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Tokyo's benchmark Nikkei index jumped nearly two percent Monday on hopes for business recovery, closing above the psychologically important 30,000 mark for the first time in more than three decades.

The Nikkei 225 index rose 1.91 percent, or 564.08 points, to 30,084.15, the highest close since 1990.

The broader Topix index advanced 1.04 percent, or 20.06 points, to 1,953.94.

"The 30,000 mark is symbolic but it's still a waypoint," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

"Market sentiment has been supported by hopes for business recovery ahead of the nation's first vaccination," Horiuchi told AFP.

The coronavirus vaccine rollout is scheduled to start as early as Wednesday in Japan for healthcare professionals.

"Hopes for stimulus and monetary easing are also high, which helped bolster positive sentiment, but profit-taking could emerge at this level as the market is overheating," he added.

Masayuki Kubota, chief strategist at Rakuten Securities, said: "The Nikkei index is climbing as central banks in Japan, the United States and Europe keep their massive monetary easing policies in place because of the pandemic."

Ahead of the opening bell, the government said Japan's economy shrank in 2020 for the first time in more than a decade as it was battered by the coronavirus but the contraction was less than expected.

"The market largely shrugged off the GDP figures, which were already factored in," Horiuchi said.

The dollar fetched 105.02 yen in Asian afternoon trade, against 104.91 yen in New York late Friday.

Investors were paying attention to the impact of a 7.3-magnitude earthquake, which hit northeastern Japan late Saturday as news reports said more than 150 people were injured and shinkansen bullet train services were suspended.

"There was a chilling moment after the powerful quake in the Tohoku region this weekend, but the impact on the market seems to be limited," Okasan Online Securities said.

In Tokyo trading, SoftBank Group surged 2.12 percent to 10,005 yen after releasing strong earnings last week, while Uniqlo casual wear chain operator Fast Retailing jumped 4.09 percent to 99,460 yen.

Nissan plunged 2.83 percent to 609.9 yen following a news report that Apple had approached it in recent months about self-driving cars, which did not move forward. Nissan denied it was in talks with the US tech giant.

Toyota rose 0.51 percent to 8,456 yen with Honda up 1.09 percent at 3,052 yen.

Online mall giant and mobile carrier Rakuten plunged 6.48 percent to 1,110 yen after it reported a massive annual loss last week.

Tokyo's benchmark Nikkei index jumped nearly two percent Monday on hopes for business recovery, closing above the psychologically important 30,000 mark for the first time in more than three decades.

Tokyo's benchmark Nikkei index jumped nearly two percent Monday on hopes for business recovery, closing above the psychologically important 30,000 mark for the first time in more than three decades. The Nikkei 225 index rose 1.91 percent, or 564.08 points, to 30,084.15, the highest close since 1990. The broader Topix index advanced 1.04 percent, or 20.06 points, to 1,953.94. "The 30,000 mark is symbolic but it's still a waypoint," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities. "Market sentiment has been supported by hopes for business recovery ahead of the nation's first vaccination," Horiuchi told AFP. The coronavirus vaccine rollout is scheduled to start as early as Wednesday in Japan for healthcare professionals. "Hopes for stimulus and monetary easing are also high, which helped bolster positive sentiment, but profit-taking could emerge at this level as the market is overheating," he added. Masayuki Kubota, chief strategist at Rakuten Securities, said: "The Nikkei index is climbing as central banks in Japan, the United States and Europe keep their massive monetary easing policies in place because of the pandemic." Ahead of the opening bell, the government said Japan's economy shrank in 2020 for the first time in more than a decade as it was battered by the coronavirus but the contraction was less than expected. "The market largely shrugged off the GDP figures, which were already factored in," Horiuchi said. The dollar fetched 105.02 yen in Asian afternoon trade, against 104.91 yen in New York late Friday. Investors were paying attention to the impact of a 7.3-magnitude earthquake, which hit northeastern Japan late Saturday as news reports said more than 150 people were injured and shinkansen bullet train services were suspended. "There was a chilling moment after the powerful quake in the Tohoku region this weekend, but the impact on the market seems to be limited," Okasan Online Securities said. In Tokyo trading, SoftBank Group surged 2.12 percent to 10,005 yen after releasing strong earnings last week, while Uniqlo casual wear chain operator Fast Retailing jumped 4.09 percent to 99,460 yen. Nissan plunged 2.83 percent to 609.9 yen following a news report that Apple had approached it in recent months about self-driving cars, which did not move forward. Nissan denied it was in talks with the US tech giant. Toyota rose 0.51 percent to 8,456 yen with Honda up 1.09 percent at 3,052 yen. Online mall giant and mobile carrier Rakuten plunged 6.48 percent to 1,110 yen after it reported a massive annual loss last week.

Tokyo's Nikkei closes above 30,000, first time since 1990

Domestic stock market indices traded at record highs on Monday afternoon led by strong gains in banking stocks amid positive global cues.&nbsp;

Barring IT and media indices, all other sectors traded in the green led by Nifty Private Bank, Nifty Financial Services, Nifty Realty, Nifty Auto, and Nifty FMCG.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sensex-hits-52000-mark-for-the-first-time-ever-nifty-at-record-highs-363696/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<a href="https://www.wionews.com/business-economy/budget-rejuvenates-the-bulls-stock-markets-at-record-high-361126">Also read: Budget rejuvenates the bulls, stock markets at record high</a> 
 
BSE Sensex jumped to its lifetime high of 52,141.67, rallying 597.37 points during the morning trade on Monday.

The broader Nifty50 index also hovered above 15,300.

Banks and financial counters were the leading gainers in the market on Monday, with Bajaj Finance, Axis Bank, ICICI Bank, HDFC, Kotak Bank, IndusInd Bank, and HDFC Bank rising around 2.60 percent.

The benchmark index had closed above the 50,000 marks for the first time on February 3 this year, mainly driven by euphoria over the Union Budget. It closed above the 51,000 mark on February 8.

Markets have been rewarding investors of late as the BSE 30-share index has more than doubled from the massive lows it faced in March last year.

Proving to be a dreadful month for the domestic stock market, March 2020 saw the Sensex sinking a massive 8,828.8 points or 23 per cent during the month as concerns over the COVID-19 pandemic's impact on the economy ravaged investor sentiments.

From witnessing gigantic losses to record-shattering gains, investors witnessed a wide array of emotions in 2020.

Stock markets had depicted volatile trends during the last year, with the benchmark crashing to its one-year low of 25,638.9 on March 24, only to roar back to life during the later part of 2020 and hit its record high of 47,896.97 on the last day of trade on December 31.

In 2020, the benchmark index made monthly gains in seven, while closing with losses in five.

So far this year, the benchmark index has gained 4,390.34 points or 9.19 per cent.

Thanks to the ongoing rally, investor wealth has also been rising to new records and is currently at over Rs 205.47 lakh crore.&nbsp;

(With inputs from agencies)

Domestic stock market indices traded at record highs on Monday afternoon led by strong gains in banking stocks amid positive global cues. Barring IT and media indices, all other sectors traded in the green led by Nifty Private Bank, Nifty Financial Services, Nifty Realty, Nifty Auto, and Nifty FMCG.

