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Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins.

The South Korean tech giant said first-quarter operating profit likely slid 60 per cent from a year earlier, missing market expectations and putting it on track for its weakest quarterly profit since late 2016.

Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year.

Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon. Its semiconductor business is the main profit driver.

"In the second half, memory chip prices will have a soft landing, so falls will slow, and the release of new iPhones later seems like a good sign for Samsung's display and memory chips," said Kim Yang-Jae, an analyst at KTB Investment and Securities.

The world's biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won ($5.5 billion), missing the 6.8 trillion won estimate from analysts according to Definitive SmartEstimate.

Revenue likely fell 14 per cent from a year earlier to 52 trillion won. The firm will disclose detailed earnings in late April.

Samsung shares were flat as of 0120 GMT, while the broader market up 0.2 per cent.

The firm earlier had warned the quarter could be disappointing due to falls in memory prices, and slowing demand for display panels used in Apple's iPhones.

Samsung's premium Galaxy smartphones meanwhile are struggling to be profitable due to rising costs of innovation, competition from Chinese rivals and the reluctance of consumers to upgrade, analysts have said.

HIT BOTTOM

Samsung's share price has leapt more than 25 per cent since sinking to a two-year low in early January as some investors bet on a recovery in chip demand.

SK Hynix Inc, Micron Technology Inc and Samsung - which dominate the global market for dynamic random access memory, or DRAM, chips used in personal computers, smartphones and servers - recently have issued upbeat assessments of the prospects for a recovery in chip prices.

Hopes were buoyed further when data showed the manufacturing sector in China, the world's biggest smartphone market, unexpectedly returned to growth for the first time in four months in March.

Samsung is betting a new line-up of smartphones including a foldable handset and a 5G-enabled model will help boost its market share in China, which crashed with the advent of cheaper Chinese rivals like Huawei Technologies Co Ltd.

But its latest phones are expensive to make, weighing on profitability even as it sells faster than its predecessor, analysts say.

"New smartphones coming out in the second half won't necessarily help its smartphone business, but will be a plus for Samsung's chip side as those phones require high-density chip adoptions," said Park Sung-soon, an analyst at BNK Securities.

Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins.

Samsung Electronics Co Ltd said on Friday it was heading for its lowest quarterly profit in more than two years as a glut in memory chips, slowing panel sales and rising competition in smartphones hit margins. The South Korean tech giant said first-quarter operating profit likely slid 60 per cent from a year earlier, missing market expectations and putting it on track for its weakest quarterly profit since late 2016. Shares in Samsung rose briefly before paring gains to trade flat following the guidance, as many investors are already looking ahead to an earnings recovery on the back an improvement in chip prices in the second half of the year. Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon. Its semiconductor business is the main profit driver. "In the second half, memory chip prices will have a soft landing, so falls will slow, and the release of new iPhones later seems like a good sign for Samsung's display and memory chips," said Kim Yang-Jae, an analyst at KTB Investment and Securities. The world's biggest maker of smartphones and memory chips said in a filing January-March profit was likely 6.2 trillion won ($5.5 billion), missing the 6.8 trillion won estimate from analysts according to Definitive SmartEstimate. Revenue likely fell 14 per cent from a year earlier to 52 trillion won. The firm will disclose detailed earnings in late April. Samsung shares were flat as of 0120 GMT, while the broader market up 0.2 per cent. The firm earlier had warned the quarter could be disappointing due to falls in memory prices, and slowing demand for display panels used in Apple's iPhones. Samsung's premium Galaxy smartphones meanwhile are struggling to be profitable due to rising costs of innovation, competition from Chinese rivals and the reluctance of consumers to upgrade, analysts have said. HIT BOTTOM Samsung's share price has leapt more than 25 per cent since sinking to a two-year low in early January as some investors bet on a recovery in chip demand. SK Hynix Inc, Micron Technology Inc and Samsung - which dominate the global market for dynamic random access memory, or DRAM, chips used in personal computers, smartphones and servers - recently have issued upbeat assessments of the prospects for a recovery in chip prices. Hopes were buoyed further when data showed the manufacturing sector in China, the world's biggest smartphone market, unexpectedly returned to growth for the first time in four months in March. Samsung is betting a new line-up of smartphones including a foldable handset and a 5G-enabled model will help boost its market share in China, which crashed with the advent of cheaper Chinese rivals like Huawei Technologies Co Ltd. But its latest phones are expensive to make, weighing on profitability even as it sells faster than its predecessor, analysts say. "New smartphones coming out in the second half won't necessarily help its smartphone business, but will be a plus for Samsung's chip side as those phones require high-density chip adoptions," said Park Sung-soon, an analyst at BNK Securities.

Samsung sees lowest quarterly profit in more than two years

<a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-interesting-but-not-worth-investing-27266&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2mOO1bFnborPY9BfGg2sb6">Bitcoin</a>'s trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million.

The original <a href="https://www.google.com/url?q=https://www.wionews.com/world/bitcoin-crashes-over-10-per-cent-on-bitstamp-27226&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggQMAQ&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1h4jzr1AO_DIQY_pRSorH9">cryptocurrency</a>, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies.

A global regulatory crackdown led by the <a href="https://www.google.com/url?q=https://www.wionews.com/world/the-bitcoin-bubble-how-we-know-it-will-burst-26216&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggTMAU&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2olCDFuIwYQNKiEL5MOftR">US Securities and Exchange Commission</a> has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets.

Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the <a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-a-highly-speculative-investment-why-caution-is-required-26092&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggZMAc&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0m0lVK40Nce89zqY8Pa0_c">Bitstamp platform</a>, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.

TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months.

Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed.

TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019.

"An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said. 
&nbsp;

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny. Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million. The original cryptocurrency, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies. A global regulatory crackdown led by the US Securities and Exchange Commission has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets. Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the Bitstamp platform, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said. TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months. Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed. TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019. "An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said.

Bitcoin trading volume hits two-year low in March

The Reserve Bank of India(RBI) today cut benchmark lending rate by 0.25 per cent to 6 per cent.

The decision&nbsp;came as a relief for home loan buyers.

The RBI maintained a neutral stance on the monetary policy.

The central bank&nbsp;projected GDP growth for 2019-20 at 7.2 per cent. RBI revised downward retail inflation estimate to 2.4 per cent in Q4 FY19, 2.9-3 per cent in H1 FY20 and 3.5-3.8 per cent in H2 FY20.

Four out of six MPC members voted for the rate cut while the other two members favoured no change in repo rate, the RBI informed.

In February, the RBI had cut interest rates for the first time in 18 months by 25 basis points to 6.25 per cent. The move was as a result of low inflation at the time. Besides the repo rate, reverse repo was reduced to 6 per cent from 6.25 per cent.

Repo rate is the rate at which commercial banks borrow money from the RBI; while reverse repo rate is the rate at which RBI collects money from banks.

RBI had last hiked interest rates in August 2018 by 0.25 per cent. It came on back of a similar increase in June, 2018.

The Reserve Bank of India(RBI) today cut benchmark lending rate by 0.25 per cent to 6 per cent. The decision came as a relief for home loan buyers. The RBI maintained a neutral stance on the monetary policy.

The Reserve Bank of India(RBI) today cut benchmark lending rate by 0.25 per cent to 6 per cent. The decision came as a relief for home loan buyers. The RBI maintained a neutral stance on the monetary policy. The central bank projected GDP growth for 2019-20 at 7.2 per cent. RBI revised downward retail inflation estimate to 2.4 per cent in Q4 FY19, 2.9-3 per cent in H1 FY20 and 3.5-3.8 per cent in H2 FY20. Four out of six MPC members voted for the rate cut while the other two members favoured no change in repo rate, the RBI informed. In February, the RBI had cut interest rates for the first time in 18 months by 25 basis points to 6.25 per cent. The move was as a result of low inflation at the time. Besides the repo rate, reverse repo was reduced to 6 per cent from 6.25 per cent. Repo rate is the rate at which commercial banks borrow money from the RBI; while reverse repo rate is the rate at which RBI collects money from banks. RBI had last hiked interest rates in August 2018 by 0.25 per cent. It came on back of a similar increase in June, 2018.

RBI cuts lending rate by 0.25 per cent to 6 per cent; projects GDP growth for 2019-20 at 7.2%

Domestic equity benchmarks opened on a cautious note Thursday ahead of the outcome of Reserve Bank of India's first bi-monthly monetary policy review for fiscal 2019-20.

The BSE gauge Sensex was trading a tad above the psychological 39,000-level in early deals, up 24.13 points or 0.06 per cent at 38,901.25. The 30-share index had settled 179.53 points, or 0.46 per cent lower, at 38,877.12 in the previous session.

Similarly, the NSE benchmark Nifty was trading 15.70 points, or 0.13 per cent, higher at 11,659.65 in early session.

Top gainers in the Sensex pack include Bharti Airtel, Asian Paints, Axis Bank, Tata Motors, PowerGrid, Hero MotoCorp, Bajaj Finance, HUL, Maruti and Bajaj Auto, rising up to 2.33 per cent.

On the other hand, HCL Tech, Yes Bank, Tata Steel, ONGC, Infosys, Vedanta and ITC were among the top losers, shedding up to 2.82 per cent.

Investors were cautious ahead of RBI's bi-monthly monetary policy review, scheduled to be announced before noon on Thursday.

The RBI's Monetary Policy Committee (MPC) is holding a three-day meeting between April 2-4 for the first policy statement for financial year 2019-20.

According to experts, RBI is expected to cut rates by 25 basis points and adopt a pro-growth stance. However, expectation of poor rainfall and already slow economic growth alongside subdued inflation may pressurise RBI to go for a higher rate cut.

Market sentiment was also subdued after foreign investors turned net sellers in the previous trading session, traders said.

Foreign institutional investors (FIIs) pulled out Rs 1,040.48 crore Wednesday, and domestic institutional investors (DIIs) sold equities to the tune of Rs 80.83 crore, provisional data available with stock exchanges showed.

Meanwhile, the rupee depreciated 20 paise to trade at 68.61 to the US dollar in early trade on Wednesday.

Brent crude futures, the global oil benchmark, fell 0.06 per cent to trade at USD 69.27 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.&nbsp;

Domestic equity benchmarks opened on a cautious note Thursday ahead of the outcome of Reserve Bank of India's first bi-monthly monetary policy review for fiscal 2019-20.

