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The RBI has declined to reveal the cost incurred on shredding banned currency notes worth Rs 15,31,073 crore which returned to banks following demonetisation, an RTI activist said, citing a response from the central bank.&nbsp;

To a query under the Right to Information (RTI) Act, the Reserve Bank of India (RBI) said the process of destruction of banned notes got over in March 2018.&nbsp;

In its reply dated October 29 to the query by Chandrashekhar Gaud, an RTI activist from Neemuch in Madhya Pradesh, the RBI said invalidated notes worth Rs 10,720 crore did not return to the banking system.

The information was provided by the RBI’s Department of Currency Management, Gaud told PTI. The banned currency was destroyed through machines of the currency verification and processing system, it said.&nbsp;

To Gaud’s question about how much the destruction of banned currency cost, the reply gave no information. It cited Section 7(9) of the Right to Information Act, saying this information was not available and providing it would “disproportionately divert the resources” of the RBI.

Currency worth Rs 15,41,793 crore in denominations of Rs 500 and Rs 1,000 was in circulation when demonetisation was announced on November 8, 2016. In the time window offered for depositing the scrapped currency in banks, Rs 15,31,073 crore returned, it said.&nbsp;

Gaud said he also did not get a reply to his query as to how many Rs 500 and Rs 1,000 notes were destroyed. The RBI had informed in August this year that as much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes returned to the banking system.

The RBI has declined to reveal the cost incurred on shredding banned currency notes worth Rs 15,31,073 crore which returned to banks following demonetisation, an RTI activist said, citing a response from the central bank.

The RBI has declined to reveal the cost incurred on shredding banned currency notes worth Rs 15,31,073 crore which returned to banks following demonetisation, an RTI activist said, citing a response from the central bank. To a query under the Right to Information (RTI) Act, the Reserve Bank of India (RBI) said the process of destruction of banned notes got over in March 2018. In its reply dated October 29 to the query by Chandrashekhar Gaud, an RTI activist from Neemuch in Madhya Pradesh, the RBI said invalidated notes worth Rs 10,720 crore did not return to the banking system. The information was provided by the RBI’s Department of Currency Management, Gaud told PTI. The banned currency was destroyed through machines of the currency verification and processing system, it said. To Gaud’s question about how much the destruction of banned currency cost, the reply gave no information. It cited Section 7(9) of the Right to Information Act, saying this information was not available and providing it would “disproportionately divert the resources” of the RBI. Currency worth Rs 15,41,793 crore in denominations of Rs 500 and Rs 1,000 was in circulation when demonetisation was announced on November 8, 2016. In the time window offered for depositing the scrapped currency in banks, Rs 15,31,073 crore returned, it said. Gaud said he also did not get a reply to his query as to how many Rs 500 and Rs 1,000 notes were destroyed. The RBI had informed in August this year that as much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes returned to the banking system.

RBI refuses to state how much destruction of banned notes cost: RTI

The rupee recovered 21 paise to 72.91 against the US dollar early Tuesday on increased selling by exporters.

The dollar's weakness against some currencies overseas and a better opening of the domestic equity market also supported the rupee, dealers said,.

At the interbank forex market, the rupee opened strong at 72.98 and advanced further to trade at 72.91, reflecting a rise of 21 paise over its previous close of 73.12 against the dollar.

On Monday, the Indian rupee tumbled 67 paise to close at 73.12 against the US dollar on increased demand for the American currency from importers and unabated foreign fund outflows.

Meanwhile, the benchmark Sensex rose 118.44 points, or 0.34 per cent, to 35,069.36 in opening trade Tuesday.&nbsp;

The rupee recovered 21 paise to 72.91 against the US dollar early Tuesday on increased selling by exporters. The dollar's weakness against some currencies overseas and a better opening of the domestic equity market also supported the rupee, dealers said,.

The rupee recovered 21 paise to 72.91 against the US dollar early Tuesday on increased selling by exporters. The dollar's weakness against some currencies overseas and a better opening of the domestic equity market also supported the rupee, dealers said,. At the interbank forex market, the rupee opened strong at 72.98 and advanced further to trade at 72.91, reflecting a rise of 21 paise over its previous close of 73.12 against the dollar. On Monday, the Indian rupee tumbled 67 paise to close at 73.12 against the US dollar on increased demand for the American currency from importers and unabated foreign fund outflows. Meanwhile, the benchmark Sensex rose 118.44 points, or 0.34 per cent, to 35,069.36 in opening trade Tuesday.

Rupee recovers 21 paise to 72.91 against US dollar

European shares sagged and the dollar and bond markets barely budged on Tuesday, as traders braced for midterm elections in the United States and potentially lively sessions ahead.

Japan [.T] and Hong Kong had helped Asia overcome another Chinese wobble [.SS], but Europe [.EU] was in the 0.4 per cent red as investors pounced on corporate earnings misses and pre-market caution dragged down Wall Street futures.

The elections mark the first major test of President Donald Trump's sweeping tax cuts and hostile trade policies. Polls point to his Republican party losing control of the House of Representatives which could curb some of his policymaking power.

With so much at stake, currency market moves were extremely tight. The dollar hardly moved against the euro, lost ground to Brexit-bound sterling but made some back against the yen as dealers kept their options open.

"It is definitely not the time to buy the dip," said London &amp; Capital's Chief Investment Officer Pau Morilla-Giner, referring to US&nbsp;and globally-focused stock markets and risk assets.

"Everything that could go well for US&nbsp;consumers in the last couple of years has gone well, but now the tide is turning... At the moment you are running out of drivers of growth in the US"

There was plenty for investors to digest from Europe too.

Italian and Spanish stocks and bonds weakened as updated PMI figures confirmed euro zone business growth had fallen to a two-year low last month against the backdrop of trade tensions.

The future output index caused even more concern as it fell to a near four-year low.

"Euro zone companies reported a disappointing start to the fourth quarter," said Chris Williamson, chief business economist at IHS Markit, which compiles the data.

Italian politics also played on the nerves too after euro zone finance ministers had called on Rome to change its budget at a meeting late on Monday.

With Italy unlikely to bow to the demands any time soon, it pointed to a further escalation in the damaging feud and pushed Italian borrowing costs up 5-7 basis points on the day. [GVD/EUR]

"Twenty-five countries have entered into the excessive deficit procedure and no-one has ever got a fine, so my gut feeling is that they (Italy) won't get one, just a slap on the wrist," said Lyn Graham-Taylor, strategist at Rabobank.

Oil spill

The uncertainty over the US&nbsp;midterms for US&nbsp;stocks futures was understandable. The S&amp;P 500 has risen 28 per cent since Trump's election in November, 2016, which is more than under any other president in the past 64 years.

MSCI's broadest index of Asia-Pacific shares ex-Japan had edged up 0.4 per cent overnight following a positive finish for Wall Street on Monday.

Japan's Nikkei also climbed 1.1 per cent, although weaker Chinese markets and regional technology shares capped the region. [.SS]

Apple suppliers such as Taiwan's Hon Hai Precision Industry were hit by a report that Apple had told its smartphone assemblers to halt plans for additional production lines dedicated to the iPhone XR. The report had also driven Apple shares 2.8 per cent lower in U.S. trade.

While political gridlock between the White House and Congress could hinder Trump's pro-business agenda and raise concerns about US&nbsp;political instability, some analysts say this may have already been priced in by investors.

The Cboe Skew index, also known as the "black swan" index, hovered not far from its 2-1/2-year low hit on Friday, indicating demand for options that provide protection remains tepid.

A higher skew typically indicates investors are buying more protection on heightened anxiety.

"Unlike the US&nbsp;Presidential election or the UK's Brexit referendum, the upcoming US (midterm) elections are not a binary event," said Yasuo Sakuma, chief investment officer at Libra Investments.

"So it's unlikely to send stocks significantly in one direction, apart from initial quick reactions."

Safe-haven gold was little changed but in oil markets crude prices were down near multi-month lows after the United States allowed eight countries to continue buying oil from Iran temporarily, easing the likelihood of a sharp supply drop.

US&nbsp;West Texas Intermediate (WTI) crude futures slipped 0.5 per cent to $62.80 a barrel, after hitting a seven-month low of $62.52 on Monday.

Brent crude futures dropped 0.6 per cent to $72.74 a barrel, near Friday's 2-1/2-month low of $72.16.

Both oil benchmarks have slid more than 15 per cent since hitting four-year highs in early October.

European shares sagged and the dollar and bond markets barely budged on Tuesday, as traders braced for midterm elections in the United States and potentially lively sessions ahead.

European shares sagged and the dollar and bond markets barely budged on Tuesday, as traders braced for midterm elections in the United States and potentially lively sessions ahead. Japan [.T] and Hong Kong had helped Asia overcome another Chinese wobble [.SS], but Europe [.EU] was in the 0.4 per cent red as investors pounced on corporate earnings misses and pre-market caution dragged down Wall Street futures. The elections mark the first major test of President Donald Trump's sweeping tax cuts and hostile trade policies. Polls point to his Republican party losing control of the House of Representatives which could curb some of his policymaking power. With so much at stake, currency market moves were extremely tight. The dollar hardly moved against the euro, lost ground to Brexit-bound sterling but made some back against the yen as dealers kept their options open. "It is definitely not the time to buy the dip," said London & Capital's Chief Investment Officer Pau Morilla-Giner, referring to US and globally-focused stock markets and risk assets. "Everything that could go well for US consumers in the last couple of years has gone well, but now the tide is turning... At the moment you are running out of drivers of growth in the US" There was plenty for investors to digest from Europe too. Italian and Spanish stocks and bonds weakened as updated PMI figures confirmed euro zone business growth had fallen to a two-year low last month against the backdrop of trade tensions. The future output index caused even more concern as it fell to a near four-year low. "Euro zone companies reported a disappointing start to the fourth quarter," said Chris Williamson, chief business economist at IHS Markit, which compiles the data. Italian politics also played on the nerves too after euro zone finance ministers had called on Rome to change its budget at a meeting late on Monday. With Italy unlikely to bow to the demands any time soon, it pointed to a further escalation in the damaging feud and pushed Italian borrowing costs up 5-7 basis points on the day. [GVD/EUR] "Twenty-five countries have entered into the excessive deficit procedure and no-one has ever got a fine, so my gut feeling is that they (Italy) won't get one, just a slap on the wrist," said Lyn Graham-Taylor, strategist at Rabobank. Oil spill The uncertainty over the US midterms for US stocks futures was understandable. The S&P 500 has risen 28 per cent since Trump's election in November, 2016, which is more than under any other president in the past 64 years. MSCI's broadest index of Asia-Pacific shares ex-Japan had edged up 0.4 per cent overnight following a positive finish for Wall Street on Monday. Japan's Nikkei also climbed 1.1 per cent, although weaker Chinese markets and regional technology shares capped the region. [.SS] Apple suppliers such as Taiwan's Hon Hai Precision Industry were hit by a report that Apple had told its smartphone assemblers to halt plans for additional production lines dedicated to the iPhone XR. The report had also driven Apple shares 2.8 per cent lower in U.S. trade. While political gridlock between the White House and Congress could hinder Trump's pro-business agenda and raise concerns about US political instability, some analysts say this may have already been priced in by investors. The Cboe Skew index, also known as the "black swan" index, hovered not far from its 2-1/2-year low hit on Friday, indicating demand for options that provide protection remains tepid. A higher skew typically indicates investors are buying more protection on heightened anxiety. "Unlike the US Presidential election or the UK's Brexit referendum, the upcoming US (midterm) elections are not a binary event," said Yasuo Sakuma, chief investment officer at Libra Investments. "So it's unlikely to send stocks significantly in one direction, apart from initial quick reactions." Safe-haven gold was little changed but in oil markets crude prices were down near multi-month lows after the United States allowed eight countries to continue buying oil from Iran temporarily, easing the likelihood of a sharp supply drop. US West Texas Intermediate (WTI) crude futures slipped 0.5 per cent to $62.80 a barrel, after hitting a seven-month low of $62.52 on Monday. Brent crude futures dropped 0.6 per cent to $72.74 a barrel, near Friday's 2-1/2-month low of $72.16. Both oil benchmarks have slid more than 15 per cent since hitting four-year highs in early October.

