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According to reports, the government is mulling one-time coronavirus relief cess of upto 2 per cent to garner revenue in the Union Budget for 2021-22.

<a href="https://www.wionews.com/business-economy/union-budget-2021-goes-paperless-hard-copies-not-to-be-printed-for-first-time-in-history-356417">Also Read:&nbsp;Union Budget 2021 goes paperless; hard copies not to be printed</a>

Reports say the cess will be imposed on taxable income on those who earn above Rs 10 lakh. The Indian Revenue Service (IRS) had last year proposed 4 per cent "Covid relief cess" in April as India entered lockdown.

IRS officers had said in its report that it could fetch the exchequer between ₹15,000 crore and ₹18,000 crore. The IRS had also proposed a new tax saving scheme "Covid savings certificates" for investments up to ₹2,50,000 with a 5-year lock-in period.

Experts had also proposed cess on tobacco products amid the pandemic. Several states had imposed COVID tax to boost revenue stream as health services felt the pressure.

The Jharkhand government had introduced COVID cess&nbsp;on minerals and the Delhi's Arvind Kejriwal government had imposed 70 per cent corona cess on liquor which was later withdrawn.&nbsp;

India is set to begin its vaccination drive on January 16 as Asia's third-largest economy has been gradually recovering from a coronavirus-induced recession as the virus shrank the economy in the last two quarters.

According to SBI (State Bank of India) research, the government would need Rs 21,000-27,000 crore to vaccinate 30 crore people in the first phase and would need another Rs 35,000-45,000 crore to vaccinate 50 crore people which is around 0.3-0.4 per cent of India's Gross Domestic Product (GDP).

The government will present its Budget on February 1.&nbsp;

According to reports, the government is mulling one-time coronavirus relief cess of upto 2 per cent to garner revenue in the Union Budget for 2021-22. Also Read: Union Budget 2021 goes paperless; hard copies not to be printed Reports say the cess will be imposed on taxable income on those who earn above Rs 10 lakh.

According to reports, the government is mulling one-time coronavirus relief cess of upto 2 per cent to garner revenue in the Union Budget for 2021-22. Also Read: Union Budget 2021 goes paperless; hard copies not to be printed Reports say the cess will be imposed on taxable income on those who earn above Rs 10 lakh. The Indian Revenue Service (IRS) had last year proposed 4 per cent "Covid relief cess" in April as India entered lockdown. IRS officers had said in its report that it could fetch the exchequer between ₹15,000 crore and ₹18,000 crore. The IRS had also proposed a new tax saving scheme "Covid savings certificates" for investments up to ₹2,50,000 with a 5-year lock-in period. Experts had also proposed cess on tobacco products amid the pandemic. Several states had imposed COVID tax to boost revenue stream as health services felt the pressure. The Jharkhand government had introduced COVID cess on minerals and the Delhi's Arvind Kejriwal government had imposed 70 per cent corona cess on liquor which was later withdrawn. India is set to begin its vaccination drive on January 16 as Asia's third-largest economy has been gradually recovering from a coronavirus-induced recession as the virus shrank the economy in the last two quarters. According to SBI (State Bank of India) research, the government would need Rs 21,000-27,000 crore to vaccinate 30 crore people in the first phase and would need another Rs 35,000-45,000 crore to vaccinate 50 crore people which is around 0.3-0.4 per cent of India's Gross Domestic Product (GDP). The government will present its Budget on February 1.

Union Budget 2021: Government mulls COVID cess to boost revenue

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks.&nbsp;

BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels. The Nifty50 index also slipped below the 14,100-mark. Reliance Industries extended Monday's loss and dropped another 2 per cent. The index-heavyweight was the top Sensex loser, followed by Sun Pharma, IndusInd Bank, and Dr Reddy's (all down 1%).

Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&amp;O expiry.

Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed.

Indian equity markets were closed on Tuesday for the Republic Day.

Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve`s guidance on its monetary policy. MSCI`s gauge of Asian ex-Japan shares slipped by 0.3 per cent, dragged lower by profit-taking in resource shares. But Japan`s Nikkei rose by 0.2 per cent while South Korea and Taiwan eked out small gains.

(With inputs from agencies)

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks. BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels.

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks. BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels. The Nifty50 index also slipped below the 14,100-mark. Reliance Industries extended Monday's loss and dropped another 2 per cent. The index-heavyweight was the top Sensex loser, followed by Sun Pharma, IndusInd Bank, and Dr Reddy's (all down 1%). Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&O expiry. Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed. Indian equity markets were closed on Tuesday for the Republic Day. Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve`s guidance on its monetary policy. MSCI`s gauge of Asian ex-Japan shares slipped by 0.3 per cent, dragged lower by profit-taking in resource shares. But Japan`s Nikkei rose by 0.2 per cent while South Korea and Taiwan eked out small gains. (With inputs from agencies)

Sensex cracks 600 points, Nifty nears 14,050 amid a selloff in financial stocks

What do vaccines mean for economic recovery? Is the economic outlook as bright as the financial markets? What are the pitfalls in post-pandemic economic recovery? Catch WION's special broadcast on India Budget 2021 with Gautam Chikermane. January 25-30, At 7 PM IST

India Budget 2021: Vaccines are here, will economic recovery follow?

The World Economic Forum's online Davos Agenda Summit began on Sunday night with the premier of a concert filmed during the coronavirus pandemic in different parts of the world and the event will see top global leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, speak on the state of the world over the next five days.

After a welcome address by WEF Founder and Executive Chairman Klaus Shwab, Swiss President Parmelin delivered a special address, followed by annual Crystal Awards and the premier of 'See Me: A Global Concert'.

The concert was presented as a shared expression of trust, connection and hope and it features orchestras and choirs in Beijing, Drakensberg, Florence, Kabul, Philadelphia, Vienna and Sao Paulo, with the cellist Yo-Yo Ma and music director Marin Alsop.

