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The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices.

This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 27 paise. In the previous week, the local unit had slumped by 81 paise.

Forex traders said foreign fund outflows, gain in domestic equity market and stronger dollar against its key rival currencies impacted the rupee trading pattern.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.12 and fell further to touch the day's low of 71.24.

The domestic currency, however, pared some losses and finally ended at 71.19 per dollar, down by 16 paise against its previous close.

On Thursday, the rupee had settled 21 paise higher at 71.03 against the US dollar.

"Along with rupee, the benchmark government bonds also dropped, as fiscal worries have continued to weigh on markets with Finance Minister Arun Jaitley hinting of a possible 'people friendly' budget ahead of general election," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

Domestic equity market closed marginally higher Friday. The <a href="http://www.wionews.com/business-economy/sensex-nifty-end-marginally-higher-ril-shines-post-q3-show-191246">BSE Sensex</a> settled 12.53 points or 0.03 per cent, higher at 36,386.61. The broader NSE Nifty inched up 1.75 points, or 0.02 per cent, to 10,906.95.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 96.02.

"ICE dollar index steadied during the day but was set for its first weekly rise in five weeks as doubts grew on the ability of other major global central banks such as the European Central Bank to start raising interest rates this year," Sharma said.

Brent crude, the global benchmark, was trading at $61.90 per barrel, higher by 1.18 per cent.

On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1418 and for rupee/euro at 81.0656. The reference rate for rupee/British pound was fixed at 92.2946 and for rupee/100 Japanese yen at 65.04.&nbsp;

The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices.

The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices. This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 27 paise. In the previous week, the local unit had slumped by 81 paise. Forex traders said foreign fund outflows, gain in domestic equity market and stronger dollar against its key rival currencies impacted the rupee trading pattern. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.12 and fell further to touch the day's low of 71.24. The domestic currency, however, pared some losses and finally ended at 71.19 per dollar, down by 16 paise against its previous close. On Thursday, the rupee had settled 21 paise higher at 71.03 against the US dollar. "Along with rupee, the benchmark government bonds also dropped, as fiscal worries have continued to weigh on markets with Finance Minister Arun Jaitley hinting of a possible 'people friendly' budget ahead of general election," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. Domestic equity market closed marginally higher Friday. The BSE Sensex settled 12.53 points or 0.03 per cent, higher at 36,386.61. The broader NSE Nifty inched up 1.75 points, or 0.02 per cent, to 10,906.95. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 96.02. "ICE dollar index steadied during the day but was set for its first weekly rise in five weeks as doubts grew on the ability of other major global central banks such as the European Central Bank to start raising interest rates this year," Sharma said. Brent crude, the global benchmark, was trading at $61.90 per barrel, higher by 1.18 per cent. On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1418 and for rupee/euro at 81.0656. The reference rate for rupee/British pound was fixed at 92.2946 and for rupee/100 Japanese yen at 65.04.

Rupee settles 16 paise down at 71.19 vs US dollar; registers second weekly loss

<a href="https://www.google.com/url?q=http://www.wionews.com/opinions/why-there-will-be-no-winners-from-the-us-china-trade-war-191220&amp;sa=U&amp;ved=0ahUKEwibl46ClfffAhUFQH0KHX_NBDUQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3otA3INlmP6sCB8rwcjZGA">China</a>'s economy grew at its slowest pace in almost three decades in 2018, analysts in an AFP poll said, as the government struggles to contain ballooning debt and a bruising trade war with the United States.

And in a sign of the battle Beijing faces in getting things back on track, the survey of 13 economists also forecast expansion in the last three months to be at its weakest since the global financial crisis 10 years ago.

The figures are the latest in a long-running trend that has prompted officials to vow they will not let the economy "fall off a cliff" and announce support measures including tax cuts and making it easier for banks to lend.

The full-year figure of 6.6 per cent would be the worst since 1990 when the economy was hit by outrage over the Tiananmen Square crackdown a year earlier.

The October-December rate of 6.4 per cent marks the slowest quarter since 2009 and indicates China faces a tough year ahead.

"Economic momentum is clearly slowing," said Raymond Yeung, an economist at ANZ bank.

Economists in China and abroad have long suspected data is massaged upward, often noting that full-year gross domestic product hits Beijing's pre-set targets with suspicious regularity.

A widely respected global business think tank, the US-based Conference Board, says its methodology indicates growth of 4.1 per cent growth for the year.

Relations with a top trading partner the United States deteriorated sharply last year after <a href="https://www.google.com/url?q=http://www.wionews.com/world/trump-says-record-long-government-shutdown-could-be-resolved-in-15-minutes-189918&amp;sa=U&amp;ved=0ahUKEwiu1YmflfffAhWLqY8KHb1HB_cQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2WItk1bJRC5Ldh7JuLUsA-">President Donald Trump</a> hit roughly half of the Chinese imports with new tariffs in an attempt to force trade concessions from Beijing.

The trade war with the US is on hold for now after President Xi Jinping and Donald Trump agreed to a three-month ceasefire while the two sides try to find a resolution.

China's top negotiator is heading to Washington for talks this month ahead of a March deadline to avoid further tariff hikes, while a report said the US is considering lifting some levies in return for reforms by Beijing.

While analysts say the standoff has dented confidence — leaving the stock markets battered and the yuan weakened — they attribute most the downturn to government policies to tackle growing debt, financial risk, and pollution.

Stimulus measures 
&nbsp; 
The 2018 growth forecast is above the official target of around 6.5 per cent but down from the 6.8 per cent chalked up in the year before — after officials on Friday revised down the 2017 figure.&nbsp;

The National Bureau of Statistics will release its official results on Monday.

After halting some major infrastructure<a href="https://www.google.com/url?q=http://www.wionews.com/india-news/government-clears-rs-4242-crore-it-filing-project-selects-infosys-as-developer-190802&amp;sa=U&amp;ved=0ahUKEwi62J6xlfffAhXKQY8KHVusBC8QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1Ah_DbpMf6YyZ__4swefIq"> project</a>s such as subway lines and motorways in the first half of the year to keep a lid on debt, policymakers gradually eased up and encouraged more infrastructure spending in the autumn.

"The squeeze on shadow financing activity took a particularly heavy toll on infrastructure investment," economists at Fitch Ratings wrote in a report, referring to off-the-books loans.

Analysts say the credit tightening also made loans harder to come by for some would-be car buyers, which contributed to annual car sales falling for the first time in more than 20 years.

It is one of a raft of recent economic indicators that point to a deepening slowdown. Imports and exports fell in December while the manufacturing sector contracted for the first time in more than two years.

Chinese officials have announced tax cuts, fee reductions, and cutting red tape, among other measures to stimulate the economy.

"We propose to keep the Chinese economy operating in a reasonable range, which means that we allow the economic growth rate to have certain fluctuations," Chinese Premier Li Keqiang told academics and businessmen this week.

"But it cannot have major ups and major downs, and it cannot 'fall off a cliff'," he said.

'Sword of Damocles'&nbsp;

Li vowed to help private businesses and "take advantage of our massive domestic <a href="https://www.google.com/url?q=http://www.wionews.com/business-economy/pound-stands-firm-after-may-loss-asian-equity-markets-rise-190681&amp;sa=U&amp;ved=0ahUKEwjRldD4lfffAhVIqI8KHRw5B-QQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3ixutNsCQbGuNL0Q91UIzE">market</a>".

With officials intent on not further inflating the debt bubble, and the export picture dimming, it has reinforced the need for China to rely on its legion of consumers to grow its economy.

"We see a fast deceleration on investment and also retail sales, which weigh on the growth slowdown," said Liu Ligang, chief China economist at Citigroup.

"The financial deleveraging made it really hard for the private sectors to get funding," he said.

Exports still drive a significant chunk of China's economy and Washington's targeting of cars, machinery, electronics, consumer appliances, and other products have led some firms to shift production out of the country.

Most exporters sped up their shipments across the Pacific to beat the tariff deadlines, with exports to the US holding up until November.&nbsp;

"The trade war with the US should be regarded as a ... Sword of Damocles for the Chinese economy, but its impact is only really visible in the very last months of 2018," said Bjorn Giesbergen, senior economist at Rabobank.

China's economy grew at its slowest pace in almost three decades in 2018, analysts in an AFP poll said, as the government struggles to contain ballooning debt and a bruising trade war with the United States.

China's economy grew at its slowest pace in almost three decades in 2018, analysts in an AFP poll said, as the government struggles to contain ballooning debt and a bruising trade war with the United States. And in a sign of the battle Beijing faces in getting things back on track, the survey of 13 economists also forecast expansion in the last three months to be at its weakest since the global financial crisis 10 years ago. The figures are the latest in a long-running trend that has prompted officials to vow they will not let the economy "fall off a cliff" and announce support measures including tax cuts and making it easier for banks to lend. The full-year figure of 6.6 per cent would be the worst since 1990 when the economy was hit by outrage over the Tiananmen Square crackdown a year earlier. The October-December rate of 6.4 per cent marks the slowest quarter since 2009 and indicates China faces a tough year ahead. "Economic momentum is clearly slowing," said Raymond Yeung, an economist at ANZ bank. Economists in China and abroad have long suspected data is massaged upward, often noting that full-year gross domestic product hits Beijing's pre-set targets with suspicious regularity. A widely respected global business think tank, the US-based Conference Board, says its methodology indicates growth of 4.1 per cent growth for the year. Relations with a top trading partner the United States deteriorated sharply last year after President Donald Trump hit roughly half of the Chinese imports with new tariffs in an attempt to force trade concessions from Beijing. The trade war with the US is on hold for now after President Xi Jinping and Donald Trump agreed to a three-month ceasefire while the two sides try to find a resolution. China's top negotiator is heading to Washington for talks this month ahead of a March deadline to avoid further tariff hikes, while a report said the US is considering lifting some levies in return for reforms by Beijing. While analysts say the standoff has dented confidence — leaving the stock markets battered and the yuan weakened — they attribute most the downturn to government policies to tackle growing debt, financial risk, and pollution. Stimulus measures The 2018 growth forecast is above the official target of around 6.5 per cent but down from the 6.8 per cent chalked up in the year before — after officials on Friday revised down the 2017 figure. The National Bureau of Statistics will release its official results on Monday. After halting some major infrastructure projects such as subway lines and motorways in the first half of the year to keep a lid on debt, policymakers gradually eased up and encouraged more infrastructure spending in the autumn. "The squeeze on shadow financing activity took a particularly heavy toll on infrastructure investment," economists at Fitch Ratings wrote in a report, referring to off-the-books loans. Analysts say the credit tightening also made loans harder to come by for some would-be car buyers, which contributed to annual car sales falling for the first time in more than 20 years. It is one of a raft of recent economic indicators that point to a deepening slowdown. Imports and exports fell in December while the manufacturing sector contracted for the first time in more than two years. Chinese officials have announced tax cuts, fee reductions, and cutting red tape, among other measures to stimulate the economy. "We propose to keep the Chinese economy operating in a reasonable range, which means that we allow the economic growth rate to have certain fluctuations," Chinese Premier Li Keqiang told academics and businessmen this week. "But it cannot have major ups and major downs, and it cannot 'fall off a cliff'," he said. 'Sword of Damocles' Li vowed to help private businesses and "take advantage of our massive domestic market". With officials intent on not further inflating the debt bubble, and the export picture dimming, it has reinforced the need for China to rely on its legion of consumers to grow its economy. "We see a fast deceleration on investment and also retail sales, which weigh on the growth slowdown," said Liu Ligang, chief China economist at Citigroup. "The financial deleveraging made it really hard for the private sectors to get funding," he said. Exports still drive a significant chunk of China's economy and Washington's targeting of cars, machinery, electronics, consumer appliances, and other products have led some firms to shift production out of the country. Most exporters sped up their shipments across the Pacific to beat the tariff deadlines, with exports to the US holding up until November. "The trade war with the US should be regarded as a ... Sword of Damocles for the Chinese economy, but its impact is only really visible in the very last months of 2018," said Bjorn Giesbergen, senior economist at Rabobank.

