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Benchmark stock market indices BSE Sensex and NSE’s Nifty opened higher on Monday despite weak global cues.

At 9:30 am BSE Sensex was 230 points higher at 36,193.14 points while the NSE Nifty was 46 points higher at 10,851 points.&nbsp;

Stocks in Asia opened mixed, following two weeks of losses driven by a backdrop of uncertain trade conditions and signs that some key economies are slowing.&nbsp;

Meanwhile, Rupee strengthened marginally against the US dollar after India’s trade deficit narrowed from a month ago due to a sharp fall in gold imports.&nbsp;

At 9.15am, the rupee was trading at 71.84 a dollar, up 0.08% from its Friday’s close of 71.90. The currency opened at 71.85 a dollar.&nbsp;

The 10-year government bond yield stood at 7.438% from its previous close of 7.441%.

So far this year, the rupee has declined 11%, while foreign investors have sold $4.55 billion and $7.36 billion in the equity and debt markets, respectively.

(With inputs from agencies)

Benchmark stock market indices BSE Sensex and NSE’s Nifty opened higher on Monday despite weak global cues. At 9:30 am BSE Sensex was 230 points higher at 36,193.

Benchmark stock market indices BSE Sensex and NSE’s Nifty opened higher on Monday despite weak global cues. At 9:30 am BSE Sensex was 230 points higher at 36,193.14 points while the NSE Nifty was 46 points higher at 10,851 points. Stocks in Asia opened mixed, following two weeks of losses driven by a backdrop of uncertain trade conditions and signs that some key economies are slowing. Meanwhile, Rupee strengthened marginally against the US dollar after India’s trade deficit narrowed from a month ago due to a sharp fall in gold imports. At 9.15am, the rupee was trading at 71.84 a dollar, up 0.08% from its Friday’s close of 71.90. The currency opened at 71.85 a dollar. The 10-year government bond yield stood at 7.438% from its previous close of 7.441%. So far this year, the rupee has declined 11%, while foreign investors have sold $4.55 billion and $7.36 billion in the equity and debt markets, respectively. (With inputs from agencies)

Sensex up 200 points, Nifty holds 10,800-mark

The Indian rupee on Monday recovered by 34 paise to <a href="http://13.232.42.114/business-economy/rupee-rises-16-paise-to-7174-against-us-dollar-184763">close at 71.56 against the US dollar </a>as forex market sentiments were driven by the country's narrowing trade deficit in November as also smart gains in domestic equities.

Besides, the American currency's weakness against its major rivals globally helped the rupee further its gains.&nbsp;

According to commerce ministry data, India's trade deficit came down to $15.1 billion in November from $17.13 billion in October this year.

At the Interbank Foreign Exchange, the rupee opened higher at 71.84 a dollar and soon gathered momentum to touch a high of 71.51.

The domestic unit, however, pared some gains and settled the day up by 34 paise at 71.56 a dollar.

On Friday, the rupee had dropped by 22 paise to close at 71.90 against the US dollar.&nbsp;

Forex dealers attributed the rupee gains to the greenback's weakness against some currencies overseas and improving macro picture in form of narrowing trade deficit numbers.

Heavy buying in domestic equities also helped trading sentiments in the forex market, they added.

Equity benchmark Sensex continued its winning streak for a fifth straight session Monday. The 30-share BSE Sensex closed at 36,270, showing a rise of 0.85 per cent or 307 points. Similarly, the broader NSE Nifty ended at 10,888, a gain of 0.77 per cent or 83 points.&nbsp;

Brent crude, the international benchmark, was trading at $60.89 per barrel Monday, higher by 1.01 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6730 and for rupee/euro at 81.0717. The reference rate for rupee/British pound was fixed at 90.1981 and for rupee/100 Japanese yen at 63.17.

The Indian rupee on Monday recovered by 34 paise to close at 71.56 against the US dollar as forex market sentiments were driven by the country's narrowing trade deficit in November as also smart gains in domestic equities.

The Indian rupee on Monday recovered by 34 paise to close at 71.56 against the US dollar as forex market sentiments were driven by the country's narrowing trade deficit in November as also smart gains in domestic equities. Besides, the American currency's weakness against its major rivals globally helped the rupee further its gains. According to commerce ministry data, India's trade deficit came down to $15.1 billion in November from $17.13 billion in October this year. At the Interbank Foreign Exchange, the rupee opened higher at 71.84 a dollar and soon gathered momentum to touch a high of 71.51. The domestic unit, however, pared some gains and settled the day up by 34 paise at 71.56 a dollar. On Friday, the rupee had dropped by 22 paise to close at 71.90 against the US dollar. Forex dealers attributed the rupee gains to the greenback's weakness against some currencies overseas and improving macro picture in form of narrowing trade deficit numbers. Heavy buying in domestic equities also helped trading sentiments in the forex market, they added. Equity benchmark Sensex continued its winning streak for a fifth straight session Monday. The 30-share BSE Sensex closed at 36,270, showing a rise of 0.85 per cent or 307 points. Similarly, the broader NSE Nifty ended at 10,888, a gain of 0.77 per cent or 83 points. Brent crude, the international benchmark, was trading at $60.89 per barrel Monday, higher by 1.01 per cent. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6730 and for rupee/euro at 81.0717. The reference rate for rupee/British pound was fixed at 90.1981 and for rupee/100 Japanese yen at 63.17.

Rupee gains 34 paise higher at 71.56 against US dollar

On a downswing for the last two months, petrol and diesel prices once again increased on Monday by 19 paise in New Delhi.

Both petrol and diesel prices hiked for the first time since October 16, by 19-20 paise &amp; 9 paise respectively, across 4 major cities.

<table border="1" cellpadding="1" cellspacing="1" style="width: 500px;">
	<tbody>
		<tr>
			<td>City</td>
			<td>Petrol (Rs/Litre)</td>
			<td>Diesel (Rs/Litre)</td>
		</tr>
		<tr>
			<td>Delhi</td>
			<td>70.53</td>
			<td>64.47</td>
		</tr>
		<tr>
			<td>Mumbai</td>
			<td>76.15</td>
			<td>67.47</td>
		</tr>
		<tr>
			<td>Kolkata</td>
			<td>72.62</td>
			<td>66.23</td>
		</tr>
		<tr>
			<td>Chennai</td>
			<td>73.19</td>
			<td>68.07</td>
		</tr>
	</tbody>
</table>

&nbsp;

After reaching a record high on of Rs 84 on October 4 in Delhi, petrol was at its lowest price in December in this financial year.&nbsp;

What also contributed to the slump is a cut of Rs 1.5 in excise duty and a Rs 2.5 cut in sales tax or VAT in several states.&nbsp;

Besides, oil retailers were also asked to bear a loss of Re 1 on every litre of fuel sold in India.

In India, fuel prices are deregulated, which means that oil companies decide the price of oil based on market factors. Crude oil price and the value of the rupee against the dollar are two most significant factors that impact fuel prices.

(With inputs from agencies)

On a downswing for the last two months, petrol and diesel prices once again increased on Monday by 19 paise in New Delhi. Both petrol and diesel prices hiked for the first time since October 16, by 19-20 paise & 9 paise respectively, across 4 major cities.

On a downswing for the last two months, petrol and diesel prices once again increased on Monday by 19 paise in New Delhi. Both petrol and diesel prices hiked for the first time since October 16, by 19-20 paise & 9 paise respectively, across 4 major cities. City Petrol (Rs/Litre) Diesel (Rs/Litre) Delhi 70.53 64.47 Mumbai 76.15 67.47 Kolkata 72.62 66.23 Chennai 73.19 68.07 After reaching a record high on of Rs 84 on October 4 in Delhi, petrol was at its lowest price in December in this financial year. What also contributed to the slump is a cut of Rs 1.5 in excise duty and a Rs 2.5 cut in sales tax or VAT in several states. Besides, oil retailers were also asked to bear a loss of Re 1 on every litre of fuel sold in India. In India, fuel prices are deregulated, which means that oil companies decide the price of oil based on market factors. Crude oil price and the value of the rupee against the dollar are two most significant factors that impact fuel prices. (With inputs from agencies)

Petrol, Diesel prices rise again: Check today's rates in metro cities

A top US lawmaker has said that any<a href="http://www.wionews.com/south-asia/imf-to-check-pakistans-debt-sustainability-before-loan-official-184060"> IMF loan to cash-strapped Pakistan </a>cannot be just a "convenient way" to repay its debt to China which has engaged many countries in a debt trap.

Pakistan is seeking USD 8 billion from the <a href="http://www.wionews.com/business-economy/imf-says-trade-war-already-hurting-asia-may-cut-global-growth-forecasts-184777">International Monetary Fund (IMF) </a>to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy.

The US almost has a veto power in the IMF, said Democratic Congressman Brad Sherman, who in an address to a dissident Pakistani leader also said that the US aid to Pakistan which has been cut by the current Trump administration is unlikely to be restored soon.

Sherman said that last week, he has raised with the Trump administration the issue of IMF loan to Pakistan.

He spoke on this issue during a Congressional hearing with David Malpass, Under Secretary of Treasury for International Affairs.

"I've shared with him the concern that any IMF loan to Pakistan cannot be just a convenient way to repay China. China has engaged in a debt trap. We've seen it in Sri Lanka. We're seeing it in Africa. If the Chinese do that, then China has to learn that sometimes they just don't get repaid," he said. 
"In fact, this is beyond just South Asia, I'm working on a legislation that I would call Chinese Debt Trap Relief Act," Sharman said, adding that the legislation would encourage countries not to repay bad loans.

"The idea that Pakistan would turn to its own people and vilify a man who helped us destroy Osama bin Laden, does not speak well of the future of US-Pakistani relations. Our aid has been cut to Pakistan. I do not think it will be restored to major levels until the Dr (Shakil) Afridi issue is dealt with," Sherman said in his keynote address to the conference.

Dr Shakil Afridi is a Pakistani doctor serving a 33-year jail term for helping the CIA in tracking down Al-Qaeda chief Osama bin Laden to Abbottabad in 2011.

The US has been pressing Pakistan to release Dr Afridi, who was involved in a CIA-linked plan to find bin Laden with a fake vaccination operation in the Pakistani garrison city.

Sherman, who is on the financial services committee, said the US should simply instruct American banks and more importantly, American bond rating agencies to say that if there's a default on a debt, but that debt is part of a Chinese debt trap, it just doesn't count.

And then turn to the Chinese and say that it is not going to be able to use western financial institutions to penalise countries who fall into their debt traps.&nbsp;

"So if China wants to make these loans, fine. If they don't get repaid, that's their business and countries will be then free to engage in other financial transactions with countries hopefully that do not engage in such traps," Sherman said.

In his address to the conference, organised under the banner of South Asians Against Terrorism and for Human Rights (SAATH), and co-hosted by US-based columnist Mohammad Taqi and Haqqani, the top American lawmaker said that US has provided Pakistan with USD 43 billion in financial assistance post-independence.

Sherman also slammed Pakistan for blocking US websites like Voice of America inside the country.&nbsp;

A top US lawmaker has said that any IMF loan to cash-strapped Pakistan cannot be just a "convenient way" to repay its debt to China which has engaged many countries in a debt trap.