The concert was filmed on location despite the COVID-19 challenges.

In what could be the first major global summit of the year, the event will see more than 1,000 global leaders, including heads of state and government, CEOs and chairmen of big companies, heads of multilateral organisations as also members of academia and civil society, discuss economic, environmental, social and technological challenges following the COVID-19 pandemic.

The WEF said there would be 15 special addresses from G20 heads of state and government and international organisations during the summit that will continue till January 29.

Prime Minister Narendra Modi will deliver his address on Thursday.

Agriculture Minister Narendra Singh Tomar, Health Minister Harsh Vardhan and Petroleum and Steel Minister Dharmendra Pradhan, as also business leaders such as Anand Mahindra, Salil Parekh and Shobana Kamineni would be among other speakers from India.

While the WEF will host its physical annual meeting in May in Singapore, as against the regular venue of the Swiss ski resort town of Davos, the Geneva-based organisation is hosting this online event, named 'Davos Agenda' around the same time it generally hosts its yearly congregation of the rich and powerful of the world.

The event has been billed as a platform that will see top world leaders deliver special addresses and engage in dialogue with business leaders at the start of a "crucial year to rebuild trust".

Chinese President Xi Jinping will deliver a special address on Monday, while the day will also see several sessions including on the COVID-19 crisis, restoring economic growth and stakeholder capitalism.

United Nations Secretary-General Antonio Guterres will also address a session.

On Tuesday, the speakers would include South Africa President Cyril Ramaphosa, European Commission President Ursula von der Leyen, German Chancellor Angela Merkel, French President Emmanuel Macron, as also IMF chief Kristalina Georgieva.

Republic of Korea President Moon Jae-in, Italy Prime Minister Giuseppe Conte and Israeli Prime Minister Benjamin Netanyahu are among the listed speakers for Wednesday.

On Thursday, in addition to Modi, Jordan King Abdullah II ibn Al Hussein and Argentine President Alberto Fernandez will also deliver their special addresses.

Singapore's Prime Minister Lee Hsien Loong and Japan's Prime Minister Yoshihide Suga will speak on Friday, the last day of the summit.

On Monday, Schwab will also release his latest book, titled 'Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet.

' It explores how societies can build the future post-COVID and builds on the WEF's 50-year-old advocacy of the stakeholder approach.

Other major speakers would include Christine Lagarde, Bill Gates, Punit Renjen of Deloitte, Brian T Moynihan of Bank of America, Al Gore, Ishaan Tharoor, Mark Carney, Angel Gurria of OECD, Ajay Banga, K T Rama Rao, Masayoshi Son of Softbank and Tedros Adhanom Ghebreyesus of the WHO.

The list of registered participants also include Union ministers Nitin Gadkari, Smriti Irani and Piyush Goyal, along with top business leaders such as Mukesh Ambani, Gautam Adani, Ravi Ruia, Rishad Premji, Pawan Munjal, Rajan Mittal, Sunil Mittal, Ajay Khanna, Ajit Gulabchand, Hari S Bhartia and Sanjiv Bajaj.

Former RBI Governor Raghuram Rajan, Tata Steel CEO T Narendran and Walmart CEO Doug McMillon are also among registered participants.

The WEF's Davos 2020 summit was the last major global event that took place before almost the entire world got locked down due to the COVID-19 pandemic.

The 'Davos Agenda' will also mark the launch of WEF's "Great Reset Initiative'' and begin the preparation of the special Annual Meeting in the spring, said the Geneva-based entity, which describes itself as an international organisation for public-private cooperation.

Industry leaders and public figures will discuss how to advance and accelerate public-private collaboration on critical issues such as COVID-19 vaccination, job creation and climate change, among others, according to the WEF.

While the WEF annual meeting for 2021 will be held during May 13-16 in Singapore, the high-profile summit will return to Davos in 2022.

The conclusions from the Davos Agenda week will feed into task forces working on global issues for the upcoming Special Annual Meeting in Singapore, the WEF said.

The World Economic Forum's online Davos Agenda Summit began on Sunday night with the premier of a concert filmed during the coronavirus pandemic in different parts of the world and the event will see top global leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, speak on the state of the world over the next five days.