China growth hit slowest pace in decades in 2018: Report

Markets closed marginally higher Friday after a volatile session as investors largely stuck to index heavyweights despite positive global cues.

The BSE Sensex settled 12.53 points, or 0.03 per cent, higher at 36,386.61. The broader NSE Nifty inched up 1.75 points, or 0.02 per cent, to 10,906.95.

During the week, the 30-share Sensex gained 378.77 points, or 1 per cent and the Nifty rose 112 points, or 1.02 per cent.

Reliance Industries was the biggest gainer on Sensex in Friday's session, spurting 4.43 per cent, after the company became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore following record earnings from petrochemical, retail and telecom businesses.

Other gainers included Kotak Bank, HCL Tech, ONGC, Asian Paints, Vedanta, HDFC Bank, Bajaj Finance, Maruti and TCS, gaining up to 1.41 per cent.

Sun Pharma was the top loser, cracking 8.58 per cent, on reports of fresh allegations by a whistleblower against the company.

Bharti Airtel, L&amp;T, Axis Bank, Yes Bank, ITC, Tata Motors and PowerGrid also fell up to 6.42 per cent.

"Domestic indices failed to absorb the rebound in global market as plunge in pharma stocks and weak rupee dragged the sentiment," said Vinod Nair, Head of Research, Geojit Financial Services.

"Global headwinds continue to dictate a range-bound movement in the market while any green shoots in quarter earnings provide opportunity to accumulate," he added.

On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed.

According to analysts, global trade tensions and risk of recession will cast a cloud over the sentiment, while lack of major triggers in the domestic market could see range-bound movement in the near term.

The rupee, meanwhile, depreciated 10 paise against the US dollar to 71.13 intra-day.

The benchmark Brent crude futures rose 0.98 per cent to $61.78 per barrel.

Elsewhere in Asia, Shanghai Composite Index jumped 1.42 per cent, Hong Kong's Hang Seng rose 1.25 per cent, Japan's Nikkei gained 1.29 per cent, and Korea's Kospi climbed 0.82 per cent higher.

In Europe, London's FTSE rallied 1.03 per cent, Frankfurt's DAX was up 0.97 per cent and Paris CAC 40 surged 1.29 per cent in early deals.

Markets closed marginally higher Friday after a volatile session as investors largely stuck to index heavyweights despite positive global cues. The BSE Sensex settled 12.

Markets closed marginally higher Friday after a volatile session as investors largely stuck to index heavyweights despite positive global cues. The BSE Sensex settled 12.53 points, or 0.03 per cent, higher at 36,386.61. The broader NSE Nifty inched up 1.75 points, or 0.02 per cent, to 10,906.95. During the week, the 30-share Sensex gained 378.77 points, or 1 per cent and the Nifty rose 112 points, or 1.02 per cent. Reliance Industries was the biggest gainer on Sensex in Friday's session, spurting 4.43 per cent, after the company became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore following record earnings from petrochemical, retail and telecom businesses. Other gainers included Kotak Bank, HCL Tech, ONGC, Asian Paints, Vedanta, HDFC Bank, Bajaj Finance, Maruti and TCS, gaining up to 1.41 per cent. Sun Pharma was the top loser, cracking 8.58 per cent, on reports of fresh allegations by a whistleblower against the company. Bharti Airtel, L&T, Axis Bank, Yes Bank, ITC, Tata Motors and PowerGrid also fell up to 6.42 per cent. "Domestic indices failed to absorb the rebound in global market as plunge in pharma stocks and weak rupee dragged the sentiment," said Vinod Nair, Head of Research, Geojit Financial Services. "Global headwinds continue to dictate a range-bound movement in the market while any green shoots in quarter earnings provide opportunity to accumulate," he added. On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed. According to analysts, global trade tensions and risk of recession will cast a cloud over the sentiment, while lack of major triggers in the domestic market could see range-bound movement in the near term. The rupee, meanwhile, depreciated 10 paise against the US dollar to 71.13 intra-day. The benchmark Brent crude futures rose 0.98 per cent to $61.78 per barrel. Elsewhere in Asia, Shanghai Composite Index jumped 1.42 per cent, Hong Kong's Hang Seng rose 1.25 per cent, Japan's Nikkei gained 1.29 per cent, and Korea's Kospi climbed 0.82 per cent higher. In Europe, London's FTSE rallied 1.03 per cent, Frankfurt's DAX was up 0.97 per cent and Paris CAC 40 surged 1.29 per cent in early deals.

Sensex, Nifty end marginally higher; RIL shines post Q3 show

<a href="http://www.wionews.com/business-economy/asian-markets-sink-after-us-federal-reserve-hikes-rates-185461">Asian markets</a> were mixed Thursday as renewed concerns about<a href="http://www.wionews.com/india-news/india-engaging-with-china-on-indo-pacific-concept-186852"> China</a><a href="http://www.wionews.com/opinions/with-china-us-tensions-on-the-rise-does-australia-need-a-new-defence-strategy-178938">-US tensions</a> overshadowed a positive lead from Wall Street following a better-than-expected round of corporate earnings.

The pound extended gains against the dollar after prime minister Theresa May survived a no-confidence vote as she prepares to draw up new proposals to leave the European Union that is palatable to a majority of MPs.

After a tumultuous December, global equities have enjoyed a broadly strong start to the year, largely thanks optimism China and the US will resolve their trade row.

But confidence took a knock Wednesday from a report that said US officials were carrying out a criminal probe into Chinese tech giant Huawei and could soon indict the firm over allegations of theft of trade secrets from its US business partners.

Lawmakers have also introduced a bill to ban the export of American parts and components to Chinese telecom companies that are in violation of US export control or sanctions laws -- with Huawei and fellow Chinese firm ZTE the likely targets.

"Huawei is effectively an intelligence-gathering arm of the Chinese Communist Party whose founder and CEO was an engineer for the People's Liberation Army," said Republican Senator Tom Cotton, one of the bill's sponsors.

The developments follow the arrest last year in Canada of Huawei's chief financial officer Meng Wanzhou, who is the daughter of the company founder and faces extradition to the US on Iran-linked fraud charges.

It also muddies the waters in trade talks between Beijing and Washington, which looked to be on a positive course after officials held three days of talks earlier this month, with both sides seemingly upbeat.

Cost of US shutdown

In early trade, Hong Kong eased 0.1 per cent and Shanghai shed 0.3 per cent while Tokyo was down 0.2 per cent by the break and Singapore slipped 0.4 per cent.

But Sydney edged up 0.1 per cent while Seoul put on 0.2 per cent with Taipei, Wellington, Manila and Jakarta also in positive territory.

On Wall Street, all three main indexes closed with gains after earnings reports from Bank of America and Goldman Sachs that overshot forecasts, while executives said they were confident the US economy was in rude health.

The Federal Reserve's closely followed "Beige Book" report pointed out that while political and trade uncertainty was weighing on business confidence, growth was continuing at a modest pace in most of the country.

However, there are increasing worries about the impact of the US government shutdown as it moves towards a fifth week, with Oxford Economics estimating it is slashing growth by $700 million a week.

On currency markets, the pound edged up against the dollar with dealers optimistic that Britain will not leave the EU without a deal in place, despite May's exit plan being thrown out by MPs Tuesday.

On Wednesday she survived a no-confidence vote and is now planning her next move, with speculation swirling that the March 29 date for leaving will be delayed or another referendum will be called.

"Nothing has happened in the last 24 hours to dissuade us from the view that we are headed in the direction of an (exit) delay, softer Brexit... or no Brexit," said National Australia Bank strategist Ray Attrill.

Asian markets were mixed Thursday as renewed concerns about China-US tensions overshadowed a positive lead from Wall Street following a better-than-expected round of corporate earnings.

Asian markets were mixed Thursday as renewed concerns about China-US tensions overshadowed a positive lead from Wall Street following a better-than-expected round of corporate earnings. The pound extended gains against the dollar after prime minister Theresa May survived a no-confidence vote as she prepares to draw up new proposals to leave the European Union that is palatable to a majority of MPs. After a tumultuous December, global equities have enjoyed a broadly strong start to the year, largely thanks optimism China and the US will resolve their trade row. But confidence took a knock Wednesday from a report that said US officials were carrying out a criminal probe into Chinese tech giant Huawei and could soon indict the firm over allegations of theft of trade secrets from its US business partners. Lawmakers have also introduced a bill to ban the export of American parts and components to Chinese telecom companies that are in violation of US export control or sanctions laws -- with Huawei and fellow Chinese firm ZTE the likely targets. "Huawei is effectively an intelligence-gathering arm of the Chinese Communist Party whose founder and CEO was an engineer for the People's Liberation Army," said Republican Senator Tom Cotton, one of the bill's sponsors. The developments follow the arrest last year in Canada of Huawei's chief financial officer Meng Wanzhou, who is the daughter of the company founder and faces extradition to the US on Iran-linked fraud charges. It also muddies the waters in trade talks between Beijing and Washington, which looked to be on a positive course after officials held three days of talks earlier this month, with both sides seemingly upbeat. Cost of US shutdown In early trade, Hong Kong eased 0.1 per cent and Shanghai shed 0.3 per cent while Tokyo was down 0.2 per cent by the break and Singapore slipped 0.4 per cent. But Sydney edged up 0.1 per cent while Seoul put on 0.2 per cent with Taipei, Wellington, Manila and Jakarta also in positive territory. On Wall Street, all three main indexes closed with gains after earnings reports from Bank of America and Goldman Sachs that overshot forecasts, while executives said they were confident the US economy was in rude health. The Federal Reserve's closely followed "Beige Book" report pointed out that while political and trade uncertainty was weighing on business confidence, growth was continuing at a modest pace in most of the country. However, there are increasing worries about the impact of the US government shutdown as it moves towards a fifth week, with Oxford Economics estimating it is slashing growth by $700 million a week. On currency markets, the pound edged up against the dollar with dealers optimistic that Britain will not leave the EU without a deal in place, despite May's exit plan being thrown out by MPs Tuesday. On Wednesday she survived a no-confidence vote and is now planning her next move, with speculation swirling that the March 29 date for leaving will be delayed or another referendum will be called. "Nothing has happened in the last 24 hours to dissuade us from the view that we are headed in the direction of an (exit) delay, softer Brexit... or no Brexit," said National Australia Bank strategist Ray Attrill.

Asian markets mixed as Huawei report offsets US earnings

The rupee appreciated by 9 paise to 71.15 against the US dollar in opening trade Thursday, driven by positive opening in domestic equities and weakening greenback in overseas markets.

The rupee gained further ground and touched a high of 71.13 amid easing crude prices, displaying gains of 11 paise over its previous close against the greenback.

The rupee Wednesday plunged by 19 paise to close at 71.24 against the US dollar.

Forex dealers said, easing crude oil prices and selling of the American currency by exporters supported the rupee.

Sustained foreign fund outflows, however, restricted the rupee upmove, they added.

Foreign funds pulled out Rs 90.10 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 304.27 crore Wednesday, provisional data showed.

The benchmark <a href="http://www.wionews.com/business-economy/sensex-rises-over-100-points-on-sustained-dii-buying-190865">BSE Sensex</a> was trading with gains of 79.29 points, or 0.22 per cent at 36,400.58 while the NSE Nifty was trading at 10,913.95, up 23.65 points, or 0.22 per cent.

Meanwhile, brent crude, the global benchmark, was trading lower at 61.04 per barrel lower by 0.46 per cent.

The rupee appreciated by 9 paise to 71.15 against the US dollar in opening trade Thursday, driven by positive opening in domestic equities and weakening greenback in overseas markets.

The rupee appreciated by 9 paise to 71.15 against the US dollar in opening trade Thursday, driven by positive opening in domestic equities and weakening greenback in overseas markets. The rupee gained further ground and touched a high of 71.13 amid easing crude prices, displaying gains of 11 paise over its previous close against the greenback. The rupee Wednesday plunged by 19 paise to close at 71.24 against the US dollar. Forex dealers said, easing crude oil prices and selling of the American currency by exporters supported the rupee. Sustained foreign fund outflows, however, restricted the rupee upmove, they added. Foreign funds pulled out Rs 90.10 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 304.27 crore Wednesday, provisional data showed. The benchmark BSE Sensex was trading with gains of 79.29 points, or 0.22 per cent at 36,400.58 while the NSE Nifty was trading at 10,913.95, up 23.65 points, or 0.22 per cent. Meanwhile, brent crude, the global benchmark, was trading lower at 61.04 per barrel lower by 0.46 per cent.

