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Reliance Industries Ltd said on Sunday it has bought a 96% stake in online furniture retailer Urban Ladder for 1821.2 million rupees ($24.4 million), furthering its attempt to expand its presence in India`s online retail market.

The Indian conglomerate is expanding its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc`s Flipkart and Amazon.com Inc`s Indian arm.

"The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group," Reliance said in a filing to exchanges on Sunday.

Reliance Retail Ventures Limited, a unit of Reliance Industries, has an option of buying the remaining stake, the company said, adding that it intends to invest a further 750 million rupees by December 2023.

Reliance Industries, controlled by Asia`s richest man, Mukesh Ambani, is lining up investors in its retail unit after the conglomerate raised over $20 billion this year from global investors, including Facebook Inc, by selling stakes in its Jio Platforms digital business.

Reliance Industries Ltd said on Sunday it has bought a 96% stake in online furniture retailer Urban Ladder for 1821.2 million rupees ($24.4 million), furthering its attempt to expand its presence in India`s online retail market.

Reliance Industries Ltd said on Sunday it has bought a 96% stake in online furniture retailer Urban Ladder for 1821.2 million rupees ($24.4 million), furthering its attempt to expand its presence in India`s online retail market. The Indian conglomerate is expanding its so-called new commerce venture, which ties neighbourhood stores to Reliance for online deliveries of groceries, apparel and electronics in a space currently dominated by Walmart Inc`s Flipkart and Amazon.com Inc`s Indian arm. "The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group," Reliance said in a filing to exchanges on Sunday. Reliance Retail Ventures Limited, a unit of Reliance Industries, has an option of buying the remaining stake, the company said, adding that it intends to invest a further 750 million rupees by December 2023. Reliance Industries, controlled by Asia`s richest man, Mukesh Ambani, is lining up investors in its retail unit after the conglomerate raised over $20 billion this year from global investors, including Facebook Inc, by selling stakes in its Jio Platforms digital business.

Reliance buys majority stake in furniture retailer Urban Ladder

Ride-hailing major Uber is reportedly in talks with startup Aurora Innovation to sell its autonomous vehicle unit.

Aurora Innovation was founded by three veterans from Google, Tesla and Uber.

According to a report in TechCrunch, the sale of Uber Advanced Technologies Group (UberATG) would mark the end of a bumpy road as the venture has been suffering from several problems. It was recently valued at $7.25 billion.

While its "ATG and other technologies" segment had revenues of $25 million in the third quarter, the segment saw a net loss of $303 million for the nine months ended September 30.

In 2019, Uber avoided criminal charges in the 2018 death of Elaine Herzberg in Tempe, Arizona, the first-ever death involving an autonomous car.

UberATG was also involved in a trade secrets lawsuit with competitor Waymo, owned by Google parent company Alphabet. Uber settled the case.

"Terms of the deal are still unknown, but sources say the two companies have been in talks since October and it is far along in the process," the report said on Saturday.

Aurora is focussed on building the full self-driving stack. The startup's recent valuation was about $2.5 billion.

Ride-hailing major Uber is reportedly in talks with startup Aurora Innovation to sell its autonomous vehicle unit. Aurora Innovation was founded by three veterans from Google, Tesla and Uber.

Ride-hailing major Uber is reportedly in talks with startup Aurora Innovation to sell its autonomous vehicle unit. Aurora Innovation was founded by three veterans from Google, Tesla and Uber. According to a report in TechCrunch, the sale of Uber Advanced Technologies Group (UberATG) would mark the end of a bumpy road as the venture has been suffering from several problems. It was recently valued at $7.25 billion. While its "ATG and other technologies" segment had revenues of $25 million in the third quarter, the segment saw a net loss of $303 million for the nine months ended September 30. In 2019, Uber avoided criminal charges in the 2018 death of Elaine Herzberg in Tempe, Arizona, the first-ever death involving an autonomous car. UberATG was also involved in a trade secrets lawsuit with competitor Waymo, owned by Google parent company Alphabet. Uber settled the case. "Terms of the deal are still unknown, but sources say the two companies have been in talks since October and it is far along in the process," the report said on Saturday. Aurora is focussed on building the full self-driving stack. The startup's recent valuation was about $2.5 billion.

Uber in talks to sell its self-driving car division

Negative real rates in India and recovering growth alongside high inflation suggest its central bank has little room for more monetary stimulus, but policy is likely to stay accommodative, economists and analysts said.

Industrial production in September grew for the first time in six months while green shoots are also visible in rising goods and services tax collections, higher energy consumption, and an uptick in the purchasing managers` index among other gauges.

With inflation staying above 7% in October for a second straight month, well above the RBI`s medium term target of 4%, views that India is near the end of the current rate cutting cycle have become more pronounced.

"The inflation rate has been consistently ahead of not only your target rate but the upper end of your target range as well. Ideally, you should be looking at rate hikes right now," said Sameer Narang, chief economist at Bank of Baroda.

Though the central bank is unable to hike rates due to the impact of the COVID-19 pandemic on economic activity, it would still be mindful of the long-term impact of negative real interest rates on the economy, economists believe.

High inflation is a risk the RBI cannot afford to ignore, Nomura economists wrote in a note.

JOKER IN THE PACK

The RBI said on Wednesday that prospects for economic recovery have brightened, a comment interpreted by some analysts that the bank may not need to do much more to boost growth.

If the upturn is sustained over the next few months, the RBI said it expects the economy to break out of the contraction seen in the first two quarters and return to positive growth in the December quarter.

Rating agency Moody`s on Thursday revised its 2020/21 growth forecast to a 8.9% contraction from its earlier forecast of 9.6%, citing the steady decline in new and active COVID-19 cases since September.

But COVID-19 is widely seen as the joker in the pack by most analysts.

They said the central bank would help banks and corporates through lower borrowing costs unless a second wave of infections forces it to provide more direct support through rate cuts.

India`s daily coronavirus infections are less than half their peak hit in September, but the economy is still recovering from sweeping lockdowns to check the pandemic`s spread.

Since March, the RBI has slashed the repo rate by 115 basis points to cushion the shock from the crisis.

"Given the fragile state of the economy, the RBI is likely to continue with its accommodative stance for a prolonged period," Sujan Hajra, chief economist at Anand Rathi Securities said.

Negative real rates in India and recovering growth alongside high inflation suggest its central bank has little room for more monetary stimulus, but policy is likely to stay accommodative, economists and analysts said.