Global Markets: Stocks, dollar hunker down for US midterm elections

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Former Reserve Bank of India Governor <a href="http://www.wionews.com/business-&amp;-economy/raghuram-rajan-blames-over-optimistic-bankers-and-policy-paralysis-for-mounting-bad-loans-165000">Raghuram Rajan</a> defended the central bank's call for greater autonomy from the government, saying ultimately the nation stands to benefit from an independent and robust RBI.

In an interview on CNBC-TV 18 telecast on Tuesday Rajan said current rift between the central bank and the government can be resolved if both sides respect each other's intent and autonomy.

"As far as possible, it is in the interest of the country that we respect the institutional autonomy of the Reserve Bank, as well as the traditions," Rajan, who was succeeded by current governor Urjit Patel in September 2016, said.

Tensions between the two sides came to the fore last month after a scathing speech by a top RBI official blew the lid off a fractious dispute between the bank and the government of Prime Minister Narendra Modi on issues ranging from lending curbs, more cash availability to the non banking finance companies (NBFCs) to who controls the institution's reserves.

That speech by RBI Deputy Governor Viral Acharya roiled markets and prompted the government to issue a statement in support of the central bank's autonomy. Many viewed Acharya's comments as a sign that the &nbsp;RBI was pushing back hard against government pressure to relax its policies and reduce its powers ahead of a general election due by May.

Rajan, who is a finance professor at the Chicago Booth School of Business in the U.S., commended Acharya for warning of risks stemming from government meddling of central bank affairs. But he also said the RBI could inject liquidity to ease any cash crunch at financial institutions, indirectly supporting the government's call for a liquidity window for NBFCs.

"If it's a liquidity problem, the central bank can flood the market with liquidity or give the liquidity to specific private entities that are healthy, and are willing to lend to these other entities that are in trouble," Rajan, a former chief economist at International Monetary Fund said in the interview.

India's NBFCs, loosely known as shadow banks, are seeing a massive cash crunch after a major infrastructure funding company defaulted on a series of debt obligations in September triggering a sell-off in other financial institutions in the sector on worries over contagion risks.

Former Reserve Bank of India Governor Raghuram Rajan defended the central bank's call for greater autonomy from the government, saying ultimately the nation stands to benefit from an independent and robust RBI.

Former Reserve Bank of India Governor Raghuram Rajan defended the central bank's call for greater autonomy from the government, saying ultimately the nation stands to benefit from an independent and robust RBI. In an interview on CNBC-TV 18 telecast on Tuesday Rajan said current rift between the central bank and the government can be resolved if both sides respect each other's intent and autonomy. "As far as possible, it is in the interest of the country that we respect the institutional autonomy of the Reserve Bank, as well as the traditions," Rajan, who was succeeded by current governor Urjit Patel in September 2016, said. Tensions between the two sides came to the fore last month after a scathing speech by a top RBI official blew the lid off a fractious dispute between the bank and the government of Prime Minister Narendra Modi on issues ranging from lending curbs, more cash availability to the non banking finance companies (NBFCs) to who controls the institution's reserves. That speech by RBI Deputy Governor Viral Acharya roiled markets and prompted the government to issue a statement in support of the central bank's autonomy. Many viewed Acharya's comments as a sign that the RBI was pushing back hard against government pressure to relax its policies and reduce its powers ahead of a general election due by May. Rajan, who is a finance professor at the Chicago Booth School of Business in the U.S., commended Acharya for warning of risks stemming from government meddling of central bank affairs. But he also said the RBI could inject liquidity to ease any cash crunch at financial institutions, indirectly supporting the government's call for a liquidity window for NBFCs. "If it's a liquidity problem, the central bank can flood the market with liquidity or give the liquidity to specific private entities that are healthy, and are willing to lend to these other entities that are in trouble," Rajan, a former chief economist at International Monetary Fund said in the interview. India's NBFCs, loosely known as shadow banks, are seeing a massive cash crunch after a major infrastructure funding company defaulted on a series of debt obligations in September triggering a sell-off in other financial institutions in the sector on worries over contagion risks.

Ex-RBI chief Raghuram Rajan defends central bank's call for independence from government

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September&nbsp;thanks to strong returns from its investment funds.

Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said.

The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period.

Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business.

In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba.

Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year.

But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said. The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period. Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business. In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba. Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year. But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

SoftBank posts eight-fold jump in first-half net profit

The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows.

The rupee opened lower at 72.76 per dollar against the previous close of 72.45 and dropped further to quote 34 paise down at 72.79 in opening trade.

Traders said increased demand for the US currency from importers and losses in the domestic equity market weighed on the rupee.

Besides, the dollar trading higher against some currencies overseas too put pressure on the rupee, they added.

The rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices.

The benchmark BSE Sensex fall 100.54 points, or 0.29 per cent, to 34,911.11 in the opening session.&nbsp;

The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows. The rupee opened lower at 72.

The rupee depreciated 34 paise to 72.79 against the US dollar in early trade at the interbank forex market Monday on foreign fund outflows. The rupee opened lower at 72.76 per dollar against the previous close of 72.45 and dropped further to quote 34 paise down at 72.79 in opening trade. Traders said increased demand for the US currency from importers and losses in the domestic equity market weighed on the rupee. Besides, the dollar trading higher against some currencies overseas too put pressure on the rupee, they added. The rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar on easing crude oil prices. The benchmark BSE Sensex fall 100.54 points, or 0.29 per cent, to 34,911.11 in the opening session.

Rupee falls 34 paise against US dollar in early trade

The benchmark Sensex slipped below the 35,000-mark by dropping over 100 points to 34,911.11 in early trade Monday after banking, metal and auto stocks declined following weak global cues and profit-booking.

The 30-share index fell 100.54 points, or 0.29 per cent, to 34,911.11. The gauge had rallied nearly 580 points Friday.

The NSE Nifty, too, was trading 39.80 points, or 0.38 per cent, lower at 10,513.20.

Sectoral indices, led by power, metal, banking and auto stocks, were trading in the negative terrain, falling by up to 1.44 per cent.

Brokers said sentiments were weak largely in tandem with a negative trend in other Asian markets, tracking losses at the Wall Street, and profit-booking by investors after Friday's rally.

NTPC fell the most by 3.01 per cent among Sensex scrips, followed by IndusInd Bank shedding 2.17 per cent.

Other laggards were PowerGrid, ICICI Bank, Hero MotoCorp, Adani Ports, Tata Motors, Vedanta, M&amp;M, Asian Paint, Kotak Bank, Bajaj Auto, RIL, Tata Steel, HUL and HDFC, falling up to 1.95 per cent.

On the other hand, Axis Bank, ONGC, Sun Pharma, SBI and Yes Bank were trading positive, rising up to 1.98 per cent.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 196.90 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 852.99 crore.

Elsewhere in Asia, Japan's Nikkei was down by 1.16 per cent, while Hong Kong's Hang Seng fell 2.52 per cent. Korea fell 1.50 per cent, Shanghai Composite Index shed 2 per cent and Taiwan lost 0.89 per cent.

The US Dow Jones Industrial had ended 0.43 per cent lower Friday.&nbsp;

The benchmark Sensex slipped below the 35,000-mark by dropping over 100 points to 34,911.11 in early trade Monday after banking, metal and auto stocks declined following weak global cues and profit-booking.

The benchmark Sensex slipped below the 35,000-mark by dropping over 100 points to 34,911.11 in early trade Monday after banking, metal and auto stocks declined following weak global cues and profit-booking. The 30-share index fell 100.54 points, or 0.29 per cent, to 34,911.11. The gauge had rallied nearly 580 points Friday. The NSE Nifty, too, was trading 39.80 points, or 0.38 per cent, lower at 10,513.20. Sectoral indices, led by power, metal, banking and auto stocks, were trading in the negative terrain, falling by up to 1.44 per cent. Brokers said sentiments were weak largely in tandem with a negative trend in other Asian markets, tracking losses at the Wall Street, and profit-booking by investors after Friday's rally. NTPC fell the most by 3.01 per cent among Sensex scrips, followed by IndusInd Bank shedding 2.17 per cent. Other laggards were PowerGrid, ICICI Bank, Hero MotoCorp, Adani Ports, Tata Motors, Vedanta, M&M, Asian Paint, Kotak Bank, Bajaj Auto, RIL, Tata Steel, HUL and HDFC, falling up to 1.95 per cent. On the other hand, Axis Bank, ONGC, Sun Pharma, SBI and Yes Bank were trading positive, rising up to 1.98 per cent. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 196.90 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 852.99 crore. Elsewhere in Asia, Japan's Nikkei was down by 1.16 per cent, while Hong Kong's Hang Seng fell 2.52 per cent. Korea fell 1.50 per cent, Shanghai Composite Index shed 2 per cent and Taiwan lost 0.89 per cent. The US Dow Jones Industrial had ended 0.43 per cent lower Friday.

Sensex slips below 35,000 in early trade, drops 100 points

Oil prices fell on Monday as <a href="http://www.wionews.com/business-economy/crude-oil-prices-rise-as-us-sanctions-on-iran-loom-172761">US&nbsp;sanctions against Iran's fuel </a>exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US&nbsp;light crude was 30 cents lower at $62.84 a barrel.

Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.

Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US&nbsp;president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.

In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil.

Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil.

"US&nbsp;sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index.

Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude.

South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said.

Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US&nbsp;decision, but would not directly say if China had or had not been granted an exemption.

Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output.

Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010.

In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell. Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US light crude was 30 cents lower at $62.84 a barrel. Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show. Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors. In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil. Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil. "US sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index. Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude. South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said. Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US decision, but would not directly say if China had or had not been granted an exemption. Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output. Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010. In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Despite sanctions on Iran oil, prices drop on US waivers

The <a href="http://www.wionews.com/world/the-trump-china-trade-war-how-will-it-end-171248">US-China tariff slugfest</a> has for months triggered warnings that it could impact global economic growth, and recent data indicates the trade tension is indeed beginning to bite.

Manufacturing gauges in several export-reliant Asian countries, as well as China, weakened in October as gloom deepens over the trade outlook.

China's official Purchasing Managers' Index (PMI), which measures factory activity, came in at 50.2 in October, down from 50.8 the previous month, the latest sign of weakness in the world's second-largest economy amid the trade war and a domestic debt problem.

