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The BSE Sensex rebounded 279 points while the NSE Nifty reclaimed the 11,250 level Thursday, propelled by gains in IT and financial stocks amid mixed global cues.

Both the key indices rallied in the last hour of trade after trading on a tepid note through most part of the day.

The 30-share <a href="https://www.wionews.com/business-economy/sensex-nifty-start-on-a-tepid-note-219066">BSE benchmark</a> closed 278.60 points or 0.75 per cent, higher at 37,393.48. It hit an intra-day high of 37,518.94 and a low of 37,052.30.

Similarly, the broader Nifty rose 100.10 points, or 0.90 per cent, to settle at 11,257.10. During the day, it hit a high of 11,281.55 and a low of 11,143.35. 
Bajaj Finance was the biggest gainer in the Sensex pack, spurting 3.64 per cent, after the company reported a jump of 50 per cent in standalone net profit at Rs 1,114 crore for the March quarter.

Tata Motors, Infosys, Vedanta, ONGC, PowerGrid, NPTC, Axis Bank, ICICI Bank, Kotak Bank, SBI, HDFC Bank, Tata Steel, TCS and RIL too rose up to 3.48 per cent.

On the other hand, Yes Bank was the top loser, cracking 4.07 per cent, followed by Bharti Airtel, IndusInd Bank, Coal India, ITC, M&amp;M, HDFC, Maruti and Asian Paints, shedding up to 1.87 per cent.

Foreign institutional investors (FIIs) net sold shares worth Rs 1,142.44 crore on Wednesday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 671.77 crore, provisional data available with stock exchanges showed.

Bourses in China, Japan and Korea ended on a mixed note after US slapped sanctions on Chinese telecom major Huawei. European stocks opened in the red.

Meanwhile, the Indian rupee appreciated by 27 paise to 70.07 against the US dollar intra-day.

Global oil benchmark Brent crude was trading 0.56 per cent higher at $72.17 per barrel.&nbsp;

The BSE Sensex rebounded 279 points while the NSE Nifty reclaimed the 11,250 level Thursday, propelled by gains in IT and financial stocks amid mixed global cues.

The BSE Sensex rebounded 279 points while the NSE Nifty reclaimed the 11,250 level Thursday, propelled by gains in IT and financial stocks amid mixed global cues. Both the key indices rallied in the last hour of trade after trading on a tepid note through most part of the day. The 30-share BSE benchmark closed 278.60 points or 0.75 per cent, higher at 37,393.48. It hit an intra-day high of 37,518.94 and a low of 37,052.30. Similarly, the broader Nifty rose 100.10 points, or 0.90 per cent, to settle at 11,257.10. During the day, it hit a high of 11,281.55 and a low of 11,143.35. Bajaj Finance was the biggest gainer in the Sensex pack, spurting 3.64 per cent, after the company reported a jump of 50 per cent in standalone net profit at Rs 1,114 crore for the March quarter. Tata Motors, Infosys, Vedanta, ONGC, PowerGrid, NPTC, Axis Bank, ICICI Bank, Kotak Bank, SBI, HDFC Bank, Tata Steel, TCS and RIL too rose up to 3.48 per cent. On the other hand, Yes Bank was the top loser, cracking 4.07 per cent, followed by Bharti Airtel, IndusInd Bank, Coal India, ITC, M&M, HDFC, Maruti and Asian Paints, shedding up to 1.87 per cent. Foreign institutional investors (FIIs) net sold shares worth Rs 1,142.44 crore on Wednesday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 671.77 crore, provisional data available with stock exchanges showed. Bourses in China, Japan and Korea ended on a mixed note after US slapped sanctions on Chinese telecom major Huawei. European stocks opened in the red. Meanwhile, the Indian rupee appreciated by 27 paise to 70.07 against the US dollar intra-day. Global oil benchmark Brent crude was trading 0.56 per cent higher at $72.17 per barrel.

Sensex surges 279 points; IT, finance stocks shine

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Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note Wednesday tracking firm cues from global markets after US President Donald Trump hinted at the possibility of a trade deal with China in the future.

After surging over 200 points in early session, the 30-share index was trading 98.07 points, or 0.26 per cent, higher at 37,416.60. The broader NSE Nifty was also trading 21.65 points, or 0.19 per cent, up at 11,243.70.

In the previous session on Tuesday, the BSE bourse settled at 37,318.53, gaining 227.71 points or 0.61 per cent; and the Nifty ended at 11,222.05, 73.85 points or 0.66 per cent higher.

Top gainers in the Sensex pack include Yes Bank, Tata Motors, Sun Pharma, Coal India, NTPC, Hero MotoCorp, Bajaj Auto, HUL, Bharti Airtel, Asian Paints, ONGC and HDFC, shedding up to 3.04 per cent.

On the other hand, HCL Tech, Tata Steel, M&amp;M, PowerGrid, Vedanta, RIL and TCS were the major gainers, rising up to 1.79 per cent.

According to traders, investors took cues for other Asian bourses which were trading higher after US President Trump hinted at the possibility of a trade deal with China, in a series of tweets.

"When the time is right we will make a deal with China... Respect and friendship with President Xi is unlimited," he wrote.

"We can make a deal with China tomorrow, before their companies start leaving so as not to lose USA business" he added.

Sustained foreign fund outflow, however, weighed on investor sentiment here, capping the gains on key bourses, traders said.

Foreign institutional investors (FIIs) sold equity worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 2,242.91 crore, provisional data available with stock exchanges showed.

According to experts, investors are not very aggressive in the market as every rally will be used as an opportunity to book profit. Market is watchful of quarter earnings and election verdict too.

Meanwhile, on the currency front, rupee appreciated 18 paise to 70.26 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.31 per cent lower at USD 71.02 per barrel.&nbsp;

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note Wednesday tracking firm cues from global markets after US President Donald Trump hinted at the possibility of a trade deal with China in the future.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note Wednesday tracking firm cues from global markets after US President Donald Trump hinted at the possibility of a trade deal with China in the future. After surging over 200 points in early session, the 30-share index was trading 98.07 points, or 0.26 per cent, higher at 37,416.60. The broader NSE Nifty was also trading 21.65 points, or 0.19 per cent, up at 11,243.70. In the previous session on Tuesday, the BSE bourse settled at 37,318.53, gaining 227.71 points or 0.61 per cent; and the Nifty ended at 11,222.05, 73.85 points or 0.66 per cent higher. Top gainers in the Sensex pack include Yes Bank, Tata Motors, Sun Pharma, Coal India, NTPC, Hero MotoCorp, Bajaj Auto, HUL, Bharti Airtel, Asian Paints, ONGC and HDFC, shedding up to 3.04 per cent. On the other hand, HCL Tech, Tata Steel, M&M, PowerGrid, Vedanta, RIL and TCS were the major gainers, rising up to 1.79 per cent. According to traders, investors took cues for other Asian bourses which were trading higher after US President Trump hinted at the possibility of a trade deal with China, in a series of tweets. "When the time is right we will make a deal with China... Respect and friendship with President Xi is unlimited," he wrote. "We can make a deal with China tomorrow, before their companies start leaving so as not to lose USA business" he added. Sustained foreign fund outflow, however, weighed on investor sentiment here, capping the gains on key bourses, traders said. Foreign institutional investors (FIIs) sold equity worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 2,242.91 crore, provisional data available with stock exchanges showed. According to experts, investors are not very aggressive in the market as every rally will be used as an opportunity to book profit. Market is watchful of quarter earnings and election verdict too. Meanwhile, on the currency front, rupee appreciated 18 paise to 70.26 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.31 per cent lower at USD 71.02 per barrel.

Sensex, Nifty start on a positive note amid firm global cues

Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.

Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable.

"After Diwali, what my team saw was that there were some small sellers who were getting a large percentage of the cashbacks and we as a team asked our auditors to do a deeper audit," Sharma told reporters here. 
The company, which reportedly engaged consultancy firm EY to conduct the audit, found out that some sellers were colluding with junior employees to earn cashbacks, he added.

The overall size of the fraud is in "double digits", which is "Rs 10 crore for sure", Sharma said.

However, in a late evening statement, a company spokesperson clarified quantum of the fraud would be less.

"we would like to clarify that the fraud detected was in the range of Rs 5-10 crore,? the spokesperson said.

Sharma said actions against the wrongdoers are being taken. These include de-listing "hundreds" of sellers to ensure there are only brand sellers on the platform and not the "mom-and-pop shops", he said adding that "tens" of employees have also been sacked.

While the number of sellers would reduce, such stringent actions will ensure "better ecosystem" for the consumers, he said.

Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers, according to reports.

On the criticism of the cashback model making the business unfeasible, Sharma Tuesday said the business is "sustainable" but profitability may be some time away as it is spending more on onboarding users and merchants currently.

"Paytm is actually net concluding positive, net of cashback, marketing promotions operating costs," he said, adding that it would not be profitable till its user base reaches 500 million from 300 million and merchant base swells to 40 million from the current 12 million.

The list of detractors of such model includes Aditya Puri, who led HDFC Bank to become the largest private sector lender in India.

In February 2017, he had said the companies that hold on to customers through cashbacks are loss-making and have "no future".

"I think wallets have no future. There is not enough margin in the payments business for the wallets to have a future," Puri said and also mentioned Paytm, which reported over Rs 1,500 crore loss in 2016, to illustrate.

Sharma also said a platform like Paytm earns both through the merchant discount rate paid for processing transactions and may get up to 15 per cent of the cover charge when a transaction like a movie ticket sale happens, making it comfortable to offer the cashbacks.

Meanwhile, in what can be seen as a turnaround in his position, Sharma said players like Facebook-controlled WhatsApp are welcome on the payments landscape.

Sharma said his earlier opposition was when companies were not willing to comply with the Indian laws.

Similarly, on the e-commerce front, where its larger rivals Amazon and Flipkart have been complaining about a shift in laws which makes their position difficult, Sharma said any non-compliant entity should not have it easy.

"Law of the land remains fixed, people were escaping these. They were asked to stringently follow. They should have had known," he said.

He hinted that the company is not on the lookout for any fresh capital when asked about valuations for the next round of funding, and added that it continues to carry a war chest of money necessary for two years of growth.&nbsp;

Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.

Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees. Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable. "After Diwali, what my team saw was that there were some small sellers who were getting a large percentage of the cashbacks and we as a team asked our auditors to do a deeper audit," Sharma told reporters here. The company, which reportedly engaged consultancy firm EY to conduct the audit, found out that some sellers were colluding with junior employees to earn cashbacks, he added. The overall size of the fraud is in "double digits", which is "Rs 10 crore for sure", Sharma said. However, in a late evening statement, a company spokesperson clarified quantum of the fraud would be less. "we would like to clarify that the fraud detected was in the range of Rs 5-10 crore,? the spokesperson said. Sharma said actions against the wrongdoers are being taken. These include de-listing "hundreds" of sellers to ensure there are only brand sellers on the platform and not the "mom-and-pop shops", he said adding that "tens" of employees have also been sacked. While the number of sellers would reduce, such stringent actions will ensure "better ecosystem" for the consumers, he said. Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers, according to reports. On the criticism of the cashback model making the business unfeasible, Sharma Tuesday said the business is "sustainable" but profitability may be some time away as it is spending more on onboarding users and merchants currently. "Paytm is actually net concluding positive, net of cashback, marketing promotions operating costs," he said, adding that it would not be profitable till its user base reaches 500 million from 300 million and merchant base swells to 40 million from the current 12 million. The list of detractors of such model includes Aditya Puri, who led HDFC Bank to become the largest private sector lender in India. In February 2017, he had said the companies that hold on to customers through cashbacks are loss-making and have "no future". "I think wallets have no future. There is not enough margin in the payments business for the wallets to have a future," Puri said and also mentioned Paytm, which reported over Rs 1,500 crore loss in 2016, to illustrate. Sharma also said a platform like Paytm earns both through the merchant discount rate paid for processing transactions and may get up to 15 per cent of the cover charge when a transaction like a movie ticket sale happens, making it comfortable to offer the cashbacks. Meanwhile, in what can be seen as a turnaround in his position, Sharma said players like Facebook-controlled WhatsApp are welcome on the payments landscape. Sharma said his earlier opposition was when companies were not willing to comply with the Indian laws. Similarly, on the e-commerce front, where its larger rivals Amazon and Flipkart have been complaining about a shift in laws which makes their position difficult, Sharma said any non-compliant entity should not have it easy. "Law of the land remains fixed, people were escaping these. They were asked to stringently follow. They should have had known," he said. He hinted that the company is not on the lookout for any fresh capital when asked about valuations for the next round of funding, and added that it continues to carry a war chest of money necessary for two years of growth.

