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China's president has called for technological self-reliance in the escalating rivalry with America, but experts believe Beijing's late start on tech and relatively backward capabilities could make that a mission impossible.

China has no doubt made an amazing transformation, from a former basket case wracked by mass famine and political upheaval to a highly connected society marked by the growing use of renewable energy, a space programme, and bullet trains crisscrossing the country.

But a closer look reveals that while China is adept at assembling foreign technologies into commercially successful products at home, its ability to innovate remains deeply hampered, tech experts said.

Take semiconductors, the building blocks of global digital architecture.

China's government has poured money into an effort to develop its own semiconductors and chip designs but has not been able to close the gap with the US, Japanese and South Korean rivals.

"One way to look at (China's situation) is that someone may be able to make beautiful designs out of Legos, but they don't know how to make the Legos themselves," said Gabriel Chou, Asia chair for World Semiconductor Trade Statistics, a grouping of semiconductor-product companies.

"(China) is aggressively attacking the end-market, such as mobile phones or other consumer products. But semiconductors require many very fundamental science skills" that China struggles with, Chou added.

The risks are now clear following last week's move by Washington to ban Chinese telecom and smartphone giant Huawei's access to critical American chips and other technology.

The ban has thrown the company's future into doubt, causing a number of <a href="https://www.wionews.com/world/huawei-executive-facing-extradition-to-appear-in-canada-court-217056">Huawei</a> partners around the world to bail on the company and emphatically illustrating US tech clout.

&nbsp;Long March&nbsp;

<a href="https://www.wionews.com/world/get-ready-for-difficult-times-chinas-xi-warns-during-trade-war-220625">President Xi Jinping</a> this week telegraphed his alarm, calling for self-reliance in "key core technologies" while saying China faced a "Long March" against foreign challengers -- a reference to a now-legendary 1934-35 strategic retreat by Communist revolutionaries.

But a state-directed approach is a bad idea, said Paul Triolo, head of geotechnology at the Eurasia Group.

Triolo said the world's top tech companies got where they are because open competition with rivals forced them to develop better products and attract the best human capital.

And being plugged into the world tech ecosystem encouraged them to constantly tailor products to evolving market needs to stay ahead of the pack -- or die.

"It's incredibly hard to wean yourself off foreign suppliers in such a highly market-driven sector where you must be on the cutting edge, and that edge is constantly changing and moving outward," Triolo said.

The very idea of national self-reliance flies in the face of reality, he adds.

Different countries have excelled in different areas and focused on their core competencies to survive, leading to a complex and interconnected global supply chain.

"The US has a lot of dominance, but there are other big players too. China simply can't be an island and recreate a whole globalised technology ecosystem at home," Triolo said.

"To reduce dependence they will have to take a different paradigm from the rest of world and that's tough. It's not something money is going to solve over the short-term."

Software glitch&nbsp;

Software is another glaring weak spot.&nbsp;

As in the rest of the world, there is no viable alternative in China to Microsoft and Apple on personal computing systems -- or to Google's Android or Apple's iOS on mobile phones.

US companies also dominate the Chinese landscape for enterprise software.

The United States suspects Huawei has ties to China's military and fears the company's installation of telecom networks worldwide could put sensitive data at risk. Huawei denies the charges.

But Chinese software shortcomings leave Huawei vulnerable even on these global networks -- the company relies heavily on US software to power them, Triolo said.

"A database has to be really robust and no company in China can do that database software," he said.

China could nonetheless be a formidable player in next-generation technologies like artificial intelligence, driverless cars and automated manufacturing.

Xi's government has singled out such futuristic technologies for state development -- a programme partly responsible for triggering US pushback on tech.

"We believe China is in a commanding position to become a far more influential player in disruptive technologies globally," said Kenny Liew, a tech analyst with Fitch Solutions.

He adds that the US-China tech rivalry "will contribute positively to the global technological landscape."

China's president has called for technological self-reliance in the escalating rivalry with America, but experts believe Beijing's late start on tech and relatively backward capabilities could make that a mission impossible.

China's president has called for technological self-reliance in the escalating rivalry with America, but experts believe Beijing's late start on tech and relatively backward capabilities could make that a mission impossible. China has no doubt made an amazing transformation, from a former basket case wracked by mass famine and political upheaval to a highly connected society marked by the growing use of renewable energy, a space programme, and bullet trains crisscrossing the country. But a closer look reveals that while China is adept at assembling foreign technologies into commercially successful products at home, its ability to innovate remains deeply hampered, tech experts said. Take semiconductors, the building blocks of global digital architecture. China's government has poured money into an effort to develop its own semiconductors and chip designs but has not been able to close the gap with the US, Japanese and South Korean rivals. "One way to look at (China's situation) is that someone may be able to make beautiful designs out of Legos, but they don't know how to make the Legos themselves," said Gabriel Chou, Asia chair for World Semiconductor Trade Statistics, a grouping of semiconductor-product companies. "(China) is aggressively attacking the end-market, such as mobile phones or other consumer products. But semiconductors require many very fundamental science skills" that China struggles with, Chou added. The risks are now clear following last week's move by Washington to ban Chinese telecom and smartphone giant Huawei's access to critical American chips and other technology. The ban has thrown the company's future into doubt, causing a number of Huawei partners around the world to bail on the company and emphatically illustrating US tech clout. Long March President Xi Jinping this week telegraphed his alarm, calling for self-reliance in "key core technologies" while saying China faced a "Long March" against foreign challengers -- a reference to a now-legendary 1934-35 strategic retreat by Communist revolutionaries. But a state-directed approach is a bad idea, said Paul Triolo, head of geotechnology at the Eurasia Group. Triolo said the world's top tech companies got where they are because open competition with rivals forced them to develop better products and attract the best human capital. And being plugged into the world tech ecosystem encouraged them to constantly tailor products to evolving market needs to stay ahead of the pack -- or die. "It's incredibly hard to wean yourself off foreign suppliers in such a highly market-driven sector where you must be on the cutting edge, and that edge is constantly changing and moving outward," Triolo said. The very idea of national self-reliance flies in the face of reality, he adds. Different countries have excelled in different areas and focused on their core competencies to survive, leading to a complex and interconnected global supply chain. "The US has a lot of dominance, but there are other big players too. China simply can't be an island and recreate a whole globalised technology ecosystem at home," Triolo said. "To reduce dependence they will have to take a different paradigm from the rest of world and that's tough. It's not something money is going to solve over the short-term." Software glitch Software is another glaring weak spot. As in the rest of the world, there is no viable alternative in China to Microsoft and Apple on personal computing systems -- or to Google's Android or Apple's iOS on mobile phones. US companies also dominate the Chinese landscape for enterprise software. The United States suspects Huawei has ties to China's military and fears the company's installation of telecom networks worldwide could put sensitive data at risk. Huawei denies the charges. But Chinese software shortcomings leave Huawei vulnerable even on these global networks -- the company relies heavily on US software to power them, Triolo said. "A database has to be really robust and no company in China can do that database software," he said. China could nonetheless be a formidable player in next-generation technologies like artificial intelligence, driverless cars and automated manufacturing. Xi's government has singled out such futuristic technologies for state development -- a programme partly responsible for triggering US pushback on tech. "We believe China is in a commanding position to become a far more influential player in disruptive technologies globally," said Kenny Liew, a tech analyst with Fitch Solutions. He adds that the US-China tech rivalry "will contribute positively to the global technological landscape."

China's tech 'Long March' could be road to nowhere

All eyes are on the economic performance of India as NDA 2.0 is on power, country is also poised to be the 5th largest economy of the world this year. Watch this video to know more.

WION Wallet: India hopes for economic revival under NDA 2.0

Indian shares jumped over 1.5% on Friday on hopes that Prime Minister Narendra Modi would pursue business-friendly policies following his party's thumping victory in the general election.

"Continuity is important because some of the underlying issues don't have quick fixes like IL&amp;FS and the NBFCs," said Rajeev Thakkar, chief investment officer at PPFAS Mutual Fund.

The broader NSE Nifty ended 1.60% higher at 11,844.1. It gained 3.84% for the week, its biggest since the five sessions to Nov. 2, 2018.

The benchmark BSE Sensex closed up 1.61% at 39,434.72, recording a 3.96% weekly gain.

Financials were top gainers with ICICI Bank Ltd closing 5.1% higher, while State Bank of India Ltd rose 3.84%.

JSW Steel Ltd ended 4.37% higher after reporting its March-quarter results.

Indian shares jumped over 1.5% on Friday on hopes that Prime Minister Narendra Modi would pursue business-friendly policies following his party's thumping victory in the general election.

Indian shares jumped over 1.5% on Friday on hopes that Prime Minister Narendra Modi would pursue business-friendly policies following his party's thumping victory in the general election. "Continuity is important because some of the underlying issues don't have quick fixes like IL&FS and the NBFCs," said Rajeev Thakkar, chief investment officer at PPFAS Mutual Fund. The broader NSE Nifty ended 1.60% higher at 11,844.1. It gained 3.84% for the week, its biggest since the five sessions to Nov. 2, 2018. The benchmark BSE Sensex closed up 1.61% at 39,434.72, recording a 3.96% weekly gain. Financials were top gainers with ICICI Bank Ltd closing 5.1% higher, while State Bank of India Ltd rose 3.84%. JSW Steel Ltd ended 4.37% higher after reporting its March-quarter results.

Nifty, Sensex post best week since November over election

Oil&nbsp;prices dropped on Thursday, extending falls from the previous session amid surging US&nbsp;crude inventories and weak demand from refineries.

Brent crude futures, the international benchmark for&nbsp;oil&nbsp;prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel.

Crude futures already fell by around 2 per cent the previous day.

"Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on&nbsp;prices)," said Edward Moya, senior analyst at futures brokerage OANDA.

The<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779"> US&nbsp;crude&nbsp;oil&nbsp;</a>inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday.

Commercial US&nbsp;crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed.

Beyond weak refinery demand for feedstock crude&nbsp;oil, the increase in commercial inventories also came on the back of planned sales of US&nbsp;strategic petroleum reserves (SPR) into the commercial market.

The US&nbsp;crude&nbsp;oil&nbsp;production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month.

Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China&nbsp;trade war" were also weighing on&nbsp;oil&nbsp;prices.

Countering these bearish&nbsp;price&nbsp;factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market.

"Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on&nbsp;oil&nbsp;markets published this week.

"Macroeconomic data has rapidly deteriorated, and this is reflected in weaker&nbsp;oil&nbsp;demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said.

"On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019.

French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel. Crude futures already fell by around 2 per cent the previous day. "Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on prices)," said Edward Moya, senior analyst at futures brokerage OANDA. The US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday. Commercial US crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed. Beyond weak refinery demand for feedstock crude oil, the increase in commercial inventories also came on the back of planned sales of US strategic petroleum reserves (SPR) into the commercial market. The US crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month. Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China trade war" were also weighing on oil prices. Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market. "Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on oil markets published this week. "Macroeconomic data has rapidly deteriorated, and this is reflected in weaker oil demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said. "On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019. French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Oil prices fall on surging US crude stockpiles, economic concerns

Asian stock&nbsp;markets&nbsp;were mixed on Friday, with sentiment torn between investors worried that the <a href="https://www.wionews.com/world/china-says-us-must-show-sincerity-for-trade-talks-to-continue-221010">US-China trade war</a> was becoming more protracted, and others hope that the world's two largest economies would reach a settlement soon.

European stock&nbsp;markets&nbsp;looked slightly more optimistic. In early trade, futures for the pan-region Euro Stoxx 50 index and German DAX futures gained 0.4%, and London's FTSE futures were up 0.3%.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan bounced back to trade flat after hitting a four-month low earlier. The index is still on track for a third straight weekly loss, down 0.8% so far on the week.

Chinese equities firmed as some investors took advantage of cheap share prices. The Shanghai Composite gained 0.1% and the blue-chip CSI 300 rose 0.4% in afternoon trade. Hong Kong's Hang Seng added 0.3%.

Japan's Nikkei average was lower by 0.3%.

