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The pound held its gains Thursday after Britain and its EU partners agreed to<a href="https://www.wionews.com/world/european-union-gives-britain-six-month-delay-to-brexit-date-209399"> once again extend the deadline for Brexit</a>, days before the cut-off for avoiding an economically calamitous no-deal divorce.

After hours of late-night talks <a href="https://www.wionews.com/world/uk-pm-may-says-view-on-second-brexit-referendum-has-not-changed-209308">Prime Minister Theresa May</a> was given until the end of October to pass her deal for leaving the bloc through parliament, having failed three times already.

The extension allows for an earlier exit if May achieves it, with a review taking place on June 21.

News of the delay allowed traders to breathe a sigh of relief and the pound rose slightly soon after the deal but observers noted the reprieve was only brief with the agreement merely kicking the can down the road. In early trade London's FTSE index was down 0.5 percent.

"The problem for traders and investors is that the extension... does not bring us any closer to a resolution," said Neil Wilson, chief market analyst at Markets.com.

"The cliff-edge has simply been pushed back. We are in a period of peak uncertainty for UK politics and that won't help investors pile back into UK assets."

And there remains much uncertainty, with the prime minister under intense pressure from hardline Brexit supporters in her Conservative party not to compromise in her talks with the opposition Labour party, while the discussions are moving slowly.

Pressure on May

Michael Hewson, chief market analyst at CMC Markets UK, said: "May will now have to return to the UK and make the case to her disgruntled Brexiter MPs later today that the UK will... be in the EU for another six months.

"This is not likely to go down well, which could well increase internal party manoeuvres to replace her."

Asian equity markets mostly fell, with few catalysts to drive buying and investors still on edge over a brewing trade battle between the United States and Europe.

White House threats this week to hammer $11 billion worth of EU goods with tariffs jolted markets, which have been rallying this year on optimism that China and the US were close to ending their own battle.

The warning revived concerns about Donald Trump's protectionist agenda that has taken aim at US trading partners.

Hong Kong shed 0.9 percent and Shanghai tumbled 1.6 percent despite a jump in Chinese inflation that indicated stabilisation in the world's number two economy. Sydney lost 0.4 percent and Taipei retreated 0.6 percent. There were also losses in Jakarta, Mumbai, Manila and Bangkok.

But Tokyo reversed an early loss to end 0.1 percent up, with Wellington also up. Seoul and Singapore were barely moved.

Paris and Frankfurt were slightly lower in the morning.

Regional investors were also unmoved by the latest central bank dovishness.

The Federal Reserve released minutes of its March meeting that reinforced expectations that it will not lift interest rates this year as it keeps an eye on the US economy and brewing risks abroad.

"I think this confirms the message that we got from the March meeting," James McCann, senior economist at Aberdeen Standard Investments, told Bloomberg News.

"This is a Fed that's pretty happy to just sit on its hands for the time being and stay on hold and see how some of these cross currents play out."

The pound held its gains Thursday after Britain and its EU partners agreed to once again extend the deadline for Brexit, days before the cut-off for avoiding an economically calamitous no-deal divorce.

The pound held its gains Thursday after Britain and its EU partners agreed to once again extend the deadline for Brexit, days before the cut-off for avoiding an economically calamitous no-deal divorce. After hours of late-night talks Prime Minister Theresa May was given until the end of October to pass her deal for leaving the bloc through parliament, having failed three times already. The extension allows for an earlier exit if May achieves it, with a review taking place on June 21. News of the delay allowed traders to breathe a sigh of relief and the pound rose slightly soon after the deal but observers noted the reprieve was only brief with the agreement merely kicking the can down the road. In early trade London's FTSE index was down 0.5 percent. "The problem for traders and investors is that the extension... does not bring us any closer to a resolution," said Neil Wilson, chief market analyst at Markets.com. "The cliff-edge has simply been pushed back. We are in a period of peak uncertainty for UK politics and that won't help investors pile back into UK assets." And there remains much uncertainty, with the prime minister under intense pressure from hardline Brexit supporters in her Conservative party not to compromise in her talks with the opposition Labour party, while the discussions are moving slowly. Pressure on May Michael Hewson, chief market analyst at CMC Markets UK, said: "May will now have to return to the UK and make the case to her disgruntled Brexiter MPs later today that the UK will... be in the EU for another six months. "This is not likely to go down well, which could well increase internal party manoeuvres to replace her." Asian equity markets mostly fell, with few catalysts to drive buying and investors still on edge over a brewing trade battle between the United States and Europe. White House threats this week to hammer $11 billion worth of EU goods with tariffs jolted markets, which have been rallying this year on optimism that China and the US were close to ending their own battle. The warning revived concerns about Donald Trump's protectionist agenda that has taken aim at US trading partners. Hong Kong shed 0.9 percent and Shanghai tumbled 1.6 percent despite a jump in Chinese inflation that indicated stabilisation in the world's number two economy. Sydney lost 0.4 percent and Taipei retreated 0.6 percent. There were also losses in Jakarta, Mumbai, Manila and Bangkok. But Tokyo reversed an early loss to end 0.1 percent up, with Wellington also up. Seoul and Singapore were barely moved. Paris and Frankfurt were slightly lower in the morning. Regional investors were also unmoved by the latest central bank dovishness. The Federal Reserve released minutes of its March meeting that reinforced expectations that it will not lift interest rates this year as it keeps an eye on the US economy and brewing risks abroad. "I think this confirms the message that we got from the March meeting," James McCann, senior economist at Aberdeen Standard Investments, told Bloomberg News. "This is a Fed that's pretty happy to just sit on its hands for the time being and stay on hold and see how some of these cross currents play out."

Pound holds ground after Brexit delay, most Asian markets fall

Oil prices crept higher on Wednesday, supported by supply cuts by <a href="https://www.wionews.com/business-economy/oil-prices-rise-on-opec-cuts-us-sanctions-against-iran-venezuela-208685">producer club OPEC and US sanctions</a> against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption.

International benchmark Brent futures were at $70.66 per barrel at 0158 GMT, up 5 cents from their last close.

US West Texas Intermediate (WTI) crude oil futures were at $64.10 per barrel, up 12 cents, or 0.2 per cent, above their last settlement.

Both benchmarks hit five-month highs on Tuesday, before easing on global growth worries.

Overall, oil markets have been tightened this year by US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers, a group known as OPEC+.

As a result, Brent and WTI crude oil futures have risen by around 40 per cent and 30 per cent respectively since the start of the year.

"The global oil market is clearly moving back towards balance thanks to OPEC+ production cuts. OPEC production has fallen 1.98 million barrels per day (bpd) from October levels," ING bank said in a note.

The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this year to prop up prices.

"Venezuelan oil output is estimated to have fallen from 1.19 million bpd in October to 890,000 bpd in March, while output from Iran has fallen from 3.33 million bpd to 2.71 million bpd due to sanctions. Declines from these two exempt countries account for almost 47 percent of the reduction seen from OPEC," ING said.

Despite the OPEC-led cuts, not all regions are in tight supply.

Oil production in the United States has risen by more than 2 million barrels per day since early 2018, to a record 12.2 million bpd.

"WTI has not seen the same strength (as Brent)... given the relatively more bearish fundamentals in the US market," said ING bank.

"US crude oil inventories remain stubbornly high," it added.

US crude stocks rose by 4.1 million barrels in the week to April 5, to 455.8 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

On the demand side, there are concerns that an economic slowdown will soon hit fuel consumption.

The International Monetary Fund (IMFI warned on Tuesday that the global economy was slowing more than expected and that a sharp downturn may be looming.

In its third downgrade since October, the IMF said the global economy will likely grow 3.3 per cent this year, the slowest expansion since 2016. The forecast cut 0.2 percentage point from the IMF's outlook in January.

Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and US sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption.

Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and US sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic slowdown could soon dent fuel consumption. International benchmark Brent futures were at $70.66 per barrel at 0158 GMT, up 5 cents from their last close. US West Texas Intermediate (WTI) crude oil futures were at $64.10 per barrel, up 12 cents, or 0.2 per cent, above their last settlement. Both benchmarks hit five-month highs on Tuesday, before easing on global growth worries. Overall, oil markets have been tightened this year by US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers, a group known as OPEC+. As a result, Brent and WTI crude oil futures have risen by around 40 per cent and 30 per cent respectively since the start of the year. "The global oil market is clearly moving back towards balance thanks to OPEC+ production cuts. OPEC production has fallen 1.98 million barrels per day (bpd) from October levels," ING bank said in a note. The Dutch bank said the reduction was not only down to voluntary supply cuts, which the group started this year to prop up prices. "Venezuelan oil output is estimated to have fallen from 1.19 million bpd in October to 890,000 bpd in March, while output from Iran has fallen from 3.33 million bpd to 2.71 million bpd due to sanctions. Declines from these two exempt countries account for almost 47 percent of the reduction seen from OPEC," ING said. Despite the OPEC-led cuts, not all regions are in tight supply. Oil production in the United States has risen by more than 2 million barrels per day since early 2018, to a record 12.2 million bpd. "WTI has not seen the same strength (as Brent)... given the relatively more bearish fundamentals in the US market," said ING bank. "US crude oil inventories remain stubbornly high," it added. US crude stocks rose by 4.1 million barrels in the week to April 5, to 455.8 million barrels, data from industry group the American Petroleum Institute showed on Tuesday. On the demand side, there are concerns that an economic slowdown will soon hit fuel consumption. The International Monetary Fund (IMFI warned on Tuesday that the global economy was slowing more than expected and that a sharp downturn may be looming. In its third downgrade since October, the IMF said the global economy will likely grow 3.3 per cent this year, the slowest expansion since 2016. The forecast cut 0.2 percentage point from the IMF's outlook in January.

Oil prices edge higher on OPEC cuts, sanctions on Iran, Venezuela

The Delhi High Court on Wednesday asked the Reserve Bank as to how was GPay, Google’s mobile payment app, facilitating financial transactions without its authorisation.

A bench of Chief Justice Rajendra Menon and Justice A J Bhambhani posed the query to RBI while hearing a PIL which claimed that Google Pay (GPay) was operating as a payments system provider in violation of the Payments and Settlements Act as it has no valid authorisation from the central bank to carry out such functions.

The court issued a notice to Reserve Bank of India and Google India seeking their stand on the issue raised in the plea by Abhijit Mishra, who contended that GPay does not figure in RBI’s list of authorised ‘payment systems operators’ released on March 20, 2019.

“How are they (GPay) operating without permission,” the bench asked RBI and listed the matter for further hearing on April 29.

Mishra has also raised privacy concerns by claiming that “GPay through its unauthorised operation in India as a payment and settlement systems has un-monitored and unauthorised access to the personal information such as Aadhaar, PAN, (financial) transactions etc. of the public”.

The petition has sought a direction to RBI to order Google to “immediately” stop GPay’s “unauthorised operation” in India.

In response to a query about payment system operators, RBI has said that its authorisation was mandatory for setting up such a mechanism in India, the petition stated.

RBI also said that GPay was not on the list of authorised payment system operators, the plea stated, adding that “as on March 30, 2019, GPay is not a listed partner of the Bhim Aadhaar app as per the official website of Bhim Aadhaar”.

Bharat Interface for Money application, also known as ‘BHIM app’, has been developed by the National Payments Corporation of India (NPCI) for facilitating payments through mobile phones, the petition said.

It has further said that RBI’s master circular of April 6 last year on storage of payment system data states that all such entities should ensure that the entire data related to payment systems operated by them are stored only in India.

Google Pay by virtue of unauthorised access to the BHIM Aadhaar Unified Payments Interface (UPI) can have a serious detrimental effect on the privacy and personal liberty of Indian citizens as the data might be stored in servers located outside India.