Paytm cashback fraud could top Rs 10 cr, says chairman Vijay Shekhar Sharma; delists sellers for faking orders

<a href="https://www.wionews.com/world/huawei-calls-for-common-cybersecurity-standards-amidst-concerns-201312">Huawei</a> is willing to sign no-spy agreements with governments, including Britain, the Chinese telco company`s chairman said on Tuesday, amid the US&nbsp; 
pressure on European countries to shun the firm over espionage concerns.

Washington has told allies not to use Huawei`s technology to build new 5G networks because of worries it could be a vehicle for Chinese spying, an accusation the company has denied.

Also read:&nbsp;<a href="https://www.wionews.com/world/nato-chief-stoltenberg-warns-britain-over-huawei-risk-218793">NATO chief Stoltenberg warns Britain over Huawei risk</a>

"We are willing to sign no-spy agreements with governments, including the UK government, to commit ourselves to make our equipment meet the no-spy, no-backdoors standard," Huawei chairman Liang Hua told reporters in London via an interpreter.

Britain is deciding the extent to which it will allow Huawei, the world`s biggest supplier of telecoms equipment, to participate in building its 5G networks.

"The security and resilience of the UK`s telecoms networks are of paramount importance, and we have strict controls for how Huawei equipment is currently deployed in the UK," a British government spokesman said on Tuesday.

He said the results of the telecoms supply chain review affecting Huawei`s case would be announced soon and all network operators would need to comply by the decision.

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LEAKS

Prime Minister Theresa May sacked her defence minister, Gavin Williamson, this month over leaked claims that Huawei would have a role in the 5G network, putting Britain at odds with its biggest intelligence ally, the United States.

Williamson has denied he leaked from the confidential talks.

Liang, speaking on the sidelines of a meeting with Huawei`s British technology partners, said the company never intended to be in the eye of a political storm.

"The cybersecurity issue is not exclusive to just one single supplier or one single company, it is a common challenge facing the entire industry and the entire world," he said.

He said Huawei had long cooperated with Britain`s National Cyber Security Centre`s oversight of its technology, and it had improved its software engineering capabilities to make them the equal of competitors.

Liang said Huawei did not act on behalf of China`s government in any international market.

"Despite the fact Huawei has its headquarters in China, we are actually a globally operating company," he said. "Where we are operating globally we are committed to being compliant with the locally applicable laws and regulations in that country.

"There are no Chinese laws requiring companies to collect intelligence from a foreign government or implant back doors for the government."

British minister Jeremy Wright, who will announce the findings of the telco supply-chain review, had said the benefits of cheap kit would not trump security concerns.

Liang, however, said economic factors should be part of the decision, and politics should be taken out of it.

"I believe the decision should be based on risk assessment and supply-chain assessment, and should also reflect the requirements the UK has in terms of economic development when they choose suppliers," he said.

"Cybersecurity is indeed a very important factor to consider (...) but at the same time it should be a balanced decision between cybersecurity and economic prosperity."

Liang said he was meeting with customers rather than politicians. Huawei has signed more than 40 5G contracts, he said 25 in Europe, 10 in the Middle East and six in Asia.

The German government, however, said there was no sign that China was offering a "no-spy" agreement of the kind that would help Huawei in its bid for contracts to build Germany`s next-generation mobile networks.&nbsp;

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&nbsp;

Huawei is willing to sign no-spy agreements with governments, including Britain, the Chinese telco company`s chairman said on Tuesday, amid the US pressure on European countries to shun the firm over espionage concerns.

Huawei is willing to sign no-spy agreements with governments, including Britain, the Chinese telco company`s chairman said on Tuesday, amid the US pressure on European countries to shun the firm over espionage concerns. Washington has told allies not to use Huawei`s technology to build new 5G networks because of worries it could be a vehicle for Chinese spying, an accusation the company has denied. Also read: NATO chief Stoltenberg warns Britain over Huawei risk "We are willing to sign no-spy agreements with governments, including the UK government, to commit ourselves to make our equipment meet the no-spy, no-backdoors standard," Huawei chairman Liang Hua told reporters in London via an interpreter. Britain is deciding the extent to which it will allow Huawei, the world`s biggest supplier of telecoms equipment, to participate in building its 5G networks. "The security and resilience of the UK`s telecoms networks are of paramount importance, and we have strict controls for how Huawei equipment is currently deployed in the UK," a British government spokesman said on Tuesday. He said the results of the telecoms supply chain review affecting Huawei`s case would be announced soon and all network operators would need to comply by the decision. × LEAKS Prime Minister Theresa May sacked her defence minister, Gavin Williamson, this month over leaked claims that Huawei would have a role in the 5G network, putting Britain at odds with its biggest intelligence ally, the United States. Williamson has denied he leaked from the confidential talks. Liang, speaking on the sidelines of a meeting with Huawei`s British technology partners, said the company never intended to be in the eye of a political storm. "The cybersecurity issue is not exclusive to just one single supplier or one single company, it is a common challenge facing the entire industry and the entire world," he said. He said Huawei had long cooperated with Britain`s National Cyber Security Centre`s oversight of its technology, and it had improved its software engineering capabilities to make them the equal of competitors. Liang said Huawei did not act on behalf of China`s government in any international market. "Despite the fact Huawei has its headquarters in China, we are actually a globally operating company," he said. "Where we are operating globally we are committed to being compliant with the locally applicable laws and regulations in that country. "There are no Chinese laws requiring companies to collect intelligence from a foreign government or implant back doors for the government." British minister Jeremy Wright, who will announce the findings of the telco supply-chain review, had said the benefits of cheap kit would not trump security concerns. Liang, however, said economic factors should be part of the decision, and politics should be taken out of it. "I believe the decision should be based on risk assessment and supply-chain assessment, and should also reflect the requirements the UK has in terms of economic development when they choose suppliers," he said. "Cybersecurity is indeed a very important factor to consider (...) but at the same time it should be a balanced decision between cybersecurity and economic prosperity." Liang said he was meeting with customers rather than politicians. Huawei has signed more than 40 5G contracts, he said 25 in Europe, 10 in the Middle East and six in Asia. The German government, however, said there was no sign that China was offering a "no-spy" agreement of the kind that would help Huawei in its bid for contracts to build Germany`s next-generation mobile networks. ×

Huawei willing to sign 'no-spy' pacts with governments: Chairman

Asian stocks struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a US-China trade war, although an overnight bounce on Wall Street helped limit the losses.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.05%.

The index had fallen to its lowest level since the end of January the previous day as a trade conflict between the United States and China intensified. Beijing on Monday imposed a tariff hike on US&nbsp;goods following Washington's decision last week to hike its levies on Chinese imports.

Australian stocks added 0.07%, South Korea's KOSPI slipped 0.1% and Japan's Nikkei shed 0.4%.

US&nbsp;stocks on Tuesday reclaimed some of the ground lost in the prior day's steep sell-off, with tariff-sensitive technology stocks heartened by a slight softening in US-China trade rhetoric.

US&nbsp;President Donald Trump on Tuesday said he had a "very good" dialogue with China and insisted talks between the world's two largest economies had not collapsed.

Yet, investors braced for a protracted US-China trade war.

"In the short term the equity markets have begun digesting the latest round of the trade war, said Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management, adding that a bit of calm is returning to some markets as a result.

"Still, the US-China row looks to continue in the coming months. China did not seem to present a totally unified front in the latest round of the trade spat and its reaction bears watching going forward."

On the day, investors will look to a batch of Chinese economic data due later for a further gauge of the health of the world's second-biggest economy.

The Chinese yuan stood little changed at 6.9051 per dollar in offshore trade, having edged away from a five-month trough of 6.9200 set on Tuesday.

The dollar traded a shade higher at 109.675 yen, pulling away from a three-month low of 109.020 plumbed on Monday when trade war worries boosted investor demand for the safe-haven Japanese currency.

The euro was steady at $1.1202. The common currency had dipped nearly 0.2% the previous day after Italy's deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to spur employment.

The dollar index against a basket of six major currencies was nearly flat at 97.534 after gaining 0.2% the previous day.

In commodities, US crude futures were down 1.04% at $61.14 per barrel after the American Petroleum Institute (API) reported a bigger-than-expected build in crude oil inventory.

US crude inventories rose by 8.6 million barrels in the week to May 10 to 477.8 million, compared with analysts' expectations for a decrease of 800,000 barrels.

Brent crude lost 0.69% to $70.75 per barrel.

Brent and US&nbsp;crude futures had surged the previous day after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.

Asian stocks struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a US-China trade war, although an overnight bounce on Wall Street helped limit the losses.

Asian stocks struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a US-China trade war, although an overnight bounce on Wall Street helped limit the losses. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.05%. The index had fallen to its lowest level since the end of January the previous day as a trade conflict between the United States and China intensified. Beijing on Monday imposed a tariff hike on US goods following Washington's decision last week to hike its levies on Chinese imports. Australian stocks added 0.07%, South Korea's KOSPI slipped 0.1% and Japan's Nikkei shed 0.4%. US stocks on Tuesday reclaimed some of the ground lost in the prior day's steep sell-off, with tariff-sensitive technology stocks heartened by a slight softening in US-China trade rhetoric. US President Donald Trump on Tuesday said he had a "very good" dialogue with China and insisted talks between the world's two largest economies had not collapsed. Yet, investors braced for a protracted US-China trade war. "In the short term the equity markets have begun digesting the latest round of the trade war, said Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management, adding that a bit of calm is returning to some markets as a result. "Still, the US-China row looks to continue in the coming months. China did not seem to present a totally unified front in the latest round of the trade spat and its reaction bears watching going forward." On the day, investors will look to a batch of Chinese economic data due later for a further gauge of the health of the world's second-biggest economy. The Chinese yuan stood little changed at 6.9051 per dollar in offshore trade, having edged away from a five-month trough of 6.9200 set on Tuesday. The dollar traded a shade higher at 109.675 yen, pulling away from a three-month low of 109.020 plumbed on Monday when trade war worries boosted investor demand for the safe-haven Japanese currency. The euro was steady at $1.1202. The common currency had dipped nearly 0.2% the previous day after Italy's deputy prime minister said the country is ready to break European Union budget rules on debt levels if necessary to spur employment. The dollar index against a basket of six major currencies was nearly flat at 97.534 after gaining 0.2% the previous day. In commodities, US crude futures were down 1.04% at $61.14 per barrel after the American Petroleum Institute (API) reported a bigger-than-expected build in crude oil inventory. US crude inventories rose by 8.6 million barrels in the week to May 10 to 477.8 million, compared with analysts' expectations for a decrease of 800,000 barrels. Brent crude lost 0.69% to $70.75 per barrel. Brent and US crude futures had surged the previous day after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.

Asia stocks wobble near three-and-a-half-month low as trade worries linger

The rupee Wednesday appreciated by 10 paise to close at 70.34 against the US dollar, marking the second straight session of gain driven by easing crude prices, while the Reserve Bank's plan to conduct open market operation also buoyed investor sentiment.

The rupee opened strong at 70.32 and later rose to the day's high of 70.17 at the interbank forex market. During the day the local unit touched an intra-day low of 70.39 against the US dollar.

The domestic currency finally settled at 70.34, higher by 10 paise from the previous close. The rupee Tuesday had recovered 7 paise to close at 70.44 to the US dollar.