On Wall Street, the Dow Jones Industrial Average fell 1.1%, the S&amp;P 500 lost 1.2% and the Nasdaq Composite dropped 1.6%, as traders dumped cyclical names on fears that the escalating US-China trade war would stymie&nbsp;global&nbsp;economic growth.

US President Donald Trump said on Thursday that Washington's complaints against Huawei Technologies might be resolved within the framework of a US-China trade deal while calling the Chinese telecom giant "very dangerous."

Jasper Lawler, head of research at London Capital Group, said,&nbsp;&nbsp;"the fact that Trump is still talking about a trade agreement is offering some optimism to the&nbsp;markets."

"Traders have been focused on the damage to the&nbsp;global&nbsp;economy that a prolonged trade war could cause, so a break from the bad news is cautiously lifting sentiment," he wrote in a note on Friday, commenting on the expected higher European open.

Washington last week effectively banned US firms from doing business with Huawei, the world's largest networking gear maker, citing national security concerns.

The US Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies, in another move that could penalise Chinese products.

China's Commerce Ministry hit back on Thursday, with its spokesman saying "if the United States wants to continue trade talks, they should show sincerity and correct their wrong actions."

Masanari Takada, the cross-assets strategist at Nomura Securities in Tokyo, said the US-China trade conflict "has not yet fully dented the&nbsp;global&nbsp;investor sentiment, so there is no panic-selling. But at the same time, the sentiment will likely remain weak."

As flight-to-safety plays dominated&nbsp;global&nbsp;markets, the benchmark 10-year US Treasury note yield hit 2.292%, the lowest level since mid-October 2017, with the key parts of the yield curve inverted. The yield last stood at 2.3237%.

Chotaro Morita, the chief fixed-income strategist at SMBC Nikko Securities, said big falls shown in a fresh US manufacturing survey appear to reflect expectations of a breakdown in the US-China trade talks.

"In the last couple of years, the PMI has had a very small gap with hard data, such as industrial output. So if that holds true this time, we could see factory production plunging into negative levels (compared to a year ago)."

"Since the&nbsp;global&nbsp;financial crisis, US&nbsp;output has fallen only once: from 2015 to early 2016 when the shale industry was badly hit.&nbsp;Markets&nbsp;could start to fret over a&nbsp;global&nbsp;slowdown as they have done late last year."

The dollar index, which measures it against six major currencies, hit a high of 98.371 on Thursday US&nbsp;time. It was last quoted at 97.847, little changed on the day.

The euro on Thursday slumped to levels last seen in May 2017 as a recovery in eurozone business activity was weaker than expected. Early Friday, the currency was flat on the day at $1.1181.

Sterling weakened again on Thursday as pressure mounted on<a href="https://www.wionews.com/world/british-pm-theresa-may-expected-to-announce-her-departure-on-friday-report-220845"> British Prime Minister Theresa May</a> to name a date for her departure after a backlash over her last-ditch plans for Britain's exit from the European Union.

The pound was last traded at $1.2663, little changed on the day. Sterling suffered its 14th consecutive day of losses against the euro on Thursday, its longest losing streak on record. It stood at 0.8829 pounds to the euro.

Other major currencies were relatively calm. The dollar was holding at 109.59 yen, flat on the day.

In commodity&nbsp;markets, oil prices tumbled on Thursday as trade tensions dampened the demand outlook, with the crude benchmarks posting their biggest daily falls in six months.

Oil prices stabilised on Friday amid OPEC supply cuts and tensions in the Middle East.

US crude was last seen at $58.58 a barrel, up 1.16%, after Thursday's 5.7% fall that took it to the lowest in two months. Brent crude futures rebounded 1.18% to $68.56 per barrel, after falling 4.6% in the previous session.

Asian stock markets were mixed on Friday, with sentiment torn between investors worried that the US-China trade war was becoming more protracted, and others hope that the world's two largest economies would reach a settlement soon.

Asian stock markets were mixed on Friday, with sentiment torn between investors worried that the US-China trade war was becoming more protracted, and others hope that the world's two largest economies would reach a settlement soon. European stock markets looked slightly more optimistic. In early trade, futures for the pan-region Euro Stoxx 50 index and German DAX futures gained 0.4%, and London's FTSE futures were up 0.3%. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan bounced back to trade flat after hitting a four-month low earlier. The index is still on track for a third straight weekly loss, down 0.8% so far on the week. Chinese equities firmed as some investors took advantage of cheap share prices. The Shanghai Composite gained 0.1% and the blue-chip CSI 300 rose 0.4% in afternoon trade. Hong Kong's Hang Seng added 0.3%. Japan's Nikkei average was lower by 0.3%. On Wall Street, the Dow Jones Industrial Average fell 1.1%, the S&P 500 lost 1.2% and the Nasdaq Composite dropped 1.6%, as traders dumped cyclical names on fears that the escalating US-China trade war would stymie global economic growth. US President Donald Trump said on Thursday that Washington's complaints against Huawei Technologies might be resolved within the framework of a US-China trade deal while calling the Chinese telecom giant "very dangerous." Jasper Lawler, head of research at London Capital Group, said, "the fact that Trump is still talking about a trade agreement is offering some optimism to the markets." "Traders have been focused on the damage to the global economy that a prolonged trade war could cause, so a break from the bad news is cautiously lifting sentiment," he wrote in a note on Friday, commenting on the expected higher European open. Washington last week effectively banned US firms from doing business with Huawei, the world's largest networking gear maker, citing national security concerns. The US Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies, in another move that could penalise Chinese products. China's Commerce Ministry hit back on Thursday, with its spokesman saying "if the United States wants to continue trade talks, they should show sincerity and correct their wrong actions." Masanari Takada, the cross-assets strategist at Nomura Securities in Tokyo, said the US-China trade conflict "has not yet fully dented the global investor sentiment, so there is no panic-selling. But at the same time, the sentiment will likely remain weak." As flight-to-safety plays dominated global markets, the benchmark 10-year US Treasury note yield hit 2.292%, the lowest level since mid-October 2017, with the key parts of the yield curve inverted. The yield last stood at 2.3237%. Chotaro Morita, the chief fixed-income strategist at SMBC Nikko Securities, said big falls shown in a fresh US manufacturing survey appear to reflect expectations of a breakdown in the US-China trade talks. "In the last couple of years, the PMI has had a very small gap with hard data, such as industrial output. So if that holds true this time, we could see factory production plunging into negative levels (compared to a year ago)." "Since the global financial crisis, US output has fallen only once: from 2015 to early 2016 when the shale industry was badly hit. Markets could start to fret over a global slowdown as they have done late last year." The dollar index, which measures it against six major currencies, hit a high of 98.371 on Thursday US time. It was last quoted at 97.847, little changed on the day. The euro on Thursday slumped to levels last seen in May 2017 as a recovery in eurozone business activity was weaker than expected. Early Friday, the currency was flat on the day at $1.1181. Sterling weakened again on Thursday as pressure mounted on British Prime Minister Theresa May to name a date for her departure after a backlash over her last-ditch plans for Britain's exit from the European Union. The pound was last traded at $1.2663, little changed on the day. Sterling suffered its 14th consecutive day of losses against the euro on Thursday, its longest losing streak on record. It stood at 0.8829 pounds to the euro. Other major currencies were relatively calm. The dollar was holding at 109.59 yen, flat on the day. In commodity markets, oil prices tumbled on Thursday as trade tensions dampened the demand outlook, with the crude benchmarks posting their biggest daily falls in six months. Oil prices stabilised on Friday amid OPEC supply cuts and tensions in the Middle East. US crude was last seen at $58.58 a barrel, up 1.16%, after Thursday's 5.7% fall that took it to the lowest in two months. Brent crude futures rebounded 1.18% to $68.56 per barrel, after falling 4.6% in the previous session.

Asia stocks flat as trade worries linger, Europe to open higher

<a href="https://www.wionews.com/business-economy/amazon-offers-employees-10000-to-quit-launch-delivery-business-218463">Amazon&nbsp;</a>said&nbsp;shareholders&nbsp;rejected proposals to curb and audit its&nbsp;facial&nbsp;recognition&nbsp;service on Wednesday, just as members of&nbsp;Congress&nbsp;indicated there was bipartisan support to one day regulate the technology.

In the past year, Amazon&nbsp;has found itself at the centre of a growing debate over the use of&nbsp;facial&nbsp;recognition&nbsp;by governments, with critics warning of false matches and arrests and proponents arguing it keeps the public safe. Law enforcement in Oregon and Florida have used&nbsp;Amazon's face and image ID service, known as Rekognition.

With support from civil liberties groups, two non-binding proposals on&nbsp;facial&nbsp;recognition&nbsp;made it to the ballot ahead of&nbsp;Amazon's shareholder meeting on Wednesday. The world's top online retailer and cloud computing company had tried to stop the votes, but it was effectively overruled by the&nbsp;US Securities and Exchange Commission.

The first proposal would have made the company stop offering&nbsp;facial&nbsp;recognition&nbsp;to governments unless its board determined sales did not violate civil liberties. A second would have requested a study by September of the extent to which&nbsp;Amazon's service harmed rights and privacy.

According to an&nbsp;Amazon&nbsp;spokeswoman, the resolutions failed by a wide margin. The vote breakdown will be disclosed at a later point in time.

Adding to&nbsp;shareholders'&nbsp;concerns was recent research that showed&nbsp;Amazon's technology struggled to identify the gender of individuals with darker skin, prompting fears that a faulty technology would put innocent people behind bars.

Amazon&nbsp;has defended its work and said all users must follow the law. It also added a web portal for people to report any abuse of the service.

The proposals faced an uphill battle.&nbsp;Amazon's board recommended against them, and Jeff Bezos, the company's chief executive and founder, controls 16 per cent of it's stock and voting rights.

Still, critics of the technology believed the vote was beneficial.

"This shareholder intervention should serve as a wake-up call for the company to reckon with the real harms of face surveillance and to change course," said Shankar Narayan of the American Civil Liberties Union of Washington state.

A key&nbsp;congressional committee also met on Wednesday in Washington, DC, to discuss&nbsp;the civil rights impact of all&nbsp;facial recognition technology, not only&nbsp;Amazon's.

Responding to the shareholder vote, Democratic&nbsp;US Representative Jimmy Gomez said, "that just means that it's more important that Congress&nbsp;acts."

Republican members of the committee expressed&nbsp;concern&nbsp;about&nbsp;US&nbsp;citizens having their rights violated and their information shared with the likes of the FBI without elected officials' oversight. A second hearing on the topic is scheduled for June 4.

Any federal regulation would follow a major decision by San Francisco officials earlier this month to&nbsp;ban&nbsp;city personnel from using the technology. That contrasts with New York, Chicago and Detroit, where law enforcement has reportedly used&nbsp;facial&nbsp;recognition&nbsp;or acquired it with the hope of speeding up post-crime investigations.

Amazon&nbsp;is one of many&nbsp;facial&nbsp;recognition&nbsp;vendors, alongside France's Idema, Japan's NEC Corp and Microsoft Corp, which has repeatedly called for regulation and said&nbsp;it turned down sales for human rights&nbsp;concerns.

Mark Meadows, a Republican, said it was time to start legislating.

"You've now hit the sweet spot that brings progressives and conservatives together," he said.

Amazon said shareholders rejected proposals to curb and audit its facial recognition service on Wednesday, just as members of Congress indicated there was bipartisan support to one day regulate the technology.