Domestic equity benchmarks opened on a cautious note Thursday ahead of the outcome of Reserve Bank of India's first bi-monthly monetary policy review for fiscal 2019-20. The BSE gauge Sensex was trading a tad above the psychological 39,000-level in early deals, up 24.13 points or 0.06 per cent at 38,901.25. The 30-share index had settled 179.53 points, or 0.46 per cent lower, at 38,877.12 in the previous session. Similarly, the NSE benchmark Nifty was trading 15.70 points, or 0.13 per cent, higher at 11,659.65 in early session. Top gainers in the Sensex pack include Bharti Airtel, Asian Paints, Axis Bank, Tata Motors, PowerGrid, Hero MotoCorp, Bajaj Finance, HUL, Maruti and Bajaj Auto, rising up to 2.33 per cent. On the other hand, HCL Tech, Yes Bank, Tata Steel, ONGC, Infosys, Vedanta and ITC were among the top losers, shedding up to 2.82 per cent. Investors were cautious ahead of RBI's bi-monthly monetary policy review, scheduled to be announced before noon on Thursday. The RBI's Monetary Policy Committee (MPC) is holding a three-day meeting between April 2-4 for the first policy statement for financial year 2019-20. According to experts, RBI is expected to cut rates by 25 basis points and adopt a pro-growth stance. However, expectation of poor rainfall and already slow economic growth alongside subdued inflation may pressurise RBI to go for a higher rate cut. Market sentiment was also subdued after foreign investors turned net sellers in the previous trading session, traders said. Foreign institutional investors (FIIs) pulled out Rs 1,040.48 crore Wednesday, and domestic institutional investors (DIIs) sold equities to the tune of Rs 80.83 crore, provisional data available with stock exchanges showed. Meanwhile, the rupee depreciated 20 paise to trade at 68.61 to the US dollar in early trade on Wednesday. Brent crude futures, the global oil benchmark, fell 0.06 per cent to trade at USD 69.27 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.

Sensex, Nifty start on a cautious note ahead of RBI policy outcome

Amid uncertainty over the future of <a href="https://www.wionews.com/business-economy/jet-airways-pilots-defer-decision-not-to-fly-sets-april-15-deadline-to-clear-dues-207023">Jet Airways</a>, the consortium of SBI-led lenders Thursday said bids for a stake sale would be invited on April 6 and other options would be explored in case the stake sale does not result in an "acceptable outcome".

After taking stock of the current situation at the cash-strapped Jet Airways, which is currently operating less than 30 planes, the lenders said they would pursue a resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework.

The expressions of interest for selling stake in the ailing airline would be invited on April 6 and the last date for submission of bids would be April 9, a statement issued by the SBI on behalf of 26 lenders said.

SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore.

"The lenders are cognisant that the outcome of the efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company," the statement issued late in the evening said.

"Whilst all efforts will be made for the stake sale by the lenders, other options may be considered by the lenders should these efforts not result in an acceptable outcome," it said.

The statement was issued after a nearly three-hour meeting of the lenders in the national capital. The meeting was chaired by SBI Chairma Rajnish Kumar, who earlier in the day met several government officials in the finance and civil aviation ministries.

Under the debt resolution plan approved by the Jet Airways' board on March 25, lenders have taken majority stake in the airline and are set to infuse Rs 1,500 crore funds. Besides, the carrier's founder and promoter Naresh Goyal as well as his wife Anita Goyal quit the board. The shareholding of Goyals have come down to 25 per cent from 51 per cent earlier.

On Wednesday, Naresh Goyal, also former chairman of the airline, said he had agreed to every term and condition laid down by lenders to ensure timely release of funds for the airline.

Acute financial crunch has forced the airline to ground aircraft, cancel flights and delay payment of salaries, including to pilots.

Earlier in the day, Civil Aviation Secretary Pradeep Singh Kharola said Jet Airways is currently operating a fleet of 26 planes and the airline right now fulfils the criteria for operating on international routes.

Jet Airways, which is grappling with acute financial woes, had a fleet of around 119 planes.&nbsp;

Amid uncertainty over the future of Jet Airways, the consortium of SBI-led lenders Thursday said bids for a stake sale would be invited on April 6 and other options would be explored in case the stake sale does not result in an "acceptable outcome".

Amid uncertainty over the future of Jet Airways, the consortium of SBI-led lenders Thursday said bids for a stake sale would be invited on April 6 and other options would be explored in case the stake sale does not result in an "acceptable outcome". After taking stock of the current situation at the cash-strapped Jet Airways, which is currently operating less than 30 planes, the lenders said they would pursue a resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework. The expressions of interest for selling stake in the ailing airline would be invited on April 6 and the last date for submission of bids would be April 9, a statement issued by the SBI on behalf of 26 lenders said. SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore. "The lenders are cognisant that the outcome of the efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company," the statement issued late in the evening said. "Whilst all efforts will be made for the stake sale by the lenders, other options may be considered by the lenders should these efforts not result in an acceptable outcome," it said. The statement was issued after a nearly three-hour meeting of the lenders in the national capital. The meeting was chaired by SBI Chairma Rajnish Kumar, who earlier in the day met several government officials in the finance and civil aviation ministries. Under the debt resolution plan approved by the Jet Airways' board on March 25, lenders have taken majority stake in the airline and are set to infuse Rs 1,500 crore funds. Besides, the carrier's founder and promoter Naresh Goyal as well as his wife Anita Goyal quit the board. The shareholding of Goyals have come down to 25 per cent from 51 per cent earlier. On Wednesday, Naresh Goyal, also former chairman of the airline, said he had agreed to every term and condition laid down by lenders to ensure timely release of funds for the airline. Acute financial crunch has forced the airline to ground aircraft, cancel flights and delay payment of salaries, including to pilots. Earlier in the day, Civil Aviation Secretary Pradeep Singh Kharola said Jet Airways is currently operating a fleet of 26 planes and the airline right now fulfils the criteria for operating on international routes. Jet Airways, which is grappling with acute financial woes, had a fleet of around 119 planes.

Jet Airways: Lenders to invite bids for stake sale on April 6

WhatsApp Business launches on iPhones

<a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwjc2fD2yrXhAhVUko8KHT1MCnkYABAAGgJzYg&amp;sig=AOD64_3Gb6Coj6PqOwU-qGxUeBIUw4r5KA&amp;adurl=&amp;q=&amp;nb=0&amp;res_url=https%3A%2F%2Fwww.wionews.com%2Fsearch%3Fq%3DTrade%2Btalks%2Bbetween%2Bthe%2BUnited%2BStates%2Band%2BChina%2B&amp;rurl=https%3A%2F%2Fwww.wionews.com%2F&amp;nm=6&amp;nx=399&amp;ny=7&amp;is=1202x458&amp;clkt=94&amp;bg=!_v2l_eVEuD9ApudyS78CAAAAKVIAAAAgmQFtM9jKSvmvOrOBIwNjZ9oIPqPo82L5hsJlUYLyCx7Wd0ncZ4xmQhoHHoMa1Qmg8IzmTk-ktvgqwAolxW8Ot9Zdx7AlC6QwtTsL_2PDmHXS--EN9vjMglEOdHV-3QK0AAPtyOACkwq-ZsVTgO6nK-kpGHg6CN5-Tsy4Kv0qdDiXS2hFDLRkQXLKjfWNusWAt0ziaplwLW6Mu44wcmSv6nOuv4WfHcyjX6gefQ3inQbu_79ZeTBfVYnFuv4bEbgA9SvKYlb9GPFEkbJn18rOfnDWzeJEphkoJZ6ng3oXrot_ANgvvRTTFndiTH4Ig61ByVl6HifcsrjjFlhDvnwxge6ZekNZPTC3QzvwrvglKcILSQujRSeHo48xanBjkdljIYiDK90VvTR4_HG3SLKGj0Bh5D1uDXzhwiXjGtUnPdGLP9Boy_x2BxI3snXAPxs_7Ft9IkrVrFl2RVH56ipwMLT3KEKC--9701QSHM7Kle0">Oil prices </a>were mixed on Thursday, with <a href="https://www.google.com/url?q=http://www.wionews.com/business-%26-economy/brent-oil-stabilises-at-72-per-barrel-over-economic-concerns-160370%3Ffirst_load%3Dno&amp;sa=U&amp;ved=0ahUKEwijkPyGy7XhAhXTmuYKHRm-BSEQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2vMzTMtqeVC0b82HbW-olM">Brent </a>edging higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US&nbsp;inventories.

Brent futures were up 5 cents at $69.36 a barrel by 0224 GMT. On Wednesday, Brent dipped 6 cents, after touching $69.96, the highest since Nov. 12, when it last traded above $70.

U.S. <a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwj6jviVy7XhAhUHJCsKHYFKC6sYABAAGgJzZg&amp;sig=AOD64_2mnZ8qzUlO2TINKdgItfqxqNkY8w&amp;adurl=&amp;q=&amp;nb=0&amp;res_url=https%3A%2F%2Fwww.wionews.com%2Fsearch%3Fq%3DTrade%2Btalks%2Bbetween%2Bthe%2BUnited%2BStates%2Band%2BChina%2B&amp;rurl=https%3A%2F%2Fwww.wionews.com%2F&amp;nm=20&amp;nx=470&amp;ny=2&amp;is=1202x230&amp;clkt=67&amp;bg=!rK-lr7dEAcS8vbEKnCkCAAAAJVIAAAAUmQFtcxWS4V_CxSJE0KxqciXU6YY6z9Lv2LM40Y63ILiiMPCuMIYF1A-pMuwgLby1UDrA0-V-CEefxlwkDOFObaZBrmnS-qkWKYFPqDLRx3LluJcK17IImhMsMBXlwkMQn07egZ_VhH5SInN25QHVwIQGG1ekhie3dxPVI9knVbBbmF6y1B1D2qHS9HY33C0T7lxWaH-RYzj4SqTKes2jR7z3pen3zO9AsrNtWNd25-jSg5cknYGZpxi2zV81jvEFy3iXnsiWOBGXkk9t_DQSMlKNa3iOtV0cksAcqK6Bieege60Tl1pakcFOYODQlidCIvx28trGs2wo4dEbTy6PmLLNUu-n4Tqu4lHGknbZXNWz_S6Fxya9re4--bgJhNETiA_qoxO1C6kxnHX_YiRgp4kU7PuNpeUcPLyB3oj3u-hKmOSG6dDEPmohVk_d9sVVxWF6n65_vDOApbUu3DqzUJk4ek9RHxP6Q6YhAsXR4fo">West Texas Intermediate </a>(WTI) crude fell 3 cents to $62.43 a barrel. The contract dropped 12 cents in the previous session after briefly hitting $62.99, also the highest since November.

Global benchmark Brent has risen nearly 30 per cent this year, while WTI has gained nearly 40 per cent, with prices underpinned by tightening global supply and signs of demand picking up.

"There is a clear bias to the upside with the supply restrictions," said <a href="https://www.google.com/url?q=https://www.wionews.com/business-economy/oil-rallies-as-polls-show-diminished-chance-that-britain-will-vote-to-leave-the-eu-822&amp;sa=U&amp;ved=0ahUKEwiF2Pely7XhAhUT4XMBHc74DjYQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3As6Hx6UXKjvrbj425uOju">Michael McCarthy</a>, chief market strategist at CMC Markets in Sydney, pointing to supply cuts by OPEC and others along with sanctions on Iran.

"And there's a much better than expected demand picture after the recent China and US&nbsp;PMI numbers, along with a potential kicker from any U.S.-China trade agreement," he said.

The Caixin/Markit services purchasing managers' index (PMI) rose to 54.4, the highest since January 2018 and up from February's 51.1, a fourth-month low, a private business survey of China's service sector showed on Wednesday.

Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during further talks, White House economic adviser Larry Kudlow said on Wednesday.

Crude oil is also supported by an agreement between the Organization of the Petroleum Exporting Countries and allies such as Russia, a group known as OPEC+, to reduce oil output by about 1.2 million bpd this year.

