamber of Commerce. On the central bank's digital currency, Das said a lot of work is going on internally in the RBI and some broad guidelines and approach papers will be released on it soon. The governor said RBI has certain concerns on cryptocurrencies and it has already been communicated to the government. He said RBI is looking into strengthening the regulatory architecture for asset reconstruction companies (ARCs). "(We are) refining and further upgrading the regulatory architecture in respect of the ARCs to ensure that they have a skin in the game, and they are very much in business is receiving a lot of attention from us," Das said. On setting up of ARC for non-performing asset (NPA) management, as announced in the Budget 2021, he said, "(in) no way will it jeopardise the activity of the existing ARCs." The governor said there is growing realisation and awareness among banks to dealing with bad assets and they are proactively making provision in their books for stressed assets. He said RBI has sharpened and deepened its supervisory methods and is doing deep dive into areas of banking which were not done earlier. "We have a precise idea of build-up of stressed assets in banks and as soon as we see a sign of stress, we immediately enter into a discussion with the banks and proactively deal with the problems," he said. Das also asked public and private sector banks to improve their credit appraisal processes and take measures to stop ever-greening of loans. He emphasised that the country's financial sector currently is in a far much better place than it was earlier.

Need coordinated action between centre, states on tax reduction in fuel prices: RBI governor 

Despite the strained ties between India and China last year, Beijing emerged as New Delhi's top trading partner in 2020.&nbsp;

In June 2020, 20 Indian security personnel had lost their lives in a violent clash with China at the Galwan Valley in Ladakh which triggered tensions between both neighbouring nations.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-china-10th-round-of-military-talks-last-for-nearly-16-hours-365248/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Indian government promptly retaliated by banning hundreds of Chinese apps.&nbsp;

Also read | <a href="https://www.wionews.com/world/white-house-says-relationship-with-china-is-one-of-strong-competition-365698">White House says relationship with China is one of 'strong competition'</a>

However, the bilateral trade between both nations in 2020 stood at $77.7 billion.&nbsp;

Even though this number is lower than the last year's $85.5 billion, but it still was enough for China to retain its numero uno position, according to the provisional data from the Indian commerce ministry.

Total imports from China into India stood at $58.7 billion, which exceeded the combined purchases from the US and UAE, its second and third-biggest trade partners.

"Imports from China are cheap and available quickly in sufficient amounts. Imports from several other sources are not as cost-effective, and as easily available, as they are from China," National University of Singapore economist Amitendu Palit was quoted as saying by BBC.

Meanwhile, militaries of both the countries completed the pullback of forces and weaponry from the North and South banks of Pangong.&nbsp;

Despite the strained ties between India and China last year, Beijing emerged as New Delhi's top trading partner in 2020. In June 2020, 20 Indian security personnel had lost their lives in a violent clash with China at the Galwan Valley in Ladakh which triggered tensions between both neighbouring nations.

Despite the strained ties between India and China last year, Beijing emerged as New Delhi's top trading partner in 2020. In June 2020, 20 Indian security personnel had lost their lives in a violent clash with China at the Galwan Valley in Ladakh which triggered tensions between both neighbouring nations. Watch | The Indian government promptly retaliated by banning hundreds of Chinese apps. Also read | White House says relationship with China is one of 'strong competition' However, the bilateral trade between both nations in 2020 stood at $77.7 billion. Even though this number is lower than the last year's $85.5 billion, but it still was enough for China to retain its numero uno position, according to the provisional data from the Indian commerce ministry. Total imports from China into India stood at $58.7 billion, which exceeded the combined purchases from the US and UAE, its second and third-biggest trade partners. "Imports from China are cheap and available quickly in sufficient amounts. Imports from several other sources are not as cost-effective, and as easily available, as they are from China," National University of Singapore economist Amitendu Palit was quoted as saying by BBC. Meanwhile, militaries of both the countries completed the pullback of forces and weaponry from the North and South banks of Pangong.

Despite strained ties, China returns as India's top trading partner

Federal Reserve Chair Jerome Powell on Tuesday said the U.S. economy may grow in the range of 6% this year.

2021 US GDP growth could be in range of 6%

Canada’s economy will see a solid and sustained rebound this year as inoculations ramp up, says Bank of Canada governor Tiff Macklem.