Amazon said shareholders rejected proposals to curb and audit its facial recognition service on Wednesday, just as members of Congress indicated there was bipartisan support to one day regulate the technology. In the past year, Amazon has found itself at the centre of a growing debate over the use of facial recognition by governments, with critics warning of false matches and arrests and proponents arguing it keeps the public safe. Law enforcement in Oregon and Florida have used Amazon's face and image ID service, known as Rekognition. With support from civil liberties groups, two non-binding proposals on facial recognition made it to the ballot ahead of Amazon's shareholder meeting on Wednesday. The world's top online retailer and cloud computing company had tried to stop the votes, but it was effectively overruled by the US Securities and Exchange Commission. The first proposal would have made the company stop offering facial recognition to governments unless its board determined sales did not violate civil liberties. A second would have requested a study by September of the extent to which Amazon's service harmed rights and privacy. According to an Amazon spokeswoman, the resolutions failed by a wide margin. The vote breakdown will be disclosed at a later point in time. Adding to shareholders' concerns was recent research that showed Amazon's technology struggled to identify the gender of individuals with darker skin, prompting fears that a faulty technology would put innocent people behind bars. Amazon has defended its work and said all users must follow the law. It also added a web portal for people to report any abuse of the service. The proposals faced an uphill battle. Amazon's board recommended against them, and Jeff Bezos, the company's chief executive and founder, controls 16 per cent of it's stock and voting rights. Still, critics of the technology believed the vote was beneficial. "This shareholder intervention should serve as a wake-up call for the company to reckon with the real harms of face surveillance and to change course," said Shankar Narayan of the American Civil Liberties Union of Washington state. A key congressional committee also met on Wednesday in Washington, DC, to discuss the civil rights impact of all facial recognition technology, not only Amazon's. Responding to the shareholder vote, Democratic US Representative Jimmy Gomez said, "that just means that it's more important that Congress acts." Republican members of the committee expressed concern about US citizens having their rights violated and their information shared with the likes of the FBI without elected officials' oversight. A second hearing on the topic is scheduled for June 4. Any federal regulation would follow a major decision by San Francisco officials earlier this month to ban city personnel from using the technology. That contrasts with New York, Chicago and Detroit, where law enforcement has reportedly used facial recognition or acquired it with the hope of speeding up post-crime investigations. Amazon is one of many facial recognition vendors, alongside France's Idema, Japan's NEC Corp and Microsoft Corp, which has repeatedly called for regulation and said it turned down sales for human rights concerns. Mark Meadows, a Republican, said it was time to start legislating. "You've now hit the sweet spot that brings progressives and conservatives together," he said.

Amazon shareholders reject facial recognition ban as concern grows in US Congress

With early trends in Lok Sabha polls counting indicating&nbsp;NDA win, markets opened on a strong&nbsp;note on Thursday with Sensex and Nifty scaling record&nbsp;highs.

The benchmark BSE Sensex jumped over 600 points in early trade. In similar movement, the broader NSE Nifty rose to 11, 900. 
 
IndusInd Bank was the top percentage gainer on the Nifty, rising 5%, while State Bank of India Ltd climbed 3.2% higher.&nbsp;Index heavyweights Reliance Industries Ltd was 2% higher while Housing Development Finance Corp Ltd climbed 2.5%.&nbsp;Only one stock was trading lower on the Nifty.&nbsp;

Exit polls have predicted a massive and comfortable win for Modi-led Bharatiya Janata Party in Lok Sabha polls 2019. The markets are expected to remain action-packed today.

Watch:&nbsp;Record high opening for Indian markets

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/lok-sabha-2019-results-record-high-opening-for-indian-markets-220794/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The BSE Sensex index rose by its biggest amount in one day since September 2013 on Monday after exit polls showed the National Democratic Alliance (NDA) party led by Prime Minister Narendra Modi will retain power for a second consecutive term. 
&nbsp;

With early trends in Lok Sabha polls counting indicating NDA win, markets opened on a strong note on Thursday with Sensex and Nifty scaling record highs. The benchmark BSE Sensex jumped over 600 points in early trade.

With early trends in Lok Sabha polls counting indicating NDA win, markets opened on a strong note on Thursday with Sensex and Nifty scaling record highs. The benchmark BSE Sensex jumped over 600 points in early trade. In similar movement, the broader NSE Nifty rose to 11, 900. IndusInd Bank was the top percentage gainer on the Nifty, rising 5%, while State Bank of India Ltd climbed 3.2% higher. Index heavyweights Reliance Industries Ltd was 2% higher while Housing Development Finance Corp Ltd climbed 2.5%. Only one stock was trading lower on the Nifty. Exit polls have predicted a massive and comfortable win for Modi-led Bharatiya Janata Party in Lok Sabha polls 2019. The markets are expected to remain action-packed today. Watch: Record high opening for Indian markets The BSE Sensex index rose by its biggest amount in one day since September 2013 on Monday after exit polls showed the National Democratic Alliance (NDA) party led by Prime Minister Narendra Modi will retain power for a second consecutive term.

Riding on early election trends, Sensex rises over 600 points; Nifty tops 11,900

The rupee appreciated by 26 paise to 69.40 against the US dollar in opening trade Thursday, as counting of votes for the seven-phase Lok Sabha elections began across the country.

The counting exercise is on in over 4,000 counting centres. Most of the exit polls have predicted that the BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term.

The rupee opened strong at 69.45 at the interbank forex market, then gained further ground and touched 69.40, displaying gains of 26 paise over its last close.

The rupee had settled at 69.66 against the US dollar Wednesday.

Forex traders said, besides the Loka Sabha election outcome, easing crude prices and higher opening in domestic equities also supported the rupee.

Foreign fund outflows, however, dampened the sentiment of forex traders.

Foreign institutional investors (FIIs) were net sellers in the capital markets, pulling out Rs 965.02 crore Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, eased 0.58 per cent to $70.58 per barrel.

Domestic bourses opened on a bullish note Thursday with both benchmark indices Sensex and Nifty hitting all-time highs.

The 30-share Sensex was trading at 39,722.15 points, up 611.94 points while Nifty was trading higher by 226.80 points at 11,964.70.

The rupee appreciated by 26 paise to 69.40 against the US dollar in opening trade Thursday, as counting of votes for the seven-phase Lok Sabha elections began across the country.

The rupee appreciated by 26 paise to 69.40 against the US dollar in opening trade Thursday, as counting of votes for the seven-phase Lok Sabha elections began across the country. The counting exercise is on in over 4,000 counting centres. Most of the exit polls have predicted that the BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term. The rupee opened strong at 69.45 at the interbank forex market, then gained further ground and touched 69.40, displaying gains of 26 paise over its last close. The rupee had settled at 69.66 against the US dollar Wednesday. Forex traders said, besides the Loka Sabha election outcome, easing crude prices and higher opening in domestic equities also supported the rupee. Foreign fund outflows, however, dampened the sentiment of forex traders. Foreign institutional investors (FIIs) were net sellers in the capital markets, pulling out Rs 965.02 crore Wednesday, according to provisional exchange data. Brent crude futures, the global oil benchmark, eased 0.58 per cent to $70.58 per barrel. Domestic bourses opened on a bullish note Thursday with both benchmark indices Sensex and Nifty hitting all-time highs. The 30-share Sensex was trading at 39,722.15 points, up 611.94 points while Nifty was trading higher by 226.80 points at 11,964.70.

Rupee rises 26 paise as early trends show return of NDA

<a href="https://www.wionews.com/business-economy/oil-slides-on-rising-us-crude-stockpiles-saudi-arabia-vow-to-keep-market-balanced-220549">Oil&nbsp;prices</a>&nbsp;dropped on Thursday, extending&nbsp;falls from the previous&nbsp;session amid&nbsp;surging&nbsp;US&nbsp;crude&nbsp;inventories and weak demand from refineries.

Brent&nbsp;crude&nbsp;futures, the international benchmark for&nbsp;oil&nbsp;prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close.

The US&nbsp;West Texas Intermediate (WTI)&nbsp;crude&nbsp;futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel.

Crude&nbsp;futures already fell by around 2 per cent the previous&nbsp;day.

"Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on&nbsp;prices)," said Edward Moya, senior analyst at futures brokerage OANDA.

US crude&nbsp;oil&nbsp;inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday.

Commercial US&nbsp;crude&nbsp;inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed.

Beyond weak refinery demand for feedstock&nbsp;crude&nbsp;oil, the increase in commercial inventories also came on the back of planned sales of US&nbsp;strategic petroleum reserves (SPR) into the commercial market.

US crude&nbsp;oil&nbsp;production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month.

Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns&nbsp;about slowing (oil) demand growth due to the negative impact on the global economy of the <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">US-China&nbsp;trade war</a>" were also weighing on&nbsp;oil&nbsp;prices.

Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market.

"Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on&nbsp;oil&nbsp;markets published this week.

"Macroeconomic&nbsp;data has rapidly deteriorated, and this is reflected in weaker&nbsp;oil&nbsp;demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US&nbsp;bank said.

"On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019.

French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place.

"Supply management is here to stay," the bank said.

Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 per cent, from their last close. The US West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 per cent, at $61.11 per barrel. Crude futures already fell by around 2 per cent the previous day. "Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on prices)," said Edward Moya, senior analyst at futures brokerage OANDA. US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday. Commercial US crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, their highest since July 2017, the EIA data showed. Beyond weak refinery demand for feedstock crude oil, the increase in commercial inventories also came on the back of planned sales of US strategic petroleum reserves (SPR) into the commercial market. US crude oil production climbed by 100,000 barrels per day (bpd) to 12.2 million bpd, putting output near its record of 12.3 million bpd reached late last month. Ole Hansen, head of the commodity strategy at Saxo Bank, said "concerns about slowing (oil) demand growth due to the negative impact on the global economy of the US-China trade war" were also weighing on oil prices. Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) that started in January in an effort to prop up the market. "Large but opposing forces have kept Brent in a $70-$75 per barrel range in recent weeks," Morgan Stanley said in a note on oil markets published this week. "Macroeconomic data has rapidly deteriorated, and this is reflected in weaker oil demand. At the same time, the downside risk to supply is materialising in key countries (adding to OPEC's production cuts)," the US bank said. "On balance, however, we still see tightness in 2H19," Morgan Stanley said, adding it expected Brent to trade in the $75-$80 per barrel range in the second half of 2019. French bank BNP Paribas said high inventories meant that OPEC would likely keep its voluntary supply cuts in place. "Supply management is here to stay," the bank said.

Asian&nbsp;shares&nbsp;carved out a&nbsp;four-month&nbsp;trough on Thursday amid worries the Sino-US trade conflict was fast morphing into a technology cold war between the world's two largest economies.

Late Wednesday, Reuters reported the US&nbsp;administration was considering Huawei-like sanctions on Chinese video surveillance firm Hikvision over the country's treatment of its Uighur Muslim minority, according to a person briefed on the matter.

After the United States placed<a href="https://www.wionews.com/world/huawei-unwanted-asian-shops-shun-phone-trade-ins-on-google-suspension-worries-220614"> Huawei Technologies </a>on a trade blacklist last week, British chip designer ARM has halted relations with Huawei in order to comply with the blockade.

"For China, the key risk is that the combined effects of investment restrictions, export controls, and tariffs will rewire supply chains and weaken manufacturing investment, particularly in the technology sectors driving growth," ratings agency S&amp;P warned in a special report.

Shanghai blue chips shed 1.5% in response to be near their&nbsp;lowest since February. MSCI's broadest index of&nbsp;Asia-Pacific shares outside Japan slid 0.9% to reach its&nbsp;lowest in&nbsp;four&nbsp;months.

Japan's Nikkei lost 1%, while South Korea shed 0.7%. Also feeling the pain, E-Mini futures for the S&amp;P 500 dropped 0.5%.

Minutes of the US Federal Reserve's last meeting out on Wednesday underlined its readiness to be patient on policy "for some time" given the uncertain&nbsp;global&nbsp;outlook.

The chance of a rate cut seemed to diminish as many Fed policymakers saw recent weakness in inflation as "transitory", though the latest escalation in the trade war means&nbsp;markets&nbsp;are still wagering on an eventual easing.

Yields on two-year Treasuries of 2.237% are also well below&nbsp;the current effective fund's rate at 2.39%.

There remains no end in sight to the trade dispute. Treasury Secretary Steven Mnuchin on Wednesday said it would be at least a month before the US&nbsp;would enact proposed tariffs on $300 billion in Chinese imports as it studies the impact on American consumers.

The mood on Wall Street was cautious with the Dow ending Wednesday down 0.39%, while the S&amp;P 500 lost 0.28% and the Nasdaq 0.45%.