Forex traders said the rupee strengthened after the RBI announced a plan to conduct the open market operation. On the other hand, heavy selling in domestic equities and foreign fund outflows restricted its gains.

"Bond yields fell for the third session after Reserve Bank of India announced plans to conduct more open-market operations," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

"Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of ... Government securities under Open Market Operations for an aggregate amount of Rs 12,500 crore on May 16, 2019, through multi-security auction using the multiple price method," the RBI said in a release.

Meanwhile, the Dollar Index which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 97.56.

"The dollar is trading higher supported by comments from senior Federal Reserve officials playing down the likelihood of interest rate cuts, and by a fresh bout of safe-haven buying on geopolitical tensions," Sharma said.

Foreign institutional investors net sold equities worth Rs 1,142.44 crore on Wednesday, provisional data available with stock exchanges showed.

Domestic benchmark indices ended lower after a volatile session Wednesday as investors took money off the table amid mixed global cues.

The 30-share BSE benchmark closed 203.65 points, or 0.55 per cent, lower at 37,114.88, while the broader NSE Nifty shed 65.05 points, or 0.58 per cent, to settle at 11,157.

On the global front, forex dealers said, investor sentiments improved after US President Donald Trump on Tuesday hoped that the world's top two economies would be able to reach an agreement.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.4208 and for rupee/euro at 79.1511. The reference rate for rupee/British pound was fixed at 91.2137 and for rupee/100 Japanese yen at 64.25.

The rupee Wednesday appreciated by 10 paise to close at 70.34 against the US dollar, marking the second straight session of gain driven by easing crude prices, while the Reserve Bank's plan to conduct open market operation also buoyed investor sentiment.

The rupee Wednesday appreciated by 10 paise to close at 70.34 against the US dollar, marking the second straight session of gain driven by easing crude prices, while the Reserve Bank's plan to conduct open market operation also buoyed investor sentiment. The rupee opened strong at 70.32 and later rose to the day's high of 70.17 at the interbank forex market. During the day the local unit touched an intra-day low of 70.39 against the US dollar. The domestic currency finally settled at 70.34, higher by 10 paise from the previous close. The rupee Tuesday had recovered 7 paise to close at 70.44 to the US dollar. Forex traders said the rupee strengthened after the RBI announced a plan to conduct the open market operation. On the other hand, heavy selling in domestic equities and foreign fund outflows restricted its gains. "Bond yields fell for the third session after Reserve Bank of India announced plans to conduct more open-market operations," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. "Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of ... Government securities under Open Market Operations for an aggregate amount of Rs 12,500 crore on May 16, 2019, through multi-security auction using the multiple price method," the RBI said in a release. Meanwhile, the Dollar Index which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 97.56. "The dollar is trading higher supported by comments from senior Federal Reserve officials playing down the likelihood of interest rate cuts, and by a fresh bout of safe-haven buying on geopolitical tensions," Sharma said. Foreign institutional investors net sold equities worth Rs 1,142.44 crore on Wednesday, provisional data available with stock exchanges showed. Domestic benchmark indices ended lower after a volatile session Wednesday as investors took money off the table amid mixed global cues. The 30-share BSE benchmark closed 203.65 points, or 0.55 per cent, lower at 37,114.88, while the broader NSE Nifty shed 65.05 points, or 0.58 per cent, to settle at 11,157. On the global front, forex dealers said, investor sentiments improved after US President Donald Trump on Tuesday hoped that the world's top two economies would be able to reach an agreement. Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.4208 and for rupee/euro at 79.1511. The reference rate for rupee/British pound was fixed at 91.2137 and for rupee/100 Japanese yen at 64.25.

Rupee rises for second straight day; settles up 10 paise at 70.34 vs US dollar

IndiGo on Wednesday announced that it will start six new domestic flights to and from Kolkata from July 20.

Moreover, the no-frills airline said it will start a third direct flight on Delhi-Kathmandu route from July 4.&nbsp;

"Effective July 20, IndiGo will operate daily non-stop flights on Shillong-Kolkata and Raipur-Kolkata route with its ATR-18 aircraft," the airline said.&nbsp;

IndiGo is the country's largest carrier as it had 44.3 per cent share of the domestic passenger market in first quarter of 2019, according to DGCA data.

Chief Commercial Officer of IndiGo William Boulter Wednesday said, "We are strengthening our network from Kolkata with six new flights including a new RCS (Regional Connectivity Scheme) route. Kolkata-Shillong-Kolkata, our next RCS route, will significantly increase connectivity and tourist traffic in the northeast region."

"Shillong, an important city in the northeast, will be the 54th domestic destination in our network," he said.

The airline also said that effective July 4, 2019, it will operate a new daily flight on Delhi-Kathmandu route, which will depart from Delhi at 7.15 am and land in Nepal's capital at 9.20 am.

IndiGo added that the new return flight will depart from Kathmandu at 10.25 am and arrive in Delhi at 12 noon.

"Kathmandu is an important market for us and strengthening connectivity on this route will give a fillip to tourism in both the destinations," Boulter said.&nbsp;

IndiGo on Wednesday announced that it will start six new domestic flights to and from Kolkata from July 20. Moreover, the no-frills airline said it will start a third direct flight on Delhi-Kathmandu route from July 4.

IndiGo on Wednesday announced that it will start six new domestic flights to and from Kolkata from July 20. Moreover, the no-frills airline said it will start a third direct flight on Delhi-Kathmandu route from July 4. "Effective July 20, IndiGo will operate daily non-stop flights on Shillong-Kolkata and Raipur-Kolkata route with its ATR-18 aircraft," the airline said. IndiGo is the country's largest carrier as it had 44.3 per cent share of the domestic passenger market in first quarter of 2019, according to DGCA data. Chief Commercial Officer of IndiGo William Boulter Wednesday said, "We are strengthening our network from Kolkata with six new flights including a new RCS (Regional Connectivity Scheme) route. Kolkata-Shillong-Kolkata, our next RCS route, will significantly increase connectivity and tourist traffic in the northeast region." "Shillong, an important city in the northeast, will be the 54th domestic destination in our network," he said. The airline also said that effective July 4, 2019, it will operate a new daily flight on Delhi-Kathmandu route, which will depart from Delhi at 7.15 am and land in Nepal's capital at 9.20 am. IndiGo added that the new return flight will depart from Kathmandu at 10.25 am and arrive in Delhi at 12 noon. "Kathmandu is an important market for us and strengthening connectivity on this route will give a fillip to tourism in both the destinations," Boulter said.

IndiGo to start six new flights connecting Kolkata from July 20

The BSE Sensex ended 203.65 points lower after a volatile session Wednesday as investors took money off the table amid mixed global cues.

After gyrating over 500 points, the 30-share BSE benchmark closed 203.65 points, or 0.55 per cent, lower at 37,114.88. The index hit an intra-day low of 37,047.87 and a high of 37,559.67.

Similarly, the broader NSE Nifty shed 65.05 points, or 0.58 per cent, to settle at 11,157. During the day, the gauge hit a low of 11,136.95 and a high of 11,286.80.

Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8 per cent.

IndusInd Bank, Coal India, Sun Pharma, PowerGrid, Bharti Airtel, Axis Bank, Tata Steel, HUL, Maruti, L&amp;T, M&amp;M, ICICI Bank, HDFC and RIL too ended in the red, shedding up to 3.66 per cent.

On the other hand, Bajaj Finance was the top gainer, spurting 4.11 per cent, followed by ITC, Kotak Bank, Infosys and TCS, ending up to 1.05 per cent higher.

According to experts, investors are not very aggressive as every rally is being used as an opportunity to book profits. Market is also watchful of quarterly earnings and election verdict.

Sustained foreign fund outflow too weighed on investor sentiment, they added.

Foreign institutional investors net sold equities worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors purchased shares to the tune of Rs 2,242.91 crore, provisional data available with stock exchanges showed.

Bourses in China, Japan and Korea ended in the green after US President Donald Trump hinted at the possibility of a trade deal with China.

European stocks, however, opened on a weak note.

Meanwhile, the Indian rupee appreciated by 11 paise to 70.33 against the US dollar intra-day.

Global oil benchmark Brent crude was trading 0.66 per cent lower at USD 70.77 per barrel.&nbsp;

The BSE Sensex ended 203.65 points lower after a volatile session Wednesday as investors took money off the table amid mixed global cues. After gyrating over 500 points, the 30-share BSE benchmark closed 203.

The BSE Sensex ended 203.65 points lower after a volatile session Wednesday as investors took money off the table amid mixed global cues. After gyrating over 500 points, the 30-share BSE benchmark closed 203.65 points, or 0.55 per cent, lower at 37,114.88. The index hit an intra-day low of 37,047.87 and a high of 37,559.67. Similarly, the broader NSE Nifty shed 65.05 points, or 0.58 per cent, to settle at 11,157. During the day, the gauge hit a low of 11,136.95 and a high of 11,286.80. Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8 per cent. IndusInd Bank, Coal India, Sun Pharma, PowerGrid, Bharti Airtel, Axis Bank, Tata Steel, HUL, Maruti, L&T, M&M, ICICI Bank, HDFC and RIL too ended in the red, shedding up to 3.66 per cent. On the other hand, Bajaj Finance was the top gainer, spurting 4.11 per cent, followed by ITC, Kotak Bank, Infosys and TCS, ending up to 1.05 per cent higher. According to experts, investors are not very aggressive as every rally is being used as an opportunity to book profits. Market is also watchful of quarterly earnings and election verdict. Sustained foreign fund outflow too weighed on investor sentiment, they added. Foreign institutional investors net sold equities worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors purchased shares to the tune of Rs 2,242.91 crore, provisional data available with stock exchanges showed. Bourses in China, Japan and Korea ended in the green after US President Donald Trump hinted at the possibility of a trade deal with China. European stocks, however, opened on a weak note. Meanwhile, the Indian rupee appreciated by 11 paise to 70.33 against the US dollar intra-day. Global oil benchmark Brent crude was trading 0.66 per cent lower at USD 70.77 per barrel.

Sensex tumbles 204 points, Nifty ends below 11,200

Trade dispute between US and China and sanctions on Iran have affected exports. Chinese exporters say they are facing revenue loss due to both reasons.

Chinese exporters face revenue loss amid US-China trade war, Iran sanctions

According to data released by the Society of Indian Automobile Manufacturers, passenger vehicle sales in India dropped 17% in April, the worst monthly fall in almost eight years. High insurance costs, weak sentiment and a liquidity crunch have caused a dent in sales.

Passenger vehicle sales drop 17% in April – worst monthly fall in nearly eight years

Passenger vehicle sales in India dropped 17% in April - their worst monthly fall in nearly eight years, data from an industry body showed on Monday, as weak sentiment, high insurance costs and a liquidity crunch dented car sales.

Sales of passenger vehicles dived to 247,541 in April versus 298,504 a year earlier, data released by the Society of Indian Automobile Manufacturers showed. Two-wheeler sales dropped 16.4% to about 1.6 million vehicles.

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Last month, the country's biggest automaker Maruti Suzuki Ltd said it sold 458,479 vehicles in the three months ended March 31, down 0.7 per cent on-year, and forecast a weak rate of growth for the current fiscal year.

Passenger vehicle sales in India dropped 17% in April - their worst monthly fall in nearly eight years, data from an industry body showed on Monday, as weak sentiment, high insurance costs and a liquidity crunch dented car sales.

Passenger vehicle sales in India dropped 17% in April - their worst monthly fall in nearly eight years, data from an industry body showed on Monday, as weak sentiment, high insurance costs and a liquidity crunch dented car sales. Sales of passenger vehicles dived to 247,541 in April versus 298,504 a year earlier, data released by the Society of Indian Automobile Manufacturers showed. Two-wheeler sales dropped 16.4% to about 1.6 million vehicles. Last month, the country's biggest automaker Maruti Suzuki Ltd said it sold 458,479 vehicles in the three months ended March 31, down 0.7 per cent on-year, and forecast a weak rate of growth for the current fiscal year.

