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The Trump Administration has injected USD 3 trillion into the American economy after the nation was adversely impacted due to the coronavirus pandemic, US Treasury Secretary Steven Mnuchin said on Sunday.

"The president and I couldn't be more pleased with the way the economic plan is working. We've injected USD 3 trillion into the economy. People thought we'd get 25 per cent on unemployment. Fortunately, it never came close to that.

We're now down to 8.4," Mnuchin said in an interview to the Fox channel.

However, Mnuchin said the Trump administration is working on helping small businesses and getting back employment for people.

"But the president and I believe we should do more stimulus. We have about seven and a half million jobs that we need to get back until we're back to where we were up. And we want to help small businesses, we want to help businesses that are particularly impacted by this, and we'll continue to work on proposed new legislation," he said.

US is the world worst hit economy due to the coronavirus pandemic, which till now has infected 6,256,359 people and killed 188,634 others.

Mnuchin said for no fault of any American businesses, the president made a very difficult decision to shut down the entire US economy because of the terrible COVID disease.

"Now, the good news is we've reopened it. Thought we have 30 million to 40 million people unemployed. We never did that because of the bipartisan support putting money into the economy. We're now down to 8.4 per cent and the president is going to get it back down to 3 per cent or 4 per cent where it was before all of that in the beginning of next year when he's reelected," Mnuchin said.

The Trump Administration has injected USD 3 trillion into the American economy after the nation was adversely impacted due to the coronavirus pandemic, US Treasury Secretary Steven Mnuchin said on Sunday.

The Trump Administration has injected USD 3 trillion into the American economy after the nation was adversely impacted due to the coronavirus pandemic, US Treasury Secretary Steven Mnuchin said on Sunday. "The president and I couldn't be more pleased with the way the economic plan is working. We've injected USD 3 trillion into the economy. People thought we'd get 25 per cent on unemployment. Fortunately, it never came close to that. We're now down to 8.4," Mnuchin said in an interview to the Fox channel. However, Mnuchin said the Trump administration is working on helping small businesses and getting back employment for people. "But the president and I believe we should do more stimulus. We have about seven and a half million jobs that we need to get back until we're back to where we were up. And we want to help small businesses, we want to help businesses that are particularly impacted by this, and we'll continue to work on proposed new legislation," he said. US is the world worst hit economy due to the coronavirus pandemic, which till now has infected 6,256,359 people and killed 188,634 others. Mnuchin said for no fault of any American businesses, the president made a very difficult decision to shut down the entire US economy because of the terrible COVID disease. "Now, the good news is we've reopened it. Thought we have 30 million to 40 million people unemployed. We never did that because of the bipartisan support putting money into the economy. We're now down to 8.4 per cent and the president is going to get it back down to 3 per cent or 4 per cent where it was before all of that in the beginning of next year when he's reelected," Mnuchin said.

Trump administration pumped in USD 3 trillion into American economy after COVID-19 impact: US Treasury Secy

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic.&nbsp;

The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles. The announcement will be made soon, he added.

Speaking at the 60th Annual Convention of industry body Society of Indian Automobile Manufacturers (SIAM), Javadekar said, "We are in discussion with finance minister Nirmala Sitharaman on GST issues."

Commenting vehicle scrappage policy, Union minister said that central government has received all inputs from stakeholders. "Announcement on the scrappage policy will be made soon," Javadekar added.

(With inputs from agencies)

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic. The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles.

The Government of India on Friday assured support to leaders of the auto industry which has been severely hit by the pandemic. The Union minister of Heavy Industries and Public Enterprises Prakash Javadekar said the central government is looking into automobile industries recommendation for a reduction in Goods and Services Tax (GST) rates by 10% across all categories of vehicles. The announcement will be made soon, he added. Speaking at the 60th Annual Convention of industry body Society of Indian Automobile Manufacturers (SIAM), Javadekar said, "We are in discussion with finance minister Nirmala Sitharaman on GST issues." Commenting vehicle scrappage policy, Union minister said that central government has received all inputs from stakeholders. "Announcement on the scrappage policy will be made soon," Javadekar added. (With inputs from agencies)

Govt looking at GST rate cut for automobile sector 

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying&nbsp;technology&nbsp;sector, while economic data highlighted concerns about a long and difficult recovery.

