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With headline inflation expected to remain benign in the second half of the current fiscal, a report Monday said the Reserve Bank of India (RBI) is likely to keep repo rate, or the rate at which it lends to the banks, unchanged in the rest of the fiscal.

The consumer price index (CPI)-based inflation fell to a one-year low of 3.31 per cent in October 2018, from 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 had touched 3.28 per cent.

"Given the strong focus of the MPC (monetary policy committee) on the headline inflation print, which should remain benign for the rest of second half of FY19, we see limited scope for rate hikes in the rest of FY19," the Kotak Economic Research report said.

It expects headline inflation to be in the range of 2.8-4.3 per cent.

It can be noted that the apex bank had maintained a status quo in its October policy review after two consecutive rounds of rate hikes of 0.25 per cent each. The repo rate currently stands at 6.5 per cent.

The report, however, said it remains watchful of the upside risks to inflation emanating from pass-through of minimum support prices (MSPs), adverse movement in crude oil prices, volatility in global financial markets, lagged impact of the rupee weakness on input prices, adverse implications from fiscal slippage and staggered impact of HRA increases by states and its second-round impact.

"However, the seemingly structurally benign food inflation along with softening growth should help in capping the upside pressures, thereby providing the RBI with the comfort of staying on pause mode in the foreseeable future," it noted.

CPI inflation eased to 3.31 per cent in October, primarily led by contraction of 0.9 per cent in food inflation amid a sharp drop in the prices of vegetables and pulses.

On a sequential basis, food inflation contracted by 0.5 per cent month-on-month after contracting by 1.1 per cent in September.

Prices of fruits, vegetables, pulses, sugar and eggs continued to fall on a monthly basis.

Core inflation (including petrol and diesel) hardened to 6.1 per cent in October from 5.7 per cent in September due to increase in prices in segments such as household goods and services, health and personal care.&nbsp;

With headline inflation expected to remain benign in the second half of the current fiscal, a report Monday said the Reserve Bank of India (RBI) is likely to keep repo rate, or the rate at which it lends to the banks, unchanged in the rest of the fiscal.

With headline inflation expected to remain benign in the second half of the current fiscal, a report Monday said the Reserve Bank of India (RBI) is likely to keep repo rate, or the rate at which it lends to the banks, unchanged in the rest of the fiscal. The consumer price index (CPI)-based inflation fell to a one-year low of 3.31 per cent in October 2018, from 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 had touched 3.28 per cent. "Given the strong focus of the MPC (monetary policy committee) on the headline inflation print, which should remain benign for the rest of second half of FY19, we see limited scope for rate hikes in the rest of FY19," the Kotak Economic Research report said. It expects headline inflation to be in the range of 2.8-4.3 per cent. It can be noted that the apex bank had maintained a status quo in its October policy review after two consecutive rounds of rate hikes of 0.25 per cent each. The repo rate currently stands at 6.5 per cent. The report, however, said it remains watchful of the upside risks to inflation emanating from pass-through of minimum support prices (MSPs), adverse movement in crude oil prices, volatility in global financial markets, lagged impact of the rupee weakness on input prices, adverse implications from fiscal slippage and staggered impact of HRA increases by states and its second-round impact. "However, the seemingly structurally benign food inflation along with softening growth should help in capping the upside pressures, thereby providing the RBI with the comfort of staying on pause mode in the foreseeable future," it noted. CPI inflation eased to 3.31 per cent in October, primarily led by contraction of 0.9 per cent in food inflation amid a sharp drop in the prices of vegetables and pulses. On a sequential basis, food inflation contracted by 0.5 per cent month-on-month after contracting by 1.1 per cent in September. Prices of fruits, vegetables, pulses, sugar and eggs continued to fall on a monthly basis. Core inflation (including petrol and diesel) hardened to 6.1 per cent in October from 5.7 per cent in September due to increase in prices in segments such as household goods and services, health and personal care.

RBI may keep repo rate unchanged for remainder of fiscal year: Report

After moving between gains and losses, the benchmark BSE Sensex Tuesday ended with 332 points gain on strong buying in energy, infra and banking stocks amid fresh foreign fund inflows and recovery in the rupee.

Besides, easing global crude oil prices, which slipped below the US $70 a barrel, and rupee recovering lost ground also helped build positive sentiments.

The rupee staged a strong comeback by strengthening 37 paise to 72.52 (intra-day) against the American currency.

The global benchmark Brent crude was trading down 0.98 per cent at US $69.43 per barrel.

The BSE 30-share Sensex after resuming a tad higher at 34,846.90 quickly slipped into the negative zone to touch a low of 34,672.20, largely in sync with global sell-off.

However, hectic buying in late afternoon trade reversed the day's losses and helped the Sensex hit a high of 35,185.17 before settling 331.50 points, or 0.95 per cent, higher at 35,144.49.

The gauge had lost 425 points in the previous two sessions.

The broader NSE Nifty after shuttling between 10,451.90 and 10,595.75 finally concluded 100.30 points, or 0.96 per cent, higher at 10,582.50.

Domestic market sentiments were upbeat about the fall in consumer inflation data for October.

Retail inflation 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, official data released Monday showed.

Industrial production, however, grew at the slowest pace in four months at 4.5 per cent in September.

The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017.

On a net basis, Foreign institutional Investors (FIIs) bought shares worth Rs 832.15 crore, while domestic institutional investors (DIIs) sold shares of Rs 1,073.84 crore Monday, provisional data showed.&nbsp;

After moving between gains and losses, the benchmark BSE Sensex Tuesday ended with 332 points gain on strong buying in energy, infra and banking stocks amid fresh foreign fund inflows and recovery in the rupee.

After moving between gains and losses, the benchmark BSE Sensex Tuesday ended with 332 points gain on strong buying in energy, infra and banking stocks amid fresh foreign fund inflows and recovery in the rupee. Besides, easing global crude oil prices, which slipped below the US $70 a barrel, and rupee recovering lost ground also helped build positive sentiments. The rupee staged a strong comeback by strengthening 37 paise to 72.52 (intra-day) against the American currency. The global benchmark Brent crude was trading down 0.98 per cent at US $69.43 per barrel. The BSE 30-share Sensex after resuming a tad higher at 34,846.90 quickly slipped into the negative zone to touch a low of 34,672.20, largely in sync with global sell-off. However, hectic buying in late afternoon trade reversed the day's losses and helped the Sensex hit a high of 35,185.17 before settling 331.50 points, or 0.95 per cent, higher at 35,144.49. The gauge had lost 425 points in the previous two sessions. The broader NSE Nifty after shuttling between 10,451.90 and 10,595.75 finally concluded 100.30 points, or 0.96 per cent, higher at 10,582.50. Domestic market sentiments were upbeat about the fall in consumer inflation data for October. Retail inflation 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, official data released Monday showed. Industrial production, however, grew at the slowest pace in four months at 4.5 per cent in September. The industrial production measured in terms of Index of Industrial Production (IIP) was 4.1 per cent in September 2017. On a net basis, Foreign institutional Investors (FIIs) bought shares worth Rs 832.15 crore, while domestic institutional investors (DIIs) sold shares of Rs 1,073.84 crore Monday, provisional data showed.

Sensex rebounds 332 points on easing crude, rupee gains

Chinese Premier Li Keqiang said on Monday Beijing will further open up its economy in the face of rising protectionism, as he headed for meetings with Asia-Pacific leaders in Singapore that are expected to focus on trade tensions.

Li's remarks in an article in Singapore's Straits Times newspaper, ahead of his arrival in the city-state later in the day, came as Singapore's Prime Minister Lee Hsien Loong called for more regional integration, saying multilateralism was under threat from political pressures.

"China has opened its door to the world; we will never close it but open it even wider," Li said in the article, in which he called for an "open world economy" in the face of "rising protectionism and unilateralism". He did not directly refer to China's bruising trade war with the United States.

Notably absent from this week's meetings is US President Donald Trump, who has said several existing multilateral trade deals are unfair, and has railed against China over intellectual property theft, entry barriers to US businesses and a gaping trade deficit.

Vice President Mike Pence will attend instead of Trump, and Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe are among those also expected to join Li and the ten-member member Association of Southeast Asian Nations (ASEAN).

It was not clear if Li and Pence will hold separate talks on the sidelines of the meetings, which would be a prelude to a summit scheduled between Trump and Chinese President Xi Jinping at the end of the month in Buenos Aires.

The encounter, if it happens, would come on the heels of high-level talks in Washington where the two sides aired their main differences but appeared to attempt controlling the damage to relations that has worsened with tit-for-tat tariffs in recent months.

Meanwhile, in remarks at a business summit on Monday ahead of this week's meetings, Singapore PM Lee said:

"ASEAN has great potential, but fully realising it depends on whether we choose to become more integrated, and work resolutely towards this goal in a world where multilateralism is fraying under political pressures".

Lee has previously warned that the US-China trade war could have a "big, negative impact" on Singapore, and the city-state's central bank has warned it could soon drag on the economy.

Both Singapore and China are expected to rally support for the Regional Comprehensive Economic Partnership (RCEP) pact now being negotiated, showcased to be the free trade deal that will encompass more than a third of the world's GDP.

The pact includes 16 countries, including China, India, Japan and South Korea, but not the United States. Li said China would work to "expedite" RCEP negotiations this week.

Also on Monday, the ten-member ASEAN group reached their first ever deal on e-commerce aimed at helping boost cross-border transactions in the region.

Chinese Premier Li Keqiang said on Monday Beijing will further open up its economy in the face of rising protectionism, as he headed for meetings with Asia-Pacific leaders in Singapore that are expected to focus on trade tensions.

Chinese Premier Li Keqiang said on Monday Beijing will further open up its economy in the face of rising protectionism, as he headed for meetings with Asia-Pacific leaders in Singapore that are expected to focus on trade tensions. Li's remarks in an article in Singapore's Straits Times newspaper, ahead of his arrival in the city-state later in the day, came as Singapore's Prime Minister Lee Hsien Loong called for more regional integration, saying multilateralism was under threat from political pressures. "China has opened its door to the world; we will never close it but open it even wider," Li said in the article, in which he called for an "open world economy" in the face of "rising protectionism and unilateralism". He did not directly refer to China's bruising trade war with the United States. Notably absent from this week's meetings is US President Donald Trump, who has said several existing multilateral trade deals are unfair, and has railed against China over intellectual property theft, entry barriers to US businesses and a gaping trade deficit. Vice President Mike Pence will attend instead of Trump, and Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe are among those also expected to join Li and the ten-member member Association of Southeast Asian Nations (ASEAN). It was not clear if Li and Pence will hold separate talks on the sidelines of the meetings, which would be a prelude to a summit scheduled between Trump and Chinese President Xi Jinping at the end of the month in Buenos Aires. The encounter, if it happens, would come on the heels of high-level talks in Washington where the two sides aired their main differences but appeared to attempt controlling the damage to relations that has worsened with tit-for-tat tariffs in recent months. Meanwhile, in remarks at a business summit on Monday ahead of this week's meetings, Singapore PM Lee said: "ASEAN has great potential, but fully realising it depends on whether we choose to become more integrated, and work resolutely towards this goal in a world where multilateralism is fraying under political pressures". Lee has previously warned that the US-China trade war could have a "big, negative impact" on Singapore, and the city-state's central bank has warned it could soon drag on the economy. Both Singapore and China are expected to rally support for the Regional Comprehensive Economic Partnership (RCEP) pact now being negotiated, showcased to be the free trade deal that will encompass more than a third of the world's GDP. The pact includes 16 countries, including China, India, Japan and South Korea, but not the United States. Li said China would work to "expedite" RCEP negotiations this week. Also on Monday, the ten-member ASEAN group reached their first ever deal on e-commerce aimed at helping boost cross-border transactions in the region.

