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The equity benchmark Sensex rallied for the fourth straight session Wednesday, and jumped 267 points, on encouraging second-quarter earnings by tech major Infosys and positive global cues.

The 30- share Sensex soared 267.26 points, or 0.76 per cent, to 35,429.74. It had rallied 1,161 points in the previous three sessions.

The broader NSE Nifty was quoting well above the key 10,600-mark. Nifty was up 81.70 points, or 0.77 per cent, to trade at 10,666.45

Traders said the bullish movement was in line with upbeat Asian shares, following overnight gains at the Wall Street coupled with encouraging earnings by Infosys.

Reliance Industries is scheduled to announce its second-quarter earnings later in the day.

Reflecting the bullish mood, all the sectoral indices, led by tech, bank&nbsp;and realty were trading in positive zone with gains up to 1.47 per cent.

Infosys emerged the top gainer in the Sensex pack, by surging 2.68 per cent after the company Tuesday posted a 10.3 per cent jump in its September quarter consolidated net profit at Rs 4,110 crore, helped by strong deal pipeline and traction in digital revenues.

Other big gainers were ICICI Bank, SBI, Yes Bank, Adani Ports, HUL, Vedanta Ltd, IndusInd Bank, Maruti Suzuki, HDFC Bank, Asian Paint, Axis Bank, Coal India, TCS, Bajaj Auto, PowerGrid, Kotak Bank, Bharti Airtel, RIL, Tata Motors, HDFC Ltd, ITC Ltd and Sun Pharma, rising by up to 1.35 per cent.

Domestic institutional investors bought shares worth Rs 1,059.44 crore, as per provisional data available on the BSE.

Japan's Nikkei rose 1.53 per cent, Korea gained 1.19 per cent, while Shanghai Composite up 0.10 per cent. Taiwan too rose 0.80 per cent. Financial markets in Hong Kong are closed today.

The US Dow Jones Industrial Average ended 2.17 per cent up on Tuesday on the back of strong earnings and solid economic data.&nbsp;

The equity benchmark Sensex rallied for the fourth straight session Wednesday, and jumped 267 points, on encouraging second-quarter earnings by tech major Infosys and positive global cues.

The equity benchmark Sensex rallied for the fourth straight session Wednesday, and jumped 267 points, on encouraging second-quarter earnings by tech major Infosys and positive global cues. The 30- share Sensex soared 267.26 points, or 0.76 per cent, to 35,429.74. It had rallied 1,161 points in the previous three sessions. The broader NSE Nifty was quoting well above the key 10,600-mark. Nifty was up 81.70 points, or 0.77 per cent, to trade at 10,666.45 Traders said the bullish movement was in line with upbeat Asian shares, following overnight gains at the Wall Street coupled with encouraging earnings by Infosys. Reliance Industries is scheduled to announce its second-quarter earnings later in the day. Reflecting the bullish mood, all the sectoral indices, led by tech, bank and realty were trading in positive zone with gains up to 1.47 per cent. Infosys emerged the top gainer in the Sensex pack, by surging 2.68 per cent after the company Tuesday posted a 10.3 per cent jump in its September quarter consolidated net profit at Rs 4,110 crore, helped by strong deal pipeline and traction in digital revenues. Other big gainers were ICICI Bank, SBI, Yes Bank, Adani Ports, HUL, Vedanta Ltd, IndusInd Bank, Maruti Suzuki, HDFC Bank, Asian Paint, Axis Bank, Coal India, TCS, Bajaj Auto, PowerGrid, Kotak Bank, Bharti Airtel, RIL, Tata Motors, HDFC Ltd, ITC Ltd and Sun Pharma, rising by up to 1.35 per cent. Domestic institutional investors bought shares worth Rs 1,059.44 crore, as per provisional data available on the BSE. Japan's Nikkei rose 1.53 per cent, Korea gained 1.19 per cent, while Shanghai Composite up 0.10 per cent. Taiwan too rose 0.80 per cent. Financial markets in Hong Kong are closed today. The US Dow Jones Industrial Average ended 2.17 per cent up on Tuesday on the back of strong earnings and solid economic data.

Sensex jumps 267 points tracking global cues, strong earnings

Switzerland's nine-year streak as the world's most competitive economy came to an end on Wednesday, dethroned by the United States in an annual league table published by the World Economic Forum (WEF).

However, India slipped to 58th place, a big slide from 40th under the old methodology last year.&nbsp;

A root-and-branch revamp of the WEF's rankings, reoriented towards future technology-driven growth, pushed Switzerland into fourth place, with Singapore second and Germany third out of 140 countries, each marked on a scale from 0 to 100.

"The US scores 85.6 which essentially means it’s still about 14 points away from that frontier of competitiveness," said Saadia Zahidi, a member of the WEF's managing board.

The United States was "an innovation powerhouse" with flexible labour and a big market, Zahidi said.