Rupee opens 9 paise higher at 71.15 against US dollar

Extending gains for the third session, the BSE benchmark Sensex Thursday rose over 100 points tracking sustained buying by domestic institutional investors and positive global cues.

After rising 147 points, the 30-share index was trading 72.16 points, or 0.20 per cent, higher at 36,393.45 in early trade.

Similarly, the NSE Nifty rose 24.50 points, or 0.22 per cent, to 10,914.80.

On Wednesday, the Sensex settled 2.96 points, or 0.01 per cent, higher at 36,321.29, and the Nifty inched up 3.50 points, or 0.03 per cent, to 10,890.30.

In morning session on Thursday, the biggest gainers in the Sensex pack were M&amp;M, TCS, HDFC, PowerGrid, RIL, Maruti, Tata Motors and NTPC, rising up to 1.65 per cent.

While, Yes Bank, IndusInd Bank, ITC, HUL, Bharti Airtel and Infosys were the top losers, shedding up to 1.10 per cent.

According to Viral Berawala, CIO, Essel Mutual Fund, there would be stock-specific movement in next few days based on results, as global market participants would wait for the interim budget before allocating fresh flows to India.

Index heavyweights RIL and HUL are scheduled to release their quarterly earnings later in the day.

Despite some volatility, the market demonstrated strength this week as recognition of upcoming stimulus "fiscal and monetary"&nbsp;likely lies ahead, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

"The bond markets have taken the news in stride, buoyed by the below expectations inflation data," he added.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 90.10 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 304.27 crore, provisional data available with BSE showed.

The rupee, meanwhile, was trading marginally higher against the US dollar at 71.22.

The benchmark Brent crude futures fell 0.47 per cent to USD 61.03 per barrel.

Elsewhere in Asia, Hong Kong's Hang Seng was up 0.36 per cent, Shanghai Composite Index was trading 0.46 per cent higher and Kospi rose 0.20 per cent in early trade; while Japan's Nikkei shed 0.08 per cent.

On Wall Street, Dow Jones Industrial Average ended 0.59 per cent higher at 24,207.16 points on Wednesday. 
&nbsp;

Extending gains for the third session, the BSE benchmark Sensex Thursday rose over 100 points tracking sustained buying by domestic institutional investors and positive global cues.

Extending gains for the third session, the BSE benchmark Sensex Thursday rose over 100 points tracking sustained buying by domestic institutional investors and positive global cues. After rising 147 points, the 30-share index was trading 72.16 points, or 0.20 per cent, higher at 36,393.45 in early trade. Similarly, the NSE Nifty rose 24.50 points, or 0.22 per cent, to 10,914.80. On Wednesday, the Sensex settled 2.96 points, or 0.01 per cent, higher at 36,321.29, and the Nifty inched up 3.50 points, or 0.03 per cent, to 10,890.30. In morning session on Thursday, the biggest gainers in the Sensex pack were M&M, TCS, HDFC, PowerGrid, RIL, Maruti, Tata Motors and NTPC, rising up to 1.65 per cent. While, Yes Bank, IndusInd Bank, ITC, HUL, Bharti Airtel and Infosys were the top losers, shedding up to 1.10 per cent. According to Viral Berawala, CIO, Essel Mutual Fund, there would be stock-specific movement in next few days based on results, as global market participants would wait for the interim budget before allocating fresh flows to India. Index heavyweights RIL and HUL are scheduled to release their quarterly earnings later in the day. Despite some volatility, the market demonstrated strength this week as recognition of upcoming stimulus "fiscal and monetary" likely lies ahead, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. "The bond markets have taken the news in stride, buoyed by the below expectations inflation data," he added. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 90.10 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 304.27 crore, provisional data available with BSE showed. The rupee, meanwhile, was trading marginally higher against the US dollar at 71.22. The benchmark Brent crude futures fell 0.47 per cent to USD 61.03 per barrel. Elsewhere in Asia, Hong Kong's Hang Seng was up 0.36 per cent, Shanghai Composite Index was trading 0.46 per cent higher and Kospi rose 0.20 per cent in early trade; while Japan's Nikkei shed 0.08 per cent. On Wall Street, Dow Jones Industrial Average ended 0.59 per cent higher at 24,207.16 points on Wednesday.

Sensex rises over 100 points on sustained DII buying

India can be a frontrunner in deployment of 5G but a lot will hinge on bolstering investments in fibre infrastructure, which is currently inadequate and trailing countries like China, TRAI Chairman R S Sharma said Thursday.

Sharma noted that there has been consolidation in the Indian telecom market leading to an optimal situation of one public sector and three private sector players, and added that the sector will see stability.

"In 5G space, we can leapfrog inadequacies which we have in physical world, all of which can be overcome with use of information and communication technologies...There is a serious concern that while people are talking of 5G as a slogan but it won't happen unless we put a lot of investment in fibre. Without fibre, 5G will not happen," Sharma said.

He was speaking at the India Digital Summit organised by Internet and Mobile Association of India (IAMAI).

India has only 22 per cent of mobile towers connected on fibre, while 78 per cent are without fibre, on wireless. China on the other hand, has 80 per cent connectivity through fibre and the rest through wireless, Sharma pointed out.

"The optical fibre cable laid today till date is equal to optical fibre cable laid in China in one single year," Sharma said adding fixed infrastructure will be critical for attaining a reliable and sustainable growth. Policies need to focus on promoting investments in infrastructure, he said.

"The National Digital Communications Policy (NDCP) contains those set of policies and statements and we need to operationalise those to ensure investment," Sharma said.

The new telecom policy -- NDCP -- aims to attract USD 100 billion investment and create four million jobs in the sector by 2022. It seeks to provide universal broadband connectivity at 50 Mbps to every citizen by 2022, and also talks of enhancing the contribution of digital communications sector to 8 per cent of India's GDP, from the about 6 per cent now.

The TRAI chief further said there would be a need to unbundle service and infrastructure layers at some point, and fibre sharing could be one of the options in infrastructure sharing.

"We think end-of-end service provisioning will not happen in 5G," Sharma said.

He further said, the connectivity problems in the country need to be solved with urgency, and regulations should not be "constrained" by the fact that only a certain set of service providers should provide a particular service. 
"No one should have the monopoly of providing services to people of this country, and we should solve this problem by whatever means and instruments we can deploy," he said.

Sharma said he believes that three private and one public sector player is in sync with other major markets.

"My sense is that the sector is going to acquire stability and looking at examples around the world the number of players...Is a good number...And I don't see it going down further," he said.&nbsp;

India can be a frontrunner in deployment of 5G but a lot will hinge on bolstering investments in fibre infrastructure, which is currently inadequate and trailing countries like China, TRAI Chairman R S Sharma said Thursday.

India can be a frontrunner in deployment of 5G but a lot will hinge on bolstering investments in fibre infrastructure, which is currently inadequate and trailing countries like China, TRAI Chairman R S Sharma said Thursday. Sharma noted that there has been consolidation in the Indian telecom market leading to an optimal situation of one public sector and three private sector players, and added that the sector will see stability. "In 5G space, we can leapfrog inadequacies which we have in physical world, all of which can be overcome with use of information and communication technologies...There is a serious concern that while people are talking of 5G as a slogan but it won't happen unless we put a lot of investment in fibre. Without fibre, 5G will not happen," Sharma said. He was speaking at the India Digital Summit organised by Internet and Mobile Association of India (IAMAI). India has only 22 per cent of mobile towers connected on fibre, while 78 per cent are without fibre, on wireless. China on the other hand, has 80 per cent connectivity through fibre and the rest through wireless, Sharma pointed out. "The optical fibre cable laid today till date is equal to optical fibre cable laid in China in one single year," Sharma said adding fixed infrastructure will be critical for attaining a reliable and sustainable growth. Policies need to focus on promoting investments in infrastructure, he said. "The National Digital Communications Policy (NDCP) contains those set of policies and statements and we need to operationalise those to ensure investment," Sharma said. The new telecom policy -- NDCP -- aims to attract USD 100 billion investment and create four million jobs in the sector by 2022. It seeks to provide universal broadband connectivity at 50 Mbps to every citizen by 2022, and also talks of enhancing the contribution of digital communications sector to 8 per cent of India's GDP, from the about 6 per cent now. The TRAI chief further said there would be a need to unbundle service and infrastructure layers at some point, and fibre sharing could be one of the options in infrastructure sharing. "We think end-of-end service provisioning will not happen in 5G," Sharma said. He further said, the connectivity problems in the country need to be solved with urgency, and regulations should not be "constrained" by the fact that only a certain set of service providers should provide a particular service. "No one should have the monopoly of providing services to people of this country, and we should solve this problem by whatever means and instruments we can deploy," he said. Sharma said he believes that three private and one public sector player is in sync with other major markets. "My sense is that the sector is going to acquire stability and looking at examples around the world the number of players...Is a good number...And I don't see it going down further," he said.

India can lead in 5G deployment but investments key: TRAI chief

A day after <a href="http://www.wionews.com/business-economy/after-six-days-of-continuous-rise-petrol-prices-reduce-by-8-paise-in-delhi-mumbai-190591">petrol prices saw a dip</a> after rising for six consecutive days, rates were hiked again on Thursday.

In Delhi, petrol&nbsp;is now being sold at Rs 70.47 per litre after witnessing an increase of&nbsp;0.14 paise. Whereas diesel is being retailed at Rs 64.78 per litre after a hike of 0.19 paise.

In Mumbai, petrol&nbsp;retailed at Rs 76.11 per litre after a hike of 0.14 paise. Diesel prices were also revised to Rs 67.82 per litre after&nbsp;an increase of 0.20 paise.

After a consistent rise in fuel prices for days, the prices of petrol witnessed a little decline on Wednesday.

In Delhi,&nbsp;petrol prices were reduced by 0.8 paise in Delhi and Mumbai, diesel saw an increase of around 12 paise.

The prices of petrol were also&nbsp;revised to Rs 70.33 per litre in Delhi, Rs 75.97 in Mumbai, Rs 73 in Chennai and Rs 72.44 in Kolkata.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The prices also reduced due to the falling international prices and the appreciation of the money.

A day after petrol prices saw a dip after rising for six consecutive days, rates were hiked again on Thursday. In Delhi, petrol is now being sold at Rs 70.47 per litre after witnessing an increase of 0.

A day after petrol prices saw a dip after rising for six consecutive days, rates were hiked again on Thursday. In Delhi, petrol is now being sold at Rs 70.47 per litre after witnessing an increase of 0.14 paise. Whereas diesel is being retailed at Rs 64.78 per litre after a hike of 0.19 paise. In Mumbai, petrol retailed at Rs 76.11 per litre after a hike of 0.14 paise. Diesel prices were also revised to Rs 67.82 per litre after an increase of 0.20 paise. After a consistent rise in fuel prices for days, the prices of petrol witnessed a little decline on Wednesday. In Delhi, petrol prices were reduced by 0.8 paise in Delhi and Mumbai, diesel saw an increase of around 12 paise. The prices of petrol were also revised to Rs 70.33 per litre in Delhi, Rs 75.97 in Mumbai, Rs 73 in Chennai and Rs 72.44 in Kolkata. Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16. After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. The prices also reduced due to the falling international prices and the appreciation of the money.

Fuel prices up again, petrol at Rs 70.47 per litre in Delhi, diesel at Rs 64.78 per litre

Benchmark indices closed higher for the third straight session Thursday on stock-specific action amid mixed cues from the global markets.

After gyrating nearly 300 points, the BSE Sensex settled 52.79 points, or 0.15 per cent, higher at 36,374.08. The broader NSE Nifty inched up 14.90 points, or 0.14 per cent, to 10,905.20.

