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Domestic equities benchmark BSE Sensex plunged over 350 points Wednesday as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors.

The 30-share index slumped 360.95 points, or 1.02 per cent, to 35,109.20 in early trade. It had fallen 271.92 points, or 0.76 per cent, to 35,470.15 in the previous session Monday. The NSE Nifty too shed 112.30 points, or 1.05 per cent, to 10,551.20.

The losses on Dalal Street were led by metal, realty, banking, IT, pharma and auto stocks.

Top losers include Yes Bank, TCS, HUL, Kotak Bank, M&amp;M, Sun Pharma, Tata Motors, Infosys, Bajaj Auto, Tata Steel, Reliance, ICICI Bank and SBI, falling up to 3 per cent.

HDFC was the only gainer on Sensex, trading marginally higher than its previous close.

Financial markets were closed Tuesday on account of Christmas.

According to experts, investors are jittery over the political unpredictability in the US.

US President Donald Trump Tuesday ruled out an end to the partial government shutdown till the Congress approve funds for building a wall along the Mexican border to prevent entry of illegal immigrants.

Democrats and some Republicans have rejected Trump's demand for the US-Mexico border, following which on last week he refused to sign a wider spending bill, temporarily stripping funding from swaths of the government.

Global investors also took cues from Wall Street stocks which plunged for a fourth straight session Monday amid rising doubts over the US economy after Treasury Secretary Steven Mnuchin's efforts to reassure investors fell flat.

Markets were also unnerved by weekend news reports that US President Donald Trump was weighing whether to fire Federal Reserve Chairman Jerome Powell, accounts that Mnuchin said Trump had denied.

The rupee, meanwhile, gained against the US dollar, and was trading at 69.82 a dollar, up 0.46 per cent from its previous close.

Brent crude, the international benchmark, was down 0.43 per cent at USD 50.55 per barrel.&nbsp;

Stocks of aviation and oil marketing companies rose as crude prices fell. Spicejet and Jet Airways rose up to 2 per cent, while IOC and BPCL gained up to 1 per cent.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 577.10 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 186.14 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng was fell 0.40 per cent, Kospi dropped 1.57 per cent and Shanghai Composite Index shed 0.02 per cent; while Japan's Nikkei was up 0.65 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average index cracked 653.17 points, or 2.91 per cent, to 21,792.20 on Monday.&nbsp;

Domestic equities benchmark BSE Sensex plunged over 350 points Wednesday as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors.

Domestic equities benchmark BSE Sensex plunged over 350 points Wednesday as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors. The 30-share index slumped 360.95 points, or 1.02 per cent, to 35,109.20 in early trade. It had fallen 271.92 points, or 0.76 per cent, to 35,470.15 in the previous session Monday. The NSE Nifty too shed 112.30 points, or 1.05 per cent, to 10,551.20. The losses on Dalal Street were led by metal, realty, banking, IT, pharma and auto stocks. Top losers include Yes Bank, TCS, HUL, Kotak Bank, M&M, Sun Pharma, Tata Motors, Infosys, Bajaj Auto, Tata Steel, Reliance, ICICI Bank and SBI, falling up to 3 per cent. HDFC was the only gainer on Sensex, trading marginally higher than its previous close. Financial markets were closed Tuesday on account of Christmas. According to experts, investors are jittery over the political unpredictability in the US. US President Donald Trump Tuesday ruled out an end to the partial government shutdown till the Congress approve funds for building a wall along the Mexican border to prevent entry of illegal immigrants. Democrats and some Republicans have rejected Trump's demand for the US-Mexico border, following which on last week he refused to sign a wider spending bill, temporarily stripping funding from swaths of the government. Global investors also took cues from Wall Street stocks which plunged for a fourth straight session Monday amid rising doubts over the US economy after Treasury Secretary Steven Mnuchin's efforts to reassure investors fell flat. Markets were also unnerved by weekend news reports that US President Donald Trump was weighing whether to fire Federal Reserve Chairman Jerome Powell, accounts that Mnuchin said Trump had denied. The rupee, meanwhile, gained against the US dollar, and was trading at 69.82 a dollar, up 0.46 per cent from its previous close. Brent crude, the international benchmark, was down 0.43 per cent at USD 50.55 per barrel. Stocks of aviation and oil marketing companies rose as crude prices fell. Spicejet and Jet Airways rose up to 2 per cent, while IOC and BPCL gained up to 1 per cent. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 577.10 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 186.14 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng was fell 0.40 per cent, Kospi dropped 1.57 per cent and Shanghai Composite Index shed 0.02 per cent; while Japan's Nikkei was up 0.65 per cent in early trade. On Wall Street, the Dow Jones Industrial Average index cracked 653.17 points, or 2.91 per cent, to 21,792.20 on Monday.

Sensex cracks over 350 points on global selloff; Nifty below 10,600

Probity watchdog <a href="http://www.wionews.com/india-news/respond-to-cvc-report-as-soon-as-possible-wont-adjourn-next-hearing-supreme-court-to-cbi-director-alok-verma-178143">Central Vigilance Commission (CVC)</a> has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. &nbsp; &nbsp;

The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said.&nbsp;

Vigilance Commissioner T M Bhasin told PTI <a href="http://www.wionews.com/india-news/cbi-chief-verma-meets-central-vigilance-commissioner-denies-corruption-charges-against-him-176281">the CVC</a> is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies.&nbsp;

"The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said.

Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization.&nbsp;

According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18.

A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently.

The Reserve Bank of India (RBI) monitors frauds reported by banks.&nbsp;

For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said.

The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said.&nbsp;

In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others.

The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures.

The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter.&nbsp;

Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said. Vigilance Commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies. "The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said. Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization. According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18. A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently. The Reserve Bank of India (RBI) monitors frauds reported by banks. For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said. The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said. In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others. The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures. The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort. The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter. Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

CVC examining audit reports of state-run banks, insurance companies to check fraud

Germany's leading industry groups said on Wednesday that <a href="http://www.wionews.com/world/as-brexit-muddles-along-trump-roots-for-a-full-break-184425">Britain's departure from the European Union</a> and trade disputes triggered by US&nbsp;President Donald Trump's 'America First' policies were posing the biggest risks to growth and prosperity.

The German economy, Europe's largest, is expected to post its weakest growth rate in many years in 2018 as exporters are facing headwinds from abroad. But vibrant domestic demand means many companies are still able to expand the business.

In a survey conducted by Reuters, the heads of Germany's leading industry associations said they did not see the economy entering a recession and that most forecasts were predicting a solid growth rate of around 1.5 per cent for 2019.

But the industry associations said the economic woes of company executives were increasing and the government should do more to help them, for example by lowering corporate taxes and investing more in digital infrastructure.

"The biggest risk in the short term is Brexit," said Dieter Kempf, president of the BDI industry association.

If Britain left the EU in March without any agreement on its future relations with the bloc, this would create massive uncertainties for trade and business, Kempf warned.

"The British economy would face the direct threat of a recession which would indirectly also affect Germany," Kempf said.

Holger Bingmann, head of the BGA trade group, said Brexit was the "most urgent problem for the German economy" while an escalation of international trade disputes sparked by the United States could potentially derail the economic upswing

DIHK President Eric Schweitzer said German companies are still worried about the US&nbsp;imposing higher import tariffs on European cars. "The threat of car tariffs is still on the table," Schweitzer warned.

It was vital that both sides increased their efforts to find a solution to the trade dispute through negotiations that ideally would lead to lower tariffs, Schweitzer said.

The German economy likely grew by around 1.5 per cent this year, compared with 2.2 per cent in 2017.

Germany's leading industry groups said on Wednesday that Britain's departure from the European Union and trade disputes triggered by US President Donald Trump's 'America First' policies were posing the biggest risks to growth and prosperity.

Germany's leading industry groups said on Wednesday that Britain's departure from the European Union and trade disputes triggered by US President Donald Trump's 'America First' policies were posing the biggest risks to growth and prosperity. The German economy, Europe's largest, is expected to post its weakest growth rate in many years in 2018 as exporters are facing headwinds from abroad. But vibrant domestic demand means many companies are still able to expand the business. In a survey conducted by Reuters, the heads of Germany's leading industry associations said they did not see the economy entering a recession and that most forecasts were predicting a solid growth rate of around 1.5 per cent for 2019. But the industry associations said the economic woes of company executives were increasing and the government should do more to help them, for example by lowering corporate taxes and investing more in digital infrastructure. "The biggest risk in the short term is Brexit," said Dieter Kempf, president of the BDI industry association. If Britain left the EU in March without any agreement on its future relations with the bloc, this would create massive uncertainties for trade and business, Kempf warned. "The British economy would face the direct threat of a recession which would indirectly also affect Germany," Kempf said. Holger Bingmann, head of the BGA trade group, said Brexit was the "most urgent problem for the German economy" while an escalation of international trade disputes sparked by the United States could potentially derail the economic upswing DIHK President Eric Schweitzer said German companies are still worried about the US imposing higher import tariffs on European cars. "The threat of car tariffs is still on the table," Schweitzer warned. It was vital that both sides increased their efforts to find a solution to the trade dispute through negotiations that ideally would lead to lower tariffs, Schweitzer said. The German economy likely grew by around 1.5 per cent this year, compared with 2.2 per cent in 2017.

German industry views Brexit, Trump as biggest risks to economy

Oil edged up to $51 a barrel on Wednesday after reaching its lowest since June 2017 on perceptions that a price slide prompted by worries over the global economy had been overdone amid an OPEC-led effort to tighten supply.

Crude has been caught up in wider financial market weakness as the <a href="http://www.wionews.com/world/us-government-shutdown-may-go-into-new-year-top-trump-aide-mulvaney-186044">US&nbsp;government shutdown</a>, higher US&nbsp;interest rates and the US-China trade dispute unnerved investors and exacerbated worries over global growth.

Brent crude, the global benchmark, was up 43 cents at $50.90 at 0949 GMT. It earlier fell to $49.93, the lowest since July 2017, and posted a 6.2 per cent slide in the previous session.

US&nbsp;crude was up 74 cents at $43.27.

"I think there is a little bit of over-extension to the downside linked to global market fears," said Olivier Jakob, an analyst at Petromatrix. "It's all about equities."

"OPEC has shown it wants higher prices and is working towards that goal."

Trade was thin due to the Christmas holidays. Asian stock markets retreated again on Wednesday. Markets in Britain, Germany and France will remain closed on Wednesday.

While economic worries have weighed, the outlook is not as weak as in 2016 when a supply glut built up because the Organization of the Petroleum Exporting Countries this time is trying to prop up the market, Jakob said.

Concerned that a new glut could form, OPEC and its allies including Russia decided earlier this month to return to a policy of cutting production in 2019, unwinding a decision taken in June 2018 to pump more oil.

The producers' alliance, known as OPEC+, plans to lower output by 1.2 million barrels per day, of which OPEC's share is 800,000 bpd, next year, and some ministers have even suggested taking further action.

Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said some buying interest had returned after firmer trading in US equity futures.

But, he added, economic worries will continue to weigh unless OPEC reassures the market as to the viability of the supply cuts and "even imposes deeper ones as some members have suggested".

Oil edged up to $51 a barrel on Wednesday after reaching its lowest since June 2017 on perceptions that a price slide prompted by worries over the global economy had been overdone amid an OPEC-led effort to tighten supply.

Oil edged up to $51 a barrel on Wednesday after reaching its lowest since June 2017 on perceptions that a price slide prompted by worries over the global economy had been overdone amid an OPEC-led effort to tighten supply. Crude has been caught up in wider financial market weakness as the US government shutdown, higher US interest rates and the US-China trade dispute unnerved investors and exacerbated worries over global growth. Brent crude, the global benchmark, was up 43 cents at $50.90 at 0949 GMT. It earlier fell to $49.93, the lowest since July 2017, and posted a 6.2 per cent slide in the previous session. US crude was up 74 cents at $43.27. "I think there is a little bit of over-extension to the downside linked to global market fears," said Olivier Jakob, an analyst at Petromatrix. "It's all about equities." "OPEC has shown it wants higher prices and is working towards that goal." Trade was thin due to the Christmas holidays. Asian stock markets retreated again on Wednesday. Markets in Britain, Germany and France will remain closed on Wednesday. While economic worries have weighed, the outlook is not as weak as in 2016 when a supply glut built up because the Organization of the Petroleum Exporting Countries this time is trying to prop up the market, Jakob said. Concerned that a new glut could form, OPEC and its allies including Russia decided earlier this month to return to a policy of cutting production in 2019, unwinding a decision taken in June 2018 to pump more oil. The producers' alliance, known as OPEC+, plans to lower output by 1.2 million barrels per day, of which OPEC's share is 800,000 bpd, next year, and some ministers have even suggested taking further action. Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said some buying interest had returned after firmer trading in US equity futures. But, he added, economic worries will continue to weigh unless OPEC reassures the market as to the viability of the supply cuts and "even imposes deeper ones as some members have suggested".