Domestic stock market indices traded at record highs on Monday afternoon led by strong gains in banking stocks amid positive global cues. Barring IT and media indices, all other sectors traded in the green led by Nifty Private Bank, Nifty Financial Services, Nifty Realty, Nifty Auto, and Nifty FMCG. Also read: Budget rejuvenates the bulls, stock markets at record high BSE Sensex jumped to its lifetime high of 52,141.67, rallying 597.37 points during the morning trade on Monday. The broader Nifty50 index also hovered above 15,300. Banks and financial counters were the leading gainers in the market on Monday, with Bajaj Finance, Axis Bank, ICICI Bank, HDFC, Kotak Bank, IndusInd Bank, and HDFC Bank rising around 2.60 percent. The benchmark index had closed above the 50,000 marks for the first time on February 3 this year, mainly driven by euphoria over the Union Budget. It closed above the 51,000 mark on February 8. Markets have been rewarding investors of late as the BSE 30-share index has more than doubled from the massive lows it faced in March last year. Proving to be a dreadful month for the domestic stock market, March 2020 saw the Sensex sinking a massive 8,828.8 points or 23 per cent during the month as concerns over the COVID-19 pandemic's impact on the economy ravaged investor sentiments. From witnessing gigantic losses to record-shattering gains, investors witnessed a wide array of emotions in 2020. Stock markets had depicted volatile trends during the last year, with the benchmark crashing to its one-year low of 25,638.9 on March 24, only to roar back to life during the later part of 2020 and hit its record high of 47,896.97 on the last day of trade on December 31. In 2020, the benchmark index made monthly gains in seven, while closing with losses in five. So far this year, the benchmark index has gained 4,390.34 points or 9.19 per cent. Thanks to the ongoing rally, investor wealth has also been rising to new records and is currently at over Rs 205.47 lakh crore. (With inputs from agencies)

Markets surge to lifetime highs: Sensex reaches 52,000; Nifty above 15,300-mark

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency.

Bitcoin recently stood at $48,700 on Sunday morning, up more than 3%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70% year to date.

After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle.

BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk`s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars.

On Friday, Canada`s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world`s first bitcoin exchange-traded fund, in a separate statement to Reuters.

“The institutional side and corporate America is showing that this movement is not going away anytime soon,” said Edward Moya, senior market strategist at OANDA. “There’s still a raft of big money that’s going to jump onto this bandwagon.”

Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies.

In January, BlackRock Inc, the world`s largest asset manager, added bitcoin as an eligible investment to two funds. Credit card giant Mastercard`s plans to offer support for some cryptocurrencies also boosted bitcoin`s ambitions towards mainstream finance, though many banks remain reluctant to engage with it.

Cryptocurrency miner Riot Blockchain rose 14% on Friday and hit its highest in over 10 years with a weekly gain of 110%, its biggest weekly gain since 2017. Digital asset tech company Marathon Patent Group showed a weekly gain of over 70%.

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency.

Bitcoin hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world`s biggest cryptocurrency. Bitcoin recently stood at $48,700 on Sunday morning, up more than 3%. It had traded as high as $49,714 earlier in the day. The cryptocurrency is up almost 70% year to date. After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle. BNY Mellon said last week it formed a new unit to help clients hold, transfer and issue digital assets, just days after Elon Musk`s Tesla revealed it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars. On Friday, Canada`s Ontario Securities Commission approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc said in a statement. The OSC confirmed it had cleared the launch of the world`s first bitcoin exchange-traded fund, in a separate statement to Reuters. “The institutional side and corporate America is showing that this movement is not going away anytime soon,” said Edward Moya, senior market strategist at OANDA. “There’s still a raft of big money that’s going to jump onto this bandwagon.” Mayor Francis Suarez of Miami also said on Friday the Florida city is seeking to embrace bitcoin in its operations, a move that could bring dividends in terms of attracting technology companies. In January, BlackRock Inc, the world`s largest asset manager, added bitcoin as an eligible investment to two funds. Credit card giant Mastercard`s plans to offer support for some cryptocurrencies also boosted bitcoin`s ambitions towards mainstream finance, though many banks remain reluctant to engage with it. Cryptocurrency miner Riot Blockchain rose 14% on Friday and hit its highest in over 10 years with a weekly gain of 110%, its biggest weekly gain since 2017. Digital asset tech company Marathon Patent Group showed a weekly gain of over 70%.

Bitcoin approaches $50,000, wider adoption fuels record rally

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings.&nbsp;

Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

This would include a ban on transacting directly via foreign exchanges.

Seven million investors hold cryptocurrencies in India worth more than one billion dollars.&nbsp;The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament.

Does this mean the end of the road for cryptocurrencies in India?&nbsp;

Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger.

Also Read | <a href="https://www.wionews.com/world/archaeologists-unearth-worlds-oldest-beer-brewery-in-egypt-363522">Archaeologists unearth 'world's oldest' beer brewery in Egypt</a>

That drives — all types of cryptocurrencies.

An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017.

Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it.&nbsp;

MasterCard and Visa have opened their payments network for some cryptocurrencies.&nbsp;

Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin.

The company bought more 1.5 billion dollars worth of bitcoin.

It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system.

India cannot afford to ignore this shift but it needs a legal framework first.

(With inputs from agencies)

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament.

India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings. Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament. This would include a ban on transacting directly via foreign exchanges. Seven million investors hold cryptocurrencies in India worth more than one billion dollars. The ban won’t be enforced overnight and cryptocurrency investors will be given a transition period of three-to-six months after the implementation of the new law to liquidate their investments. The proposed ban --- is part of a comprehensive bill on crypto and digital currencies. It may be introduced in the ongoing budget session of parliament. Does this mean the end of the road for cryptocurrencies in India? Not really, the bill may include certain exceptions. They could allow the promotion of the underlying technology. Like block chain, the decentralized digital ledger. Also Read | Archaeologists unearth 'world's oldest' beer brewery in Egypt That drives — all types of cryptocurrencies. An exception like this could provide the legal framework for the reserve bank of India to launch its official digital currency. China has a similar regulatory regime. It effectively banned trading and usage of cryptocurrencies in 2017. Crypto exchanges were shut down. Last year; Beijing began testing its own digital currency in four cities. India’s move to regulate digital cash comes at a time — when the world is increasingly adopting it. MasterCard and Visa have opened their payments network for some cryptocurrencies. Customers using these platforms can now pay or accept money through crypto. Recently, auto giant Tesla made a big bet on bitcoin. The company bought more 1.5 billion dollars worth of bitcoin. It also allowed customers to pay through bitcoin for its products. Cryptocurrencies are now part of the mainstream global financial system. India cannot afford to ignore this shift but it needs a legal framework first. (With inputs from agencies)

India mulls Bitcoin ban, existing investors to get transition period

Electric car maker Tesla will set up its manufacturing plant in the southern Indian state of Karnataka, Chief Minister BS Yediyurappa confirmed on Saturday.&nbsp;

"American firm Tesla will set up the car-manufacturing unit in Karnataka," Yediurappa was quoted as saying by news agency PTI.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-tesla-marks-india-entry-with-new-office-in-bengaluru-356383/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Last month, Tesla registered its office in Karnataka's capital Bengaluru, the hub of India's tech industry.&nbsp;

Also read | <a href="https://www.wionews.com/india-news/twitter-users-stuck-in-traffic-jam-with-memes-after-tesla-officially-enters-india-356393">Twitter users 'stuck in traffic jam' with memes after Tesla officially enters India</a>

Several reports in the previous months also claimed that Tesla will launch its research and development unit in India.&nbsp;

Tesla CEO Elon Musk in a tweet confirmed in December that in 2021 the company will launch its operations in India.&nbsp;

"Next year for sure," Musk had replied last year in a Twitter post with a photograph of a T-shirt with the message: "India wants Tesla".&nbsp;

Nitin Gadkari, Minister of Road Transport &amp; Highways, said Tesla will begin its operations in India with sales and will later expand into assembly and manufacturing of electric cars, reports Mint.&nbsp;

The government by Prime Minister Narendra Modi is trying to reduce India's oil dependance and is encouraging investment in electric vehicles.&nbsp;

The Indian government plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities in the country in a bid to push investment, news agency Reuters reported last year. 
&nbsp;

Electric car maker Tesla will set up its manufacturing plant in the southern Indian state of Karnataka, Chief Minister BS Yediyurappa confirmed on Saturday. "American firm Tesla will set up the car-manufacturing unit in Karnataka," Yediurappa was quoted as saying by news agency PTI.