China says will further open up its economy, slams rising protectionism

Oil prices rose by more than one per cent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October.

Front-month Brent crude futures, a benchmark for global oil prices, were at $71.37 per barrel at 0531 GMT, up $1.19, or 1.7 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 per cent.

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut.

Khalid al-Falih told reporters that Saudi Aramco's customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 per cent.

Saudi Arabia is the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC).

Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said OPEC was "focused on mitigating downside risks" after crude prices declined by around 20 per cent over a month following a supply surge, particularly from the top three producers the United States, Russia and Saudi Arabia.

"Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

A big concern for Saudi Arabia and other traditional producers from the Middle East-dominated OPEC is the surge in US output.

US&nbsp;energy firms last week added 12 oil rigs in the week to Nov. 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday.

The rig count indicates US crude output, already at a record 11.6 million bpd, will increase further.

"One thing that is abundantly clear, OPEC is in for a shale shocker as US&nbsp;crude production increased to a record 11.6 million barrels per day and will cross the 12 million threshold next year," Innes said.

Oil prices rose by more than one per cent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October.

Oil prices rose by more than one per cent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October. Front-month Brent crude futures, a benchmark for global oil prices, were at $71.37 per barrel at 0531 GMT, up $1.19, or 1.7 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 per cent. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut. Khalid al-Falih told reporters that Saudi Aramco's customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 per cent. Saudi Arabia is the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC). Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said OPEC was "focused on mitigating downside risks" after crude prices declined by around 20 per cent over a month following a supply surge, particularly from the top three producers the United States, Russia and Saudi Arabia. "Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. A big concern for Saudi Arabia and other traditional producers from the Middle East-dominated OPEC is the surge in US output. US energy firms last week added 12 oil rigs in the week to Nov. 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday. The rig count indicates US crude output, already at a record 11.6 million bpd, will increase further. "One thing that is abundantly clear, OPEC is in for a shale shocker as US crude production increased to a record 11.6 million barrels per day and will cross the 12 million threshold next year," Innes said.

Oil prices rise by more than 1 per cent after Saudis announce December supply cut

Bharti Airtel managing director and CEO Gopal Vittal, Reliance Jio president Mathew Oommen and 24 others have been elected to the board of global telecom industry body GSMA for the 2019-2020 term.

Vodafone Group Chief Executive for the Africa, Middle East and Asia-Pacific Region, Vivek Badrinath, too has been elected to the GSMA board, according to the announcement. Badrinath is also a non-executive director on the board of Vodafone Idea Ltd.

The GSMA Board has 26 members, including 25 operator representatives from the world's largest operator groups as well as smaller, independent operators with global representation.

All three major private Indian telecom operators are part of the GSMA board.&nbsp;

"I feel privileged to have been given the opportunity to serve the world's premier mobile association. I look forward to working with the GSMA board members to put out the industry's growth vision in an increasingly digitally integrated world," Vittal said in a separate statement.

GSMA also announced the election of Stephane Richard, Chairman and Chief Executive Officer of Orange Group as Chair, and Chua Sock Koong, Group Chief Executive Officer of Singtel Group as Deputy Chair.

Richard replaces Bharti Airtel Chairman Sunil Bharti Mittal, who is currently serving as the chairman of the GSMA board, and his two-year tenure is coming to an end by this year-end.

"Mittal, founder and chairman of Bharti Enterprises and current GSMA chair, will step down from the board at the end of 2018. Mittal served as a member of the GSMA board from 2005 through 2008 and then again as chair from 2016 through 2018," GSMA said.&nbsp;

Bharti Airtel managing director and CEO Gopal Vittal, Reliance Jio president Mathew Oommen and 24 others have been elected to the board of global telecom industry body GSMA for the 2019-2020 term.

Bharti Airtel managing director and CEO Gopal Vittal, Reliance Jio president Mathew Oommen and 24 others have been elected to the board of global telecom industry body GSMA for the 2019-2020 term. Vodafone Group Chief Executive for the Africa, Middle East and Asia-Pacific Region, Vivek Badrinath, too has been elected to the GSMA board, according to the announcement. Badrinath is also a non-executive director on the board of Vodafone Idea Ltd. The GSMA Board has 26 members, including 25 operator representatives from the world's largest operator groups as well as smaller, independent operators with global representation. All three major private Indian telecom operators are part of the GSMA board. "I feel privileged to have been given the opportunity to serve the world's premier mobile association. I look forward to working with the GSMA board members to put out the industry's growth vision in an increasingly digitally integrated world," Vittal said in a separate statement. GSMA also announced the election of Stephane Richard, Chairman and Chief Executive Officer of Orange Group as Chair, and Chua Sock Koong, Group Chief Executive Officer of Singtel Group as Deputy Chair. Richard replaces Bharti Airtel Chairman Sunil Bharti Mittal, who is currently serving as the chairman of the GSMA board, and his two-year tenure is coming to an end by this year-end. "Mittal, founder and chairman of Bharti Enterprises and current GSMA chair, will step down from the board at the end of 2018. Mittal served as a member of the GSMA board from 2005 through 2008 and then again as chair from 2016 through 2018," GSMA said.

Airtel's Gopal Vittal, Jio's Mathew Oommen appointed as members on GSMA Board

The BSE benchmark Sensex recovered by over 155 points and the NSE Nifty breached the 10,600-mark in opening trade Monday on fresh buying by investors, ahead of release of macroeconomic data later in the day.

Traders said, fresh fund inflows by foreign funds and a bullish trend on other Asian bourses also influenced trading sentiments here.

The 30-share Sensex was quoting 155.14 points, or 0.44 per cent higher at 35,313.69 points. The gauge had lost over 79 points on Friday.

Reflecting the market's better mood, all the sectoral indices led by consumer durables, IT, healthcare and banking were trading in the positive zone with gains up to 1.66 per cent.

Also, the NSE Nifty was trading higher by 46.55 points, or 0.44 per cent, to 10,631.75.

Brokers said, building up of positions by domestic investors ahead of the release of index of industrial production (IIP) data for September and inflation data for October later in the day, buoyed trading sentiment.

Among the Sensex constituents, Kotak Bank, Bharti Airtel, IndusInd Bank, Adani Ports, Infosys, HDFC Ltd, Tata Steel, M&amp;M, TCS, ONGC, Coal India, Asian Paints, Bajaj Auto, L&amp;T, Vedanta Ltd, Sun Pharma, ICICI Bank, HDFC Bank and Axis Bank were major gainers, rising by up to 1.49 per cent.

Meanwhile, on net basis, foreign funds bought shares worth Rs 614.14 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 337.28 crore Friday, provisional data showed.

In the Asian region, Japan's Nikkei was up 0.29 per cent, Shanghai Composite Index up 0.67 per cent. Hong Kong's Hang Seng too rose 0.26 per cent and Taiwan index was up 0.40 per cent.

The US Dow Jones Industrial Average, however, ended 0.77 per cent down on Friday.

The BSE benchmark Sensex recovered by over 155 points and the NSE Nifty breached the 10,600-mark in opening trade Monday on fresh buying by investors, ahead of release of macroeconomic data later in the day.

The BSE benchmark Sensex recovered by over 155 points and the NSE Nifty breached the 10,600-mark in opening trade Monday on fresh buying by investors, ahead of release of macroeconomic data later in the day. Traders said, fresh fund inflows by foreign funds and a bullish trend on other Asian bourses also influenced trading sentiments here. The 30-share Sensex was quoting 155.14 points, or 0.44 per cent higher at 35,313.69 points. The gauge had lost over 79 points on Friday. Reflecting the market's better mood, all the sectoral indices led by consumer durables, IT, healthcare and banking were trading in the positive zone with gains up to 1.66 per cent. Also, the NSE Nifty was trading higher by 46.55 points, or 0.44 per cent, to 10,631.75. Brokers said, building up of positions by domestic investors ahead of the release of index of industrial production (IIP) data for September and inflation data for October later in the day, buoyed trading sentiment. Among the Sensex constituents, Kotak Bank, Bharti Airtel, IndusInd Bank, Adani Ports, Infosys, HDFC Ltd, Tata Steel, M&M, TCS, ONGC, Coal India, Asian Paints, Bajaj Auto, L&T, Vedanta Ltd, Sun Pharma, ICICI Bank, HDFC Bank and Axis Bank were major gainers, rising by up to 1.49 per cent. Meanwhile, on net basis, foreign funds bought shares worth Rs 614.14 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 337.28 crore Friday, provisional data showed. In the Asian region, Japan's Nikkei was up 0.29 per cent, Shanghai Composite Index up 0.67 per cent. Hong Kong's Hang Seng too rose 0.26 per cent and Taiwan index was up 0.40 per cent. The US Dow Jones Industrial Average, however, ended 0.77 per cent down on Friday.

Sensex, Nifty back in green, all eyes on macro data

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Monday.

In Delhi, petrol is being sold at Rs 77.56 whereas diesel is available at Rs 72.31 per litre. Yesterday, commuters in the national capital shelled out Rs 77.89 and Rs 72.58 for a litre of petrol and diesel respectively.

The prices of the fuel in the national capital stand lowest as compared to other metropolitan cities.

In the financial capital Mumbai, petrol price has slipped to Rs 83.07 per litre and diesel to Rs 75.76. On Sunday, the petrol cost at Rs 83.24 and diesel at Rs 75.92 per litre here.

The rates of the fuel across India have been slashing due to the slip in the prices of crude oil prices. 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.

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Monday.

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Monday. In Delhi, petrol is being sold at Rs 77.56 whereas diesel is available at Rs 72.31 per litre. Yesterday, commuters in the national capital shelled out Rs 77.89 and Rs 72.58 for a litre of petrol and diesel respectively. The prices of the fuel in the national capital stand lowest as compared to other metropolitan cities. In the financial capital Mumbai, petrol price has slipped to Rs 83.07 per litre and diesel to Rs 75.76. On Sunday, the petrol cost at Rs 83.24 and diesel at Rs 75.92 per litre here. The rates of the fuel across India have been slashing due to the slip in the prices of crude oil prices. 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, diesel prices continue to fall

Markets closed on a low note on Monday as Sensex tanked 345.56 points to end at 34,812.99. Nifty dipped by 103 points to 10,482.20, news agency PTI reported. Both indexes closed lower for a second straight session.