A top US lawmaker has said that any IMF loan to cash-strapped Pakistan cannot be just a "convenient way" to repay its debt to China which has engaged many countries in a debt trap. Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. The US almost has a veto power in the IMF, said Democratic Congressman Brad Sherman, who in an address to a dissident Pakistani leader also said that the US aid to Pakistan which has been cut by the current Trump administration is unlikely to be restored soon. Sherman said that last week, he has raised with the Trump administration the issue of IMF loan to Pakistan. He spoke on this issue during a Congressional hearing with David Malpass, Under Secretary of Treasury for International Affairs. "I've shared with him the concern that any IMF loan to Pakistan cannot be just a convenient way to repay China. China has engaged in a debt trap. We've seen it in Sri Lanka. We're seeing it in Africa. If the Chinese do that, then China has to learn that sometimes they just don't get repaid," he said. "In fact, this is beyond just South Asia, I'm working on a legislation that I would call Chinese Debt Trap Relief Act," Sharman said, adding that the legislation would encourage countries not to repay bad loans. "The idea that Pakistan would turn to its own people and vilify a man who helped us destroy Osama bin Laden, does not speak well of the future of US-Pakistani relations. Our aid has been cut to Pakistan. I do not think it will be restored to major levels until the Dr (Shakil) Afridi issue is dealt with," Sherman said in his keynote address to the conference. Dr Shakil Afridi is a Pakistani doctor serving a 33-year jail term for helping the CIA in tracking down Al-Qaeda chief Osama bin Laden to Abbottabad in 2011. The US has been pressing Pakistan to release Dr Afridi, who was involved in a CIA-linked plan to find bin Laden with a fake vaccination operation in the Pakistani garrison city. Sherman, who is on the financial services committee, said the US should simply instruct American banks and more importantly, American bond rating agencies to say that if there's a default on a debt, but that debt is part of a Chinese debt trap, it just doesn't count. And then turn to the Chinese and say that it is not going to be able to use western financial institutions to penalise countries who fall into their debt traps. "So if China wants to make these loans, fine. If they don't get repaid, that's their business and countries will be then free to engage in other financial transactions with countries hopefully that do not engage in such traps," Sherman said. In his address to the conference, organised under the banner of South Asians Against Terrorism and for Human Rights (SAATH), and co-hosted by US-based columnist Mohammad Taqi and Haqqani, the top American lawmaker said that US has provided Pakistan with USD 43 billion in financial assistance post-independence. Sherman also slammed Pakistan for blocking US websites like Voice of America inside the country.

No 'convenient way' for Pakistan: US lawmaker on IMF loan

Extending its winning run for a fifth session, the BSE Sensex&nbsp;

Soared over 307 points to close at 36,270, driven mainly by auto, metal and banking stocks and positive global cues.&nbsp;&nbsp; &nbsp;&nbsp;

The broader NSE Nifty too jumped almost 93 points.

Opening on a positive note, the Sensex went on to reclaim the 36,000-mark and hit a high of 36,312.31 during the intra-day trade before ending at 36,270.07, up 307.14 points, or 0.85 per cent.

The gauge had climbed 1,003.21 points in the previous four sessions.

For the 50-share NSE Nifty, the close came in at 10,888.35, higher by 82.90 points, or 0.77 per cent, after shuttling between 10,900.35 and 10,844.85.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 861.94 crore on Friday, while DIIs sold equities to the tune of Rs 303.52 crore, provisional data showed.&nbsp;

Extending its winning run for a fifth session, the BSE Sensex Soared over 307 points to close at 36,270, driven mainly by auto, metal and banking stocks and positive global cues.

Extending its winning run for a fifth session, the BSE Sensex Soared over 307 points to close at 36,270, driven mainly by auto, metal and banking stocks and positive global cues. The broader NSE Nifty too jumped almost 93 points. Opening on a positive note, the Sensex went on to reclaim the 36,000-mark and hit a high of 36,312.31 during the intra-day trade before ending at 36,270.07, up 307.14 points, or 0.85 per cent. The gauge had climbed 1,003.21 points in the previous four sessions. For the 50-share NSE Nifty, the close came in at 10,888.35, higher by 82.90 points, or 0.77 per cent, after shuttling between 10,900.35 and 10,844.85. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 861.94 crore on Friday, while DIIs sold equities to the tune of Rs 303.52 crore, provisional data showed.

Sensex reclaims 36,000, surges 307 points

Asian markets mostly rose Monday as traders look ahead to a key meeting of the Federal Reserve, and a Chinese policy-setting conference this week.

However, there is <a href="http://www.wionews.com/business-economy/imf-says-trade-war-already-hurting-asia-may-cut-global-growth-forecasts-184777">still caution on trading floors </a>after Friday's sharp sell-off fuelled by concerns over China's economy, and despite a tweet from Donald Trump suggesting a trade deal could be hammered out between Washington and Beijing.

While there are signs the world's top two economies are beginning to move towards a resolution in their bitter tariffs spat, there are increasing concerns about the global outlook following another dour set of indicators out of China.

A string of below-par readings this year have highlighted a slowdown in the Asian giant and observers are forecasting leaders will unveil fresh measures to pep up the economy, which is on course for another year of relatively weak growth.

A speech from President Xi Jinping on Tuesday to mark 40 years since China's economy began opening up will be closely watched, and that is expected to be followed by the start of a conference setting out the country's 2019 economic plan.

"We should expect a raft of stimulus measures from China policymakers in an attempt to stabilise the domestic economy," said Stephen Innes, head of Asia-Pacific trade at OANDA.

The Fed will conclude its rate-setting policy meeting Wednesday and while expectations are for another hike in borrowing costs, comments from chairman Jerome Powell will be closely watched for an idea of its plans for 2019.

'A lot of volatility'

In light of the <a href="http://www.wionews.com/world/the-trump-china-trade-war-how-will-it-end-171248">China-US trade</a> row and signs of weakness in the global economy, the bank has sounded a little more dovish in recent weeks, fuelling speculation it will slow down its pace of rate hikes -- which has provided some much-needed support to equities.

"The upcoming (Fed) meeting and China's policy-setting meeting have been the most actively discussed topics around the markets," Innes added. "And both events have a smoothing effect on risk sentiment."

Shanghai climbed 0.2 per cent and Tokyo finished 0.6 per cent higher, while Sydney put on one per cent and Singapore jumped 1.2 per cent.

Seoul and Taipei each gained 0.1 per cent while Wellington added 0.3 per cent. There were also gains in Mumbai and Manila, though Hong Kong inched down marginally.

In early European trade London dipped 0.1 per cent, Paris dropped 0.3 per cent and Frankfurt eased 0.2 per cent.

Steve Goldman, fund manager at Kapstream Capital, told Bloomberg TV in Sydney that "we're going to see a lot of volatility" in the new year because of global uncertainty.

Hopes that China and the US can reach a deal to end their trade war were given a boost by Trump on Friday when he tweeted: "China wants to make a big and very comprehensive deal. It could happen, and rather soon!"&nbsp;

That came after China earlier in the day backed off fresh levies imposed this summer on US-made cars and auto parts.

While a full-blown deal is some way off, the developments have provided some hope to dealers.

On currency markets, the pound remains bogged down around 20-month lows as Prime Minister Theresa May struggles to win concessions from EU leaders over her <a href="http://www.wionews.com/opinions/brexit-vote-postponed-what-parliament-must-do-now-to-fix-theresa-mays-mess-183154">Brexit agreement</a>, which a majority of lawmakers in Westminster oppose.

Facing growing calls for another referendum to break the deadlock, May is expected to tell MPs that such a move will do "irreparable damage" to British politics.

However, with her agreement all but dead in the water, there is a growing expectation Britain will leave the EU without a deal, which commentators warn could hammer the British economy.

Asian markets mostly rose Monday as traders look ahead to a key meeting of the Federal Reserve, and a Chinese policy-setting conference this week. However, there is still caution on trading floors after Friday's sharp sell-off fuelled by concerns over China's economy, and despite a tweet from Donald Trump suggesting a trade deal could be hammered out between Washington and Beijing.

Asian markets mostly rose Monday as traders look ahead to a key meeting of the Federal Reserve, and a Chinese policy-setting conference this week. However, there is still caution on trading floors after Friday's sharp sell-off fuelled by concerns over China's economy, and despite a tweet from Donald Trump suggesting a trade deal could be hammered out between Washington and Beijing. While there are signs the world's top two economies are beginning to move towards a resolution in their bitter tariffs spat, there are increasing concerns about the global outlook following another dour set of indicators out of China. A string of below-par readings this year have highlighted a slowdown in the Asian giant and observers are forecasting leaders will unveil fresh measures to pep up the economy, which is on course for another year of relatively weak growth. A speech from President Xi Jinping on Tuesday to mark 40 years since China's economy began opening up will be closely watched, and that is expected to be followed by the start of a conference setting out the country's 2019 economic plan. "We should expect a raft of stimulus measures from China policymakers in an attempt to stabilise the domestic economy," said Stephen Innes, head of Asia-Pacific trade at OANDA. The Fed will conclude its rate-setting policy meeting Wednesday and while expectations are for another hike in borrowing costs, comments from chairman Jerome Powell will be closely watched for an idea of its plans for 2019. 'A lot of volatility' In light of the China-US trade row and signs of weakness in the global economy, the bank has sounded a little more dovish in recent weeks, fuelling speculation it will slow down its pace of rate hikes -- which has provided some much-needed support to equities. "The upcoming (Fed) meeting and China's policy-setting meeting have been the most actively discussed topics around the markets," Innes added. "And both events have a smoothing effect on risk sentiment." Shanghai climbed 0.2 per cent and Tokyo finished 0.6 per cent higher, while Sydney put on one per cent and Singapore jumped 1.2 per cent. Seoul and Taipei each gained 0.1 per cent while Wellington added 0.3 per cent. There were also gains in Mumbai and Manila, though Hong Kong inched down marginally. In early European trade London dipped 0.1 per cent, Paris dropped 0.3 per cent and Frankfurt eased 0.2 per cent. Steve Goldman, fund manager at Kapstream Capital, told Bloomberg TV in Sydney that "we're going to see a lot of volatility" in the new year because of global uncertainty. Hopes that China and the US can reach a deal to end their trade war were given a boost by Trump on Friday when he tweeted: "China wants to make a big and very comprehensive deal. It could happen, and rather soon!" That came after China earlier in the day backed off fresh levies imposed this summer on US-made cars and auto parts. While a full-blown deal is some way off, the developments have provided some hope to dealers. On currency markets, the pound remains bogged down around 20-month lows as Prime Minister Theresa May struggles to win concessions from EU leaders over her Brexit agreement, which a majority of lawmakers in Westminster oppose. Facing growing calls for another referendum to break the deadlock, May is expected to tell MPs that such a move will do "irreparable damage" to British politics. However, with her agreement all but dead in the water, there is a growing expectation Britain will leave the EU without a deal, which commentators warn could hammer the British economy.