Electric car maker Tesla will set up its manufacturing plant in the southern Indian state of Karnataka, Chief Minister BS Yediyurappa confirmed on Saturday. "American firm Tesla will set up the car-manufacturing unit in Karnataka," Yediurappa was quoted as saying by news agency PTI. Watch | Last month, Tesla registered its office in Karnataka's capital Bengaluru, the hub of India's tech industry. Also read | Twitter users 'stuck in traffic jam' with memes after Tesla officially enters India Several reports in the previous months also claimed that Tesla will launch its research and development unit in India. Tesla CEO Elon Musk in a tweet confirmed in December that in 2021 the company will launch its operations in India. "Next year for sure," Musk had replied last year in a Twitter post with a photograph of a T-shirt with the message: "India wants Tesla". Nitin Gadkari, Minister of Road Transport & Highways, said Tesla will begin its operations in India with sales and will later expand into assembly and manufacturing of electric cars, reports Mint. The government by Prime Minister Narendra Modi is trying to reduce India's oil dependance and is encouraging investment in electric vehicles. The Indian government plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities in the country in a bid to push investment, news agency Reuters reported last year.

Tesla will set up its manufacturing plant in Karnataka: CM Yediyurappa

Another leading bank from Germany has added its name into the list of loss-making entities in the year 2020. Germany's Commerzbank reported $3.3 Billion fourth-quarter loss.

World Business Watch: Germany's Commerzbank gets listed in loss-making entities in 2020

Dutch capital Amsterdam has now displaced London as Europe's biggest share trading centre, after left European Union's single market last year through Brexit.

World Business News: Amsterdam replaces London as Europe's biggest share trading centre

Automobile sales in India have gone up in January. The Japanese automaker Nissan is such one company after facing difficult time like others, is banging on. In this video, watch the exclusive interview of Rakesh Srivastava, MD, Nissan Motors India.

Exclusive: Nissan Motors India MD tells about Nissan's strategies for 2021 | World Business Watch

Whitney Wolfe Herd, at 31 has become a billionaire after her dating company Bumble's market debut saw a 67 per cent jump in shares on Thursday,&nbsp;

On Thursday at 01:03 pm in New York, the dating app's shares soared 67 per cent to debut at USD 72 on the Nasdaq, taking Herd's stake at USD 1.6 billion.&nbsp;

Also read | <a href="https://www.wionews.com/technology/dating-app-bumble-to-remove-body-shamers-off-the-platform-359847">Dating app Bumble to remove body-shamers off the platform</a>

"Hopefully this will not be a rare headline," the CEO told Bloomberg after stamping her name in the high-profile list.&nbsp;

The dating app which gives a woman the upper hand earlier raised USD 2.2 billion in an initial public offering.&nbsp;

"It's the right thing to do, it's a priority for us and it should be a priority for everyone else," she said on company's unique women-led management.&nbsp;

Bumble is among a number of Silicon Valley tech startups, which are seeking to capitalise on record-breaking demand for new shares on US markets.

The company was founded in 2014 by Herd, who is also the co-founder of rival app Tinder.

She left Tinder 2014 and sued the co-founders of the company over sexual harassment.&nbsp;

Match Group Inc, Tinder's parent ground, denied the allegations but paid nearly USD 1 million to settle the issue.&nbsp;

Whitney Wolfe Herd, at 31 has become a billionaire after her dating company Bumble's market debut saw a 67 per cent jump in shares on Thursday, On Thursday at 01:03 pm in New York, the dating app's shares soared 67 per cent to debut at USD 72 on the Nasdaq, taking Herd's stake at USD 1.

Whitney Wolfe Herd, at 31 has become a billionaire after her dating company Bumble's market debut saw a 67 per cent jump in shares on Thursday, On Thursday at 01:03 pm in New York, the dating app's shares soared 67 per cent to debut at USD 72 on the Nasdaq, taking Herd's stake at USD 1.6 billion. Also read | Dating app Bumble to remove body-shamers off the platform "Hopefully this will not be a rare headline," the CEO told Bloomberg after stamping her name in the high-profile list. The dating app which gives a woman the upper hand earlier raised USD 2.2 billion in an initial public offering. "It's the right thing to do, it's a priority for us and it should be a priority for everyone else," she said on company's unique women-led management. Bumble is among a number of Silicon Valley tech startups, which are seeking to capitalise on record-breaking demand for new shares on US markets. The company was founded in 2014 by Herd, who is also the co-founder of rival app Tinder. She left Tinder 2014 and sued the co-founders of the company over sexual harassment. Match Group Inc, Tinder's parent ground, denied the allegations but paid nearly USD 1 million to settle the issue.

Bumble's 31-year-old CEO, who left Tinder over sexual harassment becomes billionaire

Nearly half of the exporters of the goods in the United Kingdom are facing difficulties in trade, caused by the Brexit shift in trade terms.

World Business Watch: Nearly 50% of UK goods exporters face difficulties in trade

The new round of direct payments in the United States made to individuals - The US govt has posted the January budget deficit of $163 Billion.

World Business Watch: United States January budget deficit hits record high

U.S. video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter.

The Grapevine, Texas-based company found itself at the epicenter of an unprecedented trading frenzy last month, as amateur investors organized on social media sites such as Reddit to bet against Wall Street hedge funds that had shorted its shares.

While many heavily shorted stocks, from movie theater operator AMC Entertainment Holdings Inc to headphone maker Koss Corp, also scored big rallies, "Gamestonk," as it was nicknamed by many online, including Tesla Inc Chief Executive Elon Musk, became synonymous with the wave of trading speculation.

GameStop`s market value soared from $1.4 billion on Jan. 11 to a peak of $33.7 billion on Jan. 28. At that point, GameStop could have raised hundreds of millions of dollars through a stock sale to pay down its debt pile, which totaled $216 million net of cash as of the end of October, and fund its transformation into a digital gaming service, as sales at its mall-based stores dwindle.

Yet GameStop never sold shares, the sources said, despite being egged on by many Wall Street pundits to do so. While it could still sell shares in the coming weeks, the opportunity to raise hundreds of millions of dollars has now slipped as the rally in its shares reversed. It now has a market value of $3.6 billion.

GameStop examined the possibility of selling stock during the rally, the sources said. The company had already registered with the U.S. Securities and Exchange Commission (SEC) to sell $100 million worth of stock in December, an option it did not exercise, the sources added.

GameStop decided it was restricted under U.S. financial regulations from selling shares because it had not yet updated investors on its earnings, the sources said. The SEC requires companies to have released such information when conducting stock sales. While GameStop had started preparing results for its fiscal fourth quarter, which ends in January, it was not due to report them for several more weeks, the sources said.

By the time its shares took off in the second half of January, executives had already compiled data and had a clear picture of what the quarter would look like, the sources said.

GameStop could have gone ahead with a stock sale by releasing preliminary earnings. But such a move, carried out for the purposes of a stock sale, came with significant logistical hurdles and regulatory risk that the company was not willing to accept, one of the sources said. The SEC had said it would scrutinize how companies took advantage of the trading volatility to sell stock and had asked that they provide more information to investors about the potential risks.

Representatives of GameStop and the SEC declined to comment.

"They were 2-1/2 months into their quarter when all this stuff took place," said David Erickson, a finance lecturer at the University of Pennsylvania`s Wharton School who was previously co-head of global equity capital markets at Barclays Plc "It`s so deep in the quarter that from a legal and corporate governance perspective they would likely be obligated to pre-announce some high-level financial information for the quarter. And that can`t be prepared in just a week."

AMC, AMERICAN AIRLINES

Other companies in the middle of the Reddit frenzy, whose financial quarters finished at the end of December and had already updated investors on their latest financial performance, were able to sell stock when their shares rallied at the end of January.