India's car, two-wheeler sales slump to lowest level in almost 8 years in April

Two firms belonging to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar have moved a petition in PMLA appellate tribunal seeking the release of documents related to these companies which were seized by the Enforcement Directorate on March 1.

The firms moved the application in the tribunal on May 13 after the duo appeared before the law enforcement agency for questioning.

ED had, on March 1, carried out searches at the premises of Pacific Capital Services Private Limited and Quality Techno Advisors Pvt Ltd. The duo holds stakes in these two companies.

Vijay Aggarwal, appearing on behalf of these two firms, contended that "the companies were not named in the FIR" filed by the CBI on January 22 and that "seizure of laptops, electronic records, the hard disk has caused disruption in the day-to-day work of them."

Aggarwal also said that orders passed by adjudicating authority are with "non-application of mind" and "searches have been conducted in violation of law as independent persons from the same locality were not present at the time of the search."

Chanda and Deepak Kochhar will appear today before the ED for the second consecutive day of questioning in connection with the case.

The duo has, in the past, been grilled at the ED office in Mumbai after the probe agency conducted raids in March.

While Chanda was summoned on May 3 by the ED, she sought an extension.

Earlier, the ED had questioned Deepak`s brother Rajiv Kochhar for three days, from April 30 to May 2.

According to ED sources, Rajiv withholds crucial information pertaining to the investigation in the case.

The matter is related to alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to Videocon Group in 2009 and 2011.

Videocon Group promoter Venugopal Dhoot has also been questioned in connection with this case.&nbsp;

Two firms belonging to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar have moved a petition in PMLA appellate tribunal seeking the release of documents related to these companies which were seized by the Enforcement Directorate on March 1.

Two firms belonging to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar have moved a petition in PMLA appellate tribunal seeking the release of documents related to these companies which were seized by the Enforcement Directorate on March 1. The firms moved the application in the tribunal on May 13 after the duo appeared before the law enforcement agency for questioning. ED had, on March 1, carried out searches at the premises of Pacific Capital Services Private Limited and Quality Techno Advisors Pvt Ltd. The duo holds stakes in these two companies. Vijay Aggarwal, appearing on behalf of these two firms, contended that "the companies were not named in the FIR" filed by the CBI on January 22 and that "seizure of laptops, electronic records, the hard disk has caused disruption in the day-to-day work of them." Aggarwal also said that orders passed by adjudicating authority are with "non-application of mind" and "searches have been conducted in violation of law as independent persons from the same locality were not present at the time of the search." Chanda and Deepak Kochhar will appear today before the ED for the second consecutive day of questioning in connection with the case. The duo has, in the past, been grilled at the ED office in Mumbai after the probe agency conducted raids in March. While Chanda was summoned on May 3 by the ED, she sought an extension. Earlier, the ED had questioned Deepak`s brother Rajiv Kochhar for three days, from April 30 to May 2. According to ED sources, Rajiv withholds crucial information pertaining to the investigation in the case. The matter is related to alleged irregularities and corrupt practices in the sanction of a Rs 1,875 crore loan disbursed by ICICI Bank to Videocon Group in 2009 and 2011. Videocon Group promoter Venugopal Dhoot has also been questioned in connection with this case.

ICICI-Videocon row: Kochhars move PMLA appellate tribunal, seek release of documents seized by ED

The new OnePlus 7&nbsp;mobile phone series was launched today as the successor to the OnePlus 6T.&nbsp;

The launch took place in&nbsp;London, New York&nbsp;and Bengaluru simultaneously today.&nbsp;

It has massive internal storage of up to 12GB.

OnePlus 7 has been launched in three colours, i.e Almond colour, Nebula blue and Mirror Gray.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Which <a href="https://twitter.com/hashtag/OnePlus7Pro?src=hash&amp;ref_src=twsrc%5Etfw">#OnePlus7Pro</a> color is your favorite? <a href="https://twitter.com/hashtag/OnePlus7SeriesLaunch?src=hash&amp;ref_src=twsrc%5Etfw">#OnePlus7SeriesLaunch</a> <a href="https://t.co/8rFBYhhsxd">pic.twitter.com/8rFBYhhsxd</a>
— OnePlus India (@OnePlus_IN) <a href="https://twitter.com/OnePlus_IN/status/1128317805017702400?ref_src=twsrc%5Etfw">May 14, 2019</a></blockquote>
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The phone has its largest ever, 6.7-inch display with a screen-to-body ratio of 93 per cent. There are no hole punch, no notch, and no gimmicks.&nbsp;

It also offers Quad HD+ resolution panel that manages to pack 4.5 million pixels into an edge-to-edge display.&nbsp;It also supports HDR quality.

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<blockquote class="twitter-tweet" data-lang="en">
And while we’re on the subject of details and nuance, we’ve added a beautiful new Horizon Light. 
 
So, when your screen is off and you receive a notification, you’ll see a ray of light trace the outer edges of the curved display. <a href="https://twitter.com/hashtag/OnePlus7SeriesLaunch?src=hash&amp;ref_src=twsrc%5Etfw">#OnePlus7SeriesLaunch</a> <a href="https://t.co/RUAIwIhp5b">pic.twitter.com/RUAIwIhp5b</a>
— OnePlus India (@OnePlus_IN) <a href="https://twitter.com/OnePlus_IN/status/1128319779117256709?ref_src=twsrc%5Etfw">May 14, 2019</a></blockquote>
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OnePlus 7 Pro is a 16-megapixel front-facing camera. It slides out in just 0.53 seconds.

The device has new "Warp Charge 30" technology that may get up to almost half of the charge from the massive 4,000mAh battery in just 20 minutes.

The phone has a Fluid AMOLED display that automatically filters out harmful blue light, thereby reducing eyestrain. &nbsp;

The accelerometers on the OnePlus 7 Pro detects when the phone is in free-fall, and automatically retracts the front camera at even the slightest slip to protect it from accidental drops.

The new OnePlus 7 mobile phone series was launched today as the successor to the OnePlus 6T. The launch took place in London, New York and Bengaluru simultaneously today.

The new OnePlus 7 mobile phone series was launched today as the successor to the OnePlus 6T. The launch took place in London, New York and Bengaluru simultaneously today. It has massive internal storage of up to 12GB. OnePlus 7 has been launched in three colours, i.e Almond colour, Nebula blue and Mirror Gray. Which #OnePlus7Pro color is your favorite? #OnePlus7SeriesLaunch pic.twitter.com/8rFBYhhsxd — OnePlus India (@OnePlus_IN) May 14, 2019 × The phone has its largest ever, 6.7-inch display with a screen-to-body ratio of 93 per cent. There are no hole punch, no notch, and no gimmicks. It also offers Quad HD+ resolution panel that manages to pack 4.5 million pixels into an edge-to-edge display. It also supports HDR quality. And while we’re on the subject of details and nuance, we’ve added a beautiful new Horizon Light. So, when your screen is off and you receive a notification, you’ll see a ray of light trace the outer edges of the curved display. #OnePlus7SeriesLaunch pic.twitter.com/RUAIwIhp5b — OnePlus India (@OnePlus_IN) May 14, 2019 × OnePlus 7 Pro is a 16-megapixel front-facing camera. It slides out in just 0.53 seconds. The device has new "Warp Charge 30" technology that may get up to almost half of the charge from the massive 4,000mAh battery in just 20 minutes. The phone has a Fluid AMOLED display that automatically filters out harmful blue light, thereby reducing eyestrain. The accelerometers on the OnePlus 7 Pro detects when the phone is in free-fall, and automatically retracts the front camera at even the slightest slip to protect it from accidental drops.

OnePlus 7 mobile phone series launched in three colours

US stocks climbed on Tuesday, as investors picked up beaten-down technology and <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">industrial stocks following optimistic</a> comments from Washington and Beijing that tempered concerns about a further escalation in the trade war.

Technology shares rose 1.56 per cent, the most among major S&amp;P sectors, lifted by gains in Microsoft Corp, Visa Inc and chipmakers.

Wall Street witnessed one of its worst selloffs this year in the previous session, with the S&amp;P and the Dow recording their largest percentage drops since January 3rd, after China announced retaliatory tariffs on US goods.

Markets took relief from comments by US President Donald Trump that he would talk with <a href="https://www.wionews.com/world/if-someone-attacks-us-on-our-doorstep-we-will-fight-to-the-finish-china-on-trade-war-with-us-218705">Chinese counterpart at a G20 Summit</a> in late June and China said on Tuesday both sides have agreed to keep the talks going.

"Today's reaction is investors looking for value," said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in New York.

"There is still a concern around the evolution of the trade talks. The US has stood out relative to the rest of the world when it comes to its economic performance, and it is arguable whether or not that can be sustained."

Prospects of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has knocked more than 4 per cent off the S&amp;P 500 since hitting an all-time high on May 1st.

At 11:19 a.m. ET, the Dow Jones Industrial Average was up 251.49 points, or 0.99%, at 25,576.48, the S&amp;P 500 was up 27.69 points, or 0.98%, at 2,839.56 and the Nasdaq Composite was up 86.94 points, or 1.14%, at 7,733.97.

Nine of the 11 major S&amp;P sectors were higher, with technology, energy, industrial and financial sectors gaining more than 1 per cent.

The tech sector took a beating on Monday as many tech companies rely on China for a large part of their revenue.

Boeing Co shares were up 2 per cent, providing the biggest boost to the Dow. The company said it handed over 24 per cent fewer jet airplanes in the first four months of 2019, hurt by the grounding of its 737 MAX aircraft.

Coca-Cola Co's shares rose 2% after Morgan Stanley upgraded the stock to "overweight", saying higher growth had not been priced into the stock's valuation.

Walt Disney Co's shares gained 1.9 per cent after it signed a pact with Comcast Corp to assume full operational control of streaming service Hulu.

Luxury apparel maker Ralph Lauren Corp's shares fell 7 per cent, the most on the S&amp;P 500, as weak sales in its biggest market, North America, overshadowed quarterly profit beat.

Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and a 2.31-to-1 ratio on the Nasdaq. The S&amp;P index recorded 15 new 52-week highs and six new lows, while the Nasdaq recorded 30 new highs and 63 new lows.

US stocks climbed on Tuesday, as investors picked up beaten-down technology and industrial stocks following optimistic comments from Washington and Beijing that tempered concerns about a further escalation in the trade war.

US stocks climbed on Tuesday, as investors picked up beaten-down technology and industrial stocks following optimistic comments from Washington and Beijing that tempered concerns about a further escalation in the trade war. Technology shares rose 1.56 per cent, the most among major S&P sectors, lifted by gains in Microsoft Corp, Visa Inc and chipmakers. Wall Street witnessed one of its worst selloffs this year in the previous session, with the S&P and the Dow recording their largest percentage drops since January 3rd, after China announced retaliatory tariffs on US goods. Markets took relief from comments by US President Donald Trump that he would talk with Chinese counterpart at a G20 Summit in late June and China said on Tuesday both sides have agreed to keep the talks going. "Today's reaction is investors looking for value," said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in New York. "There is still a concern around the evolution of the trade talks. The US has stood out relative to the rest of the world when it comes to its economic performance, and it is arguable whether or not that can be sustained." Prospects of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has knocked more than 4 per cent off the S&P 500 since hitting an all-time high on May 1st. At 11:19 a.m. ET, the Dow Jones Industrial Average was up 251.49 points, or 0.99%, at 25,576.48, the S&P 500 was up 27.69 points, or 0.98%, at 2,839.56 and the Nasdaq Composite was up 86.94 points, or 1.14%, at 7,733.97. Nine of the 11 major S&P sectors were higher, with technology, energy, industrial and financial sectors gaining more than 1 per cent. The tech sector took a beating on Monday as many tech companies rely on China for a large part of their revenue. Boeing Co shares were up 2 per cent, providing the biggest boost to the Dow. The company said it handed over 24 per cent fewer jet airplanes in the first four months of 2019, hurt by the grounding of its 737 MAX aircraft. Coca-Cola Co's shares rose 2% after Morgan Stanley upgraded the stock to "overweight", saying higher growth had not been priced into the stock's valuation. Walt Disney Co's shares gained 1.9 per cent after it signed a pact with Comcast Corp to assume full operational control of streaming service Hulu. Luxury apparel maker Ralph Lauren Corp's shares fell 7 per cent, the most on the S&P 500, as weak sales in its biggest market, North America, overshadowed quarterly profit beat. Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and a 2.31-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and six new lows, while the Nasdaq recorded 30 new highs and 63 new lows.