But China's troubles are bad for the rest of the region, and the world, analysts said.

Asian exporting countries from South Korea to Malaysia saw PMI decreases in October, according to indices compiled by Nikkei/IHS Markit.

Taiwan saw its steepest falls in production and new business in just over three years, purchasing activity by companies fell for the first time since May 2016, and firms anticipate lower factory output in the next 12 months, Nikkei/IHS Markit said.

"Taiwan is feeling the effects of this trade war because China is the factory for many companies in Taiwan. When the estuary is blocked, you feel the effects," said Sun Ming-te of the Taiwan Institute of Economic Research.

Paying the price 
South Korea's PMI slipped to 51.0 in October from 51.3 in September, while a separate Korean business sentiment index for manufacturing sank to its lowest level in two years.

China is South Korea's largest trading partner, absorbing a quarter of Korean exports.

"The situation may get worse next year due to a prolonged trade war between the US and China, growing default risks at debt-plagued Chinese firms and a slowing global economy that reduces demand for our exports," said c, an analyst at the Korea Institute of Finance.

Southeast Asian manufacturers were feeling the effects too, with PMI in Malaysia and Thailand slipping below the 50-point level, which indicates contraction in the sector.

It was Malaysia's lowest PMI since July and Thailand's lowest in two years.

In an AFP interview last week, Malaysian Prime Minister Mahathir Mohamad complained that US President Donald Trump -- who has accused various trading partners of "ripping off" America -- "seems to be withdrawing from all commitments overseas".

Mahathir, 93, said that hurts everyone, including the US.

"We want to remain friendly with the US, and we want to continue trading with the US," Mahathir said.

"But the trade war that is going on between the US and China is damaging for us. We have to pay a price for that."

Vietnam or bust 
The International Monetary Fund warned at its annual meeting last month that the trade friction and other threats would hobble the world economy, lowering its growth forecasts for 2018 and 2019.

The Eurozone posted disappointing PMI figures in October, though due largely to factors other than trade tension.

But not everyone feels the shock yet, with Japan's manufacturing looking solid last month.

Trump, meanwhile, faces little pressure to tame his trade rhetoric at home, with a rosy US outlook marked by rising wages and low unemployment.

And even in Asia, there will be some winners as conflict re-aligns trading patterns, economists noted.

Vietnam, in particular, looks to gain as foreign manufacturers relocate out of China to escape the trade war crossfire and what many say is an increasingly unfair playing field for foreign companies in China.

Vietnam PMI climbed from a ten-month low of 51.5 in September to 53.9 last month.

"The hard data on exports and industrial production in recent months haven't been that great. The latest survey nonetheless shows how Vietnam is weathering the US-China trade war better than its ASEAN peers," Miguel Chanco, senior economist at Pantheon Macroeconomics, told AFP.

"If the trade war escalates, Vietnam will be one of the prime destinations for export-oriented firms looking to move out of China."

The US-China tariff slugfest has for months triggered warnings that it could impact global economic growth, and recent data indicates the trade tension is indeed beginning to bite.

The US-China tariff slugfest has for months triggered warnings that it could impact global economic growth, and recent data indicates the trade tension is indeed beginning to bite. Manufacturing gauges in several export-reliant Asian countries, as well as China, weakened in October as gloom deepens over the trade outlook. China's official Purchasing Managers' Index (PMI), which measures factory activity, came in at 50.2 in October, down from 50.8 the previous month, the latest sign of weakness in the world's second-largest economy amid the trade war and a domestic debt problem. But China's troubles are bad for the rest of the region, and the world, analysts said. Asian exporting countries from South Korea to Malaysia saw PMI decreases in October, according to indices compiled by Nikkei/IHS Markit. Taiwan saw its steepest falls in production and new business in just over three years, purchasing activity by companies fell for the first time since May 2016, and firms anticipate lower factory output in the next 12 months, Nikkei/IHS Markit said. "Taiwan is feeling the effects of this trade war because China is the factory for many companies in Taiwan. When the estuary is blocked, you feel the effects," said Sun Ming-te of the Taiwan Institute of Economic Research. Paying the price South Korea's PMI slipped to 51.0 in October from 51.3 in September, while a separate Korean business sentiment index for manufacturing sank to its lowest level in two years. China is South Korea's largest trading partner, absorbing a quarter of Korean exports. "The situation may get worse next year due to a prolonged trade war between the US and China, growing default risks at debt-plagued Chinese firms and a slowing global economy that reduces demand for our exports," said c, an analyst at the Korea Institute of Finance. Southeast Asian manufacturers were feeling the effects too, with PMI in Malaysia and Thailand slipping below the 50-point level, which indicates contraction in the sector. It was Malaysia's lowest PMI since July and Thailand's lowest in two years. In an AFP interview last week, Malaysian Prime Minister Mahathir Mohamad complained that US President Donald Trump -- who has accused various trading partners of "ripping off" America -- "seems to be withdrawing from all commitments overseas". Mahathir, 93, said that hurts everyone, including the US. "We want to remain friendly with the US, and we want to continue trading with the US," Mahathir said. "But the trade war that is going on between the US and China is damaging for us. We have to pay a price for that." Vietnam or bust The International Monetary Fund warned at its annual meeting last month that the trade friction and other threats would hobble the world economy, lowering its growth forecasts for 2018 and 2019. The Eurozone posted disappointing PMI figures in October, though due largely to factors other than trade tension. But not everyone feels the shock yet, with Japan's manufacturing looking solid last month. Trump, meanwhile, faces little pressure to tame his trade rhetoric at home, with a rosy US outlook marked by rising wages and low unemployment. And even in Asia, there will be some winners as conflict re-aligns trading patterns, economists noted. Vietnam, in particular, looks to gain as foreign manufacturers relocate out of China to escape the trade war crossfire and what many say is an increasingly unfair playing field for foreign companies in China. Vietnam PMI climbed from a ten-month low of 51.5 in September to 53.9 last month. "The hard data on exports and industrial production in recent months haven't been that great. The latest survey nonetheless shows how Vietnam is weathering the US-China trade war better than its ASEAN peers," Miguel Chanco, senior economist at Pantheon Macroeconomics, told AFP. "If the trade war escalates, Vietnam will be one of the prime destinations for export-oriented firms looking to move out of China."

Trump's trade war begins to bite — in Asia

US sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts.

"In the next weeks all eyes will be on Iranian exports, whether there will be some cheating around US sanctions, and on how quickly production will fall," said Riccardo Fabiani, an analyst for Energy Aspects.

The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income.&nbsp;

Going after Iran's oil money will hit Tehran where it hurts, but it also means hitting a major pillar of the global oil market -- Iran is the OPEC cartel's third-largest producer -- with major consequences for world supply.

Iran exported the equivalent of 2.5 million barrels a day in April, before&nbsp;the announcement of sanctions turned buyers away.&nbsp;

"Even if the United States grants exemptions, Washington will demand that the volume imported from Iran be significantly reduced," said UBS analyst Giovanni Staunovo, who expects prices to rise.&nbsp;

Exemptions&nbsp;

However, oil prices have fallen by nearly $15 in less than a month, after peaking in early October at their highest level in two and a half years, with a barrel of Brent at over $85.&nbsp;

Part of the explanation lies in the ambiguous position of the US, which initially insisted that the sanctions were designed to reduce Iranian exports to zero barrels, but has since has softened its position.&nbsp;

Secretary of State Mike Pompeo on Friday announced exemptions for eight countries, without naming them.&nbsp;

Turkey indicated that it was one of them and analysts believe that India, one of the world's largest importers, is also on the list, which will be published on Monday.

"India said to the US that they can't stop before March, they are facing a major currency crisis," explained Joel Hancock, analyst at Natixis.&nbsp;

Consumer confidence in the US itself could also suffer if rising oil prices translate into higher prices at the pump.

"If prices start to rise again or another major producer has difficulties, it could put pressure on the US and lead to new exemptions," said Fabiani.

Saudi uncertainty&nbsp;

The other major oil producing countries are expected to ramp up production to try and compensate for Iran's anticipated decline in output.&nbsp;

But in doing so, they run the risk of hampering their ability to react to any future crises.&nbsp;

Saudi Arabia, the world's largest exporter, has claimed that it can respond to the Iranian shortfall, but some market players are wondering whether the kingdom is exhausting its capacities.&nbsp;

"Saudi Arabia can produce 12 million barrels a day, but only if it invests," said Hancock, noting that the country currently produces just under 11 million barrels a day.&nbsp;

He believes that Riyadh can currently only rely on 300,000 barrels per day of spare capacity, the extraction of which can be launched in fewer than 30 days.&nbsp;

"The mantra right now is to go to Saudi Arabia but its exports have remained flat at around 10 or 10.2 million barrels a day," said Samir Madani, an analyst at Tanker Trackers, which specialises in satellite tanker tracking.&nbsp;

"The big increase right now is Iraq at 4.2 million, which I've never seen before," he added.

The US, which is in the process of becoming the world's leading producer thanks to its shale oil operations, could meet part of the demand, but lacks export capacity, said the analyst.

US sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts.

US sanctions against importers of Iranian oil threaten the crude oil market's precarious balance and risk surging prices, all under Saudi Arabia's watchful gaze, according to experts. "In the next weeks all eyes will be on Iranian exports, whether there will be some cheating around US sanctions, and on how quickly production will fall," said Riccardo Fabiani, an analyst for Energy Aspects. The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income. Going after Iran's oil money will hit Tehran where it hurts, but it also means hitting a major pillar of the global oil market -- Iran is the OPEC cartel's third-largest producer -- with major consequences for world supply. Iran exported the equivalent of 2.5 million barrels a day in April, before the announcement of sanctions turned buyers away. "Even if the United States grants exemptions, Washington will demand that the volume imported from Iran be significantly reduced," said UBS analyst Giovanni Staunovo, who expects prices to rise. Exemptions However, oil prices have fallen by nearly $15 in less than a month, after peaking in early October at their highest level in two and a half years, with a barrel of Brent at over $85. Part of the explanation lies in the ambiguous position of the US, which initially insisted that the sanctions were designed to reduce Iranian exports to zero barrels, but has since has softened its position. Secretary of State Mike Pompeo on Friday announced exemptions for eight countries, without naming them. Turkey indicated that it was one of them and analysts believe that India, one of the world's largest importers, is also on the list, which will be published on Monday. "India said to the US that they can't stop before March, they are facing a major currency crisis," explained Joel Hancock, analyst at Natixis. Consumer confidence in the US itself could also suffer if rising oil prices translate into higher prices at the pump. "If prices start to rise again or another major producer has difficulties, it could put pressure on the US and lead to new exemptions," said Fabiani. Saudi uncertainty The other major oil producing countries are expected to ramp up production to try and compensate for Iran's anticipated decline in output. But in doing so, they run the risk of hampering their ability to react to any future crises. Saudi Arabia, the world's largest exporter, has claimed that it can respond to the Iranian shortfall, but some market players are wondering whether the kingdom is exhausting its capacities. "Saudi Arabia can produce 12 million barrels a day, but only if it invests," said Hancock, noting that the country currently produces just under 11 million barrels a day. He believes that Riyadh can currently only rely on 300,000 barrels per day of spare capacity, the extraction of which can be launched in fewer than 30 days. "The mantra right now is to go to Saudi Arabia but its exports have remained flat at around 10 or 10.2 million barrels a day," said Samir Madani, an analyst at Tanker Trackers, which specialises in satellite tanker tracking. "The big increase right now is Iraq at 4.2 million, which I've never seen before," he added. The US, which is in the process of becoming the world's leading producer thanks to its shale oil operations, could meet part of the demand, but lacks export capacity, said the analyst.