AMC, whose movie theater business has been hurt by the pandemic, raised roughly $1.2 billion through debt and equity deals after its shares rallied more than 700%.

American Airlines Group Inc, which has also suffered as demand for flights plummeted, pulled the trigger on a plan to sell more than $1 billion of stock last month after its shares rallied as much as 48%.

GameStop has lost market share to larger competitors, including Best Buy Co Inc and Amazon.com Inc, as consumers buy video games online or through big-box retailers.

Robert W. Baird &amp; Co analysts wrote last month that the best outcome for GameStop shareholders would be for the company to close the majority of its physical stores and diversify into online businesses, including hosting tournaments and events.

One of GameStop`s largest shareholders, online pet store Chewy Inc co-founder Ryan Cohen, and two of his partners joined the company`s board in January. Last year, hedge funds Hestia Capital Partners and Permit Capital Enterprise Fund also won seats on the board.

U.S. video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter.

U.S. video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter. The Grapevine, Texas-based company found itself at the epicenter of an unprecedented trading frenzy last month, as amateur investors organized on social media sites such as Reddit to bet against Wall Street hedge funds that had shorted its shares. While many heavily shorted stocks, from movie theater operator AMC Entertainment Holdings Inc to headphone maker Koss Corp, also scored big rallies, "Gamestonk," as it was nicknamed by many online, including Tesla Inc Chief Executive Elon Musk, became synonymous with the wave of trading speculation. GameStop`s market value soared from $1.4 billion on Jan. 11 to a peak of $33.7 billion on Jan. 28. At that point, GameStop could have raised hundreds of millions of dollars through a stock sale to pay down its debt pile, which totaled $216 million net of cash as of the end of October, and fund its transformation into a digital gaming service, as sales at its mall-based stores dwindle. Yet GameStop never sold shares, the sources said, despite being egged on by many Wall Street pundits to do so. While it could still sell shares in the coming weeks, the opportunity to raise hundreds of millions of dollars has now slipped as the rally in its shares reversed. It now has a market value of $3.6 billion. GameStop examined the possibility of selling stock during the rally, the sources said. The company had already registered with the U.S. Securities and Exchange Commission (SEC) to sell $100 million worth of stock in December, an option it did not exercise, the sources added. GameStop decided it was restricted under U.S. financial regulations from selling shares because it had not yet updated investors on its earnings, the sources said. The SEC requires companies to have released such information when conducting stock sales. While GameStop had started preparing results for its fiscal fourth quarter, which ends in January, it was not due to report them for several more weeks, the sources said. By the time its shares took off in the second half of January, executives had already compiled data and had a clear picture of what the quarter would look like, the sources said. GameStop could have gone ahead with a stock sale by releasing preliminary earnings. But such a move, carried out for the purposes of a stock sale, came with significant logistical hurdles and regulatory risk that the company was not willing to accept, one of the sources said. The SEC had said it would scrutinize how companies took advantage of the trading volatility to sell stock and had asked that they provide more information to investors about the potential risks. Representatives of GameStop and the SEC declined to comment. "They were 2-1/2 months into their quarter when all this stuff took place," said David Erickson, a finance lecturer at the University of Pennsylvania`s Wharton School who was previously co-head of global equity capital markets at Barclays Plc "It`s so deep in the quarter that from a legal and corporate governance perspective they would likely be obligated to pre-announce some high-level financial information for the quarter. And that can`t be prepared in just a week." AMC, AMERICAN AIRLINES Other companies in the middle of the Reddit frenzy, whose financial quarters finished at the end of December and had already updated investors on their latest financial performance, were able to sell stock when their shares rallied at the end of January. AMC, whose movie theater business has been hurt by the pandemic, raised roughly $1.2 billion through debt and equity deals after its shares rallied more than 700%. American Airlines Group Inc, which has also suffered as demand for flights plummeted, pulled the trigger on a plan to sell more than $1 billion of stock last month after its shares rallied as much as 48%. GameStop has lost market share to larger competitors, including Best Buy Co Inc and Amazon.com Inc, as consumers buy video games online or through big-box retailers. Robert W. Baird & Co analysts wrote last month that the best outcome for GameStop shareholders would be for the company to close the majority of its physical stores and diversify into online businesses, including hosting tournaments and events. One of GameStop`s largest shareholders, online pet store Chewy Inc co-founder Ryan Cohen, and two of his partners joined the company`s board in January. Last year, hedge funds Hestia Capital Partners and Permit Capital Enterprise Fund also won seats on the board.

How GameStop missed out on capitalising on the Reddit rally

Indian equity benchmarks held on to the comeback in afternoon trade, snapping a two-session losing streak, as investors weighed the benchmark index’s pace of gains against a slew of better-than-expected local earnings.

The S&amp;P BSE Sensex rose 0.4% to 51,531, while the NSE Nifty 50 Index gained 0.4% as well to end the session at 15,173. Both indices had closed the previous to sessions lower after six days of gains, their longest winning streak in a month that took them to new highs.

Global markets

Asian shares rested at record highs on Thursday as investors digested recent meaty gains, while bulls were sustained by the promise of endless free money after a benign reading on U.S. inflation and a dovish Federal Reserve outlook.

Adding to the torpor was a lack of liquidity as markets in China, Japan, South Korea and Taiwan were all on holiday.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent. Japan's Nikkei was shut after ending at a 30-year peak on Wednesday, while Australia's main index held near an 11-month top.

(With inputs from Reuters)

Indian equity benchmarks held on to the comeback in afternoon trade, snapping a two-session losing streak, as investors weighed the benchmark index’s pace of gains against a slew of better-than-expected local earnings.

Indian equity benchmarks held on to the comeback in afternoon trade, snapping a two-session losing streak, as investors weighed the benchmark index’s pace of gains against a slew of better-than-expected local earnings. The S&P BSE Sensex rose 0.4% to 51,531, while the NSE Nifty 50 Index gained 0.4% as well to end the session at 15,173. Both indices had closed the previous to sessions lower after six days of gains, their longest winning streak in a month that took them to new highs. Global markets Asian shares rested at record highs on Thursday as investors digested recent meaty gains, while bulls were sustained by the promise of endless free money after a benign reading on U.S. inflation and a dovish Federal Reserve outlook. Adding to the torpor was a lack of liquidity as markets in China, Japan, South Korea and Taiwan were all on holiday. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent. Japan's Nikkei was shut after ending at a 30-year peak on Wednesday, while Australia's main index held near an 11-month top. (With inputs from Reuters)

Sensex ends 222 points higher, Nifty tops 15,150

German auto giant Volkswagen joined hands with top US tech organisation Microsoft on Thursday for developing self-driving vehicle systems.&nbsp;

Volkswagen, which owns premium car brands like Porsche and Audi, is developing both self-driving cars and driver-assistance features such as adaptive cruise control in current vehicles.&nbsp;

Watch |&nbsp;

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The German auto giant said it aims to ramp up development of such systems, which are greatly becoming the norm in the vehicle industry, reports news agency AFP.&nbsp;

Also read | <a href="https://www.wionews.com/technology/google-cloud-signs-mega-deal-with-twitter-361603">Google Cloud signs mega deal with Twitter</a>

It aims to invest some (about USD 32.7 billion) 27 billion euros in this field by 2025.

"This is the next step in our strategic partnership," Microsoft director Scott Guthrie said.

Both the companies have not shared details about the terms and financial aspects of the deal.&nbsp;

The deal with Microsoft will allow the software updates adding new features to cars, a practice electric-car maker Tesla started much earlier than its rivals.&nbsp;

In 2018, Volkswagen inked a deal with Microsoft to connect its cars with Azure cloud computing service.&nbsp;

This deal will enable software updates of the same cloud to reflect on Volkswagen's cars.&nbsp;

On similar fronts, General Motors has just inked a deal with Microsoft to push its introduction of autonomous vehicles, while France's Renault partnered with Google last year. 
&nbsp;

German auto giant Volkswagen joined hands with top US tech organisation Microsoft on Thursday for developing self-driving vehicle systems. Volkswagen, which owns premium car brands like Porsche and Audi, is developing both self-driving cars and driver-assistance features such as adaptive cruise control in current vehicles.