Asian markets rise ahead of key meetings in China and US

Japan's Hitachi on Monday announced plans to buy a majority stake in the power grid business of Swiss-Swedish engineering giant ABB for $6.4 billion, in what would be its biggest ever buyout.

The deal would make Hitachi the world's largest power grid company, local media said.

Under the plan, ABB will spin off its power grid unit, for which Hitachi will buy an 80.1 per cent stake for 704 billion yen in early 2020, the Japanese company said in a statement.

"We plan to buy the remaining shares so that Hitachi can make the unit its wholly-owned company," a spokesman said without disclosing, how much that would cost.

ABB's power grid unit makes and operates infrastructure including power transmission equipment and control systems in numerous countries.

The deal would also make Hitachi the world's second-largest heavy electrical equipment maker by revenue, behind only General Electric, according to local media.

The Nikkei business daily first reported the planned deal last Thursday, but Hitachi shares have since dropped 2.5 per cent.

Rating agency Standard &amp; Poor's said the power transmission and distribution business is growing globally, with service solutions a particularly promising field.

But "the business' profitability can be volatile, depending on how well a company manages projects related to equipment delivery", it added.

Japan's Hitachi on Monday announced plans to buy a majority stake in the power grid business of Swiss-Swedish engineering giant ABB for $6.4 billion, in what would be its biggest ever buyout.

Japan's Hitachi on Monday announced plans to buy a majority stake in the power grid business of Swiss-Swedish engineering giant ABB for $6.4 billion, in what would be its biggest ever buyout. The deal would make Hitachi the world's largest power grid company, local media said. Under the plan, ABB will spin off its power grid unit, for which Hitachi will buy an 80.1 per cent stake for 704 billion yen in early 2020, the Japanese company said in a statement. "We plan to buy the remaining shares so that Hitachi can make the unit its wholly-owned company," a spokesman said without disclosing, how much that would cost. ABB's power grid unit makes and operates infrastructure including power transmission equipment and control systems in numerous countries. The deal would also make Hitachi the world's second-largest heavy electrical equipment maker by revenue, behind only General Electric, according to local media. The Nikkei business daily first reported the planned deal last Thursday, but Hitachi shares have since dropped 2.5 per cent. Rating agency Standard & Poor's said the power transmission and distribution business is growing globally, with service solutions a particularly promising field. But "the business' profitability can be volatile, depending on how well a company manages projects related to equipment delivery", it added.

Hitachi to buy majority stake in ABB's power grid arm for $6.4 billion

Trade frictions between<a href="http://www.wionews.com/world/the-trump-china-trade-war-how-will-it-end-171248"> China and the United States </a>are already affecting business confidence and investment in Asia, a senior International Monetary Fund official said, warning that the fund could further cut its global growth forecasts in January.

Changyong Rhee, director of the IMF's Asia and Pacific Department, said Japan and South Korea could be among countries in the region hit hardest by <a href="http://www.wionews.com/world/us-china-agree-to-trade-war-ceasefire-more-talks-180930">the trade war</a>, given their reliance on exports to China.

"Investment is much weaker than expected. My interpretation is that the confidence channel is already affecting the global economy, particularly Asian economies," Rhee told Reuters.

"We see global growth a little bit slower than we forecast in October," he said on Monday.

Citing the potential fallout from the Sino-US&nbsp;trade war, the IMF cut its global growth forecast in October to 3.7 per cent for both 2018 and 2019, down from 3.9 per cent projected in July.

It expects Asia's economic growth to slow to 5.4 per cent next year from 5.6 per cent projected this year.

Rhee said there was a chance the IMF could cut further its growth forecasts when it reviews them in January, given signs of slowdown not just in Asia but in Europe and the United States.

"Uncertainty is so large ... uncertainty means you have upside potential as well as downside risk. At this moment, we believe the downside risk is a little bit higher," he said.

On China, Rhee said it was not resorting to big-scale stimulus despite growing external headwinds, given the need to deal with long-term challenges such as curbing excess debt.

"They aren't accelerating (stimulus) yet but taking the foot from the brake for the time being. But that doesn't exclude the possibility that if the trade tension escalates, if growth goes down, they are ready to use stimulus," he said.

"What we're concerned and what we're advising them is that the medium-term goals such as deleveraging are still important for financial stability," Rhee added.

"So when they actually try to use stimulus, we hope they can use more fiscal policy rather than credit expansion."

Trade frictions between China and the United States are already affecting business confidence and investment in Asia, a senior International Monetary Fund official said, warning that the fund could further cut its global growth forecasts in January.

Trade frictions between China and the United States are already affecting business confidence and investment in Asia, a senior International Monetary Fund official said, warning that the fund could further cut its global growth forecasts in January. Changyong Rhee, director of the IMF's Asia and Pacific Department, said Japan and South Korea could be among countries in the region hit hardest by the trade war, given their reliance on exports to China. "Investment is much weaker than expected. My interpretation is that the confidence channel is already affecting the global economy, particularly Asian economies," Rhee told Reuters. "We see global growth a little bit slower than we forecast in October," he said on Monday. Citing the potential fallout from the Sino-US trade war, the IMF cut its global growth forecast in October to 3.7 per cent for both 2018 and 2019, down from 3.9 per cent projected in July. It expects Asia's economic growth to slow to 5.4 per cent next year from 5.6 per cent projected this year. Rhee said there was a chance the IMF could cut further its growth forecasts when it reviews them in January, given signs of slowdown not just in Asia but in Europe and the United States. "Uncertainty is so large ... uncertainty means you have upside potential as well as downside risk. At this moment, we believe the downside risk is a little bit higher," he said. On China, Rhee said it was not resorting to big-scale stimulus despite growing external headwinds, given the need to deal with long-term challenges such as curbing excess debt. "They aren't accelerating (stimulus) yet but taking the foot from the brake for the time being. But that doesn't exclude the possibility that if the trade tension escalates, if growth goes down, they are ready to use stimulus," he said. "What we're concerned and what we're advising them is that the medium-term goals such as deleveraging are still important for financial stability," Rhee added. "So when they actually try to use stimulus, we hope they can use more fiscal policy rather than credit expansion."

Trade war already hurting Asia, may cut global growth forecasts: IMF

The <a href="http://www.wionews.com/business-%26-economy/rupee-slides-to-71-against-us-dollar--162628">rupee appreciated by 16 paise</a> to 71.74 against the US dollar in early trade on Monday at the interbank foreign exchange, amid weakness in the greenback <a href="http://www.wionews.com/south-asia/pakistans-rupee-under-pressure-amid-regional-currency-turmoil-169264">against some currencies </a>overseas and a higher opening of domestic equities.

Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency.

At the interbank forex market, the rupee opened higher at 71.84 and rose further to quote at 71.74, showing a rise of 16 paise over its previous close.

On Friday, the rupee fell by 22 paise against the dollar to close at 71.90.

Globally, Brent crude, the international benchmark, was trading 0.13 per cent down at $60.36 per barrel.

Meanwhile, on a net basis, foreign funds bought shares worth ₹861.94 crore, while DIIs sold shares to the tune of ₹ 303.52 crores on Friday, provisional data showed.

The rupee appreciated by 16 paise to 71.74 against the US dollar in early trade on Monday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

The rupee appreciated by 16 paise to 71.74 against the US dollar in early trade on Monday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. At the interbank forex market, the rupee opened higher at 71.84 and rose further to quote at 71.74, showing a rise of 16 paise over its previous close. On Friday, the rupee fell by 22 paise against the dollar to close at 71.90. Globally, Brent crude, the international benchmark, was trading 0.13 per cent down at $60.36 per barrel. Meanwhile, on a net basis, foreign funds bought shares worth ₹861.94 crore, while DIIs sold shares to the tune of ₹ 303.52 crores on Friday, provisional data showed.

Rupee rises 16 paise to 71.74 against US dollar

Union Minister Ravi Shankar has said that the 'Digital India' programme was politics-neutral, centre-state-neutral and ideology-neutral while adding that the country is marching towards becoming a trillion dollar digital economy in the next two to three years due to a large-scale adoption of digital technology.

Addressing the 91st Annual General Meeting of FICCI yesterday here, Prasad stated that the 'Digital India' was transformative, designed to empower the citizens, bring about digital inclusiveness and bridge the rural-urban divide.

Also read: <a href="http://www.wionews.com/business-economy/indian-economy-doing-well-but-one-cant-be-complacent-world-economic-forum-president-to-wion-171077">Indian economy doing well but one can't be complacent, says WEF President to WION</a>

"The reliance was on low-cost technology as evidenced by the spread of digital identity through 'Aadhar' which supplements the physical identity of the people," the minister said. He said that the `New India` envisioned by the Prime Minister Narendra Modi-led government marks a tectonic shift in thinking. "It is an inspiration to think big. Unless you think big, you can`t achieve modest success," he added.&nbsp;

He stated that the boost in the number of smartphones, component manufacturing factories and optical fibre network were some examples of the adoption of digital technology in the country. The minister further said that the fundamental philosophy behind the success of the "digital transformation was IT+IT=IT (India Talent+ Information Technology= India Tomorrow)."

Concluding his speech, he said that India missed the industrial revolution due to historical reasons; it missed the entrepreneurial revolution owing to the licence-permit-quota raj.&nbsp;

"We don`t want to miss the digital revolution which is designed to transform India," he added.

Union Minister Ravi Shankar has said that the 'Digital India' programme was politics-neutral, centre-state-neutral and ideology-neutral while adding that the country is marching towards becoming a trillion dollar digital economy in the next two to three years due to a large-scale adoption of digital technology.

Union Minister Ravi Shankar has said that the 'Digital India' programme was politics-neutral, centre-state-neutral and ideology-neutral while adding that the country is marching towards becoming a trillion dollar digital economy in the next two to three years due to a large-scale adoption of digital technology. Addressing the 91st Annual General Meeting of FICCI yesterday here, Prasad stated that the 'Digital India' was transformative, designed to empower the citizens, bring about digital inclusiveness and bridge the rural-urban divide. Also read: Indian economy doing well but one can't be complacent, says WEF President to WION "The reliance was on low-cost technology as evidenced by the spread of digital identity through 'Aadhar' which supplements the physical identity of the people," the minister said. He said that the `New India` envisioned by the Prime Minister Narendra Modi-led government marks a tectonic shift in thinking. "It is an inspiration to think big. Unless you think big, you can`t achieve modest success," he added. He stated that the boost in the number of smartphones, component manufacturing factories and optical fibre network were some examples of the adoption of digital technology in the country. The minister further said that the fundamental philosophy behind the success of the "digital transformation was IT+IT=IT (India Talent+ Information Technology= India Tomorrow)." Concluding his speech, he said that India missed the industrial revolution due to historical reasons; it missed the entrepreneurial revolution owing to the licence-permit-quota raj. "We don`t want to miss the digital revolution which is designed to transform India," he added.

India to become trillion dollar digital economy in two to three years: Ravi Shankar Prasad

Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month.

Saad al-Kaabi, who holds the energy portfolio of the world's top liquefied natural gas (LNG) supplier, also said on Sunday the company aimed to announce foreign partners for new LNG trains needed for an ambitious domestic scale-up by the middle of next year, but was keeping open the possibility of going it alone.