Oil rises to $51 after steep slide; growth fears weigh

&nbsp;After gyrating nearly 700 points Wednesday, benchmark equity indices reversed initial losses and ended higher driven by a rebound in banking stocks amid a firming trend in the US market.

The BSE Sensex broke its three-day falling streak by ending 179.79 points, or 0.51 per cent, higher at 35,649.94. It fell to a low of 35,010.82 during afternoon trade.

The broader NSE Nifty too recovered to reclaim the 10,700 level, rising 66.35 points, or 0.62 per cent, to 10,729.85.

"Market recovered in the second half following a recovery in Dow futures. At current levels, Nifty 50 is on track to deliver nominal positive returns in CY18. Nifty is the only index among large markets that is positive for the calendar year," said Viral Berawala, CIO of Essel Mutual Fund.

The 30-share index had ended the previous session 271.92 points lower at 35,470.15, while the Nifty had lost 90.50 points.

The biggest gainers on both bourses were Bharti Airtel, HDFC duo, L&amp;T, Bajaj Auto, Kotak Bank, Reliance Industries, Axis Bank, ICICI Bank, SBI, ITC and Bajaj Finance, rising up to 4 per cent.

On the other hand, Sun Pharma, Yes Bank, TCS, NTPC, Tata Motors, Infosys and ONGC fell up to 2 per cent.

The <a href="http://www.wionews.com/business-economy/rupee-surges-19-paise-against-dollar-in-early-trade-186541">rupee, meanwhile, gained against the US dollar</a> and was trading at 70.08 per dollar.

Brent crude, the international benchmark, was up 0.73 per cent at USD 51.14 per barrel.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 577.10 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 186.14 crore, provisional data available with BSE showed.

Elsewhere in Asia, Korea's Kospi ended 1.31 per cent lower, Hong Kong's Hang Seng fell 0.40 per cent and Shanghai Composite Index slipped 0.26 per cent; while Japan's Nikkei rose 0.89 per cent.&nbsp;

After gyrating nearly 700 points Wednesday, benchmark equity indices reversed initial losses and ended higher driven by a rebound in banking stocks amid a firming trend in the US market.

After gyrating nearly 700 points Wednesday, benchmark equity indices reversed initial losses and ended higher driven by a rebound in banking stocks amid a firming trend in the US market. The BSE Sensex broke its three-day falling streak by ending 179.79 points, or 0.51 per cent, higher at 35,649.94. It fell to a low of 35,010.82 during afternoon trade. The broader NSE Nifty too recovered to reclaim the 10,700 level, rising 66.35 points, or 0.62 per cent, to 10,729.85. "Market recovered in the second half following a recovery in Dow futures. At current levels, Nifty 50 is on track to deliver nominal positive returns in CY18. Nifty is the only index among large markets that is positive for the calendar year," said Viral Berawala, CIO of Essel Mutual Fund. The 30-share index had ended the previous session 271.92 points lower at 35,470.15, while the Nifty had lost 90.50 points. The biggest gainers on both bourses were Bharti Airtel, HDFC duo, L&T, Bajaj Auto, Kotak Bank, Reliance Industries, Axis Bank, ICICI Bank, SBI, ITC and Bajaj Finance, rising up to 4 per cent. On the other hand, Sun Pharma, Yes Bank, TCS, NTPC, Tata Motors, Infosys and ONGC fell up to 2 per cent. The rupee, meanwhile, gained against the US dollar and was trading at 70.08 per dollar. Brent crude, the international benchmark, was up 0.73 per cent at USD 51.14 per barrel. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 577.10 crore Monday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 186.14 crore, provisional data available with BSE showed. Elsewhere in Asia, Korea's Kospi ended 1.31 per cent lower, Hong Kong's Hang Seng fell 0.40 per cent and Shanghai Composite Index slipped 0.26 per cent; while Japan's Nikkei rose 0.89 per cent.

Sensex rebounds 180 points, Nifty reclaims 10,700 mark

The Reserve Bank of India (RBI) will soon introduce a new Rs 20 currency note with additional features, according to a document of the central bank.

The central bank has already issued new look currency notes in the denominations of Rs 10, Rs 50, Rs 100, and Rs 500, besides introducing Rs 200 and Rs 2,000 bank notes.

The new look notes are being introduced since November 2016 under Mahatma Gandhi (New) series. These are different in size and design compared to the notes issued previously.

The currency notes, except for banned Rs 500 and Rs 1,000, issued under old series continue to remain legal tender.

According to the RBI data bank, there were 4.92 billion pieces of Rs 20 note in circulation as on March 31, 2016. The number more than doubled to about 10 billion pieces by March 2018.

The Rs 20 notes accounted for 9.8 per cent of the total number of currency notes in circulation at the end of March 2018.&nbsp;

The Reserve Bank of India (RBI) will soon introduce a new Rs 20 currency note with additional features, according to a document of the central bank. The central bank has already issued new look currency notes in the denominations of Rs 10, Rs 50, Rs 100, and Rs 500, besides introducing Rs 200 and Rs 2,000 bank notes.

The Reserve Bank of India (RBI) will soon introduce a new Rs 20 currency note with additional features, according to a document of the central bank. The central bank has already issued new look currency notes in the denominations of Rs 10, Rs 50, Rs 100, and Rs 500, besides introducing Rs 200 and Rs 2,000 bank notes. The new look notes are being introduced since November 2016 under Mahatma Gandhi (New) series. These are different in size and design compared to the notes issued previously. The currency notes, except for banned Rs 500 and Rs 1,000, issued under old series continue to remain legal tender. According to the RBI data bank, there were 4.92 billion pieces of Rs 20 note in circulation as on March 31, 2016. The number more than doubled to about 10 billion pieces by March 2018. The Rs 20 notes accounted for 9.8 per cent of the total number of currency notes in circulation at the end of March 2018.

RBI to soon release new Rs 20 bank note

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets.

Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available. But market watchers said Mnuchin's efforts raised fresh doubts about the US economic outlook, contributing to Monday's retreat in a holiday-shortened session.

The broad-based S&amp;P 500 finished down 2.7 per cent, a bitter finale to the lead-up to Tuesday's Christmas holiday, when markets will be closed. Light trading volume likely exacerbated the losses.

CNBC called the session the "worst Christmas Eve error" in terms of losses.&nbsp;

"There's simply no buyers out there," said Manulife AM senior portfolio manager Nate Thooft. "Nobody is really willing to step in and take a stand that this is the bottom."

Earlier, Paris and London both finished lower, while Frankfurt was closed.&nbsp;

All three major European markets will reopen Thursday.

Oil prices also continued to pull back on worries about slowing growth. US benchmark West Texas Intermediate dropped 6.7 per cent to $42.53 a barrel.

Monday's sell-off in New York was a continuation of the negative momentum from last week when both the Dow and Nasdaq suffered their biggest weekly losses since the financial crisis in late 2008.&nbsp;

Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats.

But there were more surprising headlines over the weekend, normally a sleepy news period near the peak time of the festive season.

Mnuchin on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief.

On Sunday, Mnuchin on Twitter chronicled the phone call with heads of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, who confirmed that they face no liquidity issues and "markets continue to function properly."

Deeper problems?

Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters.

"One of the risks... of making this kind of statement is that it could make market participants concerned that there was in fact a deeper issue at hand, if they were not already concerned in the first place," noted currency analyst Fritz Louw at financial group MUFG.

"It simply adds to the uncertainty that is already roiling markets."

Some analysts were also unnerved the reports over a possible Powell firing.

"If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame," said a note from Oxford Economics.

Trump on Monday did not address the potential Powell dismissal, but amplified his criticism of the central bank, in his first comment on the Fed since last week's interest rate hike.

"The only problem our economy has is the Fed. They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can't putt!" Trump tweeted.

Thooft said he was skeptical Trump would actually fire Powell, viewing the latest comment as a continuation of the president's criticism of the agency.

"This is an administration who has been taking credit for two years on market highs and so now he's looking for someone to potentially blame now that the market has gone down 20 per cent," Thooft said. &nbsp;

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets. Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available.

Wall Street shares plunged for a fourth straight session Monday as investors panned Treasury Secretary Steven Mnuchin's efforts to try to reassure markets. Mnuchin on Sunday held a phone call with the six biggest US banks, reporting on Twitter that the CEOs have "ample liquidity" available. But market watchers said Mnuchin's efforts raised fresh doubts about the US economic outlook, contributing to Monday's retreat in a holiday-shortened session. The broad-based S&P 500 finished down 2.7 per cent, a bitter finale to the lead-up to Tuesday's Christmas holiday, when markets will be closed. Light trading volume likely exacerbated the losses. CNBC called the session the "worst Christmas Eve error" in terms of losses. "There's simply no buyers out there," said Manulife AM senior portfolio manager Nate Thooft. "Nobody is really willing to step in and take a stand that this is the bottom." Earlier, Paris and London both finished lower, while Frankfurt was closed. All three major European markets will reopen Thursday. Oil prices also continued to pull back on worries about slowing growth. US benchmark West Texas Intermediate dropped 6.7 per cent to $42.53 a barrel. Monday's sell-off in New York was a continuation of the negative momentum from last week when both the Dow and Nasdaq suffered their biggest weekly losses since the financial crisis in late 2008. Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats. But there were more surprising headlines over the weekend, normally a sleepy news period near the peak time of the festive season. Mnuchin on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief. On Sunday, Mnuchin on Twitter chronicled the phone call with heads of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo, who confirmed that they face no liquidity issues and "markets continue to function properly." Deeper problems? Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters. "One of the risks... of making this kind of statement is that it could make market participants concerned that there was in fact a deeper issue at hand, if they were not already concerned in the first place," noted currency analyst Fritz Louw at financial group MUFG. "It simply adds to the uncertainty that is already roiling markets." Some analysts were also unnerved the reports over a possible Powell firing. "If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame," said a note from Oxford Economics. Trump on Monday did not address the potential Powell dismissal, but amplified his criticism of the central bank, in his first comment on the Fed since last week's interest rate hike. "The only problem our economy has is the Fed. They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can't putt!" Trump tweeted. Thooft said he was skeptical Trump would actually fire Powell, viewing the latest comment as a continuation of the president's criticism of the agency. "This is an administration who has been taking credit for two years on market highs and so now he's looking for someone to potentially blame now that the market has gone down 20 per cent," Thooft said.

Wall Street battered for fourth straight session as US Treasury chief fails to reassure

The benchmark BSE Sensex opened on a volatile note early Monday on short-covering by investors amid weakness in Asian markets.

Buying activity in pharma, technology, banking auto and FMCG stocks, influenced market sentiment.

The benchmark BSE Sensex was trading 28.05 points, 0.08 per cent, lower at 35,714.02, after swinging over 200 points between highs and lows of 35,910.67 and 35,675.02, respectively.

The gauge had plunged 572.04 points on Friday.

NSE Nifty was trading lower 25.25 points, or 0.23 per cent, at 10,728.75.Top losers were Hero MotoCorp, Vedanta, Bajaj Auto, Bajaj Finance, Asian Paint and HDFC Bank fell up to 3 per cent.

On the other hand, major gainers were Sun Pharma, Infosys, TCS, SBI, ITC, ICICI Bank, Tata Motors, IndusInd Bank, Kotak Bank, Axis Bank, Maruti Suzuki, L&amp;T, Bharti Airtel, M&amp;M and Coal India, rising up to 2.12 per cent.