Indian shares closed 1 per cent lower on Monday, dragged by oil marketing companies and financials, while investors were cautious ahead of key inflation data due later in the day.

The Indian currency on Monday further weakened against the dollar, dipping by 54 paise to 73.04, owing to increased demand for the American currency from importers amid increasing global crude oil prices.

International benchmark Brent crude was trading higher by 2.04 per cent at $71.61 per barrel. &nbsp; &nbsp;

On Friday, the rupee rose by 50 paise to end at 72.50 per dollar on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the $70 per barrel mark, news agency PTI reported.&nbsp;

Markets on Monday opened in green with Sensex recovering over 155 points, while the NSE Nifty breached the 10,600-mark.&nbsp;

(With inputs from agencies)&nbsp;

Markets closed on a low note on Monday as Sensex tanked 345.56 points to end at 34,812.99. Nifty dipped by 103 points to 10,482.20, news agency PTI reported. Both indexes closed lower for a second straight session.

Markets closed on a low note on Monday as Sensex tanked 345.56 points to end at 34,812.99. Nifty dipped by 103 points to 10,482.20, news agency PTI reported. Both indexes closed lower for a second straight session. Indian shares closed 1 per cent lower on Monday, dragged by oil marketing companies and financials, while investors were cautious ahead of key inflation data due later in the day. The Indian currency on Monday further weakened against the dollar, dipping by 54 paise to 73.04, owing to increased demand for the American currency from importers amid increasing global crude oil prices. International benchmark Brent crude was trading higher by 2.04 per cent at $71.61 per barrel. On Friday, the rupee rose by 50 paise to end at 72.50 per dollar on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the $70 per barrel mark, news agency PTI reported. Markets on Monday opened in green with Sensex recovering over 155 points, while the NSE Nifty breached the 10,600-mark. (With inputs from agencies)

Markets close in red, Sensex tanks nearly 350 points TO 34,812.99

The rupee weakened by 26 paise to 72.76 against the US dollar Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices.

The international benchmark, Brent crude again breached the USD 71 a barrel mark by surging 1.21 per cent.

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.

At the Interbank forex market, the rupee opened lower at 72.74 and slipped further to quote at 72.76 against US dollar, down 26 paise over its previous close.

On Friday, the rupee rose by 50 paise to end at 72.50 per US dollar Friday on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the USD 70 per barrel mark.

Meanwhile, on net basis, foreign funds bought shares worth Rs 614.14 crore, while DIIs sold share to the tune of Rs 337.28 crore Friday, provisional data showed.

The benchmark BSE Sensex rose 99.26 points, or 0.25 per cent to 35,257.81.&nbsp;

The rupee weakened by 26 paise to 72.76 against the US dollar Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices.

The rupee weakened by 26 paise to 72.76 against the US dollar Monday, owing to increased demand for the American currency from importers amid increasing global crude oil prices. The international benchmark, Brent crude again breached the USD 71 a barrel mark by surging 1.21 per cent. 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. At the Interbank forex market, the rupee opened lower at 72.74 and slipped further to quote at 72.76 against US dollar, down 26 paise over its previous close. On Friday, the rupee rose by 50 paise to end at 72.50 per US dollar Friday on increased selling of the greenback by exporters amid softening crude oil prices, which slipped below the USD 70 per barrel mark. Meanwhile, on net basis, foreign funds bought shares worth Rs 614.14 crore, while DIIs sold share to the tune of Rs 337.28 crore Friday, provisional data showed. The benchmark BSE Sensex rose 99.26 points, or 0.25 per cent to 35,257.81.

Rupee falls 26 paise to 72.76 against US dollar

Retail inflation eased to 3.31 per cent in October from 3.70 per cent which was recorded in September, news agency ANI reported on Monday.&nbsp;

Meanwhile, consumer inflation was at around 6.1 per cent in October, compared with around 5.8 per cent in September, Reuters reported. India's September industrial output grew 4.5 per cent.

Earlier in August, retail inflation cooled to an 11-month low of 3.69 per cent. Experts attributed the drop mainly to a fall in prices of kitchen items, including fruits and vegetables.

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Retail inflation reduces to 3.31% in October from 3.70% in September <a href="https://t.co/pGEAGgEiZt">pic.twitter.com/pGEAGgEiZt</a>
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The inflation based on the Consumer Price Index (CPI) stood at 4.17 per cent in July and 3.28 per cent in August 2017, news agency PTI reported. In October 2017, the CPI was recorded at 3.58 per cent.

The Reserve Bank of India has been mandated to keep retail inflation at 4 per cent level, with a margin of 2 per cent on either side.

(With inputs from agencies)&nbsp;

Retail inflation eased to 3.31 per cent in October from 3.70 per cent which was recorded in September, news agency ANI reported on Monday. Meanwhile, consumer inflation was at around 6.

Retail inflation eased to 3.31 per cent in October from 3.70 per cent which was recorded in September, news agency ANI reported on Monday. Meanwhile, consumer inflation was at around 6.1 per cent in October, compared with around 5.8 per cent in September, Reuters reported. India's September industrial output grew 4.5 per cent. Earlier in August, retail inflation cooled to an 11-month low of 3.69 per cent. Experts attributed the drop mainly to a fall in prices of kitchen items, including fruits and vegetables. Retail inflation reduces to 3.31% in October from 3.70% in September pic.twitter.com/pGEAGgEiZt — ANI (@ANI) November 12, 2018 × The inflation based on the Consumer Price Index (CPI) stood at 4.17 per cent in July and 3.28 per cent in August 2017, news agency PTI reported. In October 2017, the CPI was recorded at 3.58 per cent. The Reserve Bank of India has been mandated to keep retail inflation at 4 per cent level, with a margin of 2 per cent on either side. (With inputs from agencies)

Retail inflation cools to 3.31% in October, was at 3.70% in September

India has paid out far more in cotton subsidies than the World Trade Organization allows, with payments "vastly in excess" of what it had officially declared, the United States said in a filing to the trade watchdog on Monday.

The US&nbsp;assessment of India's market price support (MPS) for cotton said New Delhi was allowed to pay out up to 10 per cent of the value of production, but the actual figure had ranged from 53 per cent to 81 per cent since 2010.

"It appears that India provides MPS for cotton vastly in excess of what it has reported to the WTO," the US&nbsp;filing said.

Indian Commerce Ministry officials declined to make an immediate comment on the US&nbsp;document, but India has previously dismissed US&nbsp;allegations that it pays higher subsidies than permitted.

Along with more than 45 countries, India has demanded that MPS should be calculated by using the recent reference period instead of 1986/88 prices, which was built into the equation at the creation of the WTO, said a government official, who declined to be named.

While India’s calculations are based on dollar terms, the US&nbsp;calculations are based on local currency, said the official, who has direct knowledge of the trade negotiations.

The US&nbsp;filing is the latest in a series of analyses of publicly available data that Washington has submitted to the WTO, each one setting out apparent breaches of WTO rules that are hiding in plain sight. Previous submissions have targeted China and Vietnam as well as India.

"The United States is providing this information to other (WTO) Members in the interest of promoting transparency surrounding India's MPS policies," the filing said. "This document is for the purpose of discussion by World Trade Organization Members."

India has been the second-largest cotton producer since 2006, behind China, and the second-largest exporter since 2007, the document said.

The U.S. filing said that for the 2015/16 marketing year, India had notified market price support of $18 million, which was about 1.2 billion rupees, but the United States estimated that the correct figure was 504 billion rupees.

In 2016/17, India had not notified any MPS, but the United States calculated the correct level at around 557 billion rupees.

"The United States looks forward to future discussion of the significance of India’s MPS for cotton for both India’s market and for world markets – both with India and with other Members," it said. 
&nbsp;

India has paid out far more in cotton subsidies than the World Trade Organization allows, with payments "vastly in excess" of what it had officially declared, the United States said in a filing to the trade watchdog on Monday.

India has paid out far more in cotton subsidies than the World Trade Organization allows, with payments "vastly in excess" of what it had officially declared, the United States said in a filing to the trade watchdog on Monday. The US assessment of India's market price support (MPS) for cotton said New Delhi was allowed to pay out up to 10 per cent of the value of production, but the actual figure had ranged from 53 per cent to 81 per cent since 2010. "It appears that India provides MPS for cotton vastly in excess of what it has reported to the WTO," the US filing said. Indian Commerce Ministry officials declined to make an immediate comment on the US document, but India has previously dismissed US allegations that it pays higher subsidies than permitted. Along with more than 45 countries, India has demanded that MPS should be calculated by using the recent reference period instead of 1986/88 prices, which was built into the equation at the creation of the WTO, said a government official, who declined to be named. While India’s calculations are based on dollar terms, the US calculations are based on local currency, said the official, who has direct knowledge of the trade negotiations. The US filing is the latest in a series of analyses of publicly available data that Washington has submitted to the WTO, each one setting out apparent breaches of WTO rules that are hiding in plain sight. Previous submissions have targeted China and Vietnam as well as India. "The United States is providing this information to other (WTO) Members in the interest of promoting transparency surrounding India's MPS policies," the filing said. "This document is for the purpose of discussion by World Trade Organization Members." India has been the second-largest cotton producer since 2006, behind China, and the second-largest exporter since 2007, the document said. The U.S. filing said that for the 2015/16 marketing year, India had notified market price support of $18 million, which was about 1.2 billion rupees, but the United States estimated that the correct figure was 504 billion rupees. In 2016/17, India had not notified any MPS, but the United States calculated the correct level at around 557 billion rupees. "The United States looks forward to future discussion of the significance of India’s MPS for cotton for both India’s market and for world markets – both with India and with other Members," it said.

US says India paid bigger cotton subsidies than WTO allows

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses.

Losses came in at 12.97 billion rupees ($178.01 million) for the quarter ended September 30, compared with a profit of 496.3 million rupees a year earlier, the airline said.

Fuel expenses jumped 58.6 per cent to 24.20 billion rupees, while revenue from operations climbed 9.5 per cent.&nbsp;

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses. Losses came in at 12.

Jet Airways (India) Ltd, the country's biggest full-service carrier, posted its third straight quarterly loss on Monday, hurt by higher fuel expenses. Losses came in at 12.97 billion rupees ($178.01 million) for the quarter ended September 30, compared with a profit of 496.3 million rupees a year earlier, the airline said. Fuel expenses jumped 58.6 per cent to 24.20 billion rupees, while revenue from operations climbed 9.5 per cent.

Hurt by higher fuel expenses, Jet Airways posts third quarterly loss

Prime Minister Narendra Modi will address some 30,000 people at the world's largest gathering of financial technology companies in Singapore this week and launch a banking solution for two billion people without bank accounts worldwide.

Prime Minister Modi will be in Singapore from November 14 to 15 to attend a series of summits, including the East Asian summit and ASEAN meetings.