Negative real rates in India and recovering growth alongside high inflation suggest its central bank has little room for more monetary stimulus, but policy is likely to stay accommodative, economists and analysts said. Industrial production in September grew for the first time in six months while green shoots are also visible in rising goods and services tax collections, higher energy consumption, and an uptick in the purchasing managers` index among other gauges. With inflation staying above 7% in October for a second straight month, well above the RBI`s medium term target of 4%, views that India is near the end of the current rate cutting cycle have become more pronounced. "The inflation rate has been consistently ahead of not only your target rate but the upper end of your target range as well. Ideally, you should be looking at rate hikes right now," said Sameer Narang, chief economist at Bank of Baroda. Though the central bank is unable to hike rates due to the impact of the COVID-19 pandemic on economic activity, it would still be mindful of the long-term impact of negative real interest rates on the economy, economists believe. High inflation is a risk the RBI cannot afford to ignore, Nomura economists wrote in a note. JOKER IN THE PACK The RBI said on Wednesday that prospects for economic recovery have brightened, a comment interpreted by some analysts that the bank may not need to do much more to boost growth. If the upturn is sustained over the next few months, the RBI said it expects the economy to break out of the contraction seen in the first two quarters and return to positive growth in the December quarter. Rating agency Moody`s on Thursday revised its 2020/21 growth forecast to a 8.9% contraction from its earlier forecast of 9.6%, citing the steady decline in new and active COVID-19 cases since September. But COVID-19 is widely seen as the joker in the pack by most analysts. They said the central bank would help banks and corporates through lower borrowing costs unless a second wave of infections forces it to provide more direct support through rate cuts. India`s daily coronavirus infections are less than half their peak hit in September, but the economy is still recovering from sweeping lockdowns to check the pandemic`s spread. Since March, the RBI has slashed the repo rate by 115 basis points to cushion the shock from the crisis. "Given the fragile state of the economy, the RBI is likely to continue with its accommodative stance for a prolonged period," Sujan Hajra, chief economist at Anand Rathi Securities said.

India rate cuts bets fall as recovery gains hold, inflation stays high

Japan's Panasonic Corp has appointed its head of automotive business Yuki Kusumi as the company's next chief executive officer, replacing Kazuhiro Tsuga, who was the architect of a partnership with Tesla Inc.

The 55-year-old will take the reins on April 1, Panasonic said on Friday, after a three-decade career at the company which has seen Kusumi lead the automotive component business and the TV operations, much like his predecessor. Tsuga, 63, will become chairman.

The change comes as Panasonic has begun to benefit from a partnership with Tesla, which was central to the incumbent chief's strategy.

Strong sales of Tesla electric vehicles (EV) have allowed Panasonic's battery business to eke out profits this year, following several years of production troubles and delays at the U.S. partner.

Kusumi also oversaw the launch of a joint battery venture with Toyota Motor Corp in April, which took over Panasonic's business in thin, rectangular-shaped prismatic batteries, a different format from cylindrical batteries used in Tesla EVs.

Under Tsuga's 8-year leadership, Panasonic has shifted its focus away from low-margin consumer electronics to batteries, factory machines and components. Panasonic's partnership with Tesla includes a $1.6 billion bet on a battery joint venture in Nevada, which was signed in 2014.

The company focus on business customers, however, has yet to generate stable profits, and the new chief is likely to be tasked with further overhauling a sprawling business portfolio that ranges from facial steamers to bicycles.

Price pressure on the battery business for Tesla could also intensify as the U.S. company has outlined a plan to halve the cost of its EV batteries and bring more production of the key auto component in-house.

Panasonic said separately that it would change to a holding company structure in April 2022, to clarify responsibilities of each business division and speed up decision-making processes.

Japan's Panasonic Corp has appointed its head of automotive business Yuki Kusumi as the company's next chief executive officer, replacing Kazuhiro Tsuga, who was the architect of a partnership with Tesla Inc.

Japan's Panasonic Corp has appointed its head of automotive business Yuki Kusumi as the company's next chief executive officer, replacing Kazuhiro Tsuga, who was the architect of a partnership with Tesla Inc. The 55-year-old will take the reins on April 1, Panasonic said on Friday, after a three-decade career at the company which has seen Kusumi lead the automotive component business and the TV operations, much like his predecessor. Tsuga, 63, will become chairman. The change comes as Panasonic has begun to benefit from a partnership with Tesla, which was central to the incumbent chief's strategy. Strong sales of Tesla electric vehicles (EV) have allowed Panasonic's battery business to eke out profits this year, following several years of production troubles and delays at the U.S. partner. Kusumi also oversaw the launch of a joint battery venture with Toyota Motor Corp in April, which took over Panasonic's business in thin, rectangular-shaped prismatic batteries, a different format from cylindrical batteries used in Tesla EVs. Under Tsuga's 8-year leadership, Panasonic has shifted its focus away from low-margin consumer electronics to batteries, factory machines and components. Panasonic's partnership with Tesla includes a $1.6 billion bet on a battery joint venture in Nevada, which was signed in 2014. The company focus on business customers, however, has yet to generate stable profits, and the new chief is likely to be tasked with further overhauling a sprawling business portfolio that ranges from facial steamers to bicycles. Price pressure on the battery business for Tesla could also intensify as the U.S. company has outlined a plan to halve the cost of its EV batteries and bring more production of the key auto component in-house. Panasonic said separately that it would change to a holding company structure in April 2022, to clarify responsibilities of each business division and speed up decision-making processes.

Panasonic appoints company veteran Kusumi as CEO, replacing Tsuga

Domestic stock market indices, Sensex and Nifty turned red amid volatility Friday amid weak global cues as rising pandemic cases in major countries dampened investor sentiment. The selloff in banking stocks continued while buying was witnessed in pharma stocks.&nbsp;

The S&amp;P BSE Sensex hovered around 43,400 levels. Earlier in the day, the index hit an intra-day low of 43,053. The broader Nifty50 index, meanwhile, was around 12,700 level. Bajaj Finserv (up 3%) was the top Sensex gainer. Besides, Bajaj Finance and Reliance Industries were also up 2 per cent, each.

Meanwhile, Business optimism has witnessed an increase in the ongoing quarter supported by various measures taken by the government and the RBI to boost consumption demand during the festive season, says a survey. 
&nbsp; 
The fall in active cases of COVID-19 infected persons and the improvement in recovery rate also supported the business sentiment.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty turned red amid volatility Friday amid weak global cues as rising pandemic cases in major countries dampened investor sentiment.

Domestic stock market indices, Sensex and Nifty turned red amid volatility Friday amid weak global cues as rising pandemic cases in major countries dampened investor sentiment. The selloff in banking stocks continued while buying was witnessed in pharma stocks. The S&P BSE Sensex hovered around 43,400 levels. Earlier in the day, the index hit an intra-day low of 43,053. The broader Nifty50 index, meanwhile, was around 12,700 level. Bajaj Finserv (up 3%) was the top Sensex gainer. Besides, Bajaj Finance and Reliance Industries were also up 2 per cent, each. Meanwhile, Business optimism has witnessed an increase in the ongoing quarter supported by various measures taken by the government and the RBI to boost consumption demand during the festive season, says a survey. The fall in active cases of COVID-19 infected persons and the improvement in recovery rate also supported the business sentiment. (With inputs from agencies)

Sensex, Nifty slip in red amid weak global cues

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants. The rules, released on Tuesday (October 10, 2020) outlined steps to prevent 'monopolistic behaviour' in internet companies. This is a marked departure from China's previous approach on antitrust issues. The announcement came on the eve of Singles' Day, the world's biggest shopping festival propelled by Alibaba.