According to experts, global equities were choppy as a partial US government shutdown that entered was set to stretch through Christmas after Congress adjourned for the weekend with no deal in sight to end an impasse over funding for President Donald Trump's wall on the US-Mexico border.

Also, investors are nervous after reports emerged that Trump privately asked cabinet members if he had the authority to fire Fed Chair Jerome Powell after interest rates were increased and the stock market tanked.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 134.14 crore, while domestic institutional investors (DIIs) sold shares worth Rs 488.55 crore Friday, provisional data showed.

Asian markets were trading lower following Friday's losses on the Wall Street.

Hong Kong's Hang Seng was down 1.29 per cent. Shanghai Composite Index shed 0.49 per cent in early trade. Korea's Kospi fell 0.38 per cent and Taiwan index slipped 0.20 per cent. Japan's markets are closed Monday.

The US Dow Jones Industrial Average ended 1.81 per cent lower Friday.

The benchmark BSE Sensex opened on a volatile note early Monday on short-covering by investors amid weakness in Asian markets. Buying activity in pharma, technology, banking auto and FMCG stocks, influenced market sentiment.

The benchmark BSE Sensex opened on a volatile note early Monday on short-covering by investors amid weakness in Asian markets. Buying activity in pharma, technology, banking auto and FMCG stocks, influenced market sentiment. The benchmark BSE Sensex was trading 28.05 points, 0.08 per cent, lower at 35,714.02, after swinging over 200 points between highs and lows of 35,910.67 and 35,675.02, respectively. The gauge had plunged 572.04 points on Friday. NSE Nifty was trading lower 25.25 points, or 0.23 per cent, at 10,728.75.Top losers were Hero MotoCorp, Vedanta, Bajaj Auto, Bajaj Finance, Asian Paint and HDFC Bank fell up to 3 per cent. On the other hand, major gainers were Sun Pharma, Infosys, TCS, SBI, ITC, ICICI Bank, Tata Motors, IndusInd Bank, Kotak Bank, Axis Bank, Maruti Suzuki, L&T, Bharti Airtel, M&M and Coal India, rising up to 2.12 per cent. According to experts, global equities were choppy as a partial US government shutdown that entered was set to stretch through Christmas after Congress adjourned for the weekend with no deal in sight to end an impasse over funding for President Donald Trump's wall on the US-Mexico border. Also, investors are nervous after reports emerged that Trump privately asked cabinet members if he had the authority to fire Fed Chair Jerome Powell after interest rates were increased and the stock market tanked. Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 134.14 crore, while domestic institutional investors (DIIs) sold shares worth Rs 488.55 crore Friday, provisional data showed. Asian markets were trading lower following Friday's losses on the Wall Street. Hong Kong's Hang Seng was down 1.29 per cent. Shanghai Composite Index shed 0.49 per cent in early trade. Korea's Kospi fell 0.38 per cent and Taiwan index slipped 0.20 per cent. Japan's markets are closed Monday. The US Dow Jones Industrial Average ended 1.81 per cent lower Friday.

Sensex, Nifty choppy amid weak global cues

The <a href="http://www.wionews.com/business-economy/fpis-infuse-rs-4000-cr-in-3-weeks-on-strengthening-rupee-easing-crude-prices-185952">rupee</a> gained 8 paise against the US dollar Monday to trade at 70.10 in on selling of the US currency by exporters and banks.

The dollar was weak against major currencies in <a href="http://www.wionews.com/world/global-markets-stocks-dip-ahead-of-federal-news-oil-prices-drop-185217">global markets</a> which supported the local currency, a currency dealer said, but the choppy trend at the stock exchanges limited the gains.

The rupee opened a shade lower at 70.19 a dollar against the previous close of 70.18 a dollar. It moved in a range of 70.21 to 70.12 a dollar in early trade before quoting at 70.10, showing a gain of 8 paise.

On Friday, the rupee snapped its four-day rising streak by falling 48 paise to close at 70.18 against the US currency due to month-end dollar demand and sharp losses in domestic equities.

Meanwhile, the benchmark BSE Sensex fell by 34.30 points, or 0.11 per cent to 35,703 in early choppy trade Monday after rising to 35,872.02.

The rupee gained 8 paise against the US dollar Monday to trade at 70.10 in on selling of the US currency by exporters and banks. The dollar was weak against major currencies in global markets which supported the local currency, a currency dealer said, but the choppy trend at the stock exchanges limited the gains.

The rupee gained 8 paise against the US dollar Monday to trade at 70.10 in on selling of the US currency by exporters and banks. The dollar was weak against major currencies in global markets which supported the local currency, a currency dealer said, but the choppy trend at the stock exchanges limited the gains. The rupee opened a shade lower at 70.19 a dollar against the previous close of 70.18 a dollar. It moved in a range of 70.21 to 70.12 a dollar in early trade before quoting at 70.10, showing a gain of 8 paise. On Friday, the rupee snapped its four-day rising streak by falling 48 paise to close at 70.18 against the US currency due to month-end dollar demand and sharp losses in domestic equities. Meanwhile, the benchmark BSE Sensex fell by 34.30 points, or 0.11 per cent to 35,703 in early choppy trade Monday after rising to 35,872.02.

Rupee gains 8 paise against dollar

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade.

The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront.

With Tokyo closed for a public holiday on Monday, Hong Kong and Shanghai set the tone with both exchanges seeing losses in early trading. Sydney was up slightly while Seoul was down.

Mnuchin spent much of the weekend in damage control mode after multiple media outlets reported that Trump had privately asked cabinet members if he has the authority to fire Fed Chairman Jerome Powell.

Last week, the central bank hiked rates, infuriating Trump who has ignored the traditional respect for the Fed's independence, calling it "crazy", "out of control" and a greater economic threat than China.

Mnuchin denied the reports of Trump seeking Powell's scalp, tweeting on Saturday that the president told him: "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so."

The following day, Mnuchin announced he had called senior executives from six of the largest American banks to discuss the market turmoil and received assurances.

"The banks all confirmed ample liquidity is available for lending to consumer and business markets," the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls.

"We continue to see strong economic growth in the US economy with robust activity from consumers and business," Mnuchin was quoted in the statement as saying, adding that he would convene a call with the President's Working Group on financial markets later Monday.

'More panic and fear'&nbsp;

Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters.

"Nothing says don't panic like saying 'I'm calling the plunge protection team tomorrow'," Michael O'Rourke, JonesTrading's chief market strategist, told Bloomberg News.

"I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence."

Last week's turmoil in Washington which included a government shutdown that appears likely to last until at least Thursday and the abrupt resignation of Defense Secretary Jim Mattis&nbsp;has spooked markets worldwide.

Japan's Nikkei hit a fresh 15-month low on Friday with its fourth consecutive day of losses, while European bourses were flat or rising slightly.

Oil inched higher in Asian trade after crude-producing nations said they expect prices will arrest their recent slide and rebalance early next year when a deal on new production cuts takes effect.

However, analysts said prospects for a global economic slowdown in the coming year&nbsp;which would weaken crude demand&nbsp;and rising US shale output are dampening sentiment and limiting any rebound from the current 15-month lows.

Prices have plunged by around 40 per cent from four-year peaks reached in early October on concerns about oversupply and weaker demand.

In foreign exchange markets, the yen rose 0.2 per cent to 111.02 per dollar, the euro was up 0.1 per cent at $1.1379 and the pound was at $1.2658, a 0.1 per cent rise.

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade.

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade. The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront. With Tokyo closed for a public holiday on Monday, Hong Kong and Shanghai set the tone with both exchanges seeing losses in early trading. Sydney was up slightly while Seoul was down. Mnuchin spent much of the weekend in damage control mode after multiple media outlets reported that Trump had privately asked cabinet members if he has the authority to fire Fed Chairman Jerome Powell. Last week, the central bank hiked rates, infuriating Trump who has ignored the traditional respect for the Fed's independence, calling it "crazy", "out of control" and a greater economic threat than China. Mnuchin denied the reports of Trump seeking Powell's scalp, tweeting on Saturday that the president told him: "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so." The following day, Mnuchin announced he had called senior executives from six of the largest American banks to discuss the market turmoil and received assurances. "The banks all confirmed ample liquidity is available for lending to consumer and business markets," the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls. "We continue to see strong economic growth in the US economy with robust activity from consumers and business," Mnuchin was quoted in the statement as saying, adding that he would convene a call with the President's Working Group on financial markets later Monday. 'More panic and fear' Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters. "Nothing says don't panic like saying 'I'm calling the plunge protection team tomorrow'," Michael O'Rourke, JonesTrading's chief market strategist, told Bloomberg News. "I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence." Last week's turmoil in Washington which included a government shutdown that appears likely to last until at least Thursday and the abrupt resignation of Defense Secretary Jim Mattis has spooked markets worldwide. Japan's Nikkei hit a fresh 15-month low on Friday with its fourth consecutive day of losses, while European bourses were flat or rising slightly. Oil inched higher in Asian trade after crude-producing nations said they expect prices will arrest their recent slide and rebalance early next year when a deal on new production cuts takes effect. However, analysts said prospects for a global economic slowdown in the coming year which would weaken crude demand and rising US shale output are dampening sentiment and limiting any rebound from the current 15-month lows. Prices have plunged by around 40 per cent from four-year peaks reached in early October on concerns about oversupply and weaker demand. In foreign exchange markets, the yen rose 0.2 per cent to 111.02 per dollar, the euro was up 0.1 per cent at $1.1379 and the pound was at $1.2658, a 0.1 per cent rise.

Asia stocks fall despite Mnuchin's weekend triage

Wall Street was heading for another rout early Monday amid turmoil in Washington, with the Dow losing as much as two per cent after its worst week since the 2008 financial crisis.

At 1525 GMT, the Dow Jones Industrial Average was at 22,124.44, down 1.4 per cent after earlier sliding two per cent.

The broad-based S&amp;P 500 fell 1.3 per cent to 2,384.14, while the tech-rich Nasdaq Composite Index shed 1.0 per cent to 6,270.13.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1077231267559755776?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The declines came as Treasury Secretary Steven Mnunchin was set to hold a telephone conference with top US market regulators, another effort to reassure market that analysts say may be backfiring.

On Sunday, the Treasury leader announced that he phoned top executives of the nation's six largest banks and confirmed they have adequate liquidity.

But the statement "was not especially comforting, however, given that investors had not generally been questioning market functioning in recent days, despite large declines," said a note from Wells Fargo.

The Treasury Secretary on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to&nbsp;fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief.

"It might be more reassuring if Trump himself tweeted these comments, but then again Trump has demonstrated his propensity to flip-flop on issues as he did with his stance on the current government shutdown," said a note from Oxford Economics.

"If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame."

Last week was the Dow and Nasdaq's worst since the 2008 financial crisis.&nbsp;

Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats.

Monday's session will close at midday ahead of Tuesday's Christmas holiday when markets will be closed. Volume was expected to be light, which could sharpen trading moves.

Wall Street was heading for another rout early Monday amid turmoil in Washington, with the Dow losing as much as two per cent after its worst week since the 2008 financial crisis.

Wall Street was heading for another rout early Monday amid turmoil in Washington, with the Dow losing as much as two per cent after its worst week since the 2008 financial crisis. At 1525 GMT, the Dow Jones Industrial Average was at 22,124.44, down 1.4 per cent after earlier sliding two per cent. The broad-based S&P 500 fell 1.3 per cent to 2,384.14, while the tech-rich Nasdaq Composite Index shed 1.0 per cent to 6,270.13. The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt! — Donald J. Trump (@realDonaldTrump) December 24, 2018 × The declines came as Treasury Secretary Steven Mnunchin was set to hold a telephone conference with top US market regulators, another effort to reassure market that analysts say may be backfiring. On Sunday, the Treasury leader announced that he phoned top executives of the nation's six largest banks and confirmed they have adequate liquidity. But the statement "was not especially comforting, however, given that investors had not generally been questioning market functioning in recent days, despite large declines," said a note from Wells Fargo. The Treasury Secretary on Saturday released a statement on Twitter quoting US President Donald Trump as denying any plans to fire Fed Chairman Jay Powell following media reports that Trump had privately asked cabinet members if he has the authority to dismiss the Fed chief. "It might be more reassuring if Trump himself tweeted these comments, but then again Trump has demonstrated his propensity to flip-flop on issues as he did with his stance on the current government shutdown," said a note from Oxford Economics. "If Trump tries to remove Powell, it could throw the financial markets into deep chaos that makes the current market turmoil look tame." Last week was the Dow and Nasdaq's worst since the 2008 financial crisis. Key drivers included upset at the Federal Reserve's latest interest rate hike, the shock resignation of Defense Secretary Jim Mattis, the ongoing US-China trade war and a US government shutdown triggered Friday at midnight following unsuccessful budget negotiations between President Donald Trump and congressional Democrats. Monday's session will close at midday ahead of Tuesday's Christmas holiday when markets will be closed. Volume was expected to be light, which could sharpen trading moves.