U.S. pressure on Iran is increasing, with a senior Trump administration official saying earlier this week that Washington is considering more sanctions on the Middle Eastern country.

Still, crude oil inventories in the United States rose by 7.2 million barrels last week, as net imports climbed, the Energy Information Administration said on Wednesday. Analysts had forecast a decrease of 425,000 barrels.

U.S. crude production climbed 100,000 barrels per day (bpd) to a record 12.2 million bpd, after hovering around 12-12.1 million bpd since mid-February, according to the data from the Energy Information Administration.

Oil prices were mixed on Thursday, with Brent edging higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US inventories.

Oil prices were mixed on Thursday, with Brent edging higher towards the psychologically important $70 level after easing in the previous session on data showing a surprise build in US inventories. Brent futures were up 5 cents at $69.36 a barrel by 0224 GMT. On Wednesday, Brent dipped 6 cents, after touching $69.96, the highest since Nov. 12, when it last traded above $70. U.S. West Texas Intermediate (WTI) crude fell 3 cents to $62.43 a barrel. The contract dropped 12 cents in the previous session after briefly hitting $62.99, also the highest since November. Global benchmark Brent has risen nearly 30 per cent this year, while WTI has gained nearly 40 per cent, with prices underpinned by tightening global supply and signs of demand picking up. "There is a clear bias to the upside with the supply restrictions," said Michael McCarthy, chief market strategist at CMC Markets in Sydney, pointing to supply cuts by OPEC and others along with sanctions on Iran. "And there's a much better than expected demand picture after the recent China and US PMI numbers, along with a potential kicker from any U.S.-China trade agreement," he said. The Caixin/Markit services purchasing managers' index (PMI) rose to 54.4, the highest since January 2018 and up from February's 51.1, a fourth-month low, a private business survey of China's service sector showed on Wednesday. Trade talks between the United States and China made "good headway" last week in Beijing and the two sides aim to bridge differences during further talks, White House economic adviser Larry Kudlow said on Wednesday. Crude oil is also supported by an agreement between the Organization of the Petroleum Exporting Countries and allies such as Russia, a group known as OPEC+, to reduce oil output by about 1.2 million bpd this year. U.S. pressure on Iran is increasing, with a senior Trump administration official saying earlier this week that Washington is considering more sanctions on the Middle Eastern country. Still, crude oil inventories in the United States rose by 7.2 million barrels last week, as net imports climbed, the Energy Information Administration said on Wednesday. Analysts had forecast a decrease of 425,000 barrels. U.S. crude production climbed 100,000 barrels per day (bpd) to a record 12.2 million bpd, after hovering around 12-12.1 million bpd since mid-February, according to the data from the Energy Information Administration.

Oil prices edge lower after US inventories build

India is one of the world's "<a href="https://www.wionews.com/world/tariff-king-india-wants-trade-talks-us-immediately-says-trump-168847">highest-taxing nations</a>", US President Donald Trump has alleged as he again criticised the country for imposing 100 per cent <a href="https://www.wionews.com/business-%26-economy/india-hits-back-at-donald-trumps-tariffs-raises-import-duties-on-agriculture-steel-products-146136">tariffs on American products</a>, including the iconic Harley-Davidson motorcycles.

Such a high tariff is not fair, Trump said Tuesday while addressing the National Republican Congressional Committee Annual Spring Dinner here.

Early this year, at a White House event to announce his support for the reciprocal tax, Trump had said he was satisfied with the Indian decision to reduce the import tariff on high-end Harley-Davidson motorcycles from 100 per cent to 50 per cent. "Even this is not enough, this is okay," he said at that time.

Trump has repeatedly claimed that India is a "tariff king" and imposes "tremendously high" tariffs on American products.

"I got a call from Prime Minister (Narendra) Modi of India. They're one of the highest taxing nations in the world. They taxed us 100 per cent," Trump said reiterating his often-heard remarks on the Indian tariff structure.

"They charge us 100 per cent tariffs on goods. So they send a motorcycle--and they make a lot of them--Indian cycles. They send them to our country, we charge them nothing. We send a Harley Davidson to India and they charge us 100 per cent. Not fair, okay. Not reciprocal. It's not fair," Trump said.

During his address to the National Republican Congressional Committee Annual Spring Dinner, Trump explained how his trade policies are successfully addressing the balance of trade issue with other countries.

Trade talks with China are going on very well, he said.

The world's two largest economies are locked in a trade war since Trump imposed heavy tariffs on imported steel and aluminium items from China in March last year, a move that sparked fears of a global trade war.

Trump imposed tariff hikes of up to 25 per cent on USD 250 billion of Chinese goods. In response, China, the world's second largest economy after the US, imposed tit-for-tat tariffs on USD 110 billion of American goods.

Top trade officials from America and China are holding talks to negotiate a comprehensive trade deal.

"I think we're doing very well. They need the deal more than we do. They need the deal. And they get hurt badly with they're paying 25 per cent on USD 50 billion worth of technology stuff and they were going to pay 25 per cent on another USD 200 billion," he said.

Trump said his administration is fixing broken trade deals to protect the American workers.

"We are standing up to China's chronic trading abuses and theft of intellectual properties and so many other things that they've done to us," he said.

"I don't know how you people allowed this to happen for so many years. You've been here longer than me. But they really have, they've taken advantage of our country. And you know what? I respect them for it. I say it. We should have been doing that to them, he said.&nbsp;

India is one of the world's "highest-taxing nations", US President Donald Trump has alleged as he again criticised the country for imposing 100 per cent tariffs on American products, including the iconic Harley-Davidson motorcycles.

India is one of the world's "highest-taxing nations", US President Donald Trump has alleged as he again criticised the country for imposing 100 per cent tariffs on American products, including the iconic Harley-Davidson motorcycles. Such a high tariff is not fair, Trump said Tuesday while addressing the National Republican Congressional Committee Annual Spring Dinner here. Early this year, at a White House event to announce his support for the reciprocal tax, Trump had said he was satisfied with the Indian decision to reduce the import tariff on high-end Harley-Davidson motorcycles from 100 per cent to 50 per cent. "Even this is not enough, this is okay," he said at that time. Trump has repeatedly claimed that India is a "tariff king" and imposes "tremendously high" tariffs on American products. "I got a call from Prime Minister (Narendra) Modi of India. They're one of the highest taxing nations in the world. They taxed us 100 per cent," Trump said reiterating his often-heard remarks on the Indian tariff structure. "They charge us 100 per cent tariffs on goods. So they send a motorcycle--and they make a lot of them--Indian cycles. They send them to our country, we charge them nothing. We send a Harley Davidson to India and they charge us 100 per cent. Not fair, okay. Not reciprocal. It's not fair," Trump said. During his address to the National Republican Congressional Committee Annual Spring Dinner, Trump explained how his trade policies are successfully addressing the balance of trade issue with other countries. Trade talks with China are going on very well, he said. The world's two largest economies are locked in a trade war since Trump imposed heavy tariffs on imported steel and aluminium items from China in March last year, a move that sparked fears of a global trade war. Trump imposed tariff hikes of up to 25 per cent on USD 250 billion of Chinese goods. In response, China, the world's second largest economy after the US, imposed tit-for-tat tariffs on USD 110 billion of American goods. Top trade officials from America and China are holding talks to negotiate a comprehensive trade deal. "I think we're doing very well. They need the deal more than we do. They need the deal. And they get hurt badly with they're paying 25 per cent on USD 50 billion worth of technology stuff and they were going to pay 25 per cent on another USD 200 billion," he said. Trump said his administration is fixing broken trade deals to protect the American workers. "We are standing up to China's chronic trading abuses and theft of intellectual properties and so many other things that they've done to us," he said. "I don't know how you people allowed this to happen for so many years. You've been here longer than me. But they really have, they've taken advantage of our country. And you know what? I respect them for it. I say it. We should have been doing that to them, he said.

India one of the world's 'highest-taxing nations': US President Donald Trump

<a href="https://www.wionews.com/business-economy/jet-airways-pilots-defer-decision-not-to-fly-sets-april-15-deadline-to-clear-dues-207023">Jet Airways</a> shares fell as much as 4 per cent in early trade on Wednesday after it said the previous day it has grounded 15 more planes due to non-payment of dues to its lessors.

The latest groundings mean more than two-thirds of its total fleet of about 120 planes are not flying.

The airline, which was on the brink of bankruptcy, was bailed out in March by state-run banks that will temporarily take a majority stake in the company and give it a new loan of $218 million.

After the bailout Jet told officials at the civil aviation ministry that the airline would not ground more planes and would fly 40 more aircraft by the end of April.

The stock has shed more than half of its value in a year as of Tuesday's close.

Jet Airways shares fell as much as 4 per cent in early trade on Wednesday after it said the previous day it has grounded 15 more planes due to non-payment of dues to its lessors.

Jet Airways shares fell as much as 4 per cent in early trade on Wednesday after it said the previous day it has grounded 15 more planes due to non-payment of dues to its lessors. The latest groundings mean more than two-thirds of its total fleet of about 120 planes are not flying. The airline, which was on the brink of bankruptcy, was bailed out in March by state-run banks that will temporarily take a majority stake in the company and give it a new loan of $218 million. After the bailout Jet told officials at the civil aviation ministry that the airline would not ground more planes and would fly 40 more aircraft by the end of April. The stock has shed more than half of its value in a year as of Tuesday's close.

Jet Airways shares fall as it grounds more planes over unpaid lessor dues

Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in US-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.65 per cent shortly after the markets in China opened, touching its highest level since late August.

The index has risen nearly 3 per cent since Thursday following reports of trade talk progress between the United States and China, as well as reassuring factory activity data from China and the US.

Hopes for a deal to end the trade war between the world's two largest economies were fanned by White House economic adviser Larry Kudlow's comments on Wednesday that Washington expects "to make more headway" in trade talks this week.

The global run of gains has also pushed MSCI's key gauge of global equities to a six-month high. The global index was up 0.2 per cent on Wednesday morning.

Australian shares were up 0.68 per cent, and Japan's Nikkei stock index added 0.76 per cent. Chinese blue-chips were up about 0.2 per cent.

On Tuesday, the Dow Jones Industrial Average fell 0.3 per cent to 26,179.13 points, the S&amp;P 500 was flat and the Nasdaq Composite added 0.25 per cent to 7,848.69.

"After such a strong rise it is no surprise that the risk rally stalled a little," said Greg McKenna, strategist at McKenna Macro.

But after a brief consolidation in risk sentiment, US Treasury yields once again ticked higher.

Benchmark 10-year Treasury notes yielded 2.4991 per cent, up from a US&nbsp;close of 2.479 per cent on Tuesday, and the two-year yield touched 2.3226 per cent compared with a US close of 2.308 per cent.

Oil prices also stood near multi-month highs amid concerns about supply, with Brent crude rising as much as 0.72 per cent to $69.87 per barrel, its highest since November and near the psychologically important level of $70 per barrel.

US West Texas Intermediate (WTI) crude jumped 0.37 per cent to $62.81 a barrel.