"They do fairly well in terms of institutions but there are also a lot of worrying signs," she said.

"The US is one of the lowest ranked G20 economies when it comes to health, there are concerns about freedom of the press, there are concerns about judicial independence ... softer factors that could have an implication for the country’s competitiveness in the longer term."

The old rankings had docked marks from the United States for its macroeconomic environment, high government debt being a particular weakness. But the new rankings awarded it 99.2 for "debt dynamics", an almost perfect score.

WEF experts denied that the analysis had been remodelled to flatter US President Trump, who topped the bill at the WEF's annual meeting at Davos in January, bringing his "America First" message to the world's elite.

"The old index and the new index are apples and oranges. The reason the new index has been built is because we’ve learned so much about what drives economic growth and growth in income in the long term," Zahidi said.

The 98 indicators in the index were drawn from international organisations and a survey of company executives and largely reflected long-term policies such as investing in digital skills, she said.

That means Switzerland could take a while to win back its crown. Zahidi said it was a pillar of innovation but needed to work on its entrepreneurial mindset.

"You need to be able to have this ability to take risks and to use some of these newer technologies to actually create businesses. And not just to create businesses but to take them all the way from idea to actual commercialisation," she said.

Further down the rankings, China was in 28th place, Russia was 43rd.

Saudi Arabia came 39th, a placing that "could potentially be affected" by the unfolding story of missing Saudi journalist Jamal Khashoggi, Zahidi said.

The bottom 30 were almost exclusively African countries, although Haiti and Yemen squeezed ahead of last-placed Chad, which scored 35.5.

Switzerland's nine-year streak as the world's most competitive economy came to an end on Wednesday, dethroned by the United States in an annual league table published by the World Economic Forum (WEF).

Switzerland's nine-year streak as the world's most competitive economy came to an end on Wednesday, dethroned by the United States in an annual league table published by the World Economic Forum (WEF). However, India slipped to 58th place, a big slide from 40th under the old methodology last year. A root-and-branch revamp of the WEF's rankings, reoriented towards future technology-driven growth, pushed Switzerland into fourth place, with Singapore second and Germany third out of 140 countries, each marked on a scale from 0 to 100. "The US scores 85.6 which essentially means it’s still about 14 points away from that frontier of competitiveness," said Saadia Zahidi, a member of the WEF's managing board. The United States was "an innovation powerhouse" with flexible labour and a big market, Zahidi said. "They do fairly well in terms of institutions but there are also a lot of worrying signs," she said. "The US is one of the lowest ranked G20 economies when it comes to health, there are concerns about freedom of the press, there are concerns about judicial independence ... softer factors that could have an implication for the country’s competitiveness in the longer term." The old rankings had docked marks from the United States for its macroeconomic environment, high government debt being a particular weakness. But the new rankings awarded it 99.2 for "debt dynamics", an almost perfect score. WEF experts denied that the analysis had been remodelled to flatter US President Trump, who topped the bill at the WEF's annual meeting at Davos in January, bringing his "America First" message to the world's elite. "The old index and the new index are apples and oranges. The reason the new index has been built is because we’ve learned so much about what drives economic growth and growth in income in the long term," Zahidi said. The 98 indicators in the index were drawn from international organisations and a survey of company executives and largely reflected long-term policies such as investing in digital skills, she said. That means Switzerland could take a while to win back its crown. Zahidi said it was a pillar of innovation but needed to work on its entrepreneurial mindset. "You need to be able to have this ability to take risks and to use some of these newer technologies to actually create businesses. And not just to create businesses but to take them all the way from idea to actual commercialisation," she said. Further down the rankings, China was in 28th place, Russia was 43rd. Saudi Arabia came 39th, a placing that "could potentially be affected" by the unfolding story of missing Saudi journalist Jamal Khashoggi, Zahidi said. The bottom 30 were almost exclusively African countries, although Haiti and Yemen squeezed ahead of last-placed Chad, which scored 35.5.

US dethrones Switzerland in 'competitive economy' race; India slips dramatically

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US&nbsp;crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist&nbsp;Jamal Khashoggi stoked supply worries.

<a href="http://www.wionews.com/west-asia/trump-thinks-he-can-bring-down-oil-prices-by-bullying-iran-minister-zanganeh-171717">Also Read: Trump thinks he can bring down oil prices by bullying, says Iran minister Zanganeh</a>

US&nbsp;West Texas Intermediate crude was up 15 cents, or 0.2 per cent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents.

Brent crude was up 12 cents, or 0.2 per cent, at $81.53 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October&nbsp;3rd.

US&nbsp;crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday's settlement.

"The market is reacting to the unexpected decline as inventories tend to rise at this time of year," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo, adding that anxieties about the outlook for the global economy were capping gains.

US&nbsp;gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed.

Inventory data from the US&nbsp;Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday.