Wall Street stocks continue to slide over US government shutdown

The rupee Monday recovered by 4 paise to close at 70.14 against the US currency, aided by weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US.

Crude oil prices remained below the $55 per barrel mark, strengthening the rupee sentiment, a forex dealer said.

The dollar was weak against major currencies in global markets which supported the local currency, the dealer said.

The dollar index, which measures the US currency's strength against a basket of six major global currencies, was down at 96.27 amid growth worries and political uncertainty in the US due to the shutdown.

The rupee opened strong by 8 paise against the US dollar at 70.10 in early trade on dollar selling by exporters and banks.

It gained 30 paise to touch a day's high of 69.88 per dollar in late morning trade as the dollar remained weak in global markets.

The domestic currency, however, trimmed its early gains due to month-end dollar demand and losses in equity markets in the last hour of the trade.

Foreign investors pulled out Rs 577 crore from capital markets Monday, provisional exchange data showed.

The rupee finally ended up by 4 paise or 0.06 per cent at 70.14 per dollar.

Stock markets fell for a third session due to heavy selling in realty, consumer durables, metal and auto counters amid weak global cues. The benchmark <a href="http://www.wionews.com/business-economy/sensex-nifty-drops-272-points-on-global-selloff-186157">BSE Sensex</a> dropped 0.76 per cent while the broader NSE Nifty declined 0.84 per cent to settle below the 10,700 level.

Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.1757 and for rupee/euro at 79.8824. The reference rate for rupee/British pound was fixed at 88.8710 and for rupee/100 Japanese yen at 63.16.&nbsp;

The rupee Monday recovered by 4 paise to close at 70.14 against the US currency, aided by weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US.

The rupee Monday recovered by 4 paise to close at 70.14 against the US currency, aided by weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US. Crude oil prices remained below the $55 per barrel mark, strengthening the rupee sentiment, a forex dealer said. The dollar was weak against major currencies in global markets which supported the local currency, the dealer said. The dollar index, which measures the US currency's strength against a basket of six major global currencies, was down at 96.27 amid growth worries and political uncertainty in the US due to the shutdown. The rupee opened strong by 8 paise against the US dollar at 70.10 in early trade on dollar selling by exporters and banks. It gained 30 paise to touch a day's high of 69.88 per dollar in late morning trade as the dollar remained weak in global markets. The domestic currency, however, trimmed its early gains due to month-end dollar demand and losses in equity markets in the last hour of the trade. Foreign investors pulled out Rs 577 crore from capital markets Monday, provisional exchange data showed. The rupee finally ended up by 4 paise or 0.06 per cent at 70.14 per dollar. Stock markets fell for a third session due to heavy selling in realty, consumer durables, metal and auto counters amid weak global cues. The benchmark BSE Sensex dropped 0.76 per cent while the broader NSE Nifty declined 0.84 per cent to settle below the 10,700 level. Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.1757 and for rupee/euro at 79.8824. The reference rate for rupee/British pound was fixed at 88.8710 and for rupee/100 Japanese yen at 63.16.

Rupee recovers 4 paise on weak dollar, falling crude 

<a href="http://www.wionews.com/world/oil-prices-rise-as-opec-output-cuts-seen-deeper-than-previously-expected-185630">Oil prices</a> edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States, the world`s largest producer, although concern about the outlook for demand tempered gains.

Brent crude futures were up 12 cents at $53.94 a barrel by 0858 GMT, while US crude futures lost 3 cents to $45.56.

Brent fell 11 per cent last week and hit its lowest since September 2017, while US&nbsp;futures slid to their lowest since July 2017, bringing the decline in the two contracts to 35 per cent so far this quarter.

The price drop has caused US&nbsp;shale oil producers to curtail drilling plans for next year.&nbsp;

The boom in shale output has made the United States the world's largest oil producer, overtaking Saudi Arabia and Russia.

Physical prices for Brent have also fallen in the last six weeks, driven by a drop in demand from Chinese refiners in particular, which has weighed on the value of barrels of anything from the North Sea to Nigerian crude.&nbsp;

"The recent weakness in the physical Brent structure can be attributed to a broader easing of purchases by Asian refiners at this point, with lower-end-Q1 intake weighing on spot assessments, and we can expect this pressure to carry through over the coming weeks," consultancy JBC Energy said in a report.&nbsp;

Still, the macroeconomic picture and its impact on oil demand continue to pressure prices. Global equities have fallen nearly 9.5 per cent so far in December, their biggest one-month slide since September 2011, when the eurozone debt crisis was unfolding.&nbsp;

The trade dispute between the United States and China and the prospect of a rapid rise in US interest rates have brought global stocks down from this year`s record highs and ignited concern that oil demand will be insufficient to soak up any excess supply.

The <a href="http://www.wionews.com/world/oil-prices-rise-on-asian-stock-rally-opec-led-cuts-183404">Organization of the Petroleum Exporting Countries</a> and allies led by Russia agreed this month to cut oil production by 1.2 million barrels per day from January.

Should that fail to balance the market, OPEC and its allies will hold an extraordinary meeting, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday.

"Oil ministers are already taking to the airwaves with a `price stability at all cost` mantra," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Oil prices edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States, the world`s largest producer, although concern about the outlook for demand tempered gains.

Oil prices edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States, the world`s largest producer, although concern about the outlook for demand tempered gains. Brent crude futures were up 12 cents at $53.94 a barrel by 0858 GMT, while US crude futures lost 3 cents to $45.56. Brent fell 11 per cent last week and hit its lowest since September 2017, while US futures slid to their lowest since July 2017, bringing the decline in the two contracts to 35 per cent so far this quarter. The price drop has caused US shale oil producers to curtail drilling plans for next year. The boom in shale output has made the United States the world's largest oil producer, overtaking Saudi Arabia and Russia. Physical prices for Brent have also fallen in the last six weeks, driven by a drop in demand from Chinese refiners in particular, which has weighed on the value of barrels of anything from the North Sea to Nigerian crude. "The recent weakness in the physical Brent structure can be attributed to a broader easing of purchases by Asian refiners at this point, with lower-end-Q1 intake weighing on spot assessments, and we can expect this pressure to carry through over the coming weeks," consultancy JBC Energy said in a report. Still, the macroeconomic picture and its impact on oil demand continue to pressure prices. Global equities have fallen nearly 9.5 per cent so far in December, their biggest one-month slide since September 2011, when the eurozone debt crisis was unfolding. The trade dispute between the United States and China and the prospect of a rapid rise in US interest rates have brought global stocks down from this year`s record highs and ignited concern that oil demand will be insufficient to soak up any excess supply. The Organization of the Petroleum Exporting Countries and allies led by Russia agreed this month to cut oil production by 1.2 million barrels per day from January. Should that fail to balance the market, OPEC and its allies will hold an extraordinary meeting, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Sunday. "Oil ministers are already taking to the airwaves with a `price stability at all cost` mantra," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Oil prices inch up, but concern over demand limits gains

<a href="http://www.wionews.com/business-economy/sensex-nifty-choppy-amid-weak-global-cues-186088">BSE benchmark Sensex</a> extended its losses for the second session Monday in the holiday-shortened week by declining 272 points on heavy selling in realty, consumer durables, metal and auto counters amid weak global cues as political uncertainties in the US dampened sentiment.

After rising briefly to 35,910.67 at the outset, the 30-share quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,423.24 before ending at 35,470.15, down by 271.92 points, or 0.76 per cent.&nbsp;

The gauge had plunged 572.04 points Friday.

Also, the broader NSE Nifty, after shuttling between 10,649.25 and 10,782.30 points, finally settled 90.50 points, or 0.84 per cent lower at 10,663.50.

Stock exchanges will remain closed Tuesday on account of Christmas.

According to experts, global equities were subdued as a partial US government shutdown that entered was set to stretch through Christmas, after Congress adjourned for the weekend with no deal in sight to end an impasse over funding for President Donald Trump's wall on the US-Mexico border.

Also, investors were nervous after reports emerged that Trump privately asked cabinet members if he had the authority to fire Fed Chair Jerome Powell after interest rates were increased and the stock market tanked.

On a net basis, domestic institutional investors (DIIs) sold shares worth Rs 488.55 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 134.14 crore on Friday, provisional data showed.

Meanwhile, the GST Council Saturday reduced tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy.

The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley told reporters after the 31st meeting of Goods and Services Tax (GST) Council here.

BSE benchmark Sensex extended its losses for the second session Monday in the holiday-shortened week by declining 272 points on heavy selling in realty, consumer durables, metal and auto counters amid weak global cues as political uncertainties in the US dampened sentiment.

BSE benchmark Sensex extended its losses for the second session Monday in the holiday-shortened week by declining 272 points on heavy selling in realty, consumer durables, metal and auto counters amid weak global cues as political uncertainties in the US dampened sentiment. After rising briefly to 35,910.67 at the outset, the 30-share quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,423.24 before ending at 35,470.15, down by 271.92 points, or 0.76 per cent. The gauge had plunged 572.04 points Friday. Also, the broader NSE Nifty, after shuttling between 10,649.25 and 10,782.30 points, finally settled 90.50 points, or 0.84 per cent lower at 10,663.50. Stock exchanges will remain closed Tuesday on account of Christmas. According to experts, global equities were subdued as a partial US government shutdown that entered was set to stretch through Christmas, after Congress adjourned for the weekend with no deal in sight to end an impasse over funding for President Donald Trump's wall on the US-Mexico border. Also, investors were nervous after reports emerged that Trump privately asked cabinet members if he had the authority to fire Fed Chair Jerome Powell after interest rates were increased and the stock market tanked. On a net basis, domestic institutional investors (DIIs) sold shares worth Rs 488.55 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 134.14 crore on Friday, provisional data showed. Meanwhile, the GST Council Saturday reduced tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley told reporters after the 31st meeting of Goods and Services Tax (GST) Council here.

Sensex, Nifty drop on global selloff

<a href="http://www.wionews.com/india-news/aadhaar-not-compulsory-with-bank-accounts-mobiles-cabinet-approves-amendments-184906">Aadhaar</a>, India's extraordinary attempt to give every citizen a biometric identity, is set for a massive revamp with new offline verification tools and non-intrusive ways for people seeking to voluntarily use the 12-digit unique number for new bank accounts and mobile connections.

After twists and turns in 2018, led by the landmark Supreme Court ruling on the constitutional validity of <a href="http://www.wionews.com/india-news/ravi-shankar-prasad-to-cscs-will-find-way-out-on-aadhaar-work-issue-179801">Aadhaar</a>, the UIDAI's efforts around offline modes like eAadhaar and QR code that can leverage the unique ID without any access to biometrics or even revealing the 12-digit number would gather pace in 2019.

From school admissions to getting marriage certificates and from paying taxes to taking new mobile connections, Aadhaar touched multiple facets of people's lives as it became the default identifier. This was true for around 1.22 billion Aadhaar holders till doubts emerged that collection of biometric details, even for general service, could infringe on a citizen's privacy rights.

Then, the Supreme Court upheld the constitutional validity of the world's largest biometric identification database but spelt out its new limitations.

After last year's assertion that Indians have a right to privacy, the apex court in September 2018 redefined the boundaries of the biometric authentication — Aadhaar can be used for payment of government benefits and taxation records but private companies were barred from accessing it.

In a 4-1 judgement delivered by the Constitution Bench, the Supreme Court held that Aadhaar would remain compulsory for the filing of Income Tax (IT) returns and allotment of Permanent Account Number (PAN)

However, Section 57 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 that permitted private entities like telecom companies or other corporates to use the biometric data was struck down, dealing a body blow to the government's ambitions to make the world's largest biometric project mandatory for a slew of services.