Oil market on alert as Iran sanctions hit

Fuel prices saw further reduction on Sunday with petrol and diesel now being sold at Rs 78.78 and Rs 73.36 per litre respectively in the national capital.

Compared to Saturday, petrol and diesel prices witnessed a reduction of 21 and 17 paise respectively in Delhi.

Meanwhile, in Mumbai, petrol and diesel are retailed at Rs 84.28 (a decrease of 21 paise) and Rs 76.88 (declined 18 paise), respectively.

Fuel prices had earlier witnessed a relentless hike in the country, burning a hole in the common commuter`s pocket. However, earlier this month, the Central government announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre, urging state governments to do the same on their end.&nbsp;

The fuel prices have witnessed a&nbsp;sharp decline over the last few days after hitting record high.

Fuel prices saw further reduction on Sunday with petrol and diesel now being sold at Rs 78.78 and Rs 73.36 per litre respectively in the national capital. Compared to Saturday, petrol and diesel prices witnessed a reduction of 21 and 17 paise respectively in Delhi.

Fuel prices saw further reduction on Sunday with petrol and diesel now being sold at Rs 78.78 and Rs 73.36 per litre respectively in the national capital. Compared to Saturday, petrol and diesel prices witnessed a reduction of 21 and 17 paise respectively in Delhi. Meanwhile, in Mumbai, petrol and diesel are retailed at Rs 84.28 (a decrease of 21 paise) and Rs 76.88 (declined 18 paise), respectively. Fuel prices had earlier witnessed a relentless hike in the country, burning a hole in the common commuter`s pocket. However, earlier this month, the Central government announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre, urging state governments to do the same on their end. The fuel prices have witnessed a sharp decline over the last few days after hitting record high.

Fuel prices further slashed; petrol selling at 78.78 per litre, diesel 73.36

The stock mark indices made a powerful comeback on Friday afternoon after opening on a strong footing.

The BSE Sensex jumped 636 points to settle at 35,067 while NSE's Nifty50 index reclaimed 10,576 mark, up by 195 points.

The BSE benchmark Sensex reclaimed the key 35,000-mark after nearly one month by surging over 570 points in late morning trade.

The pace gathered momentum, triggered by fall in global crude prices and encouraging corporate earnings in addition to the positive leads from other Asian markets.

All the sectoral indices led by auto, metal and oil &amp; gas were trading in the positive terrain with gains up to 3.67 per cent.

Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the US $73-mark to quote at a seven-month low of US $72.65 by falling 3.48 per cent, traders said.

The rupee continued its recovery into a second session and firmed up 0.9 per cent to 72.78 against the dollar as oil prices slipped on surging output by the world's three largest producers.&nbsp;

(With inputs from agencies)

The stock mark indices made a powerful comeback on Friday afternoon after opening on a strong footing. The BSE Sensex jumped 636 points to settle at 35,067 while NSE's Nifty50 index reclaimed 10,576 mark, up by 195 points.

The stock mark indices made a powerful comeback on Friday afternoon after opening on a strong footing. The BSE Sensex jumped 636 points to settle at 35,067 while NSE's Nifty50 index reclaimed 10,576 mark, up by 195 points. The BSE benchmark Sensex reclaimed the key 35,000-mark after nearly one month by surging over 570 points in late morning trade. The pace gathered momentum, triggered by fall in global crude prices and encouraging corporate earnings in addition to the positive leads from other Asian markets. All the sectoral indices led by auto, metal and oil & gas were trading in the positive terrain with gains up to 3.67 per cent. Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the US $73-mark to quote at a seven-month low of US $72.65 by falling 3.48 per cent, traders said. The rupee continued its recovery into a second session and firmed up 0.9 per cent to 72.78 against the dollar as oil prices slipped on surging output by the world's three largest producers. (With inputs from agencies)

Sensex jumps 636 points, rupee extends recovery over easing crude price

A speech by a top Reserve Bank of India (RBI) official last Friday blew the lid off an increasingly toxic dispute between the central bank and the government of Prime Minister Narendra Modi over monetary policy and who controls the institution's reserves.

While historically there have been differences between the <a href="http://www.wionews.com/india-news/government-very-upset-with-rbi-for-making-rift-public-sources-174359">RBI and the nation's governments</a>, the extent of the rift and its public nature are unprecedented.

By Wednesday morning, there were Indian media reports saying that RBI Governor Urjit Patel was about to resign. The RBI declined comment.

This followed three letters to the RBI from the finance ministry <a href="http://www.wionews.com/india-news/government-invokes-never-used-before-powers-to-issue-directions-to-rbi-report-174517">threatening to invoke Section 7</a> of the RBI Act that would allow the government to dictate policy to the central bank, according to a senior source with direct knowledge of developments.

But faced with declines in the rupee and government bond prices as investors got unnerved, the government issued a statement supporting the RBI's autonomy while indicating it would still be pressing very hard to have its own way.

In his speech, <a href="http://www.wionews.com/india-news/a-govt-that-does-not-respect-rbis-independence-will-incur-wrath-of-markets-rbi-deputy-governor-173752">RBI Deputy Governor Viral Acharya</a> said that undermining central bank independence could be "potentially catastrophic", and he even cited meddling by the Argentine government in the affairs of its central bank in 2010 - prompting big drops in that nation's financial markets - as a sign of how bad things can get.

The remarks were widely seen as a sign that the&nbsp; RBI was pushing back hard against government pressure to relax its policies and reduce its powers ahead of a general election due by May.

Finance ministry and RBI spokespersons declined comment.

The RBI is not statutorily independent, as the governor is appointed by the government, but it has enjoyed broad autonomy in regulating the banking sector. It is mandated to control inflation within a 2 to 6 percent range while keeping in mind India's economic growth objective.

HERE ARE SIX CRITICAL AREAS OF CONFLICT:

CASH GRAB

The government has made repeated calls for the RBI to hand over more money from the RBI's reserves to help fund its fiscal deficit. The RBI currently hands over its profits earned from various activities in the form of a dividend. But the government also wants to tap a share of the RBI's 3.6 trillion rupees ($48.73 billion) of capital reserves. The RBI has consistently pushed back against the demand.

OUT OF THE SHADOWS

The government wants the RBI to provide more liquidity to the shadow banking sector, which has been hurt by the defaults of major financing company, Infrastructure Leasing &amp; Financial Services (IL&amp;FS). Those defaults triggered sell-off in bonds and stocks of non-banking financial companies. The government has been asking the RBI for a dedicated liquidity window for these lenders similar to one allowed during the 2008-2009 global financial crisis.

JUST RELAX

The government has also been urging the RBI to relax its lending restrictions on 11 state-run banks. The curbs were imposed because the banks had a low capital base and major bad debt problems. The 11 are barred from lending unless they reduce their bad debt levels, improve their capital ratios and become profitable. The government says the restrictions have gone too far and have reduced the availability of loans for small- and medium sized businesses.

ENCROACHING

The RBI is also irked by the government's efforts to trim the central bank's regulatory powers by proposing to set up an independent payments regulator. Currently the RBI regulates all payments and settlements in the economy. The government says it wants a separate payment regulator which will be able to adapt to rapid changes in technology.

BOARD INFLUENCE

The government appointed S Gurumurthy, a prominent BJP supporter and an affiliate of the Hindu nationalist Rashtriya Swayamsevak Sangh (RSS), to the RBI board earlier this year along with Satish Marathe, a former banker with ties to the RSS. Such political appointments have been unusual in the past as the RBI board's external members have mostly been economists and industrialists. Traditionally, the RBI's board has approved decisions related to internal functions of the central bank and it has not interfered in its supervisory and monetary policy functions.

KEEPING MUM

Senior government officials, as well as BJP and RSS officials, are angry that the RBI decided to go public over the quarrels. Acharya made it clear he had been asked to address the independence question by Patel and in a show of unity the three other deputy governors attended his speech. In its statement concerning autonomy on Wednesday, the government stressed that it will keep discussions confidential.

WHY IT MATTERS

FOR GOVERNMENT

The central government has been under pressure ahead of regional polls due at the end of 2018 because of weak farm prices and surging fuel costs, which have been hurting rural incomes. The government recently cut excise duty on gasoline and diesel, adding to pressure on its deficit.

The Budget is also being undermined by muted revenue collection from recently introduced Goods and Service Tax (GST).

Added to this, the IL&amp;FS woes have led to a liquidity crunch across much of the shadow banking sector and throttled off some lending.

All of this could slow a $2.6 trillion economy, the world's sixth largest, only months before the general election. To prevent that from happening, Prime Minister Narendra Modi is expected to spend more on populist programmes, including boosts to rural wages, fuel subsidies and buying crops at a guaranteed minimum price.

FOR INVESTORS

The rift has created political and economic uncertainty. Investors want policy continuity from both the RBI and the government to ensure inflation is kept in check and economic stability is maintained.

A persistent fall in the inflation rate since 2014 in a country that was used to volatile price pressures instilled confidence in the central bank and attracted investors. However, investors fear such hard-earned economic gains could be at risk if the government can pull the RBI’s strings.

A speech by a top Reserve Bank of India (RBI) official last Friday blew the lid off an increasingly toxic dispute between the central bank and the government of Prime Minister Narendra Modi over monetary policy and who controls the institution's reserves.