He is scheduled to speak at the Fintech Festival which has the largest gathering of global Fintech companies and delegates ranging from the industry leaders to smaller start-ups.

He will address 30,000 people at the festival, the biggest event of its kind in the world, the organisers said. India with 400 exhibitors is the largest contingent at the event.

PM Modi will launch APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts.

Designed by software experts based in Hyderabad, Colombo and London, APIX is a sophisticated technology by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 and 4, to reach out to people in the remote regions.

The Prime Minister will be launching the technology at the invitation of Monetary Authority of Singapore, the International Finance Corp of the World Bank and the ASEAN Banking Association, said Nikhil Menon, Virtusa's senior vice president and Asia regional head.

APIX will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji, said Menon.

Supporting PM Modi's presence at the festival is India Pavilion of 18 companies.

Eight of these companies are from Mumbai. The Pavilion is organised by the state-owned Maharashtra Information Technology Corp Ltd (MahaIT).

Mumbai Fintechs at the festival are seeking opportunities in the global markets, said MahaIT Fintech Officer Suniti Nanda.

"Mumbai, as a financial hub, is also a gateway for international fintech companies to enter the Indian market," Nanda said, adding that the festival gives opportunities both to understand global market requirements and present the potential of large-scale Indian consumers.

Malaysian fintechs have expressed interest in joining Indian fintechs to venture into India, according to Tushar Shankar, co-founder of Mumbai-based PhiCommerce which is presenting PayPhi, a three-year-old cashless system of making payments.

PayPhi is a socio-economic platform enabling the simple villager to dweller in metro to make payment, he said.

The Malaysians want to tap the online buying power for Indian consumers, he said.

"We are also participating in the festival to get a deeper understanding of the global market," said Shankar.

He also highlighted that India has been drawing global fintechs' interest as it has emerged as one of the largest system-based payment markets.

Prime Minister Narendra Modi will address some 30,000 people at the world's largest gathering of financial technology companies in Singapore this week and launch a banking solution for two billion people without bank accounts worldwide.

Prime Minister Narendra Modi will address some 30,000 people at the world's largest gathering of financial technology companies in Singapore this week and launch a banking solution for two billion people without bank accounts worldwide. Prime Minister Modi will be in Singapore from November 14 to 15 to attend a series of summits, including the East Asian summit and ASEAN meetings. He is scheduled to speak at the Fintech Festival which has the largest gathering of global Fintech companies and delegates ranging from the industry leaders to smaller start-ups. He will address 30,000 people at the festival, the biggest event of its kind in the world, the organisers said. India with 400 exhibitors is the largest contingent at the event. PM Modi will launch APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts. Designed by software experts based in Hyderabad, Colombo and London, APIX is a sophisticated technology by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 and 4, to reach out to people in the remote regions. The Prime Minister will be launching the technology at the invitation of Monetary Authority of Singapore, the International Finance Corp of the World Bank and the ASEAN Banking Association, said Nikhil Menon, Virtusa's senior vice president and Asia regional head. APIX will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji, said Menon. Supporting PM Modi's presence at the festival is India Pavilion of 18 companies. Eight of these companies are from Mumbai. The Pavilion is organised by the state-owned Maharashtra Information Technology Corp Ltd (MahaIT). Mumbai Fintechs at the festival are seeking opportunities in the global markets, said MahaIT Fintech Officer Suniti Nanda. "Mumbai, as a financial hub, is also a gateway for international fintech companies to enter the Indian market," Nanda said, adding that the festival gives opportunities both to understand global market requirements and present the potential of large-scale Indian consumers. Malaysian fintechs have expressed interest in joining Indian fintechs to venture into India, according to Tushar Shankar, co-founder of Mumbai-based PhiCommerce which is presenting PayPhi, a three-year-old cashless system of making payments. PayPhi is a socio-economic platform enabling the simple villager to dweller in metro to make payment, he said. The Malaysians want to tap the online buying power for Indian consumers, he said. "We are also participating in the festival to get a deeper understanding of the global market," said Shankar. He also highlighted that India has been drawing global fintechs' interest as it has emerged as one of the largest system-based payment markets.

Prime Minister Modi to address 30,000 people at Singapore financial technology fest

Apple said on Friday it had found some issues affecting some of its iPhone X and 13-inch MacBook pro products and said the company would fix them free of charge.

The repair offers are the latest in a string of product quality problems over the past year even as Apple has raised prices for most of its laptops, tablets and phones to new heights. Its top-end iPhones now sell for as much as $1,449 and its best iPad goes for as much as $1,899.

Apple said displays on iPhone X, which came out in 2017 with a starting price of $999, may experience touch issues due to a component failure, adding it would replace those parts for free. The company said it only affects the original iPhone X, which has been superseded by the iPhone XS and XR released this autumn.

The screens on affected phones may not respond correctly to touch or it could react even without being touched, the Cupertino, California-based company said.

For the 13-inch MacBook Pro computers, it said an issue may result in data loss and failure of the storage drive. Apple said it would service those affected drives.

Only a limited number of 128GB and 256GB solid-state drives in 13-inch MacBook Pro units sold between June 2017 and June 2018 were affected, Apple said.&nbsp;

Last year, Apple began a massive battery replacement programme after it conceded that a software update intended to help some iPhone models deal with aging batteries slowed down the performance of the phones. The battery imbroglio resulted in inquires from U.S. lawmakers.

In June, Apple said it would offer free replacements for the keyboards in some MacBook and MacBook Pro models. The keyboards, which Apple introduced in laptops starting in 2015, had generated complaints on social media for how much noise they made while typing and for malfunctioning unexpectedly. Apple changed the design of the keyboard this year, adding a layer of silicone underneath the keys.

Apple said on Friday it had found some issues affecting some of its iPhone X and 13-inch MacBook pro products and said the company would fix them free of charge.

Apple said on Friday it had found some issues affecting some of its iPhone X and 13-inch MacBook pro products and said the company would fix them free of charge. The repair offers are the latest in a string of product quality problems over the past year even as Apple has raised prices for most of its laptops, tablets and phones to new heights. Its top-end iPhones now sell for as much as $1,449 and its best iPad goes for as much as $1,899. Apple said displays on iPhone X, which came out in 2017 with a starting price of $999, may experience touch issues due to a component failure, adding it would replace those parts for free. The company said it only affects the original iPhone X, which has been superseded by the iPhone XS and XR released this autumn. The screens on affected phones may not respond correctly to touch or it could react even without being touched, the Cupertino, California-based company said. For the 13-inch MacBook Pro computers, it said an issue may result in data loss and failure of the storage drive. Apple said it would service those affected drives. Only a limited number of 128GB and 256GB solid-state drives in 13-inch MacBook Pro units sold between June 2017 and June 2018 were affected, Apple said. Last year, Apple began a massive battery replacement programme after it conceded that a software update intended to help some iPhone models deal with aging batteries slowed down the performance of the phones. The battery imbroglio resulted in inquires from U.S. lawmakers. In June, Apple said it would offer free replacements for the keyboards in some MacBook and MacBook Pro models. The keyboards, which Apple introduced in laptops starting in 2015, had generated complaints on social media for how much noise they made while typing and for malfunctioning unexpectedly. Apple changed the design of the keyboard this year, adding a layer of silicone underneath the keys.

Apple finds quality problems in some iPhone X and MacBook models

Notwithstanding the positive signs in the Indian banking sector, fundamentals still remain a long way from returning to "healthy level", a DBS report said on Friday.

According to the global financial services major, the recent second quarter earnings of Indian banks showed some positive signs with a slight improvement in asset quality.

Overall, most banks showed a reduction in gross non-performing loans (NPLs) and lower formation of new NPLs. Some banks also expect further improvement in asset quality in the coming quarters, noted the report.

Lower credit costs also helped the bottom line of the banks, as the countries two leading lenders - State Bank of India and ICICI Bank - returned to profit in the September quarter after reporting losses in the prior quarter.

"Gross NPL ratio of our sample remains above 10 per cent while capitalisation remains just about adequate (Tier I ratio of 9-10 per cent)," DBS said in a research note adding, the government is expected to maintain capital levels of banks through periodic equity injection.

The report further noted that asset quality issues are unlikely to be resolved without "exceptional measures", and hence will remain a long-term issue.

DBS, however, cautioned that the recent improvements seen could slow down as recoveries from ongoing bankruptcy resolutions get more challenging once the better quality assets are sold.

The valuation of American bonds held by Indian banks remains relatively expensive and do not offer much upside from current levels. Hence, the bonds have not reacted to the second quarter results unlike equities of the banks which have seen a rally.

"That said, bond valuations are driven by government ownership and supported by the strong technicals (absence of new bond supply). At best, Indian bank bonds are suitable for buy and hold investors for coupon carry," the report said.

Notwithstanding the positive signs in the Indian banking sector, fundamentals still remain a long way from returning to "healthy level", a DBS report said on Friday.

Notwithstanding the positive signs in the Indian banking sector, fundamentals still remain a long way from returning to "healthy level", a DBS report said on Friday. According to the global financial services major, the recent second quarter earnings of Indian banks showed some positive signs with a slight improvement in asset quality. Overall, most banks showed a reduction in gross non-performing loans (NPLs) and lower formation of new NPLs. Some banks also expect further improvement in asset quality in the coming quarters, noted the report. Lower credit costs also helped the bottom line of the banks, as the countries two leading lenders - State Bank of India and ICICI Bank - returned to profit in the September quarter after reporting losses in the prior quarter. "Gross NPL ratio of our sample remains above 10 per cent while capitalisation remains just about adequate (Tier I ratio of 9-10 per cent)," DBS said in a research note adding, the government is expected to maintain capital levels of banks through periodic equity injection. The report further noted that asset quality issues are unlikely to be resolved without "exceptional measures", and hence will remain a long-term issue. DBS, however, cautioned that the recent improvements seen could slow down as recoveries from ongoing bankruptcy resolutions get more challenging once the better quality assets are sold. The valuation of American bonds held by Indian banks remains relatively expensive and do not offer much upside from current levels. Hence, the bonds have not reacted to the second quarter results unlike equities of the banks which have seen a rally. "That said, bond valuations are driven by government ownership and supported by the strong technicals (absence of new bond supply). At best, Indian bank bonds are suitable for buy and hold investors for coupon carry," the report said.

Indian banks showing positive signs but fundamentals still weak: Report

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-term election results and easing crude oil prices.

Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas.

They said the US mid-term election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee.

The Democrats now have a majority in the 435-member House, while Trump's party has retained the majority in the 100-member Senate.

At the interbank forex market, the rupee opened strong at 72.68 and advanced further to trade at 72.65, reflecting a rise of 35 paise over its previous close of 73 against the dollar.

Moreover easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at US $70.70 per barrel.

The rupee had rebounded by 12 paise to end at 73 per US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices.

The forex market was closed on Wednesday and Thursday on account of 'Diwali' and 'Diwali Balipratipada' respectively.