The landmark ruling sent banks, telecom operators and fintech companies — who relied heavily on Aadhaar eKYC — scrambling in search of other viable means of customer verification.

As the verdict meant that fulfilling regulatory Know Your Customer (KYC) requirements would have again involved a lot of paperwork for verification purposes, Aadhaar-issuing authority, Unique Identification Authority of India (UIDAI), quickly came up with alternate modes like QR (Quick Response) codes, e-Aadhaar and offline methods.

Just as 2018 started to wind down, came another twist in the plot. Earlier this month, the government decided to propose changes to existing laws - Telegraph Act and PMLA - in order to allow the use of Aadhaar as an ID verification tool for opening bank accounts and obtaining mobile connections, albeit on a voluntary basis. Additionally, fresh penal provisions have been proposed - through an amendment in Aadhaar Act - to deter companies from insisting on Aadhaar or misusing the biometric data.

The proposed amendments, which will be placed before the Parliament during the ongoing Winter session, propose to arm UIDAI with regulator-like powers to take enforcement actions on the misuse of the national biometric ID and impose stiff penalties on violations.

The compelling reason behind this seems to be the government's belief in the transformative potential of Aadhaar — the system is so cheap and efficient that it is estimated to have accounted for over 90 per cent of new subscriptions in the telecom sector, according to experts.

More stringent deterrents are likely to be put in place in the coming months. These might include a penalty for failure to obtain consent for authentication or offline verification — up to three-year imprisonment or fine of up to Rs 10,000 — a penalty for unauthorised use of core biometric information. The latter could attract imprisonment between 3-10 years and a fine of up to Rs 10,000.

Even as it dons regulatory role, the UIDAI would continue to accelerate efforts to transform and scale up Aadhaar enrolment and update services, currently available through 30,000 centres operating in designated bank branches, post offices and government premises across the country. 
'Aadhaar Seva Kendras', similar to the concept of Passport Seva Kendras, will come up in 53 cities across India at an estimated project cost of Rs 300-400 crore. These swanky new centres will be operational by August next year, dishing out appointment-based enrolment, update and other miscellaneous services around Aadhaar, under the watchful eyes of authority's own employees.

Earlier this year, former UIDAI CEO Ajay Bhushan Pandey, recalling his early years as a small-town boy who didn't hold a photo identity for a long time, had reportedly said that Aadhaar offered an answer to an ancient question that was asked by sages — who am I?

The year that was, ensured that the answer continues to be the 12-digit identifier, at least for those who choose to use it.&nbsp;

Aadhaar, India's extraordinary attempt to give every citizen a biometric identity, is set for a massive revamp with new offline verification tools and non-intrusive ways for people seeking to voluntarily use the 12-digit unique number for new bank accounts and mobile connections.

Aadhaar, India's extraordinary attempt to give every citizen a biometric identity, is set for a massive revamp with new offline verification tools and non-intrusive ways for people seeking to voluntarily use the 12-digit unique number for new bank accounts and mobile connections. After twists and turns in 2018, led by the landmark Supreme Court ruling on the constitutional validity of Aadhaar, the UIDAI's efforts around offline modes like eAadhaar and QR code that can leverage the unique ID without any access to biometrics or even revealing the 12-digit number would gather pace in 2019. From school admissions to getting marriage certificates and from paying taxes to taking new mobile connections, Aadhaar touched multiple facets of people's lives as it became the default identifier. This was true for around 1.22 billion Aadhaar holders till doubts emerged that collection of biometric details, even for general service, could infringe on a citizen's privacy rights. Then, the Supreme Court upheld the constitutional validity of the world's largest biometric identification database but spelt out its new limitations. After last year's assertion that Indians have a right to privacy, the apex court in September 2018 redefined the boundaries of the biometric authentication — Aadhaar can be used for payment of government benefits and taxation records but private companies were barred from accessing it. In a 4-1 judgement delivered by the Constitution Bench, the Supreme Court held that Aadhaar would remain compulsory for the filing of Income Tax (IT) returns and allotment of Permanent Account Number (PAN) However, Section 57 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 that permitted private entities like telecom companies or other corporates to use the biometric data was struck down, dealing a body blow to the government's ambitions to make the world's largest biometric project mandatory for a slew of services. The landmark ruling sent banks, telecom operators and fintech companies — who relied heavily on Aadhaar eKYC — scrambling in search of other viable means of customer verification. As the verdict meant that fulfilling regulatory Know Your Customer (KYC) requirements would have again involved a lot of paperwork for verification purposes, Aadhaar-issuing authority, Unique Identification Authority of India (UIDAI), quickly came up with alternate modes like QR (Quick Response) codes, e-Aadhaar and offline methods. Just as 2018 started to wind down, came another twist in the plot. Earlier this month, the government decided to propose changes to existing laws - Telegraph Act and PMLA - in order to allow the use of Aadhaar as an ID verification tool for opening bank accounts and obtaining mobile connections, albeit on a voluntary basis. Additionally, fresh penal provisions have been proposed - through an amendment in Aadhaar Act - to deter companies from insisting on Aadhaar or misusing the biometric data. The proposed amendments, which will be placed before the Parliament during the ongoing Winter session, propose to arm UIDAI with regulator-like powers to take enforcement actions on the misuse of the national biometric ID and impose stiff penalties on violations. The compelling reason behind this seems to be the government's belief in the transformative potential of Aadhaar — the system is so cheap and efficient that it is estimated to have accounted for over 90 per cent of new subscriptions in the telecom sector, according to experts. More stringent deterrents are likely to be put in place in the coming months. These might include a penalty for failure to obtain consent for authentication or offline verification — up to three-year imprisonment or fine of up to Rs 10,000 — a penalty for unauthorised use of core biometric information. The latter could attract imprisonment between 3-10 years and a fine of up to Rs 10,000. Even as it dons regulatory role, the UIDAI would continue to accelerate efforts to transform and scale up Aadhaar enrolment and update services, currently available through 30,000 centres operating in designated bank branches, post offices and government premises across the country. 'Aadhaar Seva Kendras', similar to the concept of Passport Seva Kendras, will come up in 53 cities across India at an estimated project cost of Rs 300-400 crore. These swanky new centres will be operational by August next year, dishing out appointment-based enrolment, update and other miscellaneous services around Aadhaar, under the watchful eyes of authority's own employees. Earlier this year, former UIDAI CEO Ajay Bhushan Pandey, recalling his early years as a small-town boy who didn't hold a photo identity for a long time, had reportedly said that Aadhaar offered an answer to an ancient question that was asked by sages — who am I? The year that was, ensured that the answer continues to be the 12-digit identifier, at least for those who choose to use it.

Aadhaar: Twists and turns in the biometric tale

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their <a href="http://www.wionews.com/business-economy/six-of-top-10-companies-lose-rs-54916-crore-in-m-cap-182615">market valuation </a>last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore.

Reliance Industries (RIL), HUL, Infosys, Kotak Mahindra Bank and Maruti Suzuki were also among the losers, while HDFC Bank, ITC, HDFC and State Bank of India (SBI) finished the week ended Friday with gains.

The <a href="http://www.wionews.com/business-economy/markets-close-in-green-sensex-rises-77-points-185065">marke</a>t capitalisation (m-cap) of TCS slumped Rs 34,521.94 crore to Rs 7,11,921.19 crore and that of Infosys plunged Rs 26,143.34 crore to Rs 2,82,105.44 crore.

Valuation of Hindustan Unilever Ltd (HUL) dived Rs 11,515.94 crore to Rs 3,90,416.08 crore and RIL tanked Rs 8,493.67 crore to Rs 6,96,195.94 crore.

Also, Kotak Mahindra Bank's m-cap declined Rs 5,311.51 crore to Rs 2,34,087.97 crore, while Maruti Suzuki stood at Rs 2,27,670.19 crore with a loss of Rs 3,544.91 crore.

On the other hand, HDFC added Rs 7,823.28 crore to its m-cap to reach Rs 3,35,165.94 crore and HDFC Bank soared Rs 4,825.33 crore to Rs 5,74,009.79 crore.

SBI went up by Rs 2,231.15 crore to reach Rs 2,60,285.60 crore and ITC's valuation stood at Rs 3,38,575.91 crore with a gain of Rs 1,040.83 crore. 
In the ranking of top-10 firms in terms of m-cap, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and Maruti Suzuki.

Over the last week, the Sensex declined 220.86 points to end at 35,742.07.

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their market valuation last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore.

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their market valuation last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore. Reliance Industries (RIL), HUL, Infosys, Kotak Mahindra Bank and Maruti Suzuki were also among the losers, while HDFC Bank, ITC, HDFC and State Bank of India (SBI) finished the week ended Friday with gains. The market capitalisation (m-cap) of TCS slumped Rs 34,521.94 crore to Rs 7,11,921.19 crore and that of Infosys plunged Rs 26,143.34 crore to Rs 2,82,105.44 crore. Valuation of Hindustan Unilever Ltd (HUL) dived Rs 11,515.94 crore to Rs 3,90,416.08 crore and RIL tanked Rs 8,493.67 crore to Rs 6,96,195.94 crore. Also, Kotak Mahindra Bank's m-cap declined Rs 5,311.51 crore to Rs 2,34,087.97 crore, while Maruti Suzuki stood at Rs 2,27,670.19 crore with a loss of Rs 3,544.91 crore. On the other hand, HDFC added Rs 7,823.28 crore to its m-cap to reach Rs 3,35,165.94 crore and HDFC Bank soared Rs 4,825.33 crore to Rs 5,74,009.79 crore. SBI went up by Rs 2,231.15 crore to reach Rs 2,60,285.60 crore and ITC's valuation stood at Rs 3,38,575.91 crore with a gain of Rs 1,040.83 crore. In the ranking of top-10 firms in terms of m-cap, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and Maruti Suzuki. Over the last week, the Sensex declined 220.86 points to end at 35,742.07.

Top six companies lose Rs 89,531 crore in market cap last week

The government is considering an additional soft loan of Rs 7,400 crore to sugar mills for <a href="http://www.wionews.com/business-economy/india-plans-to-export-two-million-tonnes-of-sugar-to-china-from-next-year-176213">creating ethanol capacity </a>under a recently launched scheme, according to sources.

The food ministry is also considering tweaking the scheme to ensure that non-molasses-based distilleries are also able to avail soft loans under the scheme launched in June for expansion and setting up of new ethanol plants.

Under the scheme, the government had announced a soft loan of Rs 4,400 crore and provided an interest subvention of Rs 1,332 crore to mills over a period of five years, including a moratorium period of one year.

However, the ministry has received 282 applications seeking Rs 13,400 crore soft loans. Out of this, 114 applications for a loan amount of Rs 6,000 crore has been approved, the sources said.

Sources further said the ministry is planning to seek a Cabinet approval for the balance 168 applications and sanction an additional soft loan of Rs 7,400 crore.

The subsidy burden would be Rs 1,600 crore for the balance loan amount, they added.

A proposal is being prepared to seek approval for an additional soft loan under the scheme as well as amend the rules to allow even grain-based distilleries take the benefits, the sources added.

Currently, molasses-based distilleries are allowed under the scheme. The entry of standard distilleries will help diversion of more cane during the surplus season.

Ethanol extracted from sugarcane will be used for blending in petrol and will provide cane farmers with a remunerative price for their crop. Ethanol doping in petrol will also help the country cut its oil imports.

India, the world's second-biggest producer, is likely to produce 31.5 million tonnes (MT) of sugar in the 2018-19 marketing year, slightly lower than 32.5 MT last year, according to industry body ISMA's forecast.

The government is considering an additional soft loan of Rs 7,400 crore to sugar mills for creating ethanol capacity under a recently launched scheme, according to sources.