“This is in gross violation of the principals enshrined under the purview of Article 21 of the Indian Constitution by letting an unauthorised private company to access the personal account details of the Indian citizens,” Mishra, who claims to be a financial economist, has claimed in his plea.

The petition has also contended that GPay was operating in “complete defiance” of the RBI’s scheme to constitute an ombudsman for redressal of complaints against deficiency in services related to digital transactions.

The petitioner has sought a “compliance audit” of GPay under the Payments and Settlements Act and to impose penalties on Google India for GPay’s unauthorised operation in contravention of the laws, regulations and procedure”.

The Delhi High Court on Wednesday asked the Reserve Bank as to how was GPay, Google’s mobile payment app, facilitating financial transactions without its authorisation.

The Delhi High Court on Wednesday asked the Reserve Bank as to how was GPay, Google’s mobile payment app, facilitating financial transactions without its authorisation. A bench of Chief Justice Rajendra Menon and Justice A J Bhambhani posed the query to RBI while hearing a PIL which claimed that Google Pay (GPay) was operating as a payments system provider in violation of the Payments and Settlements Act as it has no valid authorisation from the central bank to carry out such functions. The court issued a notice to Reserve Bank of India and Google India seeking their stand on the issue raised in the plea by Abhijit Mishra, who contended that GPay does not figure in RBI’s list of authorised ‘payment systems operators’ released on March 20, 2019. “How are they (GPay) operating without permission,” the bench asked RBI and listed the matter for further hearing on April 29. Mishra has also raised privacy concerns by claiming that “GPay through its unauthorised operation in India as a payment and settlement systems has un-monitored and unauthorised access to the personal information such as Aadhaar, PAN, (financial) transactions etc. of the public”. The petition has sought a direction to RBI to order Google to “immediately” stop GPay’s “unauthorised operation” in India. In response to a query about payment system operators, RBI has said that its authorisation was mandatory for setting up such a mechanism in India, the petition stated. RBI also said that GPay was not on the list of authorised payment system operators, the plea stated, adding that “as on March 30, 2019, GPay is not a listed partner of the Bhim Aadhaar app as per the official website of Bhim Aadhaar”. Bharat Interface for Money application, also known as ‘BHIM app’, has been developed by the National Payments Corporation of India (NPCI) for facilitating payments through mobile phones, the petition said. It has further said that RBI’s master circular of April 6 last year on storage of payment system data states that all such entities should ensure that the entire data related to payment systems operated by them are stored only in India. Google Pay by virtue of unauthorised access to the BHIM Aadhaar Unified Payments Interface (UPI) can have a serious detrimental effect on the privacy and personal liberty of Indian citizens as the data might be stored in servers located outside India. “This is in gross violation of the principals enshrined under the purview of Article 21 of the Indian Constitution by letting an unauthorised private company to access the personal account details of the Indian citizens,” Mishra, who claims to be a financial economist, has claimed in his plea. The petition has also contended that GPay was operating in “complete defiance” of the RBI’s scheme to constitute an ombudsman for redressal of complaints against deficiency in services related to digital transactions. The petitioner has sought a “compliance audit” of GPay under the Payments and Settlements Act and to impose penalties on Google India for GPay’s unauthorised operation in contravention of the laws, regulations and procedure”.

How is 'Google Pay' operating without authorisation: Delhi high court asks RBI

The domestic equity market indices ended with sharp losses following broad-based selling pressure from institutions and traders.

At the end of trading today, Sensex was down 353.87 points at 38585.35, and the Nifty was down 87.65 points at 11,584.30.&nbsp;

About 1134 shares have advanced, 1369 shares declined, and 173 shares are unchanged.&nbsp;

Among the Sensex stocks, HDFC twins, TCS, Asian Paints and Bharti Airtel were among the top losers. HDFC Bank, HDFC, TCS and Asian Paints fell nearly 2% each while Bharti Airtel lost 3%.&nbsp;

Meanwhile, Asian shares also slipped from eight-month highs today as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.4 per cent and Japan’s Nikkei lost 0.7 per cent.

(With inputs from agencies)

The domestic equity market indices ended with sharp losses following broad-based selling pressure from institutions and traders. At the end of trading today, Sensex was down 353.

The domestic equity market indices ended with sharp losses following broad-based selling pressure from institutions and traders. At the end of trading today, Sensex was down 353.87 points at 38585.35, and the Nifty was down 87.65 points at 11,584.30. About 1134 shares have advanced, 1369 shares declined, and 173 shares are unchanged. Among the Sensex stocks, HDFC twins, TCS, Asian Paints and Bharti Airtel were among the top losers. HDFC Bank, HDFC, TCS and Asian Paints fell nearly 2% each while Bharti Airtel lost 3%. Meanwhile, Asian shares also slipped from eight-month highs today as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.4 per cent and Japan’s Nikkei lost 0.7 per cent. (With inputs from agencies)

Sensex falls 354 points on weak global cues, Nifty ends at 11,584

Domestic stock market saw a sudden plunge, sending the benchmark indices tumbling which were till then trading flat after a start in the red zone.

At 2:21 PM, the S&amp;P BSE Sensex had slumped 290 points, or 0.75 per cent, to trade around 38,649, dragged down by the HDFC duos, TCS, ITC, and ICICI Bank. The Nifty50, too, dropped 75 points, or 0.64 per cent, to hover around 11,597.

Asian shares also slipped from eight-month highs&nbsp;today as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.4 per cent and Japan’s Nikkei lost 0.7 per cent.

Earlier in the day, the equity benchmark indices opened on a weak note on a day before the first round of polling for Lok Sabha elections, as investors awaited corporate earnings for 2018-19.

Renewed concern about a global economic slowdown and escalation in trade tensions contributed to the dull sentiment.

At 10:15 am, the BSE S&amp;P Sensex was down 48 points at 38,890 while the NSE Nifty 50 slipped 9 points to 11,663.

At the National Stock Exchange, most sectoral indices were in the green except IT and financial services.

Among early gainers were Cipla, Indiabulls Housing Finance, ONGC, Coal India and Kotak Mahindra Bank.

Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 1,212.35 crore on Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 688.65 crore, provisional data available with stock exchanges showed.

The rupee appreciated 17 paise to 69.12 against the US dollar in early trade.

Brent crude futures, the global oil benchmark, was quoting marginally higher at USD 70.63 per barrel. 
 
(With inputs from agencies)

Domestic stock market saw a sudden plunge, sending the benchmark indices tumbling which were till then trading flat after a start in the red zone. At 2:21 PM, the S&P BSE Sensex had slumped 290 points, or 0.

Domestic stock market saw a sudden plunge, sending the benchmark indices tumbling which were till then trading flat after a start in the red zone. At 2:21 PM, the S&P BSE Sensex had slumped 290 points, or 0.75 per cent, to trade around 38,649, dragged down by the HDFC duos, TCS, ITC, and ICICI Bank. The Nifty50, too, dropped 75 points, or 0.64 per cent, to hover around 11,597. Asian shares also slipped from eight-month highs today as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.4 per cent and Japan’s Nikkei lost 0.7 per cent. Earlier in the day, the equity benchmark indices opened on a weak note on a day before the first round of polling for Lok Sabha elections, as investors awaited corporate earnings for 2018-19. Renewed concern about a global economic slowdown and escalation in trade tensions contributed to the dull sentiment. At 10:15 am, the BSE S&P Sensex was down 48 points at 38,890 while the NSE Nifty 50 slipped 9 points to 11,663. At the National Stock Exchange, most sectoral indices were in the green except IT and financial services. Among early gainers were Cipla, Indiabulls Housing Finance, ONGC, Coal India and Kotak Mahindra Bank. Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 1,212.35 crore on Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 688.65 crore, provisional data available with stock exchanges showed. The rupee appreciated 17 paise to 69.12 against the US dollar in early trade. Brent crude futures, the global oil benchmark, was quoting marginally higher at USD 70.63 per barrel. (With inputs from agencies)

Sensex falls over 300 points, Nifty breaks 11,600

Domestic equity benchmarks &nbsp;edged lower on Wednesday as investors traded with caution after the International Monetary Fund (IMF) lowered global economic growth outlook.

On Tuesday, the IMF reduced its global economic growth outlook by 0.2 percentage points to 3.3 per cent, citing the US-China trade war and a potential disorderly British exit from the European Union as key risks.&nbsp;

It also warned of high chances of further cuts to the outlook.

Losses in financials also weighed on the main board.&nbsp;

Asian shares slipped on the IMF downgrade, while the US President Donald Trump`s threat to impose tariffs on $11 billion worth of European Union products added to investor woes.&nbsp;

"While India maybe among the fastest-growing economies of the world, a slowdown in global growth would definitely hurt (the markets) along with factors like higher crude prices," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities.

"Strong FII inflows over the last couple of months, which lifted domestic markets, could reduce and we could also see profit-booking."

The broader NSE Nifty was down 0.18 per cent at 11,651.45 as of 0633 GMT, while the benchmark BSE Sensex was 0.20 per cent lower at 38,859.83.

Cautious sentiment prevailed ahead of March-quarter earnings beginning later this week. Research firms Nomura and Jefferies forecast a weak quarter for Indian auto and oil and gas companies, citing weak volume growth and refining/petchem margins.

Nomura is optimistic on the pharmaceutical sector, saying prescription volumes have increased for most companies year-on-year as they gained market share. The index was up 0.7 per cent.

Among financials, index heavyweight HDFC Bank Ltd lead the decline. The private-sector lender was down 1.3 per cent.&nbsp;

Aluminium producer Hindalco Industries Ltd fell to its lowest in over a month after reporting a spillage at its Jharkhand plant. Stock fell as much as 3.45 per cent.

Among gainers, Reliance Industries Ltd and Oil and Natural Gas Corp Ltd rose over 1 per cent each, taking the energy index 0.2 per cent higher.

Domestic equity benchmarks edged lower on Wednesday as investors traded with caution after the International Monetary Fund (IMF) lowered global economic growth outlook.

Domestic equity benchmarks edged lower on Wednesday as investors traded with caution after the International Monetary Fund (IMF) lowered global economic growth outlook. On Tuesday, the IMF reduced its global economic growth outlook by 0.2 percentage points to 3.3 per cent, citing the US-China trade war and a potential disorderly British exit from the European Union as key risks. It also warned of high chances of further cuts to the outlook. Losses in financials also weighed on the main board. Asian shares slipped on the IMF downgrade, while the US President Donald Trump`s threat to impose tariffs on $11 billion worth of European Union products added to investor woes. "While India maybe among the fastest-growing economies of the world, a slowdown in global growth would definitely hurt (the markets) along with factors like higher crude prices," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. "Strong FII inflows over the last couple of months, which lifted domestic markets, could reduce and we could also see profit-booking." The broader NSE Nifty was down 0.18 per cent at 11,651.45 as of 0633 GMT, while the benchmark BSE Sensex was 0.20 per cent lower at 38,859.83. Cautious sentiment prevailed ahead of March-quarter earnings beginning later this week. Research firms Nomura and Jefferies forecast a weak quarter for Indian auto and oil and gas companies, citing weak volume growth and refining/petchem margins. Nomura is optimistic on the pharmaceutical sector, saying prescription volumes have increased for most companies year-on-year as they gained market share. The index was up 0.7 per cent. Among financials, index heavyweight HDFC Bank Ltd lead the decline. The private-sector lender was down 1.3 per cent. Aluminium producer Hindalco Industries Ltd fell to its lowest in over a month after reporting a spillage at its Jharkhand plant. Stock fell as much as 3.45 per cent. Among gainers, Reliance Industries Ltd and Oil and Natural Gas Corp Ltd rose over 1 per cent each, taking the energy index 0.2 per cent higher.