Tech stocks power Wall Street after trade war rout

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note Tuesday tracking downbeat global market sentiment and foreign fund outflows.

The BSE gauge Sensex fell 61.88 points to trade at 37,028 in early deals, while the NSE Nifty declined 18.45 points to 11,129.75. 
On Monday, Indian bourses registered losses for the ninth consecutive session.

In the last nine sessions, the Sensex has lost 1,940.73 points and the Nifty has given away nearly 600 points.

Top gainers in the early session were Vedanta, Sun Pharma, RIL, ICICI Bank, Tata Motors, IndusInd Bank, ITC, Bharti Airtel, PowerGrid rising up to 2.85 per cent.

On the other hand, Bajaj Auto, Asian Paints, Tata Steel, ONGC, Infosys, HCL Tech, HDFC, Coal India, Yes Bank, TCS, Bajaj Finance, NTPC, Axis Bank, were among the top losers, shedding up to 1.74 per cent.

Indian bourses are facing headwinds both on the domestic and global front as weak macroeconomic scenario, concerns over the health of NBFC sector, US-China trade tensions and uncertainty over Lok Sabha poll outcome have been keeping investors jittery for past many sessions, according to market experts.

Meanwhile, the Indian rupee was trading five paise higher at 70.46 against the US dollar in opening deals Tuesday.

In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-China trade war further intensified.

In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly USD 60 billion.

Brent Futures, global crude oil benchmark, traded higher at USD 70.30 per barrel, up 0.10 per cent, on concerns about supply disruptions in view of geopolitical tensions in the crucial oil-producing region of the Middle East.

In recent months, the country's financial system has been grappling with multiple woes in the wake of the turmoil at diversified IL&amp;FS group as well as default by some other large entities.

Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said, "apart from global concerns, Indian markets are also worried about the liquidity crunch on the ground affecting both, investments and consumption in the country."

Foreign institutional investors (FIIs) net sold equities worth Rs 1,056.01 crore on Monday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 1,057.91 crore, as per provisional data.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note Tuesday tracking downbeat global market sentiment and foreign fund outflows. The BSE gauge Sensex fell 61.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note Tuesday tracking downbeat global market sentiment and foreign fund outflows. The BSE gauge Sensex fell 61.88 points to trade at 37,028 in early deals, while the NSE Nifty declined 18.45 points to 11,129.75. On Monday, Indian bourses registered losses for the ninth consecutive session. In the last nine sessions, the Sensex has lost 1,940.73 points and the Nifty has given away nearly 600 points. Top gainers in the early session were Vedanta, Sun Pharma, RIL, ICICI Bank, Tata Motors, IndusInd Bank, ITC, Bharti Airtel, PowerGrid rising up to 2.85 per cent. On the other hand, Bajaj Auto, Asian Paints, Tata Steel, ONGC, Infosys, HCL Tech, HDFC, Coal India, Yes Bank, TCS, Bajaj Finance, NTPC, Axis Bank, were among the top losers, shedding up to 1.74 per cent. Indian bourses are facing headwinds both on the domestic and global front as weak macroeconomic scenario, concerns over the health of NBFC sector, US-China trade tensions and uncertainty over Lok Sabha poll outcome have been keeping investors jittery for past many sessions, according to market experts. Meanwhile, the Indian rupee was trading five paise higher at 70.46 against the US dollar in opening deals Tuesday. In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-China trade war further intensified. In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly USD 60 billion. Brent Futures, global crude oil benchmark, traded higher at USD 70.30 per barrel, up 0.10 per cent, on concerns about supply disruptions in view of geopolitical tensions in the crucial oil-producing region of the Middle East. In recent months, the country's financial system has been grappling with multiple woes in the wake of the turmoil at diversified IL&FS group as well as default by some other large entities. Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said, "apart from global concerns, Indian markets are also worried about the liquidity crunch on the ground affecting both, investments and consumption in the country." Foreign institutional investors (FIIs) net sold equities worth Rs 1,056.01 crore on Monday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 1,057.91 crore, as per provisional data.

Sensex, Nifty open lower on weak domestic, global cues

<a href="https://www.wionews.com/business-economy/post-jet-crisis-indian-airfares-skyrocketing-210648">Jet Airways</a> Ltd's Deputy Chief Executive and Chief Financial Officer Amit Agarwal has resigned, the debt-ridden carrier said on Tuesday.

The airline did not mention a replacement for Agarwal, who had joined Jet in 2015 as its CFO.

Shares of <a href="https://www.wionews.com/videos/wion-wallet-will-jet-airways-find-a-buyer-217411">Jet Airways</a> Ltd fell as much as 11.4% on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

&nbsp;

Jet Airways Ltd's Deputy Chief Executive and Chief Financial Officer Amit Agarwal has resigned, the debt-ridden carrier said on Tuesday. The airline did not mention a replacement for Agarwal, who had joined Jet in 2015 as its CFO.

Jet Airways Ltd's Deputy Chief Executive and Chief Financial Officer Amit Agarwal has resigned, the debt-ridden carrier said on Tuesday. The airline did not mention a replacement for Agarwal, who had joined Jet in 2015 as its CFO. Shares of Jet Airways Ltd fell as much as 11.4% on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier. Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying. SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet Airways CFO Amit Agarwal steps down

<a href="https://www.wionews.com/business-economy/oil-prices-rise-as-middle-east-tanker-attack-increases-supply-concerns-218303">Oil&nbsp;prices&nbsp;rose</a> on Tuesday after the world's top&nbsp;oil&nbsp;exporter&nbsp;Saudi&nbsp;Arabia said explosive-laden&nbsp;drones had attacked two pumping stations belonging to state&nbsp;oil&nbsp;company&nbsp;Aramco.

Brent crude futures were at $70.79 a barrel at 1035 GMT, up 56 cents or 0.80%.

The US&nbsp;West Texas Intermediate (WTI) crude futures were at $61.35 per barrel, up 31 cents or 0.51%.

The&nbsp;Saudi&nbsp;state news agency quoted Energy Minister Khalid al-Falih as saying that&nbsp;Aramco&nbsp;had halted pumping on the East-West pipeline until the damage was evaluated, but that production and exports were continuing without disruptions.

Falih said the&nbsp;attack&nbsp;was an "act of terrorism" that targeted the world's global&nbsp;oil&nbsp;supply.

Saudi&nbsp;Arabia said earlier that two of its&nbsp;oil&nbsp;tankers were among those&nbsp;attacked off the coast of the United Arab Emirates on Sunday, incidents which ratcheted up tensions in the world's top&nbsp;oil&nbsp;exporting region.

A US&nbsp;official said Iran was the likely culprit, but Iranian officials denied responsibility for the incident.

A television station run by Yemen's Houthi group said on Tuesday the Iran-aligned movement had launched&nbsp;drone&nbsp;attacks on Saudi installations, without identifying the targets or time of the&nbsp;attacks.

Tehran has been embroiled in an escalating war of words with the United States over stricter US&nbsp;sanctions, which have cut its oil exports and tightened global supply.

A fifth of global&nbsp;oil&nbsp;consumption passes through the Strait of Hormuz from the Middle East crude producers to global markets.

The market was also holding out some hope for flagging <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">US-China trade talks</a> as both sides expressed positive sentiments which may signal that the negotiations are not yet dead.

"The brinkmanship between Washington and Beijing is now seen as a significant hurdle to the growth in global&nbsp;oil&nbsp;demand. Meanwhile, rising geopolitical tensions in the Middle East will further promote volatility."

The negotiations between the United States and China appeared headed towards success last week but have largely unravelled over US&nbsp;accusations that Beijing sought vast, last-minute changes.

China on Monday ignored a warning from US&nbsp;President Donald Trump and moved to impose higher tariffs on a range of US&nbsp;goods including frozen vegetables and liquefied natural gas.

But the Chinese government's top diplomat, State Councillor Wang Yi, indicated on Monday that Beijing hoped for a compromise: "Both countries' negotiating teams have the ability and wisdom to resolve each other's reasonable demands."

Trump on Monday said he expected to speak to Chinese President Xi Jinping at a G20 summit in late June and have "probably a very fruitful meeting".

"The US president's comments likely tilted the balance in favour of the optimists, who continue to expect a rapprochement despite last week's major setback in trade negotiations," analyst Vandana Hari of Vanda Insights said.

Oil prices rose on Tuesday after the world's top oil exporter Saudi Arabia said explosive-laden drones had attacked two pumping stations belonging to state oil company Aramco.

Oil prices rose on Tuesday after the world's top oil exporter Saudi Arabia said explosive-laden drones had attacked two pumping stations belonging to state oil company Aramco. Brent crude futures were at $70.79 a barrel at 1035 GMT, up 56 cents or 0.80%. The US West Texas Intermediate (WTI) crude futures were at $61.35 per barrel, up 31 cents or 0.51%. The Saudi state news agency quoted Energy Minister Khalid al-Falih as saying that Aramco had halted pumping on the East-West pipeline until the damage was evaluated, but that production and exports were continuing without disruptions. Falih said the attack was an "act of terrorism" that targeted the world's global oil supply. Saudi Arabia said earlier that two of its oil tankers were among those attacked off the coast of the United Arab Emirates on Sunday, incidents which ratcheted up tensions in the world's top oil exporting region. A US official said Iran was the likely culprit, but Iranian officials denied responsibility for the incident. A television station run by Yemen's Houthi group said on Tuesday the Iran-aligned movement had launched drone attacks on Saudi installations, without identifying the targets or time of the attacks. Tehran has been embroiled in an escalating war of words with the United States over stricter US sanctions, which have cut its oil exports and tightened global supply. A fifth of global oil consumption passes through the Strait of Hormuz from the Middle East crude producers to global markets. The market was also holding out some hope for flagging US-China trade talks as both sides expressed positive sentiments which may signal that the negotiations are not yet dead. "The brinkmanship between Washington and Beijing is now seen as a significant hurdle to the growth in global oil demand. Meanwhile, rising geopolitical tensions in the Middle East will further promote volatility." The negotiations between the United States and China appeared headed towards success last week but have largely unravelled over US accusations that Beijing sought vast, last-minute changes. China on Monday ignored a warning from US President Donald Trump and moved to impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas. But the Chinese government's top diplomat, State Councillor Wang Yi, indicated on Monday that Beijing hoped for a compromise: "Both countries' negotiating teams have the ability and wisdom to resolve each other's reasonable demands." Trump on Monday said he expected to speak to Chinese President Xi Jinping at a G20 summit in late June and have "probably a very fruitful meeting". "The US president's comments likely tilted the balance in favour of the optimists, who continue to expect a rapprochement despite last week's major setback in trade negotiations," analyst Vandana Hari of Vanda Insights said.

Oil prices jump on drone attack on Saudi Aramco facilities

The rupee Tuesday recovered 7 paise to close at 70.44 to the US dollar on the back of gains in equity markets while US-China trade-related concerns and rising crude oil prices continued to weigh on investor sentiment.

Stock markets cut short their nine-day losing streak with the benchmark BSE Sensex closing 0.61 per cent higher and NSE Nifty regaining nearly 74 points on value buying in pharma and banking counters.

At the interbank foreign exchange market, the rupee opened strong at 70.43 against the US currency. During the day, the local unit moved in a range of 70.51 to 70.30.

The domestic currency finally ended at 70.44, up 7 paise against its previous close. The rupee had slid to a two-and-a-half-month-low of 70.51 Monday on heavy forex outflows.