The government is considering an additional soft loan of Rs 7,400 crore to sugar mills for creating ethanol capacity under a recently launched scheme, according to sources. The food ministry is also considering tweaking the scheme to ensure that non-molasses-based distilleries are also able to avail soft loans under the scheme launched in June for expansion and setting up of new ethanol plants. Under the scheme, the government had announced a soft loan of Rs 4,400 crore and provided an interest subvention of Rs 1,332 crore to mills over a period of five years, including a moratorium period of one year. However, the ministry has received 282 applications seeking Rs 13,400 crore soft loans. Out of this, 114 applications for a loan amount of Rs 6,000 crore has been approved, the sources said. Sources further said the ministry is planning to seek a Cabinet approval for the balance 168 applications and sanction an additional soft loan of Rs 7,400 crore. The subsidy burden would be Rs 1,600 crore for the balance loan amount, they added. A proposal is being prepared to seek approval for an additional soft loan under the scheme as well as amend the rules to allow even grain-based distilleries take the benefits, the sources added. Currently, molasses-based distilleries are allowed under the scheme. The entry of standard distilleries will help diversion of more cane during the surplus season. Ethanol extracted from sugarcane will be used for blending in petrol and will provide cane farmers with a remunerative price for their crop. Ethanol doping in petrol will also help the country cut its oil imports. India, the world's second-biggest producer, is likely to produce 31.5 million tonnes (MT) of sugar in the 2018-19 marketing year, slightly lower than 32.5 MT last year, according to industry body ISMA's forecast.

Government mulls additional soft loan of Rs 7,400 crore to mills for ethanol expansion

Foreign investors have pumped in close to Rs 4,000 crore in the Indian capital markets this month so far on strengthening rupee and easing global crude oil prices.

This comes following a 10-month high net inflow of over Rs 12,266 crore in the capital markets (equity and debt) by <a href="http://www.wionews.com/business-economy/fpis-pull-out-nearly-rs-400-crore-in-just-5-sessions-on-global-cues-182620">Foreign Portfolio Investors </a>(FPIs) in November.

According to data available with the depositories, FPIs infused a net amount of Rs 1,332 crore in equities and Rs 2,552 crore in the debt markets, taking the total to Rs 3,884 crore during December 3-21.

Marketmen attributed the inflow to persistent fall in crude oil prices, which dropped to over 15-month lows, and strengthening rupee against the dollar.

However, till December 7, FPIs were net sellers in the equity market, pulling out funds to the tune of Rs 383 crore. However, they had put in Rs 2,744 crore in the debt markets during the period under review.

"The sell-off was triggered on December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India.

"Investors fear that the relationship between the world's two biggest economies — US and China — could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added.

The sell-off by FPIs was triggered after Chinese telecom giant Huawei's CFO <a href="http://www.wionews.com/world/huawei-cfo-meng-wanzhou-freed-on-bail-leaves-courthouse-183504">Meng Wanzhou</a>, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations.

FPIs have pulled out over Rs 84,200 crore from the capital markets so far this year. This includes close to Rs 34,000 crore from equities and Rs 50,200 crore from the debt market.

Foreign investors have pumped in close to Rs 4,000 crore in the Indian capital markets this month so far on strengthening rupee and easing global crude oil prices.

Foreign investors have pumped in close to Rs 4,000 crore in the Indian capital markets this month so far on strengthening rupee and easing global crude oil prices. This comes following a 10-month high net inflow of over Rs 12,266 crore in the capital markets (equity and debt) by Foreign Portfolio Investors (FPIs) in November. According to data available with the depositories, FPIs infused a net amount of Rs 1,332 crore in equities and Rs 2,552 crore in the debt markets, taking the total to Rs 3,884 crore during December 3-21. Marketmen attributed the inflow to persistent fall in crude oil prices, which dropped to over 15-month lows, and strengthening rupee against the dollar. However, till December 7, FPIs were net sellers in the equity market, pulling out funds to the tune of Rs 383 crore. However, they had put in Rs 2,744 crore in the debt markets during the period under review. "The sell-off was triggered on December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India. "Investors fear that the relationship between the world's two biggest economies — US and China — could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added. The sell-off by FPIs was triggered after Chinese telecom giant Huawei's CFO Meng Wanzhou, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations. FPIs have pulled out over Rs 84,200 crore from the capital markets so far this year. This includes close to Rs 34,000 crore from equities and Rs 50,200 crore from the debt market.

FPIs infuse Rs 4,000-cr in 3 weeks on strengthening rupee, easing crude prices

High satellite bandwidth charges are likely to play a spoiler in the uptake of in-flight mobile services in India as these would make the facility costlier by 30-50 times at Rs 700-1,000 for a two-hour journey, says an industry official.&nbsp;

The chief technology officer of broadband technology firm Hughes India, K Krishna, told PTI that satellite bandwidth charges in India are 7-8 times higher compared to other parts of the world due to the condition that bandwidth can be procured from Indian Space Research Organisation only.&nbsp;

"Passengers are not going to pay 50 times higher price for Internet on a two-hour flight. It has to be extremely affordable and for that to happen open sky mechanism is very much required. You can't be restrictive that only Indian satellites need to provide capacity. Monopolistic policy won't work. The policy will become a duck if these issues are not addressed," Krishna said.&nbsp;

Hughes has applied for a licence for in-flight and maritime connectivity that will allow access to mobile services during air travel and ship voyage within Indian airspace and territorial waters.&nbsp;

He said that there is adequate satellite capacity available at very affordable cost for in-flight and maritime mobile services to work.

"Investment per plane is not small. It is in the range of $500 thousand per plane. None of the Indian airlines or shipping companies will really invest till they see a return, and return has to come from passenger paying for the service.&nbsp;

"The bandwidth will make 70-80 per cent cost of service. At present rates, current tariff will be in the range of Rs 700-1,000 which lot of people are not going to afford if they compare it with routine mobile plans," Krishna said.

He said that the global business model of in-flight mobile services works at 10 per cent passengers opting for the service.&nbsp;

"An option to increase uptake is that in-flight service charges are included in air ticket but the tickets are already in the range of Rs 4,000-5,000 and adding charges of IFC service will not be a feasible business model for airlines," Krishna said.

The mobile services in planes will be provided once it attains a height of 3,000 metres. It can be provided through both using telecom networks on the ground as well as using satellites.&nbsp;

The Hughes India CTO also said restriction imposed in the licence that an Indian service provider can provide connectivity within Indian airspace and waters would be a disadvantage for both the service provider as well as airlines and shipping firms.&nbsp;

"Indian vessels going outside Indian border should also be provided service by an Indian service provider. Otherwise, we are letting service providers from other countries exploit it. None of other country surrounding India has restriction of 12 nautical miles like we have," Krishna said.

He said that as per international norms, Indian service providers can provide service to aircraft and vessels when they are in an international or no-man zone but Indian telegraph act restricts companies to provide services within national boundaries.&nbsp;

"These are the things which the government needs to relax for healthy uptake of service," Krishna said.&nbsp;

The company expects to get a licence for the service early next month and has started discussion to start service in some of the aircraft, he said.

High satellite bandwidth charges are likely to play a spoiler in the uptake of in-flight mobile services in India as these would make the facility costlier by 30-50 times at Rs 700-1,000 for a two-hour journey, says an industry official.

High satellite bandwidth charges are likely to play a spoiler in the uptake of in-flight mobile services in India as these would make the facility costlier by 30-50 times at Rs 700-1,000 for a two-hour journey, says an industry official. The chief technology officer of broadband technology firm Hughes India, K Krishna, told PTI that satellite bandwidth charges in India are 7-8 times higher compared to other parts of the world due to the condition that bandwidth can be procured from Indian Space Research Organisation only. "Passengers are not going to pay 50 times higher price for Internet on a two-hour flight. It has to be extremely affordable and for that to happen open sky mechanism is very much required. You can't be restrictive that only Indian satellites need to provide capacity. Monopolistic policy won't work. The policy will become a duck if these issues are not addressed," Krishna said. Hughes has applied for a licence for in-flight and maritime connectivity that will allow access to mobile services during air travel and ship voyage within Indian airspace and territorial waters. He said that there is adequate satellite capacity available at very affordable cost for in-flight and maritime mobile services to work. "Investment per plane is not small. It is in the range of $500 thousand per plane. None of the Indian airlines or shipping companies will really invest till they see a return, and return has to come from passenger paying for the service. "The bandwidth will make 70-80 per cent cost of service. At present rates, current tariff will be in the range of Rs 700-1,000 which lot of people are not going to afford if they compare it with routine mobile plans," Krishna said. He said that the global business model of in-flight mobile services works at 10 per cent passengers opting for the service. "An option to increase uptake is that in-flight service charges are included in air ticket but the tickets are already in the range of Rs 4,000-5,000 and adding charges of IFC service will not be a feasible business model for airlines," Krishna said. The mobile services in planes will be provided once it attains a height of 3,000 metres. It can be provided through both using telecom networks on the ground as well as using satellites. The Hughes India CTO also said restriction imposed in the licence that an Indian service provider can provide connectivity within Indian airspace and waters would be a disadvantage for both the service provider as well as airlines and shipping firms. "Indian vessels going outside Indian border should also be provided service by an Indian service provider. Otherwise, we are letting service providers from other countries exploit it. None of other country surrounding India has restriction of 12 nautical miles like we have," Krishna said. He said that as per international norms, Indian service providers can provide service to aircraft and vessels when they are in an international or no-man zone but Indian telegraph act restricts companies to provide services within national boundaries. "These are the things which the government needs to relax for healthy uptake of service," Krishna said. The company expects to get a licence for the service early next month and has started discussion to start service in some of the aircraft, he said.

High bandwidth charges a spoiler for in-flight mobile services: Hughes India

An Indian startup is turning its attention towards usurping the West's largest hotel chains after establishing itself as India's biggest player and <a href="http://www.wionews.com/opinions/south-asia-losing-faith-china-169123">shaking up the Chinese market</a>.

Oyo Rooms, which specialises in no-frills accommodation, was only formed in 2013 but is already worth an estimated $5 billion after receiving funding from international venture capitalists.

The app-based company has quickly become India's largest hotel firm by number of rooms and one of the biggest in China as it pursues an aggressive expansion abroad.&nbsp;

Oyo, as it is commonly called, entered the British market in September and is eyeing other European countries, fuelled by money from Japanese group SoftBank and America's Sequoia Capital.&nbsp;

"We are seeing great results in all our global markets and are growing aggressively in London," Oyo's founder, 25-year-old Ritesh Agarwal, told AFP.&nbsp;

"We will definitely consider expanding into the broader European region," he added in the telephone interview.

Oyo teams up with owners of budget hotels to help connect them with tourists looking for cheap but clean accommodation that meets certain hygiene standards.

Oyo staff carry out inspections of hotels. If they are deemed to be up to scratch then they are made available for booking on Oyo's website and mobile app.

Many offer hot water, free wifi and regular laundry services for as little as 1,800 rupees ($25) a night, well below what mid and high-range hotels charge.

The startup takes a commission for facilitating bookings while the hotels often small, independent ventures are re-branded as an "Oyo hotel".

The company's distinctive red and white logo has been put up outside thousands of Indian hotels across the vast Asian country over the past five years.

Those signs could soon become omnipresent across Europe's main cities, unsettling major hotel chains like Marriott International if Agarwal has his way.

"We want to bring quality affordable spaces for travellers and help neighbourhood hotels beat the big hotel chains," he said.

"Small asset owners are finding it hard to survive while the big hotel companies are continuing to win in every neighbourhood.&nbsp;

"We want to lead and empower those small franchise owners and make sure that they thrive," Agarwal added.

Growth&nbsp;

The entrepreneur, now one of India's youngest billionaires, founded Oyo when he was just 19 years old.&nbsp;

He had seen enough dingy hotels promising services that they didn't offer to know that there was a gap in the market for a company that would give accommodation a stamp of approval.

It started with a tie-up in New Delhi and now vouchers for 164,000 hotel rooms in India and 180,000 in China.

Oyo claims it has broken into China's top 10 hotel chains since entering in October 2017 and announced last month that it was investing $600 million there to bolster operations further.

Oyo received $1 billion in funding from a consortium of investors led by SoftBank in September this year, increasing its valuation five-fold and making it one of India's wealthiest startups.

Oyo also operates in Nepal, Malaysia, Indonesia and the United Arab Emirates and could feasibly stake a claim to be the world's fastest-growing hotel chain.

The company has been on a hiring spree and recently appointed the former chief of budget Indian airline IndiGo Aditya Ghosh as its new CEO to lead its forays into new markets.

It is also tying up with more upmarket properties through its Oyo Townhouse project.