News that the United States is considering more sanctions against Iran, the fourth-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and the halting of production at a crude terminal in Venezuela threaten to squeeze supply and pushed oil prices up on Tuesday.

In currency markets, the pound was about 0.1 per cent higher at $1.3138, having recovered its footing after British Prime Minister Theresa May said she would seek another delay to Brexit to work out an EU divorce deal with opposition Labour leader Jeremy Corbyn.

The dollar strengthened against the yen to 111.47 and the euro added 0.18 per cent to buy $1.1222.

The dollar index, which tracks the greenback against a basket of six major rivals, eased 0.18 per cent to 97.183.

Gold was slightly lower, with spot gold trading at $1,292.46 per ounce.

Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in US-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark.

Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in US-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.65 per cent shortly after the markets in China opened, touching its highest level since late August. The index has risen nearly 3 per cent since Thursday following reports of trade talk progress between the United States and China, as well as reassuring factory activity data from China and the US. Hopes for a deal to end the trade war between the world's two largest economies were fanned by White House economic adviser Larry Kudlow's comments on Wednesday that Washington expects "to make more headway" in trade talks this week. The global run of gains has also pushed MSCI's key gauge of global equities to a six-month high. The global index was up 0.2 per cent on Wednesday morning. Australian shares were up 0.68 per cent, and Japan's Nikkei stock index added 0.76 per cent. Chinese blue-chips were up about 0.2 per cent. On Tuesday, the Dow Jones Industrial Average fell 0.3 per cent to 26,179.13 points, the S&P 500 was flat and the Nasdaq Composite added 0.25 per cent to 7,848.69. "After such a strong rise it is no surprise that the risk rally stalled a little," said Greg McKenna, strategist at McKenna Macro. But after a brief consolidation in risk sentiment, US Treasury yields once again ticked higher. Benchmark 10-year Treasury notes yielded 2.4991 per cent, up from a US close of 2.479 per cent on Tuesday, and the two-year yield touched 2.3226 per cent compared with a US close of 2.308 per cent. Oil prices also stood near multi-month highs amid concerns about supply, with Brent crude rising as much as 0.72 per cent to $69.87 per barrel, its highest since November and near the psychologically important level of $70 per barrel. US West Texas Intermediate (WTI) crude jumped 0.37 per cent to $62.81 a barrel. News that the United States is considering more sanctions against Iran, the fourth-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and the halting of production at a crude terminal in Venezuela threaten to squeeze supply and pushed oil prices up on Tuesday. In currency markets, the pound was about 0.1 per cent higher at $1.3138, having recovered its footing after British Prime Minister Theresa May said she would seek another delay to Brexit to work out an EU divorce deal with opposition Labour leader Jeremy Corbyn. The dollar strengthened against the yen to 111.47 and the euro added 0.18 per cent to buy $1.1222. The dollar index, which tracks the greenback against a basket of six major rivals, eased 0.18 per cent to 97.183. Gold was slightly lower, with spot gold trading at $1,292.46 per ounce.

Asian shares near seven-month highs, investors pause for breath

The rupee appreciated by 9 paise to 68.65 against the US dollar in opening trade Wednesday, driven by the weakening of the greenback in overseas markets and sustained foreign inflows.

The rupee opened at 68.72 at the interbank forex market, then gained further ground and touched a high of 68.56. The local unit, however, pared some gains and was quoted at 68.65 against the American currency at 0926 hrs, displaying gains of 9 paise over its last close.

On Tuesday, the rupee had settled at 68.74 against the US dollar.

Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore on a net basis Tuesday, as per provisional data.

Brent crude futures, the global oil benchmark, rose 0.49 per cent to $69.71 per barrel.

Meanwhile, the BSE benchmark Sensex was quoted above 39,200-level and the NSE Nifty went past the key 11,700-mark in early deals Wednesday.

The rupee appreciated by 9 paise to 68.65 against the US dollar in opening trade Wednesday, driven by the weakening of the greenback in overseas markets and sustained foreign inflows.

The rupee appreciated by 9 paise to 68.65 against the US dollar in opening trade Wednesday, driven by the weakening of the greenback in overseas markets and sustained foreign inflows. The rupee opened at 68.72 at the interbank forex market, then gained further ground and touched a high of 68.56. The local unit, however, pared some gains and was quoted at 68.65 against the American currency at 0926 hrs, displaying gains of 9 paise over its last close. On Tuesday, the rupee had settled at 68.74 against the US dollar. Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore on a net basis Tuesday, as per provisional data. Brent crude futures, the global oil benchmark, rose 0.49 per cent to $69.71 per barrel. Meanwhile, the BSE benchmark Sensex was quoted above 39,200-level and the NSE Nifty went past the key 11,700-mark in early deals Wednesday.

Rupee rises 9 paise to 68.65 against US dollar in early trade

The BSE benchmark Sensex rose over 150 points in early trade led by gains in banking and auto stocks amid positive cues from other Asian markets.

The BSE gauge Sensex was trading above the psychological 39,000-level in early deals up 176.95 points, or 0.45 per cent, at 39,233.60. The 30-share BSE index Tuesday settled at 39,056.65, 184.78 points or 0.48 per cent higher, marking its highest ever closing.

Similarly, the NSE benchmark Nifty was trading 39.05 points, or 0.33 per cent, higher at 11,752.25 in early session.

Top gainers on Sensex include Tata Motors, IndusInd Bank, HDFC twins, PowerGrid, Kotak Bank, Tata Steel, Bharti Airtel, Yes Bank, M&amp;M, Maruti, Bajaj Finance, SBI and RIL, rising up to 2.05 per cent.

On the other hand, Infosys, HUL, Coal India, L&amp;T and Sun Pharma were the top losers, falling up to 0.68 per cent.

According to experts, inflow of foreign liquidity in expectation of rate cut from the Reserve Bank of India (RBI) and revival in earnings will provide some stability in the market.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 437.70 crore, provisional data available with stock exchanges showed.

The Monetary Policy Committee (MPC) is holding a two-day meeting between April 2 and April 4 for the first bi-monthly policy statement for 2019-20. The RBI will unveil its first bi-monthly monetary policy decision of this new fiscal on Thursday.&nbsp;

Meanwhile, the rupee appreciated by 9 paise to trade at 68.65 to the US dollar in early trade on Wednesday.

Brent crude futures, the global oil benchmark, rose 0.52 per cent to trade at $69.73 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.

The BSE benchmark Sensex rose over 150 points in early trade led by gains in banking and auto stocks amid positive cues from other Asian markets. The BSE gauge Sensex was trading above the psychological 39,000-level in early deals up 176.

The BSE benchmark Sensex rose over 150 points in early trade led by gains in banking and auto stocks amid positive cues from other Asian markets. The BSE gauge Sensex was trading above the psychological 39,000-level in early deals up 176.95 points, or 0.45 per cent, at 39,233.60. The 30-share BSE index Tuesday settled at 39,056.65, 184.78 points or 0.48 per cent higher, marking its highest ever closing. Similarly, the NSE benchmark Nifty was trading 39.05 points, or 0.33 per cent, higher at 11,752.25 in early session. Top gainers on Sensex include Tata Motors, IndusInd Bank, HDFC twins, PowerGrid, Kotak Bank, Tata Steel, Bharti Airtel, Yes Bank, M&M, Maruti, Bajaj Finance, SBI and RIL, rising up to 2.05 per cent. On the other hand, Infosys, HUL, Coal India, L&T and Sun Pharma were the top losers, falling up to 0.68 per cent. According to experts, inflow of foreign liquidity in expectation of rate cut from the Reserve Bank of India (RBI) and revival in earnings will provide some stability in the market. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 437.70 crore, provisional data available with stock exchanges showed. The Monetary Policy Committee (MPC) is holding a two-day meeting between April 2 and April 4 for the first bi-monthly policy statement for 2019-20. The RBI will unveil its first bi-monthly monetary policy decision of this new fiscal on Thursday. Meanwhile, the rupee appreciated by 9 paise to trade at 68.65 to the US dollar in early trade on Wednesday. Brent crude futures, the global oil benchmark, rose 0.52 per cent to trade at $69.73 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.

Sensex rises over 150 points, Nifty above 11,750

Breaking its four-day rising streak, the BSE Sensex dropped about 180 points Wednesday on profit booking and forecast of below-normal monsoon this year.

Despite a strong rally in global equities, Indian market failed to sustain at lifetime highs led by losses in oil and gas, telecom, metal and healthcare stocks.

After swinging nearly 450 points, the 30-share Sensex settled 179.53 points, or 0.46 per cent lower at 38,877.12.

The broader NSE Nifty too pared early gains and ended 69.25 points, or 0.59 per cent, down at 11,643.95.

Benchmark indices gave up all the early gains and ended in red after Skymet predicted below-normal monsoon for this year, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

"This news comes just a day before RBI is expected to cut rates by 25 bps and adopt a pro-growth stance. However, the expectation of poor rainfall and already slow economic growth alongside subdued inflation may pressurise RBI to go for a higher rate cut, thus surprising the street positively," Sharma added.

The RBI's Monetary Policy Committee (MPC) is holding a three-day meeting between April 2 - 4 for the first policy statement for 2019-20.

SBI was the biggest loser in the Sensex pack, shedding 2.40 per cent, followed by Yes Bank, Bharti Airtel, L&amp;T, Sun Pharma, M&amp;M, ICICI Bank, ONGC, RIL, Asian Paints, Vedanta and HUL, which lost up to 2.37 per cent.

On the other hand, Maruti, HCL Tech, HDFC, Tata Steel, PowerGrid, Hero MotoCorp and TCS ended with gains of up to 2.78 per cent.

Sectorally, the BSE oil and gas, telecom, capital goods, energy and healthcare indices fell up to 2.06 per cent.

Broader indices too ended in the red, with the BSE Midcap and Smallcap slipping up to 0.87 per cent.

Meanwhile, foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 437.70 crore, provisional data available with stock exchanges showed.

In Asia, Hong Kong's Hang Seng jumped 1.22 per cent, Korea's Kospi rose 1.20 per cent, Japan's Nikkei ended 0.97 per cent higher and the Shanghai Composite Index gained 1.24 per cent.

In Europe, Frankfurt's DAX was up 1.33 per cent, Paris CAC 40 rose 0.74 per cent, while London's FTSE slipped 0.04 per cent in early deals. 
The benchmark Brent crude futures rose 0.53 per cent to USD 69.74 per barrel.

Meanwhile, the rupee appreciated 30 paise to 68.44 against the US dollar intra-day.

Breaking its four-day rising streak, the BSE Sensex dropped about 180 points Wednesday on profit booking and forecast of below-normal monsoon this year. Despite a strong rally in global equities, Indian market failed to sustain at lifetime highs led by losses in oil and gas, telecom, metal and healthcare stocks.