The World Economic Forum's online Davos Agenda Summit began on Sunday night with the premier of a concert filmed during the coronavirus pandemic in different parts of the world and the event will see top global leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, speak on the state of the world over the next five days. After a welcome address by WEF Founder and Executive Chairman Klaus Shwab, Swiss President Parmelin delivered a special address, followed by annual Crystal Awards and the premier of 'See Me: A Global Concert'. The concert was presented as a shared expression of trust, connection and hope and it features orchestras and choirs in Beijing, Drakensberg, Florence, Kabul, Philadelphia, Vienna and Sao Paulo, with the cellist Yo-Yo Ma and music director Marin Alsop. The concert was filmed on location despite the COVID-19 challenges. In what could be the first major global summit of the year, the event will see more than 1,000 global leaders, including heads of state and government, CEOs and chairmen of big companies, heads of multilateral organisations as also members of academia and civil society, discuss economic, environmental, social and technological challenges following the COVID-19 pandemic. The WEF said there would be 15 special addresses from G20 heads of state and government and international organisations during the summit that will continue till January 29. Prime Minister Narendra Modi will deliver his address on Thursday. Agriculture Minister Narendra Singh Tomar, Health Minister Harsh Vardhan and Petroleum and Steel Minister Dharmendra Pradhan, as also business leaders such as Anand Mahindra, Salil Parekh and Shobana Kamineni would be among other speakers from India. While the WEF will host its physical annual meeting in May in Singapore, as against the regular venue of the Swiss ski resort town of Davos, the Geneva-based organisation is hosting this online event, named 'Davos Agenda' around the same time it generally hosts its yearly congregation of the rich and powerful of the world. The event has been billed as a platform that will see top world leaders deliver special addresses and engage in dialogue with business leaders at the start of a "crucial year to rebuild trust". Chinese President Xi Jinping will deliver a special address on Monday, while the day will also see several sessions including on the COVID-19 crisis, restoring economic growth and stakeholder capitalism. United Nations Secretary-General Antonio Guterres will also address a session. On Tuesday, the speakers would include South Africa President Cyril Ramaphosa, European Commission President Ursula von der Leyen, German Chancellor Angela Merkel, French President Emmanuel Macron, as also IMF chief Kristalina Georgieva. Republic of Korea President Moon Jae-in, Italy Prime Minister Giuseppe Conte and Israeli Prime Minister Benjamin Netanyahu are among the listed speakers for Wednesday. On Thursday, in addition to Modi, Jordan King Abdullah II ibn Al Hussein and Argentine President Alberto Fernandez will also deliver their special addresses. Singapore's Prime Minister Lee Hsien Loong and Japan's Prime Minister Yoshihide Suga will speak on Friday, the last day of the summit. On Monday, Schwab will also release his latest book, titled 'Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet. ' It explores how societies can build the future post-COVID and builds on the WEF's 50-year-old advocacy of the stakeholder approach. Other major speakers would include Christine Lagarde, Bill Gates, Punit Renjen of Deloitte, Brian T Moynihan of Bank of America, Al Gore, Ishaan Tharoor, Mark Carney, Angel Gurria of OECD, Ajay Banga, K T Rama Rao, Masayoshi Son of Softbank and Tedros Adhanom Ghebreyesus of the WHO. The list of registered participants also include Union ministers Nitin Gadkari, Smriti Irani and Piyush Goyal, along with top business leaders such as Mukesh Ambani, Gautam Adani, Ravi Ruia, Rishad Premji, Pawan Munjal, Rajan Mittal, Sunil Mittal, Ajay Khanna, Ajit Gulabchand, Hari S Bhartia and Sanjiv Bajaj. Former RBI Governor Raghuram Rajan, Tata Steel CEO T Narendran and Walmart CEO Doug McMillon are also among registered participants. The WEF's Davos 2020 summit was the last major global event that took place before almost the entire world got locked down due to the COVID-19 pandemic. The 'Davos Agenda' will also mark the launch of WEF's "Great Reset Initiative'' and begin the preparation of the special Annual Meeting in the spring, said the Geneva-based entity, which describes itself as an international organisation for public-private cooperation. Industry leaders and public figures will discuss how to advance and accelerate public-private collaboration on critical issues such as COVID-19 vaccination, job creation and climate change, among others, according to the WEF. While the WEF annual meeting for 2021 will be held during May 13-16 in Singapore, the high-profile summit will return to Davos in 2022. The conclusions from the Davos Agenda week will feed into task forces working on global issues for the upcoming Special Annual Meeting in Singapore, the WEF said.

World Economic Forum's online Davos summit begins; PM Modi to address on January 28

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues.

Sensex settled the session at 48,347.6 levels, down 531 points or 1.09 per cent, dragged by Reliance Industries (down 5.6 per cent), IndusInd Bank (down 5.5 per cent), HCL Tech (down 3.86 per cent), and HDFC (down 1 per cent).

The Nifty50, meanwhile, gave up the 14,250-mark and closed at 14,239 levels, down 133 points or 0.93 per cent.

Meanwhile, Indian rupee traded at 72.90 per dollar, amid a sell-off in domestic equities. The unit had opened flat at 72.95 per dollar against Friday's close of 72.97.

Global markets

Asian shares climbed to near all-time highs on Monday as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy.&nbsp;

MSCI's broadest index of Asia-Pacific shares outside Japan rose to 726.46, while Japan's Nikkei rebounded from falls in early trading to be up 0.7 per cent. Australian shares added 0.4 per cent after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next month. Chinese shares rose, with the blue-chip CSI300 index up 1.1 per cent. Hong Kong’s Hang Seng index leapt nearly 2 per cent led by technology stocks.

In Europe, stocks rose as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns. The pan-European STOXX 600 index rose 0.4 per cent.

(With inputs from Reuters)

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues. Sensex settled the session at 48,347.6 levels, down 531 points or 1.

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues. Sensex settled the session at 48,347.6 levels, down 531 points or 1.09 per cent, dragged by Reliance Industries (down 5.6 per cent), IndusInd Bank (down 5.5 per cent), HCL Tech (down 3.86 per cent), and HDFC (down 1 per cent). The Nifty50, meanwhile, gave up the 14,250-mark and closed at 14,239 levels, down 133 points or 0.93 per cent. Meanwhile, Indian rupee traded at 72.90 per dollar, amid a sell-off in domestic equities. The unit had opened flat at 72.95 per dollar against Friday's close of 72.97. Global markets Asian shares climbed to near all-time highs on Monday as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose to 726.46, while Japan's Nikkei rebounded from falls in early trading to be up 0.7 per cent. Australian shares added 0.4 per cent after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next month. Chinese shares rose, with the blue-chip CSI300 index up 1.1 per cent. Hong Kong’s Hang Seng index leapt nearly 2 per cent led by technology stocks. In Europe, stocks rose as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns. The pan-European STOXX 600 index rose 0.4 per cent. (With inputs from Reuters)

Sensex tanks over 500 points, Nifty ends below 14,250

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic. This year, world's great and good will interact virtually. There is no shortage of topics as the world economy is in deep crisis after a year marred by the COVID crisis. Soaring unemployment and debt levels, growing income inequality and climate change have proven to be great impediments in global progress.

"We have practically assembled the same high level - and also amount - of global decision-makers for politics, business, society as we usually do in Davos." said WEF chief Klaus Schwab in an interview with Reuters.