Nifty, Sensex fall on concerns of softening global growth

Domestic equity benchmarks opened on a flat note Tuesday ahead of the beginning of the earnings season and general elections amid lacklustre global cues.

The BSE Sensex was trading 35.69 points or 0.09 per cent higher at 38,736.22. The gauge had ended 161.70 points lower at 38,700.53 in the previous session.

Similarly, the NSE benchmark Nifty was trading 5.65 points or 0.05 per cent, higher at 11,598.85 in the early session.

Top gainers in the Sensex pack include HCL Tech, Tata Motors, Vedanta, Reliance, TCS, Coal India, L&amp;T, ICICI Bank, ITC and Bajaj Auto, rising up to 1.87 per cent.

On the other hand, Asian Paints Bharti Airtel, Kotak Bank, Bajaj Finance, SBI, Tata Steel and HDFC fell up to 1.72 per cent.

According to experts, investors have turned cautious on rise&nbsp;in oil prices and sharp rally in the last couple of months leading to a premium valuation of key indices. Additionally, general elections and the start of Q4 earnings season are adding to the cautiousness.

The market may see some profit booking in the near-term given sharp run-up in markets, they added.

Foreign institutional investors (FIIs) purchased Rs 329.60 crore Monday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 623.81 crore, provisional data available with stock exchanges showed.

Meanwhile, the rupee depreciated by 8 paise to 69.73 against the US dollar in early trade Tuesday on increased demand for the US currency from importers.

Brent crude futures, the global oil benchmark, fell 0.13 per cent to trade at $71.19 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading flat.&nbsp;

Domestic equity benchmarks opened on a flat note Tuesday ahead of the beginning of the earnings season and general elections amid lacklustre global cues. The BSE Sensex was trading 35.

Domestic equity benchmarks opened on a flat note Tuesday ahead of the beginning of the earnings season and general elections amid lacklustre global cues. The BSE Sensex was trading 35.69 points or 0.09 per cent higher at 38,736.22. The gauge had ended 161.70 points lower at 38,700.53 in the previous session. Similarly, the NSE benchmark Nifty was trading 5.65 points or 0.05 per cent, higher at 11,598.85 in the early session. Top gainers in the Sensex pack include HCL Tech, Tata Motors, Vedanta, Reliance, TCS, Coal India, L&T, ICICI Bank, ITC and Bajaj Auto, rising up to 1.87 per cent. On the other hand, Asian Paints Bharti Airtel, Kotak Bank, Bajaj Finance, SBI, Tata Steel and HDFC fell up to 1.72 per cent. According to experts, investors have turned cautious on rise in oil prices and sharp rally in the last couple of months leading to a premium valuation of key indices. Additionally, general elections and the start of Q4 earnings season are adding to the cautiousness. The market may see some profit booking in the near-term given sharp run-up in markets, they added. Foreign institutional investors (FIIs) purchased Rs 329.60 crore Monday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 623.81 crore, provisional data available with stock exchanges showed. Meanwhile, the rupee depreciated by 8 paise to 69.73 against the US dollar in early trade Tuesday on increased demand for the US currency from importers. Brent crude futures, the global oil benchmark, fell 0.13 per cent to trade at $71.19 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading flat.

Sensex, Nifty start on a cautious note

After repeated nudging by the Reserve Bank, the nation's largest lender State Bank Tuesday followed its smaller peers to lower the lending rates by a nominal 5 basis points across all tenors, effective April 10-- its first such action since November 2017.

The new one-year marginal cost of funds-based lending rate (MCLR) is down to 8.50 per cent now from 8.55 per cent earlier, the bank said in a statement. 
This is the first reduction in MCLR by SBI, which controls and sets the pricing in the system, in over 17 months. The last time it had reduced the MCLR was in November 2017-- by 5 basis points.

The bank has also re-priced home loans up to Rs 30 lakh by 10 bps. Accordingly, interest rate on housing loans of such ticket size will now be in the range of 8.60-8.90 per cent now, down from 8.70-9 per cent.

The reduction in lending rate by the bank follows a 25 basis points cut in repo rate by the RBI in its first monetary policy review announced last week. In the February policy review also, the monetary authority had lowered the key rates by a similar quantum.

In a 4:2 majority vote, the central bank had cut repo rate to 6 per cent from 6.25 per cent earlier, citing the need to support growth that has been sluggish since many months.

It can be noted that banks have been lagging in passing on the RBI rate cuts to borrowers, citing higher credit cost due to the massive NPA piles and the resultant churn in their margins.

In February, RBI governor Shaktikanta Das had discussed with bankers the delay in transmission of policy rates. At a post-policy presser last week also, Das had complained of banks not cutting their rates, thus preventing effective transmission.

"After the last meeting I had held with banks, some of them have marginally (up to 5-10 bps) cut their MCLR, but they need to do more," he had said.

SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10.

While IOB said it has cut MCLR for one year loans to 8.65 per cent from 8.70 per cent earlier, BoM had on April 5, a day after the RBI action, had cut MCLR rates by 5 basis points across various tenors.

The Pune-based BoM had reduced its one-year lending to 8.70 per cent from 8.75 per cent.

Last month SBI was first to link its short-term loans and large savings deposits rates to the repo rate from May 1. For balances up to Rs 1 lakh, the savings bank rates would be 3.50 per cent, while for balances above Rs 1 lakh effective rate would be 3.25 per cent.

The bank had linked all cash credit accounts and overdrafts with limits above Rs 1 lakh to the repo rate plus a spread of 2.25 per cent.

"The benefit of the 25 bps repo rate cut by the RBI last week will get passed on in its entirety to such cash credit/overdraft customers from May 1 following this rate cut," the bank said in a statement.

The SBI counter gained 0.75 per cent at Rs 315.15 on the BSE, against a 0.62 rally in the benchmark.&nbsp;

After repeated nudging by the Reserve Bank, the nation's largest lender State Bank Tuesday followed its smaller peers to lower the lending rates by a nominal 5 basis points across all tenors, effective April 10-- its first such action since November 2017.

After repeated nudging by the Reserve Bank, the nation's largest lender State Bank Tuesday followed its smaller peers to lower the lending rates by a nominal 5 basis points across all tenors, effective April 10-- its first such action since November 2017. The new one-year marginal cost of funds-based lending rate (MCLR) is down to 8.50 per cent now from 8.55 per cent earlier, the bank said in a statement. This is the first reduction in MCLR by SBI, which controls and sets the pricing in the system, in over 17 months. The last time it had reduced the MCLR was in November 2017-- by 5 basis points. The bank has also re-priced home loans up to Rs 30 lakh by 10 bps. Accordingly, interest rate on housing loans of such ticket size will now be in the range of 8.60-8.90 per cent now, down from 8.70-9 per cent. The reduction in lending rate by the bank follows a 25 basis points cut in repo rate by the RBI in its first monetary policy review announced last week. In the February policy review also, the monetary authority had lowered the key rates by a similar quantum. In a 4:2 majority vote, the central bank had cut repo rate to 6 per cent from 6.25 per cent earlier, citing the need to support growth that has been sluggish since many months. It can be noted that banks have been lagging in passing on the RBI rate cuts to borrowers, citing higher credit cost due to the massive NPA piles and the resultant churn in their margins. In February, RBI governor Shaktikanta Das had discussed with bankers the delay in transmission of policy rates. At a post-policy presser last week also, Das had complained of banks not cutting their rates, thus preventing effective transmission. "After the last meeting I had held with banks, some of them have marginally (up to 5-10 bps) cut their MCLR, but they need to do more," he had said. SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10. While IOB said it has cut MCLR for one year loans to 8.65 per cent from 8.70 per cent earlier, BoM had on April 5, a day after the RBI action, had cut MCLR rates by 5 basis points across various tenors. The Pune-based BoM had reduced its one-year lending to 8.70 per cent from 8.75 per cent. Last month SBI was first to link its short-term loans and large savings deposits rates to the repo rate from May 1. For balances up to Rs 1 lakh, the savings bank rates would be 3.50 per cent, while for balances above Rs 1 lakh effective rate would be 3.25 per cent. The bank had linked all cash credit accounts and overdrafts with limits above Rs 1 lakh to the repo rate plus a spread of 2.25 per cent. "The benefit of the 25 bps repo rate cut by the RBI last week will get passed on in its entirety to such cash credit/overdraft customers from May 1 following this rate cut," the bank said in a statement. The SBI counter gained 0.75 per cent at Rs 315.15 on the BSE, against a 0.62 rally in the benchmark.

Following smaller peers, SBI cuts loan rates by marginal 5 bps

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report Monday.

India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.&nbsp;

Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion in 2017.

"Remittances grew by more than 14 per cent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families,"&nbsp;the Bank said.

In Pakistan, remittance growth was moderate (seven per cent), due to significant declines in inflows from Saudi Arabia, its largest remittance source. In Bangladesh, remittances showed a brisk uptick in 2018 (15 per cent).

According to the report, remittances to low-and-middle-income countries reached a record high of $529 billion in 2018, an increase of 9.6 per cent over the previous record high of $483 billion in 2017.

Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017, it said.

The Bank said, remittances to South Asia grew 12 per cent to $131 billion in 2018, outpacing the six per cent growth in 2017.

"The upsurge was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some GCC countries," it said.

The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

However, the Bank in its report ruled that the global average cost of sending $200 remained high, at around seven per cent in the first quarter of 2019.

Reducing remittance costs to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7. Remittance costs across many African corridors and small islands in the Pacific remain above 10 per cent.

On ways to lower remittance costs, Dilip Ratha, lead author of the Brief and head of KNOMAD, said, "Remittances are on track to become the largest source of external financing in developing countries. The high costs of money transfers reduce the benefits of migration. Renegotiating exclusive partnerships and letting new players operate through national post offices, banks, and telecommunications companies will increase competition and lower remittance prices."

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report Monday.

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018, the World Bank said in a report Monday. India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said. With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief. Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion in 2017. "Remittances grew by more than 14 per cent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families," the Bank said. In Pakistan, remittance growth was moderate (seven per cent), due to significant declines in inflows from Saudi Arabia, its largest remittance source. In Bangladesh, remittances showed a brisk uptick in 2018 (15 per cent). According to the report, remittances to low-and-middle-income countries reached a record high of $529 billion in 2018, an increase of 9.6 per cent over the previous record high of $483 billion in 2017. Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017, it said. The Bank said, remittances to South Asia grew 12 per cent to $131 billion in 2018, outpacing the six per cent growth in 2017. "The upsurge was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some GCC countries," it said. The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. However, the Bank in its report ruled that the global average cost of sending $200 remained high, at around seven per cent in the first quarter of 2019. Reducing remittance costs to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7. Remittance costs across many African corridors and small islands in the Pacific remain above 10 per cent. On ways to lower remittance costs, Dilip Ratha, lead author of the Brief and head of KNOMAD, said, "Remittances are on track to become the largest source of external financing in developing countries. The high costs of money transfers reduce the benefits of migration. Renegotiating exclusive partnerships and letting new players operate through national post offices, banks, and telecommunications companies will increase competition and lower remittance prices."

India highest recipient of remittances at $79 billion in 2018: World Bank

India is projected to grow at 7.3 per cent in 2019 and 7.5 per cent in 2020, supported by the continued recovery of investment and robust consumption, thus remaining the fastest growing major economy of the world, according to the IMF.

In 2018, India's growth rate was 7.1 per cent, as against China's 6.6 per cent. In 2019, the International Monetary Fund (IMF) projected a growth rate of 6.3 per cent for China and 6.1 per cent in 2020, according to the latest World Economic Outlook projections released ahead of the annual spring meetings of the International Monetary Fund and the World Bank.