In the Sensex pack, Axis Bank, HCL Tech, M&amp;M, TCS, HDFC, Kotak Bank, PowerGrid, Hero MotoCorp and Vedanta were among the top gainers, rising up to 1.91 per cent.

Sun Pharma was the biggest loser, cracking 5.78 per cent.

Other laggards were Yes Bank, SBI, Bajaj Finance, Tata Steel, Bharti Airtel and ONGC, declining up to 3.31 per cent.

RIL and HUL declined up to 1.12 per cent ahead of their quarterly results.

Indices swung between positive and negative territory as uncertainty prevailed ahead of the interim budget and key corporate results, said Paras Bothra, President, Equity Research, Ashika Group.

IT stocks supported the market on account of weaker rupee, while real estate stocks also witnessed positive momentum as there are signs that worst may be over for the sector, Bothra added.

According to Vinod Nair, Head of Research, Geojit Financial Services, global trade tensions and risk of recession will cast cloud over the sentiment while lack of major triggers in the domestic market could steer a range-bound movement in the near term.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 90.10 crore Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 304.27 crore, provisional data available with BSE showed.

The rupee, meanwhile, was trading 6 paise higher against the US dollar at 71.18.

The benchmark Brent crude futures slipped 0.95 per cent to USD 60.74 per barrel.

Elsewhere in Asia, Shanghai Composite Index lost 0.42 per cent, Hong Kong's Hang Seng fell 0.54 per cent and Japan's Nikkei shed 0.20 per cent, while Korea's Kospi ended 0.04 per cent higher.

In Europe, London's FTSE fell 0.56 per cent, Frankfurt's DAX was down 0.54 per cent and Paris CAC 40 dropped 0.32 per cent in early deals.&nbsp;

Benchmark indices closed higher for the third straight session Thursday on stock-specific action amid mixed cues from the global markets. After gyrating nearly 300 points, the BSE Sensex settled 52.

Benchmark indices closed higher for the third straight session Thursday on stock-specific action amid mixed cues from the global markets. After gyrating nearly 300 points, the BSE Sensex settled 52.79 points, or 0.15 per cent, higher at 36,374.08. The broader NSE Nifty inched up 14.90 points, or 0.14 per cent, to 10,905.20. In the Sensex pack, Axis Bank, HCL Tech, M&M, TCS, HDFC, Kotak Bank, PowerGrid, Hero MotoCorp and Vedanta were among the top gainers, rising up to 1.91 per cent. Sun Pharma was the biggest loser, cracking 5.78 per cent. Other laggards were Yes Bank, SBI, Bajaj Finance, Tata Steel, Bharti Airtel and ONGC, declining up to 3.31 per cent. RIL and HUL declined up to 1.12 per cent ahead of their quarterly results. Indices swung between positive and negative territory as uncertainty prevailed ahead of the interim budget and key corporate results, said Paras Bothra, President, Equity Research, Ashika Group. IT stocks supported the market on account of weaker rupee, while real estate stocks also witnessed positive momentum as there are signs that worst may be over for the sector, Bothra added. According to Vinod Nair, Head of Research, Geojit Financial Services, global trade tensions and risk of recession will cast cloud over the sentiment while lack of major triggers in the domestic market could steer a range-bound movement in the near term. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 90.10 crore Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 304.27 crore, provisional data available with BSE showed. The rupee, meanwhile, was trading 6 paise higher against the US dollar at 71.18. The benchmark Brent crude futures slipped 0.95 per cent to USD 60.74 per barrel. Elsewhere in Asia, Shanghai Composite Index lost 0.42 per cent, Hong Kong's Hang Seng fell 0.54 per cent and Japan's Nikkei shed 0.20 per cent, while Korea's Kospi ended 0.04 per cent higher. In Europe, London's FTSE fell 0.56 per cent, Frankfurt's DAX was down 0.54 per cent and Paris CAC 40 dropped 0.32 per cent in early deals.

Sensex, Nifty close higher for third straight session

<a href="http://www.wionews.com/business-economy/restrictions-on-foreign-e-commerce-companies-to-hit-fdi-in-india-us-industry-body-187129">India's new foreign investment</a> restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters.

Under the changes, e-commerce firms in India will from February 1 not be able to sell products via companies in which they have an equity interest or push sellers to sell exclusively on their platforms.

Announced in December, just months before a general election due by May this year, the rules were seen as an attempt by Prime Minister Narendra Modi's government to appease millions of small traders and shopkeepers, who form a key voter base and say their businesses have been threatened by global online retailers.

Industry sources told Reuters the policy would delay or derail some investment plans and push companies such as Amazon and Flipkart to create new, more complex business structures.

In a private analysis PwC conducted based on estimates provided by the industry and using publicly available information, it forecast that online retail sales growth, tax collections and job creation would be severely hit if companies changed their business models to comply with the new policy.

The draft analysis has not been made public. PwC India, in response to Reuters' questions, said it "does not endorse any of these assumptions or conclusions, nor have we conducted any independent study on this".

"As a matter of policy, we do not comment on company-specific issues," PwC said.

The analysis produced by PwC showed that the gross merchandise value of goods sold online could reduce by $800 million from expectations in the current fiscal year that ends in March, a document seen by Reuters showed. Then, the sales would dip drastically below previous forecasts, lopping off $45.2 billion in the next three years, the data showed.

To be sure, sales would still be growing, but at a less robust rate than envisaged before the policy change.

Online retailers often use gross merchandise value, or GMV, based on monthly online sales as a measurement of performance, as they typically make revenue from the commissions they get from sellers.

The analysis also said that by March 2022 the Indian policy could lead to the creation of 1.1 million fewer jobs that may have been previously expected and lead to a reduction in taxes collected of $6 billion.

Amazon and Flipkart have both sought an extension of the Feb. 1 deadline, but a source at India's commerce ministry told Reuters the government was unlikely to agree.

Amazon said in a statement it remains "committed to being compliant to all local laws" but has asked the government for an extension of four months.

Flipkart has sought a six-month extension, a source said. Though the company did not respond to Reuters questions, it told India's Economic Times newspaper that it believed "an extension is appropriate" to ensure that all elements of the policy were clarified.

After Reuters' story was published, the Confederation of All India Traders (CAIT) issued a statement saying it disputed PwC's analysis. CAIT has supported tougher scrutiny of large e-commerce players, saying they indulge in predatory pricing that hurts smaller traders.

POLICY SETBACK

The e-commerce investment policy is the latest flashpoint between India and US multinationals. US companies have in the past two years protested against a wide array of regulations - from policies calling on tech companies to store more data locally to those capping prices of imported medical devices.

Morgan Stanley had estimated, before the latest government move, that India's e-commerce market would grow 30 per cent a year to $200 billion in the 10 years up to 2027. With the rising use of the Internet and smartphones in India, online retailers have doled out discounts to lure people to shop online for everything from basic groceries to large electronic devices.

The new policy, which followed intense lobbying by groups representing millions of India's small traders and shopkeepers, was aimed to prevent such deep discounting by big online retailers.

Trader groups had alleged that online firms used their control over inventory from their affiliates, and through exclusive sales agreements, to create an unfair marketplace that allowed them to sell some products at lower prices. Such arrangements would be barred under the new policy.

A second official at India's commerce ministry said on Wednesday "there may not be any relaxations" in the policy. "We have already done whatever was required," the official said.

BIG INVESTMENTS

Amazon has committed to investing $5.5 billion in India, while Walmart last year spent $16 billion to acquire Flipkart.

"After one of the biggest foreign investments by Walmart, the government has again blindsided foreign investors," said Pratibha Jain, a partner at law firm Nishith Desai Associates, which advises e-commerce companies, adding that such policy moves made India "a difficult place to do business".

India's commerce minister, Suresh Prabhu, has said the e-commerce policy was "very clear", though the government was open to hearing views of companies.

"We would like to assure all foreign investors and domestic investors we will have a stable, clear policy," Prabhu told ET Now news channel last week.

The CAIT on Wednesday said it would fight "tooth and nail" if the government made any changes to the e-commerce policy under pressure from US companies.

"If they want to exit the country they should do it as soon as possible," said the group's secretary general, Praveen Khandelwal, adding they planned to hold meetings with the commerce minister to ensure the new policy was not "compromised".

India's new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters.

India's new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters. Under the changes, e-commerce firms in India will from February 1 not be able to sell products via companies in which they have an equity interest or push sellers to sell exclusively on their platforms. Announced in December, just months before a general election due by May this year, the rules were seen as an attempt by Prime Minister Narendra Modi's government to appease millions of small traders and shopkeepers, who form a key voter base and say their businesses have been threatened by global online retailers. Industry sources told Reuters the policy would delay or derail some investment plans and push companies such as Amazon and Flipkart to create new, more complex business structures. In a private analysis PwC conducted based on estimates provided by the industry and using publicly available information, it forecast that online retail sales growth, tax collections and job creation would be severely hit if companies changed their business models to comply with the new policy. The draft analysis has not been made public. PwC India, in response to Reuters' questions, said it "does not endorse any of these assumptions or conclusions, nor have we conducted any independent study on this". "As a matter of policy, we do not comment on company-specific issues," PwC said. The analysis produced by PwC showed that the gross merchandise value of goods sold online could reduce by $800 million from expectations in the current fiscal year that ends in March, a document seen by Reuters showed. Then, the sales would dip drastically below previous forecasts, lopping off $45.2 billion in the next three years, the data showed. To be sure, sales would still be growing, but at a less robust rate than envisaged before the policy change. Online retailers often use gross merchandise value, or GMV, based on monthly online sales as a measurement of performance, as they typically make revenue from the commissions they get from sellers. The analysis also said that by March 2022 the Indian policy could lead to the creation of 1.1 million fewer jobs that may have been previously expected and lead to a reduction in taxes collected of $6 billion. Amazon and Flipkart have both sought an extension of the Feb. 1 deadline, but a source at India's commerce ministry told Reuters the government was unlikely to agree. Amazon said in a statement it remains "committed to being compliant to all local laws" but has asked the government for an extension of four months. Flipkart has sought a six-month extension, a source said. Though the company did not respond to Reuters questions, it told India's Economic Times newspaper that it believed "an extension is appropriate" to ensure that all elements of the policy were clarified. After Reuters' story was published, the Confederation of All India Traders (CAIT) issued a statement saying it disputed PwC's analysis. CAIT has supported tougher scrutiny of large e-commerce players, saying they indulge in predatory pricing that hurts smaller traders. POLICY SETBACK The e-commerce investment policy is the latest flashpoint between India and US multinationals. US companies have in the past two years protested against a wide array of regulations - from policies calling on tech companies to store more data locally to those capping prices of imported medical devices. Morgan Stanley had estimated, before the latest government move, that India's e-commerce market would grow 30 per cent a year to $200 billion in the 10 years up to 2027. With the rising use of the Internet and smartphones in India, online retailers have doled out discounts to lure people to shop online for everything from basic groceries to large electronic devices. The new policy, which followed intense lobbying by groups representing millions of India's small traders and shopkeepers, was aimed to prevent such deep discounting by big online retailers. Trader groups had alleged that online firms used their control over inventory from their affiliates, and through exclusive sales agreements, to create an unfair marketplace that allowed them to sell some products at lower prices. Such arrangements would be barred under the new policy. A second official at India's commerce ministry said on Wednesday "there may not be any relaxations" in the policy. "We have already done whatever was required," the official said. BIG INVESTMENTS Amazon has committed to investing $5.5 billion in India, while Walmart last year spent $16 billion to acquire Flipkart. "After one of the biggest foreign investments by Walmart, the government has again blindsided foreign investors," said Pratibha Jain, a partner at law firm Nishith Desai Associates, which advises e-commerce companies, adding that such policy moves made India "a difficult place to do business". India's commerce minister, Suresh Prabhu, has said the e-commerce policy was "very clear", though the government was open to hearing views of companies. "We would like to assure all foreign investors and domestic investors we will have a stable, clear policy," Prabhu told ET Now news channel last week. The CAIT on Wednesday said it would fight "tooth and nail" if the government made any changes to the e-commerce policy under pressure from US companies. "If they want to exit the country they should do it as soon as possible," said the group's secretary general, Praveen Khandelwal, adding they planned to hold meetings with the commerce minister to ensure the new policy was not "compromised".

