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Domestic benchmark indices continued to march higher on Tuesday, looking to continue their three-day winning streak.

The S&amp;P BSE Sensex was ruling over 480 points or over 1 per cent higher at 37,9007 levels while the NSE's Nifty50 was trading 129 points or 1 per cent higher at 11,150 points.

Both markets were trading in a narrow range, but in the positive territory, amid across-the-board buying and firm global cues.&nbsp;

Volatility index was down 2%, while all sectoral indices were in the gree, Nifty PSU Bank jumped over 2%.

Among individual stocks, Maruti Suzuki was up 3.7 per cent and was the top gainer on the Sensex, followed by HDFC, and ICICI Bank, uo 3 per cent each. 
 
(With inputs from agencies)

Domestic benchmark indices continued to march higher on Tuesday, looking to continue their three-day winning streak. The S&P BSE Sensex was ruling over 480 points or over 1 per cent higher at 37,9007 levels while the NSE's Nifty50 was trading 129 points or 1 per cent higher at 11,150 points.

Domestic benchmark indices continued to march higher on Tuesday, looking to continue their three-day winning streak. The S&P BSE Sensex was ruling over 480 points or over 1 per cent higher at 37,9007 levels while the NSE's Nifty50 was trading 129 points or 1 per cent higher at 11,150 points. Both markets were trading in a narrow range, but in the positive territory, amid across-the-board buying and firm global cues. Volatility index was down 2%, while all sectoral indices were in the gree, Nifty PSU Bank jumped over 2%. Among individual stocks, Maruti Suzuki was up 3.7 per cent and was the top gainer on the Sensex, followed by HDFC, and ICICI Bank, uo 3 per cent each. (With inputs from agencies)

 Sensex jumps over 480 points, Nifty tests 11,150

Domestic stock market shares start the week on a positive note led by gains in index heavyweight HDFC Bank after it posted robust earnings for the June Quarter.

At 10:15 am, the BSE S&amp;P Sensex was up by 376 points or 1.02 per cent at 37,396 while the Nifty 50 edged higher by 107 points or 0.99 per cent at 11,009.Except for Nifty pharma which slipped by 1.25 per cent and FMCG which was down by 0.2 per cent, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty private bank and financial service up by 2.2 per cent, PSU bank by 1.9 per cent and IT by 1.2 per cent. Among stocks, HDFC Bank surged by 4.07 per cent to Rs 1,143.20 per share after the private sector lender reported nearly 20 per cent jump in its Q1 net profit at Rs 6,659 crore. ICICI Bank was up by 3.2 per cent, IndusInd Bank by 2.3 per cent and State Bank of India by 2.2 per cent.&nbsp;

Rupee opened 8 paise higher at 74.94 per dollar on Monday against Friday's close of 75.02.

(With inputs from agencies) 
&nbsp;

Domestic stock market shares start the week on a positive note led by gains in index heavyweight HDFC Bank after it posted robust earnings for the June Quarter. At 10:15 am, the BSE S&P Sensex was up by 376 points or 1.

Domestic stock market shares start the week on a positive note led by gains in index heavyweight HDFC Bank after it posted robust earnings for the June Quarter. At 10:15 am, the BSE S&P Sensex was up by 376 points or 1.02 per cent at 37,396 while the Nifty 50 edged higher by 107 points or 0.99 per cent at 11,009.Except for Nifty pharma which slipped by 1.25 per cent and FMCG which was down by 0.2 per cent, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty private bank and financial service up by 2.2 per cent, PSU bank by 1.9 per cent and IT by 1.2 per cent. Among stocks, HDFC Bank surged by 4.07 per cent to Rs 1,143.20 per share after the private sector lender reported nearly 20 per cent jump in its Q1 net profit at Rs 6,659 crore. ICICI Bank was up by 3.2 per cent, IndusInd Bank by 2.3 per cent and State Bank of India by 2.2 per cent. Rupee opened 8 paise higher at 74.94 per dollar on Monday against Friday's close of 75.02. (With inputs from agencies)

Sensex holds 37,000, Nifty slips below 11,000

Budget airline IndiGo to lay off 10 per cent of its workforce due to the economic crisis caused by the coronavirus pandemic, according to a statement from company CEO Ronojoy Dutta.

Budget airline IndiGo to lay off 10 per cent of its workforce due to the economic crisis caused by the coronavirus pandemic, according to a statement from company CEO Ronojoy Dutta. "From where things stand currently, it is impossible for our company to fly through this economic storm without making some sacrifices, in order to sustain our business operations," Dutta said in a statement. "Therefore, after carefully assessing and reviewing all possible scenarios, it is clear that we will need to bid a painful adieu to 10 per cent of our workforce. It is for the first time in the history of IndiGo that we have undertaken such a painful measure," he added. As on March 31, 2019, the airline had 23,531 employees on its payroll.

IndiGo to lay off 10% of its workforce, says company CEO

At a time China is engaged in a global trade war, the US is tracking its exports. Asia's largest economy is now facing another big threat which is off companies leaving the country. Japan will now start paying companies to move factories out of China.

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Amid the downturn in UAE's real estate sector and weak equity market conditions. A Dubai based real estate investment trust said that it was considering delisting. Watch report.

