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The Reserve Bank is likely to maintain status-quo on interest rate in the upcoming monetary policy review on December 5 despite moderation in economic growth and easing inflation, opined experts.

After back-to-back hikes since June, the RBI had kept interest rates unchanged in the previous policy review in October, surprising markets that had expected a rate hike to support the tumbling rupee and combat inflationary pressures from high oil prices.

The repo rate, at which RBI lends to other banks, was left unchanged at 6.50 per cent.

The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, will meet for three days starting December 3 for the fifth bi-monthly monetary policy review of the current financial year.

The MPC's decision will be announced in the afternoon of December 5.

Since the previous policy announcement, the rupee has appreciated against the US dollar and moved above the psychologically crucial mark of 70.

Global crude oil prices too have softened significantly, slipping below USD 60 per barrel from USD 86.

However, India's economic growth slowed to 7.1 per cent in the September quarter after peaking to an over two-year high in the first three months of this fiscal, as consumption demand moderated and farm sector displayed signs of weakness.

The growth in Gross Domestic Product (GDP) in July-September is the lowest in three quarters but better than 6.3 per cent in the same period of the previous year.

The Indian economy had grown by 8.2 per cent in the first quarter of the current fiscal year that began in April, according to data released by the Central Statistics Office (CSO).

Kotak Research said the MPC in its last policy had estimated inflation at 3.9-4.5 per cent in the second half of the fiscal and 4.8 per cent in the first quarter of next year.&nbsp;

It expects the inflation at 2.9-4.3 per cent in the second half of the fiscal and 4.5 per cent in the first quarter of 2019-20.&nbsp;

"The softer-than-expected inflation prints are on the back of benign food inflation, especially as most Kharif crop prices remain well below the MSP prices.&nbsp;

"While softer retail fuel prices will push core inflation lower, there will be a significant divergence from headline inflation mainly on the back of higher prices of education and health," Kotak Research said, adding that it expects RBI to maintain status-quo.

Devendra Kumar Pant, Chief Economist, India Ratings and Research (Fitch Group), said 2018-19 may still end up with a GDP growth of 7.3 per cent and "RBI may get the much-needed elbow room to keep the policy rate unchanged in the forthcoming bi-monthly policy review on 5 December 2018".

Retail inflation based on Consumer Price Index (CPI) fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, as per latest available data.

It was 3.7 per cent in September 2018 and 3.58 per cent in October 2017. The retail inflation number is the lowest since September 2017, when it touched 3.28 per cent. PTI

The Reserve Bank is likely to maintain status-quo on interest rate in the upcoming monetary policy review on December 5 despite moderation in economic growth and easing inflation, opined experts.

The Reserve Bank is likely to maintain status-quo on interest rate in the upcoming monetary policy review on December 5 despite moderation in economic growth and easing inflation, opined experts. After back-to-back hikes since June, the RBI had kept interest rates unchanged in the previous policy review in October, surprising markets that had expected a rate hike to support the tumbling rupee and combat inflationary pressures from high oil prices. The repo rate, at which RBI lends to other banks, was left unchanged at 6.50 per cent. The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, will meet for three days starting December 3 for the fifth bi-monthly monetary policy review of the current financial year. The MPC's decision will be announced in the afternoon of December 5. Since the previous policy announcement, the rupee has appreciated against the US dollar and moved above the psychologically crucial mark of 70. Global crude oil prices too have softened significantly, slipping below USD 60 per barrel from USD 86. However, India's economic growth slowed to 7.1 per cent in the September quarter after peaking to an over two-year high in the first three months of this fiscal, as consumption demand moderated and farm sector displayed signs of weakness. The growth in Gross Domestic Product (GDP) in July-September is the lowest in three quarters but better than 6.3 per cent in the same period of the previous year. The Indian economy had grown by 8.2 per cent in the first quarter of the current fiscal year that began in April, according to data released by the Central Statistics Office (CSO). Kotak Research said the MPC in its last policy had estimated inflation at 3.9-4.5 per cent in the second half of the fiscal and 4.8 per cent in the first quarter of next year. It expects the inflation at 2.9-4.3 per cent in the second half of the fiscal and 4.5 per cent in the first quarter of 2019-20. "The softer-than-expected inflation prints are on the back of benign food inflation, especially as most Kharif crop prices remain well below the MSP prices. "While softer retail fuel prices will push core inflation lower, there will be a significant divergence from headline inflation mainly on the back of higher prices of education and health," Kotak Research said, adding that it expects RBI to maintain status-quo. Devendra Kumar Pant, Chief Economist, India Ratings and Research (Fitch Group), said 2018-19 may still end up with a GDP growth of 7.3 per cent and "RBI may get the much-needed elbow room to keep the policy rate unchanged in the forthcoming bi-monthly policy review on 5 December 2018". Retail inflation based on Consumer Price Index (CPI) fell to a one-year low of 3.31 per cent in October on the back of cheaper kitchen staples, fruits and protein-rich items, as per latest available data. It was 3.7 per cent in September 2018 and 3.58 per cent in October 2017. The retail inflation number is the lowest since September 2017, when it touched 3.28 per cent. PTI

RBI likely to keep interest rate unchanged on December 5

Petrol prices in the country continued to witness a slump on Saturday with petrol now being sold at Rs 72.53 per litre in the national capital.&nbsp;

In the financial capital Mumbai, petrol prices slipped to Rs 78.09 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.55 and Rs 75.26 respectively.

On Friday, the prices of petrol were recorded at Rs 72.87 per litre in Delhi, Rs 78.43 in Mumbai, Rs 75.62 in Chennai and Rs 74.88 per litre in Kolkata.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan

Petrol prices in the country continued to witness a slump on Saturday with petrol now being sold at Rs 72.53 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.

Petrol prices in the country continued to witness a slump on Saturday with petrol now being sold at Rs 72.53 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.09 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.55 and Rs 75.26 respectively. On Friday, the prices of petrol were recorded at Rs 72.87 per litre in Delhi, Rs 78.43 in Mumbai, Rs 75.62 in Chennai and Rs 74.88 per litre in Kolkata. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan

Fuel prices continue to fall: Petrol at Rs 72.53 per litre in Delhi

India has asked Ethiopian authorities to investigate a report that employees of an Indian company, Infrastructure Leasing and Financial Services (IL&amp;FS), have been taken hostage by staff in Ethiopia, an Indian government source said on Saturday.

Seven Indian employees of the debt-laden IL&amp;FS company have been held hostage by Ethiopian staff because of non-payment of salaries, according to messages posted on Twitter by those saying they were being held.

An Indian foreign ministry official said India was discussing the matter "on priority" with Ethiopian authorities and the management of IL&amp;FS.

"We are doing our best to ensure a settlement of this matter," said the official, who declined to be identified. An IL&amp;FS spokesman in India declined to comment.

The Indian government took control of IL&amp;FS last month after it defaulted on some of its debt, triggering wider concerns about risk in the country's financial system.&nbsp;

The infrastructure financing and development company had over the years developed road, township and water-treatment projects in India and abroad.

Neeraj Raghuwanshi, who said he was one of the seven employees held hostage, has been calling for help on Twitter since November 27.

"Situations are beyond our control, please #help before mishappening," Raghuwanshi said late on Friday in a tweet, calling Prime Minister Narendra Modi and the foreign minister to intervene.

Raghuwanshi said the seven IL&amp;FS employees were held in three different locations in Ethiopia, following delayed salaries to staff and non-payment of local government taxes.

Another IL&amp;FS member of staff who said he was being hostage, Khurram Imam, wrote on Twitter they were facing "lots of problems like foods, water, electricity".

Reuters could not independently verify the authenticity of the tweets or claims made by people saying they were held hostage.&nbsp;

Raghuwanshi did not respond to an email seeking comment while Imam could not be reached for a comment. 
&nbsp;

India has asked Ethiopian authorities to investigate a report that employees of an Indian company, Infrastructure Leasing and Financial Services (IL&FS), have been taken hostage by staff in Ethiopia, an Indian government source said on Saturday.

India has asked Ethiopian authorities to investigate a report that employees of an Indian company, Infrastructure Leasing and Financial Services (IL&FS), have been taken hostage by staff in Ethiopia, an Indian government source said on Saturday. Seven Indian employees of the debt-laden IL&FS company have been held hostage by Ethiopian staff because of non-payment of salaries, according to messages posted on Twitter by those saying they were being held. An Indian foreign ministry official said India was discussing the matter "on priority" with Ethiopian authorities and the management of IL&FS. "We are doing our best to ensure a settlement of this matter," said the official, who declined to be identified. An IL&FS spokesman in India declined to comment. The Indian government took control of IL&FS last month after it defaulted on some of its debt, triggering wider concerns about risk in the country's financial system. The infrastructure financing and development company had over the years developed road, township and water-treatment projects in India and abroad. Neeraj Raghuwanshi, who said he was one of the seven employees held hostage, has been calling for help on Twitter since November 27. "Situations are beyond our control, please #help before mishappening," Raghuwanshi said late on Friday in a tweet, calling Prime Minister Narendra Modi and the foreign minister to intervene. Raghuwanshi said the seven IL&FS employees were held in three different locations in Ethiopia, following delayed salaries to staff and non-payment of local government taxes. Another IL&FS member of staff who said he was being hostage, Khurram Imam, wrote on Twitter they were facing "lots of problems like foods, water, electricity". Reuters could not independently verify the authenticity of the tweets or claims made by people saying they were held hostage. Raghuwanshi did not respond to an email seeking comment while Imam could not be reached for a comment.

India checking report IL&FS employees held hostage by staff in Ethiopia

Wall Street rose on Friday as investors hoped for progress on trade in a critical US-China meeting over the weekend, and the S&amp;P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.

The Dow saw its largest weekly advance in two years. Investors were encouraged this week by comments by Federal Reserve Chair Jerome Powell and subsequent minutes from the central bank's latest meeting that suggested that the Fed will take a data-driven rather than ideological approach to future rate hikes.

All three major US&nbsp;indexes recorded modest monthly percentage gains for November.

A Chinese official said "consensus is steadily increasing" in trade negotiations between the US and China as the G20 meeting got underway in Buenos Aires, sparking hopes there would be a positive resolution in the ongoing tariff dispute between the world's two largest economies.