The&nbsp;technology-centric Nasdaq led the declines as its heavyweight stocks took a hit with the biggest drags from companies including Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc.

Also read:&nbsp;<a href="https://www.wionews.com/world/e-commerce-giant-amazon-will-create-7000-jobs-in-the-united-kingdom-324991" hreflang="en">E-commerce giant Amazon will create 7,000 jobs in the United Kingdom</a>

The five stocks, deemed strong bets because of solid cash positions and continued growth despite the coronavirus crisis, also account for roughly a quarter of the S&amp;P 500's market value and have driven the stock market's narrow&nbsp;technology-led recovery from the pandemic lows hit in March.

The Philadelphia chip index and the S&amp;P tech sector also dropped more than 5 per cent&nbsp;each.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/global-economy-will-take-12-trillion-hit-from-covid-19-international-monetary-fund-308349">Global economy will take $12 trillion hit from COVID-19: International Monetary Fund</a>

The pullback comes a day after the S&amp;P 500 and the Nasdaq closed at record levels and the Dow came within 1.5 per cent of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic.

Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watched monthly payrolls report is set for Friday

Separately, a survey showed US&nbsp;services industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded.

The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent, to close at 28,292.73, the S&amp;P 500 lost 125.78 points, or 3.51 per cent, to 3,455.06 and the Nasdaq Composite dropped 598.34 points, or 4.96 per cent, to 11,458.10.

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery.

Wall Street's main indexes closed sharply lower on Thursday, marking their deepest one-day dives in months as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery. The technology-centric Nasdaq led the declines as its heavyweight stocks took a hit with the biggest drags from companies including Facebook Inc, Apple Inc, Amazon.com Inc, Microsoft Inc and Google-parent Alphabet Inc. Also read: E-commerce giant Amazon will create 7,000 jobs in the United Kingdom The five stocks, deemed strong bets because of solid cash positions and continued growth despite the coronavirus crisis, also account for roughly a quarter of the S&P 500's market value and have driven the stock market's narrow technology-led recovery from the pandemic lows hit in March. The Philadelphia chip index and the S&P tech sector also dropped more than 5 per cent each. Also read: Global economy will take $12 trillion hit from COVID-19: International Monetary Fund The pullback comes a day after the S&P 500 and the Nasdaq closed at record levels and the Dow came within 1.5 per cent of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic. Earlier in the day, data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, but remained extraordinarily high. The closely watched monthly payrolls report is set for Friday Separately, a survey showed US services industry growth slowed in August, likely as the boost from the reopening of businesses and fiscal stimulus faded. The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent, to close at 28,292.73, the S&P 500 lost 125.78 points, or 3.51 per cent, to 3,455.06 and the Nasdaq Composite dropped 598.34 points, or 4.96 per cent, to 11,458.10.

Tech tumble jams Wall Street into reverse; sharpest fall since June

Vodafone Idea Ltd said on Friday it would raise funds up to $4.10 billion (Rs 300 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government.

The funds will be raised through a combination of equity and debt instruments and the total fund-raising will not exceed Rs 25,000 crore, the company said in a regulatory filing.

It also mentioned, "issuance of unsecured and/or secured, non-convertible debentures up to an aggregate amount of Rs 15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches".

The fund-raising plans are subject to shareholders' nod and other stipulated approvals.

The crucial decision comes just days after the Supreme Court directed all telecom operators to pay 10 per cent of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting from next fiscal year.

The fund-raising will throw a potential lifeline to the cash-strapped telco, which suffered massive losses, has been losing subscribers and ARPUs, and facing outstanding AGR dues of about Rs 50,000 crore.

Vodafone Idea Ltd said on Friday it would raise funds up to $4.10 billion (Rs 300 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government.

Vodafone Idea Ltd said on Friday it would raise funds up to $4.10 billion (Rs 300 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government. The funds will be raised through a combination of equity and debt instruments and the total fund-raising will not exceed Rs 25,000 crore, the company said in a regulatory filing. It also mentioned, "issuance of unsecured and/or secured, non-convertible debentures up to an aggregate amount of Rs 15,000 crore, by way of public offering or private placement basis or otherwise, in one or more tranches". The fund-raising plans are subject to shareholders' nod and other stipulated approvals. The crucial decision comes just days after the Supreme Court directed all telecom operators to pay 10 per cent of total adjusted gross revenue (AGR)-related dues this year, and rest of the payments in 10 instalments, starting from next fiscal year. The fund-raising will throw a potential lifeline to the cash-strapped telco, which suffered massive losses, has been losing subscribers and ARPUs, and facing outstanding AGR dues of about Rs 50,000 crore.