Emirates REIT investment trust: Dubai real estate fund

A person with over $26 million&nbsp;in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling.&nbsp;

Dismissing an appeal filed by assessee Renu T Tharani, ITAT Mumbai said on Thursday that over $26 million&nbsp;lying in her foreign account can be taxed by the Income Tax Department.&nbsp;

"The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her $ 4 million," the tribunal recorded.&nbsp;

"Cayman Islands is not known for philanthropists operating from there, if Cayman Islands is known for anything relevant, it is known for an atmosphere conducive to hiding unaccounted wealth and money laundering, and that does not advance the case of the assessee," the Tribunal observed.&nbsp;

"This is a jurisdiction which has double the number of companies than residents, most of which remain only on paper and it will be naive to believe that these companies are located here, in a country with around 65,000 residents, for bonafide core activities, rather than the benefits of anonymity, secrecy and liberal tax laws," the tribunal noted in its order.&nbsp;

"The assessee is closely involved with the transaction and it is inconceivable that the assessee will have no direct knowledge of the owners of the underlying company and settlers of the trust which has her, as she herself puts it as the beneficiary of such a huge amount. This inference is all the more justified when we take into account the fact that the assessee has been non-cooperative and has declined to sign the consent waiver," it further said.&nbsp;

"One of the arguments raised by the assessee, as set out in a chart showing arguments of the assessee - below paragraph 20 earlier in this order, that the assessee could not have performed the impossible act of signing consent waiver because she was not owner of the account is too naïve and frivolous to be even taken seriously. If the assessee was indeed not the owner of the account, there was all the more reason to sign the consent waiver form because it would have established that fact when the HSBC Private Bank (Suisse) Geneva was to decline the information on the basis of that consent waiver," it added.&nbsp;

It further said that "there is nothing to controvert this fact stated in the base note and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank."

According to relevant facts noted in the order, the assessee had filed her income tax return, on July 29, 2006, disclosing an income of $2,261&nbsp;for the relevant previous year, but subsequently the investigation wing of the income tax department received information that the assessee is having a bank account with HSBC Private Bank (Suisse) SA Geneva.&nbsp;

The department, in 2014, decided to reopen the assessment.

In a notice issued under section 148 of the income tax act in October 2014, the department said that she maintained a bank account with HSBC Bank in Geneva, Switzerland where she maintained a peak balance of $3,97,38,122&nbsp;during the financial year relevant to the Assessment Year 2006-2007 &amp; a peak balance of $23,55,851.60 during the financial year relevant to Assessment year 2007-2008.

In response to the notice issued by the I-T Department, she had denied having an account with HSBC in Geneva in her name. &nbsp;

She later received a base note from the Deputy Director of Income Tax (International Taxation) with the details of the account claiming that it is in the name of GWU INVESTMENTS LTD "wherein it is said that I am the beneficial owner or the beneficiary."&nbsp;

Tharani claimed she did not receive any amount from the company, either as a beneficiary or as a beneficial owner.

The tribunal noted that the assessee is a beneficial owner of GWU Investments Ltd, Cayman Islands. "There is nothing to controvert this fact stated in the base note, and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank," it said.

"There is a series of coincidences, right from the HSBC account being closed after the information contained in the base note coming out and to the underlying company being removed from the name of Register of Companies in Cayman Island, right from assessee living in complete denial about any knowledge about a HSBC Private Bank (Suisse) SA account in her name to her lack of information about the company which is holding $ 4 million for her, and, despite assessee being purportedly so clean in her affairs, her thwarting any efforts of the income tax department to get at the truth by declining to sign the consent waiver form," it further said.&nbsp;

"It is wholly un-understandable as to how can assessee, on one hand, seek to treat a cleverly worded private letter from HSBC Private Bank (Suisse) SA as gospel truth, and, on the other hand, effectively stall, by declining consent waiver and by stating half truths- even if her statements have an element of truth, the Assessing Officer obtaining direct information from the same organization. There is no meeting ground in this approach. In any case, for the reasons set out above and as evident from the base note, the assessee is beneficial owner of GWU Investments Ltd, Cayman Islands," the order concluded.&nbsp;

A person with over $26 million in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling.

A person with over $26 million in a Swiss bank account will now have to pay taxes despite her declared income of $2,261, the Income Tax Appellate Tribunal (ITAT) said in a crucial ruling. Dismissing an appeal filed by assessee Renu T Tharani, ITAT Mumbai said on Thursday that over $26 million lying in her foreign account can be taxed by the Income Tax Department. "The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her $ 4 million," the tribunal recorded. "Cayman Islands is not known for philanthropists operating from there, if Cayman Islands is known for anything relevant, it is known for an atmosphere conducive to hiding unaccounted wealth and money laundering, and that does not advance the case of the assessee," the Tribunal observed. "This is a jurisdiction which has double the number of companies than residents, most of which remain only on paper and it will be naive to believe that these companies are located here, in a country with around 65,000 residents, for bonafide core activities, rather than the benefits of anonymity, secrecy and liberal tax laws," the tribunal noted in its order. "The assessee is closely involved with the transaction and it is inconceivable that the assessee will have no direct knowledge of the owners of the underlying company and settlers of the trust which has her, as she herself puts it as the beneficiary of such a huge amount. This inference is all the more justified when we take into account the fact that the assessee has been non-cooperative and has declined to sign the consent waiver," it further said. "One of the arguments raised by the assessee, as set out in a chart showing arguments of the assessee - below paragraph 20 earlier in this order, that the assessee could not have performed the impossible act of signing consent waiver because she was not owner of the account is too naïve and frivolous to be even taken seriously. If the assessee was indeed not the owner of the account, there was all the more reason to sign the consent waiver form because it would have established that fact when the HSBC Private Bank (Suisse) Geneva was to decline the information on the basis of that consent waiver," it added. It further said that "there is nothing to controvert this fact stated in the base note and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank." According to relevant facts noted in the order, the assessee had filed her income tax return, on July 29, 2006, disclosing an income of $2,261 for the relevant previous year, but subsequently the investigation wing of the income tax department received information that the assessee is having a bank account with HSBC Private Bank (Suisse) SA Geneva. The department, in 2014, decided to reopen the assessment. In a notice issued under section 148 of the income tax act in October 2014, the department said that she maintained a bank account with HSBC Bank in Geneva, Switzerland where she maintained a peak balance of $3,97,38,122 during the financial year relevant to the Assessment Year 2006-2007 & a peak balance of $23,55,851.60 during the financial year relevant to Assessment year 2007-2008. In response to the notice issued by the I-T Department, she had denied having an account with HSBC in Geneva in her name. She later received a base note from the Deputy Director of Income Tax (International Taxation) with the details of the account claiming that it is in the name of GWU INVESTMENTS LTD "wherein it is said that I am the beneficial owner or the beneficiary." Tharani claimed she did not receive any amount from the company, either as a beneficiary or as a beneficial owner. The tribunal noted that the assessee is a beneficial owner of GWU Investments Ltd, Cayman Islands. "There is nothing to controvert this fact stated in the base note, and since the assessee has declined consent waiver in this case, the assessee cannot decline correctness of the details obtained from the HSBC Private Bank," it said. "There is a series of coincidences, right from the HSBC account being closed after the information contained in the base note coming out and to the underlying company being removed from the name of Register of Companies in Cayman Island, right from assessee living in complete denial about any knowledge about a HSBC Private Bank (Suisse) SA account in her name to her lack of information about the company which is holding $ 4 million for her, and, despite assessee being purportedly so clean in her affairs, her thwarting any efforts of the income tax department to get at the truth by declining to sign the consent waiver form," it further said. "It is wholly un-understandable as to how can assessee, on one hand, seek to treat a cleverly worded private letter from HSBC Private Bank (Suisse) SA as gospel truth, and, on the other hand, effectively stall, by declining consent waiver and by stating half truths- even if her statements have an element of truth, the Assessing Officer obtaining direct information from the same organization. There is no meeting ground in this approach. In any case, for the reasons set out above and as evident from the base note, the assessee is beneficial owner of GWU Investments Ltd, Cayman Islands," the order concluded.