US President Donald Trump is set to meet with his Chinese counterpart Xi Jinping on Saturday and the outcome could swing stocks for the rest of the year.

"The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

"But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week."

The Dow Jones Industrial Average.DJI&nbsp;rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&amp;P 500 SPX&nbsp;gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite IXIC added 57.45 points, or 0.79 per cent, to 7,330.54.

Of the 11 major sectors in the S&amp;P 500, all but energy SPNY&nbsp;ended the session in positive territory.

Energy stocks fell 0.2 per cent as crude prices LCOc1&nbsp;extended their slide.

But falling oil prices boosted airlines stocks. The Dow Jones Airlines index DJUSAR rose 2.8 per cent.

Shares of Marriott International Inc MAR.O sank 5.6 per cent after the hotel operator said hackers stole about 500 million records from its Starwood Hotels reservation system.

General Electric Co GEN&nbsp;shares slid 5.5 per cent following a Wall Street Journal report that former employees are being questioned by federal investigators about the company's failure to acknowledge its insurance business' worsening results over the years.

Advancing issues outnumbered declining ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favoured advancers.

The S&amp;P 500 posted 28 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 49 new highs and 90 new lows.

Volume on US exchanges was 8.39 billion shares, compared to the 7.63 billion average for the full session over the last 20 trading days.

Wall Street rose on Friday as investors hoped for progress on trade in a critical US-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.

Wall Street rose on Friday as investors hoped for progress on trade in a critical US-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years. The Dow saw its largest weekly advance in two years. Investors were encouraged this week by comments by Federal Reserve Chair Jerome Powell and subsequent minutes from the central bank's latest meeting that suggested that the Fed will take a data-driven rather than ideological approach to future rate hikes. All three major US indexes recorded modest monthly percentage gains for November. A Chinese official said "consensus is steadily increasing" in trade negotiations between the US and China as the G20 meeting got underway in Buenos Aires, sparking hopes there would be a positive resolution in the ongoing tariff dispute between the world's two largest economies. US President Donald Trump is set to meet with his Chinese counterpart Xi Jinping on Saturday and the outcome could swing stocks for the rest of the year. "The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis. "But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week." The Dow Jones Industrial Average.DJI rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&P 500 SPX gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite IXIC added 57.45 points, or 0.79 per cent, to 7,330.54. Of the 11 major sectors in the S&P 500, all but energy SPNY ended the session in positive territory. Energy stocks fell 0.2 per cent as crude prices LCOc1 extended their slide. But falling oil prices boosted airlines stocks. The Dow Jones Airlines index DJUSAR rose 2.8 per cent. Shares of Marriott International Inc MAR.O sank 5.6 per cent after the hotel operator said hackers stole about 500 million records from its Starwood Hotels reservation system. General Electric Co GEN shares slid 5.5 per cent following a Wall Street Journal report that former employees are being questioned by federal investigators about the company's failure to acknowledge its insurance business' worsening results over the years. Advancing issues outnumbered declining ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favoured advancers. The S&P 500 posted 28 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 49 new highs and 90 new lows. Volume on US exchanges was 8.39 billion shares, compared to the 7.63 billion average for the full session over the last 20 trading days.

Wall Street rises on trade hopes; S&P, Nasdaq post best weeks in seven years

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US&nbsp;President Donald Trump and Chinese leader Xi Jinping.

US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks.

"Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit.

The S&amp;P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes.&nbsp;

In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers.

MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index&nbsp;lost 0.17 per cent.

On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&amp;P 500 &nbsp;gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54.

November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago.

Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output.&nbsp;

Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day.

Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina.

"The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

"But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week."

Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to."

Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets.

The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro&nbsp;down 0.66 per cent to $1.1316.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping. US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks. "Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit. The S&P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes. In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers. MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index lost 0.17 per cent. On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&P 500 gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54. November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago. Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output. Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day. Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina. "The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis. "But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week." Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to." Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets. The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro down 0.66 per cent to $1.1316.

Global markets: Oil tumbles on supply glut; Wall Street up on G20 comments

Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree on some form of production cut next week.

The two benchmarks, North Sea Brent&nbsp;and US&nbsp;crude, still have had their weakest month in more than 10 years in November, losing more than 20 per cent as global supply has outstripped demand.

Front-month Brent futures fell 80 cents, or 1.3 per cent, to settle at $58.71 a barrel, ahead of expiry. The more active February Brent crude futures&nbsp;lost 45 cents to settle at $59.46 a barrel. US crude CLc1&nbsp;dropped 52 cents, or 1 per cent, to $50.93 a barrel.

Oil prices also came under pressure as the dollar rose against a basket of currencies as investors hoped that the United States and China would come to an agreement over trade talks.

A stronger dollar makes greenback-denominated oil more expensive for holders of other currencies.

Prices pared losses from session lows after Bloomberg reported OPEC's advisory committee suggested decreasing production by 1.3 million barrels per day from last month's levels, traders said.

"Oil prices bounced back late in the day on Friday on reports that the OPEC committee had suggested a 1.3 million barrel per day cut from the October level," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

"The pressure has certainly been building as prices continued to fall amid ongoing concerns over excessive supply and lower demand growth ... If no action is taken, oil prices could certainly drop further, while a production cut should lead to a sizeable rebound for these severely oversold levels."

Before the OPEC meeting in Vienna, the world's top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialized nations in Buenos Aires, Argentina.

Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying.

He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.

Surging oil production in the United States, Russia and by members of the Middle East-dominated OPEC has helped fill global inventories and create a glut in some markets.

US crude oil production rose about 129,000 barrels per day (bpd) in September to a fresh record of about 11.5 million bpd, the Energy Information Administration said in a monthly report.

A slowdown in oil demand growth is compounding the emerging oversupply.

"At the heart of the malaise are concerns that OPEC&nbsp;will not do enough to address the current oversupply," said Stephen Brennock, an analyst at London brokerage PVM Oil.

The weakness in sentiment is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage.

Brent crude speculators cut their net long positions to the lowest level since 2015 in the week through Tuesday. Brent net longs fell 14,057 contracts to 168,512 according to data from the Intercontinental Exchange (ICE).

A monthly Reuters survey indicates that output in November from the 12 OPEC members with supply reduction targets under a previous production agreement fell 110,000 bpd from October, while total OPEC output decreased by 160,000 bpd.

A CME group indicator suggested that expectations of a production cut were weakening. The tool, known as OpecWatch, uses West Texas Intermediate crude oil options markets to calculate the probabilities of certain outcomes of OPEC meetings. The market sentiment has shifted from a 70 per cent expectation of a small production cut earlier this week to about a 56 per cent chance on Friday, CME Group said.

Oil inventories are rising fast in the United States, where crude stocks&nbsp;have risen for 10 straight weeks to 450.5 million barrels, the most in a year, as production remains at an all-time high of 11.7 million bpd, according to the Energy Information Administration (EIA).

US energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's GE.N&nbsp;Baker Hughes energy services firm said in its closely followed report.&nbsp;

Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree on some form of production cut next week.

Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree on some form of production cut next week. The two benchmarks, North Sea Brent and US crude, still have had their weakest month in more than 10 years in November, losing more than 20 per cent as global supply has outstripped demand. Front-month Brent futures fell 80 cents, or 1.3 per cent, to settle at $58.71 a barrel, ahead of expiry. The more active February Brent crude futures lost 45 cents to settle at $59.46 a barrel. US crude CLc1 dropped 52 cents, or 1 per cent, to $50.93 a barrel. Oil prices also came under pressure as the dollar rose against a basket of currencies as investors hoped that the United States and China would come to an agreement over trade talks. A stronger dollar makes greenback-denominated oil more expensive for holders of other currencies. Prices pared losses from session lows after Bloomberg reported OPEC's advisory committee suggested decreasing production by 1.3 million barrels per day from last month's levels, traders said. "Oil prices bounced back late in the day on Friday on reports that the OPEC committee had suggested a 1.3 million barrel per day cut from the October level," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. "The pressure has certainly been building as prices continued to fall amid ongoing concerns over excessive supply and lower demand growth ... If no action is taken, oil prices could certainly drop further, while a production cut should lead to a sizeable rebound for these severely oversold levels." Before the OPEC meeting in Vienna, the world's top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialized nations in Buenos Aires, Argentina. Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying. He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members. Surging oil production in the United States, Russia and by members of the Middle East-dominated OPEC has helped fill global inventories and create a glut in some markets. US crude oil production rose about 129,000 barrels per day (bpd) in September to a fresh record of about 11.5 million bpd, the Energy Information Administration said in a monthly report. A slowdown in oil demand growth is compounding the emerging oversupply. "At the heart of the malaise are concerns that OPEC will not do enough to address the current oversupply," said Stephen Brennock, an analyst at London brokerage PVM Oil. The weakness in sentiment is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage. Brent crude speculators cut their net long positions to the lowest level since 2015 in the week through Tuesday. Brent net longs fell 14,057 contracts to 168,512 according to data from the Intercontinental Exchange (ICE). A monthly Reuters survey indicates that output in November from the 12 OPEC members with supply reduction targets under a previous production agreement fell 110,000 bpd from October, while total OPEC output decreased by 160,000 bpd. A CME group indicator suggested that expectations of a production cut were weakening. The tool, known as OpecWatch, uses West Texas Intermediate crude oil options markets to calculate the probabilities of certain outcomes of OPEC meetings. The market sentiment has shifted from a 70 per cent expectation of a small production cut earlier this week to about a 56 per cent chance on Friday, CME Group said. Oil inventories are rising fast in the United States, where crude stocks have risen for 10 straight weeks to 450.5 million barrels, the most in a year, as production remains at an all-time high of 11.7 million bpd, according to the Energy Information Administration (EIA). US energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's GE.N Baker Hughes energy services firm said in its closely followed report.

Oil drops; losses limited by hopes of OPEC, Russia output cut

Share markets ticked slightly lower in early Asian trade on Friday as investors await a closely watched meeting between the Chinese and US&nbsp;presidents in Argentina this weekend for signs of a trade war detente.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent. In Japan, the Nikkei was up 0.2 per cent.