Shares&nbsp;in chipmaker Qualcomm Inc dived 10.9% after a federal judge ruled the company illegally suppressed competition in the market for smartphone chips by threatening to cut off supplies and extracting excessive licensing fees.

MORE BREXIT CHAOS

In currencies, constant trade friction saw the&nbsp;safe&nbsp;haven&nbsp;yen&nbsp;in demand again as the dollar dipped to 110.20&nbsp;yen&nbsp;and away from the week's top of 110.67.

The dollar fared better on the euro at $1.1151 and was steady on a basket of currencies at 98.111.

Sterling was the main mover, sliding to a&nbsp;four-month&nbsp;low&nbsp;at $1.2625 before steadying at $1.2651 in&nbsp;Asia.

<a href="https://www.wionews.com/world/time-to-resign-uk-pm-mays-final-brexit-gambit-bombs-220672">British Prime Minister Theresa May</a> came under intense pressure after her latest Brexit gambit backfired and fuelled calls for her to quit.

Prominent Brexit supporter Andrea Leadsom resigned from the government on Wednesday and British media reported May could announce her departure date as early as Friday.

"Uncertainty is the only clear certainty in the near term," said Westpac macro strategist Tim Riddell.

"The risk of a hard-Brexit replacement for May has increased the risks of a hard Brexit result or even a forced no-deal exit," he added. "Such an event would likely force GBP&nbsp;lower, increase risks of assets sliding and BOE (Bank of England) taking counteraction to support assets."

In commodity&nbsp;markets, spot gold edged up a touch to $1,274.10 per ounce.

Oil prices added to losses suffered overnight after an unexpected build in the US&nbsp;crude inventories compounded investor worries about demand.

The US&nbsp;crude was last down 44 cents at $60.98 a barrel, while Brent crude futures lost 45 cents to $70.54.

Asian shares carved out a four-month trough on Thursday amid worries the Sino-US trade conflict was fast morphing into a technology cold war between the world's two largest economies.

Asian shares carved out a four-month trough on Thursday amid worries the Sino-US trade conflict was fast morphing into a technology cold war between the world's two largest economies. Late Wednesday, Reuters reported the US administration was considering Huawei-like sanctions on Chinese video surveillance firm Hikvision over the country's treatment of its Uighur Muslim minority, according to a person briefed on the matter. After the United States placed Huawei Technologies on a trade blacklist last week, British chip designer ARM has halted relations with Huawei in order to comply with the blockade. "For China, the key risk is that the combined effects of investment restrictions, export controls, and tariffs will rewire supply chains and weaken manufacturing investment, particularly in the technology sectors driving growth," ratings agency S&P warned in a special report. Shanghai blue chips shed 1.5% in response to be near their lowest since February. MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.9% to reach its lowest in four months. Japan's Nikkei lost 1%, while South Korea shed 0.7%. Also feeling the pain, E-Mini futures for the S&P 500 dropped 0.5%. Minutes of the US Federal Reserve's last meeting out on Wednesday underlined its readiness to be patient on policy "for some time" given the uncertain global outlook. The chance of a rate cut seemed to diminish as many Fed policymakers saw recent weakness in inflation as "transitory", though the latest escalation in the trade war means markets are still wagering on an eventual easing. Yields on two-year Treasuries of 2.237% are also well below the current effective fund's rate at 2.39%. There remains no end in sight to the trade dispute. Treasury Secretary Steven Mnuchin on Wednesday said it would be at least a month before the US would enact proposed tariffs on $300 billion in Chinese imports as it studies the impact on American consumers. The mood on Wall Street was cautious with the Dow ending Wednesday down 0.39%, while the S&P 500 lost 0.28% and the Nasdaq 0.45%. Shares in chipmaker Qualcomm Inc dived 10.9% after a federal judge ruled the company illegally suppressed competition in the market for smartphone chips by threatening to cut off supplies and extracting excessive licensing fees. MORE BREXIT CHAOS In currencies, constant trade friction saw the safe haven yen in demand again as the dollar dipped to 110.20 yen and away from the week's top of 110.67. The dollar fared better on the euro at $1.1151 and was steady on a basket of currencies at 98.111. Sterling was the main mover, sliding to a four-month low at $1.2625 before steadying at $1.2651 in Asia. British Prime Minister Theresa May came under intense pressure after her latest Brexit gambit backfired and fuelled calls for her to quit. Prominent Brexit supporter Andrea Leadsom resigned from the government on Wednesday and British media reported May could announce her departure date as early as Friday. "Uncertainty is the only clear certainty in the near term," said Westpac macro strategist Tim Riddell. "The risk of a hard-Brexit replacement for May has increased the risks of a hard Brexit result or even a forced no-deal exit," he added. "Such an event would likely force GBP lower, increase risks of assets sliding and BOE (Bank of England) taking counteraction to support assets." In commodity markets, spot gold edged up a touch to $1,274.10 per ounce. Oil prices added to losses suffered overnight after an unexpected build in the US crude inventories compounded investor worries about demand. The US crude was last down 44 cents at $60.98 a barrel, while Brent crude futures lost 45 cents to $70.54.

Asia shares sink to four-month low, yen a safe harbour

The benchmark BSE Sensex jumped over 150 points in early trade Wednesday, led by gains in oil and gas, banking and IT stocks, ahead of the general election results.

The 30-share index was trading 157.51 points or 0.40 per cent, higher at 39,127.31.

In similar movement, the broader NSE Nifty rose 30.90 points, or 0.26 per cent, to 11,740.

In the previous session, the Sensex ended 382.87 points, or 0.97 per cent, lower at 38,969.80, and the Nifty plunged 119.15 points, or 1.01 per cent, to 11,709.10.

Top Sensex gainers in morning trade include Sun Pharma, Bharti Airtel, ICICI Bank, RIL, HDFC twins, Tata Motors, ONGC, Infosys, Maruti and Kotak Bank, rising up to 1.38 per cent.

On the other hand, Yes Bank, IndusInd Bank, ITC, HUL, Bajaj Finance and Tata Steel fell up to 2.84 per cent.

According to experts, investor sentiment turned positive this week after most exit polls forecast a win for Narendra Modi-led NDA. The results of the seven-phase polls will come out Thursday.

Continued foreign fund inflow too buoyed market mood here, traders said.

Foreign institutional investors bought equity worth Rs 1,185.44 crore on Tuesday, while domestic institutional investors sold shares to the tune of Rs 1,090.32 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions.

Benchmarks on Wall Street ended in the green on Tuesday.

On the currency front, the rupee appreciated 4 paise to 69.67 against the US dollar in opening trade Wednesday.

Brent crude, the global benchmark, was trading at 71.81 per barrel, lower by 0.51 per cent.

The benchmark BSE Sensex jumped over 150 points in early trade Wednesday, led by gains in oil and gas, banking and IT stocks, ahead of the general election results.

The benchmark BSE Sensex jumped over 150 points in early trade Wednesday, led by gains in oil and gas, banking and IT stocks, ahead of the general election results. The 30-share index was trading 157.51 points or 0.40 per cent, higher at 39,127.31. In similar movement, the broader NSE Nifty rose 30.90 points, or 0.26 per cent, to 11,740. In the previous session, the Sensex ended 382.87 points, or 0.97 per cent, lower at 38,969.80, and the Nifty plunged 119.15 points, or 1.01 per cent, to 11,709.10. Top Sensex gainers in morning trade include Sun Pharma, Bharti Airtel, ICICI Bank, RIL, HDFC twins, Tata Motors, ONGC, Infosys, Maruti and Kotak Bank, rising up to 1.38 per cent. On the other hand, Yes Bank, IndusInd Bank, ITC, HUL, Bajaj Finance and Tata Steel fell up to 2.84 per cent. According to experts, investor sentiment turned positive this week after most exit polls forecast a win for Narendra Modi-led NDA. The results of the seven-phase polls will come out Thursday. Continued foreign fund inflow too buoyed market mood here, traders said. Foreign institutional investors bought equity worth Rs 1,185.44 crore on Tuesday, while domestic institutional investors sold shares to the tune of Rs 1,090.32 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions. Benchmarks on Wall Street ended in the green on Tuesday. On the currency front, the rupee appreciated 4 paise to 69.67 against the US dollar in opening trade Wednesday. Brent crude, the global benchmark, was trading at 71.81 per barrel, lower by 0.51 per cent.

Sensex rises over 150 points; Nifty tests 11,700

Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced.

Brent crude futures were down 38 cents, or 0.5 per cent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday.

US West Texas Intermediate (WTI) crude futures for July delivery were down 58 cents, or 0.9 per cent, at $62.55. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.

The American Petroleum Institute(API) said on Tuesday that US&nbsp;crude stockpiles rose by 2.4 million barrels last week, to 480.2 million barrels, compared with analysts' expectations for a decrease of 599,000 barrels.

Official data from the US Energy Information Administration's oil stockpiles report is due later on Wednesday.

Outside the United States, Saudi Arabia on Wednesday said it was committed to a balanced and sustainable oil market.

Saudi Arabia has been at the forefront of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), of which the kingdom is the de-facto leader, which started in January and are aimed at reducing global oversupply that emerged in 2018.

Because of the cuts, Bank of America Merrill Lynch said crude output by OPEC and its allies fell by 2.3 million barrels per day (bpd) between November 2018 and April 2019. That has helped push up Brent crude prices by more than a third since the start of the year.

The bank said some of the cuts' impact was offset by a slowdown in global oil demand growth due to trade tensions to just 0.7 million bpd in the fourth quarter of 2018 and the first quarter of this year, versus a five-year average of 1.5 million bpd.

Beyond market fundamentals, oil traders are eying the tensions between the United States and Iran.

US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East.

On Tuesday, acting US Defense Secretary Patrick Shanahan said threats from Iran remained high.

Tensions have risen since Trump re-imposed sanctions on Iranian oil exports to try to strangle the country's economy and force Tehran to halt its nuclear programme. 
&nbsp;

Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced. Brent crude futures were down 38 cents, or 0.

Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced. Brent crude futures were down 38 cents, or 0.5 per cent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday. US West Texas Intermediate (WTI) crude futures for July delivery were down 58 cents, or 0.9 per cent, at $62.55. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents. The American Petroleum Institute(API) said on Tuesday that US crude stockpiles rose by 2.4 million barrels last week, to 480.2 million barrels, compared with analysts' expectations for a decrease of 599,000 barrels. Official data from the US Energy Information Administration's oil stockpiles report is due later on Wednesday. Outside the United States, Saudi Arabia on Wednesday said it was committed to a balanced and sustainable oil market. Saudi Arabia has been at the forefront of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), of which the kingdom is the de-facto leader, which started in January and are aimed at reducing global oversupply that emerged in 2018. Because of the cuts, Bank of America Merrill Lynch said crude output by OPEC and its allies fell by 2.3 million barrels per day (bpd) between November 2018 and April 2019. That has helped push up Brent crude prices by more than a third since the start of the year. The bank said some of the cuts' impact was offset by a slowdown in global oil demand growth due to trade tensions to just 0.7 million bpd in the fourth quarter of 2018 and the first quarter of this year, versus a five-year average of 1.5 million bpd. Beyond market fundamentals, oil traders are eying the tensions between the United States and Iran. US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. On Tuesday, acting US Defense Secretary Patrick Shanahan said threats from Iran remained high. Tensions have risen since Trump re-imposed sanctions on Iranian oil exports to try to strangle the country's economy and force Tehran to halt its nuclear programme.

Oil slides on rising US crude stockpiles, Saudi Arabia vow to keep market balanced

Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about trade frictions between the world's two largest economies.

The Chinese markets, which have endured a volatile few months, started off on a cautious note. The Shanghai Composite Index was last down 0.1%.

Australian stocks gave up 0.1% and South Korea's KOSPI fell 0.2%. Japan's Nikkei edged up 0.3%.

MSCI's broadest index of Asia-Pacific shares outside Japan moved in and out of the red and last stood little changed.