Alibaba shares dropped 9.8 per cent in Hong Kong -- just week after regulator halted a huge IPO for Ant Group, the financial arm of Alibaba. Tencent shares slipped more than seven per cent.

Meanwhile, online shopping platform JD.com plunged more than nine percent, smartphone maker Xiaomi dived more than eight percent and food delivery firm Meituan was 9.7 percent lower.

The losses followed massive drops for the firms on Tuesday.

ALSO READ | <a href="https://www.wionews.com/business-economy/diwali-2020-muhurat-trading-here-is-what-you-need-to-know-342411">Diwali 2020 Muhurat Trading: Here is what you need to know</a> 
 
Dave Wang, portfolio manager at Nuvest Capital told AFP the authorities' move marks an "inflection point" for the sector.

"The dominance of the big players may have reached a point that is making authorities feel uncomfortable," he said.

"They are looking to reduce this dominance or at least keep it in check."

The guidelines, put out by the State Administration for Market Regulation, take specific aim at internet platforms and issues such as exclusivity clauses that hinder competition.

China's antitrust watchdog is also targeting acts constituting an "abuse of dominant market positions" that could squeeze out smaller rivals -- including unfair pricing, restricting transactions without justifiable reason, or pushing different prices and conditions on customers based on their buying habits.

The move to force business partners to "pick one of two", therefore selling exclusively on one platform, is explicitly cited as a monopolistic practice as well.

China's tech firms are known to have captive ecosystems. Alibaba's Taobao platform, for example, supports payments via its own Alipay rather than Tencent's WeChat Pay.

Beijing has moved to clip the wings of its fast-growing online platforms, most recently halting a planned record-smashing $34 billion IPO of Ant Group -- Alibaba's financial arm.

But Supun Walpola, equity analyst at LightStream Research, noted that even if the new rules affect companies' current operations, it does not "drastically" hit their core business models.

"For instance, given its&nbsp;scale and penetration, I see no reason why Alibaba cannot be successful&nbsp;even without practices&nbsp;like data collaboration, price descrimination or exclusivity clauses," he said.

(With AFP inputs)

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants.

Alibaba, Tencent and other Chinese tech giants took a heavy hit as their shares tumbled for a second day on Wednesday. The companies lost billions as Beijing's market regulator released draft antitrust rules that gave signals of crackdown on high-flying internet giants. The rules, released on Tuesday (October 10, 2020) outlined steps to prevent 'monopolistic behaviour' in internet companies. This is a marked departure from China's previous approach on antitrust issues. The announcement came on the eve of Singles' Day, the world's biggest shopping festival propelled by Alibaba. Alibaba shares dropped 9.8 per cent in Hong Kong -- just week after regulator halted a huge IPO for Ant Group, the financial arm of Alibaba. Tencent shares slipped more than seven per cent. Meanwhile, online shopping platform JD.com plunged more than nine percent, smartphone maker Xiaomi dived more than eight percent and food delivery firm Meituan was 9.7 percent lower. The losses followed massive drops for the firms on Tuesday. ALSO READ | Diwali 2020 Muhurat Trading: Here is what you need to know Dave Wang, portfolio manager at Nuvest Capital told AFP the authorities' move marks an "inflection point" for the sector. "The dominance of the big players may have reached a point that is making authorities feel uncomfortable," he said. "They are looking to reduce this dominance or at least keep it in check." The guidelines, put out by the State Administration for Market Regulation, take specific aim at internet platforms and issues such as exclusivity clauses that hinder competition. China's antitrust watchdog is also targeting acts constituting an "abuse of dominant market positions" that could squeeze out smaller rivals -- including unfair pricing, restricting transactions without justifiable reason, or pushing different prices and conditions on customers based on their buying habits. The move to force business partners to "pick one of two", therefore selling exclusively on one platform, is explicitly cited as a monopolistic practice as well. China's tech firms are known to have captive ecosystems. Alibaba's Taobao platform, for example, supports payments via its own Alipay rather than Tencent's WeChat Pay. Beijing has moved to clip the wings of its fast-growing online platforms, most recently halting a planned record-smashing $34 billion IPO of Ant Group -- Alibaba's financial arm. But Supun Walpola, equity analyst at LightStream Research, noted that even if the new rules affect companies' current operations, it does not "drastically" hit their core business models. "For instance, given its scale and penetration, I see no reason why Alibaba cannot be successful even without practices like data collaboration, price descrimination or exclusivity clauses," he said. (With AFP inputs)

Chinese tech giants Alibaba, Tencent stocks heavily hit after draft antitrust rules

India is planning to announce a fresh round of stimulus totalling about $20 billion this week to help pull the economy out of its historic contraction, government officials said on Wednesday.

India planning around $20 billion of new stimulus

Finance Ministery today launched new job scheme called Atma Nirbhar Rozgar Yojana to create jobs in the country. The new scheme will be effective from October 1, 2020.

Atmanirbhar Bharat Rozgar Yojana will be aimed at incentivising the creation of employment opportunities during the&nbsp;COVID-19 recovery phase. 
 
<a href="https://www.wionews.com/india-news/what-is-atmanirbhar-bharat-rozgar-yojana-and-who-can-avail-it-342612">Also read | What is Atmanirbhar Bharat Rozgar Yojana and who can avail it?</a>

The announcement comes a day after the Union Cabinet approved a ₹2 lakh crore production-linked incentive (PLI) package to boost demand in the country.

India is seeing a "strong recovery" taking root in the economy, as seen by increased goods and service tax collections and other metrics, Finance Minister Nirmala Sitharaman said on Thursday.

The recovery is not due to just pent-up demand, Sitharaman told a news conference, ahead of announcing a new set of stimulus measures.

Government officials said on Wednesday that India was set to announce fresh stimulus this week to help pull the economy out of a historic contraction. 
 
Here are the highlights of FM Sitharaman's press conference:

11 States have availed Rs 3,621 crore under interest-free loans towards capital expenditure. IT refunds have gone in a big way to people; 1.32 lakh crore refunds given.

Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crore has been disbursed. Rs 1.18 lakh crore has been sanctioned to discoms of 17 states/UTs.