The mostly muted market moves followed a mixed day on Wall Street, where stocks swung between losses and gains to ultimately end lower, amid conflicting signals on the outlook for trade talks.

The Dow Jones Industrial Average fell 0.11 per cent, to 25,338.84, the S&amp;P 500 lost 0.22 per cent to 2,737.8 and the Nasdaq Composite dropped 0.25 per cent to 7,273.08 at Thursday's close.

US&nbsp;stock market futures pointed to more weakness on Friday, with S&amp;P e-mini futures ticking down 0.14 per cent to 2,740.5.

Investors are waiting for a meeting between Chinese President Xi Jinping and US&nbsp;President Donald Trump, at which the leaders are expected to discuss the countries'&nbsp;bruising trade war.

Adding to apprehension ahead of the weekend meeting were comments from a US&nbsp;official, who said White House trade adviser Peter Navarro, who has advocated a tougher trade stance with China, would attend.

Mixed signals from Washington about the prospects for a rapprochement with China on trade have led many investors to sit on the sidelines.

"Rather than jump at headlines, the market has taken a laid-back approach and prices are treading water until we see the outcome," analysts at National Australia Bank said in a morning note.

Defying the subdued mood, Australian shares were 1.1 per cent weaker, dragged lower by maker Coca-Cola Amatil Ltd , which fell 12.1 per cent on a weak outlook for 2019.

"They billed it as another transformational year, which fund managers think means profit growth is not going to be that good," said William O'Loughlin, investment analyst at Rivkin Securities in Sydney.

Global investors also remain hesitant to shift positions significantly as they seek clarity on Federal Reserve policy direction.&nbsp;

Minutes of the latest Fed policy meeting showed that almost all officials agreed another interest rate increase was "likely to be warranted fairly soon," but opened debate on when to pause further hikes and how to relay those plans to the public.

The minutes follow comments from Federal Chairman Jerome Powell earlier this week that some took as indicating a dovish shift.

The yield on two-year US&nbsp;Treasury notes , seen as sensitive to expectations of higher Fed fund rates, was at 2.8066 per cent on Friday, down from a US&nbsp;close of 2.813 per cent.

Benchmark 10-year Treasury notes yielded 3.0261 per cent, compared with a US&nbsp;close of 3.035 per cent on Thursday.&nbsp;

The dollar dropped 0.08 per cent against the yen to 113.38 , while the euro was flat at $1.1391.

In commodities markets, US&nbsp;crude prices retreated after rising on news that Russia is increasingly convinced it needs to reduce oil output along with the Organisation of the Petroleum Exporting Countries (OPEC). OPEC and its allies are meeting in Vienna on Dec. 6-7.

US&nbsp;crude dipped 0.1 per cent at $51.41 a barrel.&nbsp;

Spot gold rose 0.06 per cent to $1,224.38 per ounce.

Share markets ticked slightly lower in early Asian trade on Friday as investors await a closely watched meeting between the Chinese and US presidents in Argentina this weekend for signs of a trade war detente.

Share markets ticked slightly lower in early Asian trade on Friday as investors await a closely watched meeting between the Chinese and US presidents in Argentina this weekend for signs of a trade war detente. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent. In Japan, the Nikkei was up 0.2 per cent. The mostly muted market moves followed a mixed day on Wall Street, where stocks swung between losses and gains to ultimately end lower, amid conflicting signals on the outlook for trade talks. The Dow Jones Industrial Average fell 0.11 per cent, to 25,338.84, the S&P 500 lost 0.22 per cent to 2,737.8 and the Nasdaq Composite dropped 0.25 per cent to 7,273.08 at Thursday's close. US stock market futures pointed to more weakness on Friday, with S&P e-mini futures ticking down 0.14 per cent to 2,740.5. Investors are waiting for a meeting between Chinese President Xi Jinping and US President Donald Trump, at which the leaders are expected to discuss the countries' bruising trade war. Adding to apprehension ahead of the weekend meeting were comments from a US official, who said White House trade adviser Peter Navarro, who has advocated a tougher trade stance with China, would attend. Mixed signals from Washington about the prospects for a rapprochement with China on trade have led many investors to sit on the sidelines. "Rather than jump at headlines, the market has taken a laid-back approach and prices are treading water until we see the outcome," analysts at National Australia Bank said in a morning note. Defying the subdued mood, Australian shares were 1.1 per cent weaker, dragged lower by maker Coca-Cola Amatil Ltd , which fell 12.1 per cent on a weak outlook for 2019. "They billed it as another transformational year, which fund managers think means profit growth is not going to be that good," said William O'Loughlin, investment analyst at Rivkin Securities in Sydney. Global investors also remain hesitant to shift positions significantly as they seek clarity on Federal Reserve policy direction. Minutes of the latest Fed policy meeting showed that almost all officials agreed another interest rate increase was "likely to be warranted fairly soon," but opened debate on when to pause further hikes and how to relay those plans to the public. The minutes follow comments from Federal Chairman Jerome Powell earlier this week that some took as indicating a dovish shift. The yield on two-year US Treasury notes , seen as sensitive to expectations of higher Fed fund rates, was at 2.8066 per cent on Friday, down from a US close of 2.813 per cent. Benchmark 10-year Treasury notes yielded 3.0261 per cent, compared with a US close of 3.035 per cent on Thursday. The dollar dropped 0.08 per cent against the yen to 113.38 , while the euro was flat at $1.1391. In commodities markets, US crude prices retreated after rising on news that Russia is increasingly convinced it needs to reduce oil output along with the Organisation of the Petroleum Exporting Countries (OPEC). OPEC and its allies are meeting in Vienna on Dec. 6-7. US crude dipped 0.1 per cent at $51.41 a barrel. Spot gold rose 0.06 per cent to $1,224.38 per ounce.

Asian shares soften as investors look to G20 summit

&nbsp;India expects Saudi Arabia to ramp up investments in several sectors including technology, farm and energy over the next couple of years, a senior Indian official said, after a meeting between Saudi Crown <a href="http://www.wionews.com/india-news/pm-modi-meets-mbs-on-g20-sidelines-discussed-ways-to-boost-india-saudi-economic-ties-180320">Prince Mohammed bin Salman and Prime Minister Narendra Modi</a>.

The two men met on the sidelines of the <a href="http://www.wionews.com/india-news/g20-summit-a-day-of-trilaterals-for-india-180323">G20 conference</a> in Buenos Aires and agreed to increase economic cooperation.&nbsp;

"We expect that in the next 2 to 3 years there will be significant scaling up of Saudi investments in India," said Indian Foreign Secretary Vijay Gokhale, providing a readout of the meeting.

India expects Saudi Arabia to ramp up investments in several sectors including technology, farm and energy over the next couple of years, a senior Indian official said, after a meeting between Saudi Crown Prince Mohammed bin Salman and Prime Minister Narendra Modi.

India expects Saudi Arabia to ramp up investments in several sectors including technology, farm and energy over the next couple of years, a senior Indian official said, after a meeting between Saudi Crown Prince Mohammed bin Salman and Prime Minister Narendra Modi. The two men met on the sidelines of the G20 conference in Buenos Aires and agreed to increase economic cooperation. "We expect that in the next 2 to 3 years there will be significant scaling up of Saudi investments in India," said Indian Foreign Secretary Vijay Gokhale, providing a readout of the meeting.

Expect significant scaling up of Saudi investments: India

Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade Friday, 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 69.68 and rose further to quote at 69.64, showing a rise of 21 paise over its previous close. 
On Thursday the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar.

The local unit also gathered momentum following easing crude oil prices, which slipped below the US $60 per dollar mark as investors fretted over a supply glut.

Globally, Brent crude, the international benchmark, was trading 0.42 per cent up at US $59.76 per barrel.

Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed.

The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit.

The 30-share index rose 175.75 points, or 0.49 per cent, to trade at 36,346.16. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.45 points, or 0.46 per cent, higher at 10,909.15.

Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade Friday, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.

Rising for the fourth straight day, the rupee climbed 21 paise to a three month high of 69.64 against the US dollar in early trade Friday, 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 69.68 and rose further to quote at 69.64, showing a rise of 21 paise over its previous close. On Thursday the rupee had vaulted 77 paise to a three-month high of 69.85 per US dollar. The local unit also gathered momentum following easing crude oil prices, which slipped below the US $60 per dollar mark as investors fretted over a supply glut. Globally, Brent crude, the international benchmark, was trading 0.42 per cent up at US $59.76 per barrel. Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed. The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit. The 30-share index rose 175.75 points, or 0.49 per cent, to trade at 36,346.16. In similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.45 points, or 0.46 per cent, higher at 10,909.15.

Rupee rises 21 paise to 3-month high of 69.64 against dollar

The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit.

Rupee's rally to a three-month high also supported the upmove in the domestic stock market. The domestic unit gained 21 paise to 69.64 against the US dollar.

The 30-share index rose 175.75 points, or 0.49 per cent, to trade at 36,346.16.

In a similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.45 points, or 0.46 per cent, higher at 10,909.15.

"Markets have been on an uptrend in November, with Nifty gaining 7-8 per cent from 10,100 levels. This is its highest gain in a month," said Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services.

Rupee appreciation and crude oil prices provided a good support to the market, he added.

Pharma, banking, realty and IT stocks were the biggest gainers on bourses in early session.

Brent crude, the international benchmark, was trading 0.42 per cent up at USD 59.76 per barrel.

Top gainers include Yes Bank, Wipro, M&amp;M, ONGC, Infosys, SBI, Maruti, HUL, TCS, Bharti Airtel, PowerGrid and Sun Pharma, rising up to 5 per cent.

While, Tata Motors, Adani Ports, Vedanta, NTPC, Coal India, HDFC Bank, Tata Steel, IndusInd Bank, L&amp;T and Kotak Bank were among the top losers, falling up to 3 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 823.47 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 973.31 crore, provisional data available with BSE showed.

Overseas, Hong Kong's Hang Seng was up 0.68 per cent, Japan's Nikkei gained 0.23 per cent and the Shanghai Composite Index edged higher by 0.23 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average fell 0.11 per cent, to 25,338.84, on Thursday.