Mumbai tribunal orders 80-year-old woman to pay tax on $26 million stashed in Swiss bank

UK carrier British Airways is retiring its entire Boeing 747 "Jumbo Jet" fleet in wake of the huge hit to international air travel caused by the coronavirus pandemic.

The 400-passenger 747 was launched by Boeing in 1970, and dominated international air travel and cargo over the following decades.

"It is with great sadness that we can confirm we are proposing to retire our entire 747 fleet with immediate effect," the airline said in a statement.

"It is unlikely our magnificent 'queen of the skies' will ever operate commercial services for British Airways again due to the downturn in travel caused by the COVID-19 global pandemic."

With 31 Jumbos in its fleet, BA currently flies more of the planes than any other airline, according to its statement. It added the last had been due to retire in 2024 as the carrier turns to more modern and fuel-efficient models like Boeing's 787 and the Airbus A350.

The pandemic has battered the air transport sector, with BA's owner IAG reporting a net loss of 1.68 billion euros ($1.8 billion) in the three months to the end of March.

The airline has announced plans to lay off 12,000 staff and last month was reported to be selling off artworks by Damien Hirst, Bridget Riley and Peter Doig thought to be worth millions of pounds to raise funds.

Boeing itself has announced 16,000 layoffs.

(with inputs from agencies)

UK carrier British Airways is retiring its entire Boeing 747 "Jumbo Jet" fleet in wake of the huge hit to international air travel caused by the coronavirus pandemic.

UK carrier British Airways is retiring its entire Boeing 747 "Jumbo Jet" fleet in wake of the huge hit to international air travel caused by the coronavirus pandemic. The 400-passenger 747 was launched by Boeing in 1970, and dominated international air travel and cargo over the following decades. "It is with great sadness that we can confirm we are proposing to retire our entire 747 fleet with immediate effect," the airline said in a statement. "It is unlikely our magnificent 'queen of the skies' will ever operate commercial services for British Airways again due to the downturn in travel caused by the COVID-19 global pandemic." With 31 Jumbos in its fleet, BA currently flies more of the planes than any other airline, according to its statement. It added the last had been due to retire in 2024 as the carrier turns to more modern and fuel-efficient models like Boeing's 787 and the Airbus A350. The pandemic has battered the air transport sector, with BA's owner IAG reporting a net loss of 1.68 billion euros ($1.8 billion) in the three months to the end of March. The airline has announced plans to lay off 12,000 staff and last month was reported to be selling off artworks by Damien Hirst, Bridget Riley and Peter Doig thought to be worth millions of pounds to raise funds. Boeing itself has announced 16,000 layoffs. (with inputs from agencies)

British Airways to retire 747 fleet after coronavirus pandemic travel slump

India's housing and real estate sector is one of the most affected sectors in the COVID-19 lockdown. January-June sales were at a decade low. Watch report.

India housing sales plunge: COVID-19 lockdown affected demand badly

China's economy returned to growth in the second quarter, rebounding more strongly than expected from a historic contraction caused by the coronavirus outbreak, official data showed Thursday.

Gross domestic product expanded a surprise 3.2 percent in April-June, the National Bureau of Statistics said, as workers, factories and firms cautiously returned to normality after harsh lockdowns brought the virus under&nbsp;control.

However, retail sales -- a key indication of consumer sentiment in the world's second-largest economy -- fell short of expectations, shrinking 1.8 percent on-year last month.

The coronavirus, which first emerged in the city of Wuhan late last year, has since shut businesses and destroyed hundreds and millions of jobs globally, and likely tipping the world economy into recession.

China's official figure was markedly better than the 1.3 percent on-year growth tipped by an AFP poll of analysts, although still among the lowest rates on record.

The economy contracted 1.6 percent on-year in the first six months, the NBS said, while the urban unemployment rate dipped to 5.7 percent in June, from 5.9 percent a month earlier.