Analysts warn that Oyo could be in danger of overstretching itself if it continues to grow at the same pace.

"(Their) key challenge is to ensure a level of services and maintaining quality over a period of time, especially during the fast growth stage with a lean team," Bhairav Dalal, a partner at PricewaterhouseCoopers, told AFP.&nbsp;

Their expansion hasn't been welcomed by everyone in India.

Gurbaxish Singh Kohli, president of the Hotel and Restaurant Association of Western India, claimed to AFP that Oyo was involved in "predatory pricing" while plenty of users have left negative comments about some of the hotels online.&nbsp;

Agarwal insists he always welcomes criticism and feedback.

"We have had many good and bad days and in time we have been able to learn and improve and not just improve incrementally but become a market leader," he said.

An Indian startup is turning its attention towards usurping the West's largest hotel chains after establishing itself as India's biggest player and shaking up the Chinese market.

An Indian startup is turning its attention towards usurping the West's largest hotel chains after establishing itself as India's biggest player and shaking up the Chinese market. Oyo Rooms, which specialises in no-frills accommodation, was only formed in 2013 but is already worth an estimated $5 billion after receiving funding from international venture capitalists. The app-based company has quickly become India's largest hotel firm by number of rooms and one of the biggest in China as it pursues an aggressive expansion abroad. Oyo, as it is commonly called, entered the British market in September and is eyeing other European countries, fuelled by money from Japanese group SoftBank and America's Sequoia Capital. "We are seeing great results in all our global markets and are growing aggressively in London," Oyo's founder, 25-year-old Ritesh Agarwal, told AFP. "We will definitely consider expanding into the broader European region," he added in the telephone interview. Oyo teams up with owners of budget hotels to help connect them with tourists looking for cheap but clean accommodation that meets certain hygiene standards. Oyo staff carry out inspections of hotels. If they are deemed to be up to scratch then they are made available for booking on Oyo's website and mobile app. Many offer hot water, free wifi and regular laundry services for as little as 1,800 rupees ($25) a night, well below what mid and high-range hotels charge. The startup takes a commission for facilitating bookings while the hotels often small, independent ventures are re-branded as an "Oyo hotel". The company's distinctive red and white logo has been put up outside thousands of Indian hotels across the vast Asian country over the past five years. Those signs could soon become omnipresent across Europe's main cities, unsettling major hotel chains like Marriott International if Agarwal has his way. "We want to bring quality affordable spaces for travellers and help neighbourhood hotels beat the big hotel chains," he said. "Small asset owners are finding it hard to survive while the big hotel companies are continuing to win in every neighbourhood. "We want to lead and empower those small franchise owners and make sure that they thrive," Agarwal added. Growth The entrepreneur, now one of India's youngest billionaires, founded Oyo when he was just 19 years old. He had seen enough dingy hotels promising services that they didn't offer to know that there was a gap in the market for a company that would give accommodation a stamp of approval. It started with a tie-up in New Delhi and now vouchers for 164,000 hotel rooms in India and 180,000 in China. Oyo claims it has broken into China's top 10 hotel chains since entering in October 2017 and announced last month that it was investing $600 million there to bolster operations further. Oyo received $1 billion in funding from a consortium of investors led by SoftBank in September this year, increasing its valuation five-fold and making it one of India's wealthiest startups. Oyo also operates in Nepal, Malaysia, Indonesia and the United Arab Emirates and could feasibly stake a claim to be the world's fastest-growing hotel chain. The company has been on a hiring spree and recently appointed the former chief of budget Indian airline IndiGo Aditya Ghosh as its new CEO to lead its forays into new markets. It is also tying up with more upmarket properties through its Oyo Townhouse project. Analysts warn that Oyo could be in danger of overstretching itself if it continues to grow at the same pace. "(Their) key challenge is to ensure a level of services and maintaining quality over a period of time, especially during the fast growth stage with a lean team," Bhairav Dalal, a partner at PricewaterhouseCoopers, told AFP. Their expansion hasn't been welcomed by everyone in India. Gurbaxish Singh Kohli, president of the Hotel and Restaurant Association of Western India, claimed to AFP that Oyo was involved in "predatory pricing" while plenty of users have left negative comments about some of the hotels online. Agarwal insists he always welcomes criticism and feedback. "We have had many good and bad days and in time we have been able to learn and improve and not just improve incrementally but become a market leader," he said.

After shaking up China, India's Oyo eyes European markets

Political differences came into open at the <a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">GST Council meeting </a>on Saturday with finance ministers of opposition-ruled states objecting to rate cut, citing revenue consideration but finally agreeing after a BJP minister proposed that the minutes be recorded and compared with their speeches delivered outside.

Chattisgarh and Rajasthan, where the Congress came to power earlier this month, sent only officers to attend the GST Council meeting, Madhya Pradesh did not send any representative, sources said.&nbsp;

The GST Council after much haggling agreed to cut rates on 23 items of common consumption, which will have an annual revenue implication of Rs 5,500 crore.

Sources said ministers of the opposition-ruled states argued that if a rate cut is to be done at this juncture, then the Centre should agree to compensate states for revenue loss on account of GST implementation for a period beyond the stipulated five years.

Kerala, sources said, said that with revenues not increasing, the time is not right to cut rates.

West Bengal, which had said that it wanted an 18 per cent rate for goods other than luxury and sin goods, in Saturday's meeting said that this was not the time for a rate cut.

However, BJP-ruled Assam pointed out that all opposition ministers in their speeches say that Goods and Services Tax (GST) rates should be lowered to 18 per cent from 28 per cent, but participating in the GST Council deliberation they oppose rate cuts.&nbsp;

The BJP minister demanded that the position taken by all the state ministers in the Council meetings be put in the minutes of the meeting so that it can be compared with their public speeches in future.

Finance Minister Arun Jaitley is understood to have intervened to say that only the views expressed by ministers during the Council meeting should be taken into consideration.

Sources said state ministers finally agreed to discuss and go by the suggestions made by the fitment committee or officers committee on rate cut.

The GST Council, chaired by Union Finance Minister and comprising his state counterparts, Saturday decided to cut rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. The reduced rates would be applicable from January 1, 2019.&nbsp;

In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore.

Briefing reporters after the Council's meet, Jaitley said the average monthly revenue under GST has risen from Rs 89,000 crore in the last fiscal, to around Rs 95,000-96,000 crore in the current fiscal.&nbsp;

Also, compensation to be paid to the states has come down in the current fiscal.

He said a Group of Ministers would be set up to study the data of those states which are not showing improvement of revenues post GST implementation. The GoM would take expert assistance from NIPFP.

States which have shown improvement in tax collection included Andhra Pradesh, Uttar Pradesh, West Bengal and Tamil Nadu while laggard states included Punjab, Himachal Pradesh and Uttarakhand.&nbsp;

Also while consuming states like North East have shown improvement in revenue, manufacturing and consuming states like Maharashtra and West Bengal have shown significant improvement.&nbsp;

Political differences came into open at the GST Council meeting on Saturday with finance ministers of opposition-ruled states objecting to rate cut, citing revenue consideration but finally agreeing after a BJP minister proposed that the minutes be recorded and compared with their speeches delivered outside.

Political differences came into open at the GST Council meeting on Saturday with finance ministers of opposition-ruled states objecting to rate cut, citing revenue consideration but finally agreeing after a BJP minister proposed that the minutes be recorded and compared with their speeches delivered outside. Chattisgarh and Rajasthan, where the Congress came to power earlier this month, sent only officers to attend the GST Council meeting, Madhya Pradesh did not send any representative, sources said. The GST Council after much haggling agreed to cut rates on 23 items of common consumption, which will have an annual revenue implication of Rs 5,500 crore. Sources said ministers of the opposition-ruled states argued that if a rate cut is to be done at this juncture, then the Centre should agree to compensate states for revenue loss on account of GST implementation for a period beyond the stipulated five years. Kerala, sources said, said that with revenues not increasing, the time is not right to cut rates. West Bengal, which had said that it wanted an 18 per cent rate for goods other than luxury and sin goods, in Saturday's meeting said that this was not the time for a rate cut. However, BJP-ruled Assam pointed out that all opposition ministers in their speeches say that Goods and Services Tax (GST) rates should be lowered to 18 per cent from 28 per cent, but participating in the GST Council deliberation they oppose rate cuts. The BJP minister demanded that the position taken by all the state ministers in the Council meetings be put in the minutes of the meeting so that it can be compared with their public speeches in future. Finance Minister Arun Jaitley is understood to have intervened to say that only the views expressed by ministers during the Council meeting should be taken into consideration. Sources said state ministers finally agreed to discuss and go by the suggestions made by the fitment committee or officers committee on rate cut. The GST Council, chaired by Union Finance Minister and comprising his state counterparts, Saturday decided to cut rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. The reduced rates would be applicable from January 1, 2019. In the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore. Briefing reporters after the Council's meet, Jaitley said the average monthly revenue under GST has risen from Rs 89,000 crore in the last fiscal, to around Rs 95,000-96,000 crore in the current fiscal. Also, compensation to be paid to the states has come down in the current fiscal. He said a Group of Ministers would be set up to study the data of those states which are not showing improvement of revenues post GST implementation. The GoM would take expert assistance from NIPFP. States which have shown improvement in tax collection included Andhra Pradesh, Uttar Pradesh, West Bengal and Tamil Nadu while laggard states included Punjab, Himachal Pradesh and Uttarakhand. Also while consuming states like North East have shown improvement in revenue, manufacturing and consuming states like Maharashtra and West Bengal have shown significant improvement.

Opposition-ruled states oppose rate cuts in GST citing revenue consideration

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. &nbsp;

Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.&nbsp;

"Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.&nbsp;

<div class="ui-state-default" contenteditable="false">
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Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. <a href="https://t.co/s0agEgE113">pic.twitter.com/s0agEgE113</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076426839751442432?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow.&nbsp;

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Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% <a href="https://t.co/BpOmhTj7Kj">pic.twitter.com/BpOmhTj7Kj</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076428703813509120?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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"States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted.&nbsp;

In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

The new tax rates will come into effect from January 1, 2019.&nbsp;

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V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods. (1/2) <a href="https://t.co/fs6MqhFJDb">pic.twitter.com/fs6MqhFJDb</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076405356044021760?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods.&nbsp;

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FM: There are 28 items left in the 28% bracket if we include luxury &amp; sin items. 13 items are from automobile parts &amp; 1 is cement. Cement’s revenue is 13000 crore &amp; automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore <a href="https://t.co/EWaUBOd5tp">https://t.co/EWaUBOd5tp</a>
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"The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% &amp; below," Narayanasamy stated.

 
&nbsp;

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several. "Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed. Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. pic.twitter.com/s0agEgE113 — ANI (@ANI) December 22, 2018 × Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow. Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% pic.twitter.com/BpOmhTj7Kj — ANI (@ANI) December 22, 2018 × "States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted. In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said. The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab. The new tax rates will come into effect from January 1, 2019. V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. (1/2) pic.twitter.com/fs6MqhFJDb — ANI (@ANI) December 22, 2018 × Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. FM: There are 28 items left in the 28% bracket if we include luxury & sin items. 13 items are from automobile parts & 1 is cement. Cement’s revenue is 13000 crore & automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore https://t.co/EWaUBOd5tp — ANI (@ANI) December 22, 2018 × "The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% & below," Narayanasamy stated.