Foreign institutional investors (FIIs), which had been selling on Indian bourses, made fresh purchases worth Rs 31.02 crore Wednesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex opened on a higher note up 20.45 points at 35,258.13 in early trade.&nbsp;

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-term election results and easing crude oil prices. Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas.

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-term election results and easing crude oil prices. Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas. They said the US mid-term election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee. The Democrats now have a majority in the 435-member House, while Trump's party has retained the majority in the 100-member Senate. At the interbank forex market, the rupee opened strong at 72.68 and advanced further to trade at 72.65, reflecting a rise of 35 paise over its previous close of 73 against the dollar. Moreover easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at US $70.70 per barrel. The rupee had rebounded by 12 paise to end at 73 per US dollar Tuesday on increased selling of the greenback by exporters and softening crude oil prices. The forex market was closed on Wednesday and Thursday on account of 'Diwali' and 'Diwali Balipratipada' respectively. Foreign institutional investors (FIIs), which had been selling on Indian bourses, made fresh purchases worth Rs 31.02 crore Wednesday, as per provisional data. Meanwhile, the benchmark BSE Sensex opened on a higher note up 20.45 points at 35,258.13 in early trade.

Rupee rises 35 paise to 72.65 against US dollar in early trade

Benchmark stock indices opened on a negative note Friday following weak global cues after the US Federal Reserve left key interest rates on hold last night, but hinted a rate hike next month.

The BSE Sensex was trading 114.08 points, or 0.32 per cent, lower at 35,123.60. It had dropped 226.45 points in opening trade.

The 30-share index had surged 246 points in the special Muhurat session Wednesday to mark the beginning of Hindu Samvat year 2075.

The NSE Nifty saw similar movement, and was trading 31.05 points, or 0.29 per cent, lower at 10,567.35.

The stock market was closed on Thursday on account of Diwali Balipratipada.

Top losers in the morning session include Bharti Airtel, Wipro, Infosys, Tata Steel, ITC, ONGC, HDFC, NTPC and SBI, falling up to 1.65. Per cent.

Bucking the weak market trend, Yes Bank, Adani Ports, IndusInd Bank, PowerGrid, Asian Paints, Sun Pharma and Hero MotoCorp rose up to 2.36 per cent.

Shares of aviation companies gained due to softening of crude oil prices. InterGlobe Aviation, SpiceJet and Jet Airways were trading up to 2 per cent higher.

US West Texas Intermediate (WTI) crude oil futures were at $60.62 per barrel, down 5 cents from their last settlement.

Meanwhile, the rupee appreciated 35 paise to 72.65 against the dollar in early trade, following US mid-tem election results and easing crude oil prices.

According to provisional data available with the BSE, foreign portfolio investors (FPIs) bought shares worth a net of Rs 31 crore Wednesday, while domestic institutional investors (DIIs) were net buyers too to the tune of Rs 27 crore.

Elsewhere in Asia, Japan's Nikkei was trading 0.93 per cent down, Shanghai Composite index fell 1.29 per cent, while Hong Kong's Hang Seng plunged 2.39 per cent and Taiwan Weighted was down 1.40 per cent in their early sessions.

On Wall Street, the S&amp;P 500 lost 0.25 per cent and the Nasdaq shed 0.53 per cent after the Fed's statement.&nbsp;

Benchmark stock indices opened on a negative note Friday following weak global cues after the US Federal Reserve left key interest rates on hold last night, but hinted a rate hike next month.

Benchmark stock indices opened on a negative note Friday following weak global cues after the US Federal Reserve left key interest rates on hold last night, but hinted a rate hike next month. The BSE Sensex was trading 114.08 points, or 0.32 per cent, lower at 35,123.60. It had dropped 226.45 points in opening trade. The 30-share index had surged 246 points in the special Muhurat session Wednesday to mark the beginning of Hindu Samvat year 2075. The NSE Nifty saw similar movement, and was trading 31.05 points, or 0.29 per cent, lower at 10,567.35. The stock market was closed on Thursday on account of Diwali Balipratipada. Top losers in the morning session include Bharti Airtel, Wipro, Infosys, Tata Steel, ITC, ONGC, HDFC, NTPC and SBI, falling up to 1.65. Per cent. Bucking the weak market trend, Yes Bank, Adani Ports, IndusInd Bank, PowerGrid, Asian Paints, Sun Pharma and Hero MotoCorp rose up to 2.36 per cent. Shares of aviation companies gained due to softening of crude oil prices. InterGlobe Aviation, SpiceJet and Jet Airways were trading up to 2 per cent higher. US West Texas Intermediate (WTI) crude oil futures were at $60.62 per barrel, down 5 cents from their last settlement. Meanwhile, the rupee appreciated 35 paise to 72.65 against the dollar in early trade, following US mid-tem election results and easing crude oil prices. According to provisional data available with the BSE, foreign portfolio investors (FPIs) bought shares worth a net of Rs 31 crore Wednesday, while domestic institutional investors (DIIs) were net buyers too to the tune of Rs 27 crore. Elsewhere in Asia, Japan's Nikkei was trading 0.93 per cent down, Shanghai Composite index fell 1.29 per cent, while Hong Kong's Hang Seng plunged 2.39 per cent and Taiwan Weighted was down 1.40 per cent in their early sessions. On Wall Street, the S&P 500 lost 0.25 per cent and the Nasdaq shed 0.53 per cent after the Fed's statement.

Sensex down over 100 points on weak global cues

Domestic benchmark indices ended on a negative note after a choppy session Friday amid weak global cues as the US Fed hinted at a rate hike next month.

The 30-share Sensex fell 79.13 points, or 0.22 per cent, to close at 35,158.55. The broader NSE Nifty lost 13.20 points, or 0.12 per cent, to end at 10,585.20.

According to analysts, market was range-bound due to weak global cues.&nbsp;

Investors are also awaiting Consumer Price Index (CPI) data Monday, which is expected to come down slightly due to recent cut in fuel taxes and fall in oil prices.

Additionally, upcoming state elections will be a key trigger to monitor while fall in crude oil prices and bond yields along with appreciation in rupee will provide support to the market, they added.

In the Sensex pack, Bharti Airtel was the biggest loser, falling 2.45 per cent, after Moody's Investors Service placed the company's rating on review for downgrade following low levels of profitability and expectation of weak cash flow.

Among top losers that dragged down key indices were Infosys, TCS, Reliance, SBI, Tata Steel and ITC, falling up to 2.15 per cent.

On the other hand, Yes Bank was the top gainer on Sensex, rallying 5.49 per cent, followed by Asian Paints, Adani Ports, Sun Pharma, Hero MotoCorp, HUL and Maruti, rising up to 3.79 per cent.

Mid and small-cap shares outperformed larger peers as the BSE MidCap and SmallCap indices rose nearly 1 per cent each.

Shares of aviation companies gained due to softening of crude oil prices.&nbsp;

InterGlobe Aviation and SpiceJet stocks rose up to 3 per cent.

Scrips of oil marketing companies like HPCL, BPCL and Oil India also rallied up to 4.70 per cent.

Brent crude oil futures breached the USD 70 per barrel mark and were trading 1.08 per cent lower at USD 69.90.

Elsewhere in Asia, Shanghai Composite ended 1.39 per cent lower, while Hang Seng Index fell 2.39 per cent and Japan's Nikkei closed 1.05 per cent down.

In Europe, DAX was down 0.49 per cent and STOXX50E rose 0.69 per cent.&nbsp;

Domestic benchmark indices ended on a negative note after a choppy session Friday amid weak global cues as the US Fed hinted at a rate hike next month. The 30-share Sensex fell 79.

Domestic benchmark indices ended on a negative note after a choppy session Friday amid weak global cues as the US Fed hinted at a rate hike next month. The 30-share Sensex fell 79.13 points, or 0.22 per cent, to close at 35,158.55. The broader NSE Nifty lost 13.20 points, or 0.12 per cent, to end at 10,585.20. According to analysts, market was range-bound due to weak global cues. Investors are also awaiting Consumer Price Index (CPI) data Monday, which is expected to come down slightly due to recent cut in fuel taxes and fall in oil prices. Additionally, upcoming state elections will be a key trigger to monitor while fall in crude oil prices and bond yields along with appreciation in rupee will provide support to the market, they added. In the Sensex pack, Bharti Airtel was the biggest loser, falling 2.45 per cent, after Moody's Investors Service placed the company's rating on review for downgrade following low levels of profitability and expectation of weak cash flow. Among top losers that dragged down key indices were Infosys, TCS, Reliance, SBI, Tata Steel and ITC, falling up to 2.15 per cent. On the other hand, Yes Bank was the top gainer on Sensex, rallying 5.49 per cent, followed by Asian Paints, Adani Ports, Sun Pharma, Hero MotoCorp, HUL and Maruti, rising up to 3.79 per cent. Mid and small-cap shares outperformed larger peers as the BSE MidCap and SmallCap indices rose nearly 1 per cent each. Shares of aviation companies gained due to softening of crude oil prices. InterGlobe Aviation and SpiceJet stocks rose up to 3 per cent. Scrips of oil marketing companies like HPCL, BPCL and Oil India also rallied up to 4.70 per cent. Brent crude oil futures breached the USD 70 per barrel mark and were trading 1.08 per cent lower at USD 69.90. Elsewhere in Asia, Shanghai Composite ended 1.39 per cent lower, while Hang Seng Index fell 2.39 per cent and Japan's Nikkei closed 1.05 per cent down. In Europe, DAX was down 0.49 per cent and STOXX50E rose 0.69 per cent.

Sensex, Nifty end lower on weak global cues

The government Friday said it is not seeking Rs 3.6 lakh crore capital from the Reserve Bank but is only in discussion for fixing appropriate economic capital framework of the central bank.

"Lot of misinformed speculation is going around in media. Government's fiscal math is completely on track. There is no proposal to ask RBI to transfer Rs 3.6 or 1 lakh crore, as speculated," Economic Affairs Secretary Subhash Chandra Garg tweeted.

He said the only proposal "under discussion is to fix appropriate economic capital framework of RBI."

Exuding confidence about government's fiscal math, he said, it will stick to the fiscal deficit target of 3.3 per cent for the current financial year ending March 31, 2019.

"Government's FD (fiscal deficit) in FY 2013-14 was 5.1%. From 2014-15 onwards, Government has succeeded in bringing it down substantially. We will end the FY 2018-19 with FD of 3.3%. Government has actually foregone 70,000 crore of budgeted market borrowing this year," he said.&nbsp;

The government Friday said it is not seeking Rs 3.6 lakh crore capital from the Reserve Bank but is only in discussion for fixing appropriate economic capital framework of the central bank.