Qatar, a tiny but wealthy country is one of the most influential players in the LNG market due to its annual production of 77 million tonnes. It plans to boost capacity 43 percent by 2023-2024 and will be building four liquefaction trains for the LNG expansion.

As part of its more than $20 billion investment push in the US&nbsp;QP is looking "at gas and oil, conventional and non-conventional," Kaabi said.

Qatar Petroleum is majority owner of the Golden Pass LNG terminal in Texas, with Exxon and ConocoPhillips holding smaller stakes.

Kaabi said he expected to make a final decision on that investment and whether to move ahead with the project "by the end of the year, if not January."

Qatar is a relatively small oil producer compared to its massive gas production. Its decision to quit OPEC this month was seen as a swipe at the group's de facto leader Saudi Arabia, which along with the United Arab Emirates, Bahrain and Egypt, has imposed a political and economic boycott on Qatar since June 2017, accusing it of supporting terrorism, which Doha denies.

Kaabi said that proposed US&nbsp;legislation known as "NOPEC", or No Oil Producing and Exporting Cartels Act, which could open the OPEC group up to anti-trust lawsuits, was among the reasons for quitting the oil exporting club.

Qatar Petroleum announced separately on Sunday that it was partnering with Italian oil major Eni on three oil fields in Mexico, taking a 35 percent stake in deposits that will begin production in mid-2019 and ramp up to about 90,000 barrels per day by 2021.

The company is in talks with international oil firms about the LNG expansion project at home, including Eni, Kaabi said. Other partners already operating in Qatar include Exxon Mobil Corp, Total, Royal Dutch Shell and ENI.

QP said it will self-finance the LNG expansion rather than borrow, a shift from previous practices where it used lenders to fund up to 70 percent of project costs.

Kaabi said it could carry out the expansion alone if no good offers from foreign firms were made.

"We are looking for a lot of things (in our partners) including asset swaps, things that will help me in my international expansion," he said.

"If I don't get good deals, nobody will come."

The company currently pumps 4.8 million barrels of oil equivalent per day (boed) and aims to boost its output to 6.5 million boed in the next 8 years by expanding its upstream business abroad.

Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month.

Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month. Saad al-Kaabi, who holds the energy portfolio of the world's top liquefied natural gas (LNG) supplier, also said on Sunday the company aimed to announce foreign partners for new LNG trains needed for an ambitious domestic scale-up by the middle of next year, but was keeping open the possibility of going it alone. Qatar, a tiny but wealthy country is one of the most influential players in the LNG market due to its annual production of 77 million tonnes. It plans to boost capacity 43 percent by 2023-2024 and will be building four liquefaction trains for the LNG expansion. As part of its more than $20 billion investment push in the US QP is looking "at gas and oil, conventional and non-conventional," Kaabi said. Qatar Petroleum is majority owner of the Golden Pass LNG terminal in Texas, with Exxon and ConocoPhillips holding smaller stakes. Kaabi said he expected to make a final decision on that investment and whether to move ahead with the project "by the end of the year, if not January." Qatar is a relatively small oil producer compared to its massive gas production. Its decision to quit OPEC this month was seen as a swipe at the group's de facto leader Saudi Arabia, which along with the United Arab Emirates, Bahrain and Egypt, has imposed a political and economic boycott on Qatar since June 2017, accusing it of supporting terrorism, which Doha denies. Kaabi said that proposed US legislation known as "NOPEC", or No Oil Producing and Exporting Cartels Act, which could open the OPEC group up to anti-trust lawsuits, was among the reasons for quitting the oil exporting club. Qatar Petroleum announced separately on Sunday that it was partnering with Italian oil major Eni on three oil fields in Mexico, taking a 35 percent stake in deposits that will begin production in mid-2019 and ramp up to about 90,000 barrels per day by 2021. The company is in talks with international oil firms about the LNG expansion project at home, including Eni, Kaabi said. Other partners already operating in Qatar include Exxon Mobil Corp, Total, Royal Dutch Shell and ENI. QP said it will self-finance the LNG expansion rather than borrow, a shift from previous practices where it used lenders to fund up to 70 percent of project costs. Kaabi said it could carry out the expansion alone if no good offers from foreign firms were made. "We are looking for a lot of things (in our partners) including asset swaps, things that will help me in my international expansion," he said. "If I don't get good deals, nobody will come." The company currently pumps 4.8 million barrels of oil equivalent per day (boed) and aims to boost its output to 6.5 million boed in the next 8 years by expanding its upstream business abroad.

Qatar Petroleum to invest $20 billion in US in major expansion

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up.

China entered the World Bank Group in 1980 as the country started to engage more widely in the global economic system. With this year marking the 40th anniversary since the beginning of China's reform and opening-up process, the World Bank chief also praised China's achievements over the past decades.

Speaking in an interview with China Global Television Network (CGTN), Kim said the relationship between China and the World Bank Group has evolved over the years.

"At first we were involved in things like setting up the special economic zones, in establishing the capital markets. But then China joined the World Trade Organization, another very important step in China's development. And recently we are now focusing with China on specific areas that it has set for itself as targets for improvements," said the World Bank chief.

He also listed a few areas of focus including the change in economic growth strategy, urbanization and health care, which have seen some of the biggest reform.

Kim noted that China's role in the World Bank Group has also changed over the years, evolving from being a recipient of loans and assistance, to becoming a major contributor and donor.

"China has now become much more interested in our knowledge and our knowledge is unique at the World Bank Group because what we are hoping to provide for every single country is we take all the experiences that we've had, all the things that we've learned from countries all around the world and then bring them to see if any of these examples of success and failure might be relevant. So we do the same thing for China. But now China has become an extremely important source of just those kinds of innovations. So we are now taking the lessons from China and helping to spread those lessons all over the world. So China has become much more of a knowledge partner than before. But China has also become a donor," said Kim.

The World Bank chief added that China has been one of the fastest-growing countries in terms of donations to the International Development Association (IDA), the World Bank's fund for the poorest countries.

As China now has greater voting power at the World Bank, Kim said the rest of the world is now looking towards China for leadership in setting the tone for how future global development will evolve.

"President Xi has said on many occasions that what China is looking for are win-win solutions. And so with the Belt and Road Initiative, and with the direct assistance, the provision of loans from China directly to countries, I think all of those things, everyone in the world is waiting and hoping and expecting that China will continue to emphasize this notion of win-win solutions and chart a path for development that will look different," he said.

Kim said different from the traditional development path where wealthy countries provide grants and loans to the poor countries, China is proposing solutions that everyone will benefit if they work together on developing the poorest countries.

He is optimistic about China's development in the future.

"That approach of using small and medium enterprises to drive economic growth and job creation is fully alive and functioning in China. Automation, heavy industry is fully alive and functioning in China. China is trying to get the right balance between state intervention, the use of state resources, and market forces and these things are all central to how China will do in the future," said Kim.

The World Bank chief said that his optimism is based on the fact that there are so many different drivers of economic growth already thriving in China, and believes the country has a good chance of continuing to grow whatever global or political challenges it faces.

"I think that the most important message I can send on this 40th anniversary of China opening to the world is that China is now communicating about a leadership strategy that's very different from the traditional leadership strategy. It's not about rich countries providing benefits to poor countries. It's about a country that has gone from being extremely poor to much wealthier in a very short period of time now saying 'we need to find win-win situations.' This is what we do at the world bank every single day -- can we find win-win situations? This is something that we look forward to continuing to do with China," said Kim.

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up.

The world expects China to chart a different path of development and spread its development lessons all around the globe, said World Bank Group President Jim Yong Kim as he spoke highly of China's win-win solutions on the 40th anniversary of its reform and opening-up. China entered the World Bank Group in 1980 as the country started to engage more widely in the global economic system. With this year marking the 40th anniversary since the beginning of China's reform and opening-up process, the World Bank chief also praised China's achievements over the past decades. Speaking in an interview with China Global Television Network (CGTN), Kim said the relationship between China and the World Bank Group has evolved over the years. "At first we were involved in things like setting up the special economic zones, in establishing the capital markets. But then China joined the World Trade Organization, another very important step in China's development. And recently we are now focusing with China on specific areas that it has set for itself as targets for improvements," said the World Bank chief. He also listed a few areas of focus including the change in economic growth strategy, urbanization and health care, which have seen some of the biggest reform. Kim noted that China's role in the World Bank Group has also changed over the years, evolving from being a recipient of loans and assistance, to becoming a major contributor and donor. "China has now become much more interested in our knowledge and our knowledge is unique at the World Bank Group because what we are hoping to provide for every single country is we take all the experiences that we've had, all the things that we've learned from countries all around the world and then bring them to see if any of these examples of success and failure might be relevant. So we do the same thing for China. But now China has become an extremely important source of just those kinds of innovations. So we are now taking the lessons from China and helping to spread those lessons all over the world. So China has become much more of a knowledge partner than before. But China has also become a donor," said Kim. The World Bank chief added that China has been one of the fastest-growing countries in terms of donations to the International Development Association (IDA), the World Bank's fund for the poorest countries. As China now has greater voting power at the World Bank, Kim said the rest of the world is now looking towards China for leadership in setting the tone for how future global development will evolve. "President Xi has said on many occasions that what China is looking for are win-win solutions. And so with the Belt and Road Initiative, and with the direct assistance, the provision of loans from China directly to countries, I think all of those things, everyone in the world is waiting and hoping and expecting that China will continue to emphasize this notion of win-win solutions and chart a path for development that will look different," he said. Kim said different from the traditional development path where wealthy countries provide grants and loans to the poor countries, China is proposing solutions that everyone will benefit if they work together on developing the poorest countries. He is optimistic about China's development in the future. "That approach of using small and medium enterprises to drive economic growth and job creation is fully alive and functioning in China. Automation, heavy industry is fully alive and functioning in China. China is trying to get the right balance between state intervention, the use of state resources, and market forces and these things are all central to how China will do in the future," said Kim. The World Bank chief said that his optimism is based on the fact that there are so many different drivers of economic growth already thriving in China, and believes the country has a good chance of continuing to grow whatever global or political challenges it faces. "I think that the most important message I can send on this 40th anniversary of China opening to the world is that China is now communicating about a leadership strategy that's very different from the traditional leadership strategy. It's not about rich countries providing benefits to poor countries. It's about a country that has gone from being extremely poor to much wealthier in a very short period of time now saying 'we need to find win-win situations.' This is what we do at the world bank every single day -- can we find win-win situations? This is something that we look forward to continuing to do with China," said Kim.

China expected to continue win-win solutions for world development: World Bank

Qatar's private sector grew by almost 6 per cent in 2018 despite volatile oil prices, its finance minister said on Saturday.

Last year the economy saw outflows, but 2018 was a good year with most of the growth coming from the private sector, Ali Sharif al-Emadi told the Doha Forum on Saturday.

Qatar's public sector institutions, including its sovereign wealth fund, had injected more $40 billion into Qatari banks during the initial months of its rift with Saudi Arabia and its allies to help the banking sector mitigate the impact of fund outflows.