US&nbsp;President Donald Trump gave Saudi Arabia the benefit of the doubt in the disappearance of journalist Jamal Khashoggi even as US&nbsp;lawmakers pointed the finger at the Saudi leadership and Western pressure mounted on Riyadh to provide answers.

Jim Ritterbusch, president of Ritterbusch and Associates, said Saudi Arabia could cut as much as 500,000 barrels per day of crude production "as a warning shot should the US&nbsp;opt to impose any type of sanction in response to the Khashoggi developments".

Meanwhile, OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide.

The Russian government is no longer capping oil output increases by local producers, one of the country's top energy companies, Gazprom Neft, said on Tuesday.

The market has been supported by reports that Iranian crude exports may be falling faster than expected ahead of November&nbsp;4th, the date US&nbsp;sanctions on the commodity are due to start.

 
&nbsp;

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist Jamal Khashoggi stoked supply worries.

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist Jamal Khashoggi stoked supply worries. Also Read: Trump thinks he can bring down oil prices by bullying, says Iran minister Zanganeh US West Texas Intermediate crude was up 15 cents, or 0.2 per cent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents. Brent crude was up 12 cents, or 0.2 per cent, at $81.53 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October 3rd. US crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday's settlement. "The market is reacting to the unexpected decline as inventories tend to rise at this time of year," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo, adding that anxieties about the outlook for the global economy were capping gains. US gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed. Inventory data from the US Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday. US President Donald Trump gave Saudi Arabia the benefit of the doubt in the disappearance of journalist Jamal Khashoggi even as US lawmakers pointed the finger at the Saudi leadership and Western pressure mounted on Riyadh to provide answers. Jim Ritterbusch, president of Ritterbusch and Associates, said Saudi Arabia could cut as much as 500,000 barrels per day of crude production "as a warning shot should the US opt to impose any type of sanction in response to the Khashoggi developments". Meanwhile, OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide. The Russian government is no longer capping oil output increases by local producers, one of the country's top energy companies, Gazprom Neft, said on Tuesday. The market has been supported by reports that Iranian crude exports may be falling faster than expected ahead of November 4th, the date US sanctions on the commodity are due to start.

Oil prices edge up over decline in US inventory, Khashoggi's disappearance

Indian markets&nbsp;closed in the red on Wednesday as the equity benchmark Sensex plunged 382.90 points — it closed over 800 points lower than the day's high — to end at 34,779.58.

The Nifty50 meanwhile fell 131.70 points to close at 10,453.05.&nbsp;

The equity benchmark Sensex jumped 300 points on Wednesday morning with encouraging second-quarter earnings by tech major Infosys and positive global cues.

The shares ended more than one per cent lower on Wednesday, dragged by financial stocks such as Indiabulls Housing Finance Ltd and Yes Bank Ltd amid liquidity concerns.

Indian markets have been facing a liquidity crunch owing to a depreciating rupee and higher oil prices.

Indiabulls Housing ended 14.3 per cent lower and was the top percentage loser on the Nifty.

Reliance Industries Ltd dropped 1.1 per cent ahead of the company's September quarter earnings due later in the day.

(With inputs from agencies)

Indian markets closed in the red on Wednesday as the equity benchmark Sensex plunged 382.90 points — it closed over 800 points lower than the day's high — to end at 34,779.

Indian markets closed in the red on Wednesday as the equity benchmark Sensex plunged 382.90 points — it closed over 800 points lower than the day's high — to end at 34,779.58. The Nifty50 meanwhile fell 131.70 points to close at 10,453.05. The equity benchmark Sensex jumped 300 points on Wednesday morning with encouraging second-quarter earnings by tech major Infosys and positive global cues. The shares ended more than one per cent lower on Wednesday, dragged by financial stocks such as Indiabulls Housing Finance Ltd and Yes Bank Ltd amid liquidity concerns. Indian markets have been facing a liquidity crunch owing to a depreciating rupee and higher oil prices. Indiabulls Housing ended 14.3 per cent lower and was the top percentage loser on the Nifty. Reliance Industries Ltd dropped 1.1 per cent ahead of the company's September quarter earnings due later in the day. (With inputs from agencies)

Sensex, Nifty drop over 1%; falling rupee, rising oil prices blamed

An IT advocacy group representing more than 1,000 small IT companies mostly run by Indian-Americans has filed a lawsuit against the US immigration agency for issuing H-1B visas for shorter than three years duration.

The H1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.&nbsp;

These visas are typically issued for three to six years to employers to hire a foreign worker.&nbsp;

Based out of Dallas in Texas, the ITServe Alliance in its 43-page lawsuit filed last week alleged that the US Citizenship and Immigration Services has recently begun a practice of approving H-1B petitions for shorter than three years duration.

"These petitions are often valid for only months or days at a time, and some cases are expired by the time the approval is received," it said.