A speech by a top Reserve Bank of India (RBI) official last Friday blew the lid off an increasingly toxic dispute between the central bank and the government of Prime Minister Narendra Modi over monetary policy and who controls the institution's reserves. While historically there have been differences between the RBI and the nation's governments, the extent of the rift and its public nature are unprecedented. By Wednesday morning, there were Indian media reports saying that RBI Governor Urjit Patel was about to resign. The RBI declined comment. This followed three letters to the RBI from the finance ministry threatening to invoke Section 7 of the RBI Act that would allow the government to dictate policy to the central bank, according to a senior source with direct knowledge of developments. But faced with declines in the rupee and government bond prices as investors got unnerved, the government issued a statement supporting the RBI's autonomy while indicating it would still be pressing very hard to have its own way. In his speech, RBI Deputy Governor Viral Acharya said that undermining central bank independence could be "potentially catastrophic", and he even cited meddling by the Argentine government in the affairs of its central bank in 2010 - prompting big drops in that nation's financial markets - as a sign of how bad things can get. The remarks were widely seen as a sign that the RBI was pushing back hard against government pressure to relax its policies and reduce its powers ahead of a general election due by May. Finance ministry and RBI spokespersons declined comment. The RBI is not statutorily independent, as the governor is appointed by the government, but it has enjoyed broad autonomy in regulating the banking sector. It is mandated to control inflation within a 2 to 6 percent range while keeping in mind India's economic growth objective. HERE ARE SIX CRITICAL AREAS OF CONFLICT: CASH GRAB The government has made repeated calls for the RBI to hand over more money from the RBI's reserves to help fund its fiscal deficit. The RBI currently hands over its profits earned from various activities in the form of a dividend. But the government also wants to tap a share of the RBI's 3.6 trillion rupees ($48.73 billion) of capital reserves. The RBI has consistently pushed back against the demand. OUT OF THE SHADOWS The government wants the RBI to provide more liquidity to the shadow banking sector, which has been hurt by the defaults of major financing company, Infrastructure Leasing & Financial Services (IL&FS). Those defaults triggered sell-off in bonds and stocks of non-banking financial companies. The government has been asking the RBI for a dedicated liquidity window for these lenders similar to one allowed during the 2008-2009 global financial crisis. JUST RELAX The government has also been urging the RBI to relax its lending restrictions on 11 state-run banks. The curbs were imposed because the banks had a low capital base and major bad debt problems. The 11 are barred from lending unless they reduce their bad debt levels, improve their capital ratios and become profitable. The government says the restrictions have gone too far and have reduced the availability of loans for small- and medium sized businesses. ENCROACHING The RBI is also irked by the government's efforts to trim the central bank's regulatory powers by proposing to set up an independent payments regulator. Currently the RBI regulates all payments and settlements in the economy. The government says it wants a separate payment regulator which will be able to adapt to rapid changes in technology. BOARD INFLUENCE The government appointed S Gurumurthy, a prominent BJP supporter and an affiliate of the Hindu nationalist Rashtriya Swayamsevak Sangh (RSS), to the RBI board earlier this year along with Satish Marathe, a former banker with ties to the RSS. Such political appointments have been unusual in the past as the RBI board's external members have mostly been economists and industrialists. Traditionally, the RBI's board has approved decisions related to internal functions of the central bank and it has not interfered in its supervisory and monetary policy functions. KEEPING MUM Senior government officials, as well as BJP and RSS officials, are angry that the RBI decided to go public over the quarrels. Acharya made it clear he had been asked to address the independence question by Patel and in a show of unity the three other deputy governors attended his speech. In its statement concerning autonomy on Wednesday, the government stressed that it will keep discussions confidential. WHY IT MATTERS FOR GOVERNMENT The central government has been under pressure ahead of regional polls due at the end of 2018 because of weak farm prices and surging fuel costs, which have been hurting rural incomes. The government recently cut excise duty on gasoline and diesel, adding to pressure on its deficit. The Budget is also being undermined by muted revenue collection from recently introduced Goods and Service Tax (GST). Added to this, the IL&FS woes have led to a liquidity crunch across much of the shadow banking sector and throttled off some lending. All of this could slow a $2.6 trillion economy, the world's sixth largest, only months before the general election. To prevent that from happening, Prime Minister Narendra Modi is expected to spend more on populist programmes, including boosts to rural wages, fuel subsidies and buying crops at a guaranteed minimum price. FOR INVESTORS The rift has created political and economic uncertainty. Investors want policy continuity from both the RBI and the government to ensure inflation is kept in check and economic stability is maintained. A persistent fall in the inflation rate since 2014 in a country that was used to volatile price pressures instilled confidence in the central bank and attracted investors. However, investors fear such hard-earned economic gains could be at risk if the government can pull the RBI’s strings.

Why Modi government wants to increase control over the RBI

The BSE benchmark Sensex Friday soared over 413 points to 34,845.15 and the NSE Nifty raced past 10,500 on widespread gains amid fresh foreign fund inflows, fall in global crude prices and rising rupee.

Positive leads from most other Asian markets on easing concerns over the US-China trade war, too, buoyed sentiments here.

The 30-share Sensex climbed 413.15 points, or 1.20 per cent, to quote at 34,845.15. The gauge had shed 10 points in Thursday's volatile session.

The NSE Nifty leaped 122.85 points, or 1.18 per cent, to 10,503.30.

Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent, traders said.

Adding to the upbeat mood, strengthening rupee against the dollar and a firm trend at other Asian markets, tracking overnight gains at the Wall Street after US President Donald Trump said trade talks with China were "moving along nicely".

Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while DIIs sold shares to the tune of Rs 509.17 crore, provisional data showed.

The big gainers were Asian Paint, Yes Bank, Bajaj Auto, Hero MotoCorp, IndusInd Bank, Tata Motors, M&amp;M, Maruti Suzuki, SBI, L&amp;T, Axis Bank, ITC, Bharti Airtel, HUL, RIL, Kotak Bank and ICICI Bank, gaining up to 5.80 per cent.

Shares of state-run oil market companies such as HPCL, BPCL and IOC rose up to 3.76 per cent, largely supported by fall in crude prices in the global market.

All the sectoral indices led by auto, consumer durables and oil &amp; gas were trading in the positive zone, with gains of up to 2.65 per cent.

Elsewhere in Asia, Hong Kong's Hang Seng rose 2.37 per cent, Shanghai Composite Index was up 1.21 per cent, Japan's Nikkei gained 0.70 per cent, and Korea rallied 2.13 per cent.

The US Dow Jones Industrial Average had gained 1.06 per cent in Thursday's session.&nbsp;

The BSE benchmark Sensex Friday soared over 413 points to 34,845.15 and the NSE Nifty raced past 10,500 on widespread gains amid fresh foreign fund inflows, fall in global crude prices and rising rupee.

The BSE benchmark Sensex Friday soared over 413 points to 34,845.15 and the NSE Nifty raced past 10,500 on widespread gains amid fresh foreign fund inflows, fall in global crude prices and rising rupee. Positive leads from most other Asian markets on easing concerns over the US-China trade war, too, buoyed sentiments here. The 30-share Sensex climbed 413.15 points, or 1.20 per cent, to quote at 34,845.15. The gauge had shed 10 points in Thursday's volatile session. The NSE Nifty leaped 122.85 points, or 1.18 per cent, to 10,503.30. Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent, traders said. Adding to the upbeat mood, strengthening rupee against the dollar and a firm trend at other Asian markets, tracking overnight gains at the Wall Street after US President Donald Trump said trade talks with China were "moving along nicely". Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while DIIs sold shares to the tune of Rs 509.17 crore, provisional data showed. The big gainers were Asian Paint, Yes Bank, Bajaj Auto, Hero MotoCorp, IndusInd Bank, Tata Motors, M&M, Maruti Suzuki, SBI, L&T, Axis Bank, ITC, Bharti Airtel, HUL, RIL, Kotak Bank and ICICI Bank, gaining up to 5.80 per cent. Shares of state-run oil market companies such as HPCL, BPCL and IOC rose up to 3.76 per cent, largely supported by fall in crude prices in the global market. All the sectoral indices led by auto, consumer durables and oil & gas were trading in the positive zone, with gains of up to 2.65 per cent. Elsewhere in Asia, Hong Kong's Hang Seng rose 2.37 per cent, Shanghai Composite Index was up 1.21 per cent, Japan's Nikkei gained 0.70 per cent, and Korea rallied 2.13 per cent. The US Dow Jones Industrial Average had gained 1.06 per cent in Thursday's session.

Sensex rallies over 400 points on strong global cues, falling crude prices

Investor wealth rose by Rs 1.72 lakh crore on Friday helped by a smart rally in the broader market where the BSE benchmark index surged almost 580 points.&nbsp;

Tracking gains in stocks, the market capitalisation of the BSE listed companies surged by Rs 1,72,870.06 crore to Rs 1,40,78,702.09 crore. The 30-share key index soared 579.68 points, or 1.68 per cent, to end at 35,011.65.

"After a flat start to November, stock markets Friday traded with a strong positive momentum and registered sharp gains. Trading sentiment got a boost amid a fall in global crude prices and rising rupee. Positive global cues also triggered buying," said Abhijeet Dey, senior fund Manager-Equities, BNP Paribas Mutual Fund.

The Rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar. Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent.

From the 30-share pack, 25 stocks ended with gains led by Maruti Suzuki India, Tata Motors, Vedanta and Induslnd Bank. In the broader market, the S&amp;P BSE midcap index gained 0.78 per cent and smallcap index 0.76 per cent.

Investor wealth rose by Rs 1.72 lakh crore on Friday helped by a smart rally in the broader market where the BSE benchmark index surged almost 580 points. Tracking gains in stocks, the market capitalisation of the BSE listed companies surged by Rs 1,72,870.

Investor wealth rose by Rs 1.72 lakh crore on Friday helped by a smart rally in the broader market where the BSE benchmark index surged almost 580 points. Tracking gains in stocks, the market capitalisation of the BSE listed companies surged by Rs 1,72,870.06 crore to Rs 1,40,78,702.09 crore. The 30-share key index soared 579.68 points, or 1.68 per cent, to end at 35,011.65. "After a flat start to November, stock markets Friday traded with a strong positive momentum and registered sharp gains. Trading sentiment got a boost amid a fall in global crude prices and rising rupee. Positive global cues also triggered buying," said Abhijeet Dey, senior fund Manager-Equities, BNP Paribas Mutual Fund. The Rupee on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar. Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent. From the 30-share pack, 25 stocks ended with gains led by Maruti Suzuki India, Tata Motors, Vedanta and Induslnd Bank. In the broader market, the S&P BSE midcap index gained 0.78 per cent and smallcap index 0.76 per cent.

Investor wealth soars Rs 1.72 lakh crore as stocks zoom

Fuel prices were further cutback by the Central Government on Friday with petrol and diesel now being sold at Rs 79.18 and Rs 73.64 per litre respectively in the national capital.

Compared to Thursday, petrol and diesel prices witnessed a decrease of 19 and 14 paise respectively in Delhi on Friday.

Meanwhile, in Mumbai, petrol and diesel are retailed at Rs 84.68 (decrease by 18 paise) and Rs 77.18 (decrease by 14 paise), respectively.

Fuel prices had earlier witnessed a relentless hike in the country, burning a hole in the common commuter's pocket.

However, the Central Government earlier this month announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.

However, earlier this month, the Central Government announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre, urging state governments to do the same on their end.&nbsp;

Fuel prices were further cutback by the Central Government on Friday with petrol and diesel now being sold at Rs 79.18 and Rs 73.64 per litre respectively in the national capital.

Fuel prices were further cutback by the Central Government on Friday with petrol and diesel now being sold at Rs 79.18 and Rs 73.64 per litre respectively in the national capital. Compared to Thursday, petrol and diesel prices witnessed a decrease of 19 and 14 paise respectively in Delhi on Friday. Meanwhile, in Mumbai, petrol and diesel are retailed at Rs 84.68 (decrease by 18 paise) and Rs 77.18 (decrease by 14 paise), respectively. Fuel prices had earlier witnessed a relentless hike in the country, burning a hole in the common commuter's pocket. However, the Central Government earlier this month announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre. However, earlier this month, the Central Government announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre, urging state governments to do the same on their end.

Fuel prices further cutback by Central Government 

Apple on Thursday reported that its profit leapt in the recently ended quarter, but shares slid on weaker-than-expected iPhone sales and the forecast going into the year-end holiday.

Apple said net profit climbed 32 per cent to $14.1 billion on revenue that was up 20 per cent to $62.9 billion with help from growing sales of digital content and services to of users and other Apple gadgetry.