"In India, growth is projected to pick up to 7.3 per cent in 2019 and 7.5 per cent in 2020, supported by the continued recovery of investment and robust consumption amid a more expansionary stance of monetary policy and some expected impetus from fiscal policy, the report said.

"Nevertheless, reflecting the recent revision to the national account statistics that indicated somewhat softer underlying momentum, growth forecast has been revised downward compared with the October 2018 WEO by 0.1 percentage point for 2019 and 0.2 percentage point for 2020, respectively," it said.

Growth in India, the report said, is expected to stabilise at just under 7 per cent over the medium term, based on the continued implementation of structural reforms and easing of infrastructure bottlenecks.

The World Economic Outlook believes that in India, continued implementation of structural and financial sector reforms with efforts to reduce public debt remain essential to secure the economy's growth prospects.

"In the near term, continued fiscal consolidation is needed to bring down India's elevated public debt. This should be supported by strengthening goods and services tax compliance and further reducing subsidies, it said.

Important steps have been taken to strengthen financial sector balance sheets, including through accelerated resolution of non-performing assets under a simplified bankruptcy framework, it noted.

"These efforts should be reinforced by enhancing governance of public sector banks. Reforms to hiring and dismissal regulations would help incentivise job creation and absorb the country's large demographic dividend; efforts should also be enhanced on land reform to facilitate and expedite infrastructure development, the report said.

On the other hand, economic growth in China, despite fiscal stimulus and no further increase in tariffs from the US relative to those in force as of September 2018, is projected to slow on an annualised basis in 2019 and 2020.

This reflects weaker underlying growth in 2018, especially in the second half, and the impact of lingering trade tensions with the United States, the IMF said.

India is projected to grow at 7.3 per cent in 2019 and 7.5 per cent in 2020, supported by the continued recovery of investment and robust consumption, thus remaining the fastest growing major economy of the world, according to the IMF.

India is projected to grow at 7.3 per cent in 2019 and 7.5 per cent in 2020, supported by the continued recovery of investment and robust consumption, thus remaining the fastest growing major economy of the world, according to the IMF. In 2018, India's growth rate was 7.1 per cent, as against China's 6.6 per cent. In 2019, the International Monetary Fund (IMF) projected a growth rate of 6.3 per cent for China and 6.1 per cent in 2020, according to the latest World Economic Outlook projections released ahead of the annual spring meetings of the International Monetary Fund and the World Bank. "In India, growth is projected to pick up to 7.3 per cent in 2019 and 7.5 per cent in 2020, supported by the continued recovery of investment and robust consumption amid a more expansionary stance of monetary policy and some expected impetus from fiscal policy, the report said. "Nevertheless, reflecting the recent revision to the national account statistics that indicated somewhat softer underlying momentum, growth forecast has been revised downward compared with the October 2018 WEO by 0.1 percentage point for 2019 and 0.2 percentage point for 2020, respectively," it said. Growth in India, the report said, is expected to stabilise at just under 7 per cent over the medium term, based on the continued implementation of structural reforms and easing of infrastructure bottlenecks. The World Economic Outlook believes that in India, continued implementation of structural and financial sector reforms with efforts to reduce public debt remain essential to secure the economy's growth prospects. "In the near term, continued fiscal consolidation is needed to bring down India's elevated public debt. This should be supported by strengthening goods and services tax compliance and further reducing subsidies, it said. Important steps have been taken to strengthen financial sector balance sheets, including through accelerated resolution of non-performing assets under a simplified bankruptcy framework, it noted. "These efforts should be reinforced by enhancing governance of public sector banks. Reforms to hiring and dismissal regulations would help incentivise job creation and absorb the country's large demographic dividend; efforts should also be enhanced on land reform to facilitate and expedite infrastructure development, the report said. On the other hand, economic growth in China, despite fiscal stimulus and no further increase in tariffs from the US relative to those in force as of September 2018, is projected to slow on an annualised basis in 2019 and 2020. This reflects weaker underlying growth in 2018, especially in the second half, and the impact of lingering trade tensions with the United States, the IMF said.

IMF cuts India GDP growth forecast to 7.3% for 2019-20

Equity benchmark indices experienced extreme swings on Tuesday as investors awaited corporate earnings for the previous fiscal year and the country heads for general elections beginning on Thursday.

Banking, auto, realty and metal stocks moved sharply in the positive zone two hours before the closing bell.

The BSE S&amp;P Sensex closed 237 points higher at 38,939 while the NSE Nifty 50 moved up 67 points at 11,672.

Among the prominent gainers were Yes Bank, ICICI Bank, Wipro, Tata Motors, Coal India and Vedanta.

Those which lost included Indiabulls Housing Finance, Asian Paints, Bharti Airtel, Infosys and Dr Reddy Labs.

Shares of Panacea Biotec gained 10 per cent after India Resurgence Fund and affiliates announced an investment of Rs 992 crore in the company.

Firstsource Solutions closed 6 per cent up after reports said Rakesh Jhunjhunwala has increased his stake during the March quarter from 2.89 to 3.26 per cent, as the stock was available cheaper in terms of valuations.

Meanwhile, Asian shares were mostly in the positive zone as investors braced for the upcoming crucial Brexit summit.

Market experts said the outcome of China`s trade talks with the United States and the European Union could add to some volatility to markets.

Equity benchmark indices experienced extreme swings on Tuesday as investors awaited corporate earnings for the previous fiscal year and the country heads for general elections beginning on Thursday.

Equity benchmark indices experienced extreme swings on Tuesday as investors awaited corporate earnings for the previous fiscal year and the country heads for general elections beginning on Thursday. Banking, auto, realty and metal stocks moved sharply in the positive zone two hours before the closing bell. The BSE S&P Sensex closed 237 points higher at 38,939 while the NSE Nifty 50 moved up 67 points at 11,672. Among the prominent gainers were Yes Bank, ICICI Bank, Wipro, Tata Motors, Coal India and Vedanta. Those which lost included Indiabulls Housing Finance, Asian Paints, Bharti Airtel, Infosys and Dr Reddy Labs. Shares of Panacea Biotec gained 10 per cent after India Resurgence Fund and affiliates announced an investment of Rs 992 crore in the company. Firstsource Solutions closed 6 per cent up after reports said Rakesh Jhunjhunwala has increased his stake during the March quarter from 2.89 to 3.26 per cent, as the stock was available cheaper in terms of valuations. Meanwhile, Asian shares were mostly in the positive zone as investors braced for the upcoming crucial Brexit summit. Market experts said the outcome of China`s trade talks with the United States and the European Union could add to some volatility to markets.

Stock markets volatile but close with Sensex 237 points up at 38,939

Oil prices rose to their highest level since November 2018 on Monday, <a href="https://www.wionews.com/business-economy/oil-prices-edge-lower-after-us-inventories-build-207813">driven upwards by OPEC's</a> ongoing supply cuts, US&nbsp;sanctions against Iran and Venezuela, and strong US&nbsp;jobs data.

International benchmark Brent futures were at $70.65 per barrel at 0441 GMT on Monday, up 31 cents, or 0.4 per cent from their last close.

US&nbsp;West Texas Intermediate (WTI) crude were up 31 cents, or 0.5 per cent, at $63.39 per barrel.

Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.

"Brent prices increased more than 30 per cent year-to-date as OPEC+ continued to cut supply for four months in a row and optimism over US-China trade talks helped to buoy the demand outlook," US&nbsp;bank J.P. Morgan said in a note.

To prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year.

Energy consultancy FGE said these cuts meant "excess inventories are disappearing," adding that "the market is poised for prices to rise to $75 per barrel or higher" for Brent.

Strong US&nbsp;jobs data on Friday also helped lift Asian markets on Monday.

"Oil bulls are drawing heart from the strong employment data in the US," said Sukrit Vijayakar, director of energy consultancy Trifecta.

"Military action in Libya, which could disrupt supply from the OPEC member, also aided prices," he said.

Crude has been driven up further by US&nbsp;sanctions against Iran and Venezuela.

"Sanctions can cut 500,000 bpd of Venezuelan exports. Add that to a cut in Iran waivers and prices can rise substantially," FGE said.

Despite the host of price drivers, there remain factors that could bring oil down later this year.

Russia is a reluctant participant in its agreement with OPEC to withhold output, and it may increase production if the deal is not extended before it expires on July 1, Energy Minister Alexander Novak said on Friday.

Russian oil output reached a national record high of 11.16 million bpd last year.

In the United States, crude production reached a global record 12.2 million bpd in late March.

US&nbsp;crude exports have also risen, breaking through 3 million bpd for the first time earlier this year.

"With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in US&nbsp;exports," FGE said.

There also remain concerns about the health of the global economy, especially should China and the United States fail to resolve their trade dispute soon.

"Global demand has weakened, and existing tariffs on Chinese goods shipments to the US&nbsp;are providing an additional drag," rating agency Moody's said on Monday, although it added that Chinese stimulus measures would likely support growth over 2019.

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data.

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data. International benchmark Brent futures were at $70.65 per barrel at 0441 GMT on Monday, up 31 cents, or 0.4 per cent from their last close. US West Texas Intermediate (WTI) crude were up 31 cents, or 0.5 per cent, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday. "Brent prices increased more than 30 per cent year-to-date as OPEC+ continued to cut supply for four months in a row and optimism over US-China trade talks helped to buoy the demand outlook," US bank J.P. Morgan said in a note. To prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year. Energy consultancy FGE said these cuts meant "excess inventories are disappearing," adding that "the market is poised for prices to rise to $75 per barrel or higher" for Brent. Strong US jobs data on Friday also helped lift Asian markets on Monday. "Oil bulls are drawing heart from the strong employment data in the US," said Sukrit Vijayakar, director of energy consultancy Trifecta. "Military action in Libya, which could disrupt supply from the OPEC member, also aided prices," he said. Crude has been driven up further by US sanctions against Iran and Venezuela. "Sanctions can cut 500,000 bpd of Venezuelan exports. Add that to a cut in Iran waivers and prices can rise substantially," FGE said. Despite the host of price drivers, there remain factors that could bring oil down later this year. Russia is a reluctant participant in its agreement with OPEC to withhold output, and it may increase production if the deal is not extended before it expires on July 1, Energy Minister Alexander Novak said on Friday. Russian oil output reached a national record high of 11.16 million bpd last year. In the United States, crude production reached a global record 12.2 million bpd in late March. US crude exports have also risen, breaking through 3 million bpd for the first time earlier this year. "With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in US exports," FGE said. There also remain concerns about the health of the global economy, especially should China and the United States fail to resolve their trade dispute soon. "Global demand has weakened, and existing tariffs on Chinese goods shipments to the US are providing an additional drag," rating agency Moody's said on Monday, although it added that Chinese stimulus measures would likely support growth over 2019.

Oil prices rise on OPEC cuts, US sanctions against Iran, Venezuela

The BSE gauge Sensex was trading above crucial 39,000-level and the NSE Nifty was heading towards 11,700-mark in early trade on Monday, led by gains in metal, IT and capital goods stocks tracking robust Asian cues.

The 30-share Sensex opened higher at 38,993.60 against the Friday's close of 38,862.23. It was trading at 39,013.22, up 150.99 points or 0.39 per cent, in early deals.

Similarly, the broader NSE Nifty started on a positive note at 11,704.35 and rose further to 11,691.45, 25.50 points or 0.22 per cent higher in early trade.&nbsp;&nbsp; &nbsp;

Meanwhile, the Indian rupee was trading lower by 27 paise at 69.50 against the US dollar in early trade on Monday.