ITServe lawsuit against the USCIS alleges that the agency has no authority to misinterpret the existing regulations and shorten the approval durations.

In fact, the United States Congress has specifically granted power to the Department of Labor and DOL's regulations grant three-year approvals, the lawsuit said.

The lawsuit also alleges that the itinerary requirement put forth by the USCIS is also unlawful.

This is the second lawsuit filed by ITServe against USCIS. In the first lawsuit filed in July 2018, ITServe demanded USCIS to remove language from their website prohibiting F-1 STEM OPT students working at the third part client locations.

"The USCIS has been making arbitrary rules and memos for over eight years, it's our top priority to set things right and hold USCIS accountable to follow the regulations set by the United States Congress," said ITServe's national president for 2018, Gopi Kandukuri.

Referring to the recent spate of H-1B denials that ITServe members received, Kandukuri added members of ITServe Alliance are tired of receiving random denials for no reason.&nbsp;

"The new battlefield for us is the federal courthouse and not USCIS service centers,&nbsp;he said.

An IT advocacy group representing more than 1,000 small IT companies mostly run by Indian-Americans has filed a lawsuit against the US immigration agency for issuing H-1B visas for shorter than three years duration.

An IT advocacy group representing more than 1,000 small IT companies mostly run by Indian-Americans has filed a lawsuit against the US immigration agency for issuing H-1B visas for shorter than three years duration. The H1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. These visas are typically issued for three to six years to employers to hire a foreign worker. Based out of Dallas in Texas, the ITServe Alliance in its 43-page lawsuit filed last week alleged that the US Citizenship and Immigration Services has recently begun a practice of approving H-1B petitions for shorter than three years duration. "These petitions are often valid for only months or days at a time, and some cases are expired by the time the approval is received," it said. ITServe lawsuit against the USCIS alleges that the agency has no authority to misinterpret the existing regulations and shorten the approval durations. In fact, the United States Congress has specifically granted power to the Department of Labor and DOL's regulations grant three-year approvals, the lawsuit said. The lawsuit also alleges that the itinerary requirement put forth by the USCIS is also unlawful. This is the second lawsuit filed by ITServe against USCIS. In the first lawsuit filed in July 2018, ITServe demanded USCIS to remove language from their website prohibiting F-1 STEM OPT students working at the third part client locations. "The USCIS has been making arbitrary rules and memos for over eight years, it's our top priority to set things right and hold USCIS accountable to follow the regulations set by the United States Congress," said ITServe's national president for 2018, Gopi Kandukuri. Referring to the recent spate of H-1B denials that ITServe members received, Kandukuri added members of ITServe Alliance are tired of receiving random denials for no reason. "The new battlefield for us is the federal courthouse and not USCIS service centers, he said.

IT companies file lawsuit against US immigration agency over shorter duration of H1B visas

India's exports entered the negative zone after five months, contracting 2.15 per cent in September to $27.95 billion due to dip in shipments in key sectors including engineering and gems and jewellery even though trade deficit narrowed to a five-month low.

Imports in September grew by 10.45 per cent to $41.9 billion, according to the commerce ministry data released Monday.

The trade deficit, or the gap between imports and exports, narrowed to $13.98 billion in the last month as against $9.4 billion in September 2017.

Besides engineering and gems and jewellery, shipments of tea, coffee, rice, cashew, leather, textiles, carpet and handicrafts also declined in September 2018.

Oil imports in September rose by 33.59 per cent to $10.91 billion. In April-September this fiscal, the imports increased by 50 per cent to $69.73 billion.

Similarly, non-oil imports in September grew by 4.11 per cent to $31.02 billion. It recorded a growth of 7.21 per cent to $188.63 billion during the first six months of this fiscal.

During April-September 2018-19, exports recorded a growth of 12.54 per cent to $164 billion. Imports during the period rose by 16.16 per cent to $258.36 billion, leaving a trade deficit of $94.32 billion in the first half of the current fiscal.&nbsp;

Exports were on the rise since April, after declining by 0.66 per cent in March 2018.&nbsp;

Commenting on the data, Commerce Secretary Anup Wadhawan said that the decline is mainly on account of the base effect as exports showed an increase of 26 per cent in the year-ago month.

"This is a temporary kind of phenomena. In October, we will again see good growth in dollar terms," he told reporters here.&nbsp;

He also expressed hope that the double-digit growth in the first sic months of the fiscal would continue.&nbsp;

Exports grew in a healthy manner in the first six months of this fiscal even in the difficult circumstances, he said, adding the trend is expected to be maintained in the remaining half of the fiscal.

Federation of Indian Export Organisation (FIEO) President Ganesh Gupta said that the negative growth in September is primarily due to high base effect last year.

The high growth witnessed in plastic and linoleum products, organic and inorganic chemicals, petroleum goods and pharma, are positive signs for future exports opined, Gupta said in a statement.