Qatar's private sector grew by almost 6 per cent in 2018 despite volatile oil prices, its finance minister said on Saturday. Last year the economy saw outflows, but 2018 was a good year with most of the growth coming from the private sector, Ali Sharif al-Emadi told the Doha Forum on Saturday.

Qatar's private sector grew by almost 6 per cent in 2018 despite volatile oil prices, its finance minister said on Saturday. Last year the economy saw outflows, but 2018 was a good year with most of the growth coming from the private sector, Ali Sharif al-Emadi told the Doha Forum on Saturday. Qatar's public sector institutions, including its sovereign wealth fund, had injected more $40 billion into Qatari banks during the initial months of its rift with Saudi Arabia and its allies to help the banking sector mitigate the impact of fund outflows.

Qatar's private sector grew almost 6% in 2018 despite oil price volatility

The government will stick to the 3.3 per cent fiscal deficit target in the current financial year, Finance Minister Arun Jaitley said Friday.

He also said India will clock a growth rate of 7-8 per cent despite global uncertainties and will retain the tag of the world's fastest growing major economy.

"Our ability to be within that 7-8 percent range is fairly certain though I see comments to the contrary but I am fairly certain.&nbsp;

"Even in this year, despite all the odds, we will be able to maintain our fiscal targets because when current account deficits are impacted by oil prices and strengthening dollar, the last thing that India can afford is to run itself into a twin deficit situation because a fallout of that is very serious," Jaitley said while addressing the annual general meeting of industry body FICCI here.

The government has budgeted to contain fiscal deficit at 3.3 per cent of the GDP in the current fiscal, lower than 3.5 per cent in 2017-18.

As per latest data, fiscal deficit in April-October period stood at 103.9 per cent of budget estimates.

Jaitley said oil prices have a direct impact on India, since the country is a major importer. India, he said, has a particular resistance capacity to deal with rising crude oil prices and when it breaches the limit, it can impact inflation, currency and the current account deficit (CAD).

The CAD, which is the difference between the inflow and outflow of foreign exchange, widened to 2.9 per cent of GDP in the July-September quarter from 2.4 per cent of GDP in April-June.

"When the global challenges stare us in the face, we want at least our internal domestic capacities be strengthened to put up our resistance. Indian economy is now fairly large for us to display a certain level of resilience not withstanding the adverse global trends, IMF forecast of slight slowdown. We still maintain our position as the fastest amongst the major economies in terms of growth," the minister said.

Listing out the challenges to the economy, Jaitley said there is a need to get out of the "syndrome of difficulties in credit" and improve the liquidity situation in the market.

The second challenge is "even when the election year debate goes on, many like you (industry) will have to flag to different players in the political system the importance of sound policy and how much they can be blended with good politics".

Jaitley said India cannot afford to have fragile coalitions for stable policy decisions and continue on the path of reforms.

"...You need a decisive leadership, you can't have fragile coalitions because at the end of the day if one partner says I can pull down the government if you don't declare my state as special status, then those worse off can even say why not me? And you would have half a dozen wanting a special status," he said.

He said a coalition government would lead to a situation where the country probably will have a helpless Centre dependent on these kind of players.

"And what the founders of our nation envisaged that India, which is Bharat, which is a union of states, then ending up as a confederation of states and that is the last thing that India can afford.&nbsp;

"If you need policy clarity, you will need policy and directional stability and you will need a decisive leadership which moves in that direction which will then create an economy which is fast growing with various market reforms," Jaitley said.

The minister also said that under Ayushman Bharat scheme as many as 5 lakh poor people got free medical treatment in the last two-and-a-half months.

Prime Minister Narendra Modi in September launched the Ayushman Bharat - Pradhan Mantri Jan Aarogya Yojana which aims to provide a coverage of Rs 5 lakh per family annually, benefiting more than 10.74 crore poor families for secondary and tertiary care hospitalisation through a network of empanelled health care providers.&nbsp;

The government will stick to the 3.3 per cent fiscal deficit target in the current financial year, Finance Minister Arun Jaitley said Friday. He also said India will clock a growth rate of 7-8 per cent despite global uncertainties and will retain the tag of the world's fastest growing major economy.

The government will stick to the 3.3 per cent fiscal deficit target in the current financial year, Finance Minister Arun Jaitley said Friday. He also said India will clock a growth rate of 7-8 per cent despite global uncertainties and will retain the tag of the world's fastest growing major economy. "Our ability to be within that 7-8 percent range is fairly certain though I see comments to the contrary but I am fairly certain. "Even in this year, despite all the odds, we will be able to maintain our fiscal targets because when current account deficits are impacted by oil prices and strengthening dollar, the last thing that India can afford is to run itself into a twin deficit situation because a fallout of that is very serious," Jaitley said while addressing the annual general meeting of industry body FICCI here. The government has budgeted to contain fiscal deficit at 3.3 per cent of the GDP in the current fiscal, lower than 3.5 per cent in 2017-18. As per latest data, fiscal deficit in April-October period stood at 103.9 per cent of budget estimates. Jaitley said oil prices have a direct impact on India, since the country is a major importer. India, he said, has a particular resistance capacity to deal with rising crude oil prices and when it breaches the limit, it can impact inflation, currency and the current account deficit (CAD). The CAD, which is the difference between the inflow and outflow of foreign exchange, widened to 2.9 per cent of GDP in the July-September quarter from 2.4 per cent of GDP in April-June. "When the global challenges stare us in the face, we want at least our internal domestic capacities be strengthened to put up our resistance. Indian economy is now fairly large for us to display a certain level of resilience not withstanding the adverse global trends, IMF forecast of slight slowdown. We still maintain our position as the fastest amongst the major economies in terms of growth," the minister said. Listing out the challenges to the economy, Jaitley said there is a need to get out of the "syndrome of difficulties in credit" and improve the liquidity situation in the market. The second challenge is "even when the election year debate goes on, many like you (industry) will have to flag to different players in the political system the importance of sound policy and how much they can be blended with good politics". Jaitley said India cannot afford to have fragile coalitions for stable policy decisions and continue on the path of reforms. "...You need a decisive leadership, you can't have fragile coalitions because at the end of the day if one partner says I can pull down the government if you don't declare my state as special status, then those worse off can even say why not me? And you would have half a dozen wanting a special status," he said. He said a coalition government would lead to a situation where the country probably will have a helpless Centre dependent on these kind of players. "And what the founders of our nation envisaged that India, which is Bharat, which is a union of states, then ending up as a confederation of states and that is the last thing that India can afford. "If you need policy clarity, you will need policy and directional stability and you will need a decisive leadership which moves in that direction which will then create an economy which is fast growing with various market reforms," Jaitley said. The minister also said that under Ayushman Bharat scheme as many as 5 lakh poor people got free medical treatment in the last two-and-a-half months. Prime Minister Narendra Modi in September launched the Ayushman Bharat - Pradhan Mantri Jan Aarogya Yojana which aims to provide a coverage of Rs 5 lakh per family annually, benefiting more than 10.74 crore poor families for secondary and tertiary care hospitalisation through a network of empanelled health care providers.

Government will stick to fiscal target this year: Jaitley

The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note.

Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit.

At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.80 against the US dollar, then lost further ground and fell to 71.82 showing a decline of 14 paise over it's previous closing.

On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar.

However, fresh foreign fund inflows capped the losses for the domestic unit.

Foreign funds bought shares worth Rs 675.14 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 51.86 crore, provisional data showed.

The global benchmark, brent crude oil was trading at $ 61.16 per barrel, lower by 0.47 per cent.

Meanwhile, domestic equity market opened on cautious note. The 30-share BSE benchmark Sensex, was trading at 35,995.07, up 25.43 points in early trade. The wide-based Nifty was also trading with gains of 4.15 points at 10,795.70.

The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note.

The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note. Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit. At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.80 against the US dollar, then lost further ground and fell to 71.82 showing a decline of 14 paise over it's previous closing. On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar. However, fresh foreign fund inflows capped the losses for the domestic unit. Foreign funds bought shares worth Rs 675.14 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 51.86 crore, provisional data showed. The global benchmark, brent crude oil was trading at $ 61.16 per barrel, lower by 0.47 per cent. Meanwhile, domestic equity market opened on cautious note. The 30-share BSE benchmark Sensex, was trading at 35,995.07, up 25.43 points in early trade. The wide-based Nifty was also trading with gains of 4.15 points at 10,795.70.

Rupee rises 14 paise to 71.82 against US dollar in early trade

Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices.

Breaking its three-day winning streak, the 30-share index turned choppy and was trading 25.93 points, or 0.07 per cent, lower at 35,903.71.

The NSE Nifty saw similar movement, shedding 5.55 points, 0.05 per cent, to 10,786.00.

The Sensex Thursday climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 per cent, to 10,791.55.

Investors were also on edge ahead of RBI central board meeting under new Governor Shaktikanta Das, traders said.

The meeting will review the progress with respect of some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of micro, small and medium enterprises (MSMEs), which is under stress due to demonetisation and implementation of the goods and services tax (GST).

This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019.

Top losers in morning trade Adani Ports, Maruti, ONGC, Hero MotoCorp, Coal India and Reliance Industries, shedding up to 1 per cent.

Top gainers include Bharti Airtel, Yes Bank, Infosys, Asian Paints, Wipro ICICI Bank, ITC, Tata Steel, HDFC Bank and TCS, rising up to 3 per cent.

The rupee, meanwhile, was trading marginally lower at 71.79 against the US dollar.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 675.14 crore Thursday, while domestic institutional investors (DIIs) were sellers to the tune of Rs 51.86 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng was down 1.32 per cent, Japan's Nikkei fell 1.73 per cent, and Shanghai Composite Index was down 0.57 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average index rose 70.11 points, or 0.29 per cent, to 24,597.38 on Thursday.

Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices.

Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices. Breaking its three-day winning streak, the 30-share index turned choppy and was trading 25.93 points, or 0.07 per cent, lower at 35,903.71. The NSE Nifty saw similar movement, shedding 5.55 points, 0.05 per cent, to 10,786.00. The Sensex Thursday climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 per cent, to 10,791.55. Investors were also on edge ahead of RBI central board meeting under new Governor Shaktikanta Das, traders said. The meeting will review the progress with respect of some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of micro, small and medium enterprises (MSMEs), which is under stress due to demonetisation and implementation of the goods and services tax (GST). This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019. Top losers in morning trade Adani Ports, Maruti, ONGC, Hero MotoCorp, Coal India and Reliance Industries, shedding up to 1 per cent. Top gainers include Bharti Airtel, Yes Bank, Infosys, Asian Paints, Wipro ICICI Bank, ITC, Tata Steel, HDFC Bank and TCS, rising up to 3 per cent. The rupee, meanwhile, was trading marginally lower at 71.79 against the US dollar. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 675.14 crore Thursday, while domestic institutional investors (DIIs) were sellers to the tune of Rs 51.86 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng was down 1.32 per cent, Japan's Nikkei fell 1.73 per cent, and Shanghai Composite Index was down 0.57 per cent in early trade. On Wall Street, the Dow Jones Industrial Average index rose 70.11 points, or 0.29 per cent, to 24,597.38 on Thursday.