Bank credit growth is up 5.1%; markets are at a record high. RBI predicting a strong likelihood of economy returning to positive growth in Q3 says FM. She also noted that Moody’s has reassessed India's economic outlook, making an upward revision to its GDP forecast. 
 
The work has commenced on creating a portal for migrant workers.

There has been very good progress on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries.

About 157.44 lakh eligible farmers have received Kisan Credit Cards and sanctioned a limit of ₹1,43,262 crore in two phases.

26.2 lakh loan applications were received under the PM SVANidhi scheme for street vendors.

(With inputs from agencies)

Finance Ministery today launched new job scheme called Atma Nirbhar Rozgar Yojana to create jobs in the country. The new scheme will be effective from October 1, 2020.

Finance Ministery today launched new job scheme called Atma Nirbhar Rozgar Yojana to create jobs in the country. The new scheme will be effective from October 1, 2020. Atmanirbhar Bharat Rozgar Yojana will be aimed at incentivising the creation of employment opportunities during the COVID-19 recovery phase. Also read | What is Atmanirbhar Bharat Rozgar Yojana and who can avail it? The announcement comes a day after the Union Cabinet approved a ₹2 lakh crore production-linked incentive (PLI) package to boost demand in the country. India is seeing a "strong recovery" taking root in the economy, as seen by increased goods and service tax collections and other metrics, Finance Minister Nirmala Sitharaman said on Thursday. The recovery is not due to just pent-up demand, Sitharaman told a news conference, ahead of announcing a new set of stimulus measures. Government officials said on Wednesday that India was set to announce fresh stimulus this week to help pull the economy out of a historic contraction. Here are the highlights of FM Sitharaman's press conference: 11 States have availed Rs 3,621 crore under interest-free loans towards capital expenditure. IT refunds have gone in a big way to people; 1.32 lakh crore refunds given. Under the Emergency Credit Liquidity Guarantee Scheme, a total amount of Rs 2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which Rs 1.52 lakh crore has been disbursed. Rs 1.18 lakh crore has been sanctioned to discoms of 17 states/UTs. Bank credit growth is up 5.1%; markets are at a record high. RBI predicting a strong likelihood of economy returning to positive growth in Q3 says FM. She also noted that Moody’s has reassessed India's economic outlook, making an upward revision to its GDP forecast. The work has commenced on creating a portal for migrant workers. There has been very good progress on 'One Nation-One Ration Card' in 28 states covering 68.8 crore beneficiaries. About 157.44 lakh eligible farmers have received Kisan Credit Cards and sanctioned a limit of ₹1,43,262 crore in two phases. 26.2 lakh loan applications were received under the PM SVANidhi scheme for street vendors. (With inputs from agencies)

Aatmanirbhar Bharat Rozgar Yojana: FM announces measures to boost employment

Stock markets gained on Wednesday, as news of a working COVID-19 vaccine seemed to inoculate investors against worry about surging infections in Europe and the United States, while the kiwi rose as traders thought the central bank sounded upbeat.

Global stocks up as vaccine shields against second-wave worries

News of a breakthrough in the race to find a COVID-19 vaccine sparked one of the heaviest trading days since the height of the pandemic crisis, according to early data analysed by Reuters, with nearly $2 trillion (1.51 trillion pounds) changing hands on Monday.

Nearly $2 trillion traded on COVID-19 vaccine news

The European Union charged Amazon with damaging retail competition, alleging on Tuesday that the U.S. company uses its size, power and data to gain an unfair advantage over smaller merchants that sell on its online platform.

Europe charges Amazon with using dominance and data to squeeze rivals

Dealers in India for Harley-Davidson Inc said on Tuesday they are exploring legal action against the iconic American motorcycle brand after it effectively exited the market as part of a broader restructuring plan.

Dealers in India consider legal action against Harley-Davidson

Indian stock indices opened at a record high on Wednesday as they continued their record-breaking run.

After touching its lifetime peak of 43,675.59 in the opening session, Sensex rose 300 points to a fresh all-time high at 43,590 levels and the Nifty50 index hovered around 12,700-mark. Mahindra &amp; Mahindra (up 3%) was the top Sensex gainer, followed by Kotak Mahindra Bank (up 2%). Besides, ONGC, HDFC, and NTPC were all trading over 1 per cent higher.

The Nifty sectoral indices were trading in the green, led by Nifty Auto and Nifty Pharma indexes, both up 1.3 per cent.

In the previous session, Sensex soared 680.22 points or 1.60 per cent to close above the 43,000-mark for the first time at 43,277.65. The Nifty too ended at its all-time high of 12,631.10, up 170.05 points or 1.36 per cent.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 5,627.32 crore on Tuesday, according to provisional exchange data.

(With inputs from agencies)

Indian stock indices opened at a record high on Wednesday as they continued their record-breaking run. After touching its lifetime peak of 43,675.59 in the opening session, Sensex rose 300 points to a fresh all-time high at 43,590 levels and the Nifty50 index hovered around 12,700-mark.

Indian stock indices opened at a record high on Wednesday as they continued their record-breaking run. After touching its lifetime peak of 43,675.59 in the opening session, Sensex rose 300 points to a fresh all-time high at 43,590 levels and the Nifty50 index hovered around 12,700-mark. Mahindra & Mahindra (up 3%) was the top Sensex gainer, followed by Kotak Mahindra Bank (up 2%). Besides, ONGC, HDFC, and NTPC were all trading over 1 per cent higher. The Nifty sectoral indices were trading in the green, led by Nifty Auto and Nifty Pharma indexes, both up 1.3 per cent. In the previous session, Sensex soared 680.22 points or 1.60 per cent to close above the 43,000-mark for the first time at 43,277.65. The Nifty too ended at its all-time high of 12,631.10, up 170.05 points or 1.36 per cent. Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 5,627.32 crore on Tuesday, according to provisional exchange data. (With inputs from agencies)

Sensex zooms 300 points, Nifty's m-cap tops Rs 100 trillion

Diwali 2020 is just around the corner and as the country prepares to welcome the festive times, stock exchanges are gearing up for Muhurat Trading. Stock exchanges open for one hour on the day of Diwali for a symbolic trade that goes on for around an hour. The usual hustle-bustle and aggressive investor behaviour is seldom seen in this symbolic trading hour. It is believed by many that if you trade stocks during Muhurat trading, good luck follows you for the rest of the year till next Diwali. Here are few key things you need to know about Muhurat Trading 2020

When is Muhurat Trading this year?

It is usually held in the most auspicious hour on the day of Diwali. This year Diwali is falling on November 14. The Muhurat Trading will be carried out between 6:15 pm to 7:15 pm on the day

Who decides the time of the Muhurat trading?

Stock exchanges specify the time. During this hour, live trading takes place.

 
What is the schedule of Muhurat Trading 2020 session?