CII President Rakesh Bharti Mittal said that export growth in the first half-year of the current fiscal is encouraging as it comes within an increasingly challenging global environment.

Rupee which has an impact on the country's trade, Monday snapped its three-session gaining streak to end 26 paise lower at 73.83 against the US dollar.&nbsp;

Gold imports in September grew by 51.5 per cent to $2.6 billion as against $1.7 billion in the same month last year.

Rating agency ICR said that the sharper depreciation of the rupee relative to some emerging market peers, is likely to positively impact exports in certain sectors, including apparels, in the second half of the fiscal.&nbsp;

"Despite this, as well as the measures unveiled so far by the Government to curtail non-essential imports, we will not be surprised if the merchandise trade deficit rebounds above $17.5 billion in October," it added.

India's exports entered the negative zone after five months, contracting 2.15 per cent in September to $27.95 billion due to dip in shipments in key sectors including engineering and gems and jewellery even though trade deficit narrowed to a five-month low.

India's exports entered the negative zone after five months, contracting 2.15 per cent in September to $27.95 billion due to dip in shipments in key sectors including engineering and gems and jewellery even though trade deficit narrowed to a five-month low. Imports in September grew by 10.45 per cent to $41.9 billion, according to the commerce ministry data released Monday. The trade deficit, or the gap between imports and exports, narrowed to $13.98 billion in the last month as against $9.4 billion in September 2017. Besides engineering and gems and jewellery, shipments of tea, coffee, rice, cashew, leather, textiles, carpet and handicrafts also declined in September 2018. Oil imports in September rose by 33.59 per cent to $10.91 billion. In April-September this fiscal, the imports increased by 50 per cent to $69.73 billion. Similarly, non-oil imports in September grew by 4.11 per cent to $31.02 billion. It recorded a growth of 7.21 per cent to $188.63 billion during the first six months of this fiscal. During April-September 2018-19, exports recorded a growth of 12.54 per cent to $164 billion. Imports during the period rose by 16.16 per cent to $258.36 billion, leaving a trade deficit of $94.32 billion in the first half of the current fiscal. Exports were on the rise since April, after declining by 0.66 per cent in March 2018. Commenting on the data, Commerce Secretary Anup Wadhawan said that the decline is mainly on account of the base effect as exports showed an increase of 26 per cent in the year-ago month. "This is a temporary kind of phenomena. In October, we will again see good growth in dollar terms," he told reporters here. He also expressed hope that the double-digit growth in the first sic months of the fiscal would continue. Exports grew in a healthy manner in the first six months of this fiscal even in the difficult circumstances, he said, adding the trend is expected to be maintained in the remaining half of the fiscal. Federation of Indian Export Organisation (FIEO) President Ganesh Gupta said that the negative growth in September is primarily due to high base effect last year. The high growth witnessed in plastic and linoleum products, organic and inorganic chemicals, petroleum goods and pharma, are positive signs for future exports opined, Gupta said in a statement. CII President Rakesh Bharti Mittal said that export growth in the first half-year of the current fiscal is encouraging as it comes within an increasingly challenging global environment. Rupee which has an impact on the country's trade, Monday snapped its three-session gaining streak to end 26 paise lower at 73.83 against the US dollar. Gold imports in September grew by 51.5 per cent to $2.6 billion as against $1.7 billion in the same month last year. Rating agency ICR said that the sharper depreciation of the rupee relative to some emerging market peers, is likely to positively impact exports in certain sectors, including apparels, in the second half of the fiscal. "Despite this, as well as the measures unveiled so far by the Government to curtail non-essential imports, we will not be surprised if the merchandise trade deficit rebounds above $17.5 billion in October," it added.

Exports enter negative zone, dips 2.1% in September

As many as 80 per cent players in the payment industry, including Amazon, Paytm and WhatsApp, have complied with the norms for <a href="http://www.wionews.com/india-news/us-senators-writes-to-modi-to-soften-data-localisation-stance-171380">local storage of data</a>, with RBI's deadline coming to close on Monday, sources said.

However, they said some debit/credit companies are yet to comply with data storage norms and have reportedly sought more time.

The Reserve Bank is not contemplating review of its notification on data localisation norms, the sources said.

In April, the central bank had given six months to global payment companies to store transaction data of Indian customers within India.

Although 80 per cent of the players operating in India have complied with the Reserve Bank directive, some global financial technology companies have reportedly sought an extension to the October 15 timeline.

"The RBI will look at things on a case-to-case basis from tomorrow while handling the subject," one of the sources said, without mentioning if the central bank would take action or impose penalties for non-compliance.

Digital payments platform PhonePe said it has informed the Reserve Bank of India of its full compliance with the data localisation mandate to ensure payments data of Indian users is stored within the country.