Debt-ridden Vodafone Idea to raise up to $4.1 billion in funds

According to Fitch Ratings, Chinese banks' profits will weaken more in the second half of 2020. The net profit of Chinese banks is down by 9.4% in January to June this year.

Fitch Ratings: Chinese banks’ profits will weaken more in the second half of 2020

SoftBank Group is exploring assembling a group of bidders for TikTok's assets in India. SoftBank Group has been looking for local partners. Watch this video to know more.

SoftBank Group may bid for TikTok's India assets

U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported on Thursday, sending shares in the struggling Indian telecom firm up 10%.

Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/supreme-court-gives-vodafone-idea-airtel-10-years-to-pay-agr-dues-to-government-324447">Supreme Court gives Vodafone-Idea, Airtel 10 years to pay AGR dues to government</a>

But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues.

Vodafone Idea did not immediately respond to Reuters request for comment. Amazon and Verizon did not return emails seeking comment outside regular U.S. business hours.

Heavily indebted Vodafone Idea - a joint venture between Britain's Vodafone Group Plc and India's Idea Cellular - had previously said its ability to continue as a going concern rested on a positive outcome of the hearing.

It has paid the Indian government 78.5 billion rupees ($1.1 billion) in telecoms dues, according to regulatory filings, but still owes roughly 500 billion rupees ($6.8 billion) more.

Shares in Vodafone Idea, which ended 13% lower after Tuesday's court ruling, were up 8% at 10.70 rupees on the NSE index by 0405 GMT.

U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported on Thursday, sending shares in the struggling Indian telecom firm up 10%.

U.S. wireless carrier Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in India's Vodafone Idea Ltd, the Mint newspaper reported on Thursday, sending shares in the struggling Indian telecom firm up 10%. Vodafone Idea's stake-sale talks had been paused pending the outcome of a court hearing in India, which created uncertainty and could have threatened Vodafone Idea's survival, Mint reported, citing two unnamed people aware of the negotiations. Also read | Supreme Court gives Vodafone-Idea, Airtel 10 years to pay AGR dues to government But Amazon and Verizon are set to resume discussions following a Supreme Court ruling on Tuesday which gave mobile carriers 10 years to settle government dues. Vodafone Idea did not immediately respond to Reuters request for comment. Amazon and Verizon did not return emails seeking comment outside regular U.S. business hours. Heavily indebted Vodafone Idea - a joint venture between Britain's Vodafone Group Plc and India's Idea Cellular - had previously said its ability to continue as a going concern rested on a positive outcome of the hearing. It has paid the Indian government 78.5 billion rupees ($1.1 billion) in telecoms dues, according to regulatory filings, but still owes roughly 500 billion rupees ($6.8 billion) more. Shares in Vodafone Idea, which ended 13% lower after Tuesday's court ruling, were up 8% at 10.70 rupees on the NSE index by 0405 GMT.

Amazon, Verizon may invest over $4 billion in Vodafone Idea: Report

There is no sign of a health-economy trade-off. Countries with low GDP fall have less COVID-19 deaths. India's economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment.

Countries with low GDP fall have less COVID-19 deaths

Ford Germany is shrinking its workforce. Ford wants to cut 1,400 jobs by the end of the year. Michigan-based firm expects a full-year loss.

US automaker Ford to cut 1,400 US jobs through buyouts

Automobile manufactures look to restock their inventory channels. Sales are expected to rebound more near festive season in India.

India: Auto sales to rebound more near festivals

Venezuela's oil exports recovered slightly in August after two months at historic lows, boosted by increased sales to India, according to internal documents from state-run oil firm PDVSA and Refinitiv Eikon data.

Venezuela's oil exports rise in August on sales to India

The U.S. Trade Representative's office said on Tuesday it has extended China tariff exclusions for a wide range of goods, including smart watches and certain medical masks, through the end of 2020, rather than renewing the previous one-year extensions.