However, the market was disappointed by word that Apple fell short of expectations with iPhone sales of 46.9 million iPhones and its forecast was not as robust as anticipated.

Apple shares slipped 4.2 per cent to $212.85 in after-market trades that followed release of the earnings figures.

"We're thrilled to report another record-breaking quarter that caps a tremendous fiscal 2018, the year in which we shipped our two billionth iOS device, celebrated the 10th anniversary of the App Store and achieved the strongest revenue and earnings in Apple's history," said Apple chief executive Tim Cook.

The average selling price for iPhones in the freshly updated product line was $793, indicating that Apple was able to deliver more of its priciest handsets.

The results closed out Apple's fiscal fourth quarter ending September 29 and set the stage for the crucial holiday period.

Chief financial officer Luca Maestri said it was the California-based company's best September quarter on record, with revenue growing double digits everywhere it does business around the world.

"We set September quarter revenue records for iPhone and Wearables and all-time quarterly records for Services and Mac,” Maestri said.

Apple forecast that it would bring in between $89 billion and $93 billion in the current quarter.

Apple this week unveiled a new version of its MacBook Air laptop, this time made of recycled aluminum, as well as a new Mac Mini and an iPad Pro, all pricier than their predecessors.

Apple also unveiled a new version of its iPad Pro tablet with a screen that looks nearly edge-to-edge and boasts a faster processor. It includes features from the latest iPhones.&nbsp;

The changes are part of an effort to overhaul a product that has seen sliding sales in recent years. 
&nbsp;

Apple on Thursday reported that its profit leapt in the recently ended quarter, but shares slid on weaker-than-expected iPhone sales and the forecast going into the year-end holiday.

Apple on Thursday reported that its profit leapt in the recently ended quarter, but shares slid on weaker-than-expected iPhone sales and the forecast going into the year-end holiday. Apple said net profit climbed 32 per cent to $14.1 billion on revenue that was up 20 per cent to $62.9 billion with help from growing sales of digital content and services to of users and other Apple gadgetry. However, the market was disappointed by word that Apple fell short of expectations with iPhone sales of 46.9 million iPhones and its forecast was not as robust as anticipated. Apple shares slipped 4.2 per cent to $212.85 in after-market trades that followed release of the earnings figures. "We're thrilled to report another record-breaking quarter that caps a tremendous fiscal 2018, the year in which we shipped our two billionth iOS device, celebrated the 10th anniversary of the App Store and achieved the strongest revenue and earnings in Apple's history," said Apple chief executive Tim Cook. The average selling price for iPhones in the freshly updated product line was $793, indicating that Apple was able to deliver more of its priciest handsets. The results closed out Apple's fiscal fourth quarter ending September 29 and set the stage for the crucial holiday period. Chief financial officer Luca Maestri said it was the California-based company's best September quarter on record, with revenue growing double digits everywhere it does business around the world. "We set September quarter revenue records for iPhone and Wearables and all-time quarterly records for Services and Mac,” Maestri said. Apple forecast that it would bring in between $89 billion and $93 billion in the current quarter. Apple this week unveiled a new version of its MacBook Air laptop, this time made of recycled aluminum, as well as a new Mac Mini and an iPad Pro, all pricier than their predecessors. Apple also unveiled a new version of its iPad Pro tablet with a screen that looks nearly edge-to-edge and boasts a faster processor. It includes features from the latest iPhones. The changes are part of an effort to overhaul a product that has seen sliding sales in recent years.

Apple quarterly profit leaps but shares slip on weaker-than-expected iPhone sales

Prime Minister Narendra Modi on Friday launched the Central governments 'Support and Outreach' initiative for Micro, Small and Medium Enterprises (MSMEs) &nbsp;during an event at Vigyan Bhavan in New Delhi.

Speaking at the event, PM Modi said the government has taken 12 historic decisions which will boost small and medium enterprises. The initiative will help generate employment in micro, small and medium enterprises (MSME) sector.&nbsp;

GST-registered small and medium enterprises (MSMEs) can now avail of a loan of up to Rs 1 crore in just 59 minutes, he said announcing the measures.

Also, GST-registered MSMEs will get 2 per cent interest subvention or rebate on the incremental loan of up to Rs 1 crore, he said.&nbsp;

Union Finance Minister Arun Jaitley and Union Minister of State of MSME Giriraj Singh were also present at the event.

<blockquote>
Highlights of PM Modi's speech:

The government has taken 12 big decisions in the MSME sector. These decisions show that when silos are broken and collective initiatives, collective decisions are taken then it has a much wider impact.

I dedicate 59 minute loan approval portal to you &amp; it has started benefiting the MSMEs businessmen already: PM Modi at the launch event of the Union Government’s Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs).
</blockquote>

<blockquote>
After agriculture, MSME is the biggest job provider sector. If agriculture is the backbone of India's economy then MSME is taking the economy to newer heights.
</blockquote>

<blockquote>
India has improved its ranking in Ease of Doing Business Index. No one could have imagined four years ago. The improved position has helped the MSME sector the most.
</blockquote>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
It is now mandatory that all the companies with turnover of more than Rs 500 crore will have to be join TReDS platform, that is Trade Receivables e- Discounting System. So that MSMEs doesn't face trouble in cash flow: PM Narendra Modi <a href="https://t.co/ogakKMLOwL">pic.twitter.com/ogakKMLOwL</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1058327564874330113?ref_src=twsrc%5Etfw">November 2, 2018</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en">
It's a matter of pride for us that India has taken a high jump of 23 ranks in "Ease of Doing Business" ranking this time. 4 yrs ago,when this govt wasn't in power, we were at 142th position. Today we are at 77th rank &amp; I believe that "top 50" isn't too far from our reach: PM Modi <a href="https://t.co/ARAbCtq2wi">pic.twitter.com/ARAbCtq2wi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1058324669609267200?ref_src=twsrc%5Etfw">November 2, 2018</a></blockquote>
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Besides Delhi, similar launch programmes were held at 100 locations across the country, where Union Ministers and Ministers from State governments are present.&nbsp;

The Centre has accorded high priority to the MSME sector in recent years. This outreach and support programme, which will run for the next 100 days, covering the entire country, is expected to provide even greater synergy to the efforts being made for this sector.

Prime Minister Narendra Modi on Friday launched the Central governments 'Support and Outreach' initiative for Micro, Small and Medium Enterprises (MSMEs) during an event at Vigyan Bhavan in New Delhi.

Prime Minister Narendra Modi on Friday launched the Central governments 'Support and Outreach' initiative for Micro, Small and Medium Enterprises (MSMEs) during an event at Vigyan Bhavan in New Delhi. Speaking at the event, PM Modi said the government has taken 12 historic decisions which will boost small and medium enterprises. The initiative will help generate employment in micro, small and medium enterprises (MSME) sector. GST-registered small and medium enterprises (MSMEs) can now avail of a loan of up to Rs 1 crore in just 59 minutes, he said announcing the measures. Also, GST-registered MSMEs will get 2 per cent interest subvention or rebate on the incremental loan of up to Rs 1 crore, he said. Union Finance Minister Arun Jaitley and Union Minister of State of MSME Giriraj Singh were also present at the event. Highlights of PM Modi's speech: The government has taken 12 big decisions in the MSME sector. These decisions show that when silos are broken and collective initiatives, collective decisions are taken then it has a much wider impact. I dedicate 59 minute loan approval portal to you & it has started benefiting the MSMEs businessmen already: PM Modi at the launch event of the Union Government’s Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs). After agriculture, MSME is the biggest job provider sector. If agriculture is the backbone of India's economy then MSME is taking the economy to newer heights. India has improved its ranking in Ease of Doing Business Index. No one could have imagined four years ago. The improved position has helped the MSME sector the most. It is now mandatory that all the companies with turnover of more than Rs 500 crore will have to be join TReDS platform, that is Trade Receivables e- Discounting System. So that MSMEs doesn't face trouble in cash flow: PM Narendra Modi pic.twitter.com/ogakKMLOwL — ANI (@ANI) November 2, 2018 × It's a matter of pride for us that India has taken a high jump of 23 ranks in "Ease of Doing Business" ranking this time. 4 yrs ago,when this govt wasn't in power, we were at 142th position. Today we are at 77th rank & I believe that "top 50" isn't too far from our reach: PM Modi pic.twitter.com/ARAbCtq2wi — ANI (@ANI) November 2, 2018 × Besides Delhi, similar launch programmes were held at 100 locations across the country, where Union Ministers and Ministers from State governments are present. The Centre has accorded high priority to the MSME sector in recent years. This outreach and support programme, which will run for the next 100 days, covering the entire country, is expected to provide even greater synergy to the efforts being made for this sector.

PM Narendra Modi announces 12 steps for revival of small and medium industries

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds.

Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said.

The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points or 1.68 per cent, higher at 35,011.65.

This is its highest closing since October 4, when it had finished at 35,169.16.

The NSE Nifty leapt 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session.

On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively.

Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent on higher supply from the world's major producers.

Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures.

The Finance Ministry Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes.

Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month. 
Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed.

The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7.

'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.&nbsp;

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds.

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds. Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said. The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points or 1.68 per cent, higher at 35,011.65. This is its highest closing since October 4, when it had finished at 35,169.16. The NSE Nifty leapt 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session. On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively. Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent on higher supply from the world's major producers. Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures. The Finance Ministry Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes. Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month. Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed. The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7. 'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.

Sensex climbs 580 points to reclaim 35,000-mark; banking, auto shares steal the show

The Reserve Bank of India governor should work in sync with the nation's government to support economic growth or he <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513">should resign</a>, said the head of the economic wing of Rashtriya Swayamsevak Sangh.

<a href="http://www.wionews.com/india-news/a-govt-that-does-not-respect-rbis-independence-will-incur-wrath-of-markets-rbi-deputy-governor-173752">RBI Governor</a> Urjit Patel should also "restrain his officials from making differences public," said the RSS official, Ashwani Mahajan, in an interview on Wednesday. "If he doesn't follow discipline it would be better for him to resign," he added.

Mahajan is chief of the RSS's Swadeshi Jagran Manch (SJM) economic group.

Earlier in the day, some local TV channels reported that Patel could consider resigning from his post given a breakdown in relations with the government, sparking a sell-off in the rupee and bonds.

Tensions between the RBI and the government have become increasingly public after the bank's Deputy Governor Viral Acharya said last Friday night that undermining central bank independence could be "potentially catastrophic".

His comments indicated that the RBI was pushing back against government pressure to relax its policies and reduce its powers ahead of a general election due by May.

In a statement, the government said on Wednesday the RBI's independence was "an essential and accepted governance requirement" but it added that it would continue to extensively consult with the central bank to give its assessments on issues and suggest possible solutions.

Government officials on Wednesday declined to say whether it had for the first time ever used, or threatened to use, powers under the RBI Act that allow it to give the bank instructions. The Economic Times newspaper reported the government had sent letters to Patel in recent weeks exercising those powers.

Mahajan said that the government had every right to use the powers of the RBI act.

The Reserve Bank of India governor should work in sync with the nation's government to support economic growth or he should resign, said the head of the economic wing of Rashtriya Swayamsevak Sangh.