India's curbs on e-commerce could hit online sales by $46 billion by 2022: PwC draft analysis

<a href="http://13.232.42.114/business-economy/ready-to-infuse-up-to-rs-700-crore-in-jet-airways-subject-to-conditions-says-naresh-goyal-190922">Shares of Jet Airways</a> fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company.

The scrip declined 5.31 per cent to Rs 256.60 on BSE. On NSE, shares of the company slumped 4.93 per cent to Rs 256.40. 
The stock has been falling since Wednesday and, in the process, its market valuation has been eroded by Rs 365.48 crore in two days on BSE.

Jet Airways' shares slumped nearly 8 per cent on Wednesday too. 
The airline's Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. 
This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

Shares of Jet Airways fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company. The scrip declined 5.

Shares of Jet Airways fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company. The scrip declined 5.31 per cent to Rs 256.60 on BSE. On NSE, shares of the company slumped 4.93 per cent to Rs 256.40. The stock has been falling since Wednesday and, in the process, its market valuation has been eroded by Rs 365.48 crore in two days on BSE. Jet Airways' shares slumped nearly 8 per cent on Wednesday too. The airline's Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

Jet Airways shares fall further; plunge over 5%

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.

This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

"Should this not be possible, then I would not be able to infuse any funds or pledge my shares unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter.

When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code.

SBI is the lead lender of a consortium of Indian banks that have provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.&nbsp;

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. "Should this not be possible, then I would not be able to infuse any funds or pledge my shares unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter. When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code. SBI is the lead lender of a consortium of Indian banks that have provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.

Ready to infuse up to Rs 700 crore in Jet Airways subject to conditions, says Naresh Goyal

Extending gains for the second session, the BSE benchmark Sensex Wednesday rose over 100 points tracking heavy buying by domestic institutional investors after the government said that the country's trade deficit had narrowed to a 10-month low.

The 30-share index jumped 122.14 points, or 0.34 per cent, to 36,440.47 in early trade.

Similarly, the NSE Nifty reclaimed the 10,900 mark by rising 33.75 points, or 0.31 per cent, to 10,920.55.

On Tuesday, the Sensex had settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80.

In the morning session on Wednesday, the biggest gainers in the Sensex pack were IndusInd Bank, NTPC, SBI, Reliance Industries, ICICI Bank, Vedanta, Axis Bank, Tata Steel, PowerGrid, ONGC and Infosys, rising up to 1.35 per cent.

While, ITC, TCS, Hero MotoCorp, HCL Tech, HUL and Sun Pharma were among the top losers, shedding up to 0.66 per cent.

According to traders, despite weakness in global markets, investor mood on Dalal Street was positive on news that declining imports had narrowed the trade deficit to ten-month low of US $13.08 billion in December 2018 as against US $14.2 billion in the same month the previous year.

However, gains were capped as exports grew at the slowest pace in three months at 0.34 per cent in December, they added.

"The recent stock market action is indicative of bull market action, shrugging off bad news and moving higher on good news," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

With strong top-line performance by marquee names in a challenging environment last quarter, and improving macros, the earnings recovery is likely to pick up in the current quarter, barring global surprises, he said, adding "with expectations for a rate cut rising, improving recoveries on bad loans, and rising domestic SIP flows, we expect investors to look past disappointing news flow."

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 159.60 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 417.44 crore, provisional data available with BSE showed.

The rupee, meanwhile, appreciated 7 paise against the US dollar to 70.98.

The benchmark Brent crude futures fell 0.26 per cent to US $60.48 per barrel.

Global investor sentiment, on the other hand, was cautious after British Prime Minister Theresa May's divorce deal to leave the EU was overwhelmingly rejected by MPs, triggering a no-confidence motion against her government and leaving the country with no plans for Brexit on March 29.

This is the biggest defeat for a sitting British government in history.

Globally, elsewhere in Asia, Japan's Nikkei shed 0.55 per cent, Hong Kong's Hang Seng was down 0.21 per cent and Shanghai Composite Index was trading 0.05 per cent lower; while Kospi rose 0.24 per cent in early trade.

On Wall Street, however, Dow Jones Industrial Average ended 0.65 per cent higher at 24,065.59 points on Tuesday.

Extending gains for the second session, the BSE benchmark Sensex Wednesday rose over 100 points tracking heavy buying by domestic institutional investors after the government said that the country's trade deficit had narrowed to a 10-month low.

Extending gains for the second session, the BSE benchmark Sensex Wednesday rose over 100 points tracking heavy buying by domestic institutional investors after the government said that the country's trade deficit had narrowed to a 10-month low. The 30-share index jumped 122.14 points, or 0.34 per cent, to 36,440.47 in early trade. Similarly, the NSE Nifty reclaimed the 10,900 mark by rising 33.75 points, or 0.31 per cent, to 10,920.55. On Tuesday, the Sensex had settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80. In the morning session on Wednesday, the biggest gainers in the Sensex pack were IndusInd Bank, NTPC, SBI, Reliance Industries, ICICI Bank, Vedanta, Axis Bank, Tata Steel, PowerGrid, ONGC and Infosys, rising up to 1.35 per cent. While, ITC, TCS, Hero MotoCorp, HCL Tech, HUL and Sun Pharma were among the top losers, shedding up to 0.66 per cent. According to traders, despite weakness in global markets, investor mood on Dalal Street was positive on news that declining imports had narrowed the trade deficit to ten-month low of US $13.08 billion in December 2018 as against US $14.2 billion in the same month the previous year. However, gains were capped as exports grew at the slowest pace in three months at 0.34 per cent in December, they added. "The recent stock market action is indicative of bull market action, shrugging off bad news and moving higher on good news," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. With strong top-line performance by marquee names in a challenging environment last quarter, and improving macros, the earnings recovery is likely to pick up in the current quarter, barring global surprises, he said, adding "with expectations for a rate cut rising, improving recoveries on bad loans, and rising domestic SIP flows, we expect investors to look past disappointing news flow." On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 159.60 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 417.44 crore, provisional data available with BSE showed. The rupee, meanwhile, appreciated 7 paise against the US dollar to 70.98. The benchmark Brent crude futures fell 0.26 per cent to US $60.48 per barrel. Global investor sentiment, on the other hand, was cautious after British Prime Minister Theresa May's divorce deal to leave the EU was overwhelmingly rejected by MPs, triggering a no-confidence motion against her government and leaving the country with no plans for Brexit on March 29. This is the biggest defeat for a sitting British government in history. Globally, elsewhere in Asia, Japan's Nikkei shed 0.55 per cent, Hong Kong's Hang Seng was down 0.21 per cent and Shanghai Composite Index was trading 0.05 per cent lower; while Kospi rose 0.24 per cent in early trade. On Wall Street, however, Dow Jones Industrial Average ended 0.65 per cent higher at 24,065.59 points on Tuesday.

Sensex jumps 100 points; Nifty reclaims 10,900 mark

The rupee opened on a weaker note but soon pared the losses and appreciated by 13 paise to 70.92 against the US dollar in opening trade Wednesday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened on a weak note at 71.10 at the interbank forex market then lost further ground and touched a low of 71.12.

The domestic unit however pared the losses and touched a high of 70.92, registering gains of 13 paise over its previous close.

Forex dealers said, selling of the American currency by exporters supported the rupee.

The rupee Tuesday plunged by 13 paise to close at 71.05 against the US dollar.

Forex traders said, fresh foreign fund-flows and easing crude oil prices supported the rupee up move.

Foreign funds purchased shares worth Rs 159.60 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 417.44 crore Tuesday, provisional data showed.

The benchmark BSE Sensex was trading with gains of84.36 points, or 0.26 per cent to quote at 36,413.32 while the NSE Nifty was trading at 10,914.40, up 27.60 points, or 0.25 per cent.

Meanwhile, Brent crude, the global benchmark, was trading lower at 60.43 per barrel lower by 0.35 per cent.&nbsp;

The rupee opened on a weaker note but soon pared the losses and appreciated by 13 paise to 70.92 against the US dollar in opening trade Wednesday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

The rupee opened on a weaker note but soon pared the losses and appreciated by 13 paise to 70.92 against the US dollar in opening trade Wednesday, driven by gains in domestic equities and weakening of the greenback in overseas markets. The rupee opened on a weak note at 71.10 at the interbank forex market then lost further ground and touched a low of 71.12. The domestic unit however pared the losses and touched a high of 70.92, registering gains of 13 paise over its previous close. Forex dealers said, selling of the American currency by exporters supported the rupee. The rupee Tuesday plunged by 13 paise to close at 71.05 against the US dollar. Forex traders said, fresh foreign fund-flows and easing crude oil prices supported the rupee up move. Foreign funds purchased shares worth Rs 159.60 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 417.44 crore Tuesday, provisional data showed. The benchmark BSE Sensex was trading with gains of84.36 points, or 0.26 per cent to quote at 36,413.32 while the NSE Nifty was trading at 10,914.40, up 27.60 points, or 0.25 per cent. Meanwhile, Brent crude, the global benchmark, was trading lower at 60.43 per barrel lower by 0.35 per cent.

After weak opening, rupee rises 13 paise to 70.92 vs US$ in early trade

After a consistent <a href="http://www.wionews.com/business-economy/fuel-price-continue-to-increase-on-sixth-day-petrol-up-by-28-paise-in-delhi-mumbai-190330">rise for six consecutive days</a>, the prices of petrol on Wednesday witnessed a little decline.

While petrol prices&nbsp;were reduced by 0.8 paise in Delhi and Mumbai, diesel saw an increase of around 12 paise.

The prices of petrol were revised to Rs 70.33 per litre in Delhi, Rs 75.97&nbsp;in Mumbai, Rs 73 in Chennai and Rs 72.44 in Kolkata.

Diesel which rose by 12&nbsp;paise in Delhi and 13 paise in Mumbai was revised to Rs 64.59 per litre in Delhi, Rs 67.62 per litre in Mumbai, Rs 66.36 in Kolkata and Rs 68.22 in Chennai.

The petrol prices on Tuesday were recorded at Rs 70.41 per litre in Delhi, Rs 76.05 per litre in Mumbai, Rs 72.52 per litre in Kolkata and 73.08 in Chennai.

While Diesel was recorded at Rs 64.47 per litre in Delhi and Rs 67.49 per litre in Mumbai, Rs 66.24 in Kolkata and Rs 68.09 in Chennai.

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Petrol and diesel prices at Rs. 70.33/litre (decrease by Rs 0.08) &amp; Rs. 64.59/litre (increase by Rs. 0.12), respectively in Delhi. Petrol and diesel prices at Rs. 75.97/litre (decrease by Rs. 0.08) &amp; Rs. 67.62/litre (increase by Rs. 0.13), respectively in Mumbai. <a href="https://t.co/tFgg38PoJC">pic.twitter.com/tFgg38PoJC</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1085330452741709824?ref_src=twsrc%5Etfw">January 16, 2019</a></blockquote>
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Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The prices also reduced due to the falling international prices and the appreciation of the money.

(With inputs from agencies)

After a consistent rise for six consecutive days, the prices of petrol on Wednesday witnessed a little decline. While petrol prices were reduced by 0.8 paise in Delhi and Mumbai, diesel saw an increase of around 12 paise.