Bank of Canada sees economy strengthening

South African tax payers can breathe a sigh of relief as the finance minister in his 2021 budget announced they would not introduce any new taxes this year.

“We agree that tax increases must be kept to a minimum as we stabilise our public finances. We have chosen not to introduce the tax measures initially proposed in the October Medium Term Budget Policy Statement (MTBPS),” Tito Mboweni said.&nbsp;

He added the government would withdraw previous proposal to raise R40 billion in additional revenue.&nbsp;

This year’s budget comes at a difficult time when the country is trying to adjust its economic cracks after a severe Covid-19 lockdown. It also comes as the country prepares for the biggest vaccination programme in history.

The finance minister said the government is allocating more than R10 billion for purchase and delivery of vaccines over the next two years and this will impact public purse.&nbsp;

“We increased the contingency reserve from R5 billion to R12 billion to make provision for the further purchase of vaccines and to cater for other emergencies,” he added.&nbsp;

South Africa is planning to vaccinate at least 67 per cent of its population to achieve herd immunity.&nbsp;

Mboweni said, "The country’s total consolidated spending is expected to be R2 trillion each year over the medium term, with the majority of spending going towards social services."

On the economic outlook front, the minister said the global economic growth is expected to rebound to 5.5 per cent in 2021 before moderating slightly to 4.2 per cent in 2022, taking cues from the expected rollout of Covid-19 vaccines and other additional policy initiatives.

South African economy is expected to rebound by 3.3 per cent this year, following a 7.2 per cent contraction in 2020.

China is expected to grow at 8.1 per cent in 2021, while India will achieve a growth rate of 11.5 per cent in 2021.

The minister has also announced an 8 per cent increase in excise duties on alcohol and tobacco products saying excessive alcohol consumption can lead to negative social and health problems.&nbsp;

South African tax payers can breathe a sigh of relief as the finance minister in his 2021 budget announced they would not introduce any new taxes this year. “We agree that tax increases must be kept to a minimum as we stabilise our public finances.

South African tax payers can breathe a sigh of relief as the finance minister in his 2021 budget announced they would not introduce any new taxes this year. “We agree that tax increases must be kept to a minimum as we stabilise our public finances. We have chosen not to introduce the tax measures initially proposed in the October Medium Term Budget Policy Statement (MTBPS),” Tito Mboweni said. He added the government would withdraw previous proposal to raise R40 billion in additional revenue. This year’s budget comes at a difficult time when the country is trying to adjust its economic cracks after a severe Covid-19 lockdown. It also comes as the country prepares for the biggest vaccination programme in history. The finance minister said the government is allocating more than R10 billion for purchase and delivery of vaccines over the next two years and this will impact public purse. “We increased the contingency reserve from R5 billion to R12 billion to make provision for the further purchase of vaccines and to cater for other emergencies,” he added. South Africa is planning to vaccinate at least 67 per cent of its population to achieve herd immunity. Mboweni said, "The country’s total consolidated spending is expected to be R2 trillion each year over the medium term, with the majority of spending going towards social services." On the economic outlook front, the minister said the global economic growth is expected to rebound to 5.5 per cent in 2021 before moderating slightly to 4.2 per cent in 2022, taking cues from the expected rollout of Covid-19 vaccines and other additional policy initiatives. South African economy is expected to rebound by 3.3 per cent this year, following a 7.2 per cent contraction in 2020. China is expected to grow at 8.1 per cent in 2021, while India will achieve a growth rate of 11.5 per cent in 2021. The minister has also announced an 8 per cent increase in excise duties on alcohol and tobacco products saying excessive alcohol consumption can lead to negative social and health problems.

No new taxes to be announced in South Africa's 2021 budget

Falling commercial real estate prices could cause even more bank losses as people continue to work and shop from home online.

US bank profits dropped 36.5 Pct In 2020

Stock market indices ended 2 per cent higher on Wednesday, in an extended trading session, led mainly by gains in banking and financial stocks with the Nifty Bank surging over 1,400 points or 4 per cent. On the Nifty50 index, four of the top five gainers were from the BFSI space.&nbsp;

The benchmark S&amp;P BSE Sensex zoomed to day's high during the fag-end of the session, soaring 1,130 points in the intra-day trade. The index ended 1,030 points, or 2 per cent, higher at 50,782 levels. HDFC Bank, Axis Bank, ICICI Bank, SBI, and HDFC, up in the range of 3 per cent and 5 per cent, were the top gainers among the 23 stocks that ended in the green.