"What makes Davos different is that you do not just have some heads of state or some top business leaders, you have practically everyone who counts coming together," he added.

Heads of states, CEOs, civil society leaders, global media and youth leaders from Africa, Asia, Europe, Middle East, Latin America and North America will attend the WEF virtually this year.

The WEF is hoping that normalcy returns and has planned a face-to-face meeting in Singapore in May.

The World Economic Forum 2021 kicks off on Monday (January 25) and ends on Friday (January 29).

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic.

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic. This year, world's great and good will interact virtually. There is no shortage of topics as the world economy is in deep crisis after a year marred by the COVID crisis. Soaring unemployment and debt levels, growing income inequality and climate change have proven to be great impediments in global progress. "We have practically assembled the same high level - and also amount - of global decision-makers for politics, business, society as we usually do in Davos." said WEF chief Klaus Schwab in an interview with Reuters. "What makes Davos different is that you do not just have some heads of state or some top business leaders, you have practically everyone who counts coming together," he added. Heads of states, CEOs, civil society leaders, global media and youth leaders from Africa, Asia, Europe, Middle East, Latin America and North America will attend the WEF virtually this year. The WEF is hoping that normalcy returns and has planned a face-to-face meeting in Singapore in May. The World Economic Forum 2021 kicks off on Monday (January 25) and ends on Friday (January 29).

Empty streets in Davos as World Economic Forum goes virtual

The latest setback comes amid deepening uncertainty over the outlook for airlines, notably in Europe.

Airbus slows A320 ramp-up on weaker market outlook

Nissan’s marketing and distribution in the country will continue through imports from its Thailand and Japan manufacturing sites.

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The Dow Jones Industrial Average, Nasdaq composite and Russell 2000 index of smaller companies also notched record highs.

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United Airlines Holdings Inc on Wednesday reported a fourth straight quarterly loss as the coronavirus pandemic.

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Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation. The world's most popular cryptocurrency Bitcoin was last down 7.5% at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8.

The fall has come amid growing concerns that bitcoin was one of financial market price bubbles. In addition to this, there have been fears that US President Joe Biden's administration could try to regulate cryptocurrency.

During a Senate hearing on Tuesday Janet Yellen, Biden's pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities.

"I think many are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that money laundering does not occur through these channels," said the former chair of the U.S. Federal Reserve.

Also Read | <a href="https://www.wionews.com/business-economy/sensex-crosses-historic-50000-mark-358239">Sensex crosses historic 50,000-mark</a>

Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact.

"The action over the last 36 hours or so has largely been rippling outwards from the Janet Yellen comments on crypto," he said, adding that it was still unclear exactly what, if any, moves the Biden administration would take.

"We do think it's probably still just a lapse in momentum rather than a sea change, though," he said.

(With Reuters inputs)

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation.

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation. The world's most popular cryptocurrency Bitcoin was last down 7.5% at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8. The fall has come amid growing concerns that bitcoin was one of financial market price bubbles. In addition to this, there have been fears that US President Joe Biden's administration could try to regulate cryptocurrency. During a Senate hearing on Tuesday Janet Yellen, Biden's pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities. "I think many are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that money laundering does not occur through these channels," said the former chair of the U.S. Federal Reserve. Also Read | Sensex crosses historic 50,000-mark Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact. "The action over the last 36 hours or so has largely been rippling outwards from the Janet Yellen comments on crypto," he said, adding that it was still unclear exactly what, if any, moves the Biden administration would take. "We do think it's probably still just a lapse in momentum rather than a sea change, though," he said. (With Reuters inputs)

Bitcoin falls 10 per cent to a 10-day low

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group.

The Sensex rose 50057.32 rising 230.69 points&nbsp;in early morning trade amid strong global cues.&nbsp;Nifty surged&nbsp;72.95 points&nbsp;to record 14,717.65.

The 30-share BSE Sensex had advanced by 393.83 to close at a fresh record of 49,792.12 on Wednesday.

The NSE Nifty had surged 123.55 points to settle at a lifetime high of 14,644.70 after US Treasury Secretary nominee Janet Yellen called for a stimulus to protect the US economy.&nbsp;&nbsp;Reliance shares had risen&nbsp;1.7 per cent&nbsp;after Indian stock exchanges on Wednesday

President-elect Joe Biden, who will be sworn into office on Wednesday has laid out a $1.9 trillion stimulus package proposal to boost the economy.

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group.

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group. The Sensex rose 50057.32 rising 230.69 points in early morning trade amid strong global cues. Nifty surged 72.95 points to record 14,717.65. The 30-share BSE Sensex had advanced by 393.83 to close at a fresh record of 49,792.12 on Wednesday. The NSE Nifty had surged 123.55 points to settle at a lifetime high of 14,644.70 after US Treasury Secretary nominee Janet Yellen called for a stimulus to protect the US economy. Reliance shares had risen 1.7 per cent after Indian stock exchanges on Wednesday President-elect Joe Biden, who will be sworn into office on Wednesday has laid out a $1.9 trillion stimulus package proposal to boost the economy.

Sensex crosses historic 50,000-mark

As COVID-19 vaccines roll out, airlines are hoping for a significant improvement in domestic air travel by the summer.

Some U.S. airlines resume pilot hiring, eyeing a recovery

FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments.

FedEx Express unveils plan to lay off up to 6,300 employees

Bank of America relies on higher interest rates to drive its profit growth as it has a large pool of deposits and rate-sensitive mortgage securities.

Bank of America profit falls as consumer banking business falters

The domestic stock market indices ended Friday's session lower, down over 1 per cent, triggered by an across-the-board sell-off that saw all the Nifty sectoral indices ending the session in the red.

The BSE Sensex, which seemed well on course to reach the 50,000 mark, fell over 500 points during the day.