The employment figure remains closely watched, with nearly nine million graduates expected to enter an uncertain labour market this year and analysts pointing out that actual unemployment is likely higher.

Tommy Wu, economist at Oxford Economics, noted in a report last month that the "survey-based unemployment rate substantially understates labour market stress as the measure excludes large numbers of unemployed (would-be) migrants".

Industrial production continued to climb in June, growing in line with expectations at 4.8 percent, up from 4.4 percent in May.

Some expect China to be the only major economy to see growth in 2020, as it was the first to be hit by the virus and likely first to bounce back.

China's economy returned to growth in the second quarter, rebounding more strongly than expected from a historic contraction caused by the coronavirus outbreak, official data showed Thursday.

China's economy returned to growth in the second quarter, rebounding more strongly than expected from a historic contraction caused by the coronavirus outbreak, official data showed Thursday. Gross domestic product expanded a surprise 3.2 percent in April-June, the National Bureau of Statistics said, as workers, factories and firms cautiously returned to normality after harsh lockdowns brought the virus under control. However, retail sales -- a key indication of consumer sentiment in the world's second-largest economy -- fell short of expectations, shrinking 1.8 percent on-year last month. The coronavirus, which first emerged in the city of Wuhan late last year, has since shut businesses and destroyed hundreds and millions of jobs globally, and likely tipping the world economy into recession. China's official figure was markedly better than the 1.3 percent on-year growth tipped by an AFP poll of analysts, although still among the lowest rates on record. The economy contracted 1.6 percent on-year in the first six months, the NBS said, while the urban unemployment rate dipped to 5.7 percent in June, from 5.9 percent a month earlier. The employment figure remains closely watched, with nearly nine million graduates expected to enter an uncertain labour market this year and analysts pointing out that actual unemployment is likely higher. Tommy Wu, economist at Oxford Economics, noted in a report last month that the "survey-based unemployment rate substantially understates labour market stress as the measure excludes large numbers of unemployed (would-be) migrants". Industrial production continued to climb in June, growing in line with expectations at 4.8 percent, up from 4.4 percent in May. Some expect China to be the only major economy to see growth in 2020, as it was the first to be hit by the virus and likely first to bounce back.

China's economy bounces back from pandemic contraction

Indian stock market indices ended Thursday's volatile session on a positive territory, led by a rally in Infosys and select financial counters. 
 
Sensex jumped 420 points or 1.16 per cent to close at 36,472, while the broader Nifty 50 index advanced 122 points or 1.15 per cent to end at 10,740. 
 
The rupee settled 3 paise lower at 75.18 (provisional) against the US dollar on Thursday tracking strengthening American currency amid worries over mounting COVID-19 cases. 
 
Forex traders said rupee traded in a narrow range as strong dollar, foreign fund outflows and rising COVID-19 cases dragged the local unit down, while positive domestic equities supported the rupee and restricted the losses. 
 
At the interbank forex market, the rupee opened at 75.23, and finally settled for the day at 75.18 against the US dollar, registering a loss of 3 paise over its previous close.

(With inputs from agencies)

Indian stock market indices ended Thursday's volatile session on a positive territory, led by a rally in Infosys and select financial counters. Sensex jumped 420 points or 1.

Indian stock market indices ended Thursday's volatile session on a positive territory, led by a rally in Infosys and select financial counters. Sensex jumped 420 points or 1.16 per cent to close at 36,472, while the broader Nifty 50 index advanced 122 points or 1.15 per cent to end at 10,740. The rupee settled 3 paise lower at 75.18 (provisional) against the US dollar on Thursday tracking strengthening American currency amid worries over mounting COVID-19 cases. Forex traders said rupee traded in a narrow range as strong dollar, foreign fund outflows and rising COVID-19 cases dragged the local unit down, while positive domestic equities supported the rupee and restricted the losses. At the interbank forex market, the rupee opened at 75.23, and finally settled for the day at 75.18 against the US dollar, registering a loss of 3 paise over its previous close. (With inputs from agencies)

Sensex gains

Sensex gains 420 points as Infosys jumps 9%, Nifty ends at 10,740

Coronavirus in India has hit exports of costlier items including electronics and gold. The country has posted a trade surplus of 790 MN dollars in June it's first in over 18 years.

Imports down, Exports up: PM Modi pushing for import substitutes

Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of COVID-19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva said Thursday.

Activity "has started to gradually strengthen... But we are not out of the woods yet," Georgieva said in a message to G20 finance ministers ahead of their weekend meeting in Saudi Arabia.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/economic-impact-of-covid-19-in-india-has-been-substantial-imf-312308" hreflang="en">Economic impact of COVID-19 in India has been substantial: IMF</a>

The Washington-based crisis lender late last month downgraded its growth forecasts, and now expects global GDP to fall by 4.9 percent this year due to the deeper contraction during lockdowns than previously anticipated, and only a "tepid recovery is expected for next year."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/gold-steadies-near-more-than-8-year-peak-as-virus-cases-surge-311606" hreflang="en">Gold steadies near more than 8-year peak as virus cases surge</a>

The $11 trillion in stimulus provided by the G20 nations helped to prevent a worse outcome, but "these safety nets must be maintained as needed and, in some cases, expanded," Georgieva urged in a blog post.

She highlighted measures including paid sick leave for low-income families and access to health care and unemployment insurance.

But the recovery faces risks, she said, including the possibility of "a second major global wave of the disease could lead to further disruptions."&nbsp;

While she acknowledged that the "substantial and rising debt levels are a serious concern," Georgieva said, "At this stage in the crisis, however, the costs of premature withdrawal are greater than continued support where it is needed."