Axis Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by HDFC twins, ICICI Bank, Bajaj Finance and SBI.

On the other hand, PowerGrid, Dr Reddy's, TCS and Asian Paints were among the laggards.

Minutes before the scheduled closure of trade at 3.30 pm, leading bourses BSE and NSE said their equity and derivatives markets will remain open till 5 pm.

The move came after the National Stock Exchange (NSE) suffered an outage earlier in the day due to technical glitches. Trading across segments came to a halt at 1140 hrs due to connectivity issues.

However, the broader Indian markets were not impacted as communication lines at BSE remained operational.

"Technical glitch did not impact domestic market sentiment though volatility was high with a positive prejudice, in the first session. During the extra session, the market gathered more strength and hugely outperforming the global peers, triggered by squaring-off F&amp;O positions a day ahead of the prefixed monthly expiry date.

"The global market was mixed, not very convinced that world central banks like Fed will maintain a flexible monetary policy even during rising bond yield and inflation. And the Asian market was negatively impacted by a hike in stamp duty on equities," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE bankex, finance, telecom, capital goods and energy indices rallied up to 3.86 per cent, while power and utilities ended in the red.

Broader BSE midcap and smallcap indices surged up to 1.08 per cent.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note.

Stock exchanges in Europe, however, were trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.96 per cent higher at USD 65.10 per barrel.

In the forex market, the rupee gained 11 paise to settle at 72.35 against the US dollar supported by positive domestic equities and weakness of the American currency in the overseas market.

(With inputs from agencies)

Stock market indices ended 2 per cent higher on Wednesday, in an extended trading session, led mainly by gains in banking and financial stocks with the Nifty Bank surging over 1,400 points or 4 per cent.

Stock market indices ended 2 per cent higher on Wednesday, in an extended trading session, led mainly by gains in banking and financial stocks with the Nifty Bank surging over 1,400 points or 4 per cent. On the Nifty50 index, four of the top five gainers were from the BFSI space. The benchmark S&P BSE Sensex zoomed to day's high during the fag-end of the session, soaring 1,130 points in the intra-day trade. The index ended 1,030 points, or 2 per cent, higher at 50,782 levels. HDFC Bank, Axis Bank, ICICI Bank, SBI, and HDFC, up in the range of 3 per cent and 5 per cent, were the top gainers among the 23 stocks that ended in the green. Axis Bank was the top gainer in the Sensex pack, surging around 5 per cent, followed by HDFC twins, ICICI Bank, Bajaj Finance and SBI. On the other hand, PowerGrid, Dr Reddy's, TCS and Asian Paints were among the laggards. Minutes before the scheduled closure of trade at 3.30 pm, leading bourses BSE and NSE said their equity and derivatives markets will remain open till 5 pm. The move came after the National Stock Exchange (NSE) suffered an outage earlier in the day due to technical glitches. Trading across segments came to a halt at 1140 hrs due to connectivity issues. However, the broader Indian markets were not impacted as communication lines at BSE remained operational. "Technical glitch did not impact domestic market sentiment though volatility was high with a positive prejudice, in the first session. During the extra session, the market gathered more strength and hugely outperforming the global peers, triggered by squaring-off F&O positions a day ahead of the prefixed monthly expiry date. "The global market was mixed, not very convinced that world central banks like Fed will maintain a flexible monetary policy even during rising bond yield and inflation. And the Asian market was negatively impacted by a hike in stamp duty on equities," said Vinod Nair, Head of Research at Geojit Financial Services. BSE bankex, finance, telecom, capital goods and energy indices rallied up to 3.86 per cent, while power and utilities ended in the red. Broader BSE midcap and smallcap indices surged up to 1.08 per cent. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note. Stock exchanges in Europe, however, were trading with gains in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 0.96 per cent higher at USD 65.10 per barrel. In the forex market, the rupee gained 11 paise to settle at 72.35 against the US dollar supported by positive domestic equities and weakness of the American currency in the overseas market. (With inputs from agencies)

Sensex rallies over 1,000 points, Nifty ends at 14,982 in extended session