Sensex closed at 49,034.67, lower by 549.49 points, or 1.11 per cent, from its previous close of 49,584.16. It had opened at 49,656.71 and recorded an intra-day high of 49,656.71 and a low of 48,795.79 points.

The Nifty50 on the National Stock Exchange closed at 14,433.70, lower by 161.90 points, or 1.11 per cent, from its previous close.

Global markets

Prospects of tighter lockdowns in Germany and France as well as new Covid-19 restrictions in China cut into optimism about a global economic recovery. The pan-European STOXX 600 index fell 0.5 per cent.&nbsp;

The German DAX was down 0.5 per cent and France's CAC 40 fell 0.6 per cent. UK's FTSE 100 also declined 0.6 per cent despite data showing that Britain’s economy recorded a smaller-than-expected contraction in November.

Meanwhile, Asian stocks had initially firmed on Thursday on a report that the stimulus package could be as big as $2 trillion, much more than markets were expecting. However, shares later erased gains with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.59 per cent.

Chinese blue-chips shed 0.97 per cent amid worries over rising COVID-19 cases in China, and after the Chinese central bank drained liquidity from the country's banking system, suggesting a tightening bias in monetary policy.

(With inputs from Reuters)

The domestic stock market indices ended Friday's session lower, down over 1 per cent, triggered by an across-the-board sell-off that saw all the Nifty sectoral indices ending the session in the red.

The domestic stock market indices ended Friday's session lower, down over 1 per cent, triggered by an across-the-board sell-off that saw all the Nifty sectoral indices ending the session in the red. The BSE Sensex, which seemed well on course to reach the 50,000 mark, fell over 500 points during the day. Sensex closed at 49,034.67, lower by 549.49 points, or 1.11 per cent, from its previous close of 49,584.16. It had opened at 49,656.71 and recorded an intra-day high of 49,656.71 and a low of 48,795.79 points. The Nifty50 on the National Stock Exchange closed at 14,433.70, lower by 161.90 points, or 1.11 per cent, from its previous close. Global markets Prospects of tighter lockdowns in Germany and France as well as new Covid-19 restrictions in China cut into optimism about a global economic recovery. The pan-European STOXX 600 index fell 0.5 per cent. The German DAX was down 0.5 per cent and France's CAC 40 fell 0.6 per cent. UK's FTSE 100 also declined 0.6 per cent despite data showing that Britain’s economy recorded a smaller-than-expected contraction in November. Meanwhile, Asian stocks had initially firmed on Thursday on a report that the stimulus package could be as big as $2 trillion, much more than markets were expecting. However, shares later erased gains with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.59 per cent. Chinese blue-chips shed 0.97 per cent amid worries over rising COVID-19 cases in China, and after the Chinese central bank drained liquidity from the country's banking system, suggesting a tightening bias in monetary policy. (With inputs from Reuters)

Sensex ends 549 points lower, as global mood changes confidence 

American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling.

It can be noted that there has been a slew of reports lately about a stronger recovery being underway after the jolt caused by the pandemic. The government expects the GDP to contract 7.7 per cent in financial year 2021 because of the reverses. "The bad news is that the continued drop in our BofA India Activity Indicator reinforces our view that the economy still remains weak," the brokerage said in a note.

The indicator fell by (-) 0.6 per cent in November on top of the (-) 0.8 per cent in October, and 4.6 per cent drop in the September quarter, it said, adding, "this supports our call of GVA (gross value added) contractions of (-)1 per cent in the December quarter and (-) 6.7 per cent in FY21".

On the credit growth front, it said the rise in banking system advances seems to have bottomed out and the system will close with a growth of 6.2 per cent in the financial year 2021. It said that the credit growth for financial year 2022 will come at 12 per cent.

It can be noted that credit growth had been declining for the last few years, in sync with a dip in the overall economic growth which has been on the downward spiral since demonetisation in late 2016 as borrowers went slow on expansion.

The brokerage said that the real lending rates adjusted for WPI will be one of the prime reasons for the faster credit growth estimate in financial year 2022.

Nominal MCLR (marginal cost of funding based lending rate) is down 1.45 per cent since March 2019 and the real MCLR (adjusted for WPI) is down 1.50 per cent on RBI easing and the core WPI inflation inching up further to 3.1 per cent from 2.3 per cent in November 2020.

The RBI has cut interest rates in two moves after the emergence of the pandemic but has kept rates on hold for the last three consecutive policy reviews because of high consumer price inflation.

American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling.

American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling. It can be noted that there has been a slew of reports lately about a stronger recovery being underway after the jolt caused by the pandemic. The government expects the GDP to contract 7.7 per cent in financial year 2021 because of the reverses. "The bad news is that the continued drop in our BofA India Activity Indicator reinforces our view that the economy still remains weak," the brokerage said in a note. The indicator fell by (-) 0.6 per cent in November on top of the (-) 0.8 per cent in October, and 4.6 per cent drop in the September quarter, it said, adding, "this supports our call of GVA (gross value added) contractions of (-)1 per cent in the December quarter and (-) 6.7 per cent in FY21". On the credit growth front, it said the rise in banking system advances seems to have bottomed out and the system will close with a growth of 6.2 per cent in the financial year 2021. It said that the credit growth for financial year 2022 will come at 12 per cent. It can be noted that credit growth had been declining for the last few years, in sync with a dip in the overall economic growth which has been on the downward spiral since demonetisation in late 2016 as borrowers went slow on expansion. The brokerage said that the real lending rates adjusted for WPI will be one of the prime reasons for the faster credit growth estimate in financial year 2022. Nominal MCLR (marginal cost of funding based lending rate) is down 1.45 per cent since March 2019 and the real MCLR (adjusted for WPI) is down 1.50 per cent on RBI easing and the core WPI inflation inching up further to 3.1 per cent from 2.3 per cent in November 2020. The RBI has cut interest rates in two moves after the emergence of the pandemic but has kept rates on hold for the last three consecutive policy reviews because of high consumer price inflation.