Here is how the time around Muhurat Trading is allotted

5.45 pm to 6 pm: Block deal session 
6 pm to 6.08 pm: Pre-opening 
6.15 pm to 7.15 pm: Muhurat trading 
6.20 pm to 7.05 pm: Periodic call auction 
7.15 pm to 7.30 pm: Closing session

Trade modification cut-off time is till 7:45 pm

How does market behave during Muhurat Trading?&nbsp;

Historically, markets have remained positive during the symbolic trading session. However, trading volume has been low. Stock movements tend to below as well.

Diwali 2020 is just around the corner and as the country prepares to welcome the festive times, stock exchanges are gearing up for Muhurat Trading. Stock exchanges open for one hour on the day of Diwali for a symbolic trade that goes on for around an hour.

Diwali 2020 is just around the corner and as the country prepares to welcome the festive times, stock exchanges are gearing up for Muhurat Trading. Stock exchanges open for one hour on the day of Diwali for a symbolic trade that goes on for around an hour. The usual hustle-bustle and aggressive investor behaviour is seldom seen in this symbolic trading hour. It is believed by many that if you trade stocks during Muhurat trading, good luck follows you for the rest of the year till next Diwali. Here are few key things you need to know about Muhurat Trading 2020 When is Muhurat Trading this year? It is usually held in the most auspicious hour on the day of Diwali. This year Diwali is falling on November 14. The Muhurat Trading will be carried out between 6:15 pm to 7:15 pm on the day Who decides the time of the Muhurat trading? Stock exchanges specify the time. During this hour, live trading takes place. What is the schedule of Muhurat Trading 2020 session? Here is how the time around Muhurat Trading is allotted 5.45 pm to 6 pm: Block deal session 6 pm to 6.08 pm: Pre-opening 6.15 pm to 7.15 pm: Muhurat trading 6.20 pm to 7.05 pm: Periodic call auction 7.15 pm to 7.30 pm: Closing session Trade modification cut-off time is till 7:45 pm How does market behave during Muhurat Trading? Historically, markets have remained positive during the symbolic trading session. However, trading volume has been low. Stock movements tend to below as well.

Diwali 2020 Muhurat Trading: Here is what you need to know

India: Sensex trading above 43,500 mark

The U.S. Federal Aviation Administration is in the final stages of reviewing proposed changes to Boeing Co's 737 MAX and expects to complete the process in the "coming days," the agency's chief told Reuters on Monday.

FAA in final stages of Boeing 737 MAX review

Beijing has pulled the break on the Ant group, which was supposed to be the world’s biggest IPO.

The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco.

But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself.

The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai.

Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets.

“Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said.

Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny. On Monday, Jack Ma was issued a summoned to a rare joint meeting. Reportedly, he met with the People's Bank of China and three other top financial regulators. They told him that the Ant group would face increased scrutiny from now on.

Why?

One, the potential of the Ant group itself. Apart from facilitating digital payments, the Ant group is also a micro-lender. After their initial success, the company ventured into wealth management and insurance. Ant group's payments product Alipay has more than one billion users.

The company issues about one-tenth of all of China's non-mortgage consumer loans. Listing the Ant group on the exchanges would have led to windfall gains for investment banks. They were expected to reap 300 million dollars in fees.

It is backed by one of the most admired entrepreneurs in the world who seems to have fallen on the wrong side of his own party. Jack Ma may have miffed the communist leadership with a statement. Last month, he had criticised China's financial regulations. Calling them "outdated”, Jack Ma said they were stifling innovation in the sector.

According to one claim, the Ant group was being seen as China's answer to America's JP Morgan - A company that could disrupt the financial sector. According to another&nbsp;claim, the big five state-owned banks have a grip on a third of the assets within the Chinese banking sector. China doesn't seem to be willing to let go of its control on the financial sector just yet. Behind the scenes, Chinese regulators have been steadily tightening their control over companies like the Ant group. And by killing the Ant IPO - they have set a message to Jack Ma. Reportedly, the Ant group now needs to comply with a new set regulations.

Beijing has pulled the break on the Ant group, which was supposed to be the world’s biggest IPO. The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame.

Beijing has pulled the break on the Ant group, which was supposed to be the world’s biggest IPO. The Ant group is a Fintech company, controlled by China's richest man Jack Ma of the Alibaba fame. He wanted to take the Ant group public, and raise up to 37 billion dollars in the process. This would have been the largest IPO, or initial public offering in the world - bigger than the listing of Saudi Aramco. But the Communist Party has dropped the axe on Ant. The Chinese government has suspended the public listing of this company, marking a big blow for Jack Ma - China's most celebrated entrepreneur. And, a member of the Communist Party. According to multiple claims, this was done because Ma was becoming bigger than the Chinese state itself. The Ant group IPO was killed by Beijing at the 11th hour, which happened just two days before the company's stock was supposed to start trading in Hong Kong and Shanghai. Reportedly, the orders came straight from the top, which could potentially even mean President Xi Jinping himself. China said it wants to maintain the stability of the capital markets. “Here, what I can tell you is that the decision of suspension is relevant stock exchange department fulfilling its responsibility of self regulation. The decision (of suspension of the IPO) is made by relevant exchange institutes based on laws to better safeguard capital market stability and protect investor rights and interests”, Chinese foreign ministry spokesman Wang Wenbin said. Anywhere in the world, cancelling an IPO worth 37 billion dollars would shock the investors, and invite greater scrutiny. On Monday, Jack Ma was issued a summoned to a rare joint meeting. Reportedly, he met with the People's Bank of China and three other top financial regulators. They told him that the Ant group would face increased scrutiny from now on. Why? One, the potential of the Ant group itself. Apart from facilitating digital payments, the Ant group is also a micro-lender. After their initial success, the company ventured into wealth management and insurance. Ant group's payments product Alipay has more than one billion users. The company issues about one-tenth of all of China's non-mortgage consumer loans. Listing the Ant group on the exchanges would have led to windfall gains for investment banks. They were expected to reap 300 million dollars in fees. It is backed by one of the most admired entrepreneurs in the world who seems to have fallen on the wrong side of his own party. Jack Ma may have miffed the communist leadership with a statement. Last month, he had criticised China's financial regulations. Calling them "outdated”, Jack Ma said they were stifling innovation in the sector. According to one claim, the Ant group was being seen as China's answer to America's JP Morgan - A company that could disrupt the financial sector. According to another claim, the big five state-owned banks have a grip on a third of the assets within the Chinese banking sector. China doesn't seem to be willing to let go of its control on the financial sector just yet. Behind the scenes, Chinese regulators have been steadily tightening their control over companies like the Ant group. And by killing the Ant IPO - they have set a message to Jack Ma. Reportedly, the Ant group now needs to comply with a new set regulations.

Why is China trying to kill Jack Ma's Ant Group IPO?