Asian markets opened mostly higher on Monday on the back of better-than-expected US jobs data and signs of progress in trade talks between Washington and Beijing.

On Friday, the BSE Sensex had logged 177.51 points or 0.49 per cent gains to close at 38,862.23; while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95.

During the week, the Sensex saw 182.32 points or 0.48 per cent rise; and the Nifty gained 42.05 points or 0.36 per cent.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 797.90 crore Friday, as per provisional data.

The BSE gauge Sensex was trading above crucial 39,000-level and the NSE Nifty was heading towards 11,700-mark in early trade on Monday, led by gains in metal, IT and capital goods stocks tracking robust Asian cues.

The BSE gauge Sensex was trading above crucial 39,000-level and the NSE Nifty was heading towards 11,700-mark in early trade on Monday, led by gains in metal, IT and capital goods stocks tracking robust Asian cues. The 30-share Sensex opened higher at 38,993.60 against the Friday's close of 38,862.23. It was trading at 39,013.22, up 150.99 points or 0.39 per cent, in early deals. Similarly, the broader NSE Nifty started on a positive note at 11,704.35 and rose further to 11,691.45, 25.50 points or 0.22 per cent higher in early trade. Meanwhile, the Indian rupee was trading lower by 27 paise at 69.50 against the US dollar in early trade on Monday. Asian markets opened mostly higher on Monday on the back of better-than-expected US jobs data and signs of progress in trade talks between Washington and Beijing. On Friday, the BSE Sensex had logged 177.51 points or 0.49 per cent gains to close at 38,862.23; while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95. During the week, the Sensex saw 182.32 points or 0.48 per cent rise; and the Nifty gained 42.05 points or 0.36 per cent. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 797.90 crore Friday, as per provisional data.

Sensex above 39,000, Nifty near 11,700-level in early deals

India's <a href="https://www.wionews.com/business-%26-economy/india-fastest-growing-economy-now-with-77-per-cent-gdp-growth-rate-141360">economic growth in recent years</a> has been "too much" driven by domestic demand and its exports were about one-third of its potential, a World Bank official said, asserting that the next government needs to focus on export-led growth.

Praising attempts to liberalise markets within India, Hans Timmer, World Bank Chief Economist for the South Asia Region said, "that is what is needed to become more competitive."

"At the same time you've seen also of the last couple of years that the current account deficit widened - an indication that increased growth came from the non-tradable sector -- from the domestic sector, and that makes it difficult to export more,"&nbsp;Timmer told PTI in an interview.

The polling for the first phase of seven-phase parliamentary polls in the country is scheduled to take place on April 11, with the last phase on May 19 and the results will be announced on May 23.

In the last five years, he said, India's overall growth was "too much" driven by domestic demand, which resulted in double-digit growth of imports, and four to five per cent growth in exports.

"In more recent months, that turned around somewhat. But the broader picture was that that's a minus,"&nbsp;he said.

"The pluses were that we have seen the GST trying to create more flexibility within the country so that it's easier to trade between states. That's what you need if you want to trade also with foreign countries,"&nbsp;he said.

Responding to a question, the World Bank official said the focus of the next government should be on reducing the stimulus of domestic demand.

"That would be one. I think looking at trade liberalisation on the import side - that would be another to create more competition. I would look at what people feel like an impediment in the labour market. Is it difficult to go to those new jobs? What about the startups of young people? do they feel restrictions or not?&nbsp;he said, adding that it is also about female labour force participation.

"I think, the most important thing is the understanding that you need export-led growth because that's where you increase productivity when you compete in international markets; that's where you gain knowledge by interacting with competitors and with customers abroad. And so, it is that mindset," the top World Bank official said.

India, Timmer said, is exporting only 10 per cent of its GDP.

"What they should have exported is 30 per cent of the export of GDP, given all their characteristics. India is a big country, so normally a big country doesn't export that much in per cent of their GDP because when you're small you're a lot more open.

"But even for India, 30 per cent would have been normal if you look at the experience of other countries. It's only 10 per cent. So that's an enormous gap. And the gap is widening in the last couple of years,"&nbsp;he told PTI.

According to him, friction between India and Pakistan is unhelpful to the trade and economic growth in the region.

"The lack of regional integration is not the main course of the underperformance in exports. And that's often the assumption. When people look at South Asia, immediately the problem of very limited regional integration jumps up,"&nbsp;he said.

The latest report of the World bank on South Asia, he said, asserts that the economic underperformance of South Asian countries is mainly because they are locked on fundamental issues within the domestic economies that have prevented the countries to become much more export-led as one sees in East Asia.

Trade liberalisation, flexible labour markets skills, trying to address the big problem of the difference between the formal economy and the informal economy, he said are some of his recommendations for the South Asian countries.

"So, it's a lot of domestic issues also. It's not just trading policies. A lot of domestic issues that have to be addressed to unleash that potential that has not been utilised now in exports. It's not one single issue that can solve,"&nbsp;he said.

Responding to a question, Timmer said the South Asian countries need to learn from China.

"The fact that China has been so competitive for so long means that China did something right whereas South Asia didn't do it right. There was a clear focus in China to have export-led growth and to integrate into global markets. And you see a sharp increase in productivity at all. This is not an explanation that we couldn't compete. Somehow, the Chinese did it better than South Asia,"&nbsp;he said.

The top bank official asserted that China is a "big opportunity" for South Asia.

"The slowdown in China is not a cyclical slowdown. It's not because they don't demand any more. They are slowing down because of the supply side. They're running out of cheap labour in general because of their success. They are no longer that competitive, and they have now that policy that they want to rebalance their economy much more towards domestic services, less towards exports," he said.

That means that it has become easier to export to China which is very important, Timmer said.

"It has become easier to compete with the Chinese. So for me China is, what is happening at the moment, is a big opportunity for South Asia,"&nbsp;he stressed.&nbsp;

India's economic growth in recent years has been "too much" driven by domestic demand and its exports were about one-third of its potential, a World Bank official said, asserting that the next government needs to focus on export-led growth.

India's economic growth in recent years has been "too much" driven by domestic demand and its exports were about one-third of its potential, a World Bank official said, asserting that the next government needs to focus on export-led growth. Praising attempts to liberalise markets within India, Hans Timmer, World Bank Chief Economist for the South Asia Region said, "that is what is needed to become more competitive." "At the same time you've seen also of the last couple of years that the current account deficit widened - an indication that increased growth came from the non-tradable sector -- from the domestic sector, and that makes it difficult to export more," Timmer told PTI in an interview. The polling for the first phase of seven-phase parliamentary polls in the country is scheduled to take place on April 11, with the last phase on May 19 and the results will be announced on May 23. In the last five years, he said, India's overall growth was "too much" driven by domestic demand, which resulted in double-digit growth of imports, and four to five per cent growth in exports. "In more recent months, that turned around somewhat. But the broader picture was that that's a minus," he said. "The pluses were that we have seen the GST trying to create more flexibility within the country so that it's easier to trade between states. That's what you need if you want to trade also with foreign countries," he said. Responding to a question, the World Bank official said the focus of the next government should be on reducing the stimulus of domestic demand. "That would be one. I think looking at trade liberalisation on the import side - that would be another to create more competition. I would look at what people feel like an impediment in the labour market. Is it difficult to go to those new jobs? What about the startups of young people? do they feel restrictions or not? he said, adding that it is also about female labour force participation. "I think, the most important thing is the understanding that you need export-led growth because that's where you increase productivity when you compete in international markets; that's where you gain knowledge by interacting with competitors and with customers abroad. And so, it is that mindset," the top World Bank official said. India, Timmer said, is exporting only 10 per cent of its GDP. "What they should have exported is 30 per cent of the export of GDP, given all their characteristics. India is a big country, so normally a big country doesn't export that much in per cent of their GDP because when you're small you're a lot more open. "But even for India, 30 per cent would have been normal if you look at the experience of other countries. It's only 10 per cent. So that's an enormous gap. And the gap is widening in the last couple of years," he told PTI. According to him, friction between India and Pakistan is unhelpful to the trade and economic growth in the region. "The lack of regional integration is not the main course of the underperformance in exports. And that's often the assumption. When people look at South Asia, immediately the problem of very limited regional integration jumps up," he said. The latest report of the World bank on South Asia, he said, asserts that the economic underperformance of South Asian countries is mainly because they are locked on fundamental issues within the domestic economies that have prevented the countries to become much more export-led as one sees in East Asia. Trade liberalisation, flexible labour markets skills, trying to address the big problem of the difference between the formal economy and the informal economy, he said are some of his recommendations for the South Asian countries. "So, it's a lot of domestic issues also. It's not just trading policies. A lot of domestic issues that have to be addressed to unleash that potential that has not been utilised now in exports. It's not one single issue that can solve," he said. Responding to a question, Timmer said the South Asian countries need to learn from China. "The fact that China has been so competitive for so long means that China did something right whereas South Asia didn't do it right. There was a clear focus in China to have export-led growth and to integrate into global markets. And you see a sharp increase in productivity at all. This is not an explanation that we couldn't compete. Somehow, the Chinese did it better than South Asia," he said. The top bank official asserted that China is a "big opportunity" for South Asia. "The slowdown in China is not a cyclical slowdown. It's not because they don't demand any more. They are slowing down because of the supply side. They're running out of cheap labour in general because of their success. They are no longer that competitive, and they have now that policy that they want to rebalance their economy much more towards domestic services, less towards exports," he said. That means that it has become easier to export to China which is very important, Timmer said. "It has become easier to compete with the Chinese. So for me China is, what is happening at the moment, is a big opportunity for South Asia," he stressed.

India's economic growth driven by domestic demand, need to focus on exports: World Bank

India’s <a href="https://www.wionews.com/business-economy/in-2018-indias-gdp-to-grow-at-73-china-to-grow-at-65-world-bank-189117">GDP growth</a> is expected to accelerate moderately to 7.5 per cent in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said.

The real GDP growth is estimated at 7.2 per cent in FY18/19, the World Bank said in its latest report on South Asia on Sunday ahead of the spring meeting of the World Bank and the International Monetary Fund. Data for the first three quarters suggest that growth has been broad-based. Industrial growth accelerated to 7.9 per cent, making up for a deceleration in services.

Balanced growth

Meanwhile, agriculture growth was robust at four per cent. On the demand side, domestic consumption remained the primary growth driver, but gross fixed capital formation and exports both made growing contributions. Over the last quarter, growth is expected to remain balanced across sectors, the report said. Inflation dynamics have been subdued over most of the FY18/19, the report said.

The World Bank said India’s GDP growth is expected to accelerate moderately to 7.5 per cent in FY19/20, driven by continued investment strengthening-particularly private- improved export performance, and resilient consumption. With robust growth, and food prices poised to recover, inflation is expected to converge toward four per cent, it said, adding that both the current account and the fiscal deficit are expected to narrow.

“On the external front, improvements in India’s export performance and low oil prices should bring about a reduction in the current account deficit to 1.9 per cent of GDP,” it said. “On the internal front, the consolidated fiscal deficit is projected to decline, albeit slowly (to 6.2 and 6.0 per cent of GDP in FY19/20 and FY20/21 respectively). As the centre’s deficit is budgeted to remain unchanged at 3.4 per cent of GDP in FY19/20, the burden of adjustment will rest on the states, the World Bank said.

Inflation

A sustained decline in food prices since July 2018, subsequently complemented by the softening of oil prices and concomitant appreciation of the rupee, has led to a steady decline in inflation, it noted. Observing that headline inflation stood at 2.6 per cent in February 2019, and the average for FY18/19 so far at 3.5 per cent, well below the RBI’s target-midpoint of four per cent, the report said that as a result, the RBI reduced the policy rate by 25 basis points (to 6.25 per cent) in February 2019. However, the report said that the current account deficit widened in FY18-19.