Indian economy 'weak', credit growth bottoming out: US brokerage firm report

IMF chief has praised India for taking "very decisive" steps to tackle the coronavirus pandemic and the "economic consequences" it brought, hoping the country to do more this year to push forward the economy.&nbsp;

"When I called on everybody to stay tuned for January 26, that applies very much to India. You would see a picture in our update that is less bad. Why? Because the country actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it," IMF Managing Director Kristalina Georgieva was quoted as saying by the 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>

Sharing her thoughts on Thursday on global media roundtable, Georgieva also predicted a comparatively better outlook for India in the upcoming World Economic Update because of the steps taken.&nbsp;

Also read | <a href="https://www.wionews.com/india-news/potential-to-represent-significant-step-forward-for-agricultural-reforms-imf-praises-indias-farm-bill-356857">Potential to represent significant step forward for agricultural reforms: IMF praises India's farm bill</a>

She also praised India for targeted lockdown and said that the mobility indicators in India are nearly in the country what they were pre-Covid-19, highlighting that the country has seen an economic revival "significantly".&nbsp;

"Then India moved to more targeted restrictions and lockdowns. What we see is that that transition, combined with policy support, seems to have worked well. Why? Because if you look at mobility indicators, we are almost where we were before COVID in India, meaning that economic activities have been revitalised quite significantly," the IMF chief said.

She also lauded the government's support on the monetary policy, saying that it was better than the average of emerging markets and urged the administration to do more if possible.&nbsp;

"What the government has done on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets. Emerging markets on average have provided six per cent of the GDP. In India, this is slightly above that. Good for India is that there is still space to do more….. If you can do more, please do," Georgieva added.&nbsp; 
&nbsp;

IMF chief has praised India for taking "very decisive" steps to tackle the coronavirus pandemic and the "economic consequences" it brought, hoping the country to do more this year to push forward the economy.

IMF chief has praised India for taking "very decisive" steps to tackle the coronavirus pandemic and the "economic consequences" it brought, hoping the country to do more this year to push forward the economy. "When I called on everybody to stay tuned for January 26, that applies very much to India. You would see a picture in our update that is less bad. Why? Because the country actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it," IMF Managing Director Kristalina Georgieva was quoted as saying by the news agency PTI. Watch | Sharing her thoughts on Thursday on global media roundtable, Georgieva also predicted a comparatively better outlook for India in the upcoming World Economic Update because of the steps taken. Also read | Potential to represent significant step forward for agricultural reforms: IMF praises India's farm bill She also praised India for targeted lockdown and said that the mobility indicators in India are nearly in the country what they were pre-Covid-19, highlighting that the country has seen an economic revival "significantly". "Then India moved to more targeted restrictions and lockdowns. What we see is that that transition, combined with policy support, seems to have worked well. Why? Because if you look at mobility indicators, we are almost where we were before COVID in India, meaning that economic activities have been revitalised quite significantly," the IMF chief said. She also lauded the government's support on the monetary policy, saying that it was better than the average of emerging markets and urged the administration to do more if possible. "What the government has done on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets. Emerging markets on average have provided six per cent of the GDP. In India, this is slightly above that. Good for India is that there is still space to do more….. If you can do more, please do," Georgieva added.

IMF chief praises India for taking 'decisive' steps to tackle Covid-19

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging.

With his fellow Democrats narrowly controlling both houses of Congress, Biden has a shot at passing what would be the United States' third massive pandemic aid package.

Dubbed the American Rescue Plan, the proposal released Thursday includes a host of measures aimed at revitalizing the world's largest economy.

Biden aims to raise the federal minimum wage to $15 an hour, help struggling state and local governments, safely reopen schools, roll out a massive Covid-19 vaccination campaign and raise the size of stimulus checks Congress approved last month.

"The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost," Biden said during a speech in Wilmington, Delaware. "In this moment of crisis... we cannot afford inaction."

Top Senate Democrat Chuck Schumer and House Speaker Nancy Pelosi embraced Biden's plan, vowing to put it before lawmakers.

"We will get right to work to turn President-elect Biden's vision into legislation that will pass both chambers and be signed into law," they said in a joint statement.

But this is just the first step, and the officials said Biden intends to present a second "recovery" plan to lawmakers soon after his inauguration on Wednesday aimed at spurring hiring and fighting climate change.

"We'll use taxpayers' dollars to rebuild America. We'll buy American products, supporting millions of American manufacturing jobs, enhancing our competitive strength in an increasingly competitive world," Biden said.

The government on Thursday reported a spike in new jobless claim filings in the first week of 2021 to nearly a million, its highest level since August, while official data last week showed the economy shed jobs in December.

Biden, 78, will take office after a tumultuous transition that saw a violent mob invade the US Capitol, egged on by outgoing President Donald Trump, as lawmakers were meeting to certify the Democrat's election victory.

His stimulus proposal builds on two massive relief packages Congress approved in 2020, both increasing and extending through September unemployment benefits that have helped tens of millions of people pay their bills after losing their jobs during the pandemic.

It additionally calls for devising a way to maintain those programs if unemployment stays high, and also continues expanded government food assistance as the country struggles with some of its highest hunger levels in modern times.

But controversy could await the plan's provision of $350 billion in funding to state and local governments, which Republican lawmakers blocked throughout last year.&nbsp;

Also potentially challenging is the president-elect's move to increase the size of stimulus checks Americans received in the December package to $2,000, which would fulfill a campaign promise.

But with only the slimmest of majorities in Congress -- including an evenly split Senate where Vice President-elect Kamala Harris could have a tie-breaking vote -- Democrats will have to woo some Republicans if anyone in their party breaks ranks.