"Strong recovery in the domestic equity markets and US Futures helped the rupee maintain strength throughout the session," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

Foreign fund outflows, rising crude prices and US-China trade-related concerns continued to weigh on the domestic currency, dealers said.

"Rupee has nearly depreciated by 1.4 per cent in the last one week on account of the escalating trade dispute between US and China and sustained outflow from the Indian capital market. There has been a net outflow of around $200 million dollars from the Indian capital market in the last one week," said Vaqarjaved Khan (Research Analyst, Angel Broking).

On the trade war front, US President Donald Trump remained adamant on his policy to impose a hefty import duty on Chinese products, which has resulted in a quick retaliation from China and a massive fall in the American stock markets fearing a US-China trade war.

"There can be some retaliation, but it can't be very, very substantial, by comparison," Trump told reporters at the Oval Office of the White House. 
China announced a hike in retaliatory tariffs on the import of $60 billion of American products.

Meanwhile, the Dollar Index which gauges the greenback's strength against a basket of six currencies gained 0.06 per cent to 97.38.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,011.85 crore on a net basis Tuesday, provisional exchange data showed.

Brent crude futures, the global oil benchmark, rose 1.28 per cent to trade at USD 71.13 per barrel amid simmering US-Iran tensions and supply-side disruptions.

Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.2576 and for rupee/euro at 78.9227. The reference rate for rupee/British pound was fixed at 91.4370 and for rupee/100 Japanese yen at 64.04.&nbsp;

The rupee Tuesday recovered 7 paise to close at 70.44 to the US dollar on the back of gains in equity markets while US-China trade-related concerns and rising crude oil prices continued to weigh on investor sentiment.

The rupee Tuesday recovered 7 paise to close at 70.44 to the US dollar on the back of gains in equity markets while US-China trade-related concerns and rising crude oil prices continued to weigh on investor sentiment. Stock markets cut short their nine-day losing streak with the benchmark BSE Sensex closing 0.61 per cent higher and NSE Nifty regaining nearly 74 points on value buying in pharma and banking counters. At the interbank foreign exchange market, the rupee opened strong at 70.43 against the US currency. During the day, the local unit moved in a range of 70.51 to 70.30. The domestic currency finally ended at 70.44, up 7 paise against its previous close. The rupee had slid to a two-and-a-half-month-low of 70.51 Monday on heavy forex outflows. "Strong recovery in the domestic equity markets and US Futures helped the rupee maintain strength throughout the session," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. Foreign fund outflows, rising crude prices and US-China trade-related concerns continued to weigh on the domestic currency, dealers said. "Rupee has nearly depreciated by 1.4 per cent in the last one week on account of the escalating trade dispute between US and China and sustained outflow from the Indian capital market. There has been a net outflow of around $200 million dollars from the Indian capital market in the last one week," said Vaqarjaved Khan (Research Analyst, Angel Broking). On the trade war front, US President Donald Trump remained adamant on his policy to impose a hefty import duty on Chinese products, which has resulted in a quick retaliation from China and a massive fall in the American stock markets fearing a US-China trade war. "There can be some retaliation, but it can't be very, very substantial, by comparison," Trump told reporters at the Oval Office of the White House. China announced a hike in retaliatory tariffs on the import of $60 billion of American products. Meanwhile, the Dollar Index which gauges the greenback's strength against a basket of six currencies gained 0.06 per cent to 97.38. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,011.85 crore on a net basis Tuesday, provisional exchange data showed. Brent crude futures, the global oil benchmark, rose 1.28 per cent to trade at USD 71.13 per barrel amid simmering US-Iran tensions and supply-side disruptions. Meanwhile, Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.2576 and for rupee/euro at 78.9227. The reference rate for rupee/British pound was fixed at 91.4370 and for rupee/100 Japanese yen at 64.04.

Rupee recovers 7 paise along with stocks, ends at 70.44 vs US dollar

Wall Street sank on Monday after<a href="https://www.wionews.com/world/now-china-imposes-tariffs-on-60-billion-worth-of-us-goods-218421"> China defied Washington by announcing retaliatory tariffs</a>, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets.

All three major US&nbsp;indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. The S&amp;P 500 and the Dow both had their largest percentage drop since January 3.

China said it would impose higher tariffs on $60 billion in US goods despite President Donald Trump's warnings not to retaliate against additional tariffs on Chinese imports announced by the White House on Friday. The move stoked fears of a global economic downturn.

"The market's realizing that this was an absolute breakdown of (trade) talks and everything is gone backwards," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

"It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to further slowing in the economy."

Investors responded by fleeing equities for safe-haven assets.

US&nbsp;Treasury yields fell to six-week lows, with 10-year yields falling below those of 3-month bills, an inversion seen by many as a potential harbinger of recession.

Gold prices rose to a near three-month high.

The CBOE Volatility index, a gauge of investor anxiety, posted its biggest daily point gain so far this year.

The Dow Jones Industrial Average fell 617.38 points, or 2.38%, to 25,324.99, the S&amp;P 500 lost 69.53 points, or 2.41%, to 2,811.87 and the Nasdaq Composite dropped 269.92 points, or 3.41%, to 7,647.02.

Of the 11 major sectors of the S&amp;P 500, only utilities ended the session in the black. Trade-sensitive tech companies suffered the largest percentage decline.

Among stocks particularly vulnerable to US-China tariffs, Boeing Co slid 4.9% and Caterpillar Inc fell 4.6% while the Philadelphia Chip index was down 4.7%, posting its biggest percentage drop since January&nbsp;3 and extending last week's 6% decline.

Shares of Apple Inc sank 5.8% on the double whammy of heightened trade tensions and a decision by the US&nbsp;Supreme Court to allow an antitrust lawsuit accusing the company of monopolizing the iPhone app market.

Uber Technologies Inc extended its slide, falling 10.8% on its second day as a publicly traded company following Friday's underwhelming debut.

Ride-hailing peer Lyft Inc was also down, dropping 5.8%.

Shares of Tesla Inc fell 5.2% to their lowest in more than two years.

First quarter reporting season is in the home stretch, and of the 451 companies in the S&amp;P 500 that have posted results, 75.2% have come in above expectations.

Analysts now see an S&amp;P 500 earnings increase of 1.3% for the January-March period, significantly better than the 2% decrease expected on April 1.

Declining issues outnumbered advancing ones on the NYSE by a 4.81-to-1 ratio; on Nasdaq, a 5.12-to-1 ratio favoured decliners.

The S&amp;P 500 posted 12 new 52-week highs and 22 new lows; the Nasdaq Composite recorded 30 new highs and 151 new lows.

Volume on US&nbsp;exchanges was 8.24 billion shares, compared to the 6.97 billion-share average over the last 20 trading days.

Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets.

Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries' increasingly belligerent trade war, sending investors fleeing equities for less risky assets. All three major US indexes lost ground in a widespread sell-off, with the tech-heavy Nasdaq posting its biggest one-day percentage loss this year. The S&P 500 and the Dow both had their largest percentage drop since January 3. China said it would impose higher tariffs on $60 billion in US goods despite President Donald Trump's warnings not to retaliate against additional tariffs on Chinese imports announced by the White House on Friday. The move stoked fears of a global economic downturn. "The market's realizing that this was an absolute breakdown of (trade) talks and everything is gone backwards," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. "It could be very bad," O'Rourke added. "There's a lot of uncertainty. This should lead to further slowing in the economy." Investors responded by fleeing equities for safe-haven assets. US Treasury yields fell to six-week lows, with 10-year yields falling below those of 3-month bills, an inversion seen by many as a potential harbinger of recession. Gold prices rose to a near three-month high. The CBOE Volatility index, a gauge of investor anxiety, posted its biggest daily point gain so far this year. The Dow Jones Industrial Average fell 617.38 points, or 2.38%, to 25,324.99, the S&P 500 lost 69.53 points, or 2.41%, to 2,811.87 and the Nasdaq Composite dropped 269.92 points, or 3.41%, to 7,647.02. Of the 11 major sectors of the S&P 500, only utilities ended the session in the black. Trade-sensitive tech companies suffered the largest percentage decline. Among stocks particularly vulnerable to US-China tariffs, Boeing Co slid 4.9% and Caterpillar Inc fell 4.6% while the Philadelphia Chip index was down 4.7%, posting its biggest percentage drop since January 3 and extending last week's 6% decline. Shares of Apple Inc sank 5.8% on the double whammy of heightened trade tensions and a decision by the US Supreme Court to allow an antitrust lawsuit accusing the company of monopolizing the iPhone app market. Uber Technologies Inc extended its slide, falling 10.8% on its second day as a publicly traded company following Friday's underwhelming debut. Ride-hailing peer Lyft Inc was also down, dropping 5.8%. Shares of Tesla Inc fell 5.2% to their lowest in more than two years. First quarter reporting season is in the home stretch, and of the 451 companies in the S&P 500 that have posted results, 75.2% have come in above expectations. Analysts now see an S&P 500 earnings increase of 1.3% for the January-March period, significantly better than the 2% decrease expected on April 1. Declining issues outnumbered advancing ones on the NYSE by a 4.81-to-1 ratio; on Nasdaq, a 5.12-to-1 ratio favoured decliners. The S&P 500 posted 12 new 52-week highs and 22 new lows; the Nasdaq Composite recorded 30 new highs and 151 new lows. Volume on US exchanges was 8.24 billion shares, compared to the 6.97 billion-share average over the last 20 trading days.

Wall Street shudders as US-China trade war intensifies

Jet Airways said on Tuesday that Chief Executive Officer Vinay Dube had resigned with immediate effect.

Earlier today, Jet Airways' Deputy Chief Executive and <a href="https://www.wionews.com/business-economy/jet-airways-cfo-amit-agarwal-steps-down-218534">Chief Financial Officer Amit Agarwal had also resigned</a>.

<a href="https://www.wionews.com/business-economy/jet-airways-shares-continue-to-fall-plummet-over-7-218724">Shares of Jet Airways</a>&nbsp;on Tuesday plunged over 7 per cent, its second day of decline, after Amit Agarwal resigned.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

The State Bank of India (SBI) said last week&nbsp;it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Most of the airline's board members have also quit in last one month.&nbsp;

Jet Airways said on Tuesday that Chief Executive Officer Vinay Dube had resigned with immediate effect. Earlier today, Jet Airways' Deputy Chief Executive and Chief Financial Officer Amit Agarwal had also resigned.

Jet Airways said on Tuesday that Chief Executive Officer Vinay Dube had resigned with immediate effect. Earlier today, Jet Airways' Deputy Chief Executive and Chief Financial Officer Amit Agarwal had also resigned. Shares of Jet Airways on Tuesday plunged over 7 per cent, its second day of decline, after Amit Agarwal resigned. Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying. The State Bank of India (SBI) said last week it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Most of the airline's board members have also quit in last one month.

After CFO, Jet Airways CEO Vinay Dube resigns

Shares of Jet Airways Tuesday plunged over 7 per cent, its second day of decline, after the company's deputy chief executive officer and chief financial officer (CFO) Amit Agarwal resigned.

The scrip tanked 7.42 per cent to close at Rs 129.10 on the BSE. During the day, it plunged 12.44 per cent to Rs 122.10.

On the NSE, shares plummeted 7.33 per cent to close at Rs 128.90.

In terms of volume, 22.14 lakh shares were traded on the BSE during the day, while over one crore shares were traded on the NSE.

Shares of Jet Airways had plummeted over 8 per cent Monday amid continued uncertainty overbidders.

"We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13," Jet Airways said in a regulatory filing.

The airline seized operations temporarily around mid-April due to acute liquidity crisis.

Most of the airline's board members have also quit in last one month.&nbsp;

Shares of Jet Airways Tuesday plunged over 7 per cent, its second day of decline, after the company's deputy chief executive officer and chief financial officer (CFO) Amit Agarwal resigned.