Sensex, Nifty turn cautious on mixed global cues

Oil prices fell on Friday as investors cashed in gains of more than 2 per cent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices.

China, the world's second-largest economy and the largest crude importer, on Friday, reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country's trade dispute with the United States.

Oil refinery throughput in November in China fell from October, which was the second-highest month on record, suggesting an easing in Chinese oil demand, though runs were 2.9 per cent higher than a year earlier.

However, some support for prices remains because of the output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia. That could create a supply deficit by the second quarter of next year, the International Energy Agency (IEA) said on Thursday.

Brent crude oil futures were at $61.09 per barrel at 0353 GMT, down 36 cents, or 0.6 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $52.47 per barrel, down 11 cents, or 0.2 per cent, from their last settlement.

"I think after the big moves overnight there's a little bit of self-shock among traders, volumes are well down... I don't see a great deal of follow through on last night's moves," said Michael McCarthy, chief markets strategist at CMC Markets.

International benchmark Brent crude rose 2.2 per cent on Thursday, while WTI climbed 2.8 per cent.

"After the big move yesterday, it's a little bit of consolidation that's happening," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.

For the week, however, Brent is set to drop 0.9 per cent and WTI is set to fall 0.3 per cent.

As a part of the OPEC supply-cutting deal agreed last week, its de facto leader Saudi Arabia plans to reduce its output to 10.2 million barrels per day (bpd) in January.

In China, refineries processed 50.46 million tonnes of crude oil last month, or 12.28 million bpd, up 2.9 per cent from the same month last year, the National Bureau of Statistics reported.

However, that is down from October and from the record of 12.49 million bpd reported in September.

Still for the first 11 months of the year, refinery output gained 7.2 per cent to 554.48 million tonnes, or 12.12 million bpd, on track for an annual record.

Oil prices fell on Friday as investors cashed in gains of more than 2 per cent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices.

Oil prices fell on Friday as investors cashed in gains of more than 2 per cent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices. China, the world's second-largest economy and the largest crude importer, on Friday, reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country's trade dispute with the United States. Oil refinery throughput in November in China fell from October, which was the second-highest month on record, suggesting an easing in Chinese oil demand, though runs were 2.9 per cent higher than a year earlier. However, some support for prices remains because of the output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia. That could create a supply deficit by the second quarter of next year, the International Energy Agency (IEA) said on Thursday. Brent crude oil futures were at $61.09 per barrel at 0353 GMT, down 36 cents, or 0.6 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.47 per barrel, down 11 cents, or 0.2 per cent, from their last settlement. "I think after the big moves overnight there's a little bit of self-shock among traders, volumes are well down... I don't see a great deal of follow through on last night's moves," said Michael McCarthy, chief markets strategist at CMC Markets. International benchmark Brent crude rose 2.2 per cent on Thursday, while WTI climbed 2.8 per cent. "After the big move yesterday, it's a little bit of consolidation that's happening," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney. For the week, however, Brent is set to drop 0.9 per cent and WTI is set to fall 0.3 per cent. As a part of the OPEC supply-cutting deal agreed last week, its de facto leader Saudi Arabia plans to reduce its output to 10.2 million barrels per day (bpd) in January. In China, refineries processed 50.46 million tonnes of crude oil last month, or 12.28 million bpd, up 2.9 per cent from the same month last year, the National Bureau of Statistics reported. However, that is down from October and from the record of 12.49 million bpd reported in September. Still for the first 11 months of the year, refinery output gained 7.2 per cent to 554.48 million tonnes, or 12.12 million bpd, on track for an annual record.

Oil prices fall as investors take profits amid China economy worries

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination".

The governance issue was a key part of the board meeting's agenda as the government wanted to have a greater say in the crucial regulatory decisions of the central bank through its board nominees.

The meeting, which wrapped up in less than four hours on Friday compared with the previous two meetings that lasted nine hours, indicated a likely smoother ride ahead for the central bank and the government under new RBI Governor Shaktikanta Das.

"The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination," the RBI said in a statement.

The governance agenda included re-constituting or reviewing the sub-committees of the board which make regulatory decisions, in a bid to curb the RBI's unilateral decision-making powers. Currently, the RBI decides the regulatory and operational issues of banks and the board is informed later.

Das' bureaucratic links are expected to mend a rift between the government and the central bank that had widened sharply under his predecessor Urjit Patel, but the pressure to have greater control over the RBI's regulatory power through the board is likely to continue.

OTHER ISSUES

The board also reviewed global and domestic challenges, liquidity and credit delivery and currency management, the RBI said in the release without giving further details.

There were some expectations that the RBI might come up with measures to ease liquidity further following the government's demands.

Prime Minister Narendra Modi's government is keen to boost the economy ahead of general elections that must be held by May. Modi's ruling Hindu nationalist Bharatiya Janata Party's need for support from the RBI has become more imperative after the government lost all five crucial states and relinquished power in three of them this week.

Defending the government's demands, Finance Minister Arun Jaitley told ET Now on Thursday there was a need to boost credit and liquidity, and bringing up these issues with the central bank did not mean it was infringing upon the RBI's autonomy.

"RBI and government's difference has to be respected," Jaitley told ET Now on Thursday.

The government has been persistent with its demands for more liquidity, relaxation of lending curbs to help indebted state banks and a greater share of the RBI's excess capital reserves.

The continuous pressure deepened the rift between the RBI and government, which eventually led to Patel's shocking resignation earlier this week.

However, Das, who has been a bureaucrat for nearly four decades, is deft at building consensus and has promised to be more consultative, in contrast to Patel's taciturn nature and his unwillingness to engage often with stakeholders.

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination".

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination". The governance issue was a key part of the board meeting's agenda as the government wanted to have a greater say in the crucial regulatory decisions of the central bank through its board nominees. The meeting, which wrapped up in less than four hours on Friday compared with the previous two meetings that lasted nine hours, indicated a likely smoother ride ahead for the central bank and the government under new RBI Governor Shaktikanta Das. "The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination," the RBI said in a statement. The governance agenda included re-constituting or reviewing the sub-committees of the board which make regulatory decisions, in a bid to curb the RBI's unilateral decision-making powers. Currently, the RBI decides the regulatory and operational issues of banks and the board is informed later. Das' bureaucratic links are expected to mend a rift between the government and the central bank that had widened sharply under his predecessor Urjit Patel, but the pressure to have greater control over the RBI's regulatory power through the board is likely to continue. OTHER ISSUES The board also reviewed global and domestic challenges, liquidity and credit delivery and currency management, the RBI said in the release without giving further details. There were some expectations that the RBI might come up with measures to ease liquidity further following the government's demands. Prime Minister Narendra Modi's government is keen to boost the economy ahead of general elections that must be held by May. Modi's ruling Hindu nationalist Bharatiya Janata Party's need for support from the RBI has become more imperative after the government lost all five crucial states and relinquished power in three of them this week. Defending the government's demands, Finance Minister Arun Jaitley told ET Now on Thursday there was a need to boost credit and liquidity, and bringing up these issues with the central bank did not mean it was infringing upon the RBI's autonomy. "RBI and government's difference has to be respected," Jaitley told ET Now on Thursday. The government has been persistent with its demands for more liquidity, relaxation of lending curbs to help indebted state banks and a greater share of the RBI's excess capital reserves. The continuous pressure deepened the rift between the RBI and government, which eventually led to Patel's shocking resignation earlier this week. However, Das, who has been a bureaucrat for nearly four decades, is deft at building consensus and has promised to be more consultative, in contrast to Patel's taciturn nature and his unwillingness to engage often with stakeholders.

RBI board seeks more discussion on governance under new boss

Domestic market on Friday ended on a positive note with BSE Sensex closing at 35,962.93, up by 33.29 points from its previous close. Nifty, on the other hand, went up by 13.90 points to end at 10,805.45.

Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices, news agency PTI reported.&nbsp;

Breaking its three-day winning streak, the 30-share index turned choppy on Friday and was trading 25.93 points, or 0.07 per cent, lower at 35,903.71.

The NSE Nifty saw similar movement, shedding 5.55 points, 0.05 per cent, to 10,786.00.

The Sensex Thursday climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 per cent, to 10,791.55.

(With inputs from PTI)&nbsp;

Domestic market on Friday ended on a positive note with BSE Sensex closing at 35,962.93, up by 33.29 points from its previous close. Nifty, on the other hand, went up by 13.

Domestic market on Friday ended on a positive note with BSE Sensex closing at 35,962.93, up by 33.29 points from its previous close. Nifty, on the other hand, went up by 13.90 points to end at 10,805.45. Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices, news agency PTI reported. Breaking its three-day winning streak, the 30-share index turned choppy on Friday and was trading 25.93 points, or 0.07 per cent, lower at 35,903.71. The NSE Nifty saw similar movement, shedding 5.55 points, 0.05 per cent, to 10,786.00. The Sensex Thursday climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 per cent, to 10,791.55. (With inputs from PTI)

Sensex rises over 30 points at closing, Nifty settles at 10,805.45

Telecom regulator Trai Thursday revamped mobile number portability (MNP) rules, making the entire process faster and simpler, and prescribed two days timeline for port out requests within a service area.

Similarly, timeline of four working days has been prescribed for requests for port out from one circle to other.

The latest amendments to the Telecommunication Mobile Number Portability regulations form part of the regulator's "continuous endeavour" to make the process more "subscriber-friendly", according to a statement by the Telecom Regulatory Authority of India (Trai).

Each "wrongful rejection" of the request for porting will attract penalty of up to Rs 10,000.

"... Porting timeline of 2 working days has been provisioned for the requests of Intra-Licensed Service Area (Intra-LSA) numbers except the requests made under corporate category and the timelines of 4 working days has been provisioned for all the porting requests of Inter-Licensed Service Area (Inter-LSA) numbers and corporate category," Trai said.

Besides this, other major changes have been incorporated such as the validity of the Unique Porting Code or UPC has been brought down to four days instead of a fortnight prescribed earlier, for all circles except Jammu &amp; Kashmir, Assam and North East, where the validity of the said code remains unchanged, it said.&nbsp;

"Process for withdrawal of porting requests has been made simpler and quicker through SMS (text message). For the cases of corporate porting, present limit of 50 numbers in single authorization letter has been enhanced to 100 numbers per authorization letter. Provisions for the financial disincentives have been broadened upon contravention of the provisions of MNP Regulations," the regulator said.

Following the implementation of the latest regulation, suitable service quality parameters will be devised by Trai to monitor the role of MNP service providers and access providers in the new scenario, the statement said.&nbsp;

Telecom regulator Trai Thursday revamped mobile number portability (MNP) rules, making the entire process faster and simpler, and prescribed two days timeline for port out requests within a service area.