After a consistent rise for six consecutive days, the prices of petrol on Wednesday witnessed a little decline. While petrol prices were reduced by 0.8 paise in Delhi and Mumbai, diesel saw an increase of around 12 paise. The prices of petrol were revised to Rs 70.33 per litre in Delhi, Rs 75.97 in Mumbai, Rs 73 in Chennai and Rs 72.44 in Kolkata. Diesel which rose by 12 paise in Delhi and 13 paise in Mumbai was revised to Rs 64.59 per litre in Delhi, Rs 67.62 per litre in Mumbai, Rs 66.36 in Kolkata and Rs 68.22 in Chennai. The petrol prices on Tuesday were recorded at Rs 70.41 per litre in Delhi, Rs 76.05 per litre in Mumbai, Rs 72.52 per litre in Kolkata and 73.08 in Chennai. While Diesel was recorded at Rs 64.47 per litre in Delhi and Rs 67.49 per litre in Mumbai, Rs 66.24 in Kolkata and Rs 68.09 in Chennai. Petrol and diesel prices at Rs. 70.33/litre (decrease by Rs 0.08) & Rs. 64.59/litre (increase by Rs. 0.12), respectively in Delhi. Petrol and diesel prices at Rs. 75.97/litre (decrease by Rs. 0.08) & Rs. 67.62/litre (increase by Rs. 0.13), respectively in Mumbai. pic.twitter.com/tFgg38PoJC — ANI (@ANI) January 16, 2019 × Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16. After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. The prices also reduced due to the falling international prices and the appreciation of the money. (With inputs from agencies)

After six days of continuous rise, petrol prices reduce by 8 paise in Delhi, Mumbai

Equity indices ended marginally higher Wednesday after a see-saw session, tracking mixed cues from the global markets amid geopolitical uncertainties.

After swinging nearly 200 points, the 30-share BSE Sensex index settled 2.96 points, or 0.01 per cent, higher at 36,321.29. The broader NSE Nifty inched up 3.50 points, or 0.03 per cent, to 10,890.30.

In the Sensex pack, Yes Bank, IndusInd Bank, Infosys, ICICI Bank, TCS, SBI, Reliance Industries, ONGC, Axis Bank and NTPC rose up to 2.66 per cent. 
On the other hand, losers included Bharti Airtel, Bajaj Finance, Asian Paints, Vedanta, HCL Tech, HUL, Hero MotoCorp, Kotak Bank, HDFC, HDFC Bank and ITC, declining up to 1.38 per cent.

"The market remained lacklustre and the indices traded in narrow ranges in the absence of any fresh news or triggers from both domestic and global markets," said Joseph Thomas, Head Research, Emkay Wealth Management.

The direction in the coming days would depend to a large extent on the earnings season that is coming up and also the developments around the US government shutdown, Brexit and further monetary actions from China, he added.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 159.60 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 417.44 crore, provisional data available with BSE showed.

Global investor sentiment was cautious after British Prime Minister Theresa May's divorce deal to leave the EU was overwhelmingly rejected by MPs, triggering a no-confidence motion against her government and leaving the country with no plans for Brexit on March 29.

This is the biggest defeat for a sitting British government in history. 
London's FTSE fell 0.61 per cent, while Frankfurt's DAX was up 0.22 per cent and Paris CAC 40 rose 0.20 per cent in early deals.

Elsewhere in Asia, Korea's Kospi rose 0.43 per cent, Shanghai Composite Index ended flat, Hong Kong's Hang Seng was up 0.27 per cent, while Japan's Nikkei fell 0.55 per cent.

The rupee, meanwhile, depreciated 20 paise against the US dollar to 71.12 in intra-day trade.

The benchmark Brent crude futures rose 0.08 per cent to USD 60.69 per barrel.&nbsp;

Equity indices ended marginally higher Wednesday after a see-saw session, tracking mixed cues from the global markets amid geopolitical uncertainties. After swinging nearly 200 points, the 30-share BSE Sensex index settled 2.

Equity indices ended marginally higher Wednesday after a see-saw session, tracking mixed cues from the global markets amid geopolitical uncertainties. After swinging nearly 200 points, the 30-share BSE Sensex index settled 2.96 points, or 0.01 per cent, higher at 36,321.29. The broader NSE Nifty inched up 3.50 points, or 0.03 per cent, to 10,890.30. In the Sensex pack, Yes Bank, IndusInd Bank, Infosys, ICICI Bank, TCS, SBI, Reliance Industries, ONGC, Axis Bank and NTPC rose up to 2.66 per cent. On the other hand, losers included Bharti Airtel, Bajaj Finance, Asian Paints, Vedanta, HCL Tech, HUL, Hero MotoCorp, Kotak Bank, HDFC, HDFC Bank and ITC, declining up to 1.38 per cent. "The market remained lacklustre and the indices traded in narrow ranges in the absence of any fresh news or triggers from both domestic and global markets," said Joseph Thomas, Head Research, Emkay Wealth Management. The direction in the coming days would depend to a large extent on the earnings season that is coming up and also the developments around the US government shutdown, Brexit and further monetary actions from China, he added. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 159.60 crore Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 417.44 crore, provisional data available with BSE showed. Global investor sentiment was cautious after British Prime Minister Theresa May's divorce deal to leave the EU was overwhelmingly rejected by MPs, triggering a no-confidence motion against her government and leaving the country with no plans for Brexit on March 29. This is the biggest defeat for a sitting British government in history. London's FTSE fell 0.61 per cent, while Frankfurt's DAX was up 0.22 per cent and Paris CAC 40 rose 0.20 per cent in early deals. Elsewhere in Asia, Korea's Kospi rose 0.43 per cent, Shanghai Composite Index ended flat, Hong Kong's Hang Seng was up 0.27 per cent, while Japan's Nikkei fell 0.55 per cent. The rupee, meanwhile, depreciated 20 paise against the US dollar to 71.12 in intra-day trade. The benchmark Brent crude futures rose 0.08 per cent to USD 60.69 per barrel.

Sensex, Nifty end marginally higher amid mixed global cues

The pound edged down Wednesday after the record defeat of British Prime Minister Theresa May's Brexit plan but mostly held its ground as investors consider the next likely developments in the long-running saga.

The sterling tanked to a near two-year low soon after the government's proposal on leaving the European Union was soundly beaten Tuesday evening, but it soon bounced back as traders bet there would not be a "no-deal" exit.

And while it was slightly lower in Asia, <a href="http://www.wionews.com/opinions/why-brexit-is-causing-turmoil-for-the-pound-and-other-markets-189974">the pound managed to avoid the sort of pummelling</a> many had predicted, and analysts say the positive news is that the options for the future are narrowing.

With May expected to win a vote of no confidence called by the opposition Labour Party on Wednesday, the talk will move to what happens next.

Analysts say May could ask to delay Britain's March 29 exit from the bloc as she looks for a more palatable agreement from her EU peers, while there is growing speculation of a general election and even another referendum.

"Momentum is shifting away from the harder Brexit route and towards a number of options ranging from postponement and second referendum. That is pound supportive," said Gavin Friend at National Australia Bank.

But he added: "I don't see the pound rallying much until markets are sure the (ruling) Conservatives have seen off the confidence motion."

Meanwhile, London may still leave the bloc without a backup.

"We cannot ignore the fact that it takes very little effort for no-deal, whilst it takes a vast amount of effort to avoid it," warned Neil Wilson, chief market analyst at Markets.com.

<a href="http://www.wionews.com/business-economy/global-markets-china-trade-shock-rattles-european-stocks-commodities-190200">Asian equity markets</a> mostly rose after Tuesday's rally that was fuelled by Chinese plans to cut taxes in a bid to support the stuttering economy.

However, traders are growing increasingly worried about the lack of movement in the US over the government shutdown, which is now in its fourth week, with both sides digging their heels in.

Tokyo ended off 0.6 per cent, but Hong Kong rose 0.2 per cent to build on Tuesday's two per cent rally while Shanghai was flat.

Sydney and Seoul each rose 0.4 per cent, while Singapore added 0.3 per cent and Wellington put on 0.7 per cent with Mumbai 0.2 per cent higher.

Investors are now gearing up for the start of the corporate earnings season and some are concerned that the effects of recent soft economic data globally — as well as the China-US trade war — will begin to show up in accounts.

While it was slightly lower in Asia, the pound managed to avoid the sort of pummelling many had predicted.

The pound edged down Wednesday after the record defeat of British Prime Minister Theresa May's Brexit plan but mostly held its ground as investors consider the next likely developments in the long-running saga. The sterling tanked to a near two-year low soon after the government's proposal on leaving the European Union was soundly beaten Tuesday evening, but it soon bounced back as traders bet there would not be a "no-deal" exit. And while it was slightly lower in Asia, the pound managed to avoid the sort of pummelling many had predicted, and analysts say the positive news is that the options for the future are narrowing. With May expected to win a vote of no confidence called by the opposition Labour Party on Wednesday, the talk will move to what happens next. Analysts say May could ask to delay Britain's March 29 exit from the bloc as she looks for a more palatable agreement from her EU peers, while there is growing speculation of a general election and even another referendum. "Momentum is shifting away from the harder Brexit route and towards a number of options ranging from postponement and second referendum. That is pound supportive," said Gavin Friend at National Australia Bank. But he added: "I don't see the pound rallying much until markets are sure the (ruling) Conservatives have seen off the confidence motion." Meanwhile, London may still leave the bloc without a backup. "We cannot ignore the fact that it takes very little effort for no-deal, whilst it takes a vast amount of effort to avoid it," warned Neil Wilson, chief market analyst at Markets.com. Asian equity markets mostly rose after Tuesday's rally that was fuelled by Chinese plans to cut taxes in a bid to support the stuttering economy. However, traders are growing increasingly worried about the lack of movement in the US over the government shutdown, which is now in its fourth week, with both sides digging their heels in. Tokyo ended off 0.6 per cent, but Hong Kong rose 0.2 per cent to build on Tuesday's two per cent rally while Shanghai was flat. Sydney and Seoul each rose 0.4 per cent, while Singapore added 0.3 per cent and Wellington put on 0.7 per cent with Mumbai 0.2 per cent higher. Investors are now gearing up for the start of the corporate earnings season and some are concerned that the effects of recent soft economic data globally — as well as the China-US trade war — will begin to show up in accounts.

Pound stands firm after May loss, Asian equity markets rise

The rupee depreciated by 10 paise and fell below the 71 per dollar mark in opening trade Tuesday amid strengthening greenback, sustained foreign fund outflows and surging crude oil prices.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.79 then fell further to 71.02 against the American currency, down by 10 paise over its previous closing price.

In highly volatile trade, the local currency also touched a high of 70.75 per US dollar, showing a rise of 17 paise over its last close.

The rupee Monday plunged 43 paise to close at nearly one-month low of 70.92 against the US dollar.

Foreign funds pulled out Rs 732.46 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 527.49 crore Monday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 296.15 points, or 0.83 per cent to quote at 35,149.71 while the NSE Nifty was trading at 10,785.25, up 47.65 points, or 0.46 per cent.

Meanwhile, brent crude, the global benchmark, was trading lower at 59.68 per barrel higher by 1.17 per cent.

Forex traders said the strength of the US dollar against other currencies weighed on the domestic unit. On the other hand, heavy buying in domestic equities supported the rupee.

The rupee depreciated by 10 paise and fell below the 71 per dollar mark in opening trade Tuesday amid strengthening greenback, sustained foreign fund outflows and surging crude oil prices.

The rupee depreciated by 10 paise and fell below the 71 per dollar mark in opening trade Tuesday amid strengthening greenback, sustained foreign fund outflows and surging crude oil prices. At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.79 then fell further to 71.02 against the American currency, down by 10 paise over its previous closing price. In highly volatile trade, the local currency also touched a high of 70.75 per US dollar, showing a rise of 17 paise over its last close. The rupee Monday plunged 43 paise to close at nearly one-month low of 70.92 against the US dollar. Foreign funds pulled out Rs 732.46 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 527.49 crore Monday, provisional data showed. The benchmark BSE Sensex was trading with gains of 296.15 points, or 0.83 per cent to quote at 35,149.71 while the NSE Nifty was trading at 10,785.25, up 47.65 points, or 0.46 per cent. Meanwhile, brent crude, the global benchmark, was trading lower at 59.68 per barrel higher by 1.17 per cent. Forex traders said the strength of the US dollar against other currencies weighed on the domestic unit. On the other hand, heavy buying in domestic equities supported the rupee.

Rupee depreciates 10 paise against US$; falls below 71-mark

The country's exports growth remained almost flat at $27.93 billion in December 2018, mainly on account of global trade tensions.

According to trade data released by the commerce ministry, exports grew at the slowest pace in three months at 0.34 per cent in December, while imports entered a negative zone, registering a decline of 2.44 per cent to $41 billion.

Declining imports have narrowed the trade deficit to a ten-month low of $13.08 billion in December 2018 as against $14.2 billion in the same month the previous year.