India’s external position worsened significantly in the first half of FY18-19, as large portfolio outflows were triggered by US monetary policy and fears of contagion from stress in some emerging market economies. The nominal exchange rate depreciated, and foreign reserves declined by over eight per cent over January to October 2018. However, since then, the decline in oil prices and the United States Fed signalling a slower pace of normalisation than initially anticipated led to a partial reversal. Portfolio outflows have reversed, and the rupee has appreciated by about four per cent since October 2018.

India’s GDP growth is expected to accelerate moderately to 7.5 per cent in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said.

India’s GDP growth is expected to accelerate moderately to 7.5 per cent in Fiscal Year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption, the World Bank has said. The real GDP growth is estimated at 7.2 per cent in FY18/19, the World Bank said in its latest report on South Asia on Sunday ahead of the spring meeting of the World Bank and the International Monetary Fund. Data for the first three quarters suggest that growth has been broad-based. Industrial growth accelerated to 7.9 per cent, making up for a deceleration in services. Balanced growth Meanwhile, agriculture growth was robust at four per cent. On the demand side, domestic consumption remained the primary growth driver, but gross fixed capital formation and exports both made growing contributions. Over the last quarter, growth is expected to remain balanced across sectors, the report said. Inflation dynamics have been subdued over most of the FY18/19, the report said. The World Bank said India’s GDP growth is expected to accelerate moderately to 7.5 per cent in FY19/20, driven by continued investment strengthening-particularly private- improved export performance, and resilient consumption. With robust growth, and food prices poised to recover, inflation is expected to converge toward four per cent, it said, adding that both the current account and the fiscal deficit are expected to narrow. “On the external front, improvements in India’s export performance and low oil prices should bring about a reduction in the current account deficit to 1.9 per cent of GDP,” it said. “On the internal front, the consolidated fiscal deficit is projected to decline, albeit slowly (to 6.2 and 6.0 per cent of GDP in FY19/20 and FY20/21 respectively). As the centre’s deficit is budgeted to remain unchanged at 3.4 per cent of GDP in FY19/20, the burden of adjustment will rest on the states, the World Bank said. Inflation A sustained decline in food prices since July 2018, subsequently complemented by the softening of oil prices and concomitant appreciation of the rupee, has led to a steady decline in inflation, it noted. Observing that headline inflation stood at 2.6 per cent in February 2019, and the average for FY18/19 so far at 3.5 per cent, well below the RBI’s target-midpoint of four per cent, the report said that as a result, the RBI reduced the policy rate by 25 basis points (to 6.25 per cent) in February 2019. However, the report said that the current account deficit widened in FY18-19. India’s external position worsened significantly in the first half of FY18-19, as large portfolio outflows were triggered by US monetary policy and fears of contagion from stress in some emerging market economies. The nominal exchange rate depreciated, and foreign reserves declined by over eight per cent over January to October 2018. However, since then, the decline in oil prices and the United States Fed signalling a slower pace of normalisation than initially anticipated led to a partial reversal. Portfolio outflows have reversed, and the rupee has appreciated by about four per cent since October 2018.

India’s GDP expected to accelerate moderately to 7.5% in 2019-20: World Bank

Equity benchmarks Sensex and Nifty were hit by volatility and registered losses on Monday as investors turned cautious ahead of the start of corporate earnings season and polling for the general elections.

The BSE gauge Sensex ended lower by 161.70 points at 38,700.53, while the NSE Nifty lost 61.45 points to settle the day at 11,604.50.

Losses mainly in financial, metal and energy stocks dragged the Sensex into the red.

Oil stocks came under pressure due to constant rise in global crude oil prices.

International benchmark Brent was trading at 70.81 per barrel, up 0.67 per cent.

Among the Sensex constituents, Yes Bank emerged as the biggest laggard with 2.66 per cent drop in share price. Other top losers were Bajaj Finance, Vedanta, Tata Motors, Reliance Industries and SBI -- dropping as much as 2.57 per cent.

On the other hand, Infosys, Mahindra and Mahindra, ONGC, TCS, PowerGrid and NTPC closed with significant gains on the Sensex chart.

Of the 30 Sensex shares, 20 witnessed losses and 10 saw gains.

The 30-share gauge opened higher at 38,993.60 against the previous close of 38,862.23. Intra-day, it hit a high of 39,041.25 and a low of 38,520.96, swinging over 520 points. The BSE benchmark finally settled at 38,700.53, losing 161.70 points or 0.42 per cent.

Similarly, the 50-share NSE Nifty started off on a positive note at 11,704.35 against the Friday's close of 11,665.95. The index traded in the range of 11,549.10 and 11,710.30 during the day. It swung over 161 points during the session. The NSE barometer finally closed at 11,604.50, up 61.45&nbsp; 
points or 0.53 per cent.

Market analysts believe that the upcoming corporate results season along with beginning of polling for general elections will drive trading sentiments over the next few weeks as investors will be keenly watching such developments.

The country's top two software exporters TCS and Infosys will announce their quarterly earnings on Friday.

Lok Sabha elections will begin on April 11 and will be held over seven phases followed by counting of votes on May 23.

Asian markets closed mixed on Monday, helped by better-than-expected US jobs data and signs of progress in US-China trade talks.

South Korea's KOSPI gained nearly 1 per cent and Hong Kong's Hang Seng index rose 0.41 per cent. While Japan's Nikkei slipped 0.21 per cent and China's Shanghai Composite index edged lower by 0.05 per cent.

In Europe, major market indices were trading mostly lower on Monday.

Meanwhile, the Indian rupee has started feeling the heat of rising crude prices and was trading 44 paise lower at 69.67 to the US dollar.

Besides, the strengthening US dollar on account of a rebound in payrolls data further impacted the rupee sentiment.

On Friday, the BSE Sensex had logged 177.51 points or 0.49 per cent gains to close at 38,862.23; while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95.

During the week, the Sensex saw 182.32 points or 0.48 per cent rise; and the Nifty gained 42.05 points, or 0.36 per cent.&nbsp;

Equity benchmarks Sensex and Nifty were hit by volatility and registered losses on Monday as investors turned cautious ahead of the start of corporate earnings season and polling for the general elections.

Equity benchmarks Sensex and Nifty were hit by volatility and registered losses on Monday as investors turned cautious ahead of the start of corporate earnings season and polling for the general elections. The BSE gauge Sensex ended lower by 161.70 points at 38,700.53, while the NSE Nifty lost 61.45 points to settle the day at 11,604.50. Losses mainly in financial, metal and energy stocks dragged the Sensex into the red. Oil stocks came under pressure due to constant rise in global crude oil prices. International benchmark Brent was trading at 70.81 per barrel, up 0.67 per cent. Among the Sensex constituents, Yes Bank emerged as the biggest laggard with 2.66 per cent drop in share price. Other top losers were Bajaj Finance, Vedanta, Tata Motors, Reliance Industries and SBI -- dropping as much as 2.57 per cent. On the other hand, Infosys, Mahindra and Mahindra, ONGC, TCS, PowerGrid and NTPC closed with significant gains on the Sensex chart. Of the 30 Sensex shares, 20 witnessed losses and 10 saw gains. The 30-share gauge opened higher at 38,993.60 against the previous close of 38,862.23. Intra-day, it hit a high of 39,041.25 and a low of 38,520.96, swinging over 520 points. The BSE benchmark finally settled at 38,700.53, losing 161.70 points or 0.42 per cent. Similarly, the 50-share NSE Nifty started off on a positive note at 11,704.35 against the Friday's close of 11,665.95. The index traded in the range of 11,549.10 and 11,710.30 during the day. It swung over 161 points during the session. The NSE barometer finally closed at 11,604.50, up 61.45 points or 0.53 per cent. Market analysts believe that the upcoming corporate results season along with beginning of polling for general elections will drive trading sentiments over the next few weeks as investors will be keenly watching such developments. The country's top two software exporters TCS and Infosys will announce their quarterly earnings on Friday. Lok Sabha elections will begin on April 11 and will be held over seven phases followed by counting of votes on May 23. Asian markets closed mixed on Monday, helped by better-than-expected US jobs data and signs of progress in US-China trade talks. South Korea's KOSPI gained nearly 1 per cent and Hong Kong's Hang Seng index rose 0.41 per cent. While Japan's Nikkei slipped 0.21 per cent and China's Shanghai Composite index edged lower by 0.05 per cent. In Europe, major market indices were trading mostly lower on Monday. Meanwhile, the Indian rupee has started feeling the heat of rising crude prices and was trading 44 paise lower at 69.67 to the US dollar. Besides, the strengthening US dollar on account of a rebound in payrolls data further impacted the rupee sentiment. On Friday, the BSE Sensex had logged 177.51 points or 0.49 per cent gains to close at 38,862.23; while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95. During the week, the Sensex saw 182.32 points or 0.48 per cent rise; and the Nifty gained 42.05 points, or 0.36 per cent.

Sensex, Nifty end lower in volatile trade; financial, metal stocks weigh

South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea's Maeil Business Newspaper reported on Saturday.

Both companies plan to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030, the report, which cited unnamed industry sources, said.

The agreement was signed on the sidelines of a business forum held in Seoul on Thursday by the South Korean government and China's Guangdong province, it said.

Hyundai and Tencent did not offer any immediate comments on the report.

The two companies are also exploring ways to utilise Tencent's popular WeChat messaging app in developing China-targeted car models, the newspaper said.

Hyundai, the world's 5th largest automaker together with affiliate Kia Motors, has been fostering partnerships with self-driving tech and social media firms as it aims to introduce highly automated vehicles by 2020 and fully autonomous vehicles by 2030.

Hyundai Mobis, another affiliate of the carmaker, clinched an agreement last month with Russia's largest internet search engine Yandex to jointly develop control systems for driverless vehicles.

Shenzhen-based and Hong Kong-listed Tencent has also ventured into self-driving tech and had advertised to recruit engineers in Silicon Valley last year.

South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea's Maeil Business Newspaper reported on Saturday.

South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea's Maeil Business Newspaper reported on Saturday. Both companies plan to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030, the report, which cited unnamed industry sources, said. The agreement was signed on the sidelines of a business forum held in Seoul on Thursday by the South Korean government and China's Guangdong province, it said. Hyundai and Tencent did not offer any immediate comments on the report. The two companies are also exploring ways to utilise Tencent's popular WeChat messaging app in developing China-targeted car models, the newspaper said. Hyundai, the world's 5th largest automaker together with affiliate Kia Motors, has been fostering partnerships with self-driving tech and social media firms as it aims to introduce highly automated vehicles by 2020 and fully autonomous vehicles by 2030. Hyundai Mobis, another affiliate of the carmaker, clinched an agreement last month with Russia's largest internet search engine Yandex to jointly develop control systems for driverless vehicles. Shenzhen-based and Hong Kong-listed Tencent has also ventured into self-driving tech and had advertised to recruit engineers in Silicon Valley last year.

Hyundai, Tencent to develop software for driverless cars: Report

The BSE benchmark Sensex jumped over 200 points in early trade Friday led by gains in realty, metal, oil and gas and banking stocks amid positive global cues on hopes of a trade deal between the US and China.

The BSE gauge Sensex was trading 200.69 points, or 0.52 per cent, higher at 38,885.41. The 30-share Sensex index settled 192.40 points, or 0.49 per cent, lower at 38,684.72 in its previous session.

Similarly, the NSE benchmark Nifty rose 60.45 points, or 0.52 per cent, to 11,658.45 in the early session.