Many countries have moved to reopen, so, "Clearly, we have entered a new phase of the crisis," she said in a blog post, adding it will require "further policy agility and action to secure a durable and shared recovery."

Many jobs that have been lost amid the pandemic may never come back, so workers will need support and training to move into new sectors.

"The bottom line is that the pandemic is likely to increase poverty and inequality," she said but noted that policymakers have "a once-in-a-century shot" at building a better, greener and more equitable world.

Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of COVID-19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva said Thursday.

Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of COVID-19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva said Thursday. Activity "has started to gradually strengthen... But we are not out of the woods yet," Georgieva said in a message to G20 finance ministers ahead of their weekend meeting in Saudi Arabia. Also read: Economic impact of COVID-19 in India has been substantial: IMF The Washington-based crisis lender late last month downgraded its growth forecasts, and now expects global GDP to fall by 4.9 percent this year due to the deeper contraction during lockdowns than previously anticipated, and only a "tepid recovery is expected for next year." Also read: Gold steadies near more than 8-year peak as virus cases surge The $11 trillion in stimulus provided by the G20 nations helped to prevent a worse outcome, but "these safety nets must be maintained as needed and, in some cases, expanded," Georgieva urged in a blog post. She highlighted measures including paid sick leave for low-income families and access to health care and unemployment insurance. But the recovery faces risks, she said, including the possibility of "a second major global wave of the disease could lead to further disruptions." While she acknowledged that the "substantial and rising debt levels are a serious concern," Georgieva said, "At this stage in the crisis, however, the costs of premature withdrawal are greater than continued support where it is needed." Many countries have moved to reopen, so, "Clearly, we have entered a new phase of the crisis," she said in a blog post, adding it will require "further policy agility and action to secure a durable and shared recovery." Many jobs that have been lost amid the pandemic may never come back, so workers will need support and training to move into new sectors. "The bottom line is that the pandemic is likely to increase poverty and inequality," she said but noted that policymakers have "a once-in-a-century shot" at building a better, greener and more equitable world.

IMF chief warns global economy 'not out of woods yet'

Equity benchmark Sensex rallied over 400 points in early trade on Wednesday led by gains in index-heavyweights Infosys, Reliance Industries and TCS amid largely positive trend in global markets.

After touching a high of 36,465.34, the 30-share BSE Sensex was trading 423.11 points, or 1.17 per cent, higher at 36,456.17. 
Similarly, the NSE Nifty surged 120.15 points, or 1.13 per cent, to 10,727.50.

Shares of Infosys rallied around 3 per cent ahead of its quarterly earnings. Axis Bank, Tech Mahindra, Bajaj Finance, Tata Steel, HCL Tech and IndusInd Bank were among the other gainers.

On the other hand, Bharti Airtel, ITC and Kotak Bank were the laggards.

Also read:&nbsp;<a href="https://www.wionews.com/world/moderna-covid-19-vaccine-enters-final-stage-trial-this-month-313336" hreflang="en">Moderna COVID-19 vaccine enters final stage trial this month</a>

In the previous session, the BSE barometer ended 660.63 points or 1.80 per cent lower at 36,033.06; while the NSE Nifty closed 195.35 points or 1.81 per cent down at 10,607.35.

Foreign institutional investors were net sellers in the capital market on Tuesday, offloading equities worth Rs 1,565.62 crore, provisional exchange data showed.

According to traders, domestic benchmarks followed US equities which rallied on hopes of a COVID-19 vaccine.

Bourses in Tokyo and Seoul were trading with gains, while Shanghai and Hong Kong were in the red.

Stock exchanges on Wall Street ended on a positive note after US researchers reported that the first vaccine tested in the country revved up people's immune systems just the way scientists had hoped.

The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27 - a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.

The number of cases around the world linked to the disease has crossed 1.32 crore. In India, the number of infections spiked to 9.36 lakh, according to the health ministry.

Meanwhile, international oil benchmark Brent crude futures rose 0.44 per cent to USD 43.09 per barrel.

Equity benchmark Sensex rallied over 400 points in early trade on Wednesday led by gains in index-heavyweights Infosys, Reliance Industries and TCS amid largely positive trend in global markets.

Equity benchmark Sensex rallied over 400 points in early trade on Wednesday led by gains in index-heavyweights Infosys, Reliance Industries and TCS amid largely positive trend in global markets. After touching a high of 36,465.34, the 30-share BSE Sensex was trading 423.11 points, or 1.17 per cent, higher at 36,456.17. Similarly, the NSE Nifty surged 120.15 points, or 1.13 per cent, to 10,727.50. Shares of Infosys rallied around 3 per cent ahead of its quarterly earnings. Axis Bank, Tech Mahindra, Bajaj Finance, Tata Steel, HCL Tech and IndusInd Bank were among the other gainers. On the other hand, Bharti Airtel, ITC and Kotak Bank were the laggards. Also read: Moderna COVID-19 vaccine enters final stage trial this month In the previous session, the BSE barometer ended 660.63 points or 1.80 per cent lower at 36,033.06; while the NSE Nifty closed 195.35 points or 1.81 per cent down at 10,607.35. Foreign institutional investors were net sellers in the capital market on Tuesday, offloading equities worth Rs 1,565.62 crore, provisional exchange data showed. According to traders, domestic benchmarks followed US equities which rallied on hopes of a COVID-19 vaccine. Bourses in Tokyo and Seoul were trading with gains, while Shanghai and Hong Kong were in the red. Stock exchanges on Wall Street ended on a positive note after US researchers reported that the first vaccine tested in the country revved up people's immune systems just the way scientists had hoped. The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27 - a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus. The number of cases around the world linked to the disease has crossed 1.32 crore. In India, the number of infections spiked to 9.36 lakh, according to the health ministry. Meanwhile, international oil benchmark Brent crude futures rose 0.44 per cent to USD 43.09 per barrel.