German auto giant Volkswagen joined hands with top US tech organisation Microsoft on Thursday for developing self-driving vehicle systems. Volkswagen, which owns premium car brands like Porsche and Audi, is developing both self-driving cars and driver-assistance features such as adaptive cruise control in current vehicles. Watch | The German auto giant said it aims to ramp up development of such systems, which are greatly becoming the norm in the vehicle industry, reports news agency AFP. Also read | Google Cloud signs mega deal with Twitter It aims to invest some (about USD 32.7 billion) 27 billion euros in this field by 2025. "This is the next step in our strategic partnership," Microsoft director Scott Guthrie said. Both the companies have not shared details about the terms and financial aspects of the deal. The deal with Microsoft will allow the software updates adding new features to cars, a practice electric-car maker Tesla started much earlier than its rivals. In 2018, Volkswagen inked a deal with Microsoft to connect its cars with Azure cloud computing service. This deal will enable software updates of the same cloud to reflect on Volkswagen's cars. On similar fronts, General Motors has just inked a deal with Microsoft to push its introduction of autonomous vehicles, while France's Renault partnered with Google last year.

Volkswagen signs deal with Microsoft to develop self-driving vehicles

Stock market indices pared day's losses to end Wednesday's volatile session marginally lower.&nbsp;

The S&amp;P BSE Sensex closed 20 points lower at 51,309, after swinging 666.64 points intra-day. The broader markets however closed with decent gains. The BSE midcap index rose 0.7% while smallcap 0.4%.

NSE's Nifty50, on the other hand, closed 3 points, or 0.02 per cent, lower at 15,106.5 levels with 22 of the 50 constituents ending the day in the red.

Indian markets are up 11% so far this month on optimism from a growth-focused Budget and an upbeat outlook for companies, but the rally has been losing steam over two sessions.

Global markets

World shares rose to new all-time highs and European indexes strengthened, with market sentiment generally upbeat. In Europe, The STOXX 600 index rose 0.3 per cent, while German’s DAX rose 0.1 per cent.

Earlier in Asia, Japan's Nikkei added 0.2 per cent, Hong Kong's Hang Seng gained 1.2 per cent, and South Korea's Kospi advanced 0.5 per cent.

(With inputs from Reuters)

Stock market indices pared day's losses to end Wednesday's volatile session marginally lower. The S&P BSE Sensex closed 20 points lower at 51,309, after swinging 666.

Stock market indices pared day's losses to end Wednesday's volatile session marginally lower. The S&P BSE Sensex closed 20 points lower at 51,309, after swinging 666.64 points intra-day. The broader markets however closed with decent gains. The BSE midcap index rose 0.7% while smallcap 0.4%. NSE's Nifty50, on the other hand, closed 3 points, or 0.02 per cent, lower at 15,106.5 levels with 22 of the 50 constituents ending the day in the red. Indian markets are up 11% so far this month on optimism from a growth-focused Budget and an upbeat outlook for companies, but the rally has been losing steam over two sessions. Global markets World shares rose to new all-time highs and European indexes strengthened, with market sentiment generally upbeat. In Europe, The STOXX 600 index rose 0.3 per cent, while German’s DAX rose 0.1 per cent. Earlier in Asia, Japan's Nikkei added 0.2 per cent, Hong Kong's Hang Seng gained 1.2 per cent, and South Korea's Kospi advanced 0.5 per cent. (With inputs from Reuters)

Sensex dips 20 points, Nifty holds 15,100

Asian markets advanced again Wednesday as investors ignored a stall in Wall Street's rally, with eyes firmly on the long-term outlook for the global economy as lockdowns are eased and life slowly improves.

Falling infection rates, growing vaccination programmes and the prospects of a huge spending splurge by the US government within months continue to keep the mood on trading floors upbeat.

However, there remain worries that prices may have gone a little too far, which analysts said was capping any surge for now.

Declines in new cases, deaths and hospitalisation in major economies including the United States, Britain and Europe are fanning expectations they can begin opening up soon.

There is also apparently little concern about the emergence of new strains in parts of the world that some have warned could be more resistant to the vaccines.

"There is no evidence that new strains compromise protection against severe illness, and positive signs that consensus is shifting to re-opening once the most vulnerable are protected," said Stephen Innes at Axi.

Hong Kong led Wednesday's rally, piling on 1.8 percent above 30,000 thanks to a surge in Tencent and NetEase following news Chinese authorities had given the green light to their most eagerly awaited video games.

Shanghai also rose more than one percent as investors welcomed data showing China's factory gate prices rose for the first time in a year in January, indicating the economy was on a recovery track.

Gains in Tokyo were capped by news the Japanese government will keep containment measures in place for the time being.

Sydney, Seoul, Manila, Jakarta and Bangkok also rose but Mumbai, Singapore and Wellington fell slightly.

"Activity in Asia suggests that regional investors are not taking positioning off the boards ahead of the Lunar New Year holidays. If anything, it is precisely the opposite with Asian markets performing well" on Wednesday, said OANDA's Jeffrey Halley.

Investors brushed off a slight pullback in New York, where the Dow and S&amp;P 500 came off all-time highs, though the Nasdaq continued to another record.

Eyes on Biden stimulus push

But Mona Mahajan, at Allianz Global Investors, said some selling would be welcomed. "A pullback here could give tactical opportunities to those who were looking to get involved," she told Bloomberg TV.

"It seems like right now the story is just getting started, and the momentum is building behind it, and that story includes the reopening, vaccines, the downward trend now in some of the virus cases we've been seeing, supported by the stimulus talks and the Fed still on the sidelines."

Markets remain upbeat about the chances of Joe Biden pushing through his $1.9 trillion economic rescue package, and while there are warnings that the move -- along with an expected economic recovery -- will fan inflation, Federal Reserve officials were confident it would not be a long-term problem.

Biden said he was "optimistic" a bipartisan agreement could be passed and met top executives from leading companies including Walmart and JPMorgan Chase to shore up support.

However, with Republicans and some Democrats baulking at some parts of the proposal, including more than doubling the minimum wage, the final figure could be slightly lower -- some observers suggesting around $1.4 trillion.

Oil prices were flat, having risen for more than a week to 13-month highs thanks to bets that demand will surge as the world starts to look more normal. 
A drop in US inventories added to evidence that the commodity market is well on the road to recovery.

But Innes added: "That print will not dissuade oil prices from heating up further as Brent goes 'up, up and away', pushing through $61 and keeps climbing, floated higher by vaccine and stimulus balloons. Although I continue to view oil in overbought territory at these current levels and ripe for profit-taking."&nbsp;

Bitcoin was also struggling to push past $50,000 after this week's rally that came on the back of news that Elon Musk's electric carmaker Tesla had invested $1.5 billion in the cryptocurrency. 
The unit was hovering around $46,570, having topped out at $48,215 on Tuesday.

Key figures around 0710 GMT

Tokyo - Nikkei 225: UP 0.2 percent at 29,562.93 (close) 
Hong Kong - Hang Seng: UP 1.8 percent at 30,004.62 
Shanghai - Composite: UP 1.4 percent at 3,655.09 (close) 
Pound/dollar: UP at $1.3820 from $1.3813 at 2230 GMT 
Euro/dollar: UP at $1.2124 from $1.2116 
Euro/pound: UP at 87.73 pence from 87.71 pence 
Dollar/yen: UP at 104.59 yen from 104.58 yen&nbsp; 
Brent North Sea crude: FLAT at $61.11 per barrel 
West Texas Intermediate: DOWN 0.2 percent at $61.00 per barrel 
New York - Dow: DOWN 0.2 percent at $58.24 per barrel 
London - FTSE 100: UP 0.1 percent at 6,531.56 (close) 
&nbsp;

Asian markets advanced again Wednesday as investors ignored a stall in Wall Street's rally, with eyes firmly on the long-term outlook for the global economy as lockdowns are eased and life slowly improves.