"Some in the markets will continue to cling on to hopes of the United States and China reaching an agreement at the upcoming G20 meeting," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

"But the ongoing trade conflict looks to be a protracted one, and its potentially negative impact on various economies is becoming a running concern."

Leaders from G20 nations are scheduled to gather for a summit in Japan at the end of June.

The US Commerce Department on Monday granted Huawei Technologies Co Ltd a license to buy US goods until August 19, a move intended to give telecom operators that rely on Huawei time to make other arrangements.

The United States blocked Huawei from buying US goods last week in a major escalation in the trade war against China, saying the firm was involved in activities contrary to national security.

Shares of technology companies helped lift Wall Street on Tuesday after Washington's easing of curbs on Huawei. Chipmakers, many of which sell to Huawei, had been hit at the start of the week.

"Notwithstanding the latest tweet from President Trump that some restrictions on Huawei had been eased, global equity markets have continued to underestimate the relentless expansion of the US-China trade dispute," wrote Sean Darby, chief global equity strategist at Jefferies.

"The progression from tariffs, to direct actions against single Chinese companies and their inter-linked supply chains, has a wide-ranging impact on profitability for corporates in both economies that investors will find difficult to quantify."

The dollar traded at 110.570 yen after popping up to a two-week high of 110.675 against the safe-haven Japanese currency overnight as US yields rose in the wake of gains by Wall Street shares.

The euro was little changed at $1.1165 after brushing a 2-1/2-week trough of $1.1142.

The pound was steady at $1.2710. Sterling had sunk to a four-month low of $1.2685 on Tuesday on Brexit worries but bounced back after British Prime Minister Theresa May proposed a "new" Brexit deal.

The Australian dollar, sensitive to shifts in risk sentiment, inched down 0.05% to $0.6882. The currency had suffered losses the previous day when Australia's central bank governor said interest rates might be cut as soon as next month.

In commodities, US West Texas Intermediate (WTI) crude futures were down 0.89% at $62.57 per barrel after American Petroleum Institute data showed that US crude stockpiles rose unexpectedly last week.

Oil was also pressured by Saudi Arabia reiterating that it would aim to keep the market balanced and try to reduce tensions in the Middle East.

Brent crude futures lost 0.47% to $71.84 per barrel.

Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about trade frictions between the world's two largest economies.

Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about trade frictions between the world's two largest economies. The Chinese markets, which have endured a volatile few months, started off on a cautious note. The Shanghai Composite Index was last down 0.1%. Australian stocks gave up 0.1% and South Korea's KOSPI fell 0.2%. Japan's Nikkei edged up 0.3%. MSCI's broadest index of Asia-Pacific shares outside Japan moved in and out of the red and last stood little changed. "Some in the markets will continue to cling on to hopes of the United States and China reaching an agreement at the upcoming G20 meeting," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. "But the ongoing trade conflict looks to be a protracted one, and its potentially negative impact on various economies is becoming a running concern." Leaders from G20 nations are scheduled to gather for a summit in Japan at the end of June. The US Commerce Department on Monday granted Huawei Technologies Co Ltd a license to buy US goods until August 19, a move intended to give telecom operators that rely on Huawei time to make other arrangements. The United States blocked Huawei from buying US goods last week in a major escalation in the trade war against China, saying the firm was involved in activities contrary to national security. Shares of technology companies helped lift Wall Street on Tuesday after Washington's easing of curbs on Huawei. Chipmakers, many of which sell to Huawei, had been hit at the start of the week. "Notwithstanding the latest tweet from President Trump that some restrictions on Huawei had been eased, global equity markets have continued to underestimate the relentless expansion of the US-China trade dispute," wrote Sean Darby, chief global equity strategist at Jefferies. "The progression from tariffs, to direct actions against single Chinese companies and their inter-linked supply chains, has a wide-ranging impact on profitability for corporates in both economies that investors will find difficult to quantify." The dollar traded at 110.570 yen after popping up to a two-week high of 110.675 against the safe-haven Japanese currency overnight as US yields rose in the wake of gains by Wall Street shares. The euro was little changed at $1.1165 after brushing a 2-1/2-week trough of $1.1142. The pound was steady at $1.2710. Sterling had sunk to a four-month low of $1.2685 on Tuesday on Brexit worries but bounced back after British Prime Minister Theresa May proposed a "new" Brexit deal. The Australian dollar, sensitive to shifts in risk sentiment, inched down 0.05% to $0.6882. The currency had suffered losses the previous day when Australia's central bank governor said interest rates might be cut as soon as next month. In commodities, US West Texas Intermediate (WTI) crude futures were down 0.89% at $62.57 per barrel after American Petroleum Institute data showed that US crude stockpiles rose unexpectedly last week. Oil was also pressured by Saudi Arabia reiterating that it would aim to keep the market balanced and try to reduce tensions in the Middle East. Brent crude futures lost 0.47% to $71.84 per barrel.

Asia stocks fragile as trade anxiety overshadows Huawei reprieve

Major British-based chip designer ARM is suspending business with China's Huawei to comply with US regulations, the BBC reported on Wednesday, citing internal company documents.

ARM instructed employees to halt "all active contracts, support entitlements, and any pending engagements" with Huawei and its subsidiaries, the BBC said.

No one from ARM, one of the world's biggest chip designers alongside Intel, was immediately available for comment.

ARM, owned by Japanese investor Softbank, said in an <a href="https://www.wionews.com/world/google-suspends-some-business-with-huawei-after-trump-blacklist-source-220001">internal company memo </a>that its designs contained technology of US origin, the BBC reported.

ARM staff were informed of the decision on May 16, after the United States added Huawei to a list of companies with which US firms could not do business.&nbsp;

ARM has offices in California, Washington, Texas and Massachusetts.

ARM told staff they were no longer allowed to "provide support, delivery technology (whether software, code, or other updates), engage in technical discussions, or otherwise discuss technical matters" with Huawei, according to the memo seen by the BBC.

Major British-based chip designer ARM is suspending business with China's Huawei to comply with US regulations, the BBC reported on Wednesday, citing internal company documents.

Major British-based chip designer ARM is suspending business with China's Huawei to comply with US regulations, the BBC reported on Wednesday, citing internal company documents. ARM instructed employees to halt "all active contracts, support entitlements, and any pending engagements" with Huawei and its subsidiaries, the BBC said. No one from ARM, one of the world's biggest chip designers alongside Intel, was immediately available for comment. ARM, owned by Japanese investor Softbank, said in an internal company memo that its designs contained technology of US origin, the BBC reported. ARM staff were informed of the decision on May 16, after the United States added Huawei to a list of companies with which US firms could not do business. ARM has offices in California, Washington, Texas and Massachusetts. ARM told staff they were no longer allowed to "provide support, delivery technology (whether software, code, or other updates), engage in technical discussions, or otherwise discuss technical matters" with Huawei, according to the memo seen by the BBC.

UK chip designer ARM to suspend business with Huawei: Report

The stock markets on Wednesday ended in green with BSE Sensex jumping 140.41 points to close at 39,110.21. NSE Nifty rose 28.80 points to end at 11,737.90.

In early trade today morning, Sensex jumped over 150 points led by gains in oil and gas, banking and IT stocks, ahead of the general election results.

NSE Nifty rose 30.90 points, or 0.26 per cent, to 11,740.

<a href="https://www.wionews.com/india-general-elections-2019/nifty-sensex-to-climb-a-bit-more-if-pm-modi-wins-decisively-poll-220553">Analysts suggest the stock markets soar further if PM Modi makes a comeback</a> for the second term. Exit polls have predicted a massive and comfortable win for Modi-led Bharatiya Janata Party in Lok Sabha polls 2019, the results of which are due on Thursday.&nbsp;

The BSE Sensex index rose by its biggest amount in one day since September 2013 on Monday after exit polls showed the National Democratic Alliance (NDA) party led by Prime Minister Narendra Modi will retain power for a second consecutive term.

The stock markets on Wednesday ended in green with BSE Sensex jumping 140.41 points to close at 39,110.21. NSE Nifty rose 28.80 points to end at 11,737.90. In early trade today morning, Sensex jumped over 150 points led by gains in oil and gas, banking and IT stocks, ahead of the general election results.

The stock markets on Wednesday ended in green with BSE Sensex jumping 140.41 points to close at 39,110.21. NSE Nifty rose 28.80 points to end at 11,737.90. In early trade today morning, Sensex jumped over 150 points led by gains in oil and gas, banking and IT stocks, ahead of the general election results. NSE Nifty rose 30.90 points, or 0.26 per cent, to 11,740. Analysts suggest the stock markets soar further if PM Modi makes a comeback for the second term. Exit polls have predicted a massive and comfortable win for Modi-led Bharatiya Janata Party in Lok Sabha polls 2019, the results of which are due on Thursday. The BSE Sensex index rose by its biggest amount in one day since September 2013 on Monday after exit polls showed the National Democratic Alliance (NDA) party led by Prime Minister Narendra Modi will retain power for a second consecutive term.

Markets close in green; Sensex jumps 140 points

The Enforcement Directorate (ED) on Wednesday conducted raids at multiple locations of former directors in connection with the Infrastructure Leasing &amp; Financial Services Limited (IL&amp;FS) payment default crisis, officials said.

The searches are being conducted in connection with the Prevention of Money Laundering Act case in multi-crore IL&amp;FS payment default crisis.

IL&amp;FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over Rs 94,000 crore.

The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September 2018.

However, the government expects to recover up to Rs 50,000 crore from the sale of entities belonging to Infrastructure Leasing &amp; Financial Services (IL&amp;FS) group and pay back its lenders, sources said.&nbsp;

The beleaguered firm has an estimated debt of over Rs 94,000 crore.

(With inputs from agencies)

The Enforcement Directorate (ED) on Wednesday conducted raids at multiple locations of former directors in connection with the Infrastructure Leasing & Financial Services Limited (IL&FS) payment default crisis, officials said.

The Enforcement Directorate (ED) on Wednesday conducted raids at multiple locations of former directors in connection with the Infrastructure Leasing & Financial Services Limited (IL&FS) payment default crisis, officials said. The searches are being conducted in connection with the Prevention of Money Laundering Act case in multi-crore IL&FS payment default crisis. IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over Rs 94,000 crore. The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September 2018. However, the government expects to recover up to Rs 50,000 crore from the sale of entities belonging to Infrastructure Leasing & Financial Services (IL&FS) group and pay back its lenders, sources said. The beleaguered firm has an estimated debt of over Rs 94,000 crore. (With inputs from agencies)

IL&FS payment default crisis: Enforcement Directorate conducts raid on former Directors in Mumbai

India on May 20 adopted a global resolution to redefine four of the seven base units — kilogramme, Kelvin, mole and ampere, a move expected to have far-reaching effects, including changes in textbooks.

A resolution to redefine four of the seven base units was passed by representatives of 60 countries at the General Conference on Weights and Measures (CGPM) of the International Bureau of Weights and Measures (BIPM), Paris on November 16 last year.

However, it has been implemented across the world on May 20 -- World Meteorology Day, Shekhar Mande, Director General of the Council for Scientific and Industrial Research (CSIR), said.

Over 100 countries have adopted the metric system of measurements, also known as the International System of Units (SI), which has been in practice since 1889.

The other base units are -- second, metre and candela.

"The fundamental constants are invariants of time and space and have successfully replaced the artefact based units, and aptly opened up the new era for quantum world by linking all seven base units to fundamental constants or quantum standards," said K Aswal, Director of the National Physical Laboratory (NPL), one of the oldest scientific institutes in the country that also takes care of setting meteorology standards domestically.

The purpose of system units is to enable worldwide coherence of measurements. The International System of Units (SI) was formalised in 1960 and has been updated several times to account for development in measurement technology.

"Since the 1960s, we have to rely ever more heavily on advanced science and engineering in our day-to-day lives, and also in manufacturing, healthcare and science. The proposed changes in the unit definition have been designed to have no immediate consequences," he said.

"The unit redefinitions represent a profound change of perspective and they are expected to form the foundations of improved measurements for decades to come as science and technology continues to develop in a way we cannot currently foresee," Aswal said, however, this "may not change anything drastically", but it will matter when it comes to measurements less than a kilogramme. For instance, measuring smaller diamonds.