Breaking its four-day rising streak, the BSE Sensex dropped about 180 points Wednesday on profit booking and forecast of below-normal monsoon this year. Despite a strong rally in global equities, Indian market failed to sustain at lifetime highs led by losses in oil and gas, telecom, metal and healthcare stocks. After swinging nearly 450 points, the 30-share Sensex settled 179.53 points, or 0.46 per cent lower at 38,877.12. The broader NSE Nifty too pared early gains and ended 69.25 points, or 0.59 per cent, down at 11,643.95. Benchmark indices gave up all the early gains and ended in red after Skymet predicted below-normal monsoon for this year, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. "This news comes just a day before RBI is expected to cut rates by 25 bps and adopt a pro-growth stance. However, the expectation of poor rainfall and already slow economic growth alongside subdued inflation may pressurise RBI to go for a higher rate cut, thus surprising the street positively," Sharma added. The RBI's Monetary Policy Committee (MPC) is holding a three-day meeting between April 2 - 4 for the first policy statement for 2019-20. SBI was the biggest loser in the Sensex pack, shedding 2.40 per cent, followed by Yes Bank, Bharti Airtel, L&T, Sun Pharma, M&M, ICICI Bank, ONGC, RIL, Asian Paints, Vedanta and HUL, which lost up to 2.37 per cent. On the other hand, Maruti, HCL Tech, HDFC, Tata Steel, PowerGrid, Hero MotoCorp and TCS ended with gains of up to 2.78 per cent. Sectorally, the BSE oil and gas, telecom, capital goods, energy and healthcare indices fell up to 2.06 per cent. Broader indices too ended in the red, with the BSE Midcap and Smallcap slipping up to 0.87 per cent. Meanwhile, foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 437.70 crore, provisional data available with stock exchanges showed. In Asia, Hong Kong's Hang Seng jumped 1.22 per cent, Korea's Kospi rose 1.20 per cent, Japan's Nikkei ended 0.97 per cent higher and the Shanghai Composite Index gained 1.24 per cent. In Europe, Frankfurt's DAX was up 1.33 per cent, Paris CAC 40 rose 0.74 per cent, while London's FTSE slipped 0.04 per cent in early deals. The benchmark Brent crude futures rose 0.53 per cent to USD 69.74 per barrel. Meanwhile, the rupee appreciated 30 paise to 68.44 against the US dollar intra-day.

Sensex snaps 4-day winning streak, drops 180 points

Growth in India's manufacturing industry slowed to a six-month low in March as orders and output expanded at a weaker rate, but overall factory activity ran at a solid pace in the first quarter, a private survey showed on Tuesday.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by HIS Markit, fell to a six-month low of 52.6 in March from February's 54.3, below a Reuters poll forecast of 53.9 but above the 50-mark separating growth from contraction for the 20th straight month.

Underscoring that long stretch of growth in the sector, factory activity in the first three months of 2019 increased at its quickest quarterly average rate in more than six years.

"Manufacturing sector expansion in India took a step back in March, with metrics for factory orders, production, exports, input buying and employment all moving lower. Still, growth was sustained on all fronts," noted Pollyanna De Lima, principal economist at HIS Markit.

"Although global headwinds and a general slowdown in trade present some concerns for the future health of Indian manufacturers' order books, so far companies have been able to weather the storm and secure healthy inflows of new work from abroad."

But as new orders and output grew at their slowest pace since September - despite inflationary pressures easing - firms increased headcount at the weakest rate in eight months.

That should keep retail inflation from rising significantly in the near-term. It was below the Reserve Bank of India's medium-term target of 4 per cent for a seven straight month in February, the latest official data showed.

Below-target inflation would give the central bank room to cut its benchmark repo rate for a second consecutive meeting, as is widely expected. It is due to announce its decision on April 4.

The latest survey also showed optimism amongst factories rose to its highest since August, supported by government policies announced ahead of this year's general election.

"Expansionary public policies such as fiscal stimulus and interest rate reduction should also assist the manufacturing sector in gaining some traction in the near term," said De Lima.

Growth in India's manufacturing industry slowed to a six-month low in March as orders and output expanded at a weaker rate, but overall factory activity ran at a solid pace in the first quarter, a private survey showed on Tuesday.

Growth in India's manufacturing industry slowed to a six-month low in March as orders and output expanded at a weaker rate, but overall factory activity ran at a solid pace in the first quarter, a private survey showed on Tuesday. The Nikkei Manufacturing Purchasing Managers' Index, compiled by HIS Markit, fell to a six-month low of 52.6 in March from February's 54.3, below a Reuters poll forecast of 53.9 but above the 50-mark separating growth from contraction for the 20th straight month. Underscoring that long stretch of growth in the sector, factory activity in the first three months of 2019 increased at its quickest quarterly average rate in more than six years. "Manufacturing sector expansion in India took a step back in March, with metrics for factory orders, production, exports, input buying and employment all moving lower. Still, growth was sustained on all fronts," noted Pollyanna De Lima, principal economist at HIS Markit. "Although global headwinds and a general slowdown in trade present some concerns for the future health of Indian manufacturers' order books, so far companies have been able to weather the storm and secure healthy inflows of new work from abroad." But as new orders and output grew at their slowest pace since September - despite inflationary pressures easing - firms increased headcount at the weakest rate in eight months. That should keep retail inflation from rising significantly in the near-term. It was below the Reserve Bank of India's medium-term target of 4 per cent for a seven straight month in February, the latest official data showed. Below-target inflation would give the central bank room to cut its benchmark repo rate for a second consecutive meeting, as is widely expected. It is due to announce its decision on April 4. The latest survey also showed optimism amongst factories rose to its highest since August, supported by government policies announced ahead of this year's general election. "Expansionary public policies such as fiscal stimulus and interest rate reduction should also assist the manufacturing sector in gaining some traction in the near term," said De Lima.

India's factory growth hits six-month low in March on weak demand: Survey

Will indian markets sustain the surge?

Home-renting company Airbnb will invest between $100 and $200 million in SoftBank Group-backed Indian hotel start-up OYO, a source with direct knowledge of the matter told Reuters, as it dives deeper into the hotel-booking business.

Airbnb said earlier on Monday it has invested in OYO's latest funding round and it will look at ways to make the Indian start-up's accommodation available on its platform. It did not disclose details of the deal.

The investment will give US-based Airbnb access to a variety of franchised or leased hotels, helping it lure travellers who have shied away from the risks and quirks of renting a stranger's home.

Airbnb, last month bought HotelTonight, an app for finding hotel rooms at a discount, with an eye on a variety of travellers ahead of the US company's hotly anticipated initial public offering.

"Emerging markets like India and China are some of Airbnb's fastest-growing, with our growth increasingly powered by tourism to and from these markets," said Greg Greeley, president of homes, Airbnb.

OYO, which raised $1 billion last year from investors including SoftBank and ride-hailing firm Grab, operates in India, China, Britain, Dubai, Indonesia and Malaysia.

It expects revenue to more than treble every year over the next five years, as it expands locally and in international markets, a senior company executive told Reuters earlier this year.

"Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO Hotels &amp; Homes..." said Maninder Gulati, global chief strategy officer at OYO Hotels &amp; Home.

Home-renting company Airbnb will invest between $100 and $200 million in SoftBank Group-backed Indian hotel start-up OYO, a source with direct knowledge of the matter told Reuters, as it dives deeper into the hotel-booking business.

Home-renting company Airbnb will invest between $100 and $200 million in SoftBank Group-backed Indian hotel start-up OYO, a source with direct knowledge of the matter told Reuters, as it dives deeper into the hotel-booking business. Airbnb said earlier on Monday it has invested in OYO's latest funding round and it will look at ways to make the Indian start-up's accommodation available on its platform. It did not disclose details of the deal. The investment will give US-based Airbnb access to a variety of franchised or leased hotels, helping it lure travellers who have shied away from the risks and quirks of renting a stranger's home. Airbnb, last month bought HotelTonight, an app for finding hotel rooms at a discount, with an eye on a variety of travellers ahead of the US company's hotly anticipated initial public offering. "Emerging markets like India and China are some of Airbnb's fastest-growing, with our growth increasingly powered by tourism to and from these markets," said Greg Greeley, president of homes, Airbnb. OYO, which raised $1 billion last year from investors including SoftBank and ride-hailing firm Grab, operates in India, China, Britain, Dubai, Indonesia and Malaysia. It expects revenue to more than treble every year over the next five years, as it expands locally and in international markets, a senior company executive told Reuters earlier this year. "Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes..." said Maninder Gulati, global chief strategy officer at OYO Hotels & Home.

Airbnb to invest $100-200 million in OYO: Report

The Indian rupee weakened by 22 paise to trade at 69.36 to the US dollar in early trade on Tuesday owing to increased demand for the greenback from importers and banks. 
At the interbank foreign exchange market, the rupee opened lower at 69.32 and weakened further to 69.37 to the US dollar. However, it recovered partially to quote at 69.36 against the dollar at 0912 hours.

The Indian unit had appreciated by 16 paise on Friday to close at 69.14.&nbsp;

The forex market was closed on Monday.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 898.79 crore Monday, as per provisional data.

Brent crude futures, the global oil benchmark, rose 0.23 per cent to trade at $67.17 per barrel.

Meanwhile, the BSE benchmark Sensex was quoted above 39,000-level and the NSE Nifty went past the key 11,700-mark in early deals on Tuesday.

The Indian rupee weakened by 22 paise to trade at 69.36 to the US dollar in early trade on Tuesday owing to increased demand for the greenback from importers and banks.

The Indian rupee weakened by 22 paise to trade at 69.36 to the US dollar in early trade on Tuesday owing to increased demand for the greenback from importers and banks. At the interbank foreign exchange market, the rupee opened lower at 69.32 and weakened further to 69.37 to the US dollar. However, it recovered partially to quote at 69.36 against the dollar at 0912 hours. The Indian unit had appreciated by 16 paise on Friday to close at 69.14. The forex market was closed on Monday. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 898.79 crore Monday, as per provisional data. Brent crude futures, the global oil benchmark, rose 0.23 per cent to trade at $67.17 per barrel. Meanwhile, the BSE benchmark Sensex was quoted above 39,000-level and the NSE Nifty went past the key 11,700-mark in early deals on Tuesday.

Rupee slips 22 paise against US dollar in early trade

Asia shares extended their rally on Tuesday as factory activity surveys from China and the United States boosted investor confidence, triggering the largest one-day sell-off in the US Treasury market in nearly three months.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent to a seven-month high after rallying more than one per cent in the previous session.

Australian shares gained 0.8 per cent while Japan's Nikkei advanced 0.4 per cent, extending its gains for a third session.

Wall Street shares jumped on Monday, with the S&amp;P 500 and Dow Jones Industrial Average both rising more than one per cent, with the Dow lifted by sharp gains in Caterpillar Inc and Boeing Co.

Investors cheered US&nbsp;data overnight showing improvements in manufacturing activity last month and construction spending for February, which overshadowed an unexpected drop in retail sales.

The upbeat readings added to earlier data showing China's manufacturing sector surprisingly returned to growth for the first time in four months in March in a sign government stimulus steps were starting to be felt.

The rare bright news for the global economy comes in the wake of persistent worries over cooling demand across the world, with the Sino-US tariff dispute, slowing trade and corporate profits prompting investors to dump risk assets over the past several months.

"The market is reacting to the improvement of the sentiment in China. Many investors are buying in anticipation of a rise in shares," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

"But thinking about how things really are, at the end of the week (US) jobless claims will be released and it's true that individual consumption, which accounts for 70 per cent of gross domestic product, hasn't been good. I think that has to be taken into account," Fujito said.