The Reserve Bank of India governor should work in sync with the nation's government to support economic growth or he should resign, said the head of the economic wing of Rashtriya Swayamsevak Sangh. RBI Governor Urjit Patel should also "restrain his officials from making differences public," said the RSS official, Ashwani Mahajan, in an interview on Wednesday. "If he doesn't follow discipline it would be better for him to resign," he added. Mahajan is chief of the RSS's Swadeshi Jagran Manch (SJM) economic group. Earlier in the day, some local TV channels reported that Patel could consider resigning from his post given a breakdown in relations with the government, sparking a sell-off in the rupee and bonds. Tensions between the RBI and the government have become increasingly public after the bank's Deputy Governor Viral Acharya said last Friday night that undermining central bank independence could be "potentially catastrophic". His comments indicated that the RBI was pushing back against government pressure to relax its policies and reduce its powers ahead of a general election due by May. In a statement, the government said on Wednesday the RBI's independence was "an essential and accepted governance requirement" but it added that it would continue to extensively consult with the central bank to give its assessments on issues and suggest possible solutions. Government officials on Wednesday declined to say whether it had for the first time ever used, or threatened to use, powers under the RBI Act that allow it to give the bank instructions. The Economic Times newspaper reported the government had sent letters to Patel in recent weeks exercising those powers. Mahajan said that the government had every right to use the powers of the RBI act.

RBI head should work with government or quit, says RSS official 

The BSE Sensex rose over 100 points Thursday but turned choppy after investors began booking profits at higher levels.&nbsp;

The benchmark indices opened higher led by banking and auto stocks amid sustained buying by domestic institutional investors (DIIs), better-than-expected corporate earnings and positive global cues buoyed sentiment.

The 30-share Sensex rallied 149.36 points, or 0.44 per cent, to trade at 34,591.41 points.

The gauge had climbed 550.92 points Wednesday.

Sectoral indices led by capital goods, realty, infrastructure and auto were trading in the positive zone, with gains up to 4.29 per cent.

The broader NSE Nifty too surged 55 points, or 0.49 per cent, to 10,441.60 in opening session.

In the Sensex kitty, L&amp;T took the top position by surging 5.73 per cent on the back of better-than-expected quarterly earnings posted by the company Wednesday.

Easing concerns around the rift between the government and RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, lifted the market in early trade, traders said.&nbsp;&nbsp; &nbsp;&nbsp;

Other gainers that supported the key indices included Yes Bank, Tata Motors, ONGC, M&amp;M, Axis Bank, Adani Ports, Tata Steel, Maruti Suzuki, HDFC Bank, PowerGrid, ITC Ltd, and Bajaj Auto, rising by up to 1.86 per cent.

Stocks of automakers were in good demand ahead of October month's sale data, to be released later in the day.

However, investors booked profits in index heavyweights, dragging the benchmarks in the negative zone. Top losers include Infosys, TCS, HDFC, HUL, ITC and Wipro, falling up to 2 per cent.

Meanwhile, DIIs bought shares worth a net of Rs 1,124.92 crore, while foreign institutional investors (FIIs) sold share to the tune of Rs 193.65 crore Wednesday, as per provisional data.

Globally, in the Asian region, Hong Kong's Hang Seng surged 1.63 per cent, Shanghai Composite Index up 1.23 per cent, while Taiwan rose 0.32 per cent. Korea gained 0.58 per cent. Japan's Nikkei, however, was down 0.78 per cent.

The US Dow Jones Industrial Average gained 0.97 per cent Wednesday on the back of strong corporate earnings.

The BSE Sensex rose over 100 points Thursday but turned choppy after investors began booking profits at higher levels. The benchmark indices opened higher led by banking and auto stocks amid sustained buying by domestic institutional investors (DIIs), better-than-expected corporate earnings and positive global cues buoyed sentiment.

The BSE Sensex rose over 100 points Thursday but turned choppy after investors began booking profits at higher levels. The benchmark indices opened higher led by banking and auto stocks amid sustained buying by domestic institutional investors (DIIs), better-than-expected corporate earnings and positive global cues buoyed sentiment. The 30-share Sensex rallied 149.36 points, or 0.44 per cent, to trade at 34,591.41 points. The gauge had climbed 550.92 points Wednesday. Sectoral indices led by capital goods, realty, infrastructure and auto were trading in the positive zone, with gains up to 4.29 per cent. The broader NSE Nifty too surged 55 points, or 0.49 per cent, to 10,441.60 in opening session. In the Sensex kitty, L&T took the top position by surging 5.73 per cent on the back of better-than-expected quarterly earnings posted by the company Wednesday. Easing concerns around the rift between the government and RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, lifted the market in early trade, traders said. Other gainers that supported the key indices included Yes Bank, Tata Motors, ONGC, M&M, Axis Bank, Adani Ports, Tata Steel, Maruti Suzuki, HDFC Bank, PowerGrid, ITC Ltd, and Bajaj Auto, rising by up to 1.86 per cent. Stocks of automakers were in good demand ahead of October month's sale data, to be released later in the day. However, investors booked profits in index heavyweights, dragging the benchmarks in the negative zone. Top losers include Infosys, TCS, HDFC, HUL, ITC and Wipro, falling up to 2 per cent. Meanwhile, DIIs bought shares worth a net of Rs 1,124.92 crore, while foreign institutional investors (FIIs) sold share to the tune of Rs 193.65 crore Wednesday, as per provisional data. Globally, in the Asian region, Hong Kong's Hang Seng surged 1.63 per cent, Shanghai Composite Index up 1.23 per cent, while Taiwan rose 0.32 per cent. Korea gained 0.58 per cent. Japan's Nikkei, however, was down 0.78 per cent. The US Dow Jones Industrial Average gained 0.97 per cent Wednesday on the back of strong corporate earnings.

Sensex, Nifty turn choppy; erase early gains on profit-booking

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters.

At the interbank foreign exchange, after opening higher at 73.88 rupee strengthened further to quote at 73.84 against the dollar registering a recovery of 11 paise over its previous close.

The dollar's weakness against some currencies overseas and a better opening of domestic equities supported the rupee's recovery, traders said.

Easing concerns around the rift between the government and the RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, also lifted the the local unit, they added.

On Wednesday, the rupee had plunged 27 paise to close at nearly three-week low of 73.95 as the American currency strengthened against major global currencies overseas amid steady capital outflows.

Meanwhile, the benchmark Sensex went up 149.36 points, or 0.44 per cent, to 34,591.41 in opening trade.&nbsp;

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters. At the interbank foreign exchange, after opening higher at 73.

The rupee rebounded 11 paise to 73.84 against the dollar in early trade Thursday on increased selling of the American currency by exporters. At the interbank foreign exchange, after opening higher at 73.88 rupee strengthened further to quote at 73.84 against the dollar registering a recovery of 11 paise over its previous close. The dollar's weakness against some currencies overseas and a better opening of domestic equities supported the rupee's recovery, traders said. Easing concerns around the rift between the government and the RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, also lifted the the local unit, they added. On Wednesday, the rupee had plunged 27 paise to close at nearly three-week low of 73.95 as the American currency strengthened against major global currencies overseas amid steady capital outflows. Meanwhile, the benchmark Sensex went up 149.36 points, or 0.44 per cent, to 34,591.41 in opening trade.

Rupee rises 11 paise to 73.84 against US dollar

Attacking the Congress, Finance Minister Arun Jaitley on Thursday hailed India’s 23 places jump in the World Bank’s Ease of Doing Business rankings and said the country had come a long way from the UPA era when it was the most difficult country to do business with.

In a Facebook post, he said despite inheriting the legacy of 142nd position in the coveted rankings, the Narendra Modi-led government had undertaken a series of reforms achieving a 65-point improvement to reach the 77th rank during its first four years. He said India would further improve its ranking by focusing on certain specific areas — including ‘starting a business’, ‘resolving insolvency’, ‘payment of taxes’ and ‘enforcement of contracts’ — and would have to make a special effort to achieve the Prime Minister’s target of breaking into the top-50 countries.

His remarks came a day after the World Bank’s latest Doing Business Report 2019 showed that various measures undertaken by the government had helped India improve its rank in six out of the ten parameters, helping it jump 23 places from its rank of 100 in the previous year.

The country had entered the top 100 last year with a bigger jump of 30 places. “India, during the ten years of the UPA, witnessed a high level of corruption, policy paralysis and abandonment of all reforms. UPA-II, in its five-year tenure, witnessed a global ranking 134, 132, 132, 134 and finally 142.

“This was UPA’s miserable track record. India was the most difficult to do business with. Investors were wary of coming to India. On the contrary, there was a reverse flight of capital from India by the investors,” Jaitley wrote. He said that Modi’s call in 2014 to appear among the first 50 nations in the ‘Ease of Doing Business’ seemed to be a tall promise since India had to move up 92 positions and not many were optimistic and regarded it as “an unachievable goal”.

“Changes required legislation, regulation, policy decisions and administrative reforms. They involved technical innovations. Moving up 92 positions is a daunting task,” he said. Jaitley added that the Modi government started working on each of the 10 criteria that are considered by the World Bank and moved up in the first two years to 130 before making a major jump of 30 positions to reach position 100 in the third year.

“And in the fourth year, we have moved to a position no. 77. This is a 65 point improvement in the first four years. We are still 27 positions away from the target. The impossible now looks plausible,” he wrote.

Attacking the Congress, Finance Minister Arun Jaitley on Thursday hailed India’s 23 places jump in the World Bank’s Ease of Doing Business rankings and said the country had come a long way from the UPA era when it was the most difficult country to do business with.

Attacking the Congress, Finance Minister Arun Jaitley on Thursday hailed India’s 23 places jump in the World Bank’s Ease of Doing Business rankings and said the country had come a long way from the UPA era when it was the most difficult country to do business with. In a Facebook post, he said despite inheriting the legacy of 142nd position in the coveted rankings, the Narendra Modi-led government had undertaken a series of reforms achieving a 65-point improvement to reach the 77th rank during its first four years. He said India would further improve its ranking by focusing on certain specific areas — including ‘starting a business’, ‘resolving insolvency’, ‘payment of taxes’ and ‘enforcement of contracts’ — and would have to make a special effort to achieve the Prime Minister’s target of breaking into the top-50 countries. His remarks came a day after the World Bank’s latest Doing Business Report 2019 showed that various measures undertaken by the government had helped India improve its rank in six out of the ten parameters, helping it jump 23 places from its rank of 100 in the previous year. The country had entered the top 100 last year with a bigger jump of 30 places. “India, during the ten years of the UPA, witnessed a high level of corruption, policy paralysis and abandonment of all reforms. UPA-II, in its five-year tenure, witnessed a global ranking 134, 132, 132, 134 and finally 142. “This was UPA’s miserable track record. India was the most difficult to do business with. Investors were wary of coming to India. On the contrary, there was a reverse flight of capital from India by the investors,” Jaitley wrote. He said that Modi’s call in 2014 to appear among the first 50 nations in the ‘Ease of Doing Business’ seemed to be a tall promise since India had to move up 92 positions and not many were optimistic and regarded it as “an unachievable goal”. “Changes required legislation, regulation, policy decisions and administrative reforms. They involved technical innovations. Moving up 92 positions is a daunting task,” he said. Jaitley added that the Modi government started working on each of the 10 criteria that are considered by the World Bank and moved up in the first two years to 130 before making a major jump of 30 positions to reach position 100 in the third year. “And in the fourth year, we have moved to a position no. 77. This is a 65 point improvement in the first four years. We are still 27 positions away from the target. The impossible now looks plausible,” he wrote.