Sensex rallies over 400 points in early trade; Nifty tops 10,700

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said.

Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand.

Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed.

India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data.

Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news."

"However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters.

Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union.

Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy. Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said. Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand. Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed. India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data. Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news." "However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters. Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union. Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posts trade surplus first time in 18 years as coronavirus hits imports

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity.

They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India.

During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said.

The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin.

"Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added.

Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.&nbsp;

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors.

A new set of reforms and policy recommendations were made by the top Indian and US CEOs at the India-US CEO Forum to further boost bilateral investment opportunities across various sectors. Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Wilbur Ross reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. They were speaking at the India-US CEO Forum along with senior government functionaries, including Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Taranjit Sandhu, Indian Ambassador to the US, and Kenneth Juster, the US Ambassador to India. During the interaction, a new set of reforms and policy recommendations deliberated jointly by CEO forum members were presented at the meeting, to further boost bilateral investment opportunities across key sectors of the economy, including healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments, among others, a statement from Commerce Ministry said. The CEO Forum, comprising CEOs from leading Indian and US-based companies, was co-chaired by N Chandrasekaran, chairman of Tata Sons and James Taiclet, president and Chief Executive Officer, Lockheed Martin. "Minister Goyal reiterated the extraordinary momentum developed in the India-US bilateral ties, driven by strong shared interests in promoting global stability, security and economic prosperity. He also empasised the importance of small businesses in the economies of both countries and the need to increase employment and skill in the sector. He urged the forum to be the leaders in charting out a new path in a post-COVID world," the statement added. Highlighting the vast untapped potential of the India-US commercial relationship and the potential risk of inward-looking policies in a post-COVID world, Ambassador Juster urged each working group in the Forum to offer a few policy level suggestions readily agreeable and actionable to both sides.

India, US CEOs suggest reforms to further boost bilateral investment opportunities

India’s auto sector will take 3-4 years to recover from this current situation. Cars and Suv's sales slumped in june due to the poor demand in market. Two wheeler sales goes down by 39 percent due to Coronavirus pandemic

Cars, Suv's sales slumped in june due to poor demands in market

The domestic stock markets extended their opening losses and were trading one per cent lower on Tuesday, dragged mainly by the HDFC twins, following weak global cues.

The 30-stock BSE Sensex was trading 300 points or 0.83 per cent down at 36,389, while the broader Nifty 50 index was ruling below 10,750, down 83 points or 0.77 per cent at 10,719. Among top Sensex losers were IndusInd Bank, Bajaj Finserv, Housing Development Finance Corporation (HDFC), Bajaj Finance, Axis Bank and Maruti Suzuki.

In the previous session, the BSE barometer ended 99.36 points, or 0.27%, higher at 36,693.69, and the Nifty closed 34.65 points, or 1.15%, up at 10,802.70.

Foreign institutional investors were net buyers in the capital market on Monday, purchasing equities worth ₹221.76 crores, provisional exchange data showed.

According to traders, besides stock-specific actions, negative cues from global markets amid escalating U.S.-China tension and rising COVID-19 cases dampened investor sentiment here.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant losses.

Stock exchanges on Wall Street also ended on a negative note.

Meanwhile, international oil benchmark Brent crude futures fell 2.06 per cent to $41.84 per barrel.

(With inputs from PTI)

The domestic stock markets extended their opening losses and were trading one per cent lower on Tuesday, dragged mainly by the HDFC twins, following weak global cues.

The domestic stock markets extended their opening losses and were trading one per cent lower on Tuesday, dragged mainly by the HDFC twins, following weak global cues. The 30-stock BSE Sensex was trading 300 points or 0.83 per cent down at 36,389, while the broader Nifty 50 index was ruling below 10,750, down 83 points or 0.77 per cent at 10,719. Among top Sensex losers were IndusInd Bank, Bajaj Finserv, Housing Development Finance Corporation (HDFC), Bajaj Finance, Axis Bank and Maruti Suzuki. In the previous session, the BSE barometer ended 99.36 points, or 0.27%, higher at 36,693.69, and the Nifty closed 34.65 points, or 1.15%, up at 10,802.70. Foreign institutional investors were net buyers in the capital market on Monday, purchasing equities worth ₹221.76 crores, provisional exchange data showed. According to traders, besides stock-specific actions, negative cues from global markets amid escalating U.S.-China tension and rising COVID-19 cases dampened investor sentiment here. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant losses. Stock exchanges on Wall Street also ended on a negative note. Meanwhile, international oil benchmark Brent crude futures fell 2.06 per cent to $41.84 per barrel. (With inputs from PTI)

Sensex, Nifty extend losses amid a selloff in global markets

Ahead of the 15th India European Union summit on Wednesday, EU has pointed out at New Delhi's protectionist policies on trade while calling for Free trade agreement to be a far-reaching one.

An EU official said, "We have great potential to develop further and leaders will express to move towards balanced and comprehensive FTA".

European Union is India's trading partner and it is also the largest investor, this despite the Brexit. Highlighting "a lot of untapped trade potential", EU official pointed out to the less than 3% of EU's external trade being with India which is "far below what we expect in such a relationship."

On the question of "early harvest" on the trade front, EU officials said, "it is not something EU wants to see with its engagement with India..we want to have a far-reaching FTA that benefits not only India, EU but it should be win-win, that means we should focus not only on low hanging fruits but bring our relationship overall to a new level".

EU has proposed one "low hanging fruit" in the form of standalone investment protection agreement but says hasn't received a positive reaction from the Indian govt. Both sides working on high-level trade dialogue which will the first institutional mechanism to allow EU trade commissioner and Trade minister Piyush Goyal to engage in talks.