Asian markets advanced again Wednesday as investors ignored a stall in Wall Street's rally, with eyes firmly on the long-term outlook for the global economy as lockdowns are eased and life slowly improves. Falling infection rates, growing vaccination programmes and the prospects of a huge spending splurge by the US government within months continue to keep the mood on trading floors upbeat. However, there remain worries that prices may have gone a little too far, which analysts said was capping any surge for now. Declines in new cases, deaths and hospitalisation in major economies including the United States, Britain and Europe are fanning expectations they can begin opening up soon. There is also apparently little concern about the emergence of new strains in parts of the world that some have warned could be more resistant to the vaccines. "There is no evidence that new strains compromise protection against severe illness, and positive signs that consensus is shifting to re-opening once the most vulnerable are protected," said Stephen Innes at Axi. Hong Kong led Wednesday's rally, piling on 1.8 percent above 30,000 thanks to a surge in Tencent and NetEase following news Chinese authorities had given the green light to their most eagerly awaited video games. Shanghai also rose more than one percent as investors welcomed data showing China's factory gate prices rose for the first time in a year in January, indicating the economy was on a recovery track. Gains in Tokyo were capped by news the Japanese government will keep containment measures in place for the time being. Sydney, Seoul, Manila, Jakarta and Bangkok also rose but Mumbai, Singapore and Wellington fell slightly. "Activity in Asia suggests that regional investors are not taking positioning off the boards ahead of the Lunar New Year holidays. If anything, it is precisely the opposite with Asian markets performing well" on Wednesday, said OANDA's Jeffrey Halley. Investors brushed off a slight pullback in New York, where the Dow and S&P 500 came off all-time highs, though the Nasdaq continued to another record. Eyes on Biden stimulus push But Mona Mahajan, at Allianz Global Investors, said some selling would be welcomed. "A pullback here could give tactical opportunities to those who were looking to get involved," she told Bloomberg TV. "It seems like right now the story is just getting started, and the momentum is building behind it, and that story includes the reopening, vaccines, the downward trend now in some of the virus cases we've been seeing, supported by the stimulus talks and the Fed still on the sidelines." Markets remain upbeat about the chances of Joe Biden pushing through his $1.9 trillion economic rescue package, and while there are warnings that the move -- along with an expected economic recovery -- will fan inflation, Federal Reserve officials were confident it would not be a long-term problem. Biden said he was "optimistic" a bipartisan agreement could be passed and met top executives from leading companies including Walmart and JPMorgan Chase to shore up support. However, with Republicans and some Democrats baulking at some parts of the proposal, including more than doubling the minimum wage, the final figure could be slightly lower -- some observers suggesting around $1.4 trillion. Oil prices were flat, having risen for more than a week to 13-month highs thanks to bets that demand will surge as the world starts to look more normal. A drop in US inventories added to evidence that the commodity market is well on the road to recovery. But Innes added: "That print will not dissuade oil prices from heating up further as Brent goes 'up, up and away', pushing through $61 and keeps climbing, floated higher by vaccine and stimulus balloons. Although I continue to view oil in overbought territory at these current levels and ripe for profit-taking." Bitcoin was also struggling to push past $50,000 after this week's rally that came on the back of news that Elon Musk's electric carmaker Tesla had invested $1.5 billion in the cryptocurrency. The unit was hovering around $46,570, having topped out at $48,215 on Tuesday. Key figures around 0710 GMT Tokyo - Nikkei 225: UP 0.2 percent at 29,562.93 (close) Hong Kong - Hang Seng: UP 1.8 percent at 30,004.62 Shanghai - Composite: UP 1.4 percent at 3,655.09 (close) Pound/dollar: UP at $1.3820 from $1.3813 at 2230 GMT Euro/dollar: UP at $1.2124 from $1.2116 Euro/pound: UP at 87.73 pence from 87.71 pence Dollar/yen: UP at 104.59 yen from 104.58 yen Brent North Sea crude: FLAT at $61.11 per barrel West Texas Intermediate: DOWN 0.2 percent at $61.00 per barrel New York - Dow: DOWN 0.2 percent at $58.24 per barrel London - FTSE 100: UP 0.1 percent at 6,531.56 (close)

Asian markets push higher as traders focus on recovery outlook

US layoffs eased in December and job openings increased modestly, suggesting the decline in employment that month was largely due to companies cutting back on hiring amid uncertainty caused by a raging COVID-19 pandemic.

World Business Watch: US job openings to rise in December, small businesses desperate for workers

The Global shortage of semiconductor and chips across the world is impacting Indian vehicles sale as well According to FADA, PV sales stood at 2,94,817 units in January 2020.

World Business Watch: India passenger vehicle retail sales dip 4% in January

Wall Street in the US reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, it was driven by increased stimulus and an accelerated vaccine rollout as well.

World Business Watch: Wall Street sets record closing highs on stimulus hopes

Chinese government officials have met representatives from US electric carmaker Tesla over reports from consumers about battery fires, unexpected acceleration and failures in over-the-air software updates.

World Business Watch: Tesla faces China regulators over consumer complaints

The European Commission’s Vice President for the economy Valdis Dombrovskis said that Europe’s economy is likely to rally in the second quarter as an acceleration in Coronavirus vaccine roll-out allows governments to gradually lift lockdown restrictions.

World Business Watch: EU economy to rally in second-quarter as vaccine roll-out accelerates

Popular cryptocurrency Bitcoin has jumped more than 10% to a record high, this after Tesla said it had invested $1.5billion Bitcoin last month.

World Business Watch: Tesla sends bitcoin to record high with $1.5bn investment

Oil prices rose on Monday, with Brent futures nearing $60 per barrel, leading to supply cuts among major producers and expected US economic stimulus measures to boost demand.

World Business Watch: Brent approaches $60/barrel, boosted by supply cut among key producers

Britain's Rolls-Royce said on Sunday that it is proposing a two-week closure of operations of its civil aerospace unit over the summer as it manages costs due to the impact of the COVID-19 epidemic.

World Business Watch: Rolls-Royce Aerospace plans 2-week civil shutdown

Bitcoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency. The cryptocurrency has anyway been up around 50 per cent since the start of the year.

Bitcoin hit $43,725.51 around 1300 GMT, before cooling slightly to $42,352.&nbsp;

Tesla's decision came just days after CEO Elon Musk changed his Twitter bio to simply read "#bitcoin." The announcement came in a US Securities and Exchange Commission document.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash. It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term".

It is now expected that Tesla would soon begin accepting payment for its cars and other products with bitcoin in the near future.

Bitcoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency. The cryptocurrency has anyway been up around 50 per cent since the start of the year.

Bitcoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency. The cryptocurrency has anyway been up around 50 per cent since the start of the year. Bitcoin hit $43,725.51 around 1300 GMT, before cooling slightly to $42,352. Tesla's decision came just days after CEO Elon Musk changed his Twitter bio to simply read "#bitcoin." The announcement came in a US Securities and Exchange Commission document. Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash. It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term". It is now expected that Tesla would soon begin accepting payment for its cars and other products with bitcoin in the near future.

Bitcoin hits record high after Tesla invests about $1.50 billion in it

India`s central bank kept rates steady at record low levels as expected on Friday and said it would maintain support for the economy`s recovery from the pandemic by ensuring ample liquidity for markets to absorb a massive government borrowing programme.

"Going forward, the Indian economy is poised to move in only one direction and that is upwards. It is our strong conviction, backed by forecasts, that in 2021/22, we would undo the damage that COVID-19 has inflicted on the economy," Reserve Bank of India Governor Shaktikanta Das said after announcing the rate decision.