India under UPA most difficult to do business with, says Arun Jaitley

The BSE Sensex erased all gains in a highly volatile session Thursday to end 10 points lower as losses in shares of software exporters and pharmaceutical companies offset gains in capital goods, banking and auto counters, amid unabated foreign fund outflows.

The benchmark indices swung between gains and losses, with Sensex gyrating over 376 points both ways on alternate bouts of buying and selling.

The 30-share index opened higher at 34,650.63 points and advanced to 34,679.93 points amid sustained buying by domestic institutional investors (DIIs), better-than-expected corporate earnings and positive global cues.

It, subsequently, slipped into the negative zone to hit a low of 34,303.38 points as participants began booking profits and finally settled 10.08 points, or 0.03 per cent, lower at 34,431.97.

The gauge had climbed 550.92 points Wednesday.

Similarly, the NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.

Market commenced the session on a strong footing on easing concerns around the rift between the government and RBI.

However, emergence of profit-booking at every rise reversed early gains. 
Market was range-bound despite a fall in oil prices and strengthening rupee as investors remain focused on quarterly earnings, analysts said.

Selling was more pronounced in information technology and pharmaceutical sector stocks amid recovery in the rupee.

Shares of software services exporters were beaten down by the stronger rupee.&nbsp;

The domestic currency firmed as much as 35 paise at 73.60 against the dollar (intra-day) at the forex market.

Among Sensex constituents, Infosys emerged worst performer by plunging 2.90 per cent, Wipro shed 0.47 per cent and TCS down 0.15 per cent.

Other laggards include Coal India falling 1.90 per cent, NTPC 1.85 per cent, Sun Pharma 1.31 per cent, Asian Paint 0.82 per cent, ITC Ltd 0.82 per cent, Kotak Bank 0.82 per cent, ICICI Bank 0.48 per cent, HDFC 0.44 per cent, RIL 0.42 per cent, HUL 0.40 per cent and HDFC Bank 0.03 per cent.

Private-sector lender Yes Bank was the top gainer in the Sensex pack by surging 8.35 per cent in its biggest daily gain since October 11.

Shares of Larsen and Toubro (L&amp;T) climbed 2.65 per cent after the company reported 28.36 per cent jump in its consolidated net profit for the quarter ended September, 2018.

Also, Axis Bank, IndusInd Bank, SBI, PowerGrid, Vedanta Ltd, Tata Steel, ONGC, and Adani Ports gained up to 3.51 per cent.

Auto stocks, too, were in better shape after companies posted sales numbers for October.

Shares of the country's largest car maker Maruti Suzuki, gained 1.52 per cent after the company Thursday reported a marginal increase in sales at 1,46,766 units in October.

Stocks of other automakers such as Hero MotoCorp, Bajaj Auto and Tata Motors too recorded gains of up to 1.22 per cent.&nbsp;

M&amp;M, however, ended lower.

The broader markets were in a better form with the small-cap index rising by 0.99 per cent, and mid-cap index gaining 0.73 per cent.

According to analysts, currently many stocks are trading at oversold region while turnaround will happen on the basis of change in sector outlook or revival in earnings.&nbsp;

Signs of turnaround were seen in mid and small cap which continue to outperform the main indices, they added.

Among sectoral indices, the BSE IT index emerged worst performer by falling 1.78 per cent, followed by Teck shedding 1.60 per cent, FMCG 0.65 per cent and healthcare 0.64 per cent.

However, capital goods index gained the most by rising 2.34 per cent, realty (2.27 per cent), metal (1.29 per cent), infrastructure (1.227 per cent), consumer durables (1.03 per cent) and banks (0.8917 per cent), PSU (0.85 per cent), power (0.80per cent), oil &amp; gas (0.70 per cent) and auto (0.05 per cent).

In the Asian region, Hong Kong's Hang Seng surged 1.75 per cent, Singapore up 1.76 per cent, Taiwan gained 0.43 per cent, Shanghai Composite Index up 0.13 per cent. However, Japan's Nikkei fell 1.06 per cent and Korea shed 0.26 per cent.

In the Eurozone, Frankfurt's DAX was higher by 0.62 per cent, while Paris CAC 40 rose 0.31 per cent in their late morning deals. London's FTSE was almost flat.&nbsp;

The BSE Sensex erased all gains in a highly volatile session Thursday to end 10 points lower as losses in shares of software exporters and pharmaceutical companies offset gains in capital goods, banking and auto counters, amid unabated foreign fund outflows.

The BSE Sensex erased all gains in a highly volatile session Thursday to end 10 points lower as losses in shares of software exporters and pharmaceutical companies offset gains in capital goods, banking and auto counters, amid unabated foreign fund outflows. The benchmark indices swung between gains and losses, with Sensex gyrating over 376 points both ways on alternate bouts of buying and selling. The 30-share index opened higher at 34,650.63 points and advanced to 34,679.93 points amid sustained buying by domestic institutional investors (DIIs), better-than-expected corporate earnings and positive global cues. It, subsequently, slipped into the negative zone to hit a low of 34,303.38 points as participants began booking profits and finally settled 10.08 points, or 0.03 per cent, lower at 34,431.97. The gauge had climbed 550.92 points Wednesday. Similarly, the NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45. Market commenced the session on a strong footing on easing concerns around the rift between the government and RBI. However, emergence of profit-booking at every rise reversed early gains. Market was range-bound despite a fall in oil prices and strengthening rupee as investors remain focused on quarterly earnings, analysts said. Selling was more pronounced in information technology and pharmaceutical sector stocks amid recovery in the rupee. Shares of software services exporters were beaten down by the stronger rupee. The domestic currency firmed as much as 35 paise at 73.60 against the dollar (intra-day) at the forex market. Among Sensex constituents, Infosys emerged worst performer by plunging 2.90 per cent, Wipro shed 0.47 per cent and TCS down 0.15 per cent. Other laggards include Coal India falling 1.90 per cent, NTPC 1.85 per cent, Sun Pharma 1.31 per cent, Asian Paint 0.82 per cent, ITC Ltd 0.82 per cent, Kotak Bank 0.82 per cent, ICICI Bank 0.48 per cent, HDFC 0.44 per cent, RIL 0.42 per cent, HUL 0.40 per cent and HDFC Bank 0.03 per cent. Private-sector lender Yes Bank was the top gainer in the Sensex pack by surging 8.35 per cent in its biggest daily gain since October 11. Shares of Larsen and Toubro (L&T) climbed 2.65 per cent after the company reported 28.36 per cent jump in its consolidated net profit for the quarter ended September, 2018. Also, Axis Bank, IndusInd Bank, SBI, PowerGrid, Vedanta Ltd, Tata Steel, ONGC, and Adani Ports gained up to 3.51 per cent. Auto stocks, too, were in better shape after companies posted sales numbers for October. Shares of the country's largest car maker Maruti Suzuki, gained 1.52 per cent after the company Thursday reported a marginal increase in sales at 1,46,766 units in October. Stocks of other automakers such as Hero MotoCorp, Bajaj Auto and Tata Motors too recorded gains of up to 1.22 per cent. M&M, however, ended lower. The broader markets were in a better form with the small-cap index rising by 0.99 per cent, and mid-cap index gaining 0.73 per cent. According to analysts, currently many stocks are trading at oversold region while turnaround will happen on the basis of change in sector outlook or revival in earnings. Signs of turnaround were seen in mid and small cap which continue to outperform the main indices, they added. Among sectoral indices, the BSE IT index emerged worst performer by falling 1.78 per cent, followed by Teck shedding 1.60 per cent, FMCG 0.65 per cent and healthcare 0.64 per cent. However, capital goods index gained the most by rising 2.34 per cent, realty (2.27 per cent), metal (1.29 per cent), infrastructure (1.227 per cent), consumer durables (1.03 per cent) and banks (0.8917 per cent), PSU (0.85 per cent), power (0.80per cent), oil & gas (0.70 per cent) and auto (0.05 per cent). In the Asian region, Hong Kong's Hang Seng surged 1.75 per cent, Singapore up 1.76 per cent, Taiwan gained 0.43 per cent, Shanghai Composite Index up 0.13 per cent. However, Japan's Nikkei fell 1.06 per cent and Korea shed 0.26 per cent. In the Eurozone, Frankfurt's DAX was higher by 0.62 per cent, while Paris CAC 40 rose 0.31 per cent in their late morning deals. London's FTSE was almost flat.

Sensex ends in red after choppy trade; IT, pharma stocks top losers

The rupee dropped by 43 paise to 74.11 against the US dollar in early trade Wednesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

Forex traders said, the US dollar's strength against some currencies overseas and concerns around the rift between the government and the RBI also weighed on the local unit.

At the interbank foreign exchange, after opening lower at 73.91, rupee weakened further to quote at 74.11 against the dollar registering a fall of 43 paise over its pervious close.

The rupee Tuesday depreciated 23 paise to close at 73.68 against the US dollar.

A stable crude oil prices, however, restricted the rupee fall to some extent, forex traders said.

Globally, Brent crude, the international benchmark, was trading 0.62 per cent up at US $76.38 per barrel.

Meanwhile, the Reserve Bank of India has said that it will inject Rs 40,000 crore into the system in November by buying government bonds through open market operations (OMO) for maintaining liquidity in the market.

On a net basis, foreign investors pulled out Rs 1,592.02 crore from equity markets Tuesday, as per provisional data.

Meanwhile, the benchmark BSE Sensex opened on a higher note up 158.99 points, but soon pared the gains and was trading at 33,627.83, down 263.30 points or 0.78 per cent at 1020 hrs.

The rupee dropped by 43 paise to 74.11 against the US dollar in early trade Wednesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.

The rupee dropped by 43 paise to 74.11 against the US dollar in early trade Wednesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows. Forex traders said, the US dollar's strength against some currencies overseas and concerns around the rift between the government and the RBI also weighed on the local unit. At the interbank foreign exchange, after opening lower at 73.91, rupee weakened further to quote at 74.11 against the dollar registering a fall of 43 paise over its pervious close. The rupee Tuesday depreciated 23 paise to close at 73.68 against the US dollar. A stable crude oil prices, however, restricted the rupee fall to some extent, forex traders said. Globally, Brent crude, the international benchmark, was trading 0.62 per cent up at US $76.38 per barrel. Meanwhile, the Reserve Bank of India has said that it will inject Rs 40,000 crore into the system in November by buying government bonds through open market operations (OMO) for maintaining liquidity in the market. On a net basis, foreign investors pulled out Rs 1,592.02 crore from equity markets Tuesday, as per provisional data. Meanwhile, the benchmark BSE Sensex opened on a higher note up 158.99 points, but soon pared the gains and was trading at 33,627.83, down 263.30 points or 0.78 per cent at 1020 hrs.

Rupee falls 43 paise to 74.11 against the US dollar in early trade