The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit.

The benchmark BSE Sensex gained over 150 points and the NSE Nifty began the December derivatives series by hitting the 10,900 mark in early trade Friday on positive cues from other Asian bourses ahead of the two-day G20 Summit. Rupee's rally to a three-month high also supported the upmove in the domestic stock market. The domestic unit gained 21 paise to 69.64 against the US dollar. The 30-share index rose 175.75 points, or 0.49 per cent, to trade at 36,346.16. In a similar movement, the NSE Nifty breached the 10,900 mark, and was trading 50.45 points, or 0.46 per cent, higher at 10,909.15. "Markets have been on an uptrend in November, with Nifty gaining 7-8 per cent from 10,100 levels. This is its highest gain in a month," said Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services. Rupee appreciation and crude oil prices provided a good support to the market, he added. Pharma, banking, realty and IT stocks were the biggest gainers on bourses in early session. Brent crude, the international benchmark, was trading 0.42 per cent up at USD 59.76 per barrel. Top gainers include Yes Bank, Wipro, M&M, ONGC, Infosys, SBI, Maruti, HUL, TCS, Bharti Airtel, PowerGrid and Sun Pharma, rising up to 5 per cent. While, Tata Motors, Adani Ports, Vedanta, NTPC, Coal India, HDFC Bank, Tata Steel, IndusInd Bank, L&T and Kotak Bank were among the top losers, falling up to 3 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 823.47 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 973.31 crore, provisional data available with BSE showed. Overseas, Hong Kong's Hang Seng was up 0.68 per cent, Japan's Nikkei gained 0.23 per cent and the Shanghai Composite Index edged higher by 0.23 per cent in early trade. On Wall Street, the Dow Jones Industrial Average fell 0.11 per cent, to 25,338.84, on Thursday.

Sensex rises over 150 points, Nifty hits 10,900 mark

Petrol prices in the country continued to witness a slump on Friday with petrol now being sold at Rs 72.87 per litre in the national capital.&nbsp;

In the financial capital Mumbai, petrol prices slipped to Rs 78.43 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.88 and Rs 75.62 respectively.

On Thursday, the prices of petrol were recorded at Rs 73.24 per litre in Delhi, Rs 78.80 in Mumbai, Rs 76.01 in Chennai and Rs 75.24 per litre in Kolkata.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Petrol prices in the country continued to witness a slump on Friday with petrol now being sold at Rs 72.87 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.

Petrol prices in the country continued to witness a slump on Friday with petrol now being sold at Rs 72.87 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.43 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.88 and Rs 75.62 respectively. On Thursday, the prices of petrol were recorded at Rs 73.24 per litre in Delhi, Rs 78.80 in Mumbai, Rs 76.01 in Chennai and Rs 75.24 per litre in Kolkata. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Fuel prices continue to fall: Petrol at Rs 72.87 per litre in Delhi

US private equity firm Indigo Partners has agreed to buy a stake in Iceland's loss-making carrier WOW Air, the no-frills company said Friday, one day after Icelandair ditched plans to buy it.

Indigo, which also owns stakes in Wizz Air and Frontier Airlines among others, and WOW Air did not disclose the terms of the preliminary agreement.

But a WOW statement said its "chief executive officer and primary shareholder, Skuli Mogensen, would remain a principal investor in WOW upon completion of the transaction."

Meanwhile, Bill Franke, managing partner of Indigo Partners, said it had "a strategic vision for the airline, and looks forward to working with its employees and agents to deliver that vision."

The airline, founded in 2011 and which flies to 25 destinations in Europe and North America, posted a pre-tax loss of almost $60 million in the first half of the year.

On Thursday, Icelandair announced that its planned acquisition of WOW -- which local media estimated to be worth two billion kronur (around 16 million euros, $18 million) -- would not go ahead.

Icelandair provided no explanation but the airline's financial woes are believed to be worse than previously thought.

US private equity firm Indigo Partners has agreed to buy a stake in Iceland's loss-making carrier WOW Air, the no-frills company said Friday, one day after Icelandair ditched plans to buy it.

US private equity firm Indigo Partners has agreed to buy a stake in Iceland's loss-making carrier WOW Air, the no-frills company said Friday, one day after Icelandair ditched plans to buy it. Indigo, which also owns stakes in Wizz Air and Frontier Airlines among others, and WOW Air did not disclose the terms of the preliminary agreement. But a WOW statement said its "chief executive officer and primary shareholder, Skuli Mogensen, would remain a principal investor in WOW upon completion of the transaction." Meanwhile, Bill Franke, managing partner of Indigo Partners, said it had "a strategic vision for the airline, and looks forward to working with its employees and agents to deliver that vision." The airline, founded in 2011 and which flies to 25 destinations in Europe and North America, posted a pre-tax loss of almost $60 million in the first half of the year. On Thursday, Icelandair announced that its planned acquisition of WOW -- which local media estimated to be worth two billion kronur (around 16 million euros, $18 million) -- would not go ahead. Icelandair provided no explanation but the airline's financial woes are believed to be worse than previously thought.

Indigo buys stake in Iceland's WOW Air

&nbsp;Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories.

Both international oil benchmarks, North Sea Brent and US&nbsp;light crude, have had their weakest month for more than 10 years in November, losing 28 per cent and 30 per cent respectively as global supply has outstripped demand.

Brent was up 25 cents at $59.76 a barrel by 0910 GMT. US&nbsp;crude was unchanged at $51.45. Both contracts are up about 1 per cent this week, the first weekly gains in almost two months.

Surging oil production in the United States, Russia and by members of the Middle East-dominated Organization of the Petroleum Exporting Countries has helped fill global inventories and create a glut in some markets.

A slowdown in oil demand growth is compounding the emerging oversupply.

"Near-term oversupply has gutted Brent prices," said Jason Gammel, an analyst at US&nbsp;investment bank Jefferies, adding that there was "an increasing urgency to move crude into storage".

This move is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage for later sale.

To rein in the glut, OPEC and its main partner Russia are discussing supply cuts and are due to meet in Vienna on Dec. 6 and 7 to agree production strategy.

"The next OPEC meeting is going to prove a pivotal moment for the direction of oil prices in 2019," BNP Paribas strategist Harry Tchilinguirian told Reuters Global Oil Forum.

"A decision will have to be made against a background of strong US&nbsp;shale oil supply growth, and for now, weaker expectations on global oil demand growth."

Before the OPEC meeting, the world`s top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialised nations in Buenos Aires, Argentina.

Oil inventories are rising fast in the United States, where commercial crude stocks rose by 3.6 million barrels in the week to November&nbsp;23 to 450.49 million barrels, according to the Energy Information Administration (EIA).&nbsp;US&nbsp;crude production is at a record high of 11.7 million barrels per day (bpd).

Crude reserves increased 6.4 billion barrels, or 19.5 per cent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970, the EIA said. 
&nbsp;

Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories.

Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories. Both international oil benchmarks, North Sea Brent and US light crude, have had their weakest month for more than 10 years in November, losing 28 per cent and 30 per cent respectively as global supply has outstripped demand. Brent was up 25 cents at $59.76 a barrel by 0910 GMT. US crude was unchanged at $51.45. Both contracts are up about 1 per cent this week, the first weekly gains in almost two months. Surging oil production in the United States, Russia and by members of the Middle East-dominated Organization of the Petroleum Exporting Countries has helped fill global inventories and create a glut in some markets. A slowdown in oil demand growth is compounding the emerging oversupply. "Near-term oversupply has gutted Brent prices," said Jason Gammel, an analyst at US investment bank Jefferies, adding that there was "an increasing urgency to move crude into storage". This move is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage for later sale. To rein in the glut, OPEC and its main partner Russia are discussing supply cuts and are due to meet in Vienna on Dec. 6 and 7 to agree production strategy. "The next OPEC meeting is going to prove a pivotal moment for the direction of oil prices in 2019," BNP Paribas strategist Harry Tchilinguirian told Reuters Global Oil Forum. "A decision will have to be made against a background of strong US shale oil supply growth, and for now, weaker expectations on global oil demand growth." Before the OPEC meeting, the world`s top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialised nations in Buenos Aires, Argentina. Oil inventories are rising fast in the United States, where commercial crude stocks rose by 3.6 million barrels in the week to November 23 to 450.49 million barrels, according to the Energy Information Administration (EIA). US crude production is at a record high of 11.7 million barrels per day (bpd). Crude reserves increased 6.4 billion barrels, or 19.5 per cent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970, the EIA said.

Oil steady as expected OPEC cuts balance high inventory

Domestic cooking gas (LPG) price Friday was cut by Rs 6.52 per cylinder on account of tax impact on the reduced market rate for the fuel.

A 14.2-kg subsidised LPG cylinder will cost Rs 500.90 in the national capital from midnight tonight as against Rs 507.42 currently, Indian Oil Corp (IOC), the country's largest fuel retailer, said in a statement.

The price reduction comes soon after six consecutive monthly hikes in rates since June. Prior to this price cut, rates had gone up by Rs 14.13 per cylinder since then.

Subsidised LPG rates were last hiked by Rs 2.94 per cylinder with effect from November 1.

IOC said non-subsidised or market priced LPG rates have been cut by a steep Rs 133 per cylinder to reflect fall in international oil rates and strengthening of the rupee. It will now cost Rs 809.50 per 14.2-kg bottle in Delhi.

All LPG consumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users.

This subsidy amount varies from month to month depending on the changes in the average international benchmark LPG rate and foreign exchange rate. 
When international rates move up, the government provides a higher subsidy. And when they come down, subsidy is cut.

As per tax rules, GST on LPG has to be calculated at the market rate of the fuel. The government may choose to subsidise a part of the price but tax will have to be paid at market rates.

So, with the fall in market price or non-subsidised LPG price, the tax incidence on subsidised cooking fuel has also come down, leading to the current price reduction.

"Accordingly, the upfront cash payment by the consumer for purchase of domestic LPG refill will reduce by Rs 133 cylinder, i.E. From Rs 942.50 per cylinder to Rs 809.50 cylinder in December, 2018 in Delhi market," IOC said.