The encouraging data on manufacturing activity in the world's two biggest economies led to a wobbly start to the US bond market, with the US benchmark 10-year Treasury note yields booking their largest single-day jump since January 4.

The US 10-year Treasury yield overnight jumped to a more than one-week high of 2.502 per cent, moving off a 15-month low of 2.340 per cent touched on March 25.

The rise pushed the yield curve between three-month US Treasury bills and 10-year notes further into positive territory, after being inverted for a week until last Friday.

BREXIT CHAOS

In the currency market, sterling took a knock after British lawmakers came no nearer to resolving the chaos surrounding the country's departure from the European Union.

The British parliament failed on Monday to find a majority of its own for an alternative to Prime Minister Theresa May's divorce deal.

"The only sensible thing for Theresa May to do is to step aside and let someone else take control of Brexit," said Naeem Aslam, chief market analyst at Think Markets in London.

"Failure to chose any of the options on Brexit took the floor under sterling and the currency stumbled like a rock," Aslam said in a note to clients.

Sterling was last down 0.25 per cent at $1.3073, not far from last month's nadir of $1.2945.

The euro struggled near a three-week low of $1.1198 brushed early on Tuesday and was last trading down a tenth of a per cent at $1.1204.

Against the Japanese yen, the dollar was down a tad at 111.33 yen, but 1.5 per cent above its 1-1/2-month low of 109.70 touched on March 25.

Oil prices hovered near their four-month peaks, after two key benchmarks booked their largest first-quarter gains in nearly a decade on positive signs for the global economy and tighter supplies.

US crude futures traded at $61.92 per barrel, up half a per cent on the day. Brent futures were up 0.4 per cent at $69.28 a barrel.

Gold was 0.15 per cent higher at $1,289.10.

Asia shares extended their rally on Tuesday as factory activity surveys from China and the United States boosted investor confidence, triggering the largest one-day sell-off in the US Treasury market in nearly three months.

Asia shares extended their rally on Tuesday as factory activity surveys from China and the United States boosted investor confidence, triggering the largest one-day sell-off in the US Treasury market in nearly three months. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent to a seven-month high after rallying more than one per cent in the previous session. Australian shares gained 0.8 per cent while Japan's Nikkei advanced 0.4 per cent, extending its gains for a third session. Wall Street shares jumped on Monday, with the S&P 500 and Dow Jones Industrial Average both rising more than one per cent, with the Dow lifted by sharp gains in Caterpillar Inc and Boeing Co. Investors cheered US data overnight showing improvements in manufacturing activity last month and construction spending for February, which overshadowed an unexpected drop in retail sales. The upbeat readings added to earlier data showing China's manufacturing sector surprisingly returned to growth for the first time in four months in March in a sign government stimulus steps were starting to be felt. The rare bright news for the global economy comes in the wake of persistent worries over cooling demand across the world, with the Sino-US tariff dispute, slowing trade and corporate profits prompting investors to dump risk assets over the past several months. "The market is reacting to the improvement of the sentiment in China. Many investors are buying in anticipation of a rise in shares," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "But thinking about how things really are, at the end of the week (US) jobless claims will be released and it's true that individual consumption, which accounts for 70 per cent of gross domestic product, hasn't been good. I think that has to be taken into account," Fujito said. The encouraging data on manufacturing activity in the world's two biggest economies led to a wobbly start to the US bond market, with the US benchmark 10-year Treasury note yields booking their largest single-day jump since January 4. The US 10-year Treasury yield overnight jumped to a more than one-week high of 2.502 per cent, moving off a 15-month low of 2.340 per cent touched on March 25. The rise pushed the yield curve between three-month US Treasury bills and 10-year notes further into positive territory, after being inverted for a week until last Friday. BREXIT CHAOS In the currency market, sterling took a knock after British lawmakers came no nearer to resolving the chaos surrounding the country's departure from the European Union. The British parliament failed on Monday to find a majority of its own for an alternative to Prime Minister Theresa May's divorce deal. "The only sensible thing for Theresa May to do is to step aside and let someone else take control of Brexit," said Naeem Aslam, chief market analyst at Think Markets in London. "Failure to chose any of the options on Brexit took the floor under sterling and the currency stumbled like a rock," Aslam said in a note to clients. Sterling was last down 0.25 per cent at $1.3073, not far from last month's nadir of $1.2945. The euro struggled near a three-week low of $1.1198 brushed early on Tuesday and was last trading down a tenth of a per cent at $1.1204. Against the Japanese yen, the dollar was down a tad at 111.33 yen, but 1.5 per cent above its 1-1/2-month low of 109.70 touched on March 25. Oil prices hovered near their four-month peaks, after two key benchmarks booked their largest first-quarter gains in nearly a decade on positive signs for the global economy and tighter supplies. US crude futures traded at $61.92 per barrel, up half a per cent on the day. Brent futures were up 0.4 per cent at $69.28 a barrel. Gold was 0.15 per cent higher at $1,289.10.

Asian shares rise to seven-month high on US, China manufacturing rebound

The Sensex closed at a record high Tuesday, extending its gains to the fourth day amid buying in select blue-chip counters such as Tata Motors, Bharti Airtel, TCS and Bajaj Finance. &nbsp;

The BSE Sensex closed above the crucial 39,000-mark (39,057) Tuesday, up 185 points or 0.48 per cent.&nbsp;

The NSE&nbsp;Nifty50 index meanwhile closed at 11,713, up 44 points or 0.38 per cent, with 23 constituents advancing and 27 declining.&nbsp;

Tata Motors, Bharti Airtel, Eicher Motors, SBI and Gail India were among gainers on the Nifty, while HPCL, Zee Entertainment, BPCL, Bajaj Auto and Sun Pharma remained on the losing side.

Among the sectors, PSU and auto led the gainers followed by infra and IT, while FMCG, metal and pharma witnessed selling pressure.

Global markets were mostly higher, buoyed by positive factory activity data from China and the United States. Among the Sensex stocks, Tata Motors surged 9%, its second day of strong gains.

(With inputs from PTI)

The Sensex closed at a record high Tuesday, extending its gains to the fourth day amid buying in select blue-chip counters such as Tata Motors, Bharti Airtel, TCS and Bajaj Finance.

The Sensex closed at a record high Tuesday, extending its gains to the fourth day amid buying in select blue-chip counters such as Tata Motors, Bharti Airtel, TCS and Bajaj Finance. The BSE Sensex closed above the crucial 39,000-mark (39,057) Tuesday, up 185 points or 0.48 per cent. The NSE Nifty50 index meanwhile closed at 11,713, up 44 points or 0.38 per cent, with 23 constituents advancing and 27 declining. Tata Motors, Bharti Airtel, Eicher Motors, SBI and Gail India were among gainers on the Nifty, while HPCL, Zee Entertainment, BPCL, Bajaj Auto and Sun Pharma remained on the losing side. Among the sectors, PSU and auto led the gainers followed by infra and IT, while FMCG, metal and pharma witnessed selling pressure. Global markets were mostly higher, buoyed by positive factory activity data from China and the United States. Among the Sensex stocks, Tata Motors surged 9%, its second day of strong gains. (With inputs from PTI)

Sensex ends at record closing high, Nifty closes at 11,713

Google's South East Asia and India&nbsp;head Rajan Anandan has quit the tech giant. He will leave by the end of the month and join venture capital firm Sequoia Capital India as managing director.&nbsp;

"8 amazing years. 850million internet users across India and SEA. Many billions of revenue and fastest growing region in the world. Incredible team that thinks big and executes superbly. Thank you @GoogleIndia #GoogleSEA. Loved every minute," Anandan said in a tweet.&nbsp;&nbsp;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
8 amazing years. 850million internet users across India and SEA. Many billions of revenue and fastest growing region in the world. Incredible team that thinks big and executes superbly. Thank you <a href="https://twitter.com/GoogleIndia?ref_src=twsrc%5Etfw">@GoogleIndia</a> <a href="https://twitter.com/hashtag/GoogleSEA?src=hash&amp;ref_src=twsrc%5Etfw">#GoogleSEA</a>. Loved every minute.
— Rajan Anandan (@RajanAnandan) <a href="https://twitter.com/RajanAnandan/status/1112988636029435904?ref_src=twsrc%5Etfw">April 2, 2019</a></blockquote>
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Vikas Agnihotri, Google's country director for sales, will take on the interim responsibility.

Anandan had joined Google from Microsoft India in 2010. Previously, he was also been associated with Dell India and McKinsey &amp; Company.

"We are grateful to Rajan for his huge contribution to Google over the past eight years. His entrepreneurial zeal and leadership has helped grow the overall internet ecosystem in India and Southeast Asia," Google President Asia Pacific Scott Beaumont said in an emailed statement.

Sequoia Capital India is a venture capital firm specializing in investments in startups, seed, early, mid, late, series-A, expansion stage, public and growth stage companies.

It has invested in more than 130 startups in India including unicorns such as Ola, MuSigma and Zomato.

(With inputs from agencies)

Google's South East Asia and India head Rajan Anandan has quit the tech giant. He will leave by the end of the month and join venture capital firm Sequoia Capital India as managing director.

Google's South East Asia and India head Rajan Anandan has quit the tech giant. He will leave by the end of the month and join venture capital firm Sequoia Capital India as managing director. "8 amazing years. 850million internet users across India and SEA. Many billions of revenue and fastest growing region in the world. Incredible team that thinks big and executes superbly. Thank you @GoogleIndia #GoogleSEA. Loved every minute," Anandan said in a tweet. 8 amazing years. 850million internet users across India and SEA. Many billions of revenue and fastest growing region in the world. Incredible team that thinks big and executes superbly. Thank you @GoogleIndia #GoogleSEA. Loved every minute. — Rajan Anandan (@RajanAnandan) April 2, 2019 × Vikas Agnihotri, Google's country director for sales, will take on the interim responsibility. Anandan had joined Google from Microsoft India in 2010. Previously, he was also been associated with Dell India and McKinsey & Company. "We are grateful to Rajan for his huge contribution to Google over the past eight years. His entrepreneurial zeal and leadership has helped grow the overall internet ecosystem in India and Southeast Asia," Google President Asia Pacific Scott Beaumont said in an emailed statement. Sequoia Capital India is a venture capital firm specializing in investments in startups, seed, early, mid, late, series-A, expansion stage, public and growth stage companies. It has invested in more than 130 startups in India including unicorns such as Ola, MuSigma and Zomato. (With inputs from agencies)

Google India chief Rajan Anandan quits, will join venture capital firm Sequoia Capital

The <a href="https://www.wionews.com/business-economy/reserve-bank-of-india-board-approves-rs-28000-crore-interim-dividend-to-government-198155">Reserve Bank of India (RBI)</a>&nbsp;is likely to cut its policy interest rate by 25 basis points on Thursday, despite some analysts believing the country's weakening economic growth and subdued inflation outlook warrant a larger reduction.

The RBI's six-member monetary policy committee (MPC) began its three-day review on Tuesday, and most analysts expected it to take a cautious approach given uncertainty over who will lead the government after the coming election and what their fiscal policy will be.