China's market regulator on Tuesday published draft rules aimed at preventing monopolistic behaviour by internet platforms.

China's State Administration for Market Regulation (SAMR), which issued the draft, said it wanted to prevent platforms from dominating the market or from adopting methods aimed at blocking fair competition. This is being seen as a move that will increase scrutiny on the country's e-commerce marketplaces and payment services.

The definitions it provided for internet platforms mean the new rules could apply to e-commerce sites.

The draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits, according to the statement from SAMR.

The move comes after the shock suspension last week of the planned $37 billion share market listing of Ant Group, not long after regulators warned the company its lucrative online lending business faced tighter government scrutiny.

The draft rules issued on Tuesday would look to prevent e-commerce practices such as "choose one between two", under which a marketplace restricts brands from selling on multiple platforms.

According to the statement from SAMR, the draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits.&nbsp;

SAMR is seeking reviews and feedback from the public toward the draft rules until November 30.

China's market regulator on Tuesday published draft rules aimed at preventing monopolistic behaviour by internet platforms. China's State Administration for Market Regulation (SAMR), which issued the draft, said it wanted to prevent platforms from dominating the market or from adopting methods aimed at blocking fair competition.

China's market regulator on Tuesday published draft rules aimed at preventing monopolistic behaviour by internet platforms. China's State Administration for Market Regulation (SAMR), which issued the draft, said it wanted to prevent platforms from dominating the market or from adopting methods aimed at blocking fair competition. This is being seen as a move that will increase scrutiny on the country's e-commerce marketplaces and payment services. The definitions it provided for internet platforms mean the new rules could apply to e-commerce sites. The draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits, according to the statement from SAMR. The move comes after the shock suspension last week of the planned $37 billion share market listing of Ant Group, not long after regulators warned the company its lucrative online lending business faced tighter government scrutiny. The draft rules issued on Tuesday would look to prevent e-commerce practices such as "choose one between two", under which a marketplace restricts brands from selling on multiple platforms. According to the statement from SAMR, the draft rules would also consider whether a transaction treats different customers in different ways based on big data, payment ability, consumption preferences, and usage habits. SAMR is seeking reviews and feedback from the public toward the draft rules until November 30.

China publishes draft competition rules for online platforms

India's antitrust body on Monday ordered an investigation into allegations that Alphabet Inc's Google was abusing its market position to promote its payments app as well as forcing app developers to use its in-app payment system.

India's antitrust body orders investigation into Google payments app

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy.

While Donald Trump has yet to concede and has launched several legal challenges, it is widely accepted that the Democrat will become the 46th president, removing a crucial hurdle for equity traders this year.

Observers said the focus will now be on Biden's economic and foreign policy approach, with optimism for a less tumultuous leadership following four years of the bombastic real estate tycoon.

Markets were already surging last week as it became apparent the former vice president was on course for victory and that Republicans would likely hold the Senate, allowing them to rein in any big regulatory or tax policies.

On Monday Tokyo led the gains, surging two percent, while Hong Kong, Shanghai, Sydney, Singapore, Seoul, Wellington and Taipei were all up more than one percent.

Wall Street futures also rallied, with the Dow, S&amp;P 500 and Nasdaq all seen opening more than one percent up.

Traders are now looking to Capitol Hill hoping for a fresh rescue package for the economy after lawmakers failed to hammer out anything despite months of haggling, though any new plan will not likely be as big as what would be expected from a Democrat-led Congress.

"More fiscal support is likely forthcoming," said Invesco strategists including Brian Levitt. "While it may not be the outsize fiscal package that the Democrats had envisioned, it will likely be large enough to provide an additional boost to the economic recovery.

"Paradoxically, a more modest fiscal bill may serve to extend the market and business cycles, as it would be unlikely to bring forward the inflationary pressures that presage Fed tightening and the end of cycles."

- Focus on stimulus -

However, observers said better-than-expected US jobs data on Friday could complicate moves to push a bigger spending bill through Congress, with Republicans already suggesting they would rather pass a more targeted package.

The economy added 638,000 jobs last month, far more than analysts estimated, and the unemployment rate fell one percentage point.

Senate Majority Leader Mitch McConnell said of a new stimulus: "Something smaller, rather than throwing another $3 trillion at this issue, is more appropriate."

Of the jobs numbers he said: "That, I think, clearly ought to affect what size of any rescue package we additionally do."

And Trump economic adviser Larry Kudlow added: "We’re not interested in, you know, two or three trillion.

"It would still be a targeted package to specific areas" that the White House wants, he said.

Oil prices rallied more than two percent on hopes that new economic help will give a boost to demand for the commodity, though the imposition of virus lockdowns in several countries in Europe is keeping a lid on gains.

And on currency markets, the dollar dropped against high-yielding units including the South Korean won, Australian dollar and Indonesian rupiah on expectations for a big spending bill and US rates being kept at record lows for the foreseeable future.

The Chinese yuan was sitting at its highest level since June 2018 on easing concerns about relations between Beijing and Washington.

Analysts said a new stimulus was crucial for helping the economy as coronavirus spreads rapidly through the United States, with almost 10 million people having contracted it.

"Covid has replaced election uncertainty as the major source of investor worries about equity markets," said Dennis DeBusschere at Evercore ISI. "Further positive vaccine development news would help offset some of the increase in hospitalisations and deaths."

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 2.0 percent to 24,799.22 (break)

Hong Kong - Hang Seng: UP 1.4 percent, or to 26,060.66

Shanghai - Composite: UP 1.2 percent to 3,351.56

Euro/dollar: UP at $1.1892 from $1.1872 at 2215 GMT

Dollar/yen: DOWN at 103.30 yen from 103.33 yen

Pound/dollar: UP at $1.3185 from $1.3156

Euro/pound: DOWN at 90.19 pence from 90.22 pence

West Texas Intermediate: UP 2.6 percent at $38.09 per barrel

Brent North Sea crude: UP 2.5 percent at $40.44 per barrel

New York - Dow: DOWN 0.2&nbsp;percent at 28,323.40 (close)

London - FTSE 100: FLAT at 5,910.02 (close)

&nbsp;

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy.