The NPL has also sent recommendations on the proposed changes to be incorporated in the National Council of Educational Research and Training (NCERT) to implement them in contemporary education, he said. 
Recommendations on the proposed changes have also been sent to the All India Council for Technical Education (AICTE), Indian Institutes of Technology (IITs), National Institutes of Technology (NITs), and other academic institutes to be incorporated in syllabi of metrology courses in graduate engineering and academic courses.&nbsp;

India on May 20 adopted a global resolution to redefine four of the seven base units — kilogramme, Kelvin, mole and ampere, a move expected to have far-reaching effects, including changes in textbooks.

India on May 20 adopted a global resolution to redefine four of the seven base units — kilogramme, Kelvin, mole and ampere, a move expected to have far-reaching effects, including changes in textbooks. A resolution to redefine four of the seven base units was passed by representatives of 60 countries at the General Conference on Weights and Measures (CGPM) of the International Bureau of Weights and Measures (BIPM), Paris on November 16 last year. However, it has been implemented across the world on May 20 -- World Meteorology Day, Shekhar Mande, Director General of the Council for Scientific and Industrial Research (CSIR), said. Over 100 countries have adopted the metric system of measurements, also known as the International System of Units (SI), which has been in practice since 1889. The other base units are -- second, metre and candela. "The fundamental constants are invariants of time and space and have successfully replaced the artefact based units, and aptly opened up the new era for quantum world by linking all seven base units to fundamental constants or quantum standards," said K Aswal, Director of the National Physical Laboratory (NPL), one of the oldest scientific institutes in the country that also takes care of setting meteorology standards domestically. The purpose of system units is to enable worldwide coherence of measurements. The International System of Units (SI) was formalised in 1960 and has been updated several times to account for development in measurement technology. "Since the 1960s, we have to rely ever more heavily on advanced science and engineering in our day-to-day lives, and also in manufacturing, healthcare and science. The proposed changes in the unit definition have been designed to have no immediate consequences," he said. "The unit redefinitions represent a profound change of perspective and they are expected to form the foundations of improved measurements for decades to come as science and technology continues to develop in a way we cannot currently foresee," Aswal said, however, this "may not change anything drastically", but it will matter when it comes to measurements less than a kilogramme. For instance, measuring smaller diamonds. The NPL has also sent recommendations on the proposed changes to be incorporated in the National Council of Educational Research and Training (NCERT) to implement them in contemporary education, he said. Recommendations on the proposed changes have also been sent to the All India Council for Technical Education (AICTE), Indian Institutes of Technology (IITs), National Institutes of Technology (NITs), and other academic institutes to be incorporated in syllabi of metrology courses in graduate engineering and academic courses.

India adopts new standards for measuring units kilogram, kelvin, mole & ampere

Huawei launched its new Honor 20 series smartphones in London on Tuesday in a presentation that emphasised the Chinese company's technology but made no reference of a possible rupture with Google.

Huawei, the world's second-biggest phone maker, runs its devices on Google's Android platform but the US Commerce Department blocked Huawei from buying US goods last week, throwing future software updates into question.

On Tuesday, the United States temporarily eased restrictions on Huawei, granting the Chinese phonemaker a licence to buy US goods until August 19, meaning that updates of popular Google apps like Gmail and YouTube can continue until then.

George Zhao, president of Huawei's youth-focused brand Honor, told hundreds of reporters, bloggers and analysts that he was "really happy to see so many friends" at the event.

He unveiled the Honor 20 Pro, Honor 20 and Honor 20 Lite, which will retail at 599 euros ($669), 499 euros and 299 euros respectively.

Huawei launched its new Honor 20 series smartphones in London on Tuesday in a presentation that emphasised the Chinese company's technology but made no reference of a possible rupture with Google.

Huawei launched its new Honor 20 series smartphones in London on Tuesday in a presentation that emphasised the Chinese company's technology but made no reference of a possible rupture with Google. Huawei, the world's second-biggest phone maker, runs its devices on Google's Android platform but the US Commerce Department blocked Huawei from buying US goods last week, throwing future software updates into question. On Tuesday, the United States temporarily eased restrictions on Huawei, granting the Chinese phonemaker a licence to buy US goods until August 19, meaning that updates of popular Google apps like Gmail and YouTube can continue until then. George Zhao, president of Huawei's youth-focused brand Honor, told hundreds of reporters, bloggers and analysts that he was "really happy to see so many friends" at the event. He unveiled the Honor 20 Pro, Honor 20 and Honor 20 Lite, which will retail at 599 euros ($669), 499 euros and 299 euros respectively.

Huawei launches new Honor phones, doesn't mention Android

US stocks rose on Tuesday, lifted by a rebound in technology stocks, as Washington's move to temporarily ease curbs on China's Huawei Technologies calmed nerves over a further worsening of a trade war between the two countries.

Chipmakers, which bore the brunt of Monday's sell-off, rose after the United States granted the Chinese telecoms equipment maker a license to buy US goods until Aug. 19.

The Philadelphia Semiconductor Index gained 2.27% and was on track to end a three-day slump. Shares of Huawei suppliers such as Intel Corp, Qualcomm Inc, Xilinx Inc and Broadcom Inc rose between 2.4% and 4%.

The broader S&amp;P 500 technology sector rose 1.33%, the most among the 10 major S&amp;P sectors trading higher.

"The latest news on Huawei shows that there is still room for trade negotiations with China," said Aaron Clark, portfolio manager at GW&amp;K Investment Management.

"Technology stocks have been at the forefront of trade-related news and particularly semiconductors have faced some pain points, more so than others."

US President Donald Trump added Huawei to a trade blacklist last week, leading several companies to suspend business with the world's largest telecom equipment maker and triggering fears of a rippling effect on the global technology sector.

Reuters reported on Sunday that Alphabet Inc's Google would stop providing Huawei access to its proprietary apps and services. But Huawei said on Tuesday it was working closely with the US company to resolve the restrictions.

The S&amp;P 500 index is now 3% away from its all-time high scaled earlier in May, hit by recent selling pressure on mounting concerns about a prolonged US-China trade war. Still, the benchmark index is set to post its worst monthly decline this year.

At 11:09 a.m. ET, the Dow Jones Industrial Average was up 155.07 points, or 0.60%, at 25,834.97. The S&amp;P 500 was up 24.02 points, or 0.85%, at 2,864.25 and the Nasdaq Composite was up 83.46 points, or 1.08%, at 7,785.84.

The defensive consumer staples was the only major S&amp;P sector trading lower, down 0.16%.

Investors also largely shrugged off disappointing results from a handful of retailers.

Kohl's Corp plunged 11%, the most among S&amp;P 500 companies, after the department store operator cut its full-year profit forecast and reported quarterly same-store sales and profit that missed expectations.

Rival J.C. Penney Co Inc fell 9.1% after the company reported a bigger-than-expected fall in quarterly comparable-store sales.

Home Depot Inc shares dipped 0.1% after the home improvement chain reported its slowest growth in quarterly same-store sales in at least three years.

With over 460 of S&amp;P 500 companies having posted first-quarter results, 75.2% have topped analysts' profit expectations. Analysts now expect first-quarter earnings growth of 1.4%, a sharp turnaround from the 2% loss expected on April 1, according to Refinitiv data.

Advancing issues outnumbered decliners by a 4.31-to-1 ratio on the NYSE and by a 2.91-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 26 new 52-week highs and four new lows, while the Nasdaq recorded 41 new highs and 46 new lows.

US stocks rose on Tuesday, lifted by a rebound in technology stocks, as Washington's move to temporarily ease curbs on China's Huawei Technologies calmed nerves over a further worsening of a trade war between the two countries.

US stocks rose on Tuesday, lifted by a rebound in technology stocks, as Washington's move to temporarily ease curbs on China's Huawei Technologies calmed nerves over a further worsening of a trade war between the two countries. Chipmakers, which bore the brunt of Monday's sell-off, rose after the United States granted the Chinese telecoms equipment maker a license to buy US goods until Aug. 19. The Philadelphia Semiconductor Index gained 2.27% and was on track to end a three-day slump. Shares of Huawei suppliers such as Intel Corp, Qualcomm Inc, Xilinx Inc and Broadcom Inc rose between 2.4% and 4%. The broader S&P 500 technology sector rose 1.33%, the most among the 10 major S&P sectors trading higher. "The latest news on Huawei shows that there is still room for trade negotiations with China," said Aaron Clark, portfolio manager at GW&K Investment Management. "Technology stocks have been at the forefront of trade-related news and particularly semiconductors have faced some pain points, more so than others." US President Donald Trump added Huawei to a trade blacklist last week, leading several companies to suspend business with the world's largest telecom equipment maker and triggering fears of a rippling effect on the global technology sector. Reuters reported on Sunday that Alphabet Inc's Google would stop providing Huawei access to its proprietary apps and services. But Huawei said on Tuesday it was working closely with the US company to resolve the restrictions. The S&P 500 index is now 3% away from its all-time high scaled earlier in May, hit by recent selling pressure on mounting concerns about a prolonged US-China trade war. Still, the benchmark index is set to post its worst monthly decline this year. At 11:09 a.m. ET, the Dow Jones Industrial Average was up 155.07 points, or 0.60%, at 25,834.97. The S&P 500 was up 24.02 points, or 0.85%, at 2,864.25 and the Nasdaq Composite was up 83.46 points, or 1.08%, at 7,785.84. The defensive consumer staples was the only major S&P sector trading lower, down 0.16%. Investors also largely shrugged off disappointing results from a handful of retailers. Kohl's Corp plunged 11%, the most among S&P 500 companies, after the department store operator cut its full-year profit forecast and reported quarterly same-store sales and profit that missed expectations. Rival J.C. Penney Co Inc fell 9.1% after the company reported a bigger-than-expected fall in quarterly comparable-store sales. Home Depot Inc shares dipped 0.1% after the home improvement chain reported its slowest growth in quarterly same-store sales in at least three years. With over 460 of S&P 500 companies having posted first-quarter results, 75.2% have topped analysts' profit expectations. Analysts now expect first-quarter earnings growth of 1.4%, a sharp turnaround from the 2% loss expected on April 1, according to Refinitiv data. Advancing issues outnumbered decliners by a 4.31-to-1 ratio on the NYSE and by a 2.91-to-1 ratio on the Nasdaq. The S&P index recorded 26 new 52-week highs and four new lows, while the Nasdaq recorded 41 new highs and 46 new lows.

Tech stocks lead rally on Wall Street after Huawei breather

Rising for the second straight session, the rupee Tuesday inched up 6 paise to 69.80 against the US dollar on fresh foreign funds inflows amid exit poll predictions of a clear majority for the NDA.

Besides, a positive start of the equity markets also supported the rupee, forex dealers said.

However, a strong US dollar against major global currencies and rising crude prices capped gains of the domestic unit, they added.

At the Interbank Foreign Exchange market, the domestic unit opened slightly down at 69.75 against the dollar, then it rose to quote at 69.80, up 6 paise over its previous close in early trade.

The rupee had appreciated 49 paise to 69.74 against the US dollar in the previous session.

Most exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will come out Thursday.

The BSE Sensex was trading 205.24 points, or 0.52 per cent, higher at 39,557.91 in early trade. In similar movement, the broader NSE Nifty rose 48.90 points, or 0.41 per cent, to 11,877.15.

Foreign institutional investors (FIIs) emerged as net buyers in the capital markets, putting in Rs 1,734.45 crore on Monday, provisional exchange data showed.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 97.97.

Meanwhile, brent crude, the global benchmark, surged 0.31 per cent to trade at 72.19 per barrel. 
&nbsp;

Rising for the second straight session, the rupee Tuesday inched up 6 paise to 69.80 against the US dollar on fresh foreign funds inflows amid exit poll predictions of a clear majority for the NDA.