Subsidised cooking gas consumers will get Rs 308.60 per cylinder subsidy in their bank accounts for the month of December. The subsidy transfer in the customer's bank account has been reduced from Rs 433.66 in November.

Domestic cooking gas (LPG) price Friday was cut by Rs 6.52 per cylinder on account of tax impact on the reduced market rate for the fuel. A 14.2-kg subsidised LPG cylinder will cost Rs 500.

Domestic cooking gas (LPG) price Friday was cut by Rs 6.52 per cylinder on account of tax impact on the reduced market rate for the fuel. A 14.2-kg subsidised LPG cylinder will cost Rs 500.90 in the national capital from midnight tonight as against Rs 507.42 currently, Indian Oil Corp (IOC), the country's largest fuel retailer, said in a statement. The price reduction comes soon after six consecutive monthly hikes in rates since June. Prior to this price cut, rates had gone up by Rs 14.13 per cylinder since then. Subsidised LPG rates were last hiked by Rs 2.94 per cylinder with effect from November 1. IOC said non-subsidised or market priced LPG rates have been cut by a steep Rs 133 per cylinder to reflect fall in international oil rates and strengthening of the rupee. It will now cost Rs 809.50 per 14.2-kg bottle in Delhi. All LPG consumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users. This subsidy amount varies from month to month depending on the changes in the average international benchmark LPG rate and foreign exchange rate. When international rates move up, the government provides a higher subsidy. And when they come down, subsidy is cut. As per tax rules, GST on LPG has to be calculated at the market rate of the fuel. The government may choose to subsidise a part of the price but tax will have to be paid at market rates. So, with the fall in market price or non-subsidised LPG price, the tax incidence on subsidised cooking fuel has also come down, leading to the current price reduction. "Accordingly, the upfront cash payment by the consumer for purchase of domestic LPG refill will reduce by Rs 133 cylinder, i.E. From Rs 942.50 per cylinder to Rs 809.50 cylinder in December, 2018 in Delhi market," IOC said. Subsidised cooking gas consumers will get Rs 308.60 per cylinder subsidy in their bank accounts for the month of December. The subsidy transfer in the customer's bank account has been reduced from Rs 433.66 in November.

Subsidised LPG price cut by Rs 6.5; market price LPG cut by Rs 133

India recorded its<a href="http://www.wionews.com/india-news/indias-gdp-reaches-two-year-high-at-an-impressive-82-162739"> second quarter(Q2) GDP at</a> 7.1 per cent which was slower than the last quarter.

The latest figures show it was up from 6.3 per cent a year ago, however it was slower than the first quarter which recorded 8.2 per cent growth.

The growth rate of eight infrastructure sectors slowed down to 4.8 per cent in October due to contraction in the production of crude oil, natural gas and fertiliser. 
&nbsp; 
Eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by 5 per cent in October 2017.

Fertiliser production dropped sharply by 11.5 per cent, crude oil by 5 per cent and natural gas by 0.9 per cent in October over the year-ago month, according to the data released by the commerce and industry ministry on Friday.&nbsp;

The production of coal, cement and electricity, on the other hand, expanded in the month under review. 
&nbsp; 
During April-October 2018-19, the eight sectors recorded a growth rate of 5.4 per cent against 3.5 per cent in the same period last year.&nbsp;

The combined index of eight core industries stood at 134.8 in October 2018, which was 4.8 per cent higher as compared to the index of October 2017. The cumulative growth during April to October 2018-19 was 5.4 per cent.

India's $2.6 trillion economy, Asia's third largest, grew 6.3 per cent in the July-September quarter of 2017, the data released by the statistics ministry showed.

India had recored 7.9 per cent mark in the fourth quarter FY16, this time, however, it was lower than expected.

India recorded its second quarter(Q2) GDP at 7.1 per cent which was slower than the last quarter. The latest figures show it was up from 6.3 per cent a year ago, however it was slower than the first quarter which recorded 8.

India recorded its second quarter(Q2) GDP at 7.1 per cent which was slower than the last quarter. The latest figures show it was up from 6.3 per cent a year ago, however it was slower than the first quarter which recorded 8.2 per cent growth. The growth rate of eight infrastructure sectors slowed down to 4.8 per cent in October due to contraction in the production of crude oil, natural gas and fertiliser. Eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by 5 per cent in October 2017. Fertiliser production dropped sharply by 11.5 per cent, crude oil by 5 per cent and natural gas by 0.9 per cent in October over the year-ago month, according to the data released by the commerce and industry ministry on Friday. The production of coal, cement and electricity, on the other hand, expanded in the month under review. During April-October 2018-19, the eight sectors recorded a growth rate of 5.4 per cent against 3.5 per cent in the same period last year. The combined index of eight core industries stood at 134.8 in October 2018, which was 4.8 per cent higher as compared to the index of October 2017. The cumulative growth during April to October 2018-19 was 5.4 per cent. India's $2.6 trillion economy, Asia's third largest, grew 6.3 per cent in the July-September quarter of 2017, the data released by the statistics ministry showed. India had recored 7.9 per cent mark in the fourth quarter FY16, this time, however, it was lower than expected.

India's second quarter GDP slips to 7.1 per cent

The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues.

Trading sentiment was mixed ahead of the two-day G20 summit in Argentina and expectation of oil production cut in the upcoming OPEC meet, analysts said.

The 30-share Sensex settled 23.89 points, or 0.07 per cent, higher at 36,194.30, while the broader NSE Nifty jumped 18.05 points, or 0.17 per cent, to 10,876.75.

During the week, the Sensex gained 1,213.28 points, or 2.34 per cent, while the Nifty rose 350 points, or 3.32 per cent.

Yes Bank, Wipro, Kotak Bank, M&amp;M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&amp;T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent.

On the other hand, Tata Motors, ICICI Bank, IndusInd Bank, Vedanta, NTPC, Bharti Airtel, Coal India, Adani Ports, Tata Steel, Axis Bank, PowerGrid and SBI were among the top losers, falling up to 3 per cent.

Sector-wise, realty, pharma and IT indices rose up to 2 per cent, while banking and metal stocks fell up to 0.55 per cent.

Investors also turned cautious ahead of the gross domestic product (GDP) data scheduled to be released later in the day, traders said.

"The Indian equity market has hit a two-month high, 10-year bond yields are approaching 7.60 per cent levels, and the currency is under Rs 70 per US dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

"While our domestic macro environment has improved measurably, markets have also reflected the positive sentiment by rallying 8 per cent from the lows set on October 26. Elections loom as a key uncertainty heading into next month," he added.

Meanwhile, the rupee rose for the fourth straight day, up 13 paise at 69.78 against the US dollar intra-day amid weakness in the greenback against some currencies overseas.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 823.47 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 973.31 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan's Nikkei gained 0.40 per cent, Hong Kong's Hang Seng rose 0.21 per cent, Shanghai Composite Index jumped 0.81 per cent, while Korea's Kospi fell 0.82 per cent.

In Europe, Frankfurt's DAX was down 0.67 per cent, Paris' CAC fell 40 0.49 per cent and London's FTSE shed 0.65 per cent.

The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues. Trading sentiment was mixed ahead of the two-day G20 summit in Argentina and expectation of oil production cut in the upcoming OPEC meet, analysts said.

The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues. Trading sentiment was mixed ahead of the two-day G20 summit in Argentina and expectation of oil production cut in the upcoming OPEC meet, analysts said. The 30-share Sensex settled 23.89 points, or 0.07 per cent, higher at 36,194.30, while the broader NSE Nifty jumped 18.05 points, or 0.17 per cent, to 10,876.75. During the week, the Sensex gained 1,213.28 points, or 2.34 per cent, while the Nifty rose 350 points, or 3.32 per cent. Yes Bank, Wipro, Kotak Bank, M&M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent. On the other hand, Tata Motors, ICICI Bank, IndusInd Bank, Vedanta, NTPC, Bharti Airtel, Coal India, Adani Ports, Tata Steel, Axis Bank, PowerGrid and SBI were among the top losers, falling up to 3 per cent. Sector-wise, realty, pharma and IT indices rose up to 2 per cent, while banking and metal stocks fell up to 0.55 per cent. Investors also turned cautious ahead of the gross domestic product (GDP) data scheduled to be released later in the day, traders said. "The Indian equity market has hit a two-month high, 10-year bond yields are approaching 7.60 per cent levels, and the currency is under Rs 70 per US dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. "While our domestic macro environment has improved measurably, markets have also reflected the positive sentiment by rallying 8 per cent from the lows set on October 26. Elections loom as a key uncertainty heading into next month," he added. Meanwhile, the rupee rose for the fourth straight day, up 13 paise at 69.78 against the US dollar intra-day amid weakness in the greenback against some currencies overseas. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 823.47 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 973.31 crore, provisional data available with BSE showed. Elsewhere in Asia, Japan's Nikkei gained 0.40 per cent, Hong Kong's Hang Seng rose 0.21 per cent, Shanghai Composite Index jumped 0.81 per cent, while Korea's Kospi fell 0.82 per cent. In Europe, Frankfurt's DAX was down 0.67 per cent, Paris' CAC fell 40 0.49 per cent and London's FTSE shed 0.65 per cent.

Sensex ends in green; rupee gains 13 paise

The benchmark BSE Sensex surged over 350 points and the NSE Nifty reclaimed the 10,800 mark in early trade Thursday on positive trend in other Asian bourses as dovish comments from US Federal Reserve Chairman Jerome Powell boosted investor sentiment here.

Short-covering of bets on the last session of November futures and options (F&amp;O) derivatives series kept the market mood upbeat.

Rally in rupee, which gained 57 paise against the US dollar, also supported the upmove in the domestic stock market.

The 30-share index, which had gained 203.81 points in the previous sessions, spurted 364.32 points, or 1.02 per cent, to trade at 36,081.27.

The NSE Nifty was also trading 80.30 points, or 0.74 per cent, higher at 10,809.15.

Major gainers were Vedanta, RIL, Tata Steel, ITC, PowerGrid, IndusInd Bank, Bajaj Auto, Tata Motors, SBI, HUL and ICICI Bank, rising up to 3.81 per cent. 
While, Yes Bank fell 4.55 per cent, ONGC 1.89 per cent, Coal India 1.27 per cent, TCS 0.93 per cent and Infosys 0.35 per cent.