One Democratic senator has already expressed hesitation over increasing the payments, but earlier this week Republican Senator Marco Rubio told Biden he would back the additional aid.

The proposal also calls for $160 billion to fight Covid-19, including through a national vaccination campaign, and $170 billion for schools, with the goal of getting most institutions with students in kindergarten through eighth grade open in the first 100 days of his administration.

Prior to the release of the specifics, Michael Feroli of JP Morgan predicted Congress could pare Biden's plan down to the $900 billion range, matching the measure approved last month.

Even the smaller amount would boost GDP growth this year to 5.3 percent and in 2022 to 2.6 percent, he said, a "remarkable expected turnaround" aided also by negligible inflation and the Federal Reserve's maintenance of low borrowing rates.

Other aspects of Biden's plan include expanding tax credits aimed at fighting poverty and helping working parents afford childcare, plus extending a moratorium on evictions.

The plan offers flexible credits and grants for the small businesses that are major employers but have struggled to survive as states imposed restrictions to stop the virus.

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging.

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging. With his fellow Democrats narrowly controlling both houses of Congress, Biden has a shot at passing what would be the United States' third massive pandemic aid package. Dubbed the American Rescue Plan, the proposal released Thursday includes a host of measures aimed at revitalizing the world's largest economy. Biden aims to raise the federal minimum wage to $15 an hour, help struggling state and local governments, safely reopen schools, roll out a massive Covid-19 vaccination campaign and raise the size of stimulus checks Congress approved last month. "The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost," Biden said during a speech in Wilmington, Delaware. "In this moment of crisis... we cannot afford inaction." Top Senate Democrat Chuck Schumer and House Speaker Nancy Pelosi embraced Biden's plan, vowing to put it before lawmakers. "We will get right to work to turn President-elect Biden's vision into legislation that will pass both chambers and be signed into law," they said in a joint statement. But this is just the first step, and the officials said Biden intends to present a second "recovery" plan to lawmakers soon after his inauguration on Wednesday aimed at spurring hiring and fighting climate change. "We'll use taxpayers' dollars to rebuild America. We'll buy American products, supporting millions of American manufacturing jobs, enhancing our competitive strength in an increasingly competitive world," Biden said. The government on Thursday reported a spike in new jobless claim filings in the first week of 2021 to nearly a million, its highest level since August, while official data last week showed the economy shed jobs in December. Biden, 78, will take office after a tumultuous transition that saw a violent mob invade the US Capitol, egged on by outgoing President Donald Trump, as lawmakers were meeting to certify the Democrat's election victory. His stimulus proposal builds on two massive relief packages Congress approved in 2020, both increasing and extending through September unemployment benefits that have helped tens of millions of people pay their bills after losing their jobs during the pandemic. It additionally calls for devising a way to maintain those programs if unemployment stays high, and also continues expanded government food assistance as the country struggles with some of its highest hunger levels in modern times. But controversy could await the plan's provision of $350 billion in funding to state and local governments, which Republican lawmakers blocked throughout last year. Also potentially challenging is the president-elect's move to increase the size of stimulus checks Americans received in the December package to $2,000, which would fulfill a campaign promise. But with only the slimmest of majorities in Congress -- including an evenly split Senate where Vice President-elect Kamala Harris could have a tie-breaking vote -- Democrats will have to woo some Republicans if anyone in their party breaks ranks. One Democratic senator has already expressed hesitation over increasing the payments, but earlier this week Republican Senator Marco Rubio told Biden he would back the additional aid. The proposal also calls for $160 billion to fight Covid-19, including through a national vaccination campaign, and $170 billion for schools, with the goal of getting most institutions with students in kindergarten through eighth grade open in the first 100 days of his administration. Prior to the release of the specifics, Michael Feroli of JP Morgan predicted Congress could pare Biden's plan down to the $900 billion range, matching the measure approved last month. Even the smaller amount would boost GDP growth this year to 5.3 percent and in 2022 to 2.6 percent, he said, a "remarkable expected turnaround" aided also by negligible inflation and the Federal Reserve's maintenance of low borrowing rates. Other aspects of Biden's plan include expanding tax credits aimed at fighting poverty and helping working parents afford childcare, plus extending a moratorium on evictions. The plan offers flexible credits and grants for the small businesses that are major employers but have struggled to survive as states imposed restrictions to stop the virus.

Biden unveils $1.9 trillion economic plan as US recovery buckles

Germany's economy shrank by 5.0% in 2020, less than expected and a smaller contraction than during the global financial crisis, as unprecedented government rescue and stimulus measures helped lessen the shock of the COVID-19 pandemic.

Germany avoids record economic plunge in 2020 despite COVID-19 hit

Toyota Motor Corp settled a lengthy Justice Department civil probe into its delayed filing of emissions-related defect reports for $180 million, the government said on Thursday.

Toyota settles US probe into delayed emissions defect reports for $180 million

Billionaire techie and Zoho founder Sridhar Vembu said half-jokingly that he or his employees did not have to go behind bars for being a competitor of Google. He was drawing a parallel with former Thuglak Editor Cho Ramaswamy who had taken on Prime Minister Indira Gandhi during the Emergency years.&nbsp;

Speaking at the 51st anniversary of the Thuglak magazine in Chennai, Mr Vembu said that he had been a long time reader of the tamil magazine, adding that he had enjoyed and read it more than his textbooks. 'I was barely eight years old when the Emergency was imposed and I remember some of the censoreed cartoons of those times".

Making a mention of Cho Ramaswamy and his Journalism, Vembu said that he admired the former editor's courage, multi-faceted nature. "Cho and Thuglak created a great impression on me" said the billionaire entrepreneur.&nbsp;

He added that he would often urge his employees to not fear japan or china, joking that the maximum challenge that they would have to face is to lose their jobs, unlike the emergency period that India faced between 1975 to 1977.&nbsp;

Sridhar Vembu is known as the tech magnate who brought technology functions such as software &amp; product development to villages. Recently, he has shared a few pictures where he was seen rising a bicycle for his commute, wearing a simple dhoti, while in his native, Tenkasi, Tamil Nadu. &nbsp;

His company has also unveiled an instant messaging app called 'Arattai', that is made in india. The app is expected to be formally launched in a few weeks.