U.S. extends some China tariff exclusions only through year end

U.S. manufacturing activity accelerated to a nearly two-year high in August aided by a surge in new orders, but employment at factories continued to lag amid safety restrictions intended to slow the spread of COVID-19.

US manufacturing activity strongest in two years

Japan's factory activity contracted at the slowest pace in six months in August, reducing some of the heat on policymakers pressured to take more radical steps to prevent the economy from sliding deeper into recession.

Japan's August factory activity shrinks at slowest pace in 6 months

India's economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment.

The GDP contraction in the world's fifth-largest economy compared with 3.1 per cent growth in the preceding January-March quarter and 5.2 per cent expansion in the same period a year back, according to official data released on Monday.

This is the sharpest contraction since quarterly figures started being published in 1996 and worse than what was expected by most analysts.

What is the reason behind this kind of economic carnage?

Most&nbsp;of India and the world went into a severe lockdown in the April to June period. Most economic and business activity came to a halt.

In May — India had announced a 266 billion dollars stimulus package. Free food to the weak and poor. Jobs for migrant workers. Credit guarantees on bank loans and, relief to small businesses.

But, that has not helped cushion the fall. The economy is still crawling out of the lockdown.

Finance minister — Nirmala Sitharaman had seen this coming. Just a few days ago — she said and I quote.

You are facing an ‘act of god’ which might even result in a contraction of the economy. So, here it is — Indian economy's worst contraction on record.

However, it was not just India’s worst-ever quarter. Some of the world's largest economies have not been able to bear the brunt of the pandemic. In the April to June period the US economy contracted by 32.9 percent.

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The United Kingdom by 20.4 per cent, Japan by 27.8 percent.&nbsp;

Road ahead for the Indian economy

The chief economic advisor — Krishnamurthy Subramanian — expects a recovery once India comes completely out of lockdown.

But, he also expects the uncertainty to remain until the pandemic is completely brought under control.

India has finally lifted inter-state movement of vehicles. As goods and services move across the country freely — the Indian economy should begin its upward climb.&nbsp;

But this will be a tough climb. India’s woes won't end in a hurry. The economy is expected to contract by 6 percent in 2020.

India's economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment.

India's economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment. The GDP contraction in the world's fifth-largest economy compared with 3.1 per cent growth in the preceding January-March quarter and 5.2 per cent expansion in the same period a year back, according to official data released on Monday. This is the sharpest contraction since quarterly figures started being published in 1996 and worse than what was expected by most analysts. What is the reason behind this kind of economic carnage? Most of India and the world went into a severe lockdown in the April to June period. Most economic and business activity came to a halt. In May — India had announced a 266 billion dollars stimulus package. Free food to the weak and poor. Jobs for migrant workers. Credit guarantees on bank loans and, relief to small businesses. But, that has not helped cushion the fall. The economy is still crawling out of the lockdown. Finance minister — Nirmala Sitharaman had seen this coming. Just a few days ago — she said and I quote. You are facing an ‘act of god’ which might even result in a contraction of the economy. So, here it is — Indian economy's worst contraction on record. However, it was not just India’s worst-ever quarter. Some of the world's largest economies have not been able to bear the brunt of the pandemic. In the April to June period the US economy contracted by 32.9 percent. × The United Kingdom by 20.4 per cent, Japan by 27.8 percent. Road ahead for the Indian economy The chief economic advisor — Krishnamurthy Subramanian — expects a recovery once India comes completely out of lockdown. But, he also expects the uncertainty to remain until the pandemic is completely brought under control. India has finally lifted inter-state movement of vehicles. As goods and services move across the country freely — the Indian economy should begin its upward climb. But this will be a tough climb. India’s woes won't end in a hurry. The economy is expected to contract by 6 percent in 2020.

India’s GDP growth suffers worst-ever crash: Road ahead for the Indian economy

Domestic stock market closed higher on Tuesday, boosted by Bharti Airtel Ltd’s gains after the country’s top court gave mobile carriers 10 years to pay dues owed to the government, with encouraging manufacturing data supporting risk appetite.

The S&amp;P BSE Sensex ended at 38,900.80, up 273 points, or 0.71 per cent with Bharti Airtel (up over 6 per cent) being the top gainer and ONGC (down over 3 per cent) the biggest loser. NSE's Nifty ended at 11,470, up 83 points or 0.73 per cent. India VIX declined over 5 per cent to 21.67 levels.