Last time, imports had plunged into negative territory in September 2016. It was dipped by 2.54 per cent then.

The import of gold too contracted by 24.33 per cent to $2.56 billion in December 2018.

During the month under review, several key export sectors recorded negative growth. It includes engineering goods, gems and jewellery, leather, pharmaceuticals, marine products, iron ore, tea and coffee.

Commenting on the figures, exporters body FIEO said that the marginal growth in exports was due to uncertain global cues and challenges on the domestic front.

"China's exports contracted in December 2018, highlighting fragile global conditions. The weak global economic outlook is showing no signs of respite," Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said.

Engineering Export Promotion Council (EEPC) Chairman Ravi Sehgal too said the unfolding global situation comprises not only problems on account of trade tensions between China and the US, but also other issues like uncertainty over Brexit fall-out in the European markets.

"The situation certainly calls for a major rethink and redrawing of our export strategy," he said.

However, cumulatively during April-December, this fiscal, exports grew by 10.18 per cent to $245.44 billion. Imports rose by 12.61 per cent to USD 386.65 billion.

The trade deficit widened to $141.2 billion during the nine months of the current fiscal from $120.57 billion in April-December 2017-18.

Oil imports in December 2018 rose by 3.16 per cent to $10.67 billion. During April-December this fiscal, imports grew by 42.85 per cent to $108.10 billion.

Non-oil imports during the nine-month period of the fiscal increased by 4.06 per cent to $278.54 billion.

The country's exports growth remained almost flat at $27.93 billion in December 2018, mainly on account of global trade tensions. According to trade data released by the commerce ministry, exports grew at the slowest pace in three months at 0.

The country's exports growth remained almost flat at $27.93 billion in December 2018, mainly on account of global trade tensions. According to trade data released by the commerce ministry, exports grew at the slowest pace in three months at 0.34 per cent in December, while imports entered a negative zone, registering a decline of 2.44 per cent to $41 billion. Declining imports have narrowed the trade deficit to a ten-month low of $13.08 billion in December 2018 as against $14.2 billion in the same month the previous year. Last time, imports had plunged into negative territory in September 2016. It was dipped by 2.54 per cent then. The import of gold too contracted by 24.33 per cent to $2.56 billion in December 2018. During the month under review, several key export sectors recorded negative growth. It includes engineering goods, gems and jewellery, leather, pharmaceuticals, marine products, iron ore, tea and coffee. Commenting on the figures, exporters body FIEO said that the marginal growth in exports was due to uncertain global cues and challenges on the domestic front. "China's exports contracted in December 2018, highlighting fragile global conditions. The weak global economic outlook is showing no signs of respite," Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said. Engineering Export Promotion Council (EEPC) Chairman Ravi Sehgal too said the unfolding global situation comprises not only problems on account of trade tensions between China and the US, but also other issues like uncertainty over Brexit fall-out in the European markets. "The situation certainly calls for a major rethink and redrawing of our export strategy," he said. However, cumulatively during April-December, this fiscal, exports grew by 10.18 per cent to $245.44 billion. Imports rose by 12.61 per cent to USD 386.65 billion. The trade deficit widened to $141.2 billion during the nine months of the current fiscal from $120.57 billion in April-December 2017-18. Oil imports in December 2018 rose by 3.16 per cent to $10.67 billion. During April-December this fiscal, imports grew by 42.85 per cent to $108.10 billion. Non-oil imports during the nine-month period of the fiscal increased by 4.06 per cent to $278.54 billion.

Exports flat in December 2018; trade deficit narrows to 10-month low 

The BSE benchmark Sensex Tuesday rallied over 300 points tracking positive cues from other Asian markets amid heavy buying by domestic institutional investors.

Market sentiment was also upbeat after government data revealed that retail inflation dropped to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month.

The 30-share index Jumped 328.44 points, or 0.92 per cent, to 36,182 in early trade.

Similarly, the NSE Nifty reclaimed the 10,800 mark by rising 93.65 points, or 0.87 per cent, to 10,831.25.

On Monday, after a volatile session, the Sensex had settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60.

In the morning session on Tuesday, the biggest gainers in the Sensex pack were Yes Bank, Reliance, Infosys, Bajaj Auto, Asian Paints, ONGC, Bajaj Finance, SBI and TCS, surging up to 2 per cent.

While, Bharti Airtel was the only loser in the index, down 0.44 per cent.

According to analysts, quarterly numbers and management commentary from India Inc will be keenly watched by market participants, and will play a crucial role in further upside.

Besides positive cues from other Asian markets, investor mood was boosted by encouraging macroeconomic numbers released on Monday.

Retail inflation declined to an 18-month low of 2.19 per cent in December 2018 mainly on account of sliding prices of fruits, vegetables and fuel.

Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December.

Additionally, US-China trade war, rising crude oil prices, foreign fund outflow and the upcoming general elections will keep the market volatile in the short term, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 732.46 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 527.49 crore, provisional data available with BSE showed.

The rupee, meanwhile, was trading flat against the US dollar at 70.91.

The benchmark Brent crude futures rose 1.17 per cent to US $59.68 per barrel.

Globally, elsewhere in Asia, Japan's Nikkei jumped 0.91 per cent, Hong Kong's Hang Seng was up 1.90 per cent, Kospi rose 1.54 per cent and Shanghai Composite Index was trading 0.96 per cent higher in early trade.

On Wall Street, however, Dow Jones Industrial Average ended 0.36 per cent lower at 23,909.84 points on Monday.&nbsp;

The BSE benchmark Sensex Tuesday rallied over 300 points tracking positive cues from other Asian markets amid heavy buying by domestic institutional investors. Market sentiment was also upbeat after government data revealed that retail inflation dropped to an 18-month low of 2.

The BSE benchmark Sensex Tuesday rallied over 300 points tracking positive cues from other Asian markets amid heavy buying by domestic institutional investors. Market sentiment was also upbeat after government data revealed that retail inflation dropped to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month. The 30-share index Jumped 328.44 points, or 0.92 per cent, to 36,182 in early trade. Similarly, the NSE Nifty reclaimed the 10,800 mark by rising 93.65 points, or 0.87 per cent, to 10,831.25. On Monday, after a volatile session, the Sensex had settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60. In the morning session on Tuesday, the biggest gainers in the Sensex pack were Yes Bank, Reliance, Infosys, Bajaj Auto, Asian Paints, ONGC, Bajaj Finance, SBI and TCS, surging up to 2 per cent. While, Bharti Airtel was the only loser in the index, down 0.44 per cent. According to analysts, quarterly numbers and management commentary from India Inc will be keenly watched by market participants, and will play a crucial role in further upside. Besides positive cues from other Asian markets, investor mood was boosted by encouraging macroeconomic numbers released on Monday. Retail inflation declined to an 18-month low of 2.19 per cent in December 2018 mainly on account of sliding prices of fruits, vegetables and fuel. Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December. Additionally, US-China trade war, rising crude oil prices, foreign fund outflow and the upcoming general elections will keep the market volatile in the short term, said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 732.46 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 527.49 crore, provisional data available with BSE showed. The rupee, meanwhile, was trading flat against the US dollar at 70.91. The benchmark Brent crude futures rose 1.17 per cent to US $59.68 per barrel. Globally, elsewhere in Asia, Japan's Nikkei jumped 0.91 per cent, Hong Kong's Hang Seng was up 1.90 per cent, Kospi rose 1.54 per cent and Shanghai Composite Index was trading 0.96 per cent higher in early trade. On Wall Street, however, Dow Jones Industrial Average ended 0.36 per cent lower at 23,909.84 points on Monday.

Sensex rallies over 300 points; Nifty reclaims 10,800 mark

<a href="http://www.wionews.com/business-economy/fuel-prices-continue-to-rise-on-fifth-consecutive-day-petrol-crosses-rs-70-in-delhi-190095">Fuel prices</a> continued to increase for the sixth consecutive day on Tuesday with prices of petrol increasing by 28 paise in Delhi and Mumbai.

The petrol prices on Tuesday were revised to Rs 70.41 per litre in Delhi, Rs 76.05 per litre in Mumbai, Rs 72.52 per litre in Kolkata and 73.08 in Chennai.

Diesel which rose by 29 paise in Delhi and 31 paise in Mumbai was revised to Rs 64.47 per litre in Delhi and Rs 67.49 per litre in Mumbai, Rs 66.24 in Kolkata and Rs 68.09 in Chennai.

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Petrol and diesel prices at Rs. 70.41/litre (increase by Rs 0.28) &amp; Rs. 64.47/litre (increase by Rs. 0.29), respectively in Delhi. Petrol and diesel prices at Rs. 76.05/litre (increase by Rs. 0.28) &amp; Rs. 67.49/litre (increase by Rs. 0.31), respectively in Mumbai. <a href="https://t.co/jNyvBxwtKq">pic.twitter.com/jNyvBxwtKq</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1084986162593165313?ref_src=twsrc%5Etfw">January 15, 2019</a></blockquote>
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The prices of petrol on Monday were recorded at Rs 70.13 in Delhi, Rs 75.77 in Mumbai, Rs 72.24 in Kolkata and Rs 72.79 in Chennai.

While Diesel prices were recorded at Rs 64.18 per litre in Delhi, Rs 67.18 &nbsp;in Mumbai, Rs 65.95 in Kolkata and Rs 67.78 in Chennai.

Prior to this seventh increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The prices also reduced due to the falling international prices and the appreciation of the money.

Fuel prices continued to increase for the sixth consecutive day on Tuesday with prices of petrol increasing by 28 paise in Delhi and Mumbai. The petrol prices on Tuesday were revised to Rs 70.

Fuel prices continued to increase for the sixth consecutive day on Tuesday with prices of petrol increasing by 28 paise in Delhi and Mumbai. The petrol prices on Tuesday were revised to Rs 70.41 per litre in Delhi, Rs 76.05 per litre in Mumbai, Rs 72.52 per litre in Kolkata and 73.08 in Chennai. Diesel which rose by 29 paise in Delhi and 31 paise in Mumbai was revised to Rs 64.47 per litre in Delhi and Rs 67.49 per litre in Mumbai, Rs 66.24 in Kolkata and Rs 68.09 in Chennai. Petrol and diesel prices at Rs. 70.41/litre (increase by Rs 0.28) & Rs. 64.47/litre (increase by Rs. 0.29), respectively in Delhi. Petrol and diesel prices at Rs. 76.05/litre (increase by Rs. 0.28) & Rs. 67.49/litre (increase by Rs. 0.31), respectively in Mumbai. pic.twitter.com/jNyvBxwtKq — ANI (@ANI) January 15, 2019 × The prices of petrol on Monday were recorded at Rs 70.13 in Delhi, Rs 75.77 in Mumbai, Rs 72.24 in Kolkata and Rs 72.79 in Chennai. While Diesel prices were recorded at Rs 64.18 per litre in Delhi, Rs 67.18 in Mumbai, Rs 65.95 in Kolkata and Rs 67.78 in Chennai. Prior to this seventh increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16. After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. The prices also reduced due to the falling international prices and the appreciation of the money.

Fuel price continue to increase on sixth day, petrol up by 28 paise in Delhi, Mumbai

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains.

US West Texas Intermediate (WTI) crude futures were at $50.78 per barrel at 0041 GMT, up 27 cents, or 0.5 per cent, from their last settlement.

International Brent crude oil futures had yet to trade.

"The impact of OPEC+ cuts, Iran sanctions and lower month-on-month growth in US production should help to support oil prices from current levels," US bank JP Morgan said in a note.

The Middle East dominated producer club of the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.

Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since.

However, Tuesday's slight oil price increases came after crude futures fell by more than 2 per cent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown.

"Given the heightened macro risk anxiety, any support from supply-side correction could be limited," JP Morgan said.

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains. US West Texas Intermediate (WTI) crude futures were at $50.