Shares of Jet Airways Tuesday plunged over 7 per cent, its second day of decline, after the company's deputy chief executive officer and chief financial officer (CFO) Amit Agarwal resigned. The scrip tanked 7.42 per cent to close at Rs 129.10 on the BSE. During the day, it plunged 12.44 per cent to Rs 122.10. On the NSE, shares plummeted 7.33 per cent to close at Rs 128.90. In terms of volume, 22.14 lakh shares were traded on the BSE during the day, while over one crore shares were traded on the NSE. Shares of Jet Airways had plummeted over 8 per cent Monday amid continued uncertainty overbidders. "We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13," Jet Airways said in a regulatory filing. The airline seized operations temporarily around mid-April due to acute liquidity crisis. Most of the airline's board members have also quit in last one month.

Jet Airways shares continue to fall; plummet over 7%

Indian equities Tuesday reversed their nine-session losing streak, with the BSE Sensex recovering over 227 points and the NSE Nifty regaining nearly 74 points, helped by gains in pharma, banking and energy stocks.

Sensex heavyweights Reliance Industries, ITC and SBI were mainly responsible for the recovery.

In percentage terms, however, Sun Pharma topped the chart with 5.87 per cent. Other major gainers include Bharti Airtel, Vedanta, Indusind Bank, SBI and RIL -- rising as much as 5.40 per cent.

On the flip side, TCS, HCL Tech, Bjaja Finance, Bajaj Auto and Infosys were among the top losers on the 30-share index.

The gauge started off the session on a slightly positive note at 37,146.58 against the previous close of 37,090.82. Intra-day, the index touched a high of 37,572.70 and a low of 36,956.10. It finally settled the day at 37,318.53, gaining 227.71 points or 0.61 per cent.

Similarly, the NSE gauge Nifty opened higher at 11,151.65 and touched a high of 11,294.75 and low of 11,108.30 during the session. It finally ended at 11,222.05, 73.85 points or 0.66 per cent higher.

On Monday, Indian bourses had registered losses for the ninth consecutive session.

In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points.

The Tuesday's trade, mainly the first half of the session, was marked by intense volatility as investors appeared cautious weighing a host of headwinds like concerns on macro-economic front, US-China trade war tensions and uncertainty over election outcome.

Meanwhile, the Indian rupee staged a mild recovery, trading 13 paise higher at 70.38 against the US dollar in intra-day.

In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-China trade war further intensified.

In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly $60 billion.

Brent Futures, global crude oil benchmark, traded higher at USD 70.89 per barrel, up 0.94 per cent, on concerns about supply disruptions in view of geo-political tensions in the crucial oil producing region of the Middle East.

The escalating trade war between the US and China is causing more market volatility around the world.&nbsp;

Indian equities Tuesday reversed their nine-session losing streak, with the BSE Sensex recovering over 227 points and the NSE Nifty regaining nearly 74 points, helped by gains in pharma, banking and energy stocks.

Indian equities Tuesday reversed their nine-session losing streak, with the BSE Sensex recovering over 227 points and the NSE Nifty regaining nearly 74 points, helped by gains in pharma, banking and energy stocks. Sensex heavyweights Reliance Industries, ITC and SBI were mainly responsible for the recovery. In percentage terms, however, Sun Pharma topped the chart with 5.87 per cent. Other major gainers include Bharti Airtel, Vedanta, Indusind Bank, SBI and RIL -- rising as much as 5.40 per cent. On the flip side, TCS, HCL Tech, Bjaja Finance, Bajaj Auto and Infosys were among the top losers on the 30-share index. The gauge started off the session on a slightly positive note at 37,146.58 against the previous close of 37,090.82. Intra-day, the index touched a high of 37,572.70 and a low of 36,956.10. It finally settled the day at 37,318.53, gaining 227.71 points or 0.61 per cent. Similarly, the NSE gauge Nifty opened higher at 11,151.65 and touched a high of 11,294.75 and low of 11,108.30 during the session. It finally ended at 11,222.05, 73.85 points or 0.66 per cent higher. On Monday, Indian bourses had registered losses for the ninth consecutive session. In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points. The Tuesday's trade, mainly the first half of the session, was marked by intense volatility as investors appeared cautious weighing a host of headwinds like concerns on macro-economic front, US-China trade war tensions and uncertainty over election outcome. Meanwhile, the Indian rupee staged a mild recovery, trading 13 paise higher at 70.38 against the US dollar in intra-day. In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after US-China trade war further intensified. In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly $60 billion. Brent Futures, global crude oil benchmark, traded higher at USD 70.89 per barrel, up 0.94 per cent, on concerns about supply disruptions in view of geo-political tensions in the crucial oil producing region of the Middle East. The escalating trade war between the US and China is causing more market volatility around the world.

Sensex recovers over 227 points; Nifty up 73 points at 11,222.05

The annual rate of inflation based on wholesale price index stood at 3.07 per cent in April compared to 3.18 per cent in March, the government said on Tuesday. It was 3.62 per cent in April last year, according to a statement released by the Ministry of Commerce and Industry.

The official wholesale price index for all commodities (base: 2011-12=100) for April 2019 rose by 0.8 per cent to 120.9.

Build up inflation rate in the financial year so far was 0.75 per cent compared to a build-up rate of 0.86 per cent in the corresponding period of the previous year.

The index for primary articles group (with weightage of 22.6 per cent) rose by 3.3 per cent to 139.2 from 134.7 for March.

Under this, the index for food articles group rose by 3.4 per cent due to higher price of tea by 15 per cent, fruits and vegetables by 14 per cent, peas and chawali by 6 per cent, maize by 5 per cent, poultry chicken by 4 per cent, arhar, bajra and pork by 3 per cent each), gram, condiments and spices by 2 per cent each, masur, urad, mutton and rajma by 1 per cent each.

However, prices of egg declined by 6 per cent, betel leaves by 4 per cent, barley and wheat by 3 per cent each), beef and buffalo meat by 1 per cent each.

The index for non-food articles'&nbsp;group rose by 2.6 per cent to 126.7 from 123.5 during March.

The index for fuel and power group (with weightage of over 13 per cent) declined by 0.5 per cent to 102.8 from 103.3 in March.

The index for mineral oils` group rose by 0.4 per cent to 95.4 from 95 in March due to higher price of LPG by 5 per cent, naphtha by 3 per cent, petrol and kerosene 2 per cent each and ATF 1 per cent.

However, the price of petroleum coke declined by 3 per cent, furnace oil 2 per cent and HSD 1 per cent.

The index for electricity group declined by 3.1 per cent to 107.3 from 110.7 for March due to lower price of electricity by 3 per cent.

On Monday, the government said consumer inflation picked up to 2.92 per cent in April as against 2.86 per cent in March. However, it remained within the 4 per cent comfort zone of Reserve Bank of India.

The annual rate of inflation based on wholesale price index stood at 3.07 per cent in April compared to 3.18 per cent in March, the government said on Tuesday. It was 3.

The annual rate of inflation based on wholesale price index stood at 3.07 per cent in April compared to 3.18 per cent in March, the government said on Tuesday. It was 3.62 per cent in April last year, according to a statement released by the Ministry of Commerce and Industry. The official wholesale price index for all commodities (base: 2011-12=100) for April 2019 rose by 0.8 per cent to 120.9. Build up inflation rate in the financial year so far was 0.75 per cent compared to a build-up rate of 0.86 per cent in the corresponding period of the previous year. The index for primary articles group (with weightage of 22.6 per cent) rose by 3.3 per cent to 139.2 from 134.7 for March. Under this, the index for food articles group rose by 3.4 per cent due to higher price of tea by 15 per cent, fruits and vegetables by 14 per cent, peas and chawali by 6 per cent, maize by 5 per cent, poultry chicken by 4 per cent, arhar, bajra and pork by 3 per cent each), gram, condiments and spices by 2 per cent each, masur, urad, mutton and rajma by 1 per cent each. However, prices of egg declined by 6 per cent, betel leaves by 4 per cent, barley and wheat by 3 per cent each), beef and buffalo meat by 1 per cent each. The index for non-food articles' group rose by 2.6 per cent to 126.7 from 123.5 during March. The index for fuel and power group (with weightage of over 13 per cent) declined by 0.5 per cent to 102.8 from 103.3 in March. The index for mineral oils` group rose by 0.4 per cent to 95.4 from 95 in March due to higher price of LPG by 5 per cent, naphtha by 3 per cent, petrol and kerosene 2 per cent each and ATF 1 per cent. However, the price of petroleum coke declined by 3 per cent, furnace oil 2 per cent and HSD 1 per cent. The index for electricity group declined by 3.1 per cent to 107.3 from 110.7 for March due to lower price of electricity by 3 per cent. On Monday, the government said consumer inflation picked up to 2.92 per cent in April as against 2.86 per cent in March. However, it remained within the 4 per cent comfort zone of Reserve Bank of India.

WPI inflation slips to 3.07% in April from 3.18% in March

Fresh <a href="https://www.wionews.com/world/as-us-chinese-officials-meet-for-trade-talks-trumps-tariffs-on-china-set-to-take-effect-217361">US-China tariff </a>war volleys pressured Asian shares on Tuesday but comment from US&nbsp;President Donald Trump that he expects trade negotiations to be the successfully aided sentiment.

Chinese markets that were pummelled in early trade trimmed losses amid signs of state support.

China on Monday announced it would impose higher tariffs on $60 billion of US&nbsp;goods following Washington's decision last week to hike its own levies on $200 billion in Chinese imports.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9% as volatile<a href="https://www.wionews.com/business-economy/sensex-falls-over-200-points-as-us-china-tensions-roil-global-markets-217166"> </a><a href="https://www.wionews.com/business-economy/asian-shares-near-two-month-lows-ahead-of-looming-us-tariff-hike-217382">Chinese markets</a><a href="https://www.wionews.com/business-economy/sensex-falls-over-200-points-as-us-china-tensions-roil-global-markets-217166"> </a>paused for their midday break. The index had earlier fallen as much as 1.25% to its lowest since Jan. 30.

Providing some support for Asian markets were comments from Trump late on Monday that trade talks with China are "going to be very successful". That helped lift US stock futures more than 0.5%, though sentiment remained fragile.

Prakash Sakpal, Asia economist at ING in Singapore, said Monday's volatility showed how a "180-degree" turn in US&nbsp;rhetoric on trade negotiations had spooked markets.

"We don't see any quick end to this state of the markets until we see some resolution, constructive dialogue and something very solid in terms of deals. But the hopes for that are a bit misplaced currently," he said.

Broader Asian markets were dragged lower by sagging Chinese shares, with the MSCI China index dropping 1.6%. China's blue-chip CSI300 index swung between losses and gains amid signs of possible state support, before finishing the morning session down 0.2%.

"Politicians may be willing to focus less on the market impact until things get more severe, making it doubtful there will be an early resolution to the current breakdown in negotiations simply based on market moves," said Kerry Craig, global market strategist at J.P. Morgan Asset Management.

"Furthermore, as there isn't a clear schedule for meetings between Chinese and US&nbsp;negotiators, markets are likely to be more volatile."

Australian shares lost 0.9% while Japan's Nikkei stock index slid 0.8%, touching its lowest since mid-February.

The US&nbsp;Trade Representative's office on Monday said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.

The tariff escalation has rattled global markets, even as Trump said he would meet with Chinese President Xi Jinping next month.

On Monday, the Dow Jones Industrial Average fell 2.38% to 25,324.99, the S&amp;P 500 lost 2.41% to 2,811.87 and the Nasdaq Composite dropped 3.41% to 7,647.02.

As investors flocked to safe-haven assets, US&nbsp;Treasury yields remained near six-week lows early on Tuesday, though they moved higher following Trump's comments. Benchmark 10-year Treasury notes last yielded 2.4157% compared with a US&nbsp;close of 2.405% on Monday.

The two-year yield, which rises with traders' expectations of higher Fed fund rates, ticked up to 2.1945% from a US&nbsp;close of 2.193%. But data from CME Group continued to show a more than 70% chance of the Fed cutting rates by the end of 2019.