GST council slashes rates of 7 items from 28%; movie tickets, TV screens likely to get cheaper

The GST Council on Saturday held a meeting in New Delhi and decided to <a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">slash rates for items from 28 per cent</a>. Union Finance Minister Arun Jaitley told media that rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks have been slashed in a move billed to bring relief to the common man.&nbsp;

The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

The new tax rates will come into effect from January 1, 2019.&nbsp;

Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that 33 items have come down from 18% to 12% &amp; 5% as they are common to man’s consumption goods.&nbsp;

Here's taking a look at the revised rates and commodities that will now be available at cheaper prices.&nbsp;

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<td>Items</td>
			<td>Previous rate</td>
			<td>New rate</td>
		</tr>
		<tr>
			<td>
			Cinema tickets above Rs 100
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Cinema tickets up to Rs 100
			</td>
			<td>18</td>
			<td>12</td>
		</tr>
		<tr>
			<td>
			Power banks of lithium ion batteries
			</td>
			<td>28</td>
			<td>12</td>
		</tr>
		<tr>
			<td>
			Monitors and TVs up to 32 inches
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Digital cameras and video camera recorders&nbsp;
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Video game consoles, others under HS code 9504
			</td>
			<td>28</td>
			<td>18</td>
		</tr>
		<tr>
			<td>
			Third party insurance premium of goods carrying vehicles
			</td>
			<td>18</td>
			<td>12</td>
		</tr>
		<tr>
			<td>
			Vegetables frozen, branded and stacked in a unit container
			</td>
			<td>5</td>
			<td>0</td>
		</tr>
		<tr>
			<td>Vegetable provisionally preserved but unsuitable in that state for immediate consumption 
			&nbsp;</td>
			<td>5</td>
			<td>0</td>
		</tr>
	</tbody>
</table>

The new tax rates will come into effect from January 1, 2019. Other items with reduced GST rates include music books, pulleys, transmission shafts, gear boxes, accessories for the carriages for disabled people, among others.

According to the finance minister, the annual revenue implication of the rate cuts would be Rs 5,500 crore.

"Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.&nbsp;

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley told media that rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks have been slashed in a move billed to bring relief to the common man.

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley told media that rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks have been slashed in a move billed to bring relief to the common man. The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab. The new tax rates will come into effect from January 1, 2019. Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that 33 items have come down from 18% to 12% & 5% as they are common to man’s consumption goods. Here's taking a look at the revised rates and commodities that will now be available at cheaper prices. Items Previous rate New rate Cinema tickets above Rs 100 28 18 Cinema tickets up to Rs 100 18 12 Power banks of lithium ion batteries 28 12 Monitors and TVs up to 32 inches 28 18 Digital cameras and video camera recorders 28 18 Video game consoles, others under HS code 9504 28 18 Third party insurance premium of goods carrying vehicles 18 12 Vegetables frozen, branded and stacked in a unit container 5 0 Vegetable provisionally preserved but unsuitable in that state for immediate consumption 5 0 The new tax rates will come into effect from January 1, 2019. Other items with reduced GST rates include music books, pulleys, transmission shafts, gear boxes, accessories for the carriages for disabled people, among others. According to the finance minister, the annual revenue implication of the rate cuts would be Rs 5,500 crore. "Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.

Revised GST rates: What is likely to become cheaper

&nbsp;The<a href="http://www.wionews.com/business-economy/indian-rupee-top-performer-of-2019-185516"> rupee </a>fell by 37 paise to 70.07 against the US dollar in early trade Friday amid strengthening of the US dollar against some currencies overseas and foreign fund outflows.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee.

The rupee opened lower at 69.93 against the dollar and dropped further to quote at 70.07, 37 paise down over its previous close.

On Thursday the <a href="http://www.wionews.com/business-economy/rupee-slips-24-paise-to-7063-against-us-dollar-in-early-trade-after-us-federal-rate-hike-185411">domestic currency</a> appreciated by 69 paise to close at 69.70 against the US dollar.

Traders said a lower opening in the domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit.

Globally, Brent crude, the international benchmark, was trading 1.27 per cent higher at $55.04 per barrel.

Foreign funds pulled out Rs 386.44 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 87.96 crore Thursday, provisional data showed.

The 30-share index fell 31.70 points, or 0.09 per cent, to trade at 36,399.97. In a similar movement, the NSE Nifty was trading 12 points, or 0.11 per cent, lower at 10,939.70.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/sensex-falls-100-points-in-early-hours-amid-us-government-shutdown-tension-185589">Sensex falls 100 points in early trade amid US government shutdown tension</a> 
&nbsp;

The rupee fell by 37 paise to 70.07 against the US dollar in early trade Friday amid strengthening of the US dollar against some currencies overseas and foreign fund outflows.

The rupee fell by 37 paise to 70.07 against the US dollar in early trade Friday amid strengthening of the US dollar against some currencies overseas and foreign fund outflows. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee. The rupee opened lower at 69.93 against the dollar and dropped further to quote at 70.07, 37 paise down over its previous close. On Thursday the domestic currency appreciated by 69 paise to close at 69.70 against the US dollar. Traders said a lower opening in the domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit. Globally, Brent crude, the international benchmark, was trading 1.27 per cent higher at $55.04 per barrel. Foreign funds pulled out Rs 386.44 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 87.96 crore Thursday, provisional data showed. The 30-share index fell 31.70 points, or 0.09 per cent, to trade at 36,399.97. In a similar movement, the NSE Nifty was trading 12 points, or 0.11 per cent, lower at 10,939.70. Also read: Sensex falls 100 points in early trade amid US government shutdown tension

Rupee slips 37 paise to 70.07 against US dollar in early trade

Benchmark indices opened on a choppy note Friday on negative global cues amid fears of a potential <a href="http://www.wionews.com/world/trump-refuses-to-sign-us-government-shutdown-legislation-over-mexico-wall-funding-185571">US government shutdown</a> and rising tension between the US and China.

After falling over 100 points in the opening session, the 30-share Sensex was trading 14.82 points or 0.04 per cent, higher at 36,416.85. The index had finished 52.66 points, or 0.14 per cent, lower at 36,431.67 Thursday.

The NSE Nifty, too, was trading 2.25 points, or 0.02 per cent, lower at 10,949.45.

Domestic and other Asian stocks followed Wall Street that fell sharply after US President Donald Trump's demand for border wall funds pushed the federal government closer to a shutdown.

Also read: <a href="http://www.wionews.com/business-economy/wall-street-stocks-slump-over-us-government-shutdown-fears-185583">Wall Street stocks slump over US government shutdown fears</a>

The White House said Trump will not travel to Florida Friday for the Christmas holiday if the government is shutting down. More than 8,00,000 federal workers will be facing furloughs or forced to work without pay if a resolution is not reached before funding expires at midnight Friday.

Meanwhile, China accused the US of fabricating facts after the US Justice Department indicted two hackers tied to Chinese security services who allegedly targeted companies and agencies in a dozen countries, adding fuel to the rift between the two countries, experts said.

Top losers include Infosys, Asian Paints, HDFC, TCS, PowerGrid, Bajaj Auto and Hero MotoCorp, shedding up to 2 per cent.

While the gainers include Airtel, M&amp;M, Tata Motors, Tata Steel, Adani Ports and Vedanta, rising up to 2 per cent.

The rupee, meanwhile, weakened against the US dollar, and was trading at 70.05 a dollar.

Brent crude, the international benchmark, was trading 1.07 per cent higher at USD 54.93 per barrel.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 386.44 crore Thursday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs

87.96 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng was down 0.15 per cent, Japan's Nikkei fell 1 per cent and Shanghai Composite Index edged lower by 1.01 per cent in early trade.

On Wall Street, the US Dow Jones Industrial Average ended 464.06 points, or 1.99 per cent, lower at 22,859.60 Thursday.&nbsp;

Benchmark indices opened on a choppy note Friday on negative global cues amid fears of a potential US government shutdown and rising tension between the US and China.

Benchmark indices opened on a choppy note Friday on negative global cues amid fears of a potential US government shutdown and rising tension between the US and China. After falling over 100 points in the opening session, the 30-share Sensex was trading 14.82 points or 0.04 per cent, higher at 36,416.85. The index had finished 52.66 points, or 0.14 per cent, lower at 36,431.67 Thursday. The NSE Nifty, too, was trading 2.25 points, or 0.02 per cent, lower at 10,949.45. Domestic and other Asian stocks followed Wall Street that fell sharply after US President Donald Trump's demand for border wall funds pushed the federal government closer to a shutdown. Also read: Wall Street stocks slump over US government shutdown fears The White House said Trump will not travel to Florida Friday for the Christmas holiday if the government is shutting down. More than 8,00,000 federal workers will be facing furloughs or forced to work without pay if a resolution is not reached before funding expires at midnight Friday. Meanwhile, China accused the US of fabricating facts after the US Justice Department indicted two hackers tied to Chinese security services who allegedly targeted companies and agencies in a dozen countries, adding fuel to the rift between the two countries, experts said. Top losers include Infosys, Asian Paints, HDFC, TCS, PowerGrid, Bajaj Auto and Hero MotoCorp, shedding up to 2 per cent. While the gainers include Airtel, M&M, Tata Motors, Tata Steel, Adani Ports and Vedanta, rising up to 2 per cent. The rupee, meanwhile, weakened against the US dollar, and was trading at 70.05 a dollar. Brent crude, the international benchmark, was trading 1.07 per cent higher at USD 54.93 per barrel. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 386.44 crore Thursday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 87.96 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng was down 0.15 per cent, Japan's Nikkei fell 1 per cent and Shanghai Composite Index edged lower by 1.01 per cent in early trade. On Wall Street, the US Dow Jones Industrial Average ended 464.06 points, or 1.99 per cent, lower at 22,859.60 Thursday.

Sensex falls 100 points in early trade amid US government shutdown tension

Wall Street suffered its second straight rout Thursday as worries about a <a href="http://www.wionews.com/world/trump-refuses-to-sign-us-government-shutdown-legislation-over-mexico-wall-funding-185571">US government shutdown added</a> to upset at the Federal Reserve's latest interest rate hike.

The Dow Jones Industrial Average ended 2.0 per cent lower at 22,859.60, a loss of 460 points.

The broad-based S&amp;P 500 slid 1.6 per cent to 2,467.42, while the tech-rich Nasdaq Composite Index slumped 1.6 per cent to 6,528.41.

A bruising December has set up Wall Street for its worst year since the financial crisis. The S&amp;P 500 is currently down 7.7 per cent for the year and the Nasdaq is on the verge of a "bear market," which is a drop of 20 per cent from its peak this year.

The latest pullback came after Republican congressional leaders told reporters President Donald Trump would not sign a stopgap spending bill because it does not contain border wall funding.

The US government only has funding to operate through December 21, and without an agreement will have to shut down.

Trump's rejection sent lawmakers scrambling for a new compromise, although Democrats have stood firm saying they will not support a spending measure that funds Trump's wall on the US-Mexico border.

The revived possibility of a shutdown worsened the downbeat mood on markets after the Federal Reserve announced another interest rate hike on Wednesday and made only subtle adjustments to the course of monetary policy tightening next year despite rising worries about global growth and a big pullback in the stock market.

Analysts also said the US indictment of two Chinese hackers tied to Beijing's security services reminded investors of the unsettled state of US-China trade relations.

"We have a trade war, the economy weakening, and now the possibility of a shutdown," said Peter Cardillo of Spartan Capital Securities. "All that is feeding by itself." 
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Wall Street suffered its second straight rout Thursday as worries about a US government shutdown added to upset at the Federal Reserve's latest interest rate hike.

Wall Street suffered its second straight rout Thursday as worries about a US government shutdown added to upset at the Federal Reserve's latest interest rate hike. The Dow Jones Industrial Average ended 2.0 per cent lower at 22,859.60, a loss of 460 points. The broad-based S&P 500 slid 1.6 per cent to 2,467.42, while the tech-rich Nasdaq Composite Index slumped 1.6 per cent to 6,528.41. A bruising December has set up Wall Street for its worst year since the financial crisis. The S&P 500 is currently down 7.7 per cent for the year and the Nasdaq is on the verge of a "bear market," which is a drop of 20 per cent from its peak this year. The latest pullback came after Republican congressional leaders told reporters President Donald Trump would not sign a stopgap spending bill because it does not contain border wall funding. The US government only has funding to operate through December 21, and without an agreement will have to shut down. Trump's rejection sent lawmakers scrambling for a new compromise, although Democrats have stood firm saying they will not support a spending measure that funds Trump's wall on the US-Mexico border. The revived possibility of a shutdown worsened the downbeat mood on markets after the Federal Reserve announced another interest rate hike on Wednesday and made only subtle adjustments to the course of monetary policy tightening next year despite rising worries about global growth and a big pullback in the stock market. Analysts also said the US indictment of two Chinese hackers tied to Beijing's security services reminded investors of the unsettled state of US-China trade relations. "We have a trade war, the economy weakening, and now the possibility of a shutdown," said Peter Cardillo of Spartan Capital Securities. "All that is feeding by itself."

Wall Street stocks slump over US government shutdown fears