Brussels drawing attention to the increased protectionist policies by New Delhi said, "We have witnessed a trend in India which goes more towards protectionism" and recent announcements that "India wants to pursue a self-reliant economy didn't help". Amidst the COVID crisis, Indian PM has called for Atmanirbhar Bharat or a self-reliant India.&nbsp;

India EU FTA talks failed in 2013 though Technical talks have been going to bridge the gaps. Key issues why talks failed were on customs duty on wine, auto manufacturing and labour issues. While India did not want an FTA without investments being part of it, EU wanted FTA on goods. On European cars, Brussels said it wants to sell full manufactured cars to be sold in India to which New Delhi pointed out to its policy of local manufacturing.

High customs on wine in India was another thorny issue as well as EU raising the issue of labour and human rights issues. EU also wanted to be part of the government procurement, which India is not keen on.

Ahead of the 15th India European Union summit on Wednesday, EU has pointed out at New Delhi's protectionist policies on trade while calling for Free trade agreement to be a far-reaching one.

Ahead of the 15th India European Union summit on Wednesday, EU has pointed out at New Delhi's protectionist policies on trade while calling for Free trade agreement to be a far-reaching one. An EU official said, "We have great potential to develop further and leaders will express to move towards balanced and comprehensive FTA". European Union is India's trading partner and it is also the largest investor, this despite the Brexit. Highlighting "a lot of untapped trade potential", EU official pointed out to the less than 3% of EU's external trade being with India which is "far below what we expect in such a relationship." On the question of "early harvest" on the trade front, EU officials said, "it is not something EU wants to see with its engagement with India..we want to have a far-reaching FTA that benefits not only India, EU but it should be win-win, that means we should focus not only on low hanging fruits but bring our relationship overall to a new level". EU has proposed one "low hanging fruit" in the form of standalone investment protection agreement but says hasn't received a positive reaction from the Indian govt. Both sides working on high-level trade dialogue which will the first institutional mechanism to allow EU trade commissioner and Trade minister Piyush Goyal to engage in talks. Brussels drawing attention to the increased protectionist policies by New Delhi said, "We have witnessed a trend in India which goes more towards protectionism" and recent announcements that "India wants to pursue a self-reliant economy didn't help". Amidst the COVID crisis, Indian PM has called for Atmanirbhar Bharat or a self-reliant India. India EU FTA talks failed in 2013 though Technical talks have been going to bridge the gaps. Key issues why talks failed were on customs duty on wine, auto manufacturing and labour issues. While India did not want an FTA without investments being part of it, EU wanted FTA on goods. On European cars, Brussels said it wants to sell full manufactured cars to be sold in India to which New Delhi pointed out to its policy of local manufacturing. High customs on wine in India was another thorny issue as well as EU raising the issue of labour and human rights issues. EU also wanted to be part of the government procurement, which India is not keen on.

Brussels bats for India-EU FTA, but highlights New Delhi's protectionist policies

Indian shares ended lower on Tuesday on growing concerns about rising coronavirus cases and fresh lockdowns in some of the COVID-19 hotspots in the country.

The broader NSE Nifty 50 index closed down 1.81% at 10,607.35 and the benchmark S&amp;P BSE Sensex ended 1.8% lower at 36,033.06, dragged by losses in banking and auto stocks.

Coronavirus cases in the world's second-most populous country rose to 906,752 as of Tuesday morning, according to the health ministry data.

The industrial hub of Pune, near India's financial capital Mumbai, and the southern city of Bengaluru announced fresh lockdowns starting this week following a surge in cases.

Banking and financial stocks fell for a third session as worries mount over bad debt and a loan repayment moratorium that threatens to hurt revenue. The Nifty banking closed down 3.16%, while the financials index ended 2.45% lower.

Rating agency Moody's on Monday also warned of pandemic-related headwinds to the Indian banking sector.

The Nifty auto index closed down 2.38% at its lowest level since January 2019, after an industry body report said auto sales for June nearly halved from a year ago.

India's auto sales volume will take another 3-4 years to reach 2018 levels, an executive from the Society of Indian Automobile Manufacturers said.

Asian shares also slipped on flaring U.S.-China tensions and persisting virus fears.

Private-sector lenders Indusind Bank and Axis Bank were the top percentage laggards on the domestic blue-chip Nifty index, shedding 5.5% and 5%, respectively.

Truck and motorcycle maker Eicher Motors dropped 4% and India's largest carmaker by market share Maruti Suzuki declined 3.6%.

The NSE pharma index advanced 0.4% and was the session's only gainer among sectors. Generic drugmaker Dr. Reddy's Laboratories rose 2.14% was among the few advancing stocks.

Indian shares ended lower on Tuesday on growing concerns about rising coronavirus cases and fresh lockdowns in some of the COVID-19 hotspots in the country. The broader NSE Nifty 50 index closed down 1.

Indian shares ended lower on Tuesday on growing concerns about rising coronavirus cases and fresh lockdowns in some of the COVID-19 hotspots in the country. The broader NSE Nifty 50 index closed down 1.81% at 10,607.35 and the benchmark S&P BSE Sensex ended 1.8% lower at 36,033.06, dragged by losses in banking and auto stocks. Coronavirus cases in the world's second-most populous country rose to 906,752 as of Tuesday morning, according to the health ministry data. The industrial hub of Pune, near India's financial capital Mumbai, and the southern city of Bengaluru announced fresh lockdowns starting this week following a surge in cases. Banking and financial stocks fell for a third session as worries mount over bad debt and a loan repayment moratorium that threatens to hurt revenue. The Nifty banking closed down 3.16%, while the financials index ended 2.45% lower. Rating agency Moody's on Monday also warned of pandemic-related headwinds to the Indian banking sector. The Nifty auto index closed down 2.38% at its lowest level since January 2019, after an industry body report said auto sales for June nearly halved from a year ago. India's auto sales volume will take another 3-4 years to reach 2018 levels, an executive from the Society of Indian Automobile Manufacturers said. Asian shares also slipped on flaring U.S.-China tensions and persisting virus fears. Private-sector lenders Indusind Bank and Axis Bank were the top percentage laggards on the domestic blue-chip Nifty index, shedding 5.5% and 5%, respectively. Truck and motorcycle maker Eicher Motors dropped 4% and India's largest carmaker by market share Maruti Suzuki declined 3.6%. The NSE pharma index advanced 0.4% and was the session's only gainer among sectors. Generic drugmaker Dr. Reddy's Laboratories rose 2.14% was among the few advancing stocks.