Top gainers in the Sensex pack include IndusInd Bank, Yes Bank, Infosys, TCS, Vedanta, M&amp;M, Kotak Bank, M&amp;M, Sun Pharma, ONGC and ICICI Bank, rising up to 1.60 per cent.

On the other hand, Asian Paints, Hero MotoCorp, Bharti Airtel, PowerGrid, HUL, Maruti and SBI were the top losers, falling up to 0.74 per cent.

According to traders, investors followed cues from other Asian markets which were trading on a positive note US President Donald Trump on Friday said the United States and China are close to entering into a trade agreement and something very "monumental" could be announced in next four weeks.

Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies entered into a trade war and imposed tariffs on more than USD 360 billion in two-way trade.

Investors were cautious about the downward revision in GDP growth to 7.2 per cent for FY20 by the Reserve Bank of India, while premium valuation and concerns over monsoon further impacted the sentiment. However, dovish view by global central banks and likely better results in Q4FY19 can stabilise the market in the near future, experts said.

Meanwhile, foreign institutional investors (FIIs) pulled out Rs 226.19 crore Thursday, and domestic institutional investors (DIIs) bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed.

On the macro front, the rupee appreciated 10 paise to trade at 69.07 to the US dollar in early trade on Friday.

Brent crude futures, the global oil benchmark, fell 0.22 per cent to trade at USD 69.25 per barrel.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positively.

The BSE benchmark Sensex jumped over 200 points in early trade Friday led by gains in realty, metal, oil and gas and banking stocks amid positive global cues on hopes of a trade deal between the US and China.

The BSE benchmark Sensex jumped over 200 points in early trade Friday led by gains in realty, metal, oil and gas and banking stocks amid positive global cues on hopes of a trade deal between the US and China. The BSE gauge Sensex was trading 200.69 points, or 0.52 per cent, higher at 38,885.41. The 30-share Sensex index settled 192.40 points, or 0.49 per cent, lower at 38,684.72 in its previous session. Similarly, the NSE benchmark Nifty rose 60.45 points, or 0.52 per cent, to 11,658.45 in the early session. Top gainers in the Sensex pack include IndusInd Bank, Yes Bank, Infosys, TCS, Vedanta, M&M, Kotak Bank, M&M, Sun Pharma, ONGC and ICICI Bank, rising up to 1.60 per cent. On the other hand, Asian Paints, Hero MotoCorp, Bharti Airtel, PowerGrid, HUL, Maruti and SBI were the top losers, falling up to 0.74 per cent. According to traders, investors followed cues from other Asian markets which were trading on a positive note US President Donald Trump on Friday said the United States and China are close to entering into a trade agreement and something very "monumental" could be announced in next four weeks. Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies entered into a trade war and imposed tariffs on more than USD 360 billion in two-way trade. Investors were cautious about the downward revision in GDP growth to 7.2 per cent for FY20 by the Reserve Bank of India, while premium valuation and concerns over monsoon further impacted the sentiment. However, dovish view by global central banks and likely better results in Q4FY19 can stabilise the market in the near future, experts said. Meanwhile, foreign institutional investors (FIIs) pulled out Rs 226.19 crore Thursday, and domestic institutional investors (DIIs) bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed. On the macro front, the rupee appreciated 10 paise to trade at 69.07 to the US dollar in early trade on Friday. Brent crude futures, the global oil benchmark, fell 0.22 per cent to trade at USD 69.25 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positively.

Sensex rises over 200 points amid positive global cues on US-China trade deal

Snap Inc on Thursday launched a gaming platform within its Snapchat app featuring original and third-party games such as Zynga Inc's Tiny Royale, aiming to keep existing users engaged longer and attract new ones.

Snap also announced a slew of fresh features and content for existing products, adding shows from Bunim/Murray Productions and BuzzFeed and augmented reality filters including templates of landmarks. It said it will also allow advertisers to buy ads that run outside the Snapchat platform.

Snap made the announcement at its first-ever Partner Summit in Los Angeles. The new features and content are aimed at keeping its core base of 13-34-year-olds on its messaging platform longer even as overall user growth has stalled.

Snap faces fierce competition for users and advertisers from bigger and far better-financed rivals. For instance, Facebook Inc's platform and Instagram photo-sharing app have copied popular Snapchat features like Stories, a personal feed of photos and videos that disappear after 24 hours.

In 2018, Instagram had about 400 million daily active users on its version of Stories, more than twice Snapchat's daily users.

Snap must also battle for user attention against newer rivals like TikTok, a short-form video app owned by Chinese tech company Bytedance.

The number of daily active users on Snapchat has held steady or fallen for the past several quarters, but the app is still wildly popular among young users.

Snapchat reaches 75 per cent of 13-34-year-olds and 90 per cent of 13-24-year-olds in the United States.

"We wanted to build something that makes us feel like we're playing a board game with family over a long holiday weekend," Will Wu, director of product at Snap, told creators and developers who had accepted invitations to the one-day event.

"Something that makes us feel like we're sitting with friends, controllers in hand, looking at the same screen."

The games include Snap's flagship Bitmoji Party, Spry Fox's Alphabear Hustle, ZeptoLab's CATS Drift Race, Game Closure's Snake Squad, PikPok's Zombie Rescue Squad and Zynga's Tiny Royale. They can be played from Snapchat's main "Chat" messaging feature.

Snap said the gaming platform will have non-skippable, six-second video ads, a relatively new format that boosted fourth-quarter revenue.

Snap also announced a product called "Snap Audience Network" which will allow advertisers to buy vertical ads that run beyond Snap's platform to third-party apps. The tool has not been rolled out but Snap made the announcement on Thursday to get developers and publishers on board, its spokesman said.

The company also launched new augmented reality "lenses," or filters that overlay video, including templates of landmarks like Buckingham Palace in London, the US Capitol Building in Washington DC, and the Eiffel Tower in Paris.

As part of Snap's push to expose more content outside of the platform, the company also launched "App Stories" with partners like Tinder which would allow users to update their dating profiles with Snapchat Stories.

Snap Inc on Thursday launched a gaming platform within its Snapchat app featuring original and third-party games such as Zynga Inc's Tiny Royale, aiming to keep existing users engaged longer and attract new ones.

Snap Inc on Thursday launched a gaming platform within its Snapchat app featuring original and third-party games such as Zynga Inc's Tiny Royale, aiming to keep existing users engaged longer and attract new ones. Snap also announced a slew of fresh features and content for existing products, adding shows from Bunim/Murray Productions and BuzzFeed and augmented reality filters including templates of landmarks. It said it will also allow advertisers to buy ads that run outside the Snapchat platform. Snap made the announcement at its first-ever Partner Summit in Los Angeles. The new features and content are aimed at keeping its core base of 13-34-year-olds on its messaging platform longer even as overall user growth has stalled. Snap faces fierce competition for users and advertisers from bigger and far better-financed rivals. For instance, Facebook Inc's platform and Instagram photo-sharing app have copied popular Snapchat features like Stories, a personal feed of photos and videos that disappear after 24 hours. In 2018, Instagram had about 400 million daily active users on its version of Stories, more than twice Snapchat's daily users. Snap must also battle for user attention against newer rivals like TikTok, a short-form video app owned by Chinese tech company Bytedance. The number of daily active users on Snapchat has held steady or fallen for the past several quarters, but the app is still wildly popular among young users. Snapchat reaches 75 per cent of 13-34-year-olds and 90 per cent of 13-24-year-olds in the United States. "We wanted to build something that makes us feel like we're playing a board game with family over a long holiday weekend," Will Wu, director of product at Snap, told creators and developers who had accepted invitations to the one-day event. "Something that makes us feel like we're sitting with friends, controllers in hand, looking at the same screen." The games include Snap's flagship Bitmoji Party, Spry Fox's Alphabear Hustle, ZeptoLab's CATS Drift Race, Game Closure's Snake Squad, PikPok's Zombie Rescue Squad and Zynga's Tiny Royale. They can be played from Snapchat's main "Chat" messaging feature. Snap said the gaming platform will have non-skippable, six-second video ads, a relatively new format that boosted fourth-quarter revenue. Snap also announced a product called "Snap Audience Network" which will allow advertisers to buy vertical ads that run beyond Snap's platform to third-party apps. The tool has not been rolled out but Snap made the announcement on Thursday to get developers and publishers on board, its spokesman said. The company also launched new augmented reality "lenses," or filters that overlay video, including templates of landmarks like Buckingham Palace in London, the US Capitol Building in Washington DC, and the Eiffel Tower in Paris. As part of Snap's push to expose more content outside of the platform, the company also launched "App Stories" with partners like Tinder which would allow users to update their dating profiles with Snapchat Stories.

Snap adds games to Snapchat app to hold on to young users

Indian Oil Corporation has resumed <a href="https://www.wionews.com/business-economy/indian-oil-corporation-stops-fuel-supply-to-jet-airways-208130">fuel services to Jet Airways</a>, news agency ANI reported.&nbsp;

The development came shortly after the public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon on Friday.

Jet Airways, in which SBI-led consortium of lenders is set to take management control under a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes.

On March 25, Jet Airways board had approved a resolution plan formulated by SBI-led domestic lenders, under which had agreed to infuse an emergency funding of Rs 1,500 crore into the airline, and convert the same into equity worth 50.1 per cent for a notional value of just Re 1 each share.

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<a href="https://twitter.com/hashtag/UPDATE?src=hash&amp;ref_src=twsrc%5Etfw">#UPDATE</a>: Indian Oil Corporation Ltd (IOCL) has resumed fuel services to Jet Airways. <a href="https://t.co/hzUz59TzEI">https://t.co/hzUz59TzEI</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1114133596518928384?ref_src=twsrc%5Etfw">April 5, 2019</a></blockquote>
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The airline, however, has not yet received the much-needed funds.&nbsp;

Meanwhile, another report states that lessors to Jet Airways are planning to ask the aviation regulator to <a href="https://www.wionews.com/business-economy/jet-crisis-deepens-lessors-to-de-register-more-planes-over-10-days-sources-208167">de-register many more planes</a> leased to the airline, three sources said, signalling a planned bailout of the debt-laden carrier is failing to assuage their concerns, news agency Reuters reported.&nbsp;

About six lessors are expected to apply to the Directorate General of Civil Aviation (DGCA) to de-register up to 15 planes that have already been grounded, over the next 10 days, one of the sources with direct knowledge of the matter told Reuters.

This is in addition to the five planes that MC Aviation Partners, a subsidiary of Mitsubishi, applied on Friday to de-register, the source said.

Once de-registered, lessors can take the plane out of the country and lease them to other airlines.

While some lessors have already taken their planes out after a mutual agreement with Jet, sources say the latest applications to do so are on a non-consensual basis.

This deepens the crisis for Jet that has had to ground more than three-quarters of its fleet of 119 planes, many due to non-payment to lessors, leading to hundreds of flight cancellations.

(With inputs from Reuters)

Indian Oil Corporation has resumed fuel services to Jet Airways, news agency ANI reported. The development came shortly after the public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon on Friday.