Metal, FMCG, power, banking, auto, consumer durables, healthcare, capital goods, realty, oil and gas and PSU sector stocks were leading the market rally. 
Brokers said that the market mood remained buoyant, bolstered by foreign institutional investors' buying coupled with a firming trend overseas tracking a Wall Street rally overnight after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely to be near a neutral level.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 961.26 crore Wednesday, while domestic institutional investors sold shares to the tune of Rs 330.29 crore, provisional data with stock exchanges showed.

Overseas, Hong Kong's Hang Seng was up 0.83 per cent, Japan's Nikkei gained 0.88 per cent and Shanghai Composite index edged higher by 0.46 per cent in early trade.

On Wall Street, the US Dow Jones Industrial Average ended 2.50 per cent up Wednesday.&nbsp;

The benchmark BSE Sensex surged over 350 points and the NSE Nifty reclaimed the 10,800 mark in early trade Thursday on positive trend in other Asian bourses as dovish comments from US Federal Reserve Chairman Jerome Powell boosted investor sentiment here.

The benchmark BSE Sensex surged over 350 points and the NSE Nifty reclaimed the 10,800 mark in early trade Thursday on positive trend in other Asian bourses as dovish comments from US Federal Reserve Chairman Jerome Powell boosted investor sentiment here. Short-covering of bets on the last session of November futures and options (F&O) derivatives series kept the market mood upbeat. Rally in rupee, which gained 57 paise against the US dollar, also supported the upmove in the domestic stock market. The 30-share index, which had gained 203.81 points in the previous sessions, spurted 364.32 points, or 1.02 per cent, to trade at 36,081.27. The NSE Nifty was also trading 80.30 points, or 0.74 per cent, higher at 10,809.15. Major gainers were Vedanta, RIL, Tata Steel, ITC, PowerGrid, IndusInd Bank, Bajaj Auto, Tata Motors, SBI, HUL and ICICI Bank, rising up to 3.81 per cent. While, Yes Bank fell 4.55 per cent, ONGC 1.89 per cent, Coal India 1.27 per cent, TCS 0.93 per cent and Infosys 0.35 per cent. Metal, FMCG, power, banking, auto, consumer durables, healthcare, capital goods, realty, oil and gas and PSU sector stocks were leading the market rally. Brokers said that the market mood remained buoyant, bolstered by foreign institutional investors' buying coupled with a firming trend overseas tracking a Wall Street rally overnight after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely to be near a neutral level. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 961.26 crore Wednesday, while domestic institutional investors sold shares to the tune of Rs 330.29 crore, provisional data with stock exchanges showed. Overseas, Hong Kong's Hang Seng was up 0.83 per cent, Japan's Nikkei gained 0.88 per cent and Shanghai Composite index edged higher by 0.46 per cent in early trade. On Wall Street, the US Dow Jones Industrial Average ended 2.50 per cent up Wednesday.

Sensex soars over 350 points on global cues, F&O expiry

Petrol prices in the country continued to witness a slump on Thursday with petrol now being sold at Rs 73.24 per litre in the national capital.&nbsp;

In the financial capital Mumbai, petrol prices slipped to Rs 78.80 per litre. While the prices in Kolkata and Chennai were revised to Rs 75.24 and Rs 76.01 respectively.

On Wednesday, the prices of petrol were recorded at Rs 73.57 per litre in Delhi, Rs 79.12 in Mumbai, Rs 76.35 in Chennai and Rs 75.57 per litre in Kolkata.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Petrol prices in the country continued to witness a slump on Thursday with petrol now being sold at Rs 73.24 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.

Petrol prices in the country continued to witness a slump on Thursday with petrol now being sold at Rs 73.24 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.80 per litre. While the prices in Kolkata and Chennai were revised to Rs 75.24 and Rs 76.01 respectively. On Wednesday, the prices of petrol were recorded at Rs 73.57 per litre in Delhi, Rs 79.12 in Mumbai, Rs 76.35 in Chennai and Rs 75.57 per litre in Kolkata. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Fuel prices continue to fall: Petrol at Rs 73.24 per litre in Delhi

The rupee vaulted 77 paise to a three-month high of 69.85 per US dollar Thursday, propelled by easing crude oil prices and fresh foreign capital inflows.

In a major relief to energy importers like India, oil prices slipped below the $60 per dollar mark as investors fretted over a supply glut.

Forex dealers said a bullish trend in the equity market and a weak greenback further propped up the local unit, which racked up gains for the third straight day.

The dollar weakened against some currencies overseas after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely near a "neutral level".

At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.15 against the US dollar. It then breached the crucial 70 per USD mark and rallied to the day's high of 69.78 following dollar selling by exporters.

The local unit finally finished at 69.85, showing a gain of 77 paise over its previous close.

The last time the rupee closed below 70 was on August 24, when it had finished at 69.91.

"The rupee remains firm on account of sharp decline in the crude oil prices in the international market. This is positive for India as decline in crude oil prices may push inflation and current account deficit lower," said Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers.

He added that there is a lot of uncertainty in the global financial markets and domestic equities are quite volatile too, hence we may see importers rushing to cover their exposure for 2-3 months.

"Near-term range for the rupee is 69.50 to 71.00 levels," he said. 
Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said, "The INR appreciated on account of renewed interest by FIIs in India.&nbsp;

After a steep 15 per cent falls in the Rupee earlier this year, the Rupee has bounced back 6 per cent. After pulling out $5 billion cumulatively in September and October, FIIs have bought Indian equities worth $558 million in November."

Globally, Brent crude, the international benchmark, was trading 1.04 per cent down at USD 58.15 per barrel.

The 30-share Sensex surged 453.46 points, or 1.27 per cent, to end at 36,170.41, while the broader NSE Nifty jumped 129.85 points, or 1.21 per cent, to 10,858.70.

Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.9159 and for rupee/euro at 79.5801. The reference rate for rupee/British pound was fixed at 89.7389 and for rupee/100 Japanese yen at 61.71.

The rupee vaulted 77 paise to a three-month high of 69.85 per US dollar Thursday, propelled by easing crude oil prices and fresh foreign capital inflows. In a major relief to energy importers like India, oil prices slipped below the $60 per dollar mark as investors fretted over a supply glut.

The rupee vaulted 77 paise to a three-month high of 69.85 per US dollar Thursday, propelled by easing crude oil prices and fresh foreign capital inflows. In a major relief to energy importers like India, oil prices slipped below the $60 per dollar mark as investors fretted over a supply glut. Forex dealers said a bullish trend in the equity market and a weak greenback further propped up the local unit, which racked up gains for the third straight day. The dollar weakened against some currencies overseas after US Federal Reserve Chairman Jerome Powell said that the central bank's benchmark interest rate is likely near a "neutral level". At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.15 against the US dollar. It then breached the crucial 70 per USD mark and rallied to the day's high of 69.78 following dollar selling by exporters. The local unit finally finished at 69.85, showing a gain of 77 paise over its previous close. The last time the rupee closed below 70 was on August 24, when it had finished at 69.91. "The rupee remains firm on account of sharp decline in the crude oil prices in the international market. This is positive for India as decline in crude oil prices may push inflation and current account deficit lower," said Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers. He added that there is a lot of uncertainty in the global financial markets and domestic equities are quite volatile too, hence we may see importers rushing to cover their exposure for 2-3 months. "Near-term range for the rupee is 69.50 to 71.00 levels," he said. Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said, "The INR appreciated on account of renewed interest by FIIs in India. After a steep 15 per cent falls in the Rupee earlier this year, the Rupee has bounced back 6 per cent. After pulling out $5 billion cumulatively in September and October, FIIs have bought Indian equities worth $558 million in November." Globally, Brent crude, the international benchmark, was trading 1.04 per cent down at USD 58.15 per barrel. The 30-share Sensex surged 453.46 points, or 1.27 per cent, to end at 36,170.41, while the broader NSE Nifty jumped 129.85 points, or 1.21 per cent, to 10,858.70. Meanwhile, on net basis, foreign funds bought shares worth Rs 823.47 crore, while DIIs purchased share to the tune of Rs 973.31 crore Thursday, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.9159 and for rupee/euro at 79.5801. The reference rate for rupee/British pound was fixed at 89.7389 and for rupee/100 Japanese yen at 61.71.

Rupee soars 77 paise, breaches 70 per US dollar mark after 3 months

The<a href="http://www.wionews.com/business-economy/sensex-soars-over-350-points-on-global-cues-fo-expiry-180146"> BSE Sensex rose</a> for the fourth straight session Thursday, rallying over 450 points on short-covering as the November derivatives series ended amid a robust rally in the rupee.

Positive global cues after dovish comments from US Fed Chairman Jerome Powell also boosted investor sentiment, traders said.

The 30-share Sensex settled 453.46 points, or 1.27 per cent, higher at 36,170.41, while the broader NSE Nifty jumped 129.85 points, or 1.21 per cent, to finish at 10,858.70.

The rupee jumped 74 paise to breach the 70 per dollar mark and touched 69.88 -- a three-month high -- in intra-day trade amid sustained selling of the greenback by exporters and easing crude oil prices.

"With a significantly lower Brent and a stronger rupee, the equity market traded with absolute buoyancy, covering the broader markets as well," said Joseph Thomas, Head Research, Emkay Wealth Management.

According to him, one key factor which has breathed new life into the markets is the statement from the Fed Chairman that US interest rates remain just below neutral.

"This was seen as a signal that the Fed is probably close to the end of the tightening cycle. Notably, this statement was in sharp contrast to the earlier statement around the last FOMC meeting that there was still a 'long way' for the Fed to tread before the right levels are attained," he added.

Any ease in global trade tension after G20 meet this weekend will further boost global sentiment, analysts said.

Top gainers of the session included Bajaj Auto, Kotak Bank, M&amp;M, Vedanta, IndusInd Bank, Asian Paints, HDFC Bank, Reliance Industries, HUL, HDFC, ITC, Tata Steel and Tata Motors, rallying up to 5 per cent.