The repo rate or RBI`s key lending rate was held at 4% while the reverse repo rate or its borrowing rate was left unchanged at 3.35%.

The repo rate has been cut by a total 115 basis points since March 2020 to cushion the shock from the coronavirus pandemic, following a 135 bps reduction since beginning of 2019.

Das said the six members of the monetary policy committee (MPC) were unanimous in their decision to keep rates on hold.

Expert views:

Rupa Rege-Nitsure, Group Chief Economist, L&amp;T Financial Holdings, Mumbai

"While the MPC didn`t take any rate action, its assurance on retaining the accommodative stance and a few other measures to ease credit are positive from a growth perspective. However, gilt market players were expecting more specific calendar on open market operations and hence were disappointed."

"A decision to normalise the cash reserve ratio also reflects the MPC`s intent that excess liquidity will be absorbed gradually. The RBI`s support to direct credit measures rather is certainly praiseworthy."

Madhavi Arora, Lead Economist, Emkay Global Financial Services LTD., Mumbai

"Overall, we believe the RBI reiterated the dovish stance on rates and we see policy rates on status quo in FY22. The liquidity stance is unlikely to diverge from the accommodative policy stance in the near term. Meanwhile, we think the RBI will continue to ensure that money market skewness is being tackled, pressure on the longer end of the curve is managed well, and maintain its preference for curve flattening. Actions such as Operation Twist/OMOs will continue to smoothen the distribution of liquidity across the yield curve. We also watch out for introduction of tools like MSS bonds and/or Standing Deposit Facility etc. ahead."

Aurodeep Nandi, India Economist, Nomura. Mumbai

"The RBI clearly communicated that it doesn`t intend to yank away the liquidity carpet in a way that topples the vases of growth recovery and fiscal financing resting on it."

"Be it the extension of HTM dispensation or the unprecedented step of allowing retail investors to invest in government securities, or allaying market fears on the CRR normalization and reassuring that the hike in fact opens up space for further liquidity operations — all have been designed keeping in mind the smooth absorption of the government`s large borrowing programme."

"In the midst of this, the status quo in policy rates and dovish policy stance correctly takes into cognizance the current growth-inflation dynamics, and has been in line with our expectations."

Rajeev Radhakrishnan, CIO-Fixed Income, SBI Mutual Fund, Mumbai

"Maintaining status quo on rates and stance was the expected outcome of the policy review. But, lack of specific market intervention measures to ensure smooth absorption of the enhanced market borrowings remains the key disappointment from the fixed-income market perspective."

"Providing retail investors a direct avenue to invest in government securities is a welcome announcement from a longer-term perspective."

"While the promise of additional liquidity infusion post the unwinding of the CRR cut in two phases by Q1 FY22 holds the promise of OMO interventions, the immediate market action is a fair reflection of market absorption capacity."

"In the absence of direct and more specific up-front market intervention through OMO/Twist, near-term concerns remain of a gradual uptick in bond yields and continued uncertainty on the demand side as the borrowing program commences for FY22."

Shashank Mendiratta, Economist, IBM, New Delhi

"The RBI provided an upbeat assessment on the economy, highlighting that the outlook has improved significantly. We concur with this assessment as high frequency indicators also point to a gradual normalisation of activity. The central bank also emphasised on the importance of higher fiscal spending, particularly capex to support recovery. While the RBI was sanguine on the near-term food-price outlook, the assessment on core inflation was cautious amid rise in input prices."

"The normalisation of economic activity, amid a strong fiscal push, have reduced the need for rate-cuts. The RBI is likely to remain on a prolonged pause through 2021. Having said that, the central bank will continue to remain in an accommodative stance to nurture the recovery."

Sakshi Gupta, Senior Economist, HDFC Bank, Gurugram

"With significant government borrowings in the first-half, rising inflation risks, and lower liquidity surplus, bond yields are likely to remain under pressure, going ahead. We expect bond yields to trade between 5.95% and 6.10% in the first half of fiscal 2022."

"On inflation estimates, the RBI did sound some caution in terms of inflation risks in the year ahead and revised up its H1 inflation estimate to 5%-5.2%. We expect inflation to average at 5.3% in H1. Over the medium term, one must keep in mind that an expansionary fiscal policy is structurally inflationary and should be watched out for."

Radhika Rao, Economist, DBS Bank, Singapore

"The RBI`s assessment was nuanced, with FY22 growth estimate set at a firm 10.5% y/y while looking beyond the near-term cool off in inflation and flagging risks that core inflation might prove sticky owing to demand impulses from a revival in economic activity and higher commodity prices. The budget`s investment and social sector orientation were seen as improving the quality of the fiscal math and as a positive for potential growth."

"Bond markets were met with some support, firstly an extension of the HTM enhancement to March 2023 and widening the investor pool by allowing retail investors direct access to gilts through the RBI, but an explicit OMO/OT announcement was absent, leading to a bearish reaction in bond prices. Cost of financing (risk-free rates) is, nonetheless, likely to settle at a slightly higher level as activity normalises."

"On liquidity, the RBI clarified that the overall stance was still accommodative whilst liquidity is likely to be withdrawn in a calibrated pace to prevent a dilution in the policy transmission. CRR normalisation remains on track, with a staggered restoration."

Anagha Deodhar, Chief Economist, ICICI Securities, Mumbai

"We expect inflation to come down in the coming months. The MPC expects real GDP to grow 10.5% in FY22 and inflation to print at 5%-5.2% in the second half of fiscal 2022."

"On the regulatory front, the most important announcements are two-phased normalisation of CRR, extending HTM limit for SLR holdings, deferment of capital conservation buffer and allowing retail investment in gilts. Overall, the MPC`s decision bodes well for growth and financial stability."

Garima Kapoor, Economist - Institutional Equities, Elara Capital, Mumbai

"Dispelling worries of possible hardening of market rates owing to the expected high supply of government bonds in FY22, the RBI today extended its accommodative stance to liquidity and hinted that it would stand pat to support the government`s borrowing program."

"While there was no surprise with respect to the rate decision, we believe the decision to allow a retail investor to have direct access to participate in G-sec market is revolutionary and path-breaking."

"The RBI will have to walk a tight rope in FY22 in balancing growth-inflation dynamics amid a huge supply of government bonds."

Kunal Kundu, India Economist, Societe Generale, Bengaluru

"Given that the monetary policy framework is up for review in March, it made no sense to cut the policy rate in this meeting. For January, we expect the inflation to drop marginally to 4.4% yoy from 4.6%. More importantly though, with inflation heading decisively towards the RBI`s median target of 4%, we are quite comfortable with our call of the next rate-cut during Q2 of 2020."

"Importantly, the RBI talked about supporting growth. We would likely see the RBI coming to the aid of the government, even in the fiscal space either by opting for debt monetization or sharing a portion of their excess reserve so that the fund can be used specifically for infrastructure development."

"This is all the more so given that we see a good possibility that the budgeted public capex for FY22 will fall short of the target unless the RBI gets into the act."

Prithviraj Srinivas, Chief Economist, Axis Capital, Mumbai

"The RBI kept policy rate on hold as expected and reiterated its accommodative stance. The operative word in today`s (Friday) policy was the governor`s reiteration of a previous statement that `orderly evolution of bond markets was a public good`. The bank`s inflation projection at 5% in the coming quarters reflects non-food price pressures currently seen in the economy which should keep the central bank watchful, even as economic recovery speeds up and liquidity remains bountiful on capital inflows as well as a large public borrowing programme."

India`s central bank kept rates steady at record low levels as expected on Friday and said it would maintain support for the economy`s recovery from the pandemic by ensuring ample liquidity for markets to absorb a massive government borrowing programme.