In the broader market, the S&amp;P BSE MidCap index ended over 1 per cent higher at 14,832 levels while the S&amp;P BSE SmallCap index ended at 14,413, up 77 points, or 0.54 per cent.&nbsp;

Bharti Airtel was the top gainer in the Sensex pack, rallying 6.38 per cent, after the Supreme Court granted 10 years to telecom firms for paying the adjusted gross revenue (AGR)-related dues to the government with certain conditions.

Bajaj Finance, Asian Paints, Tata Steel, NTPC and SBI were among the other gainers.

On the other hand, ONGC, Axis Bank, Tech Mahindra, Infosys and ICICI Bank were among the laggards, dropping up to 3.29 per cent.

Meanwhile, India's manufacturing sector activity re-entered the growth territory in August after four months, driven by a rebound in production volumes and improvement in customer demand following resumption of business operations, a monthly survey showed.

(With inputs from agencies)

Domestic stock market closed higher on Tuesday, boosted by Bharti Airtel Ltd’s gains after the country’s top court gave mobile carriers 10 years to pay dues owed to the government, with encouraging manufacturing data supporting risk appetite.

Domestic stock market closed higher on Tuesday, boosted by Bharti Airtel Ltd’s gains after the country’s top court gave mobile carriers 10 years to pay dues owed to the government, with encouraging manufacturing data supporting risk appetite. The S&P BSE Sensex ended at 38,900.80, up 273 points, or 0.71 per cent with Bharti Airtel (up over 6 per cent) being the top gainer and ONGC (down over 3 per cent) the biggest loser. NSE's Nifty ended at 11,470, up 83 points or 0.73 per cent. India VIX declined over 5 per cent to 21.67 levels. In the broader market, the S&P BSE MidCap index ended over 1 per cent higher at 14,832 levels while the S&P BSE SmallCap index ended at 14,413, up 77 points, or 0.54 per cent. Bharti Airtel was the top gainer in the Sensex pack, rallying 6.38 per cent, after the Supreme Court granted 10 years to telecom firms for paying the adjusted gross revenue (AGR)-related dues to the government with certain conditions. Bajaj Finance, Asian Paints, Tata Steel, NTPC and SBI were among the other gainers. On the other hand, ONGC, Axis Bank, Tech Mahindra, Infosys and ICICI Bank were among the laggards, dropping up to 3.29 per cent. Meanwhile, India's manufacturing sector activity re-entered the growth territory in August after four months, driven by a rebound in production volumes and improvement in customer demand following resumption of business operations, a monthly survey showed. (With inputs from agencies)

Stock market indices end higher on Airtel boost, rebound in factory data

For the first time in 40 years the GDP of India registered a negative growth. India’s economic growth slips to -23.9% in the first quarter (April-June) of 2020-21.

The first economic contraction since 1980, and maiden quarterly GDP fall on record, follows limited activity during the June quarter amid lockdowns to control the spread of the coronavirus pandemic.

The first quarter saw an unprecedented closure of shops, markets, and industries, which forced the wheels of the economy to a standstill. 
 
Except for agriculture, almost all the corners of the economy were severely hit. Though the government had announced a series of reforms and schemes to provide a fillip to the economy, lockdown restrictions and increasing cases of coronavirus kept the economic activity grounded in the first quarter. 
 
The gross domestic product (GDP) had expanded by 5.2 per cent in the corresponding April-June period of 2019-20, according to data released by the National Statistical Office (NSO). 
 
The government had imposed a nationwide lockdown on March 25 to curb the spread of coronavirus infections. 
 
The Centre began easing the lockdown for certain economic activities from April 20 onwards. 
 
Most rating agencies had projected contraction in India's GDP for the first quarter of 2020-21. 
 
China's economy grew by 3.2 per cent in April-June after recording a decline of 6.8 per cent in January-March 2020.

(With inputs from Reuters)

For the first time in 40 years the GDP of India registered a negative growth. India’s economic growth slips to -23.9% in the first quarter (April-June) of 2020-21.