Rising for the second straight session, the rupee Tuesday inched up 6 paise to 69.80 against the US dollar on fresh foreign funds inflows amid exit poll predictions of a clear majority for the NDA. Besides, a positive start of the equity markets also supported the rupee, forex dealers said. However, a strong US dollar against major global currencies and rising crude prices capped gains of the domestic unit, they added. At the Interbank Foreign Exchange market, the domestic unit opened slightly down at 69.75 against the dollar, then it rose to quote at 69.80, up 6 paise over its previous close in early trade. The rupee had appreciated 49 paise to 69.74 against the US dollar in the previous session. Most exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will come out Thursday. The BSE Sensex was trading 205.24 points, or 0.52 per cent, higher at 39,557.91 in early trade. In similar movement, the broader NSE Nifty rose 48.90 points, or 0.41 per cent, to 11,877.15. Foreign institutional investors (FIIs) emerged as net buyers in the capital markets, putting in Rs 1,734.45 crore on Monday, provisional exchange data showed. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 97.97. Meanwhile, brent crude, the global benchmark, surged 0.31 per cent to trade at 72.19 per barrel.

Rupee rises 6 paise against US dollar on foreign fund inflows

IT major Tech Mahindra Tuesday said it has signed a defence contract worth Rs 300 crore, its biggest till date.

As part of the 'Armed Forces Secure Access Card' (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based access control system across all naval bases and ships, a statement said.

The new AFSAC card will replace the existing paper-based identity card for all Navy personnel, including dependents and ex-servicemen, it added.

The Mumbai-based company will develop a secure application to manage the access control devices, network devices and the AFSAC card through a data centre, it said.

"Scheduled to be implemented over the next two years, the project will ensure smooth issuance, handling, administration, management and life cycle support of AFSAC Cards on a turnkey basis," it added.

Tech Mahindra President, India Business and Corporate Affairs Sujit Baksi said the order further cements the company's role as one of the leading system integrators globally.

"With our proven expertise in tech enablement and digital transformation, we look forward to collaborating with the Indian Navy in ramping up the national security infrastructure," he added.

Tech Mahindra is already working with entities like Coal India, India Ports Association, Kanpur Smart City and others.

Commodore Atul Kumar, Project Director, Indian Navy, said, "The security of Indian Naval establishments against unauthorized access, is a thrust area and the AFSAC Project will be an important step towards achieving this aim."&nbsp;

IT major Tech Mahindra Tuesday said it has signed a defence contract worth Rs 300 crore, its biggest till date. As part of the 'Armed Forces Secure Access Card' (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based access control system across all naval bases and ships, a statement said.

IT major Tech Mahindra Tuesday said it has signed a defence contract worth Rs 300 crore, its biggest till date. As part of the 'Armed Forces Secure Access Card' (AFSAC) Project, Tech Mahindra will implement RFID (Radio Frequency Identification) based access control system across all naval bases and ships, a statement said. The new AFSAC card will replace the existing paper-based identity card for all Navy personnel, including dependents and ex-servicemen, it added. The Mumbai-based company will develop a secure application to manage the access control devices, network devices and the AFSAC card through a data centre, it said. "Scheduled to be implemented over the next two years, the project will ensure smooth issuance, handling, administration, management and life cycle support of AFSAC Cards on a turnkey basis," it added. Tech Mahindra President, India Business and Corporate Affairs Sujit Baksi said the order further cements the company's role as one of the leading system integrators globally. "With our proven expertise in tech enablement and digital transformation, we look forward to collaborating with the Indian Navy in ramping up the national security infrastructure," he added. Tech Mahindra is already working with entities like Coal India, India Ports Association, Kanpur Smart City and others. Commodore Atul Kumar, Project Director, Indian Navy, said, "The security of Indian Naval establishments against unauthorized access, is a thrust area and the AFSAC Project will be an important step towards achieving this aim."

Tech Mahindra inks defence contract worth Rs 300 crore

Benchmark equity indices logged record opening highs on Tuesday after witnessing their biggest single-day gain on Monday since September 10, 2013.&nbsp;

At 9:30 am, Sensex was trading 188.29 points, or 0.48 per cent, higher at 39,540.96. In similar movement, the broader NSE Nifty was trading 49.60 points, or 0.42 per cent, up at 11,877.85.

Top gainers in the Sensex pack in morning trade include HDFC twins, Bajaj Finance, Coal India, RIL, Bajaj Auto, HUL, IndusInd Bank, Sun Pharma, Vedanta, Axis Bank and Asian Paints, rising up to 2.21 per cent.

On the other hand, Tata Motors, Yes Bank, Bharti Airtel, Tata Steel, SBI, Infosys, ONGC and TCS fell up to 3.18 per cent.

"Market has given a thumbs-up to exit poll numbers. Sentiments have turned around drastically and the benchmark indices can gain 5-8 per cent more from here over the next few weeks if the final election outcome is in line or even better than exit polls," said Gaurav Dua, Senior VP, Head Strategy and Investments, Sharekhan by BNP Paribas.&nbsp;

Meanwhile, Rupee trades flat at 69.80 against the dollar after a 1 per cent gain on Monday over exit poll results cheer.

Yesterday, Indian equities posted their biggest single-day gains in over six years, the rupee saw its best day in two months and government bond prices surged after exit polls predicted a clear mandate for the Narendra Modi-led NDA in the Lok Sabha elections.

The BSE Sensex vaulted 1,422 points to close at a record 39,352.67 -- the biggest one-day rise in the last six years.

The NSE Nifty surged over 421 points to log its best single day gains in over 10 years. 
 
(With inputs from PTI)

Benchmark equity indices logged record opening highs on Tuesday after witnessing their biggest single-day gain on Monday since September 10, 2013. At 9:30 am, Sensex was trading 188.

Benchmark equity indices logged record opening highs on Tuesday after witnessing their biggest single-day gain on Monday since September 10, 2013. At 9:30 am, Sensex was trading 188.29 points, or 0.48 per cent, higher at 39,540.96. In similar movement, the broader NSE Nifty was trading 49.60 points, or 0.42 per cent, up at 11,877.85. Top gainers in the Sensex pack in morning trade include HDFC twins, Bajaj Finance, Coal India, RIL, Bajaj Auto, HUL, IndusInd Bank, Sun Pharma, Vedanta, Axis Bank and Asian Paints, rising up to 2.21 per cent. On the other hand, Tata Motors, Yes Bank, Bharti Airtel, Tata Steel, SBI, Infosys, ONGC and TCS fell up to 3.18 per cent. "Market has given a thumbs-up to exit poll numbers. Sentiments have turned around drastically and the benchmark indices can gain 5-8 per cent more from here over the next few weeks if the final election outcome is in line or even better than exit polls," said Gaurav Dua, Senior VP, Head Strategy and Investments, Sharekhan by BNP Paribas. Meanwhile, Rupee trades flat at 69.80 against the dollar after a 1 per cent gain on Monday over exit poll results cheer. Yesterday, Indian equities posted their biggest single-day gains in over six years, the rupee saw its best day in two months and government bond prices surged after exit polls predicted a clear mandate for the Narendra Modi-led NDA in the Lok Sabha elections. The BSE Sensex vaulted 1,422 points to close at a record 39,352.67 -- the biggest one-day rise in the last six years. The NSE Nifty surged over 421 points to log its best single day gains in over 10 years. (With inputs from PTI)

Stock markets hit record opening high, Sensex crosses 39,500 mark for first time

Mobile subscriber base of Vodafone Idea and Bharti Airtel shrunk by nearly 14.5 million and 15.1 million, respectively, as of March over the previous month, while Reliance Jio added 9.4 million users in the month, according to the TRAI data.

India's total wireless subscriber base fell to 1,161.8 million on March 31, 2019, shedding 21.87 million users over the previous month. The overall teledensity in India declined to 90.11 at the end of March, from 91.86 in February.

According to TRAI, the wireless subscriber base of Vodafone Idea at the end of March 2019 was 394.8 million. The company in its quarterly results for the last quarter of 2018-19 had shown the total user base at 334.1 million.&nbsp;

Bharti Airtel's mobile subscriber base was 325.1 million, and that of rival Reliance Jio was 306.7 million as on March 2019.&nbsp;

"Total wireless subscribers declined from 1,183.68 million at the end of Feb-19 to 1,161.81 million at the end of Mar-19, thereby registering a monthly decline rate of 1.85 per cent," said the <a href="https://www.wionews.com/india-news/its-up-to-government-to-take-a-call-on-huawei-issue-telecom-regulatory-authority-of-india-220174">Telecom Regulatory Authority of India</a> (TRAI) report released on Tuesday.

The wireless subscription in urban areas declined to 650.49 million in March end from 656.57 million in February end, and rural user base also plunged to 511.32 million from 527.11 million during the period.

Vodafone Idea and Bharti Airtel together shed 29.6 million users by March-end compared to February.&nbsp;

Market analysts noted that in certain cases, the subscriber tally difference between regulator's data and those cited by the companies is on account of the different measures used for computing wireless subscribers base.&nbsp;

While TRAI data takes into consideration live connections in a 90-day period, operators' calculations are based on active customers as on March 31, 2019, and factors in the impact of minimum recharge plan, market watchers pointed out.

The customers base of Reliance Jio, owned by richest Indian Mukesh Ambani was 306.7 million as on March 2019, against 297.2 million as on February.&nbsp;

Overall, India's broadband subscriber base rose to 563.1 million in March, swelling 2.37 per cent over the previous month. Jio notched the highest broadband subscriber base of 306.7 million, followed by Airtel (114.6 million), Vodafone Idea (110.2 million) and state-owned Bharat Sanchar Nigam Ltd (22.14 million).&nbsp;

Vodafone Idea and Bharti Airtel - whose financials have been battered by intense price competition posed by Reliance Jio - have resorted to minimum recharge plans, consciously cleaning off plain vanilla, low-value subscribers.

During its recent quarterly earnings announcement, Vodafone Idea said that it benefitted from the introduction of 'service validity vouchers' that require customers to make a minimum recharge of Rs 35.

"As expected, this resulted in a decline of 53.2 million subscribers as 'Incoming-only' or 'Low ARPU' customers migrated their spending from multiple SIMs to single SIM, taking the overall subscriber base to 334.1 million," Vodafone Idea statement had then said.

The company had said that its revenues its Average Revenue per User (ARPU) for the just-ended quarter grew 16.3 per cent sequentially to Rs 104 compared to Rs 89 in the third quarter of 2018-19.&nbsp;

Mobile subscriber base of Vodafone Idea and Bharti Airtel shrunk by nearly 14.5 million and 15.1 million, respectively, as of March over the previous month, while Reliance Jio added 9.

Mobile subscriber base of Vodafone Idea and Bharti Airtel shrunk by nearly 14.5 million and 15.1 million, respectively, as of March over the previous month, while Reliance Jio added 9.4 million users in the month, according to the TRAI data. India's total wireless subscriber base fell to 1,161.8 million on March 31, 2019, shedding 21.87 million users over the previous month. The overall teledensity in India declined to 90.11 at the end of March, from 91.86 in February. According to TRAI, the wireless subscriber base of Vodafone Idea at the end of March 2019 was 394.8 million. The company in its quarterly results for the last quarter of 2018-19 had shown the total user base at 334.1 million. Bharti Airtel's mobile subscriber base was 325.1 million, and that of rival Reliance Jio was 306.7 million as on March 2019. "Total wireless subscribers declined from 1,183.68 million at the end of Feb-19 to 1,161.81 million at the end of Mar-19, thereby registering a monthly decline rate of 1.85 per cent," said the Telecom Regulatory Authority of India (TRAI) report released on Tuesday. The wireless subscription in urban areas declined to 650.49 million in March end from 656.57 million in February end, and rural user base also plunged to 511.32 million from 527.11 million during the period. Vodafone Idea and Bharti Airtel together shed 29.6 million users by March-end compared to February. Market analysts noted that in certain cases, the subscriber tally difference between regulator's data and those cited by the companies is on account of the different measures used for computing wireless subscribers base. While TRAI data takes into consideration live connections in a 90-day period, operators' calculations are based on active customers as on March 31, 2019, and factors in the impact of minimum recharge plan, market watchers pointed out. The customers base of Reliance Jio, owned by richest Indian Mukesh Ambani was 306.7 million as on March 2019, against 297.2 million as on February. Overall, India's broadband subscriber base rose to 563.1 million in March, swelling 2.37 per cent over the previous month. Jio notched the highest broadband subscriber base of 306.7 million, followed by Airtel (114.6 million), Vodafone Idea (110.2 million) and state-owned Bharat Sanchar Nigam Ltd (22.14 million). Vodafone Idea and Bharti Airtel - whose financials have been battered by intense price competition posed by Reliance Jio - have resorted to minimum recharge plans, consciously cleaning off plain vanilla, low-value subscribers. During its recent quarterly earnings announcement, Vodafone Idea said that it benefitted from the introduction of 'service validity vouchers' that require customers to make a minimum recharge of Rs 35. "As expected, this resulted in a decline of 53.2 million subscribers as 'Incoming-only' or 'Low ARPU' customers migrated their spending from multiple SIMs to single SIM, taking the overall subscriber base to 334.1 million," Vodafone Idea statement had then said. The company had said that its revenues its Average Revenue per User (ARPU) for the just-ended quarter grew 16.3 per cent sequentially to Rs 104 compared to Rs 89 in the third quarter of 2018-19.