India`s central bank kept rates steady at record low levels as expected on Friday and said it would maintain support for the economy`s recovery from the pandemic by ensuring ample liquidity for markets to absorb a massive government borrowing programme. "Going forward, the Indian economy is poised to move in only one direction and that is upwards. It is our strong conviction, backed by forecasts, that in 2021/22, we would undo the damage that COVID-19 has inflicted on the economy," Reserve Bank of India Governor Shaktikanta Das said after announcing the rate decision. The repo rate or RBI`s key lending rate was held at 4% while the reverse repo rate or its borrowing rate was left unchanged at 3.35%. The repo rate has been cut by a total 115 basis points since March 2020 to cushion the shock from the coronavirus pandemic, following a 135 bps reduction since beginning of 2019. Das said the six members of the monetary policy committee (MPC) were unanimous in their decision to keep rates on hold. Expert views: Rupa Rege-Nitsure, Group Chief Economist, L&T Financial Holdings, Mumbai "While the MPC didn`t take any rate action, its assurance on retaining the accommodative stance and a few other measures to ease credit are positive from a growth perspective. However, gilt market players were expecting more specific calendar on open market operations and hence were disappointed." "A decision to normalise the cash reserve ratio also reflects the MPC`s intent that excess liquidity will be absorbed gradually. The RBI`s support to direct credit measures rather is certainly praiseworthy." Madhavi Arora, Lead Economist, Emkay Global Financial Services LTD., Mumbai "Overall, we believe the RBI reiterated the dovish stance on rates and we see policy rates on status quo in FY22. The liquidity stance is unlikely to diverge from the accommodative policy stance in the near term. Meanwhile, we think the RBI will continue to ensure that money market skewness is being tackled, pressure on the longer end of the curve is managed well, and maintain its preference for curve flattening. Actions such as Operation Twist/OMOs will continue to smoothen the distribution of liquidity across the yield curve. We also watch out for introduction of tools like MSS bonds and/or Standing Deposit Facility etc. ahead." Aurodeep Nandi, India Economist, Nomura. Mumbai "The RBI clearly communicated that it doesn`t intend to yank away the liquidity carpet in a way that topples the vases of growth recovery and fiscal financing resting on it." "Be it the extension of HTM dispensation or the unprecedented step of allowing retail investors to invest in government securities, or allaying market fears on the CRR normalization and reassuring that the hike in fact opens up space for further liquidity operations — all have been designed keeping in mind the smooth absorption of the government`s large borrowing programme." "In the midst of this, the status quo in policy rates and dovish policy stance correctly takes into cognizance the current growth-inflation dynamics, and has been in line with our expectations." Rajeev Radhakrishnan, CIO-Fixed Income, SBI Mutual Fund, Mumbai "Maintaining status quo on rates and stance was the expected outcome of the policy review. But, lack of specific market intervention measures to ensure smooth absorption of the enhanced market borrowings remains the key disappointment from the fixed-income market perspective." "Providing retail investors a direct avenue to invest in government securities is a welcome announcement from a longer-term perspective." "While the promise of additional liquidity infusion post the unwinding of the CRR cut in two phases by Q1 FY22 holds the promise of OMO interventions, the immediate market action is a fair reflection of market absorption capacity." "In the absence of direct and more specific up-front market intervention through OMO/Twist, near-term concerns remain of a gradual uptick in bond yields and continued uncertainty on the demand side as the borrowing program commences for FY22." Shashank Mendiratta, Economist, IBM, New Delhi "The RBI provided an upbeat assessment on the economy, highlighting that the outlook has improved significantly. We concur with this assessment as high frequency indicators also point to a gradual normalisation of activity. The central bank also emphasised on the importance of higher fiscal spending, particularly capex to support recovery. While the RBI was sanguine on the near-term food-price outlook, the assessment on core inflation was cautious amid rise in input prices." "The normalisation of economic activity, amid a strong fiscal push, have reduced the need for rate-cuts. The RBI is likely to remain on a prolonged pause through 2021. Having said that, the central bank will continue to remain in an accommodative stance to nurture the recovery." Sakshi Gupta, Senior Economist, HDFC Bank, Gurugram "With significant government borrowings in the first-half, rising inflation risks, and lower liquidity surplus, bond yields are likely to remain under pressure, going ahead. We expect bond yields to trade between 5.95% and 6.10% in the first half of fiscal 2022." "On inflation estimates, the RBI did sound some caution in terms of inflation risks in the year ahead and revised up its H1 inflation estimate to 5%-5.2%. We expect inflation to average at 5.3% in H1. Over the medium term, one must keep in mind that an expansionary fiscal policy is structurally inflationary and should be watched out for." Radhika Rao, Economist, DBS Bank, Singapore "The RBI`s assessment was nuanced, with FY22 growth estimate set at a firm 10.5% y/y while looking beyond the near-term cool off in inflation and flagging risks that core inflation might prove sticky owing to demand impulses from a revival in economic activity and higher commodity prices. The budget`s investment and social sector orientation were seen as improving the quality of the fiscal math and as a positive for potential growth." "Bond markets were met with some support, firstly an extension of the HTM enhancement to March 2023 and widening the investor pool by allowing retail investors direct access to gilts through the RBI, but an explicit OMO/OT announcement was absent, leading to a bearish reaction in bond prices. Cost of financing (risk-free rates) is, nonetheless, likely to settle at a slightly higher level as activity normalises." "On liquidity, the RBI clarified that the overall stance was still accommodative whilst liquidity is likely to be withdrawn in a calibrated pace to prevent a dilution in the policy transmission. CRR normalisation remains on track, with a staggered restoration." Anagha Deodhar, Chief Economist, ICICI Securities, Mumbai "We expect inflation to come down in the coming months. The MPC expects real GDP to grow 10.5% in FY22 and inflation to print at 5%-5.2% in the second half of fiscal 2022." "On the regulatory front, the most important announcements are two-phased normalisation of CRR, extending HTM limit for SLR holdings, deferment of capital conservation buffer and allowing retail investment in gilts. Overall, the MPC`s decision bodes well for growth and financial stability." Garima Kapoor, Economist - Institutional Equities, Elara Capital, Mumbai "Dispelling worries of possible hardening of market rates owing to the expected high supply of government bonds in FY22, the RBI today extended its accommodative stance to liquidity and hinted that it would stand pat to support the government`s borrowing program." "While there was no surprise with respect to the rate decision, we believe the decision to allow a retail investor to have direct access to participate in G-sec market is revolutionary and path-breaking." "The RBI will have to walk a tight rope in FY22 in balancing growth-inflation dynamics amid a huge supply of government bonds." Kunal Kundu, India Economist, Societe Generale, Bengaluru "Given that the monetary policy framework is up for review in March, it made no sense to cut the policy rate in this meeting. For January, we expect the inflation to drop marginally to 4.4% yoy from 4.6%. More importantly though, with inflation heading decisively towards the RBI`s median target of 4%, we are quite comfortable with our call of the next rate-cut during Q2 of 2020." "Importantly, the RBI talked about supporting growth. We would likely see the RBI coming to the aid of the government, even in the fiscal space either by opting for debt monetization or sharing a portion of their excess reserve so that the fund can be used specifically for infrastructure development." "This is all the more so given that we see a good possibility that the budgeted public capex for FY22 will fall short of the target unless the RBI gets into the act." Prithviraj Srinivas, Chief Economist, Axis Capital, Mumbai "The RBI kept policy rate on hold as expected and reiterated its accommodative stance. The operative word in today`s (Friday) policy was the governor`s reiteration of a previous statement that `orderly evolution of bond markets was a public good`. The bank`s inflation projection at 5% in the coming quarters reflects non-food price pressures currently seen in the economy which should keep the central bank watchful, even as economic recovery speeds up and liquidity remains bountiful on capital inflows as well as a large public borrowing programme."

RBI holds interest rates steady at record lows as economic outlook improves