For the first time in 40 years the GDP of India registered a negative growth. India’s economic growth slips to -23.9% in the first quarter (April-June) of 2020-21. The first economic contraction since 1980, and maiden quarterly GDP fall on record, follows limited activity during the June quarter amid lockdowns to control the spread of the coronavirus pandemic. The first quarter saw an unprecedented closure of shops, markets, and industries, which forced the wheels of the economy to a standstill. Except for agriculture, almost all the corners of the economy were severely hit. Though the government had announced a series of reforms and schemes to provide a fillip to the economy, lockdown restrictions and increasing cases of coronavirus kept the economic activity grounded in the first quarter. The gross domestic product (GDP) had expanded by 5.2 per cent in the corresponding April-June period of 2019-20, according to data released by the National Statistical Office (NSO). The government had imposed a nationwide lockdown on March 25 to curb the spread of coronavirus infections. The Centre began easing the lockdown for certain economic activities from April 20 onwards. Most rating agencies had projected contraction in India's GDP for the first quarter of 2020-21. China's economy grew by 3.2 per cent in April-June after recording a decline of 6.8 per cent in January-March 2020. (With inputs from Reuters)

GDP Q1 Data: India’s economic growth slips to -23.9%, first contraction in 40 years

Indian shares fell sharply on Monday afternoon, as a fresh flare-up on the disputed border between India and China wiped all gains that stemmed from optimism around the latest government directives to open up the country`s economy further.

The blue-chip NSE Nifty 50 index dropped 2.03% to 11,411.05 by 0815 GMT and the S&amp;P BSE Sensex slid 1.92% to 38,710.37. Both indexes had climbed more than 1% earlier in the session.

India said it had foiled an attempt by Chinese troops to change the status quo on the ill-defined border between the two nuclear-armed countries.

"The market was trading in an over-bought zone, so a selloff was expected, and the news of fresh tensions at (the India-China) border has impacted sentiment," said Rahul Sharma, market strategist and head of research at Equity99 in Mumbai.

Data on India`s June-quarter gross domestic product is expected at around 1200 GMT on Monday. Asia`s third-largest economy likely suffered its largest quarterly slump on record, the data is likely to show.

Indian shares fell sharply on Monday afternoon, as a fresh flare-up on the disputed border between India and China wiped all gains that stemmed from optimism around the latest government directives to open up the country`s economy further.

Indian shares fell sharply on Monday afternoon, as a fresh flare-up on the disputed border between India and China wiped all gains that stemmed from optimism around the latest government directives to open up the country`s economy further. The blue-chip NSE Nifty 50 index dropped 2.03% to 11,411.05 by 0815 GMT and the S&P BSE Sensex slid 1.92% to 38,710.37. Both indexes had climbed more than 1% earlier in the session. India said it had foiled an attempt by Chinese troops to change the status quo on the ill-defined border between the two nuclear-armed countries. "The market was trading in an over-bought zone, so a selloff was expected, and the news of fresh tensions at (the India-China) border has impacted sentiment," said Rahul Sharma, market strategist and head of research at Equity99 in Mumbai. Data on India`s June-quarter gross domestic product is expected at around 1200 GMT on Monday. Asia`s third-largest economy likely suffered its largest quarterly slump on record, the data is likely to show.

Sensex, Nifty slide on border tensions with China

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The Indian stock market witnessed some handsome gains led by rally in banking stocks.&nbsp;

Sensex settled at 39,467.31, up 353.84 points or 0.90%, while Nifty advanced 96 points or 0.83% to end at 11,655.25.

IndusInd Bank, closing 10% higher, was the top Sensex gainer followed by Axis Bank, SBI and ICICI Bank. Power Grid, Infosys, HUL, Maruti and Asian Paints were among the laggards. Of 30 Sensex shares 17 closed in the green.

Global equities were mixed after US Federal Reserve Chairman Jerome Powell said the central bank will remain accommodative and shift to a more relaxed approach on inflation. However, lack of specifics disappointed markets, analysts said.

"Global markets were trading uncertain following the US Fed Reserve's policy shift to focus on economic growth and less on inflation. However, the indication that the US Fed would continue to let interest rates remain low and expectation of more stimulus to follow, boosted the Indian markets.

"The stimulus and the associated liquidity are important to our markets since that has been one of the drivers for the current stock market run. As per NSDL, FPI net investments into equity, as a whole, have been around Rs 45,000 crore, which makes it one of the best months for net inflows," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE bankex, telecom, finance, oil and gas, energy and realty indices rallied as much as 4 per cent, while auto, utilities, IT, FMCG and metal closed lower.