The central bank's data localisation policy had elicited mixed response from the payment services industry. While some of the prominent domestic payment companies like Paytm and PhonePe have been supportive of the dictum, global players like Google (that offers Google Pay) had argued for free movement of data.

Some international players have appealed for more time for compliance and also asked that they be allowed to mirror the data.

Paytm, which had vociferously supported data localisation, said critical data must not be allowed to go out of the country, not even for processing.

"We have complied to this mandate since day one and have welcomed this initiative right from the beginning. It is important that we do not become mere internet colonies for global companies, and make every organisation accountable towards the security and privacy of data of our fellow countrymen," a Paytm spokesperson said.

US-based messaging platform WhatsApp has already said it has developed a system to store payments-related data in India.

An Amazon spokesperson said "compliance with local laws and regulation is a top priority for us in all the countries we operate in. We continue to work closely with the regulators towards this".

Google is learnt to have agreed to follow the RBI's local data storage norm for payment services but has asked for time until December to ensure compliance, a government source had indicated recently.

Critics of <a href="http://www.wionews.com/india-news/us-wants-to-prohibit-data-localisation-top-trade-official-says-amid-looming-rbi-directive-171256">data localisation</a> argue that the move would have negative effects on the ability of companies to do business in India.

Finance Minister Arun Jaitley recently held a meeting with RBI Deputy Governor BP Kanungo and others to discuss the data localisation norm for global financial technology companies.

IT industry body Nasscom said access to information can be ensured irrespective of location of the data.

"Access can be provided even if the data is stored outside India. It is not clear how this (data localisation mandate) ties in with the overall objective of ensuring enforcement," Nasscom Senior Director and Head Public Policy Ashish Aggarwal said.

Moreover, the instances of problems being faced in accessing data need to be seen in the larger perspective of total number of transactions.

Nasscom has favoured free flow of data, Aggarwal said adding that imposition of conditions that are "onerous and unnecessary" may trigger a retaliatory measures from other countries.

In its April monetary policy review, the RBI had said that in order to ensure better monitoring of payment service operators it was important to have "unfettered supervisory access to data stored with these system providers as also with their service providers/ intermediaries/third party vendors and other entities in the payment ecosystem".

"All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India," it had said.

The RBI had further said that data should include the full end-to-end transaction details, information collected, carried, processed as part of the message, payment instruction.

As many as 80 per cent players in the payment industry, including Amazon, Paytm and WhatsApp, have complied with the norms for local storage of data, with RBI's deadline coming to close on Monday, sources said.

As many as 80 per cent players in the payment industry, including Amazon, Paytm and WhatsApp, have complied with the norms for local storage of data, with RBI's deadline coming to close on Monday, sources said. However, they said some debit/credit companies are yet to comply with data storage norms and have reportedly sought more time. The Reserve Bank is not contemplating review of its notification on data localisation norms, the sources said. In April, the central bank had given six months to global payment companies to store transaction data of Indian customers within India. Although 80 per cent of the players operating in India have complied with the Reserve Bank directive, some global financial technology companies have reportedly sought an extension to the October 15 timeline. "The RBI will look at things on a case-to-case basis from tomorrow while handling the subject," one of the sources said, without mentioning if the central bank would take action or impose penalties for non-compliance. Digital payments platform PhonePe said it has informed the Reserve Bank of India of its full compliance with the data localisation mandate to ensure payments data of Indian users is stored within the country. The central bank's data localisation policy had elicited mixed response from the payment services industry. While some of the prominent domestic payment companies like Paytm and PhonePe have been supportive of the dictum, global players like Google (that offers Google Pay) had argued for free movement of data. Some international players have appealed for more time for compliance and also asked that they be allowed to mirror the data. Paytm, which had vociferously supported data localisation, said critical data must not be allowed to go out of the country, not even for processing. "We have complied to this mandate since day one and have welcomed this initiative right from the beginning. It is important that we do not become mere internet colonies for global companies, and make every organisation accountable towards the security and privacy of data of our fellow countrymen," a Paytm spokesperson said. US-based messaging platform WhatsApp has already said it has developed a system to store payments-related data in India. An Amazon spokesperson said "compliance with local laws and regulation is a top priority for us in all the countries we operate in. We continue to work closely with the regulators towards this". Google is learnt to have agreed to follow the RBI's local data storage norm for payment services but has asked for time until December to ensure compliance, a government source had indicated recently. Critics of data localisation argue that the move would have negative effects on the ability of companies to do business in India. Finance Minister Arun Jaitley recently held a meeting with RBI Deputy Governor BP Kanungo and others to discuss the data localisation norm for global financial technology companies. IT industry body Nasscom said access to information can be ensured irrespective of location of the data. "Access can be provided even if the data is stored outside India. It is not clear how this (data localisation mandate) ties in with the overall objective of ensuring enforcement," Nasscom Senior Director and Head Public Policy Ashish Aggarwal said. Moreover, the instances of problems being faced in accessing data need to be seen in the larger perspective of total number of transactions. Nasscom has favoured free flow of data, Aggarwal said adding that imposition of conditions that are "onerous and unnecessary" may trigger a retaliatory measures from other countries. In its April monetary policy review, the RBI had said that in order to ensure better monitoring of payment service operators it was important to have "unfettered supervisory access to data stored with these system providers as also with their service providers/ intermediaries/third party vendors and other entities in the payment ecosystem". "All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India," it had said. The RBI had further said that data should include the full end-to-end transaction details, information collected, carried, processed as part of the message, payment instruction.