Telecom regulator Trai Thursday revamped mobile number portability (MNP) rules, making the entire process faster and simpler, and prescribed two days timeline for port out requests within a service area. Similarly, timeline of four working days has been prescribed for requests for port out from one circle to other. The latest amendments to the Telecommunication Mobile Number Portability regulations form part of the regulator's "continuous endeavour" to make the process more "subscriber-friendly", according to a statement by the Telecom Regulatory Authority of India (Trai). Each "wrongful rejection" of the request for porting will attract penalty of up to Rs 10,000. "... Porting timeline of 2 working days has been provisioned for the requests of Intra-Licensed Service Area (Intra-LSA) numbers except the requests made under corporate category and the timelines of 4 working days has been provisioned for all the porting requests of Inter-Licensed Service Area (Inter-LSA) numbers and corporate category," Trai said. Besides this, other major changes have been incorporated such as the validity of the Unique Porting Code or UPC has been brought down to four days instead of a fortnight prescribed earlier, for all circles except Jammu & Kashmir, Assam and North East, where the validity of the said code remains unchanged, it said. "Process for withdrawal of porting requests has been made simpler and quicker through SMS (text message). For the cases of corporate porting, present limit of 50 numbers in single authorization letter has been enhanced to 100 numbers per authorization letter. Provisions for the financial disincentives have been broadened upon contravention of the provisions of MNP Regulations," the regulator said. Following the implementation of the latest regulation, suitable service quality parameters will be devised by Trai to monitor the role of MNP service providers and access providers in the new scenario, the statement said.

Trai revamps MNP rules to make number portability quicker, simpler

The rupee Thursday appreciated by 42 paise to 71.59 in early trade after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues.

Forex traders said a higher opening of domestic equity markets and weakening of the US dollar against some currencies overseas boosted the local unit.

"The new RBI governor's first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive," Japanese financial services major Nomura said in a research note.

At the Interbank Foreign Exchange, the rupee opened on a strong note at 71.70 against the US dollar, then appreciated further to 71.59 showing a rise of 42 paise over it's previous closing.

On Wednesday the rupee had declined by 16 paise to 72.01 per US dollar.

Traders however said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove.

Foreign funds sold shares worth Rs 1,299.43 crore from the capital markets on a net basis Wednesday, while domestic institutional investors bought shares worth Rs 1,121.29 crore, provisional data showed.

The global benchmark Brent crude was trading higher by 0.68 per cent at 60.56 per barrel.

Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark <a href="http://www.wionews.com/business-economy/sensex-rises-over-200-points-nifty-reclaims-10800-mark-183603">Sensex,</a> was trading at 35,985.34, up 206.27 points in early trade. The wide-based Nifty was also trading with gains of 61.30 points at 10,798.90.&nbsp;

The rupee Thursday appreciated by 42 paise to 71.59 in early trade after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues.

The rupee Thursday appreciated by 42 paise to 71.59 in early trade after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues. Forex traders said a higher opening of domestic equity markets and weakening of the US dollar against some currencies overseas boosted the local unit. "The new RBI governor's first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive," Japanese financial services major Nomura said in a research note. At the Interbank Foreign Exchange, the rupee opened on a strong note at 71.70 against the US dollar, then appreciated further to 71.59 showing a rise of 42 paise over it's previous closing. On Wednesday the rupee had declined by 16 paise to 72.01 per US dollar. Traders however said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove. Foreign funds sold shares worth Rs 1,299.43 crore from the capital markets on a net basis Wednesday, while domestic institutional investors bought shares worth Rs 1,121.29 crore, provisional data showed. The global benchmark Brent crude was trading higher by 0.68 per cent at 60.56 per barrel. Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex, was trading at 35,985.34, up 206.27 points in early trade. The wide-based Nifty was also trading with gains of 61.30 points at 10,798.90.

Rupee rises 42 paise to 71.59 per US dollar in early trade

The equity benchmark BSE Sensex Thursday rose over 200 points in early trade, a day after Shaktikanta Das took charge as the new RBI chief and promised to take all stakeholders along on key policy issues to maintain growth while keeping inflation under check.

Recovery in rupee and positive cues from other Asian markets too influenced investor sentiment here.

Rising for the third straight session, the 30-share index was trading higher by 263.70 points, or 0.74 per cent, at 36,042.77.

The NSE Nifty reclaimed the 10,800 mark, rising 76.95 points, or 0.72 per cent, to 10,814.55.

The Sensex Wednesday zoomed 629.06 points, or 1.79 per cent, to end at 35,779.07, while the broader NSE Nifty rallied 188.45 points, or 1.79 per cent, to 10,737.60.

Top gainers in morning trade include Yes Bank, SBI, Tata Motors, Vedanta, Bharti Airtel, Infosys, HUL, Asian Paints, Wipro and ITC, rising up to 3 per cent.

Sun Pharma, on the other hand, was the top losers on both indices, falling up to 2 per cent, after market regulator Sebi Wednesday said it was examining the whistleblower complaint against Dilip Shanghvi-led Sun Pharmaceutical Industries.

A whistleblower had last month approached Sebi with a document alleging various irregularities by the company, its promoter Shanghvi and others. 
Other losers include Hero MotoCorp, Coal India and HDFC, shedding up to 1 per cent.

According to traders, investor sentiment on Dalal Street was positive on expectation that new RBI Governor Shaktikanta Das would work more closely with the government.

Das was appointed RBI chief Tuesday evening -- within a day after the sudden resignation of Urjit Patel -- following deep friction between the RBI and the government over a host of issues, including the central bank's governance, capital reserves and also certain regulatory policies like the PCA framework for half the state-run banks and credit concerns to some key vote-banks in the industry.

"The government is not just a stakeholder, it also runs the economy and the country and manages major policy decisions. There has to be free, fair, objective, and frank discussions between the government and RBI," Das, the former finance secretary who oversaw the controversial note-ban exercise, told reporters in his maiden address.

The rupee, meanwhile, opened 31 paise higher at 71.70 against the US dollar.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 1,299.43 crore Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,121.29 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng was up 1.40 per cent, Japan's Nikkei gained 0.99 per cent, and Shanghai Composite Index rose 1.60 per cent in early trade.

On Wall Street, The Dow Jones Industrial Average index rose 157.03 points, or 0.64 per cent, to 24,527.27 on Wednesday.&nbsp; 
&nbsp;

The equity benchmark BSE Sensex Thursday rose over 200 points in early trade, a day after Shaktikanta Das took charge as the new RBI chief and promised to take all stakeholders along on key policy issues to maintain growth while keeping inflation under check.

The equity benchmark BSE Sensex Thursday rose over 200 points in early trade, a day after Shaktikanta Das took charge as the new RBI chief and promised to take all stakeholders along on key policy issues to maintain growth while keeping inflation under check. Recovery in rupee and positive cues from other Asian markets too influenced investor sentiment here. Rising for the third straight session, the 30-share index was trading higher by 263.70 points, or 0.74 per cent, at 36,042.77. The NSE Nifty reclaimed the 10,800 mark, rising 76.95 points, or 0.72 per cent, to 10,814.55. The Sensex Wednesday zoomed 629.06 points, or 1.79 per cent, to end at 35,779.07, while the broader NSE Nifty rallied 188.45 points, or 1.79 per cent, to 10,737.60. Top gainers in morning trade include Yes Bank, SBI, Tata Motors, Vedanta, Bharti Airtel, Infosys, HUL, Asian Paints, Wipro and ITC, rising up to 3 per cent. Sun Pharma, on the other hand, was the top losers on both indices, falling up to 2 per cent, after market regulator Sebi Wednesday said it was examining the whistleblower complaint against Dilip Shanghvi-led Sun Pharmaceutical Industries. A whistleblower had last month approached Sebi with a document alleging various irregularities by the company, its promoter Shanghvi and others. Other losers include Hero MotoCorp, Coal India and HDFC, shedding up to 1 per cent. According to traders, investor sentiment on Dalal Street was positive on expectation that new RBI Governor Shaktikanta Das would work more closely with the government. Das was appointed RBI chief Tuesday evening -- within a day after the sudden resignation of Urjit Patel -- following deep friction between the RBI and the government over a host of issues, including the central bank's governance, capital reserves and also certain regulatory policies like the PCA framework for half the state-run banks and credit concerns to some key vote-banks in the industry. "The government is not just a stakeholder, it also runs the economy and the country and manages major policy decisions. There has to be free, fair, objective, and frank discussions between the government and RBI," Das, the former finance secretary who oversaw the controversial note-ban exercise, told reporters in his maiden address. The rupee, meanwhile, opened 31 paise higher at 71.70 against the US dollar. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 1,299.43 crore Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,121.29 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng was up 1.40 per cent, Japan's Nikkei gained 0.99 per cent, and Shanghai Composite Index rose 1.60 per cent in early trade. On Wall Street, The Dow Jones Industrial Average index rose 157.03 points, or 0.64 per cent, to 24,527.27 on Wednesday.

Sensex rises over 200 points, Nifty reclaims 10,800 mark

US oil prices edged up on Thursday, buoyed by a drawdown in inventories and by signs of easing trade tensions between Washington and Beijing.

Oil prices have also been supported by OPEC-led supply curbs announced last week, although gains have been muted after the producer group lowered its 2019 demand forecast.

US West Texas Intermediate (WTI) crude futures were at $51.27 per barrel at 0020 GMT, up 0.23 per cent from their last settlement.

International Brent crude oil futures had yet to trade.

"Crude oil prices rose, helped by the easing trade tension, as well as a fall in inventories," ANZ bank said on Thursday.

"The news that China is looking to redraft its 'Made in China' 2025 plan boosted hopes that trade talks are progressing better than expected."

China appears to be easing its high-tech industrial development push, dubbed 'Made in China 2025', which has long irked the United States, amid talks between the two countries to reduce trade tensions, according to new guidance to local governments.

A drop in US crude stockpiles, though less than expected, has helped boost sentiment, analysts said.

US crude inventories fell by 1.2 million barrels in the week to December 7, compared with market expectations for a decrease of 3 million barrels.&nbsp;

Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces.

This adds to the concerns of several market watchers that the decision led by the group to cut production by 1.2 million bpd overall might not be enough to override a glut, especially on the back of soaring US output.

"Oil markets have been concerned about the possibility of weaker macroeconomic and oil demand growth; when combined with booming US shale output, this could keep markets oversupplied in 2019, even with the OPEC+ cut," Societe Generale analyst Michael Wittner said in a note.

"At this point, the OPEC+ cuts appear to have merely put a floor under prices."

The United States, where crude production has hit a record 11.7 million bpd, is set to end 2018 as the world's top oil producer, ahead of Russia and Saudi Arabia.

US oil prices edged up on Thursday, buoyed by a drawdown in inventories and by signs of easing trade tensions between Washington and Beijing. Oil prices have also been supported by OPEC-led supply curbs announced last week, although gains have been muted after the producer group lowered its 2019 demand forecast.