However, ONCG, PowerGrid, NTPC, Infosys, Yes Bank and Sun Pharma fell up to 1.33 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 961.26 crore Wednesday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 330.29 crore, provisional data with stock exchanges showed.

Elsewhere in Asia, Korea's Kospi rose 0.28 per cent, Japan's Nikkei gained 0.39 per cent, while Hong Kong's Hang Seng fell 0.87 per cent and Shanghai Composite Index slipped 1.32 per cent.

In Europe, Frankfurt's DAX was up 0.60 per cent and Paris' CAC 40 0.80 per cent. London's FTSE gained 0.58 per cent.&nbsp;

The BSE Sensex rose for the fourth straight session Thursday, rallying over 450 points on short-covering as the November derivatives series ended amid a robust rally in the rupee.

The BSE Sensex rose for the fourth straight session Thursday, rallying over 450 points on short-covering as the November derivatives series ended amid a robust rally in the rupee. Positive global cues after dovish comments from US Fed Chairman Jerome Powell also boosted investor sentiment, traders said. The 30-share Sensex settled 453.46 points, or 1.27 per cent, higher at 36,170.41, while the broader NSE Nifty jumped 129.85 points, or 1.21 per cent, to finish at 10,858.70. The rupee jumped 74 paise to breach the 70 per dollar mark and touched 69.88 -- a three-month high -- in intra-day trade amid sustained selling of the greenback by exporters and easing crude oil prices. "With a significantly lower Brent and a stronger rupee, the equity market traded with absolute buoyancy, covering the broader markets as well," said Joseph Thomas, Head Research, Emkay Wealth Management. According to him, one key factor which has breathed new life into the markets is the statement from the Fed Chairman that US interest rates remain just below neutral. "This was seen as a signal that the Fed is probably close to the end of the tightening cycle. Notably, this statement was in sharp contrast to the earlier statement around the last FOMC meeting that there was still a 'long way' for the Fed to tread before the right levels are attained," he added. Any ease in global trade tension after G20 meet this weekend will further boost global sentiment, analysts said. Top gainers of the session included Bajaj Auto, Kotak Bank, M&M, Vedanta, IndusInd Bank, Asian Paints, HDFC Bank, Reliance Industries, HUL, HDFC, ITC, Tata Steel and Tata Motors, rallying up to 5 per cent. However, ONCG, PowerGrid, NTPC, Infosys, Yes Bank and Sun Pharma fell up to 1.33 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 961.26 crore Wednesday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 330.29 crore, provisional data with stock exchanges showed. Elsewhere in Asia, Korea's Kospi rose 0.28 per cent, Japan's Nikkei gained 0.39 per cent, while Hong Kong's Hang Seng fell 0.87 per cent and Shanghai Composite Index slipped 1.32 per cent. In Europe, Frankfurt's DAX was up 0.60 per cent and Paris' CAC 40 0.80 per cent. London's FTSE gained 0.58 per cent.

Sensex soars 453 points, Nifty reclaims 10,800-mark on F&O expiry, rupee rally

US benchmark <a href="http://www.wionews.com/business-economy/oil-prices-claw-back-some-losses-after-black-friday-plunge-179540">West Texas Intermediate(WTI) crude</a> price tumbled below $50 a barrel trading at $49.80 over fears of oversupply and bleak economic outlook.

The current WTI oil rate was the lowest in 14 months, down 46 cents compared with Wednesday's close.&nbsp;Brent crude was down 63 cents at $58.13.

The top-three oil producers - the United States, Russia and Saudi Arabia- have reported higher production last month with US hitting a record 11.7 million barrels a day a fortnight ago. Saudi Arabia has been pumping 10.7 million barrels a day since October

Russian President Putin had said on Wednesday that &nbsp;oil price level of $60 per barrel was "quite acceptable", "we are completely satisfied", he had pointed out. Russia is the world's third-biggest oil producer after the United States and Saudi Arabia.

Saudi Arabia's November production is expected to hit 11 million barrels a day, reports said. Brent crude had dropped below $70 a barrel on November 12th for the first time since April while WTI had sank below $60 a barrel, a nine-month low.

The fall in crude prices has been looked upon with concern by OPEC nations who plan to meet in Vienna next month to put a cap on oil supply. If the oil producers in Vienna fail to reach an agreement on cutting oil production, analysts say prices could fall further to new lows.

President Trump has repeatedly said the OPEC has been trying to fix prices, in a tweet last week he applauded the fall in prices adding that it should go lower.

Depite oil sanctions on Iran, crude oil prices have been falling at a record pace in the past month with world oil prices down by over 30 per cent.&nbsp;

The Trump administrations decision to give an oil waiver to India, China, South Korea, Turkey for Iran oil led prices to fall rapidly as oversupply ensued.

Saudi Arabia's energy minister Khalid al-Falih had said that kingdom would cut its production by 500,000 barrels per day as Brent crude continued to wobble around the $60 per barrel mark.

Although, most OPEC members have been in favour of cutting production but it is still unclear which way the Vienna conference on oil prices will finally end with Russia quite satisfied with current levels.

Suheil al-Mazrouei, energy minister of UAE had said "a new strategy needs to be formed... whether it is a cut in production or something else, but it will not be an increase in production."

The oil price has been hit by a global slowdown with the International Monetary Foundation(IMF) downgrading its prediction of 2018 and 2019 world economic growth rate.

US benchmark West Texas Intermediate(WTI) crude price tumbled below $50 a barrel trading at $49.80 over fears of oversupply and bleak economic outlook. The current WTI oil rate was the lowest in 14 months, down 46 cents compared with Wednesday's close.

US benchmark West Texas Intermediate(WTI) crude price tumbled below $50 a barrel trading at $49.80 over fears of oversupply and bleak economic outlook. The current WTI oil rate was the lowest in 14 months, down 46 cents compared with Wednesday's close. Brent crude was down 63 cents at $58.13. The top-three oil producers - the United States, Russia and Saudi Arabia- have reported higher production last month with US hitting a record 11.7 million barrels a day a fortnight ago. Saudi Arabia has been pumping 10.7 million barrels a day since October Russian President Putin had said on Wednesday that oil price level of $60 per barrel was "quite acceptable", "we are completely satisfied", he had pointed out. Russia is the world's third-biggest oil producer after the United States and Saudi Arabia. Saudi Arabia's November production is expected to hit 11 million barrels a day, reports said. Brent crude had dropped below $70 a barrel on November 12th for the first time since April while WTI had sank below $60 a barrel, a nine-month low. The fall in crude prices has been looked upon with concern by OPEC nations who plan to meet in Vienna next month to put a cap on oil supply. If the oil producers in Vienna fail to reach an agreement on cutting oil production, analysts say prices could fall further to new lows. President Trump has repeatedly said the OPEC has been trying to fix prices, in a tweet last week he applauded the fall in prices adding that it should go lower. Depite oil sanctions on Iran, crude oil prices have been falling at a record pace in the past month with world oil prices down by over 30 per cent. The Trump administrations decision to give an oil waiver to India, China, South Korea, Turkey for Iran oil led prices to fall rapidly as oversupply ensued. Saudi Arabia's energy minister Khalid al-Falih had said that kingdom would cut its production by 500,000 barrels per day as Brent crude continued to wobble around the $60 per barrel mark. Although, most OPEC members have been in favour of cutting production but it is still unclear which way the Vienna conference on oil prices will finally end with Russia quite satisfied with current levels. Suheil al-Mazrouei, energy minister of UAE had said "a new strategy needs to be formed... whether it is a cut in production or something else, but it will not be an increase in production." The oil price has been hit by a global slowdown with the International Monetary Foundation(IMF) downgrading its prediction of 2018 and 2019 world economic growth rate.

US benchmark WTI crude price tumbles below $50 a barrel

Petrol prices in national capital continued to witness a slump on Wednesday with petrol now being sold at Rs 73.57 per litre.&nbsp;

In the financial capital Mumbai, petrol prices slipped to Rs 79.12 per litre.

On Tuesday, the prices of petrol were recorded at Rs 74.07 per litre in Delhi, Rs 79.12 in Mumbai, Rs 76.35 in Chennai and Rs 75.57 per litre in Kolkata.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Petrol prices in national capital continued to witness a slump on Wednesday with petrol now being sold at Rs 73.57 per litre. In the financial capital Mumbai, petrol prices slipped to Rs 79.

Petrol prices in national capital continued to witness a slump on Wednesday with petrol now being sold at Rs 73.57 per litre. In the financial capital Mumbai, petrol prices slipped to Rs 79.12 per litre. On Tuesday, the prices of petrol were recorded at Rs 74.07 per litre in Delhi, Rs 79.12 in Mumbai, Rs 76.35 in Chennai and Rs 75.57 per litre in Kolkata. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Fuel prices continue to fall: Petrol at Rs 73.57 per litre in Delhi

Microsoft briefly overtook Apple on Monday as the world's most valuable company by market capitalization before slipping back into second place.

Near 1800 GMT, Microsoft hit an overall market capitalization of $812.9 billion, just ahead of Apple's $812.6 billion, according to Bloomberg News.

However, Microsoft's surge to the top spot was short-lived. In late-afternoon trading, Apple's value was $822.9 billion, about $7 billion above Microsoft's.

Microsoft shares rose 0.6 per cent Tuesday, pushing the company’s market value to $828.1 billion at the close. Currently, Microsoft ranks second behind Amazon Web Services in the cloud.

The multinational company had experienced a downfall after computing shifted from desktop machines to mobile devices like iPhones.

Microsoft had tried regaining its lost dominance by acquiring Nokia’s handset business and releasing its own phones. The attempts, however, led to further decline.

Microsoft's fortune changed after the company invested heavily in data centers and other infrastructure to run applications and store data for corporate customers.

Microsoft also stopped manufacturing smartphone hardware, while boosting the quality of its tablet and PC designs.

Apple has been under pressure since a November 1 earnings announcement when it reported strong jumps in quarterly profits but notched weaker-than-anticipated iPhone sales and a disappointing outlook for the key holiday period.

(With inputs from agencies)

Microsoft briefly overtook Apple on Monday as the world's most valuable company by market capitalization before slipping back into second place. Near 1800 GMT, Microsoft hit an overall market capitalization of $812.