Campaigning for votes, political parties have been promising dole-outs including direct cash payments to poor people if they win power, stoking potential inflation fears.

The inflation outlook could also be upset by the perennial risk of sharply higher food prices if the monsoon season rains disappoint.

With that in mind, more than 85 per cent of the nearly 70 economists polled by Reuters expected the RBI to cut its benchmark lending rate, the repo rate, by 25 basis points to 6.00 per cent on April 4.

Yet, India's debt market appears to have priced in a 50 basis-point cut.

Trading at 5.90 per cent, the one-year interest rate swap works out at 5.75 per cent on a daily basis, putting it 50 basis points below the current repo rate, according to rate derivative dealers.

"I think the RBI will be more cautious than what the market is expecting," said Abheek Barua, chief economist at HDFC Bank in New Delhi.

"We haven't fallen off the cliff yet for a 50 basis point cut," he said.

Whereas Prime Minister Narendra Modi's administration clashed with the RBI's previous leadership on several issues including rate cuts last year, relations improved after the government appointed Governor Shaktikanta Das in December.

Officials with knowledge of the government's thinking on monetary policy said there was no pressure on the RBI to make a sharper rate cut at this time, despite economic growth weakening to 6.6 per cent in December quarter, its slowest in five quarters, and the unemployment rate hitting a multi-decade high.

"The mandate of the MPC is to focus on inflation and if inflation is below the target it should cut the rate," said an official privy to policy discussions.

"Ideally there is a scope for 50 basis point cut now, but one has to be careful of any upside risks to inflation as well," the official added.

Annual retail inflation was just 2.57 per cent in February following five months of deflation in food prices, and the RBI has projected a rise to 3.9 per cent by the end of December. But that could change quickly if the monsoon fails or global oil prices surge.

"We do not expect a drastic cut from the RBI, a calibrated approach would be our expectation, 25 basis points (bps) is more likely in our view. But, that is a call RBI has to take," said a second government official.

The MPC could be reluctant to make a deeper cut in any case, as banks only reduced their lending rates by a token 5-10 basis points after the RBI's last 25 bps cut in February.

"Savings growth has come down sharply and every bank is competing with another to attract depositors," said a top banker at a very large state bank in India.

"Under such circumstance, we won't be able to lower deposit rates, and in that case, there is no room to cut lending rates," he said, declining to be named due to sensitivity over relations with the central bank.

The Reserve Bank of India (RBI) is likely to cut its policy interest rate by 25 basis points on Thursday, despite some analysts believing the country's weakening economic growth and subdued inflation outlook warrant a larger reduction.

The Reserve Bank of India (RBI) is likely to cut its policy interest rate by 25 basis points on Thursday, despite some analysts believing the country's weakening economic growth and subdued inflation outlook warrant a larger reduction. The RBI's six-member monetary policy committee (MPC) began its three-day review on Tuesday, and most analysts expected it to take a cautious approach given uncertainty over who will lead the government after the coming election and what their fiscal policy will be. Campaigning for votes, political parties have been promising dole-outs including direct cash payments to poor people if they win power, stoking potential inflation fears. The inflation outlook could also be upset by the perennial risk of sharply higher food prices if the monsoon season rains disappoint. With that in mind, more than 85 per cent of the nearly 70 economists polled by Reuters expected the RBI to cut its benchmark lending rate, the repo rate, by 25 basis points to 6.00 per cent on April 4. Yet, India's debt market appears to have priced in a 50 basis-point cut. Trading at 5.90 per cent, the one-year interest rate swap works out at 5.75 per cent on a daily basis, putting it 50 basis points below the current repo rate, according to rate derivative dealers. "I think the RBI will be more cautious than what the market is expecting," said Abheek Barua, chief economist at HDFC Bank in New Delhi. "We haven't fallen off the cliff yet for a 50 basis point cut," he said. Whereas Prime Minister Narendra Modi's administration clashed with the RBI's previous leadership on several issues including rate cuts last year, relations improved after the government appointed Governor Shaktikanta Das in December. Officials with knowledge of the government's thinking on monetary policy said there was no pressure on the RBI to make a sharper rate cut at this time, despite economic growth weakening to 6.6 per cent in December quarter, its slowest in five quarters, and the unemployment rate hitting a multi-decade high. "The mandate of the MPC is to focus on inflation and if inflation is below the target it should cut the rate," said an official privy to policy discussions. "Ideally there is a scope for 50 basis point cut now, but one has to be careful of any upside risks to inflation as well," the official added. Annual retail inflation was just 2.57 per cent in February following five months of deflation in food prices, and the RBI has projected a rise to 3.9 per cent by the end of December. But that could change quickly if the monsoon fails or global oil prices surge. "We do not expect a drastic cut from the RBI, a calibrated approach would be our expectation, 25 basis points (bps) is more likely in our view. But, that is a call RBI has to take," said a second government official. The MPC could be reluctant to make a deeper cut in any case, as banks only reduced their lending rates by a token 5-10 basis points after the RBI's last 25 bps cut in February. "Savings growth has come down sharply and every bank is competing with another to attract depositors," said a top banker at a very large state bank in India. "Under such circumstance, we won't be able to lower deposit rates, and in that case, there is no room to cut lending rates," he said, declining to be named due to sensitivity over relations with the central bank.

Reserve Bank of India likely to cut interest rate by 0.25%: Analysts

Indian shares inched higher for a fourth straight session on Tuesday in line with gains in broader Asia supported by strong global cues, as investors turned their focus to a key three-day central bank meeting beginning later in the day.

The Reserve Bank of India (RBI) is expected to cut its benchmark lending rate for a second consecutive time when its meeting ends on Thursday, shortly before the first phase of the national election, a Reuters poll found.

More than 85 per cent of nearly 70 economists polled forecasts the RBI would cut its repo rate to 6.00 per cent on April 4. The consensus showed the central bank would then keep rates on hold through to the middle of next year at least.

Domestic shares also tracked broader Asian markets which continued to rally on the back of positive US and Chinese manufacturing data.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent.

The broader NSE Nifty was up 0.19 per cent at 11,691.55 as of 0623 GMT, while the benchmark BSE Sensex was 0.25 per cent higher at 38,968.97.

Technically, both the Nifty and Sensex were expected to face resistance near the August 2018 high of 38,990. Though the benchmark index breached that level on Monday, it couldn't break the resistance as it closed below the August high.

The price action formed a shooting star candle carrying a long upper shadow with a positive gap, indicating profit booking in the vicinity of the lifetime high, ICICI direct research said in a note.

"Going ahead, we expect the Nifty to consolidate in the broader range of 11,800–11,400," the note added.

Eicher Motors Ltd gained 3.2 per cent and was among the top percentage gainers on the NSE index. The company appointed&nbsp;Vinod K Dasari as the chief executive officer of motorcycle making unit Royal Enfield.

Power companies Power Grid Corp of India and Adani Power Ltd rose over 2.5 per cent each after the Supreme Court dismissed an RBI circular that gave firms 180 days for debt resolution, failing which the issue would be taken under the country's bankruptcy laws.

Bharat Road Network Ltd hit its upper circuit limit of 20 per cent after winning an arbitration award against NHAI.

Index heavyweight Reliance Industries Ltd was among the top drags, falling 0.7 per cent after gaining about 3.2 per cent in the previous three sessions.

Zee Entertainment Enterprises Ltd fell as much as 4.1 per cent to its lowest since February 14.

Software engineering firm Cyient Ltd slumped 10 per cent to its biggest intraday loss in over two years after it said it expects a decline in design led manufacturing revenue during the fourth quarter of fiscal 2019.

Indian shares inched higher for a fourth straight session on Tuesday in line with gains in broader Asia supported by strong global cues, as investors turned their focus to a key three-day central bank meeting beginning later in the day.

Indian shares inched higher for a fourth straight session on Tuesday in line with gains in broader Asia supported by strong global cues, as investors turned their focus to a key three-day central bank meeting beginning later in the day. The Reserve Bank of India (RBI) is expected to cut its benchmark lending rate for a second consecutive time when its meeting ends on Thursday, shortly before the first phase of the national election, a Reuters poll found. More than 85 per cent of nearly 70 economists polled forecasts the RBI would cut its repo rate to 6.00 per cent on April 4. The consensus showed the central bank would then keep rates on hold through to the middle of next year at least. Domestic shares also tracked broader Asian markets which continued to rally on the back of positive US and Chinese manufacturing data. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent. The broader NSE Nifty was up 0.19 per cent at 11,691.55 as of 0623 GMT, while the benchmark BSE Sensex was 0.25 per cent higher at 38,968.97. Technically, both the Nifty and Sensex were expected to face resistance near the August 2018 high of 38,990. Though the benchmark index breached that level on Monday, it couldn't break the resistance as it closed below the August high. The price action formed a shooting star candle carrying a long upper shadow with a positive gap, indicating profit booking in the vicinity of the lifetime high, ICICI direct research said in a note. "Going ahead, we expect the Nifty to consolidate in the broader range of 11,800–11,400," the note added. Eicher Motors Ltd gained 3.2 per cent and was among the top percentage gainers on the NSE index. The company appointed Vinod K Dasari as the chief executive officer of motorcycle making unit Royal Enfield. Power companies Power Grid Corp of India and Adani Power Ltd rose over 2.5 per cent each after the Supreme Court dismissed an RBI circular that gave firms 180 days for debt resolution, failing which the issue would be taken under the country's bankruptcy laws. Bharat Road Network Ltd hit its upper circuit limit of 20 per cent after winning an arbitration award against NHAI. Index heavyweight Reliance Industries Ltd was among the top drags, falling 0.7 per cent after gaining about 3.2 per cent in the previous three sessions. Zee Entertainment Enterprises Ltd fell as much as 4.1 per cent to its lowest since February 14. Software engineering firm Cyient Ltd slumped 10 per cent to its biggest intraday loss in over two years after it said it expects a decline in design led manufacturing revenue during the fourth quarter of fiscal 2019.

Nifty, Sensex rise tracking broader Asia; all eyes on RBI meeting

The Serious Fraud Investigation Office (SFIO) on Monday arrested former vice chairman of crisis-hit IL&amp;FS for fraudulent conduct and causing wrongful loss to the company and its creditors, official sources said.

This is the first arrest made by the probe agency in the IL&amp;FS case.&nbsp;

Sankaran was arrested in Mumbai in connection with the ongoing investigations into the affairs of IL&amp;FS and its group entities.

Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&amp;FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts. Such actions caused wrongful loss to the company and its creditors, they added.

The agency has been granted custody of Sankaran till April 4.

IL&amp;FS Financial Services had borrowings of more than Rs 17,000 crore through debt instruments and bank loans. Provident funds, pension funds, gratuity funds, mutual funds, public and private sector banks, are among those who have invested in these debt instruments, the sources said.

The alleged financial irregularities at the IL&amp;FS came to light last year after some group entities defaulted on debt repayments. The government, which superseded the company's board, is working on a resolution plan.

The Serious Fraud Investigation Office (SFIO) on Monday arrested former vice chairman of crisis-hit IL&FS for fraudulent conduct and causing wrongful loss to the company and its creditors, official sources said.