US oil prices edged up on Thursday, buoyed by a drawdown in inventories and by signs of easing trade tensions between Washington and Beijing. Oil prices have also been supported by OPEC-led supply curbs announced last week, although gains have been muted after the producer group lowered its 2019 demand forecast. US West Texas Intermediate (WTI) crude futures were at $51.27 per barrel at 0020 GMT, up 0.23 per cent from their last settlement. International Brent crude oil futures had yet to trade. "Crude oil prices rose, helped by the easing trade tension, as well as a fall in inventories," ANZ bank said on Thursday. "The news that China is looking to redraft its 'Made in China' 2025 plan boosted hopes that trade talks are progressing better than expected." China appears to be easing its high-tech industrial development push, dubbed 'Made in China 2025', which has long irked the United States, amid talks between the two countries to reduce trade tensions, according to new guidance to local governments. A drop in US crude stockpiles, though less than expected, has helped boost sentiment, analysts said. US crude inventories fell by 1.2 million barrels in the week to December 7, compared with market expectations for a decrease of 3 million barrels. Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces. This adds to the concerns of several market watchers that the decision led by the group to cut production by 1.2 million bpd overall might not be enough to override a glut, especially on the back of soaring US output. "Oil markets have been concerned about the possibility of weaker macroeconomic and oil demand growth; when combined with booming US shale output, this could keep markets oversupplied in 2019, even with the OPEC+ cut," Societe Generale analyst Michael Wittner said in a note. "At this point, the OPEC+ cuts appear to have merely put a floor under prices." The United States, where crude production has hit a record 11.7 million bpd, is set to end 2018 as the world's top oil producer, ahead of Russia and Saudi Arabia.

US oil prices inch up amid stockpile drop, signs of easing trade tensions

TVS Motor Company on Thursday said it has crossed 50,000 production milestone for BMW 310 cc series bikes in less than two years after rolling out the first unit of the range from its Hosur plant.

In April 2013, TVS Motor Company and BMW Motorrad signed a long-term strategic partnership to manufacture sub-500cc motorcycles for the global markets. This collaboration has resulted in the launch of three products on the 310cc platform namely BMW G 310 R, BMW 310 GS and TVS Motor Company's TVS Apache RR 310.

"Over the course of this six-year partnership, we have had an opportunity to create a common learning platform for both the companies resulting in the creation of aspirational products for the global market," TVS Motor Company Director and CEO KN Radhakrishnan said in a statement.

It is heartening to see BMW's foray into sub 500cc segment meet with positive response across the globe, he added.

"In them (TVS), we found a perfect partner who have always stood for high quality and technology," BMW Motorrad Head Markus Schramm said.&nbsp;

We are delighted that we have rolled out the 50,000 unit of our 310 series motorcycles in less than two years, Schramm added.&nbsp;

Motorrad began exports of BMW G 310 R and BMW 310 GS in December 2016; and currently, these two models are being offered in more than 90 countries.&nbsp;

TVS Motor Company on Thursday said it has crossed 50,000 production milestone for BMW 310 cc series bikes in less than two years after rolling out the first unit of the range from its Hosur plant.

TVS Motor Company on Thursday said it has crossed 50,000 production milestone for BMW 310 cc series bikes in less than two years after rolling out the first unit of the range from its Hosur plant. In April 2013, TVS Motor Company and BMW Motorrad signed a long-term strategic partnership to manufacture sub-500cc motorcycles for the global markets. This collaboration has resulted in the launch of three products on the 310cc platform namely BMW G 310 R, BMW 310 GS and TVS Motor Company's TVS Apache RR 310. "Over the course of this six-year partnership, we have had an opportunity to create a common learning platform for both the companies resulting in the creation of aspirational products for the global market," TVS Motor Company Director and CEO KN Radhakrishnan said in a statement. It is heartening to see BMW's foray into sub 500cc segment meet with positive response across the globe, he added. "In them (TVS), we found a perfect partner who have always stood for high quality and technology," BMW Motorrad Head Markus Schramm said. We are delighted that we have rolled out the 50,000 unit of our 310 series motorcycles in less than two years, Schramm added. Motorrad began exports of BMW G 310 R and BMW 310 GS in December 2016; and currently, these two models are being offered in more than 90 countries.

TVS Motor rolls out 50,000 unit of BMW 310cc series bike

Benchmark indices rose for the third straight session Thursday led by a surge in financial stocks as optimism over new RBI Governor Shaktikanta Das' promise to take all stakeholders along on key issues enthused bulls on Dalal Street.

Recovery in rupee and positive cues from other Asian markets too influenced investor sentiment here, analysts said.

The BSE Sensex climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 per cent, to 10,791.55.

Major gainers in the Sensex pack were Wipro, Kotak Bank, Infosys, Maruti, Tata Motors, L&amp;T, IndusInd Bank, Hero MotoCorp, M&amp;M, SBI, ONGC, HDFC Bank and HUL, rising up to 3 per cent.

Yes Bank, on the other hand, was the biggest loser, falling over 6 per cent after its board meet concluded. The bank said it has finalised a candidate for the chairman's position and would be seeking approval from the RBI. The bank, however, did not disclose the candidate's name.

Other losers include Sun Pharma, TCS, Tata Steel, Adani Ports and Coal India, falling up to 2 per cent.

"In anticipation of some firm measures to ease the credit squeeze by the new RBI Governor post his meeting with PSU bank chiefs today, markets rallied in the morning but cooled off in the second half on some profit booking," said Essel Mutual Fund CIO Viral Berawala.

"Stocks with rural focus also gained momentum on expectations of some pro-rural announcements by the Central government," Berawala added.

The rupee, meanwhile, rose 35 paise to 71.66 against the US dollar in intra-day trade.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 1,299.43 crore Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,121.29 crore, provisional data available with BSE showed.

Brent crude oil futures were trading flat at USD 60.15 per barrel.

Elsewhere in Asia, Korea's Kospi rose 0.62 per cent, Japan's Nikkei gained 0.99 per cent, Hong Kong's Hang Seng surged 1.29 per cent and Shanghai Composite Index advanced 1.23 per cent.

In Europe, Frankfurt's DAX fell 0.31 per cent and Paris' CAC 40 shed 0.30 per cent in their early deals. London's FTSE too slipped 0.02 per cent.&nbsp;

Benchmark indices rose for the third straight session Thursday led by a surge in financial stocks as optimism over new RBI Governor Shaktikanta Das' promise to take all stakeholders along on key issues enthused bulls on Dalal Street.

Benchmark indices rose for the third straight session Thursday led by a surge in financial stocks as optimism over new RBI Governor Shaktikanta Das' promise to take all stakeholders along on key issues enthused bulls on Dalal Street. Recovery in rupee and positive cues from other Asian markets too influenced investor sentiment here, analysts said. The BSE Sensex climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 per cent, to 10,791.55. Major gainers in the Sensex pack were Wipro, Kotak Bank, Infosys, Maruti, Tata Motors, L&T, IndusInd Bank, Hero MotoCorp, M&M, SBI, ONGC, HDFC Bank and HUL, rising up to 3 per cent. Yes Bank, on the other hand, was the biggest loser, falling over 6 per cent after its board meet concluded. The bank said it has finalised a candidate for the chairman's position and would be seeking approval from the RBI. The bank, however, did not disclose the candidate's name. Other losers include Sun Pharma, TCS, Tata Steel, Adani Ports and Coal India, falling up to 2 per cent. "In anticipation of some firm measures to ease the credit squeeze by the new RBI Governor post his meeting with PSU bank chiefs today, markets rallied in the morning but cooled off in the second half on some profit booking," said Essel Mutual Fund CIO Viral Berawala. "Stocks with rural focus also gained momentum on expectations of some pro-rural announcements by the Central government," Berawala added. The rupee, meanwhile, rose 35 paise to 71.66 against the US dollar in intra-day trade. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 1,299.43 crore Wednesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,121.29 crore, provisional data available with BSE showed. Brent crude oil futures were trading flat at USD 60.15 per barrel. Elsewhere in Asia, Korea's Kospi rose 0.62 per cent, Japan's Nikkei gained 0.99 per cent, Hong Kong's Hang Seng surged 1.29 per cent and Shanghai Composite Index advanced 1.23 per cent. In Europe, Frankfurt's DAX fell 0.31 per cent and Paris' CAC 40 shed 0.30 per cent in their early deals. London's FTSE too slipped 0.02 per cent.

Sensex ends over 150 points higher; Yes Bank slumps 6 per cent

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank.

The meeting will review the progress with respect to some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of Micro, Small &amp; Medium Enterprises (MSMEs), which is under stress due to demonetisation and implementation of the Goods and Services Tax (GST).

This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as a reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019.

According to sources, one of the key agenda for the upcoming board meeting will be governance issue -- the role of the central board in the decision making of the RBI.

Given the current structure, the central board plays an advisery role but there is growing clamour to make it operational and have greater participation in key decisions of the central bank.

The government as one of the important stakeholders also wants greater involvement in the RBI's decision making as it feels the current practice leaves it out on many critical issues like single-day default turning a loan into an NPA, sources said.

However, former governors and other experts have pitched for the independence and autonomy of the RBI and want the board to play advisery role with given composition.

The central board of the RBI is headed by the governor and includes two government nominee directors and 11 independent directors. Currently, the central board has 18 members, with the provision of going up to 21.

Soon after taking reins of the RBI, Das said, he will try to uphold the autonomy, credibility and the integrity of the "great institution" and take every stakeholder, including the government, along in a consultative manner.

The former Economic Affairs Secretary, who took over as the 25th Governor Wednesday said, he will take measures which the economy requires in a timely manner.

On the second day, he held consultation with heads of the Mumbai-based public sector bankers to discuss issues faced by them.

It is expected that relaxation of the Prompt Corrective Action (PCA) framework for weak banks would also come up for the discussion under the new the governor.

Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

The PCA framework kicks in when banks breach any of the three key regulatory trigger points -- namely capital to risk-weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA).

With regard to economic capital framework, the new governor said as decided in the board meeting an expert committee in consultation with the government will be constituted soon to examine the issue.&nbsp;

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank.

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank. The meeting will review the progress with respect to some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of Micro, Small & Medium Enterprises (MSMEs), which is under stress due to demonetisation and implementation of the Goods and Services Tax (GST). This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as a reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019. According to sources, one of the key agenda for the upcoming board meeting will be governance issue -- the role of the central board in the decision making of the RBI. Given the current structure, the central board plays an advisery role but there is growing clamour to make it operational and have greater participation in key decisions of the central bank. The government as one of the important stakeholders also wants greater involvement in the RBI's decision making as it feels the current practice leaves it out on many critical issues like single-day default turning a loan into an NPA, sources said. However, former governors and other experts have pitched for the independence and autonomy of the RBI and want the board to play advisery role with given composition. The central board of the RBI is headed by the governor and includes two government nominee directors and 11 independent directors. Currently, the central board has 18 members, with the provision of going up to 21. Soon after taking reins of the RBI, Das said, he will try to uphold the autonomy, credibility and the integrity of the "great institution" and take every stakeholder, including the government, along in a consultative manner. The former Economic Affairs Secretary, who took over as the 25th Governor Wednesday said, he will take measures which the economy requires in a timely manner. On the second day, he held consultation with heads of the Mumbai-based public sector bankers to discuss issues faced by them. It is expected that relaxation of the Prompt Corrective Action (PCA) framework for weak banks would also come up for the discussion under the new the governor. Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. The PCA framework kicks in when banks breach any of the three key regulatory trigger points -- namely capital to risk-weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA). With regard to economic capital framework, the new governor said as decided in the board meeting an expert committee in consultation with the government will be constituted soon to examine the issue.

New RBI Governor Das to steer first central board meet Friday