Stocks, oil and high-yielding currencies rallied Monday after Joe Biden was declared winner of the US election at the weekend, lifting a major source of uncertainty, while traders are hoping lawmakers will now focus on passing a new stimulus for the world's biggest economy. While Donald Trump has yet to concede and has launched several legal challenges, it is widely accepted that the Democrat will become the 46th president, removing a crucial hurdle for equity traders this year. Observers said the focus will now be on Biden's economic and foreign policy approach, with optimism for a less tumultuous leadership following four years of the bombastic real estate tycoon. Markets were already surging last week as it became apparent the former vice president was on course for victory and that Republicans would likely hold the Senate, allowing them to rein in any big regulatory or tax policies. On Monday Tokyo led the gains, surging two percent, while Hong Kong, Shanghai, Sydney, Singapore, Seoul, Wellington and Taipei were all up more than one percent. Wall Street futures also rallied, with the Dow, S&P 500 and Nasdaq all seen opening more than one percent up. Traders are now looking to Capitol Hill hoping for a fresh rescue package for the economy after lawmakers failed to hammer out anything despite months of haggling, though any new plan will not likely be as big as what would be expected from a Democrat-led Congress. "More fiscal support is likely forthcoming," said Invesco strategists including Brian Levitt. "While it may not be the outsize fiscal package that the Democrats had envisioned, it will likely be large enough to provide an additional boost to the economic recovery. "Paradoxically, a more modest fiscal bill may serve to extend the market and business cycles, as it would be unlikely to bring forward the inflationary pressures that presage Fed tightening and the end of cycles." - Focus on stimulus - However, observers said better-than-expected US jobs data on Friday could complicate moves to push a bigger spending bill through Congress, with Republicans already suggesting they would rather pass a more targeted package. The economy added 638,000 jobs last month, far more than analysts estimated, and the unemployment rate fell one percentage point. Senate Majority Leader Mitch McConnell said of a new stimulus: "Something smaller, rather than throwing another $3 trillion at this issue, is more appropriate." Of the jobs numbers he said: "That, I think, clearly ought to affect what size of any rescue package we additionally do." And Trump economic adviser Larry Kudlow added: "We’re not interested in, you know, two or three trillion. "It would still be a targeted package to specific areas" that the White House wants, he said. Oil prices rallied more than two percent on hopes that new economic help will give a boost to demand for the commodity, though the imposition of virus lockdowns in several countries in Europe is keeping a lid on gains. And on currency markets, the dollar dropped against high-yielding units including the South Korean won, Australian dollar and Indonesian rupiah on expectations for a big spending bill and US rates being kept at record lows for the foreseeable future. The Chinese yuan was sitting at its highest level since June 2018 on easing concerns about relations between Beijing and Washington. Analysts said a new stimulus was crucial for helping the economy as coronavirus spreads rapidly through the United States, with almost 10 million people having contracted it. "Covid has replaced election uncertainty as the major source of investor worries about equity markets," said Dennis DeBusschere at Evercore ISI. "Further positive vaccine development news would help offset some of the increase in hospitalisations and deaths." - Key figures around 0230 GMT - Tokyo - Nikkei 225: UP 2.0 percent to 24,799.22 (break) Hong Kong - Hang Seng: UP 1.4 percent, or to 26,060.66 Shanghai - Composite: UP 1.2 percent to 3,351.56 Euro/dollar: UP at $1.1892 from $1.1872 at 2215 GMT Dollar/yen: DOWN at 103.30 yen from 103.33 yen Pound/dollar: UP at $1.3185 from $1.3156 Euro/pound: DOWN at 90.19 pence from 90.22 pence West Texas Intermediate: UP 2.6 percent at $38.09 per barrel Brent North Sea crude: UP 2.5 percent at $40.44 per barrel New York - Dow: DOWN 0.2 percent at 28,323.40 (close) London - FTSE 100: FLAT at 5,910.02 (close)

Equities rally after Biden is declared winner of US vote

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister. &nbsp;

The lira was 8.19 against the dollar at 0800 GMT, after opening the day at around 8.40.

In an unexpected move, Albayrak, finance minister since 2018, resigned late Sunday citing health concerns.

"After serving in ministerial posts for nearly five years, I took the decision not to continue my duty (as finance minister) due to health issues," he said in a statement on his official Instagram account.

The post created initial confusion among Turkish officials, and it was not clear if Erdogan will approve his resignation.&nbsp;

It came just a day after Erdogan ousted central bank governor Murat Uysal, who came under sharp criticism for being unable to prevent the lira from losing roughly a third of its value against the dollar this year.

Former finance minister Naci Agbal replaced Uysal, who served in his role for only 16 months.&nbsp;

Turkish media speculated that Albayrak opposed Agbal's appointment.&nbsp;

The central bank's new governor said the bank's primary objective was to achieve and maintain price stability.

The central bank "will decisively use all policy tools in pursuit of its price stability objective," Agbal said in a statement, adding that the current situation would be reviewed ahead of the next monetary policy committee meeting on November 19.

During Albayrak's two years as finance minister, Turkey suffered a currency crisis in 2018, before hitting multiple record lows against the dollar this year.

In August, Albayrak drew ire when he downplayed the lira's sharp fall.&nbsp;

"Are you paid in dollars?" he asked in a live television interview.

"Do you have any business in dollars?" he demanded in comments that went viral on social media at the time.&nbsp;

The 42-year-old is married to Erdogan's elder daughter Esra with four children.&nbsp;

Albayrak has frequently accompanied Erdogan on foreign trips and policy meetings with world leaders.&nbsp;

Interior Minister Suleyman Soylu's resignation earlier this year was not approved by the Turkish president. Soylu remains in his post. 
&nbsp;

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister.

The Turkish lira, one of the world's worst performing currencies, gained around 2.5 percent against the dollar Monday after President Recep Tayyip Erdogan's son-in-law Berat Albayrak stepped down as finance minister. The lira was 8.19 against the dollar at 0800 GMT, after opening the day at around 8.40. In an unexpected move, Albayrak, finance minister since 2018, resigned late Sunday citing health concerns. "After serving in ministerial posts for nearly five years, I took the decision not to continue my duty (as finance minister) due to health issues," he said in a statement on his official Instagram account. The post created initial confusion among Turkish officials, and it was not clear if Erdogan will approve his resignation. It came just a day after Erdogan ousted central bank governor Murat Uysal, who came under sharp criticism for being unable to prevent the lira from losing roughly a third of its value against the dollar this year. Former finance minister Naci Agbal replaced Uysal, who served in his role for only 16 months. Turkish media speculated that Albayrak opposed Agbal's appointment. The central bank's new governor said the bank's primary objective was to achieve and maintain price stability. The central bank "will decisively use all policy tools in pursuit of its price stability objective," Agbal said in a statement, adding that the current situation would be reviewed ahead of the next monetary policy committee meeting on November 19. During Albayrak's two years as finance minister, Turkey suffered a currency crisis in 2018, before hitting multiple record lows against the dollar this year. In August, Albayrak drew ire when he downplayed the lira's sharp fall. "Are you paid in dollars?" he asked in a live television interview. "Do you have any business in dollars?" he demanded in comments that went viral on social media at the time. The 42-year-old is married to Erdogan's elder daughter Esra with four children. Albayrak has frequently accompanied Erdogan on foreign trips and policy meetings with world leaders. Interior Minister Suleyman Soylu's resignation earlier this year was not approved by the Turkish president. Soylu remains in his post.