The government Friday said it is not seeking Rs 3.6 lakh crore capital from the Reserve Bank but is only in discussion for fixing appropriate economic capital framework of the central bank. "Lot of misinformed speculation is going around in media. Government's fiscal math is completely on track. There is no proposal to ask RBI to transfer Rs 3.6 or 1 lakh crore, as speculated," Economic Affairs Secretary Subhash Chandra Garg tweeted. He said the only proposal "under discussion is to fix appropriate economic capital framework of RBI." Exuding confidence about government's fiscal math, he said, it will stick to the fiscal deficit target of 3.3 per cent for the current financial year ending March 31, 2019. "Government's FD (fiscal deficit) in FY 2013-14 was 5.1%. From 2014-15 onwards, Government has succeeded in bringing it down substantially. We will end the FY 2018-19 with FD of 3.3%. Government has actually foregone 70,000 crore of budgeted market borrowing this year," he said.

Government not seeking Rs 3.6 lakh crore from RBI: DEA Secretary

India plans to export 2 million tonnes of raw sugar to China from next year, the trade ministry said on Thursday, as part of efforts to trim bulging stocks of the sweetener and bridge a widening trade deficit.

Producers' body Indian Sugar Mills Association and China's state trader COFCO have already signed an initial deal for 15,000 tonnes of sugar, the ministry said in a statement.

Last month, the ministry said India was keen to sell more rice and sugar to China to help cut the widening trade deficit.

India plans to export 2 million tonnes of raw sugar to China from next year, the trade ministry said on Thursday, as part of efforts to trim bulging stocks of the sweetener and bridge a widening trade deficit.

India plans to export 2 million tonnes of raw sugar to China from next year, the trade ministry said on Thursday, as part of efforts to trim bulging stocks of the sweetener and bridge a widening trade deficit. Producers' body Indian Sugar Mills Association and China's state trader COFCO have already signed an initial deal for 15,000 tonnes of sugar, the ministry said in a statement. Last month, the ministry said India was keen to sell more rice and sugar to China to help cut the widening trade deficit.

India plans to export two million tonnes of sugar to China from next year

Software engineer Samee Alam was ready to take the big leap and buy an iPhone in this week`s Diwali festival sales, but at the last minute he opted for cheaper Chinese competitor OnePlus instead.&nbsp;

Alam, 27, spends hours on his phone watching shows, surfing and shopping, making him the perfect target for Apple Inc as it strives to raise sales among India`s 1.3 billion consumers.

But in a country where the average per capita income is around US $2,000 a year, even the cheapest of this year`s new iPhones, the XR at 76,900 rupees (US $1,058), costs twice as much as many of the alternatives.

Hong Kong-based Counterpoint Research says that iPhone sales are falling as a result. From three million phones in 2017, sales may sink to two million this year, according to their estimate, the first decline in four years.&nbsp;

More than half of those sales will come from cheaper older models, and the lack of progress in India was among problems cited by Chief Executive Officer Tim Cook when he gave a disappointing holiday outlook last week.&nbsp;

Even in the premium segment, smartphones that cost more than US $400, Apple lagged Samsung and China`s OnePlus in the third quarter.

"I have never used an iPhone and I was keen on getting my hands on one but it didn`t make sense," says Alam, who works for one of the raft of firms to have invested in the southern city of Bengaluru, often called India`s Silicon Valley.

"I look for storage, camera and processor in phones and cheaper alternatives like OnePlus are more value for the money. The new iPhones cost almost 100,000 rupees - I can get three good phones for that price or even a decent gaming laptop."

Solid Mac sales and the high unit price of iPhones meant Apple`s total revenue of US $2 billion in India last year was still double that of OnePlus, which only sells mobile phones. But Counterpoint`s data says that gap will also shrink.&nbsp;

OnePlus` India head Vikas Agarwal told Reuters this week that 10-15 percent of new customers in recent months have been defectors from Apple, suggesting even some loyalists are opting out of upgrading their handsets.

HIGH IMPORT DUTIES

Apple`s problems go beyond price.

The company, facing down a handful of regulatory headaches, lost some of its top executives in India at the start of this year.

An Apple spokesman said the departures had nothing to do with the company`s performance, but people familiar with the matter told Reuters that the departures were likely linked to the company changing its distribution system. Apple has cut the number of distributors in the country to two from five.&nbsp;

The sources, who declined to be identified because they have business relationships with Apple, also said company veteran Michel Columb is still working on solidifying business relations since taking control of the Indian operation in December.

Apple declined to comment further.&nbsp;

Prime Minister Narendra Modi`s government has sought to drive electronics producers into manufacturing locally by steadily moving tariffs up the supply chain from simple phone cases to sophisticated chipsets and boards.

Along with local firms like Lava, global smartphone giants including Samsung Electronics Co Ltd, Oppo and Xiaomi Corp have responded aggressively, investing millions of dollars in plants around Bengaluru and Delhi tech hub Noida.&nbsp;

Apple is the only major player which does not manufacture phones in the country and it only assembles two low-cost older models through Wistron Corp in Bengaluru.

Industry experts say as a result the company still imports about 70-80 per cent of its phones. That results in high import duties, which in turn make the phones expensive.

In the United States, the basic iPhone XR model costs US $749 or roughly 54,400 rupees, only two thirds of its retail price in India. Beyond that, while US&nbsp;phones are subsidized under deals with wireless carriers, Apple`s phones in India are not.&nbsp;

"Apple doesn`t have enough confidence ... in the Indian manufacturing system right now, to set up plants and move some of the manufacturing out of China," said analyst Navkendar Singh of tech consulting firm IDC.&nbsp;

"In the process they are losing around 15-20 per cent of their tax incentive ... which they could have passed on to the consumer."

EMPTY STORES

Diwali, the Festival of Lights, is peak selling time for electronics in India, but the Apple-licensed store in one of Bengaluru`s big shopping malls was deserted this past Saturday.

"Features of the emerging phones are very similar to an iPhone," says salesman Aejaz Ahmed, adding volumes have fallen in the past few months. "It is very difficult to make out the difference from a distance because they even look so alike."

Sales staff at several stores in Bengaluru and nearby Chennai pointed to the launch this year of the latest OnePlus phone as a major problem for the U.S. phonemaker.

At 37,999 rupees, the Chinese company`s 6T is half the price of the XR.

The result, says Neil Shah, from Counterpoint, is that Apple`s user base in India is set to decline about 10 per cent to nine million users this year. That compares to an estimated 436 million Android users.&nbsp;

"If your user base is declining, you are losing grip on the market," he says. "The new customer base is not coming."

Software engineer Samee Alam was ready to take the big leap and buy an iPhone in this week`s Diwali festival sales, but at the last minute he opted for cheaper Chinese competitor OnePlus instead.

Software engineer Samee Alam was ready to take the big leap and buy an iPhone in this week`s Diwali festival sales, but at the last minute he opted for cheaper Chinese competitor OnePlus instead. Alam, 27, spends hours on his phone watching shows, surfing and shopping, making him the perfect target for Apple Inc as it strives to raise sales among India`s 1.3 billion consumers. But in a country where the average per capita income is around US $2,000 a year, even the cheapest of this year`s new iPhones, the XR at 76,900 rupees (US $1,058), costs twice as much as many of the alternatives. Hong Kong-based Counterpoint Research says that iPhone sales are falling as a result. From three million phones in 2017, sales may sink to two million this year, according to their estimate, the first decline in four years. More than half of those sales will come from cheaper older models, and the lack of progress in India was among problems cited by Chief Executive Officer Tim Cook when he gave a disappointing holiday outlook last week. Even in the premium segment, smartphones that cost more than US $400, Apple lagged Samsung and China`s OnePlus in the third quarter. "I have never used an iPhone and I was keen on getting my hands on one but it didn`t make sense," says Alam, who works for one of the raft of firms to have invested in the southern city of Bengaluru, often called India`s Silicon Valley. "I look for storage, camera and processor in phones and cheaper alternatives like OnePlus are more value for the money. The new iPhones cost almost 100,000 rupees - I can get three good phones for that price or even a decent gaming laptop." Solid Mac sales and the high unit price of iPhones meant Apple`s total revenue of US $2 billion in India last year was still double that of OnePlus, which only sells mobile phones. But Counterpoint`s data says that gap will also shrink. OnePlus` India head Vikas Agarwal told Reuters this week that 10-15 percent of new customers in recent months have been defectors from Apple, suggesting even some loyalists are opting out of upgrading their handsets. HIGH IMPORT DUTIES Apple`s problems go beyond price. The company, facing down a handful of regulatory headaches, lost some of its top executives in India at the start of this year. An Apple spokesman said the departures had nothing to do with the company`s performance, but people familiar with the matter told Reuters that the departures were likely linked to the company changing its distribution system. Apple has cut the number of distributors in the country to two from five. The sources, who declined to be identified because they have business relationships with Apple, also said company veteran Michel Columb is still working on solidifying business relations since taking control of the Indian operation in December. Apple declined to comment further. Prime Minister Narendra Modi`s government has sought to drive electronics producers into manufacturing locally by steadily moving tariffs up the supply chain from simple phone cases to sophisticated chipsets and boards. Along with local firms like Lava, global smartphone giants including Samsung Electronics Co Ltd, Oppo and Xiaomi Corp have responded aggressively, investing millions of dollars in plants around Bengaluru and Delhi tech hub Noida. Apple is the only major player which does not manufacture phones in the country and it only assembles two low-cost older models through Wistron Corp in Bengaluru. Industry experts say as a result the company still imports about 70-80 per cent of its phones. That results in high import duties, which in turn make the phones expensive. In the United States, the basic iPhone XR model costs US $749 or roughly 54,400 rupees, only two thirds of its retail price in India. Beyond that, while US phones are subsidized under deals with wireless carriers, Apple`s phones in India are not. "Apple doesn`t have enough confidence ... in the Indian manufacturing system right now, to set up plants and move some of the manufacturing out of China," said analyst Navkendar Singh of tech consulting firm IDC. "In the process they are losing around 15-20 per cent of their tax incentive ... which they could have passed on to the consumer." EMPTY STORES Diwali, the Festival of Lights, is peak selling time for electronics in India, but the Apple-licensed store in one of Bengaluru`s big shopping malls was deserted this past Saturday. "Features of the emerging phones are very similar to an iPhone," says salesman Aejaz Ahmed, adding volumes have fallen in the past few months. "It is very difficult to make out the difference from a distance because they even look so alike." Sales staff at several stores in Bengaluru and nearby Chennai pointed to the launch this year of the latest OnePlus phone as a major problem for the U.S. phonemaker. At 37,999 rupees, the Chinese company`s 6T is half the price of the XR. The result, says Neil Shah, from Counterpoint, is that Apple`s user base in India is set to decline about 10 per cent to nine million users this year. That compares to an estimated 436 million Android users. "If your user base is declining, you are losing grip on the market," he says. "The new customer base is not coming."

How Apple is losing its grip on India

Keeping up the heat on the RBI, the government will continue to press the central bank to relax norms to boost lending and transfer at least a third of its Rs 9.6 lakh crore reserve, sources familiar with the discussions said.

In recent weeks, the <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-could-resign-on-november-19-report-175967">rift between the RBI and the government</a> has been widening over various issues.