Billionaire techie and Zoho founder Sridhar Vembu said half-jokingly that he or his employees did not have to go behind bars for being a competitor of Google. He was drawing a parallel with former Thuglak Editor Cho Ramaswamy who had taken on Prime Minister Indira Gandhi during the Emergency years.

Billionaire techie and Zoho founder Sridhar Vembu said half-jokingly that he or his employees did not have to go behind bars for being a competitor of Google. He was drawing a parallel with former Thuglak Editor Cho Ramaswamy who had taken on Prime Minister Indira Gandhi during the Emergency years. Speaking at the 51st anniversary of the Thuglak magazine in Chennai, Mr Vembu said that he had been a long time reader of the tamil magazine, adding that he had enjoyed and read it more than his textbooks. 'I was barely eight years old when the Emergency was imposed and I remember some of the censoreed cartoons of those times". Making a mention of Cho Ramaswamy and his Journalism, Vembu said that he admired the former editor's courage, multi-faceted nature. "Cho and Thuglak created a great impression on me" said the billionaire entrepreneur. He added that he would often urge his employees to not fear japan or china, joking that the maximum challenge that they would have to face is to lose their jobs, unlike the emergency period that India faced between 1975 to 1977. Sridhar Vembu is known as the tech magnate who brought technology functions such as software & product development to villages. Recently, he has shared a few pictures where he was seen rising a bicycle for his commute, wearing a simple dhoti, while in his native, Tenkasi, Tamil Nadu. His company has also unveiled an instant messaging app called 'Arattai', that is made in india. The app is expected to be formally launched in a few weeks.

I don't fear Microsoft or Google says billionaire techie Sridhar Vembu of Zoho

Mohammed bin Salman, Crown Prince of Saudi Arabia, said the oil-rich kingdom of Saudi Arabia, which is now battered by falling crude prices is offering investment opportunities worth $6 Trillion over the next decade.

World Business Watch: Saudi Arabia offers investment opportunities

Electric car maker Tesla is finally set to make its entry in India and has registered as a company in Karnataka's Bengaluru.

World Business Watch: Tesla marks India entry with new office in Bengaluru

According to the BDI industry association Europe’s largest economy, Germany is expected to grow 3.5% this year after plunging roughly 5% in 2020

World Business Watch: German GDP expected to grow by 3.5% in 2021

Domestic Stock Markets saw a volatile trading session on Wednesday with Sensex and Nifty setting fresh highs and then erasing them, only to close flat.

At close, the S&amp;P BSE Sensex was at 49,492 levels, down 25 points or 0.05 per cent. Individually, M&amp;M jumped nearly 6 per cent on the BSE today and re-entered the Rs 1-trillion m-cap club. At close, its market cap stood at Rs 1.02 trillion on the BSE.

The Nifty held the 14,550-mark and closed at 14,565 level, up 1.4 points or 0.1 per cent.

Global markets

Asian stocks rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while tight supply expectations pushed oil prices to a one-year high.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.61 per cent, while Japan's Nikkei 225 ended 1.04 per cent higher. South Korea's KOSPI gained 0.7 per cent, and Australia's S&amp;P/ASX 200 reversed losses and added 0.11 per cent at close. China's Shanghai Composite, however, ended 0.27 per cent down.

In Europe, stocks were little changed on Wednesday as a profit warning from Danish wind farm developer Orsted hit utilities, while French grocer Carrefour jumped following merger talks. the pan-European STOXX 600 index rose just 0.1 per cent, as utilities were a drag after Orsted slumped 7.5 per cent on warning a return to more normal wind speeds this year would hit operating earnings.

The German DAX remained muted as Health Minister Jens Spahn said the country will not be able to lift all restrictions imposed to curb the spread of the coronavirus at the beginning of February.

(With inputs from Reuters)

Domestic Stock Markets saw a volatile trading session on Wednesday with Sensex and Nifty setting fresh highs and then erasing them, only to close flat. At close, the S&P BSE Sensex was at 49,492 levels, down 25 points or 0.

Domestic Stock Markets saw a volatile trading session on Wednesday with Sensex and Nifty setting fresh highs and then erasing them, only to close flat. At close, the S&P BSE Sensex was at 49,492 levels, down 25 points or 0.05 per cent. Individually, M&M jumped nearly 6 per cent on the BSE today and re-entered the Rs 1-trillion m-cap club. At close, its market cap stood at Rs 1.02 trillion on the BSE. The Nifty held the 14,550-mark and closed at 14,565 level, up 1.4 points or 0.1 per cent. Global markets Asian stocks rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while tight supply expectations pushed oil prices to a one-year high. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.61 per cent, while Japan's Nikkei 225 ended 1.04 per cent higher. South Korea's KOSPI gained 0.7 per cent, and Australia's S&P/ASX 200 reversed losses and added 0.11 per cent at close. China's Shanghai Composite, however, ended 0.27 per cent down. In Europe, stocks were little changed on Wednesday as a profit warning from Danish wind farm developer Orsted hit utilities, while French grocer Carrefour jumped following merger talks. the pan-European STOXX 600 index rose just 0.1 per cent, as utilities were a drag after Orsted slumped 7.5 per cent on warning a return to more normal wind speeds this year would hit operating earnings. The German DAX remained muted as Health Minister Jens Spahn said the country will not be able to lift all restrictions imposed to curb the spread of the coronavirus at the beginning of February. (With inputs from Reuters)

Sensex, Nifty end flat after volatile trading session