Microsoft briefly overtook Apple on Monday as the world's most valuable company by market capitalization before slipping back into second place. Near 1800 GMT, Microsoft hit an overall market capitalization of $812.9 billion, just ahead of Apple's $812.6 billion, according to Bloomberg News. However, Microsoft's surge to the top spot was short-lived. In late-afternoon trading, Apple's value was $822.9 billion, about $7 billion above Microsoft's. Microsoft shares rose 0.6 per cent Tuesday, pushing the company’s market value to $828.1 billion at the close. Currently, Microsoft ranks second behind Amazon Web Services in the cloud. The multinational company had experienced a downfall after computing shifted from desktop machines to mobile devices like iPhones. Microsoft had tried regaining its lost dominance by acquiring Nokia’s handset business and releasing its own phones. The attempts, however, led to further decline. Microsoft's fortune changed after the company invested heavily in data centers and other infrastructure to run applications and store data for corporate customers. Microsoft also stopped manufacturing smartphone hardware, while boosting the quality of its tablet and PC designs. Apple has been under pressure since a November 1 earnings announcement when it reported strong jumps in quarterly profits but notched weaker-than-anticipated iPhone sales and a disappointing outlook for the key holiday period. (With inputs from agencies)

Microsoft beats Apple to become world's most valuable company 

The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses.

The rupee opened lower at 70.88 per dollar against and dropped further to quote at 70.89, 10 paise down over its previous close.

The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices.

Meanwhile, on net basis, foreign funds bought shares worth Rs 811.52 crore, while DIIs purchased share to the tune of Rs 31.21 crore Tuesday, provisional data showed.

The BSE benchmark Sensex opened on a positive note for the third successive session, rising nearly 200 points, on positive global cues ahead of key G20 and Opec meetings. The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, lower at 10,725.60.&nbsp;

The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

The rupee depreciated by 10 paise to 70.89 against the US dollar in early trade Wednesday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee but a higher opening of the domestic equity markets, capped the losses. The rupee opened lower at 70.88 per dollar against and dropped further to quote at 70.89, 10 paise down over its previous close. The rupee recovered by 8 paise to close at 70.79 against the US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices. Meanwhile, on net basis, foreign funds bought shares worth Rs 811.52 crore, while DIIs purchased share to the tune of Rs 31.21 crore Tuesday, provisional data showed. The BSE benchmark Sensex opened on a positive note for the third successive session, rising nearly 200 points, on positive global cues ahead of key G20 and Opec meetings. The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, lower at 10,725.60.

Rupee falls 10 paise to 70.89 against US dollar in early trade

Relentless upward movements in crude prices since July led to increases in speculations in foreign exchange market and such activities seem to have triggered the <a href="http://www.wionews.com/business-economy/rupee-falls-10-paise-to-7089-against-us-dollar-in-early-trade-179897">rupee fall </a>in recent months, an SBI research report Wednesday.

SBI's 'Ecowrap' noted that even as there have been policy changes to liberalise capital inflows, merchant and interbank market foreign exchange turnover give interesting insights regarding the demand-supply matrix of foreign exchange.

In the merchant market (in both spot and forward segment), there was an excess demand in the range of USD 9-14 billion since February 2018. However, in the interbank market, the trend is quite opposite and there has been excess supply.

Specifically, in the month of August, the excess demand in the Merchant segment was far outstripped by oversupply in Inter Bank market, said the report titled 'Rupee for a Turnaround'.

"This indicates that speculation may have triggered a currency fall," it said.

The report further said the Reserve Bank of India should have created a special window for oil marketing companies and have taken out USD 400-450 million daily dollar demand.

The relentless increase in crude prices since July did increase speculative activities in the foreign exchange market that may have been avoided through vaguely right/ proactive measures, it said.

The rupee Wednesday strengthened by 17 paise to close at 70.62 against the US currency as global crude oil prices slipped below the USD 60 per barrel mark amid a smart recovery in domestic equity markets.

The Indian currency had breached the level of 74 against the US dollar in October.

Relentless upward movements in crude prices since July led to increases in speculations in foreign exchange market and such activities seem to have triggered the rupee fall in recent months, an SBI research report Wednesday.

Relentless upward movements in crude prices since July led to increases in speculations in foreign exchange market and such activities seem to have triggered the rupee fall in recent months, an SBI research report Wednesday. SBI's 'Ecowrap' noted that even as there have been policy changes to liberalise capital inflows, merchant and interbank market foreign exchange turnover give interesting insights regarding the demand-supply matrix of foreign exchange. In the merchant market (in both spot and forward segment), there was an excess demand in the range of USD 9-14 billion since February 2018. However, in the interbank market, the trend is quite opposite and there has been excess supply. Specifically, in the month of August, the excess demand in the Merchant segment was far outstripped by oversupply in Inter Bank market, said the report titled 'Rupee for a Turnaround'. "This indicates that speculation may have triggered a currency fall," it said. The report further said the Reserve Bank of India should have created a special window for oil marketing companies and have taken out USD 400-450 million daily dollar demand. The relentless increase in crude prices since July did increase speculative activities in the foreign exchange market that may have been avoided through vaguely right/ proactive measures, it said. The rupee Wednesday strengthened by 17 paise to close at 70.62 against the US currency as global crude oil prices slipped below the USD 60 per barrel mark amid a smart recovery in domestic equity markets. The Indian currency had breached the level of 74 against the US dollar in October.

Crude prices surge led to speculations in forex which triggered rupee fall: SBI report

The BSE benchmark Sensex opened on a positive note for the third successive session Wednesday, rising nearly 200 points, on positive global cues as investors await comments from the US Fed and hope for a trade deal between the US and China.

The 30-share Sensex was trading 177.17 points, or 0.50 per cent, higher at 35,690.31.

The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, higher at 10,725.60.

According to analysts, the fall in crude oil prices have catapulted bullish sentiments on the street.

"International markets will focus on the G20 meeting in Buenos Aires next week for cues on the ongoing US-China trade spat," they added.

Top gainers include IndusInd Bank, Infosys, ITC, Kotak Bank, HDFC Bank, Hero MotoCorp, Bharti Airtel, SBI, Asian Paints, TCS, M&amp;M and Bajaj Auto, rising up to 1.93 per cent.

While, Yes Bank was the biggest loser, falling over 4 per cent, after Moody's Investors Service Tuesday downgraded Yes Bank's ratings to non-investment grade and changed the bank's outlook to negative from stable on the back of various resignations from the board.

Reports that the sparring promoters of Yes Bank were inching towards a truce failed to lift the stock as there was no clarity over the exact status of the talks with one camp claiming it was at an advanced stage and the other not being on the same page.

Sources close to Rana Kapoor Tuesday evening claimed that settlement talks were at an "advanced stage", while the Madhu Kapur family maintained that the "discussions are still on".

"It is an over five-year-old battle and it will take time for a consensus to emerge. We are not anywhere near a consensus now," sources close to the Madhu Kapur family told PTI.

Other losers include, ONGC, NTPC, Coal India, Tata Motors, Adani Ports, Wipro, Vedanta and Axis Bank, falling up to 1.33 per cent.

Meanwhile, the rupee depreciated by 10 paise to 70.89 against the US dollar in early trade at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 811.52 crore and domestic institutional investors (DIIs) were net buyers to the tune of Rs 31.21 crore, provisional data available with BSE suggested.

Elsewhere in Asia, Japan's Nikkei rose 0.89 per cent, Shanghai Composite Index rose 0.86 per cent, and Taiwan Capitalization Weighted Stock Index rose 0.44 per cent.

In the US, The Dow Jones Industrial Average index rose 108.49 points, or 0.44 per cent, to 24,748.73 on Tuesday.&nbsp;

The BSE benchmark Sensex opened on a positive note for the third successive session Wednesday, rising nearly 200 points, on positive global cues as investors await comments from the US Fed and hope for a trade deal between the US and China.

The BSE benchmark Sensex opened on a positive note for the third successive session Wednesday, rising nearly 200 points, on positive global cues as investors await comments from the US Fed and hope for a trade deal between the US and China. The 30-share Sensex was trading 177.17 points, or 0.50 per cent, higher at 35,690.31. The NSE Nifty too witnessed similar movement, and was trading 35.20 points, or 0.35 per cent, higher at 10,725.60. According to analysts, the fall in crude oil prices have catapulted bullish sentiments on the street. "International markets will focus on the G20 meeting in Buenos Aires next week for cues on the ongoing US-China trade spat," they added. Top gainers include IndusInd Bank, Infosys, ITC, Kotak Bank, HDFC Bank, Hero MotoCorp, Bharti Airtel, SBI, Asian Paints, TCS, M&M and Bajaj Auto, rising up to 1.93 per cent. While, Yes Bank was the biggest loser, falling over 4 per cent, after Moody's Investors Service Tuesday downgraded Yes Bank's ratings to non-investment grade and changed the bank's outlook to negative from stable on the back of various resignations from the board. Reports that the sparring promoters of Yes Bank were inching towards a truce failed to lift the stock as there was no clarity over the exact status of the talks with one camp claiming it was at an advanced stage and the other not being on the same page. Sources close to Rana Kapoor Tuesday evening claimed that settlement talks were at an "advanced stage", while the Madhu Kapur family maintained that the "discussions are still on". "It is an over five-year-old battle and it will take time for a consensus to emerge. We are not anywhere near a consensus now," sources close to the Madhu Kapur family told PTI. Other losers include, ONGC, NTPC, Coal India, Tata Motors, Adani Ports, Wipro, Vedanta and Axis Bank, falling up to 1.33 per cent. Meanwhile, the rupee depreciated by 10 paise to 70.89 against the US dollar in early trade at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 811.52 crore and domestic institutional investors (DIIs) were net buyers to the tune of Rs 31.21 crore, provisional data available with BSE suggested. Elsewhere in Asia, Japan's Nikkei rose 0.89 per cent, Shanghai Composite Index rose 0.86 per cent, and Taiwan Capitalization Weighted Stock Index rose 0.44 per cent. In the US, The Dow Jones Industrial Average index rose 108.49 points, or 0.44 per cent, to 24,748.73 on Tuesday.

Sensex rises nearly 200 points on positive global cues