Recently, the government cited never-used before provisions of law that gives it powers to issue directions to the RBI on mattes of public interest to resolve certain issues.

Citing Section 7 of the RBI Act - an unprecedented move in the 80-year history of RBI - the government wants RBI Governor Urjit Patel to address three prime concerns. They pertain to transfer of surplus funds, easing of NPA norms to kickstart lending and support growth, and easing liquidity crisis facing non-banking finance companies (NBFCs), sources had said.

These issues may figure during the RBI's board meeting on November 19.

According to the sources, the government would continue to press the RBI to relax norms to boost lending and transfer at least a third of its Rs 9.6 lakh crore reserve.

The government wants the RBI to part with most of its profit as dividend. The central bank, however, feels that it needs to retain a share of profits to make its balance sheet stronger, as per media reports.

The government wants Rs 3.6 lakh crore of surplus to be transferred to it, the reports said.

In its attempt to clean up the banking system, the RBI introduced Prompt Corrective Action (PCA) framework that places curbs on lending, expanding branch network and dividend distribution on weak banks.

It has also mandated banks to declare a delinquent borrower even if payments were overdue by a day.

The government wants some of these strictures to be eased to kick start lending and support growth, the sources said.

One of the nominee director on RBI's Central Board S Gurumurthy has reportedly written to RBI Governor Urjit Patel regarding Deputy Governor Viral Acharya raising the issue of the bank's autonomy at a public event recently.

Sources had said that the RBI's board meeting on November 19 was pre-scheduled and routine. The last meeting of the board was held in October.

Apart from Patel and his four deputies, there are 13 nominated directors on the RBI's board.

The reports of rift between the RBI and the government surfaced last month following the Finance Ministry reportedly started discussion with the RBI under the never before used Section 7 of the RBI Act.

In a statement last week, the ministry said the RBI's autonomy is "essential" and will be "nurtured".

Last week, Economic Affairs Seceretary Subhash Chandra Garg and government nominee on the Board took an apparent dig at Acharya's 'wrath of financial markets' comment in a tweet saying vital indicators of the economy were showing improvement.

Acharya, in his much talked about speech last month, raised the issue of autonomy of the central bank and said that undermining the central bank's independence could be "potentially catastrophic".

"Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution; their wiser counterparts who invest in central bank independence will enjoy lower costs of borrowing, the love of international investors, and longer life spans," Acharya had said.

The deputy governor's comment had generated controversy, hinting at the growing rift between the government and the central bank.

Keeping up the heat on the RBI, the government will continue to press the central bank to relax norms to boost lending and transfer at least a third of its Rs 9.

Keeping up the heat on the RBI, the government will continue to press the central bank to relax norms to boost lending and transfer at least a third of its Rs 9.6 lakh crore reserve, sources familiar with the discussions said. In recent weeks, the rift between the RBI and the government has been widening over various issues. Recently, the government cited never-used before provisions of law that gives it powers to issue directions to the RBI on mattes of public interest to resolve certain issues. Citing Section 7 of the RBI Act - an unprecedented move in the 80-year history of RBI - the government wants RBI Governor Urjit Patel to address three prime concerns. They pertain to transfer of surplus funds, easing of NPA norms to kickstart lending and support growth, and easing liquidity crisis facing non-banking finance companies (NBFCs), sources had said. These issues may figure during the RBI's board meeting on November 19. According to the sources, the government would continue to press the RBI to relax norms to boost lending and transfer at least a third of its Rs 9.6 lakh crore reserve. The government wants the RBI to part with most of its profit as dividend. The central bank, however, feels that it needs to retain a share of profits to make its balance sheet stronger, as per media reports. The government wants Rs 3.6 lakh crore of surplus to be transferred to it, the reports said. In its attempt to clean up the banking system, the RBI introduced Prompt Corrective Action (PCA) framework that places curbs on lending, expanding branch network and dividend distribution on weak banks. It has also mandated banks to declare a delinquent borrower even if payments were overdue by a day. The government wants some of these strictures to be eased to kick start lending and support growth, the sources said. One of the nominee director on RBI's Central Board S Gurumurthy has reportedly written to RBI Governor Urjit Patel regarding Deputy Governor Viral Acharya raising the issue of the bank's autonomy at a public event recently. Sources had said that the RBI's board meeting on November 19 was pre-scheduled and routine. The last meeting of the board was held in October. Apart from Patel and his four deputies, there are 13 nominated directors on the RBI's board. The reports of rift between the RBI and the government surfaced last month following the Finance Ministry reportedly started discussion with the RBI under the never before used Section 7 of the RBI Act. In a statement last week, the ministry said the RBI's autonomy is "essential" and will be "nurtured". Last week, Economic Affairs Seceretary Subhash Chandra Garg and government nominee on the Board took an apparent dig at Acharya's 'wrath of financial markets' comment in a tweet saying vital indicators of the economy were showing improvement. Acharya, in his much talked about speech last month, raised the issue of autonomy of the central bank and said that undermining the central bank's independence could be "potentially catastrophic". "Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution; their wiser counterparts who invest in central bank independence will enjoy lower costs of borrowing, the love of international investors, and longer life spans," Acharya had said. The deputy governor's comment had generated controversy, hinting at the growing rift between the government and the central bank.

Govt to continue pressing RBI for relaxing norms, funds: Sources

Higher prices, lending curbs and a move to online shopping are denting the cheer for Indian retailers at this year's Diwali Hindu festival, with lacklustre sales for high-end items ranging from iPhones to cars and even gold.

A weak rupee has pushed prices on Apple Inc's costly iPhones even higher in India, while surging fuel costs and a liquidity crunch in India's shadow banking sector have taken a bite out of growth in carmakers' sales during the country's heaviest shopping weeks.

Demand for gold, which typically surges during the season that started in mid-October and ends on Friday, is also weak despite dealers offering discounts on the precious metal for the first time in three years.

The tepid sales may prompt the government of Prime Minister Narendra Modi to find additional ways to stimulate the economy, especially given there is an election due by May. The government has already reduced fuel excise taxes, pushed the Reserve Bank of India to ease curbs on bank lending, and provided support for weak crop prices in recent weeks.

UNDER STRESS

Expecting the usual spike in demand during Diwali, when people traditionally buy gifts for family and friends, Sanjay Mahadik, owner of an apparel shop in Satara in Maharashtra stocked up. But demand is weak, he says.

"Only a few customers are turning up. During Diwali week normally the shop gets so crowded that customers struggle to find space to stand," said Mahadik.

Indian households' consumption has grown ahead of income for five years, brokerage UBS Securities India said in a note, thanks to lower interest rates that have reduced savings and encouraged people to take more loans.

But signs of a slowdown in lending by non-banking financial companies (NBFCs) as some of them struggle for liquidity may hurt discretionary consumption, UBS said.

"With NBFCs and banks under stress, the availability of finance and general sentiment is affected," said Sugato Sen, deputy director general at the Society of Indian Automobile Manufacturers (SIAM), a trade body that counts Maruti Suzuki, Toyota Motor Corp, Volkswagen and BMW among others, as members.

While passenger vehicle sales at Maruti Suzuki, which sells one in every two cars in India, rose just 0.6 per cent to 135,948 units in October from a year ago, motorbike and scooter sales are strong as shown by the 33 per cent growth reported by Bajaj Auto Ltd.

Also doing well are online retailers like Amazon and Walmart-owned Flipkart, who have both reported robust sales thanks to major promotional events this season, to the detriment of some traditional retailers.

Just days ahead of Diwali, some wholesale and retail markets in cities like Mumbai saw lower customer numbers as consumers shifted to buying online to take advantage of greater discounts.

Sales of large appliances grew 2.5 times year-earlier numbers during Amazon's Great Indian Festival sale last week, with smart TVs accounting for more than 50 per cent of total TV sales, the online retailer said in an email. Amazon also said there was an increase in sales of air purifiers, furniture and clothes.

Other big electronics retailers say zero-interest financing schemes are helping buoy demand for white goods like TVs and refrigerators.

"The availability of high speed internet, Amazon and Netflix has something to do with this. People want to access that content so the feeling is that the TV must be nicer, bigger," said a large Mumbai-based retailer.

APPLE'S WOES

For Amazon, smartphones continued to be the biggest-selling product by value but this year sales were driven by Chinese phone-makers Xiaomi and OnePlus in a setback for Apple.

Sales of iPhones in India will fall for the first time since 2014, one research firm estimates, as users in the world's fastest growing major economy find the phones to be too expensive.

In 2018, Apple is set to sell about 2 million phones in the country - a drop of about 1 million from last year, said Neil Shah, director at Hong Kong-based Counterpoint Research.

The Cupertino, California company's struggle to win over India's 1.4 billion consumers swung more sharply into focus this week after Apple blamed a disappointing set of sales forecasts on a handful of big emerging markets like India.

Rushabh Doshi, analyst at Singapore-based Canalys, said Apple could be forced to launch cheaper devices.

"That is the only way it will gain volume in price-conscious markets like India," he said.

Higher prices, lending curbs and a move to online shopping are denting the cheer for Indian retailers at this year's Diwali Hindu festival, with lacklustre sales for high-end items ranging from iPhones to cars and even gold.