Sensex, Nifty slip as virus worries grow; lenders, auto stocks drag

India’s domestic car and SUV sales fell by 50% in June compared to the same period last year, owing to the economic slump caused by the coronavirus crisis.

According to the Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell 58% to 55,497 in June from a year ago, while sales of two-wheelers - widely seen as an indicator of the health of the rural economy - fell 39%.

The numbers provide a glimpse into economic activity in Asia’s third-largest economy, which has struggled to compile official figures on key indicators as strict stay-at-home measures to contain the virus affected data collection.&nbsp;

Prime Minister Narendra Modi, fighting the nation’s worst economic downturn in decades, opened up most activities last month in an effort to revive sentiment and growth. 
 
(With inputs from agencies)

India’s domestic car and SUV sales fell by 50% in June compared to the same period last year, owing to the economic slump caused by the coronavirus crisis. According to the Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell 58% to 55,497 in June from a year ago, while sales of two-wheelers - widely seen as an indicator of the health of the rural economy - fell 39%.

India’s domestic car and SUV sales fell by 50% in June compared to the same period last year, owing to the economic slump caused by the coronavirus crisis. According to the Society of Indian Automobile Manufacturers (SIAM), passenger car sales fell 58% to 55,497 in June from a year ago, while sales of two-wheelers - widely seen as an indicator of the health of the rural economy - fell 39%. The numbers provide a glimpse into economic activity in Asia’s third-largest economy, which has struggled to compile official figures on key indicators as strict stay-at-home measures to contain the virus affected data collection. Prime Minister Narendra Modi, fighting the nation’s worst economic downturn in decades, opened up most activities last month in an effort to revive sentiment and growth. (With inputs from agencies)

India’s passenger vehicle sales slump in June, hit by economic gloom due to lockdowns

The domestic stock markets extended their early losses and were trading at day's lowest point, down 2 per cent, on Tuesday, with financials, auto, and metal stocks dragging the indices.

At 14:31 PM, the Sensex was down 646.51 points or 1.76% at 36047.18, and the Nifty was down 190.50 points or 1.76% at 10612.20.&nbsp;

Bank, auto, financials, media and metal stocks, which surged in the recent rally, were under heavy pressure.

Meanwhile, India's auto sales volume will take another 3-4 years to reach 2018 levels, an industry body executive said on Tuesday, as the coronavirus-induced lockdown hurt monthly revenue and increased pressure on a sector already reeling from poor demand.

India's passenger vehicle sales rose 3% to 3.37 million units in fiscal 2018-19 but fell by 18% a year later due to weak demand and the onset of the pandemic.

(With inputs from agencies)

The domestic stock markets extended their early losses and were trading at day's lowest point, down 2 per cent, on Tuesday, with financials, auto, and metal stocks dragging the indices.

The domestic stock markets extended their early losses and were trading at day's lowest point, down 2 per cent, on Tuesday, with financials, auto, and metal stocks dragging the indices. At 14:31 PM, the Sensex was down 646.51 points or 1.76% at 36047.18, and the Nifty was down 190.50 points or 1.76% at 10612.20. Bank, auto, financials, media and metal stocks, which surged in the recent rally, were under heavy pressure. Meanwhile, India's auto sales volume will take another 3-4 years to reach 2018 levels, an industry body executive said on Tuesday, as the coronavirus-induced lockdown hurt monthly revenue and increased pressure on a sector already reeling from poor demand. India's passenger vehicle sales rose 3% to 3.37 million units in fiscal 2018-19 but fell by 18% a year later due to weak demand and the onset of the pandemic. (With inputs from agencies)

Stock market indices trade lower; Sensex tumbles 650 points

In India, the gold business has been hit by coronavirus pandemic but investment in export gold has seen a massive increase. On the other hand, domestic sales of jewellery exports are not doing great. Watch report. About Channel: WION -The World is One News, examines global issues with in-depth analysis. We provide much more than the news of the day. Our aim to empower people to explore their world. With our Global headquarters in New Delhi, we bring you news on the hour, by the hour. We deliver information that is not biased. We are journalists who are neutral to the core and non-partisan when it comes to the politics of the world. People are tired of biased reportage and we stand for a globalised united world. So for us the World is truly One. Please keep discussions on this channel clean and respectful and refrain from using racist or sexist slurs as well as personal insults. Subscribe to our channel at https://goo.gl/JfY3NI Check out our website: http://www.wionews.com Connect with us on our social media handles: Facebook: https://www.facebook.com/WIONews Twitter: https://twitter.com/WIONews Follow us on Google News for latest updates Zee News:- https://bit.ly/2Ac5G60 Zee Bussiness:- https://bit.ly/36vI2xa DNA India:- https://bit.ly/2ZDuLRY WION: https://bit.ly/3gnDb5J Zee News Apps : https://bit.ly/ZeeNewsApps

India's jewellery exports plunge: Lockdown affects sales and production

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