In the broader markets, the BSE mid-cap index rose 0.55 per cent, while the small-cap gauge fell 0.23 per cent.

Strong foreign fund inflows, led by high global liquidity and decline in US dollar, also fuelled the markets, traders said.

Foreign institutional investors bought equities worth a net Rs 1,164.32 crore on Thursday, exchange data showed.

The rupee soared 43 paise to end at 73.39 against the US dollar on Friday.

In rest of Asia, bourses in Shanghai, Hong Kong and Seoul ended with gains. Japan's Nikkei tumbled after Prime Minister Shinzo Abe resigned due to health reasons.

(With inputs from agencies)

The Indian stock market witnessed some handsome gains led by rally in banking stocks. Sensex settled at 39,467.31, up 353.84 points or 0.90%, while Nifty advanced 96 points or 0.

The Indian stock market witnessed some handsome gains led by rally in banking stocks. Sensex settled at 39,467.31, up 353.84 points or 0.90%, while Nifty advanced 96 points or 0.83% to end at 11,655.25. IndusInd Bank, closing 10% higher, was the top Sensex gainer followed by Axis Bank, SBI and ICICI Bank. Power Grid, Infosys, HUL, Maruti and Asian Paints were among the laggards. Of 30 Sensex shares 17 closed in the green. Global equities were mixed after US Federal Reserve Chairman Jerome Powell said the central bank will remain accommodative and shift to a more relaxed approach on inflation. However, lack of specifics disappointed markets, analysts said. "Global markets were trading uncertain following the US Fed Reserve's policy shift to focus on economic growth and less on inflation. However, the indication that the US Fed would continue to let interest rates remain low and expectation of more stimulus to follow, boosted the Indian markets. "The stimulus and the associated liquidity are important to our markets since that has been one of the drivers for the current stock market run. As per NSDL, FPI net investments into equity, as a whole, have been around Rs 45,000 crore, which makes it one of the best months for net inflows," said Vinod Nair, Head of Research at Geojit Financial Services. BSE bankex, telecom, finance, oil and gas, energy and realty indices rallied as much as 4 per cent, while auto, utilities, IT, FMCG and metal closed lower. In the broader markets, the BSE mid-cap index rose 0.55 per cent, while the small-cap gauge fell 0.23 per cent. Strong foreign fund inflows, led by high global liquidity and decline in US dollar, also fuelled the markets, traders said. Foreign institutional investors bought equities worth a net Rs 1,164.32 crore on Thursday, exchange data showed. The rupee soared 43 paise to end at 73.39 against the US dollar on Friday. In rest of Asia, bourses in Shanghai, Hong Kong and Seoul ended with gains. Japan's Nikkei tumbled after Prime Minister Shinzo Abe resigned due to health reasons. (With inputs from agencies)

Nifty ends above 11,600, Sensex jumps 350 points

South Korea's central bank slashed its growth forecast Thursday, predicting the world's 12th-largest economy will contract 1.3 percent this year

South Korea Central bank cuts 2020 GDP outlook

The company reported a net loss of RM305.2 million for the April-June quarter versus a net loss of RM207.1 million a year earlier.

Losses deepen at AirAsia X | Airline stops selling tickets for future dates

Domestic stock market indices ended in the green for the fifth consecutive session on August 27, supported by gains in select heavyweights such as HDFC, Axis Bank, Mahindra &amp; Mahindra, SBI, ICICI Bank and IndusInd Bank.

The S&amp;P BSE Sensex ended 39 points or 0.10 per cent higher at 39,113.47 levels, with IndusInd Bank (up over 6 per cent) being the top gainer and ONGC (down over 1 per cent) the biggest loser. NSE's Nifty ended at 11,559, up nearly 10 points, or 0.084 per cent. India VIX fell over 2 per cent to 18.90 levels.&nbsp;

In the broader market, the S&amp;P BSE MidCap index ended flat at 15,155.04 while the S&amp;P BSE SmallCap index ended at 15,025.51, up 0.35 per cent.&nbsp;

IndusInd Bank was the top gainer in the Sensex pack on Thursday, rallying 6.59 per cent, followed by M&amp;M, SBI, HDFC, Axis Bank, Sun Pharma and Maruti.