Indian Oil Corporation has resumed fuel services to Jet Airways, news agency ANI reported. The development came shortly after the public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon on Friday. Jet Airways, in which SBI-led consortium of lenders is set to take management control under a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes. On March 25, Jet Airways board had approved a resolution plan formulated by SBI-led domestic lenders, under which had agreed to infuse an emergency funding of Rs 1,500 crore into the airline, and convert the same into equity worth 50.1 per cent for a notional value of just Re 1 each share. #UPDATE: Indian Oil Corporation Ltd (IOCL) has resumed fuel services to Jet Airways. https://t.co/hzUz59TzEI — ANI (@ANI) April 5, 2019 × The airline, however, has not yet received the much-needed funds. Meanwhile, another report states that lessors to Jet Airways are planning to ask the aviation regulator to de-register many more planes leased to the airline, three sources said, signalling a planned bailout of the debt-laden carrier is failing to assuage their concerns, news agency Reuters reported. About six lessors are expected to apply to the Directorate General of Civil Aviation (DGCA) to de-register up to 15 planes that have already been grounded, over the next 10 days, one of the sources with direct knowledge of the matter told Reuters. This is in addition to the five planes that MC Aviation Partners, a subsidiary of Mitsubishi, applied on Friday to de-register, the source said. Once de-registered, lessors can take the plane out of the country and lease them to other airlines. While some lessors have already taken their planes out after a mutual agreement with Jet, sources say the latest applications to do so are on a non-consensual basis. This deepens the crisis for Jet that has had to ground more than three-quarters of its fleet of 119 planes, many due to non-payment to lessors, leading to hundreds of flight cancellations. (With inputs from Reuters)

Indian Oil Corporation resumes fuel services to Jet Airways

Lessors to <a href="https://www.wionews.com/business-economy/indian-oil-corporation-stops-fuel-supply-to-jet-airways-208130">Jet Airways</a> are planning to ask aviation regulator to de-register many more planes leased to the airline, three sources said, signalling a planned bailout of the debt-laden carrier is failing to assuage their concerns.

About six lessors are expected to apply to the Directorate General of Civil Aviation (DGCA) to de-register up to 15 planes that have already been grounded, over the next 10 days, one of the sources with direct knowledge of the matter told Reuters.

This is in addition to the five planes that MC Aviation Partners, a subsidiary of Mitsubishi, applied on Friday to de-register, the source said.

Once de-registered, lessors can take the plane out of the country and lease them to other airlines.

While some lessors have already taken their planes out after a mutual agreement with Jet, sources say the latest applications to do so are on a non-consensual basis.

This deepens the crisis for Jet that has had to ground more than three-quarters of its fleet of 119 planes, many due to non-payment to lessors, leading to hundreds of flight cancellations.

It was not immediately clear which of its lessors were planning to apply for de-registration in the coming days.

About 100 of Jet's 119 mainly Boeing planes are leased by companies such as Avolon, GE Capital Aviation Services and AerCap Holdings.

Avolon, one of the world's biggest aircraft lessors, on Thursday applied to the DGCA to take two of its planes placed with Jet outside of India, making it the first to pull planes out on a non-consensual basis.

"The lessors are really hassled," said one of the sources, declining to be identified as the discussions were private.

"Nobody wants to take risks."

Jet, India's oldest private carrier now controlled by its lenders, did not respond to requests for comment.

Reflecting the overall risk-off sentiment, Indian Oil halted jet fuel supplies to the airline from Friday noon, saying it hopes to soon resolve payment issue with Jet.

Jet shares ended down 1.6 per cent in a positive Mumbai market.

DOWN TO THE WIRE

India is keen to save Jet to prevent thousands of job losses, which could potentially dent sentiment days ahead of a federal election in which Prime Minister Narendra Modi seeks to secure a second term.

Jet's lenders, led by State Bank of India (SBI), last month agreed to bail out the airline in a complex deal that involved the banks taking a majority stake in the company, while they continue looking for a new investor, and providing a fresh loan of $218 million.

The lenders said late on Thursday they intended to push forward with their plan but offered no clarity on the interim funding.

Some lessors have been sceptical about whether this proposed bailout can clear their dues on time. Several have not been paid for five to six months, a source has told Reuters.

"It's getting down to the wire. If nothing comes out by next week, I think it's done," said another source.

After Kingfisher Airlines' disorderly collapse in 2012, the government modified rules in line with the Cape Town Convention, an international treaty that makes it easier for foreign lessors to repossess aircraft during payment defaults.

In theory, lessors have the option to file a complaint with the DGCA, which in turn can cancel a plane's registration within five working days. But this is subject to some conditions such as clearing dues owed to airport operators, fuel vendors, tax authorities and other private entities.

The government also needs to revise some local laws that conflict with the full implementation of the convention, making it a more complicated process in India than in some other countries.

Lessors to Jet Airways are planning to ask aviation regulator to de-register many more planes leased to the airline, three sources said, signalling a planned bailout of the debt-laden carrier is failing to assuage their concerns.

Lessors to Jet Airways are planning to ask aviation regulator to de-register many more planes leased to the airline, three sources said, signalling a planned bailout of the debt-laden carrier is failing to assuage their concerns. About six lessors are expected to apply to the Directorate General of Civil Aviation (DGCA) to de-register up to 15 planes that have already been grounded, over the next 10 days, one of the sources with direct knowledge of the matter told Reuters. This is in addition to the five planes that MC Aviation Partners, a subsidiary of Mitsubishi, applied on Friday to de-register, the source said. Once de-registered, lessors can take the plane out of the country and lease them to other airlines. While some lessors have already taken their planes out after a mutual agreement with Jet, sources say the latest applications to do so are on a non-consensual basis. This deepens the crisis for Jet that has had to ground more than three-quarters of its fleet of 119 planes, many due to non-payment to lessors, leading to hundreds of flight cancellations. It was not immediately clear which of its lessors were planning to apply for de-registration in the coming days. About 100 of Jet's 119 mainly Boeing planes are leased by companies such as Avolon, GE Capital Aviation Services and AerCap Holdings. Avolon, one of the world's biggest aircraft lessors, on Thursday applied to the DGCA to take two of its planes placed with Jet outside of India, making it the first to pull planes out on a non-consensual basis. "The lessors are really hassled," said one of the sources, declining to be identified as the discussions were private. "Nobody wants to take risks." Jet, India's oldest private carrier now controlled by its lenders, did not respond to requests for comment. Reflecting the overall risk-off sentiment, Indian Oil halted jet fuel supplies to the airline from Friday noon, saying it hopes to soon resolve payment issue with Jet. Jet shares ended down 1.6 per cent in a positive Mumbai market. DOWN TO THE WIRE India is keen to save Jet to prevent thousands of job losses, which could potentially dent sentiment days ahead of a federal election in which Prime Minister Narendra Modi seeks to secure a second term. Jet's lenders, led by State Bank of India (SBI), last month agreed to bail out the airline in a complex deal that involved the banks taking a majority stake in the company, while they continue looking for a new investor, and providing a fresh loan of $218 million. The lenders said late on Thursday they intended to push forward with their plan but offered no clarity on the interim funding. Some lessors have been sceptical about whether this proposed bailout can clear their dues on time. Several have not been paid for five to six months, a source has told Reuters. "It's getting down to the wire. If nothing comes out by next week, I think it's done," said another source. After Kingfisher Airlines' disorderly collapse in 2012, the government modified rules in line with the Cape Town Convention, an international treaty that makes it easier for foreign lessors to repossess aircraft during payment defaults. In theory, lessors have the option to file a complaint with the DGCA, which in turn can cancel a plane's registration within five working days. But this is subject to some conditions such as clearing dues owed to airport operators, fuel vendors, tax authorities and other private entities. The government also needs to revise some local laws that conflict with the full implementation of the convention, making it a more complicated process in India than in some other countries.

Jet crisis deepens, lessors to de-register more planes over 10 days: Report

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.

The 30-share Sensex index jumped 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95.

Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&amp;M and ITC.

On the other hand, SBI, PowerGrid, Hero MotoCorp, NTPC, Sun Pharma, HUL, HCL Tech, Yes Bank and Asian Paints were among the top losers, shedding up to 1.46 per cent.

The market ended on a positive note with broad-based gains post two days of consolidation supported by favourable global cues on account of progress in US-China trade talks, said Vinod Nair, Head of Research, Geojit Financial Services.

US President Donald Trump on Friday said the United States and China are close to a trade agreement and something very "monumental" could be announced in the next four weeks.

Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies imposed tariffs on goods worth more than $360 billion.

"Metals and IT index outperformed given improvement in global investor sentiment and dollar strength. Mid and small caps were outperforming on account of relative value buying opportunities compared to large caps. Going ahead, investors focus will be on Q4 results season starting next&nbsp; 
week," Nair added.

The BSE metal, realty, Teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent.

Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent.

Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed.

In Asia, Korea's Kospi inched up 0.14 per cent, Japan's Nikkei climbed 0.38 per cent and Topix gained 0.35 per cent.

In Europe, Frankfurt's DAX was down 0.16 per cent, while Paris CAC 40 rose 0.07 per cent, and London's FTSE moved up 0.07 per cent in early deals. 
On the macro front, the benchmark Brent crude futures slipped 0.30 per cent to $69.19 per barrel.

The rupee depreciated 7 paise to 69.24 against the US dollar intra-day.&nbsp;

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks. The 30-share Sensex index jumped 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95. Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&M and ITC. On the other hand, SBI, PowerGrid, Hero MotoCorp, NTPC, Sun Pharma, HUL, HCL Tech, Yes Bank and Asian Paints were among the top losers, shedding up to 1.46 per cent. The market ended on a positive note with broad-based gains post two days of consolidation supported by favourable global cues on account of progress in US-China trade talks, said Vinod Nair, Head of Research, Geojit Financial Services. US President Donald Trump on Friday said the United States and China are close to a trade agreement and something very "monumental" could be announced in the next four weeks. Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies imposed tariffs on goods worth more than $360 billion. "Metals and IT index outperformed given improvement in global investor sentiment and dollar strength. Mid and small caps were outperforming on account of relative value buying opportunities compared to large caps. Going ahead, investors focus will be on Q4 results season starting next week," Nair added. The BSE metal, realty, Teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent. Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent. Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed. In Asia, Korea's Kospi inched up 0.14 per cent, Japan's Nikkei climbed 0.38 per cent and Topix gained 0.35 per cent. In Europe, Frankfurt's DAX was down 0.16 per cent, while Paris CAC 40 rose 0.07 per cent, and London's FTSE moved up 0.07 per cent in early deals. On the macro front, the benchmark Brent crude futures slipped 0.30 per cent to $69.19 per barrel. The rupee depreciated 7 paise to 69.24 against the US dollar intra-day.

Sensex ends 178 points higher, Nifty tops 11,600

Indian Oil Corporation (IOC) Friday stopped fuel supply to the <a href="https://www.wionews.com/business-economy/jet-airways-lenders-to-invite-bids-for-stake-sale-on-april-6-207992">struggling carrier Jet Airways</a> for non-payment.

The public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon Friday, sources told PTI.

Response to a query sent to Jet Airways on this issue was awaited.

Jet Airways, in which SBI-led consortium of lenders is set to take management control under a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes.

On March 25, Jet Airways board had approved a resolution plan formulated by SBI-led domestic lenders, under which had agreed to infuse an emergency funding of Rs 1,500 crore into the airline, and convert the same into equity worth 50.1 per cent for a notional value of just Re 1 each share.

The airline, however, has not yet received the much-needed funds.&nbsp;

Indian Oil Corporation (IOC) Friday stopped fuel supply to the struggling carrier Jet Airways for non-payment. The public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon Friday, sources told PTI.

Indian Oil Corporation (IOC) Friday stopped fuel supply to the struggling carrier Jet Airways for non-payment. The public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon Friday, sources told PTI. Response to a query sent to Jet Airways on this issue was awaited. Jet Airways, in which SBI-led consortium of lenders is set to take management control under a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes. On March 25, Jet Airways board had approved a resolution plan formulated by SBI-led domestic lenders, under which had agreed to infuse an emergency funding of Rs 1,500 crore into the airline, and convert the same into equity worth 50.1 per cent for a notional value of just Re 1 each share. The airline, however, has not yet received the much-needed funds.

Indian Oil Corporation stops fuel supply to Jet Airways

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%