Airtel, Vodafone, Idea lose 30 million customers; Jio adds 9.4 million users in March

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated.

Brent crude futures, the international benchmark for oil prices, were at $72.07 per barrel at 0033 GMT, up 10 cents, or 0.1 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were up by 14 cents, or 0.2 per cent, at $63.24 per barrel.

"Oil prices opened higher, after OPEC held onto its production cut deal," said ANZ on Tuesday.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-member producers have been withholding production since the start of the year to prop up the market.

A meeting has been scheduled for June 25-26 to discuss the policy, but the cartel is now considering moving the event to July 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signalling a willingness to continue withholding output.

Meanwhile, US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran.

ANZ bank said the rising tension in the Middle East meant a "risk premium is reflected in the price" of crude oil.

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated.

Oil prices edged up on Tuesday on signs that producer club OPEC will continue withholding supply this year and as tensions between the United States and Iran escalated. Brent crude futures, the international benchmark for oil prices, were at $72.07 per barrel at 0033 GMT, up 10 cents, or 0.1 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were up by 14 cents, or 0.2 per cent, at $63.24 per barrel. "Oil prices opened higher, after OPEC held onto its production cut deal," said ANZ on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-member producers have been withholding production since the start of the year to prop up the market. A meeting has been scheduled for June 25-26 to discuss the policy, but the cartel is now considering moving the event to July 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signalling a willingness to continue withholding output. Meanwhile, US President Donald Trump on Monday threatened Iran with "great force" if it attacked US interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran. ANZ bank said the rising tension in the Middle East meant a "risk premium is reflected in the price" of crude oil.

Oil prices rise on rising Middle East tension, ongoing OPEC supply cut

Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House's black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between the Washington and Beijing.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade but stayed close to a four-month low touched on Friday. It has fallen about 8% from a nine-month peak hit just over a month ago. Japan's Nikkei fell 0.5%.

In New York, the S&amp;P 500 lost 0.67% while the Nasdaq Composite dropped 1.46%. The Philadelphia Semiconductor Index fell 4.02% to two-month lows. Apple fell 3.1% to its lowest level since early March.

"With the news around the US and Huawei taking a turn for the worse, it seems that the trade war is increasingly showing signs of becoming a tech war," said Seema Shah, senior global investment Strategist at Principal Global Investors in London. "The further this trend develops, the bigger the collateral damage will be – particularly in Asia and the US, but the ripple effect will be significant across the globe."

The US government on Monday temporarily eased some trade restrictions imposed last week on China's Huawei, allowing the company to purchase American-made goods to maintain existing networks and provide software updates to existing Huawei handsets for 90 days.

But that was of little comfort for investors who are worried about increasingly acrimonious atmosphere between the world's two biggest economies.

Some US&nbsp;companies, such as Alphabet's Google and Lumentum Holdings Inc, have already started to limit services to Huawei.

"The determination of the US administration to paralyse China's aspirations to become a technology superpower is clear when you consider that its actions against Huawei are not only damaging to China’s technology sector, but also the US tech sector," Shah said.

Corporate earnings guidance provided to investors so far does not take into account the impact of the Huawei ban, said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

"The sales of semi-conductors will be curtailed at least in the short-term and companies will likely need to revise down their earnings," he said.

Markets showed scant reaction to speech by Federal Reserve Chairman Jerome Powell, who dismissed comparisons between the rise of business debt to record levels in recent years and the conditions in US&nbsp;mortgage markets that preceded the 2007-to-2009 economic crisis.

In the foreign exchange market, major currencies were on the sideline for now.

The euro was under pressure ahead of the European election this weekend but was little moved at $1.1169, off Monday's low of $1.1150, its lowest level since May 3.

The dollar slipped slightly to 110.05 yen from Monday's near two-week high of 110.32 yen.

The British pound is listless near four-months, trading at $1.2728, just a stone throw from Friday's low of $1.2714, as an embattled UK Prime Minister Theresa May struggled to pull together a Brexit deal.

The offshore yuan stood at 6.9403 to the dollar, just above Friday's 5-1/2-month low of 6.9497.

Oil prices held near multi-week highs as OPEC indicated it was likely to maintain production cuts while escalating Middle East tensions provided further support.

Brent crude futures traded up 0.1% at $72.07 per barrel while US crude futures fetched $63.30 per barrel, up 0.3 per cent.

Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House's black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between the Washington and Beijing.

Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House's black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between the Washington and Beijing. MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade but stayed close to a four-month low touched on Friday. It has fallen about 8% from a nine-month peak hit just over a month ago. Japan's Nikkei fell 0.5%. In New York, the S&P 500 lost 0.67% while the Nasdaq Composite dropped 1.46%. The Philadelphia Semiconductor Index fell 4.02% to two-month lows. Apple fell 3.1% to its lowest level since early March. "With the news around the US and Huawei taking a turn for the worse, it seems that the trade war is increasingly showing signs of becoming a tech war," said Seema Shah, senior global investment Strategist at Principal Global Investors in London. "The further this trend develops, the bigger the collateral damage will be – particularly in Asia and the US, but the ripple effect will be significant across the globe." The US government on Monday temporarily eased some trade restrictions imposed last week on China's Huawei, allowing the company to purchase American-made goods to maintain existing networks and provide software updates to existing Huawei handsets for 90 days. But that was of little comfort for investors who are worried about increasingly acrimonious atmosphere between the world's two biggest economies. Some US companies, such as Alphabet's Google and Lumentum Holdings Inc, have already started to limit services to Huawei. "The determination of the US administration to paralyse China's aspirations to become a technology superpower is clear when you consider that its actions against Huawei are not only damaging to China’s technology sector, but also the US tech sector," Shah said. Corporate earnings guidance provided to investors so far does not take into account the impact of the Huawei ban, said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. "The sales of semi-conductors will be curtailed at least in the short-term and companies will likely need to revise down their earnings," he said. Markets showed scant reaction to speech by Federal Reserve Chairman Jerome Powell, who dismissed comparisons between the rise of business debt to record levels in recent years and the conditions in US mortgage markets that preceded the 2007-to-2009 economic crisis. In the foreign exchange market, major currencies were on the sideline for now. The euro was under pressure ahead of the European election this weekend but was little moved at $1.1169, off Monday's low of $1.1150, its lowest level since May 3. The dollar slipped slightly to 110.05 yen from Monday's near two-week high of 110.32 yen. The British pound is listless near four-months, trading at $1.2728, just a stone throw from Friday's low of $1.2714, as an embattled UK Prime Minister Theresa May struggled to pull together a Brexit deal. The offshore yuan stood at 6.9403 to the dollar, just above Friday's 5-1/2-month low of 6.9497. Oil prices held near multi-week highs as OPEC indicated it was likely to maintain production cuts while escalating Middle East tensions provided further support. Brent crude futures traded up 0.1% at $72.07 per barrel while US crude futures fetched $63.30 per barrel, up 0.3 per cent.

Asian shares near four-month lows on Huawei fallout fears

The rupee Tuesday rose marginally by 2 paise to close at 69.72 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the results of general polls.

A strengthening US dollar in overseas markets, weak domestic equity markets, and surging crude prices weighed on the trading sentiment, forex dealers said.

At the interbank foreign exchange, the domestic unit opened slightly lower at 69.75 and fell further to touch the day's low of 69.81 in line with weak equity markets.

Backed by foreign fund inflows, the local currency made a recovery later to touch the day's high of 69.66 before settling at 69.72, registering a rise of 2 paise over its previous close.

The rupee had appreciated 49 paise to 69.74 against the US dollar in the previous session.

"Indian rupee consolidates in a small range of 69.76 to 69.66 in today's session as market participants are now looking forward to the actual election results after a surge in equity and bond prices. Month end dollar demand from importers is expected to come amid higher crude oil prices. This could put pressure on the domestic currency," said VK Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

A report by Goldman Sachs suggested that the USD/INR would trade near the 69-level in the next three months if the official election outcome bear out the exit poll trends. 
Bond prices also eased Tuesday with the yield of the benchmark 10-year government securities inching upward to 7.30.

The US currency was trading strong in overseas market as the dollar index was up by 0.13 per cent to 98.06 against its six global rivals.

The 30-share index ended 382.87 points, or 0.97 per cent, lower at 38,969.80. The gauge hit the day's low of 38,884.85. The broader NSE Nifty plunged 119.15 points, or 1.01 per cent, to 11,709.10.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,185.44 crore on Tuesday, provisional exchange data showed.

Brent crude, the global benchmark, was trading at 72.28 per barrel higher by 0.43 per cent. Oil prices surged after major producers assured that supplies were sufficient, but gains were capped due to China-US tensions.

Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.5466 and for rupee/euro at 77.5658. The reference rate for rupee/British pound was fixed at 88.5426 and for rupee/100 Japanese yen at 63.14.&nbsp;

The rupee Tuesday rose marginally by 2 paise to close at 69.72 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the results of general polls.

The rupee Tuesday rose marginally by 2 paise to close at 69.72 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the results of general polls. A strengthening US dollar in overseas markets, weak domestic equity markets, and surging crude prices weighed on the trading sentiment, forex dealers said. At the interbank foreign exchange, the domestic unit opened slightly lower at 69.75 and fell further to touch the day's low of 69.81 in line with weak equity markets. Backed by foreign fund inflows, the local currency made a recovery later to touch the day's high of 69.66 before settling at 69.72, registering a rise of 2 paise over its previous close. The rupee had appreciated 49 paise to 69.74 against the US dollar in the previous session. "Indian rupee consolidates in a small range of 69.76 to 69.66 in today's session as market participants are now looking forward to the actual election results after a surge in equity and bond prices. Month end dollar demand from importers is expected to come amid higher crude oil prices. This could put pressure on the domestic currency," said VK Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. A report by Goldman Sachs suggested that the USD/INR would trade near the 69-level in the next three months if the official election outcome bear out the exit poll trends. Bond prices also eased Tuesday with the yield of the benchmark 10-year government securities inching upward to 7.30. The US currency was trading strong in overseas market as the dollar index was up by 0.13 per cent to 98.06 against its six global rivals. The 30-share index ended 382.87 points, or 0.97 per cent, lower at 38,969.80. The gauge hit the day's low of 38,884.85. The broader NSE Nifty plunged 119.15 points, or 1.01 per cent, to 11,709.10. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,185.44 crore on Tuesday, provisional exchange data showed. Brent crude, the global benchmark, was trading at 72.28 per barrel higher by 0.43 per cent. Oil prices surged after major producers assured that supplies were sufficient, but gains were capped due to China-US tensions. Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.5466 and for rupee/euro at 77.5658. The reference rate for rupee/British pound was fixed at 88.5426 and for rupee/100 Japanese yen at 63.14.

Rupee edges up 2 paise against US dollar as investors turn cautious