Turkish lira rallies after Erdogan's son-in-law resigns

After opening at a record high today, domestic stock market indices made a new record high closing, taking cues from the global indices.

Sensex rallied 704 points, or 1.68 per cent to end the day at 42,597 levels. In the intra-day deals, the index hit a high of 42,645.33 levels. NSE's Nifty index, too, surpassed its previous high of 12,430.5 to settle at 12,461, up 198 points, or 1.61 per cent.

ICICI Bank, HDFC Bank, Infosys, and Reliance Industries (RIL) were the major contributors to the Sensex's gain today. Of 30 constituents, 27 advanced and three declined.&nbsp;

Most market participants are hoping the Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets.

Coming back to domestic factors, investors will also focus on industrial production and inflation data, scheduled to be announced on Thursday.

Global markets

World stocks hit a record high on Monday and the dollar stayed weak as expectations of better global trade ties and more monetary stimulus under US President-elect Joe Biden supported risk appetite.&nbsp;

E-mini futures for the S&amp;P 500 jumped more than 1.4% on Monday. MSCI’s broadest index of Asia Pacific shares outside of Japan jumped 1.3% after hitting its highest since January 2018. European stocks, too, rallied in the trade.&nbsp;

In commodities, oil prices rose more than 2 per cent, with Brent futures topping $40 a barrel.&nbsp;

(With inputs from Reuters)

After opening at a record high today, domestic stock market indices made a new record high closing, taking cues from the global indices. Sensex rallied 704 points, or 1.

After opening at a record high today, domestic stock market indices made a new record high closing, taking cues from the global indices. Sensex rallied 704 points, or 1.68 per cent to end the day at 42,597 levels. In the intra-day deals, the index hit a high of 42,645.33 levels. NSE's Nifty index, too, surpassed its previous high of 12,430.5 to settle at 12,461, up 198 points, or 1.61 per cent. ICICI Bank, HDFC Bank, Infosys, and Reliance Industries (RIL) were the major contributors to the Sensex's gain today. Of 30 constituents, 27 advanced and three declined. Most market participants are hoping the Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets. Coming back to domestic factors, investors will also focus on industrial production and inflation data, scheduled to be announced on Thursday. Global markets World stocks hit a record high on Monday and the dollar stayed weak as expectations of better global trade ties and more monetary stimulus under US President-elect Joe Biden supported risk appetite. E-mini futures for the S&P 500 jumped more than 1.4% on Monday. MSCI’s broadest index of Asia Pacific shares outside of Japan jumped 1.3% after hitting its highest since January 2018. European stocks, too, rallied in the trade. In commodities, oil prices rose more than 2 per cent, with Brent futures topping $40 a barrel. (With inputs from Reuters)

Sensex, Nifty end at lifetime closing high amid firm global cues

Richard Branson's Virgin&nbsp;Hyperloop&nbsp;has completed the world's first passenger ride on a super-high-speed levitating pod system, the company said on Sunday, a key safety test for technology it hopes will transform human and cargo transportation.

Virgin&nbsp;Hyperloop&nbsp;executives Josh Giegel, its Chief Technology Officer, and Sara Luchian, Director of Passenger Experience, reached speeds of up to 107 miles per hour (172 km per hour) at the company's DevLoop test site in Las Vegas, Nevada, the company said.

"I had the true pleasure of seeing history made before my very eyes," said Sultan Ahmed Bin Sulayem, Chairman of Virgin&nbsp;Hyperloop&nbsp;and Group Chairman and Chief Executive of DP World.

Los Angeles-based&nbsp;Hyperloop&nbsp;envisions a future where floating pods packed with passengers and cargo hurtle through vacuum tubes at 600 miles an hour (966 kph) or faster.

In a&nbsp;hyperloop&nbsp;system, which uses magnetic levitation to allow near-silent travel, a trip between New York and Washington would take just 30 minutes. That would be twice as fast as a commercial jet flight and four times faster than a high-speed train.

The company has previously run over 400 tests without human passengers at the Nevada site.

The test comes a month after Reuters first reported that Virgin&nbsp;Hyperloop&nbsp;picked the U.S. state of West Virginia to host a $500 million certification center and test track that will serve as a proving ground for its technology.

The company is working toward safety certification by 2025 and commercial operations by 2030, it has said.

Canada's Transpod and Spain's Zeleros also aim to upend traditional passenger and freight networks with similar technology they say will slash travel times, congestion, and environmental harm linked with petroleum-fueled machines.

Richard Branson's Virgin Hyperloop has completed the world's first passenger ride on a super-high-speed levitating pod system, the company said on Sunday, a key safety test for technology it hopes will transform human and cargo transportation.

Richard Branson's Virgin Hyperloop has completed the world's first passenger ride on a super-high-speed levitating pod system, the company said on Sunday, a key safety test for technology it hopes will transform human and cargo transportation. Virgin Hyperloop executives Josh Giegel, its Chief Technology Officer, and Sara Luchian, Director of Passenger Experience, reached speeds of up to 107 miles per hour (172 km per hour) at the company's DevLoop test site in Las Vegas, Nevada, the company said. "I had the true pleasure of seeing history made before my very eyes," said Sultan Ahmed Bin Sulayem, Chairman of Virgin Hyperloop and Group Chairman and Chief Executive of DP World. Los Angeles-based Hyperloop envisions a future where floating pods packed with passengers and cargo hurtle through vacuum tubes at 600 miles an hour (966 kph) or faster. In a hyperloop system, which uses magnetic levitation to allow near-silent travel, a trip between New York and Washington would take just 30 minutes. That would be twice as fast as a commercial jet flight and four times faster than a high-speed train. The company has previously run over 400 tests without human passengers at the Nevada site. The test comes a month after Reuters first reported that Virgin Hyperloop picked the U.S. state of West Virginia to host a $500 million certification center and test track that will serve as a proving ground for its technology. The company is working toward safety certification by 2025 and commercial operations by 2030, it has said. Canada's Transpod and Spain's Zeleros also aim to upend traditional passenger and freight networks with similar technology they say will slash travel times, congestion, and environmental harm linked with petroleum-fueled machines.

Virgin Hyperloop completes first successful human passenger test

According to a poll, business sentiment of Japanese manufacturers and service-sector firms was the least pessimistic in nine months in November, as the world’s third-largest economy showed signs of pulling out of a coronavirus-induced recession.

World Business Watch: Japan manufacturers less pessimistic in November

Joe Biden is returning to the White House to lead the United States in the midst of an economic crisis after beating President Donald Trump in Tuesday’s election, but a turn of events likely to conjure an eerie sense of deja vu for the Democratic former vice president.

World Business Watch: New US President to battle economic crisis