After an earlier inversion, US&nbsp;10-year yields moved higher than those on three-month Treasury bills. A sustained inversion of this part of the yield curve has preceded every US recession in the past 50 years.

On Monday, some traders were concerned that China, the largest foreign US&nbsp;creditor, could dump Treasuries to counter the Trump administration's hardening trade stance. But most analysts downplayed such a possibility.

"If China did start to (sell Treasuries) it will galvanise both sides of politics in the US&nbsp;against China and the Fed would be sent into the market to buy bonds," Greg McKenna, strategist at McKenna Macro said in a note to clients.

"That would expand its balance sheet but it would allow it to neutralise China's efforts to disturb US&nbsp;financial markets. So I doubt they'll try to sell Treasuries."

After earlier falling against the yen, the dollar strengthened 0.25% against the Japanese currency to 109.57.

The single currency was up about 0.1% on the day at $1.1238, while the dollar index, which tracks the greenback against a basket of six major rivals, was nearly unchanged at 97.313.

China's offshore yuan hit a fresh 2019 low early in Asia on Tuesday before rebounding. It was the last trading at 6.8933 per dollar, up 0.28% on the day.

Its onshore counterpart strengthened to 6.8733 per dollar after touching four-month lows on Monday, sparking speculation China's central bank may be letting the currency weaken amid the intensifying trade war.

Oil prices edged higher, buoyed by Middle East tensions though gains were checked by trade war concerns. Saudi Arabia said two of its oil tankers were among those attacked off the coast of the United Arab Emirates, describing it as an attempt to undermine the security of supply amid United States-Iran tensions.

The US&nbsp;crude was 0.33% higher at $61.24 per barrel while Brent crude gained 0.36% to $70.48 per barrel.

Fresh US-China tariff war volleys pressured Asian shares on Tuesday but comment from US President Donald Trump that he expects trade negotiations to be the successfully aided sentiment.

Fresh US-China tariff war volleys pressured Asian shares on Tuesday but comment from US President Donald Trump that he expects trade negotiations to be the successfully aided sentiment. Chinese markets that were pummelled in early trade trimmed losses amid signs of state support. China on Monday announced it would impose higher tariffs on $60 billion of US goods following Washington's decision last week to hike its own levies on $200 billion in Chinese imports. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9% as volatile Chinese markets paused for their midday break. The index had earlier fallen as much as 1.25% to its lowest since Jan. 30. Providing some support for Asian markets were comments from Trump late on Monday that trade talks with China are "going to be very successful". That helped lift US stock futures more than 0.5%, though sentiment remained fragile. Prakash Sakpal, Asia economist at ING in Singapore, said Monday's volatility showed how a "180-degree" turn in US rhetoric on trade negotiations had spooked markets. "We don't see any quick end to this state of the markets until we see some resolution, constructive dialogue and something very solid in terms of deals. But the hopes for that are a bit misplaced currently," he said. Broader Asian markets were dragged lower by sagging Chinese shares, with the MSCI China index dropping 1.6%. China's blue-chip CSI300 index swung between losses and gains amid signs of possible state support, before finishing the morning session down 0.2%. "Politicians may be willing to focus less on the market impact until things get more severe, making it doubtful there will be an early resolution to the current breakdown in negotiations simply based on market moves," said Kerry Craig, global market strategist at J.P. Morgan Asset Management. "Furthermore, as there isn't a clear schedule for meetings between Chinese and US negotiators, markets are likely to be more volatile." Australian shares lost 0.9% while Japan's Nikkei stock index slid 0.8%, touching its lowest since mid-February. The US Trade Representative's office on Monday said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China. The tariff escalation has rattled global markets, even as Trump said he would meet with Chinese President Xi Jinping next month. On Monday, the Dow Jones Industrial Average fell 2.38% to 25,324.99, the S&P 500 lost 2.41% to 2,811.87 and the Nasdaq Composite dropped 3.41% to 7,647.02. As investors flocked to safe-haven assets, US Treasury yields remained near six-week lows early on Tuesday, though they moved higher following Trump's comments. Benchmark 10-year Treasury notes last yielded 2.4157% compared with a US close of 2.405% on Monday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, ticked up to 2.1945% from a US close of 2.193%. But data from CME Group continued to show a more than 70% chance of the Fed cutting rates by the end of 2019. After an earlier inversion, US 10-year yields moved higher than those on three-month Treasury bills. A sustained inversion of this part of the yield curve has preceded every US recession in the past 50 years. On Monday, some traders were concerned that China, the largest foreign US creditor, could dump Treasuries to counter the Trump administration's hardening trade stance. But most analysts downplayed such a possibility. "If China did start to (sell Treasuries) it will galvanise both sides of politics in the US against China and the Fed would be sent into the market to buy bonds," Greg McKenna, strategist at McKenna Macro said in a note to clients. "That would expand its balance sheet but it would allow it to neutralise China's efforts to disturb US financial markets. So I doubt they'll try to sell Treasuries." After earlier falling against the yen, the dollar strengthened 0.25% against the Japanese currency to 109.57. The single currency was up about 0.1% on the day at $1.1238, while the dollar index, which tracks the greenback against a basket of six major rivals, was nearly unchanged at 97.313. China's offshore yuan hit a fresh 2019 low early in Asia on Tuesday before rebounding. It was the last trading at 6.8933 per dollar, up 0.28% on the day. Its onshore counterpart strengthened to 6.8733 per dollar after touching four-month lows on Monday, sparking speculation China's central bank may be letting the currency weaken amid the intensifying trade war. Oil prices edged higher, buoyed by Middle East tensions though gains were checked by trade war concerns. Saudi Arabia said two of its oil tankers were among those attacked off the coast of the United Arab Emirates, describing it as an attempt to undermine the security of supply amid United States-Iran tensions. The US crude was 0.33% higher at $61.24 per barrel while Brent crude gained 0.36% to $70.48 per barrel.

Global Markets: Asian shares fall to 3-1/2 month low as trade war escalates

Walmart Inc is stepping up its battle with Amazon.com Inc by offering one-day delivery without a shipping fee, weeks after Amazon announced a similar offer - a move that will intensify the race to deliver orders to shoppers faster.

On April 25, Amazon said it plans to deliver packages to members of its loyalty club Prime in just one day and expects to spend $800 million toward the shipping goal in the second quarter alone.

<a href="https://www.wionews.com/india-news/us-voices-concern-as-indias-e-commerce-restrictions-hit-amazon-walmart-sources-192685">Walmart</a>'s offer applies to fewer products. As many as 220,000 items, which are the most frequently purchased, ranging from laundry detergent to toys and electronics will qualify for one-day shipping. The orders have to be worth at least $35 to qualify.

The Walmart deal will be available to online shoppers in Phoenix and Las Vegas and then expand to Southern California in the coming days, the head of its US e-commerce service, Marc Lore, told Reuters in an interview.

The service will be rolled out gradually, with a plan to reach approximately 75% of the US&nbsp;population this year, which includes 40 of the top 50 US&nbsp;metro areas, Lore said.

One-day shipping marks the latest salvo in a fight between two retailers that have consistently tried to outdo each other in everything from online order delivery to grabbing a bigger share of the online grocery market.

Walmart started offering same-day pickup in its stores in 2011 and caught up with Amazon's two-day free shipping two years ago by offering it without a membership fee. It has made progress in closing the gap with its e-commerce rival by rolling out services such as curbside grocery pickup and same-day grocery delivery - options that have quickly become popular with shoppers.

Amazon, on the other hand, has hastened to reproduce the assets of brick-and-mortar rivals such as Walmart and has a mixed record with those projects. It is now racing to open shops with top-selling items ranging from books to cell phones; rolling out same-day curbside grocery pickup and gearing up to accept returns at all US&nbsp;Kohls Corp department store

"We have been working on this since I have gotten here...we have been building out the infrastructure for the last few years to support this," said Lore, who joined the retailer in 2016 when it acquired his company, Jet.com.

The vast majority of the order volume for such a service comes from the "first couple of hundred thousand" products, he said.

The move will cost Walmart less as orders will be delivered from warehouses closer to the customer and arrive in a single box instead of multiple packages, Lore said.

"It is counter-intuitive... but the way we have structured our network, we will see improved profitability as a result of lower shipping cost," he said.

Walmart sends out boxes from multiple warehouses around the country under its two-day shipping program, but with one-day shipping, it is stocking inventory in the closest single warehouse to the shopper, Lore said.

In a note on Monday, investment bank UBS anticipated a move to one-day shipping from brick-and-mortar retailers and estimated the price tag.

"The bottom line is that these costs are pretty manageable," the note says.

Walmart will put down $215 million of incremental investment. The US&nbsp;business could see a drag on operating margins of 5 basis points on an annualized basis and 3 basis points for Walmart overall over a similar period if they follow Amazon's one-day shipping offer, the note says.

Lore told Reuters the math in the note was not accurate.

He also said the recently implemented tariffs on Chinese imports will not hurt demand as most are best-sellers and popular items that shoppers will keep buying even if prices rise.

Walmart Inc is stepping up its battle with Amazon.com Inc by offering one-day delivery without a shipping fee, weeks after Amazon announced a similar offer - a move that will intensify the race to deliver orders to shoppers faster.

Walmart Inc is stepping up its battle with Amazon.com Inc by offering one-day delivery without a shipping fee, weeks after Amazon announced a similar offer - a move that will intensify the race to deliver orders to shoppers faster. On April 25, Amazon said it plans to deliver packages to members of its loyalty club Prime in just one day and expects to spend $800 million toward the shipping goal in the second quarter alone. Walmart's offer applies to fewer products. As many as 220,000 items, which are the most frequently purchased, ranging from laundry detergent to toys and electronics will qualify for one-day shipping. The orders have to be worth at least $35 to qualify. The Walmart deal will be available to online shoppers in Phoenix and Las Vegas and then expand to Southern California in the coming days, the head of its US e-commerce service, Marc Lore, told Reuters in an interview. The service will be rolled out gradually, with a plan to reach approximately 75% of the US population this year, which includes 40 of the top 50 US metro areas, Lore said. One-day shipping marks the latest salvo in a fight between two retailers that have consistently tried to outdo each other in everything from online order delivery to grabbing a bigger share of the online grocery market. Walmart started offering same-day pickup in its stores in 2011 and caught up with Amazon's two-day free shipping two years ago by offering it without a membership fee. It has made progress in closing the gap with its e-commerce rival by rolling out services such as curbside grocery pickup and same-day grocery delivery - options that have quickly become popular with shoppers. Amazon, on the other hand, has hastened to reproduce the assets of brick-and-mortar rivals such as Walmart and has a mixed record with those projects. It is now racing to open shops with top-selling items ranging from books to cell phones; rolling out same-day curbside grocery pickup and gearing up to accept returns at all US Kohls Corp department store "We have been working on this since I have gotten here...we have been building out the infrastructure for the last few years to support this," said Lore, who joined the retailer in 2016 when it acquired his company, Jet.com. The vast majority of the order volume for such a service comes from the "first couple of hundred thousand" products, he said. The move will cost Walmart less as orders will be delivered from warehouses closer to the customer and arrive in a single box instead of multiple packages, Lore said. "It is counter-intuitive... but the way we have structured our network, we will see improved profitability as a result of lower shipping cost," he said. Walmart sends out boxes from multiple warehouses around the country under its two-day shipping program, but with one-day shipping, it is stocking inventory in the closest single warehouse to the shopper, Lore said. In a note on Monday, investment bank UBS anticipated a move to one-day shipping from brick-and-mortar retailers and estimated the price tag. "The bottom line is that these costs are pretty manageable," the note says. Walmart will put down $215 million of incremental investment. The US business could see a drag on operating margins of 5 basis points on an annualized basis and 3 basis points for Walmart overall over a similar period if they follow Amazon's one-day shipping offer, the note says. Lore told Reuters the math in the note was not accurate. He also said the recently implemented tariffs on Chinese imports will not hurt demand as most are best-sellers and popular items that shoppers will keep buying even if prices rise.

Walmart fights back against Amazon; offers one-day delivery without shipping fee