Google, WhatsApp must comply with India's data localisation policy, says RBI as deadline ends

The rupee weakened by 9 paise to 73.92 against the US dollar in early trade Tuesday on increased demand for the American currency from banks and importers.

At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92.

Dealers attributed the rupee's fall to the dollar's strength against some other currencies overseas but fresh inflows by foreign funds and a higher opening in domestic equity markets, capped the losses.

Moreover, weak exports data also dampened sentiments in the forex market. India's exports entered the negative zone after five months, contracting 2.15 per cent in September to $27.95 billion, according to commerce ministry data.

The rupee had lost 26 paise to close at 73.83 Monday after crude prices rose amid intensifying geopolitical tensions.

The benchmark BSE Sensex Tuesday rose by 89.17 points, or 0.26 per cent to trade at 34,954.27.

Meanwhile, foreign portfolio investors bought shares worth Rs 67.86 crore on net basis from stock markets on Monday, according to the BSE data.

The rupee weakened by 9 paise to 73.92 against the US dollar in early trade Tuesday on increased demand for the American currency from banks and importers. At the Interbank Foreign Exchange, the domestic currency opened higher at 73.

The rupee weakened by 9 paise to 73.92 against the US dollar in early trade Tuesday on increased demand for the American currency from banks and importers. At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92. Dealers attributed the rupee's fall to the dollar's strength against some other currencies overseas but fresh inflows by foreign funds and a higher opening in domestic equity markets, capped the losses. Moreover, weak exports data also dampened sentiments in the forex market. India's exports entered the negative zone after five months, contracting 2.15 per cent in September to $27.95 billion, according to commerce ministry data. The rupee had lost 26 paise to close at 73.83 Monday after crude prices rose amid intensifying geopolitical tensions. The benchmark BSE Sensex Tuesday rose by 89.17 points, or 0.26 per cent to trade at 34,954.27. Meanwhile, foreign portfolio investors bought shares worth Rs 67.86 crore on net basis from stock markets on Monday, according to the BSE data.

Rupee softens 9 paise against US dollar in early trade

Markets on Tuesday opened in green with BSE Sensex registering an increase of 139.23 points at 35,004.33. Nifty, on the other hand, opened at 10,550.15, 37.65 points up from Monday's closing.&nbsp;

Indian shares ended higher for a second straight session on Monday after a weak start, in a recovery led by IT stocks benefiting from a depreciating rupee, while consumer discretionary stocks capped the gains.

The benchmark BSE Sensex closed up 0.38 per cent at 34,865.10, while the broader NSE Nifty ended 0.38 per cent higher at 10,512.50, news agency Reuters reported.&nbsp;

Meanwhile, fuel prices in the national capital rose again with petrol amounting to Rs 82.83 per litre, up by Rs 0.11, and diesel selling at Rs 75.69 per litre, increased by Rs 0.23, respectively in the national capital.&nbsp;

In Mumbai, petrol and diesel prices today were recorded at Rs 88.29 per litre, up by Rs 0.11, and Rs 79.35 per litre, increased by Rs 0.24, respectively.&nbsp;

Markets on Tuesday opened in green with BSE Sensex registering an increase of 139.23 points at 35,004.33. Nifty, on the other hand, opened at 10,550.15, 37.65 points up from Monday's closing.

Markets on Tuesday opened in green with BSE Sensex registering an increase of 139.23 points at 35,004.33. Nifty, on the other hand, opened at 10,550.15, 37.65 points up from Monday's closing. Indian shares ended higher for a second straight session on Monday after a weak start, in a recovery led by IT stocks benefiting from a depreciating rupee, while consumer discretionary stocks capped the gains. The benchmark BSE Sensex closed up 0.38 per cent at 34,865.10, while the broader NSE Nifty ended 0.38 per cent higher at 10,512.50, news agency Reuters reported. Meanwhile, fuel prices in the national capital rose again with petrol amounting to Rs 82.83 per litre, up by Rs 0.11, and diesel selling at Rs 75.69 per litre, increased by Rs 0.23, respectively in the national capital. In Mumbai, petrol and diesel prices today were recorded at Rs 88.29 per litre, up by Rs 0.11, and Rs 79.35 per litre, increased by Rs 0.24, respectively.