The Serious Fraud Investigation Office (SFIO) on Monday arrested former vice chairman of crisis-hit IL&FS for fraudulent conduct and causing wrongful loss to the company and its creditors, official sources said. This is the first arrest made by the probe agency in the IL&FS case. Sankaran was arrested in Mumbai in connection with the ongoing investigations into the affairs of IL&FS and its group entities. Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts. Such actions caused wrongful loss to the company and its creditors, they added. The agency has been granted custody of Sankaran till April 4. IL&FS Financial Services had borrowings of more than Rs 17,000 crore through debt instruments and bank loans. Provident funds, pension funds, gratuity funds, mutual funds, public and private sector banks, are among those who have invested in these debt instruments, the sources said. The alleged financial irregularities at the IL&FS came to light last year after some group entities defaulted on debt repayments. The government, which superseded the company's board, is working on a resolution plan.

First arrest in IL&FS case, former vice chairman Sankaran in SFIO custody

The BSE benchmark Sensex scaled a fresh high of&nbsp;39,017 in the morning session of trade,&nbsp;driven by sustained buying mainly in metal, auto and financial stocks amid positive global cues.&nbsp;

On the Sensex chart, Vedanta, Tata Steel, Tata Motors, Mahindra and Mahindra and ICICI Bank led the rally.

The broader NSE Nifty was higher by 88&nbsp;points at 11,712&nbsp;in early deals.

The 30-share Sensex opened on a positive note at 38,858.88 and rose to a high of 39,017&nbsp;in early deals. The gauge, however, pared some gains and was trading at 38,956.41, higher by 283.50&nbsp;points.

Similarly, the NSE Nifty started off on a high note at 11,665.20 and hit a high of 11,712&nbsp;in opening deals.

In Asia, South Korea's KOSPI rose 1 per cent, Japan's Nikkei gained more than 2 per cent and Hong Kong's Hang Seng Index climbed 1.62 per cent.

China and the US gave signs of some progress in their last week's discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington.

The BSE Sensex had risen over 127 points to close at 38,672.91 on Friday -- the last trading day of fiscal 2018-19 during which the benchmark posted a rise of 17.30 per cent.

The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent.

Investors' wealth zoomed Rs 8.83 lakh crore during 2018-19, with the market capitalisation (m-cap) of BSE-listed companies reaching Rs 1,51,08,711.01 crore.

(With inputs from PTI)

The BSE benchmark Sensex scaled a fresh high of 39,017 in the morning session of trade, driven by sustained buying mainly in metal, auto and financial stocks amid positive global cues.

The BSE benchmark Sensex scaled a fresh high of 39,017 in the morning session of trade, driven by sustained buying mainly in metal, auto and financial stocks amid positive global cues. On the Sensex chart, Vedanta, Tata Steel, Tata Motors, Mahindra and Mahindra and ICICI Bank led the rally. The broader NSE Nifty was higher by 88 points at 11,712 in early deals. The 30-share Sensex opened on a positive note at 38,858.88 and rose to a high of 39,017 in early deals. The gauge, however, pared some gains and was trading at 38,956.41, higher by 283.50 points. Similarly, the NSE Nifty started off on a high note at 11,665.20 and hit a high of 11,712 in opening deals. In Asia, South Korea's KOSPI rose 1 per cent, Japan's Nikkei gained more than 2 per cent and Hong Kong's Hang Seng Index climbed 1.62 per cent. China and the US gave signs of some progress in their last week's discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington. The BSE Sensex had risen over 127 points to close at 38,672.91 on Friday -- the last trading day of fiscal 2018-19 during which the benchmark posted a rise of 17.30 per cent. The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent. Investors' wealth zoomed Rs 8.83 lakh crore during 2018-19, with the market capitalisation (m-cap) of BSE-listed companies reaching Rs 1,51,08,711.01 crore. (With inputs from PTI)

Sensex scales fresh high of 39,017, Nifty higher by 88 points at 11,712

The BSE benchmark Sensex rallied over 265.54 points to trade at 38,938.45 in early trade on Monday, driven by sustained buying mainly in metal, auto and financial stocks amid positive global cues.

On the Sensex chart, Vedanta, Tata Steel, Tata Motors, Mahindra and Mahindra and ICICI Bank led the rally.

The broader NSE Nifty was higher by 62.60 points at 11,686.50 in early deals.

Asian markets were trading positively amid optimism over China-US trade talks and expansion in manufacturing activity in China in March.

The 30-share Sensex opened on a positive note at 38,858.88 and rose to a high of 38,960.28 in early deals. The gauge, however, pared some gains and was trading at 38,938.45, higher by 265.54 points.

Similarly, the NSE Nifty started off on a high note at 11,665.20 and hit a high of 11,699.70 in opening deals.

In Asia, South Korea's KOSPI rose 1 per cent, Japan's Nikkei gained more than 2 per cent and Hong Kong's Hang Seng Index climbed 1.62 per cent.

China and the US gave signs of some progress in their last week's discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington.

The BSE Sensex had risen over 127 points to close at 38,672.91 on Friday -- the last trading day of fiscal 2018-19 during which the benchmark posted a rise of 17.30 per cent.

The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent.

Investors' wealth zoomed Rs 8.83 lakh crore during 2018-19, with the market capitalisation (m-cap) of BSE-listed companies reaching Rs 1,51,08,711.01 crore.

The BSE benchmark Sensex rallied over 265.54 points to trade at 38,938.45 in early trade on Monday, driven by sustained buying mainly in metal, auto and financial stocks amid positive global cues.

The BSE benchmark Sensex rallied over 265.54 points to trade at 38,938.45 in early trade on Monday, driven by sustained buying mainly in metal, auto and financial stocks amid positive global cues. On the Sensex chart, Vedanta, Tata Steel, Tata Motors, Mahindra and Mahindra and ICICI Bank led the rally. The broader NSE Nifty was higher by 62.60 points at 11,686.50 in early deals. Asian markets were trading positively amid optimism over China-US trade talks and expansion in manufacturing activity in China in March. The 30-share Sensex opened on a positive note at 38,858.88 and rose to a high of 38,960.28 in early deals. The gauge, however, pared some gains and was trading at 38,938.45, higher by 265.54 points. Similarly, the NSE Nifty started off on a high note at 11,665.20 and hit a high of 11,699.70 in opening deals. In Asia, South Korea's KOSPI rose 1 per cent, Japan's Nikkei gained more than 2 per cent and Hong Kong's Hang Seng Index climbed 1.62 per cent. China and the US gave signs of some progress in their last week's discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington. The BSE Sensex had risen over 127 points to close at 38,672.91 on Friday -- the last trading day of fiscal 2018-19 during which the benchmark posted a rise of 17.30 per cent. The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent. Investors' wealth zoomed Rs 8.83 lakh crore during 2018-19, with the market capitalisation (m-cap) of BSE-listed companies reaching Rs 1,51,08,711.01 crore.

Sensex rallies over 265 points in opening deals

The BSE benchmark Sensex pared significant gains towards the fag-end of the session after touching a record 39,000-level on Monday.

The 30-share gauge rallied over 400 points during the day to hit an all-time high of 39,115.57. But, it surrendered most of its gains to settle at 38,871.87, showing a rise of 198.96 points, or 0.51 per cent.

The Sensex gains were led by metal, auto, energy and infra sector stocks amid positive global cues.

Similarly, the NSE Nifty settled the day at 11,655.60, rising 31.70 points, or 0.27 per cent, over its previous close. The broader index gave up crucial gains after breaching the key 11,700-mark.

The Sensex rally was driven by Tata Motors, Vedanta, Bharti Airtel, Maruti, Reliance Industries, Tata Steel, Larsen and Toubro and HCL Tech. The scrips of these firms rose as much as 7.37 per cent.

Other prominent gainers were Infosys, TCS, SBI, ITC, Yes Bank, Kotak Bank, Hero Moto, and Coal India.

Bucking the overall trend, shares of IndusInd Bank, Mahindra and Mahindra, Axis Bank, PowerGrid, HDFC, ONGC, HUL, BajajFinance and HDFC Bank declined.

Sectorally, metal emerged as the top performing BSE index, surging over 2 per cent. Other top sectoral gainers on the BSE were IT, teck, industrials, energy, telecom and auto.

On the other hand, realty and consumer durables indices witnessed a decline.

Of the 19 sectoral indices, 12 ended in the green and 7 in the red. 
Asian markets were trading positively amid optimism over China-US trade talks and expansion in manufacturing activity in China in March.

China and the US gave signs of some progress in their last week's discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington.

China's Shanghai Composite Index moved up 2.58 per cent, Hong Kong's Hang Seng rose 1.66 per cent, Japan's Nikkei climbed 1.43 per cent and South Korea's Kospi was 1.29 per cent higher.

In Europe, England's FTSE, Germany's DAX, and France's CAC 40 were trading higher.

The BSE benchmark Sensex pared significant gains towards the fag-end of the session after touching a record 39,000-level on Monday. The 30-share gauge rallied over 400 points during the day to hit an all-time high of 39,115.

The BSE benchmark Sensex pared significant gains towards the fag-end of the session after touching a record 39,000-level on Monday. The 30-share gauge rallied over 400 points during the day to hit an all-time high of 39,115.57. But, it surrendered most of its gains to settle at 38,871.87, showing a rise of 198.96 points, or 0.51 per cent. The Sensex gains were led by metal, auto, energy and infra sector stocks amid positive global cues. Similarly, the NSE Nifty settled the day at 11,655.60, rising 31.70 points, or 0.27 per cent, over its previous close. The broader index gave up crucial gains after breaching the key 11,700-mark. The Sensex rally was driven by Tata Motors, Vedanta, Bharti Airtel, Maruti, Reliance Industries, Tata Steel, Larsen and Toubro and HCL Tech. The scrips of these firms rose as much as 7.37 per cent. Other prominent gainers were Infosys, TCS, SBI, ITC, Yes Bank, Kotak Bank, Hero Moto, and Coal India. Bucking the overall trend, shares of IndusInd Bank, Mahindra and Mahindra, Axis Bank, PowerGrid, HDFC, ONGC, HUL, BajajFinance and HDFC Bank declined. Sectorally, metal emerged as the top performing BSE index, surging over 2 per cent. Other top sectoral gainers on the BSE were IT, teck, industrials, energy, telecom and auto. On the other hand, realty and consumer durables indices witnessed a decline. Of the 19 sectoral indices, 12 ended in the green and 7 in the red. Asian markets were trading positively amid optimism over China-US trade talks and expansion in manufacturing activity in China in March. China and the US gave signs of some progress in their last week's discussions on the trade tariff tussle, with another round of talks scheduled to be held this week in Washington. China's Shanghai Composite Index moved up 2.58 per cent, Hong Kong's Hang Seng rose 1.66 per cent, Japan's Nikkei climbed 1.43 per cent and South Korea's Kospi was 1.29 per cent higher. In Europe, England's FTSE, Germany's DAX, and France's CAC 40 were trading higher.

Sensex closes 164 points higher after breaching 39000-level in intra-day trade; Nifty tops 11,650