Higher prices, lending curbs and a move to online shopping are denting the cheer for Indian retailers at this year's Diwali Hindu festival, with lacklustre sales for high-end items ranging from iPhones to cars and even gold. A weak rupee has pushed prices on Apple Inc's costly iPhones even higher in India, while surging fuel costs and a liquidity crunch in India's shadow banking sector have taken a bite out of growth in carmakers' sales during the country's heaviest shopping weeks. Demand for gold, which typically surges during the season that started in mid-October and ends on Friday, is also weak despite dealers offering discounts on the precious metal for the first time in three years. The tepid sales may prompt the government of Prime Minister Narendra Modi to find additional ways to stimulate the economy, especially given there is an election due by May. The government has already reduced fuel excise taxes, pushed the Reserve Bank of India to ease curbs on bank lending, and provided support for weak crop prices in recent weeks. UNDER STRESS Expecting the usual spike in demand during Diwali, when people traditionally buy gifts for family and friends, Sanjay Mahadik, owner of an apparel shop in Satara in Maharashtra stocked up. But demand is weak, he says. "Only a few customers are turning up. During Diwali week normally the shop gets so crowded that customers struggle to find space to stand," said Mahadik. Indian households' consumption has grown ahead of income for five years, brokerage UBS Securities India said in a note, thanks to lower interest rates that have reduced savings and encouraged people to take more loans. But signs of a slowdown in lending by non-banking financial companies (NBFCs) as some of them struggle for liquidity may hurt discretionary consumption, UBS said. "With NBFCs and banks under stress, the availability of finance and general sentiment is affected," said Sugato Sen, deputy director general at the Society of Indian Automobile Manufacturers (SIAM), a trade body that counts Maruti Suzuki, Toyota Motor Corp, Volkswagen and BMW among others, as members. While passenger vehicle sales at Maruti Suzuki, which sells one in every two cars in India, rose just 0.6 per cent to 135,948 units in October from a year ago, motorbike and scooter sales are strong as shown by the 33 per cent growth reported by Bajaj Auto Ltd. Also doing well are online retailers like Amazon and Walmart-owned Flipkart, who have both reported robust sales thanks to major promotional events this season, to the detriment of some traditional retailers. Just days ahead of Diwali, some wholesale and retail markets in cities like Mumbai saw lower customer numbers as consumers shifted to buying online to take advantage of greater discounts. Sales of large appliances grew 2.5 times year-earlier numbers during Amazon's Great Indian Festival sale last week, with smart TVs accounting for more than 50 per cent of total TV sales, the online retailer said in an email. Amazon also said there was an increase in sales of air purifiers, furniture and clothes. Other big electronics retailers say zero-interest financing schemes are helping buoy demand for white goods like TVs and refrigerators. "The availability of high speed internet, Amazon and Netflix has something to do with this. People want to access that content so the feeling is that the TV must be nicer, bigger," said a large Mumbai-based retailer. APPLE'S WOES For Amazon, smartphones continued to be the biggest-selling product by value but this year sales were driven by Chinese phone-makers Xiaomi and OnePlus in a setback for Apple. Sales of iPhones in India will fall for the first time since 2014, one research firm estimates, as users in the world's fastest growing major economy find the phones to be too expensive. In 2018, Apple is set to sell about 2 million phones in the country - a drop of about 1 million from last year, said Neil Shah, director at Hong Kong-based Counterpoint Research. The Cupertino, California company's struggle to win over India's 1.4 billion consumers swung more sharply into focus this week after Apple blamed a disappointing set of sales forecasts on a handful of big emerging markets like India. Rushabh Doshi, analyst at Singapore-based Canalys, said Apple could be forced to launch cheaper devices. "That is the only way it will gain volume in price-conscious markets like India," he said.

Higher prices, lending curbs dim Diwali festival for Indian retailers

Wall Street stocks rose early Wednesday after Democrats won control of the House of Representatives in key midterm elections even as President Donald Trump's Republican party increased its Senate majority.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 25,829.66, gaining speed after the open.

The broad-based S&amp;P 500 advanced 0.9 percent to 2,781.46, and the tech-rich Nasdaq Composite Index gained 1.0 percent to 7,451.92.

With a handful of races still too close to call, Democrats were on track to capture some 30-35 House seats, taking control and providing a check on Trump's policies.&nbsp;

But Republicans appeared likely to win three to five Senate seats and solidify their control of the upper house following Tuesday night's vote.

Analysts said the market's gains reflected relief that an event viewed as a source of uncertainty had finally passed.

A Democratic sweep of Congress would have been seen as a threat to Trump's agenda and providing momentum to calls for an impeachment investigation, while a Republican sweep would have bolstered the odds for additional tax cuts that could have worsened the US fiscal outlook, analysts said.

Goldman Sachs said the election would yield no major changes on taxes or trade, while an infrastructure deal "seems unlikely."&nbsp;

But Goldman said the Democratic win in the House opens the door to potential passage of legislation to limit drug prices, an objective Trump has also emphasized at times.

Wall Street stocks rose early Wednesday after Democrats won control of the House of Representatives in key midterm elections even as President Donald Trump's Republican party increased its Senate majority.

Wall Street stocks rose early Wednesday after Democrats won control of the House of Representatives in key midterm elections even as President Donald Trump's Republican party increased its Senate majority. About 20 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 25,829.66, gaining speed after the open. The broad-based S&P 500 advanced 0.9 percent to 2,781.46, and the tech-rich Nasdaq Composite Index gained 1.0 percent to 7,451.92. With a handful of races still too close to call, Democrats were on track to capture some 30-35 House seats, taking control and providing a check on Trump's policies. But Republicans appeared likely to win three to five Senate seats and solidify their control of the upper house following Tuesday night's vote. Analysts said the market's gains reflected relief that an event viewed as a source of uncertainty had finally passed. A Democratic sweep of Congress would have been seen as a threat to Trump's agenda and providing momentum to calls for an impeachment investigation, while a Republican sweep would have bolstered the odds for additional tax cuts that could have worsened the US fiscal outlook, analysts said. Goldman Sachs said the election would yield no major changes on taxes or trade, while an infrastructure deal "seems unlikely." But Goldman said the Democratic win in the House opens the door to potential passage of legislation to limit drug prices, an objective Trump has also emphasized at times.

US stocks jump at the open after midterm results

The WTO's dispute panel has said India's move to impose safeguard import duty on some iron and steel products was inconsistent with certain global trade norms.

The ruling comes in the backdrop of Japan dragging India to the World Trade Organization (WTO) against certain measures taken by New Delhi on imports of iron and steel products. The case was filed by Japan in December 2017.

"...Having found that India acted inconsistently with certain provisions of the GATT 1994 and the Agreement in Safeguards, we recommend that, to the extent that the measure continues to have any effects, India bring it into conformity with its obligations under those agreements," the panel said in its ruling.

The duty imposed by India already ended in March this year.

As India and Japan failed to resolve the issue in the bilateral consultation process, the WTO had set up the dispute resolution panel earlier this year.

Japan, which is the second largest steel producer in the world, had alleged that duties imposed on steel imports by India violated WTO trade norms.

In September 2015, India imposed provisional safeguard duty of 20 per cent on import of certain categories of steel with a view to protect domestic producers. Later, it was reduced and extended till March this year.

The dispute assumes significance as India and Japan implemented a comprehensive free trade agreement in 2011. It gave easy access to Japan in the Indian steel market.

The bilateral trade between the countries stood at $15.7 billion in 2017-18. Trade is highly in favour of Japan as the trade deficit stood at about $11 billion in that fiscal.

The WTO's dispute panel has said India's move to impose safeguard import duty on some iron and steel products was inconsistent with certain global trade norms. The ruling comes in the backdrop of Japan dragging India to the World Trade Organization (WTO) against certain measures taken by New Delhi on imports of iron and steel products.

The WTO's dispute panel has said India's move to impose safeguard import duty on some iron and steel products was inconsistent with certain global trade norms. The ruling comes in the backdrop of Japan dragging India to the World Trade Organization (WTO) against certain measures taken by New Delhi on imports of iron and steel products. The case was filed by Japan in December 2017. "...Having found that India acted inconsistently with certain provisions of the GATT 1994 and the Agreement in Safeguards, we recommend that, to the extent that the measure continues to have any effects, India bring it into conformity with its obligations under those agreements," the panel said in its ruling. The duty imposed by India already ended in March this year. As India and Japan failed to resolve the issue in the bilateral consultation process, the WTO had set up the dispute resolution panel earlier this year. Japan, which is the second largest steel producer in the world, had alleged that duties imposed on steel imports by India violated WTO trade norms. In September 2015, India imposed provisional safeguard duty of 20 per cent on import of certain categories of steel with a view to protect domestic producers. Later, it was reduced and extended till March this year. The dispute assumes significance as India and Japan implemented a comprehensive free trade agreement in 2011. It gave easy access to Japan in the Indian steel market. The bilateral trade between the countries stood at $15.7 billion in 2017-18. Trade is highly in favour of Japan as the trade deficit stood at about $11 billion in that fiscal.

India's safeguard duty move on steel goods inconsistent with certain global trade norms: WTO

The BSE Sensex regained the 35,000-mark by recovering over 200 points at the start of the last trading session of the Samvat year 2074 Tuesday on buying in auto, banking and metal stocks amid fresh foreign fund inflows and encouraging corporate earnings.

The 30-share index gained 207.21 points, or 0.59 per cent , to 35,158.13. It had lost near 61 points Monday.

The National Stock Exchange's Nifty too was trading higher by 54.90 points, or 0.52 per cent at 10,578.90.

Brokers said a mixed trend in other Asian markets, supported by overnight gains at the Wall Street ahead of the US mid-term elections, influenced sentiments here. &nbsp;

In the Sensex kitty, major gainers included Tata Motors, Vedanta, TCS, RIL, Yes Bank, Infosys, Sun Pharma, Maruti Suzuki, Kotak Bank, IndusInd Bank, HDFC Bank, Bajaj Auto, Hero MotoCorp, ONGC, ITC Ltd and Axis Bank, rising by up to 3.90 per cent.

Sector-wise, BSE IT, teck, consumer durables, realty and auto indices were trading in the positive zone with gains up to 1.45 per cent.

Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 12 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 622 crore Monday, provisional data showed.

Exchanges will conduct a special 'Muhurat trading' session Wednesday between 1700 and 1830 hours on the occasion of Diwali.

Elsewhere in Asia, Japan's Nikkei was up 1.02 per cent, South Korea's KOSPI Index rose 0.42 per cent in their morning sessions. Shanghai Composite index, however, fell 1.05 per cent, while Hong Kong's Hang Seng shed 0.22 per cent.

The US Dow Jones Industrial Average rose 0.76 per cent Monday.

The BSE Sensex regained the 35,000-mark by recovering over 200 points at the start of the last trading session of the Samvat year 2074 Tuesday on buying in auto, banking and metal stocks amid fresh foreign fund inflows and encouraging corporate earnings.

The BSE Sensex regained the 35,000-mark by recovering over 200 points at the start of the last trading session of the Samvat year 2074 Tuesday on buying in auto, banking and metal stocks amid fresh foreign fund inflows and encouraging corporate earnings. The 30-share index gained 207.21 points, or 0.59 per cent , to 35,158.13. It had lost near 61 points Monday. The National Stock Exchange's Nifty too was trading higher by 54.90 points, or 0.52 per cent at 10,578.90. Brokers said a mixed trend in other Asian markets, supported by overnight gains at the Wall Street ahead of the US mid-term elections, influenced sentiments here. In the Sensex kitty, major gainers included Tata Motors, Vedanta, TCS, RIL, Yes Bank, Infosys, Sun Pharma, Maruti Suzuki, Kotak Bank, IndusInd Bank, HDFC Bank, Bajaj Auto, Hero MotoCorp, ONGC, ITC Ltd and Axis Bank, rising by up to 3.90 per cent. Sector-wise, BSE IT, teck, consumer durables, realty and auto indices were trading in the positive zone with gains up to 1.45 per cent. Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 12 crore, while domestic institutional investors (DIIs) sold shares to the tune of Rs 622 crore Monday, provisional data showed. Exchanges will conduct a special 'Muhurat trading' session Wednesday between 1700 and 1830 hours on the occasion of Diwali. Elsewhere in Asia, Japan's Nikkei was up 1.02 per cent, South Korea's KOSPI Index rose 0.42 per cent in their morning sessions. Shanghai Composite index, however, fell 1.05 per cent, while Hong Kong's Hang Seng shed 0.22 per cent. The US Dow Jones Industrial Average rose 0.76 per cent Monday.

Sensex rises over 200 points, Nifty above 10,550