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains. US West Texas Intermediate (WTI) crude futures were at $50.78 per barrel at 0041 GMT, up 27 cents, or 0.5 per cent, from their last settlement. International Brent crude oil futures had yet to trade. "The impact of OPEC+ cuts, Iran sanctions and lower month-on-month growth in US production should help to support oil prices from current levels," US bank JP Morgan said in a note. The Middle East dominated producer club of the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut. Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since. However, Tuesday's slight oil price increases came after crude futures fell by more than 2 per cent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown. "Given the heightened macro risk anxiety, any support from supply-side correction could be limited," JP Morgan said.

Oil prices edge up on supply cuts, but weakening economic outlook caps gains

Wall Street swung to a loss on Monday as <a href="http://www.wionews.com/world/wall-street-starts-new-year-with-1-percent-slide-on-global-slowdown-jitters-187942">fears for the global economy dampened</a> investor sentiment just as earnings season got underway.

The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019.

The benchmark Dow Jones Industrial Average fell 0.4 per cent to close at 23,909.85 while the broader S&amp;P 500 lost 0.5 per cent, settling at 2,582.61.

The tech-heavy Nasdaq fell hardest, losing 0.9 per cent and closing at 6,905.92.

Early Monday, Chinese trade data had underscored worries about a slowdown in the world's second-biggest economy.

The country's exports fell 4.4 per cent in December from a year earlier, while imports dropped 7.6 per cent, reflecting sluggish demand at home and abroad.

"There is a concern that the global economy could slow down. The data for the last few months has supported the fact that the economy is slowing in China and around the globe," Adam Sarhan of 50 Park Investments told AFP.

"The global economy does well when China does well."

Sarhan added that the partial shutdown of the US government was also a worry for investors as it dragged into its fourth week.

"The stock market is concerned because eventually the shutdown will cause a significant slowdown on the economy," he said.

Meanwhile, Citigroup posted mixed results, with better-than-expected fourth-quarter earnings, in part due to lower expenses, but revenues that lagged expectations. One factor was a drop in Treasury bonds trading amid heavy market volatility.

Shares closed up sharply, adding nearly four per cent.

Oil prices also dipped $1.49 in New York, sending energy stocks lower. Exxon Mobil fell 0.2 per cent, while fellow supermajor Chevron fell 0.8 per cent.

Wall Street swung to a loss on Monday as fears for the global economy dampened investor sentiment just as earnings season got underway. The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019.

Wall Street swung to a loss on Monday as fears for the global economy dampened investor sentiment just as earnings season got underway. The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019. The benchmark Dow Jones Industrial Average fell 0.4 per cent to close at 23,909.85 while the broader S&P 500 lost 0.5 per cent, settling at 2,582.61. The tech-heavy Nasdaq fell hardest, losing 0.9 per cent and closing at 6,905.92. Early Monday, Chinese trade data had underscored worries about a slowdown in the world's second-biggest economy. The country's exports fell 4.4 per cent in December from a year earlier, while imports dropped 7.6 per cent, reflecting sluggish demand at home and abroad. "There is a concern that the global economy could slow down. The data for the last few months has supported the fact that the economy is slowing in China and around the globe," Adam Sarhan of 50 Park Investments told AFP. "The global economy does well when China does well." Sarhan added that the partial shutdown of the US government was also a worry for investors as it dragged into its fourth week. "The stock market is concerned because eventually the shutdown will cause a significant slowdown on the economy," he said. Meanwhile, Citigroup posted mixed results, with better-than-expected fourth-quarter earnings, in part due to lower expenses, but revenues that lagged expectations. One factor was a drop in Treasury bonds trading amid heavy market volatility. Shares closed up sharply, adding nearly four per cent. Oil prices also dipped $1.49 in New York, sending energy stocks lower. Exxon Mobil fell 0.2 per cent, while fellow supermajor Chevron fell 0.8 per cent.

Wall Street stocks slide on China slowdown, US earnings report

The chief executive officer of Myntra and Jabong, a unit of Walmart-owned Flipkart, Ananth Narayanan has left the company to pursue external opportunities, Myntra said on Monday.

Narayanan is in talks to replace Ajith Mohan as the chief executive officer of video streaming service Hotstar, the Economic Times reported, citing sources.

Mohan had taken over as the managing director and vice-president of Facebook India in September.

Flipkart's Amar Nagaram has been named as the head of Myntra and Jabong, the e-commerce fashion company said.

Hotstar did not immediately respond to a request for comment.

Flipkart's Amar Nagaram has been named as the head of Myntra and Jabong, the e-commerce fashion company said.

The chief executive officer of Myntra and Jabong, a unit of Walmart-owned Flipkart, Ananth Narayanan has left the company to pursue external opportunities, Myntra said on Monday. Narayanan is in talks to replace Ajith Mohan as the chief executive officer of video streaming service Hotstar, the Economic Times reported, citing sources. Mohan had taken over as the managing director and vice-president of Facebook India in September. Flipkart's Amar Nagaram has been named as the head of Myntra and Jabong, the e-commerce fashion company said. Hotstar did not immediately respond to a request for comment.

Flipkart unit Myntra and Jabong CEO Ananth Narayanan steps down

The BSE Sensex soared over 450 points Tuesday after lower retail inflation numbers for December raised RBI rate cut hopes, leading to intense buying in rate-sensitive stocks, supported by strong global cues.

The Sensex rally was led by Yes Bank, Infosys, Reliance Industries and TCS, surging up to 3.86 per cent.

The 30-share index settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader NSE Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80.

Market sentiment remained upbeat over retail inflation dropping to an 18-month low of 2.19 per cent in December, creating headroom for the Reserve Bank to ease monetary policy next month.

Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December.

In the Sensex pack, other gainers were Vedanta, Bajaj Finance, Bharti Airtel, Tata Motors, Hero MotoCorp, HUL, Asian Paints, HDFC duo and ONGC -- gaining as much as 2.87 per cent.

Bucking the overall trend, Maruti, PowerGrid and ICICI Bank ended in the red.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 732.46 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 527.49 crore, provisional data available with BSE showed.

"Domestic market was buoyed by broad-based buying across all sectors and particularly led by rate sensitive sectors on the expectation of a probable rate cut considering that Index of Industrial Production for the month of November slumped to mere 0.5 per cent while CPI inflation eased for a 6th straight month to 2.19 per cent in December," Paras Bothra, President, Equity Research, Ashika Group, said.&nbsp;

Besides, positive cues from European and other Asian markets lifted sentiments.

Elsewhere in Asia, Korea's Kospi jumped 1.58 per cent, Shanghai Composite Index rose 1.36 per cent, Hong Kong's Hang Seng rallied 2.02 per cent, and Japan's Nikkei gained 0.96 per cent.

In Europe, Frankfurt's DAX was up 0.41 per cent, Paris CAC 40 rose 0.56 per cent, and London's FTSE gained 0.33 per cent.

The rupee, meanwhile, depreciated 20 paise against the US dollar to 71.12.

The benchmark Brent crude futures rose 0.78 per cent to $59.45 per barrel.

The 30-share index settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader NSE Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80.

The BSE Sensex soared over 450 points Tuesday after lower retail inflation numbers for December raised RBI rate cut hopes, leading to intense buying in rate-sensitive stocks, supported by strong global cues. The Sensex rally was led by Yes Bank, Infosys, Reliance Industries and TCS, surging up to 3.86 per cent. The 30-share index settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader NSE Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80. Market sentiment remained upbeat over retail inflation dropping to an 18-month low of 2.19 per cent in December, creating headroom for the Reserve Bank to ease monetary policy next month. Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December. In the Sensex pack, other gainers were Vedanta, Bajaj Finance, Bharti Airtel, Tata Motors, Hero MotoCorp, HUL, Asian Paints, HDFC duo and ONGC -- gaining as much as 2.87 per cent. Bucking the overall trend, Maruti, PowerGrid and ICICI Bank ended in the red. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 732.46 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 527.49 crore, provisional data available with BSE showed. "Domestic market was buoyed by broad-based buying across all sectors and particularly led by rate sensitive sectors on the expectation of a probable rate cut considering that Index of Industrial Production for the month of November slumped to mere 0.5 per cent while CPI inflation eased for a 6th straight month to 2.19 per cent in December," Paras Bothra, President, Equity Research, Ashika Group, said. Besides, positive cues from European and other Asian markets lifted sentiments. Elsewhere in Asia, Korea's Kospi jumped 1.58 per cent, Shanghai Composite Index rose 1.36 per cent, Hong Kong's Hang Seng rallied 2.02 per cent, and Japan's Nikkei gained 0.96 per cent. In Europe, Frankfurt's DAX was up 0.41 per cent, Paris CAC 40 rose 0.56 per cent, and London's FTSE gained 0.33 per cent. The rupee, meanwhile, depreciated 20 paise against the US dollar to 71.12. The benchmark Brent crude futures rose 0.78 per cent to $59.45 per barrel.

Nifty, Sensex end higher; IT stocks shine

Inflation based on wholesale prices fell to an 8-month low of 3.80 per cent in December 2018, on softening prices of fuel and some food items.

The Wholesale Price Index (WPI)-based inflation stood at 4.64 per cent in November 2018, and 3.58 per cent in December 2017.

According to the government data released Monday, deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November.

Vegetables, too, saw deflation at 17.55 per cent in December, compared to 26.98 per cent in the previous month.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/high-level-debt-in-south-asian-countries-a-major-risk-world-bank-189450">High-level debt in South Asian Countries a major risk: World Bank</a>

Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November. This was on account of lowering of prices of petrol and diesel through December.

Individually, in <a href="http://www.wionews.com/business-economy/crude-shocker-can-be-rude-shocks-for-economy-rbi-economists-188510">petrol and diesel</a> inflation was 1.57 per cent and 8.61 per cent, respectively, and for liquified petroleum gas (LPG) it was 6.87 per cent during December.

Among food articles, potato prices became cheaper substantially with inflation of 48.68 per cent in December, as against 86.45 per cent in November.

Inflation in pulses stood at 2.11 per cent, while in 'egg, meat and fish' it was 4.55 per cent.

Onion witnessed deflation of 63.83 per cent in December, compared to 47.60 per cent in November.

The 3.80 per cent inflation is the lowest in 8 months, and lower inflation than this was last seen in April at 3.62 per cent.

Data for retail or consumer price index-based inflation would be released later in the day.

The Reserve Bank of India (RBI) mainly takes into account retail inflation data while formulating monetary policy.

In its fifth monetary policy review for the fiscal, last month, the Reserve Bank kept interest rates unchanged but held out a promise to cut them if the upside risks to inflation do not materialise.

The central bank lowered retail inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices.

Inflation based on wholesale prices fell to an 8-month low of 3.80 per cent in December 2018, on softening prices of fuel and some food items. The Wholesale Price Index (WPI)-based inflation stood at 4.

Inflation based on wholesale prices fell to an 8-month low of 3.80 per cent in December 2018, on softening prices of fuel and some food items. The Wholesale Price Index (WPI)-based inflation stood at 4.64 per cent in November 2018, and 3.58 per cent in December 2017. According to the government data released Monday, deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November. Vegetables, too, saw deflation at 17.55 per cent in December, compared to 26.98 per cent in the previous month. Also read: High-level debt in South Asian Countries a major risk: World Bank Inflation in the 'fuel and power' basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November. This was on account of lowering of prices of petrol and diesel through December. Individually, in petrol and diesel inflation was 1.57 per cent and 8.61 per cent, respectively, and for liquified petroleum gas (LPG) it was 6.87 per cent during December. Among food articles, potato prices became cheaper substantially with inflation of 48.68 per cent in December, as against 86.45 per cent in November. Inflation in pulses stood at 2.11 per cent, while in 'egg, meat and fish' it was 4.55 per cent. Onion witnessed deflation of 63.83 per cent in December, compared to 47.60 per cent in November. The 3.80 per cent inflation is the lowest in 8 months, and lower inflation than this was last seen in April at 3.62 per cent. Data for retail or consumer price index-based inflation would be released later in the day. The Reserve Bank of India (RBI) mainly takes into account retail inflation data while formulating monetary policy. In its fifth monetary policy review for the fiscal, last month, the Reserve Bank kept interest rates unchanged but held out a promise to cut them if the upside risks to inflation do not materialise. The central bank lowered retail inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices.

WPI inflation at 8-month low of 3.80% in December on softening fuel, food prices