On the other hand, ONGC, Bajaj Auto, RIL, Kotak Bank, UltraTech Cement and Bharti Airtel were among the laggards, shedding up to 1.47 per cent.

After opening higher, the markets continued to trade in the positive zone in the afternoon session as traders were encouraged by RBI Governor Shaktikanta Das' statement that the new resolution framework is expected to give durable relief to borrowers amid the COVID-19 crisis, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

However, market participants turned cautious as August futures and options (F&amp;O) contracts expired, traders said.

Further, global investors are awaiting cues from US Federal Reserve Chairman Jerome Powell's speech at the central bank's annual Jackson Hole symposium. Officials in the past have used the meeting, being held online this year, to make market-moving announcements.

Sectorally, the BSE realty index rallied 6.63 per cent, followed by auto, consumer durables, healthcare, bankex, finance, and industrials indices.

Broader BSE mid-cap and small-cap indices settled up to 0.35 per cent higher.

Bourses in Hong Kong, Tokyo and Seoul settled with losses, while Shanghai closed in the positive territory.

Stock exchanges in Europe were trading on a negative note in early deals.

Global oil benchmark Brent crude was trading 0.04 per cent higher at USD 46.18 per barrel.

Meanwhile, the rupee soared 48 paise to close at 73.82 against the US dollar after the RBI Governor said the central bank has not exhausted its ammunition to deal with the pandemic-induced stress.

Speaking at a webinar, Das also said rather than becoming averse to lending, banks have to improve their risk management and governance frameworks, and also build sufficient resilience.

(With inputs from agencies)

Domestic stock market indices ended in the green for the fifth consecutive session on August 27, supported by gains in select heavyweights such as HDFC, Axis Bank, Mahindra & Mahindra, SBI, ICICI Bank and IndusInd Bank.

Domestic stock market indices ended in the green for the fifth consecutive session on August 27, supported by gains in select heavyweights such as HDFC, Axis Bank, Mahindra & Mahindra, SBI, ICICI Bank and IndusInd Bank. The S&P BSE Sensex ended 39 points or 0.10 per cent higher at 39,113.47 levels, with IndusInd Bank (up over 6 per cent) being the top gainer and ONGC (down over 1 per cent) the biggest loser. NSE's Nifty ended at 11,559, up nearly 10 points, or 0.084 per cent. India VIX fell over 2 per cent to 18.90 levels. In the broader market, the S&P BSE MidCap index ended flat at 15,155.04 while the S&P BSE SmallCap index ended at 15,025.51, up 0.35 per cent. IndusInd Bank was the top gainer in the Sensex pack on Thursday, rallying 6.59 per cent, followed by M&M, SBI, HDFC, Axis Bank, Sun Pharma and Maruti. On the other hand, ONGC, Bajaj Auto, RIL, Kotak Bank, UltraTech Cement and Bharti Airtel were among the laggards, shedding up to 1.47 per cent. After opening higher, the markets continued to trade in the positive zone in the afternoon session as traders were encouraged by RBI Governor Shaktikanta Das' statement that the new resolution framework is expected to give durable relief to borrowers amid the COVID-19 crisis, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi. However, market participants turned cautious as August futures and options (F&O) contracts expired, traders said. Further, global investors are awaiting cues from US Federal Reserve Chairman Jerome Powell's speech at the central bank's annual Jackson Hole symposium. Officials in the past have used the meeting, being held online this year, to make market-moving announcements. Sectorally, the BSE realty index rallied 6.63 per cent, followed by auto, consumer durables, healthcare, bankex, finance, and industrials indices. Broader BSE mid-cap and small-cap indices settled up to 0.35 per cent higher. Bourses in Hong Kong, Tokyo and Seoul settled with losses, while Shanghai closed in the positive territory. Stock exchanges in Europe were trading on a negative note in early deals. Global oil benchmark Brent crude was trading 0.04 per cent higher at USD 46.18 per barrel. Meanwhile, the rupee soared 48 paise to close at 73.82 against the US dollar after the RBI Governor said the central bank has not exhausted its ammunition to deal with the pandemic-induced stress. Speaking at a webinar, Das also said rather than becoming averse to lending, banks have to improve their risk management and governance frameworks, and also build sufficient resilience. (With inputs from agencies)

Sensex, Nifty end marginally higher, markets rise for 5th day