Markets open in green, Sensex up by 139.23 points at 35,004.33

Fuel prices in the national capital rose again with petrol amounting to Rs 82.83 per litre, up by Rs 0.11, and diesel selling at Rs 75.69 per litre, increased by Rs 0.23, respectively in the national capital.&nbsp;

In Mumbai, petrol and diesel prices today were recorded at Rs 88.29 per litre, up by Rs 0.11, and Rs 79.35 per litre, increased by Rs 0.24, respectively.&nbsp;

Diesel prices continued to soar across the country on Monday. While Delhi and Kolkata saw a hike of 8 paise, a litre of diesel was increased by 9 paise in Mumbai and Chennai.

In Mumbai, diesel touched Rs 79. 11 per litre mark, while the same was retailed at Rs 79.80 per litre in Chennai.

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Petrol and diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> are Rs 82.83 per litre (increase by Rs 0.11) and Rs 75.69 per litre (increase by Rs 0.23), respectively. Petrol and diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs 88.29 per litre (increase by Rs 0.11) and Rs 79.35 per litre (increase by Rs 0.24), respectively. <a href="https://t.co/UVAtV9wqRI">pic.twitter.com/UVAtV9wqRI</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1051995603453059072?ref_src=twsrc%5Etfw">October 16, 2018</a></blockquote>
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<a href="http://www.wionews.com/india-news/fuel-price-petrol-remains-stagnant-diesel-increased-by-9-paise-in-mumbai-171492">Petrol prices on Monday remained unchanged</a> at 82.74 per litre in Delhi, while in Mumbai it was priced at 88.18 per litre.

Meanwhile, Prime Minister Narendra Modi on Monday held a meeting with CEOs and experts from the Oil and Gas sector from both India and abroad.

PM Modi in the meeting highlighted the economic challenges including serious resource crunch that the consuming countries face due to rising crude oil prices.

The prime minister also noted the significant positioning of India in the oil and gas market and said the oil market was producer driven and quantity and prices were determined by oil-producing countries.

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Delhi: Petrol and diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> are Rs 82.83 per litre (increase by Rs 0.11) and Rs 75.69 per litre (increase by Rs 0.23), respectively. Locals says, "We have no option but to bear the high fuel prices. Appeal to the Delhi government to decrease tax on fuel prices." <a href="https://t.co/QdnCsY5hkl">pic.twitter.com/QdnCsY5hkl</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1052018070624096256?ref_src=twsrc%5Etfw">October 16, 2018</a></blockquote>
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He also asked the oil producers like Saudi Arabia to initiate steps to bring down rates to reasonable levels.

The meeting which was held in Delhi to attract private investment and raise domestic and gas oil production was attended by Union Ministers Arun Jaitley and Dharmendra Pradhan, Vice-Chairman NITI Aayog Dr. Rajiv Kumar, Mukesh Ambani among others.

Fuel prices in the national capital rose again with petrol amounting to Rs 82.83 per litre, up by Rs 0.11, and diesel selling at Rs 75.69 per litre, increased by Rs 0.

Fuel prices in the national capital rose again with petrol amounting to Rs 82.83 per litre, up by Rs 0.11, and diesel selling at Rs 75.69 per litre, increased by Rs 0.23, respectively in the national capital. In Mumbai, petrol and diesel prices today were recorded at Rs 88.29 per litre, up by Rs 0.11, and Rs 79.35 per litre, increased by Rs 0.24, respectively. Diesel prices continued to soar across the country on Monday. While Delhi and Kolkata saw a hike of 8 paise, a litre of diesel was increased by 9 paise in Mumbai and Chennai. In Mumbai, diesel touched Rs 79. 11 per litre mark, while the same was retailed at Rs 79.80 per litre in Chennai. Petrol and diesel prices in #Delhi are Rs 82.83 per litre (increase by Rs 0.11) and Rs 75.69 per litre (increase by Rs 0.23), respectively. Petrol and diesel prices in #Mumbai are Rs 88.29 per litre (increase by Rs 0.11) and Rs 79.35 per litre (increase by Rs 0.24), respectively. pic.twitter.com/UVAtV9wqRI — ANI (@ANI) October 16, 2018 × Petrol prices on Monday remained unchanged at 82.74 per litre in Delhi, while in Mumbai it was priced at 88.18 per litre. Meanwhile, Prime Minister Narendra Modi on Monday held a meeting with CEOs and experts from the Oil and Gas sector from both India and abroad. PM Modi in the meeting highlighted the economic challenges including serious resource crunch that the consuming countries face due to rising crude oil prices. The prime minister also noted the significant positioning of India in the oil and gas market and said the oil market was producer driven and quantity and prices were determined by oil-producing countries. Delhi: Petrol and diesel prices in #Delhi are Rs 82.83 per litre (increase by Rs 0.11) and Rs 75.69 per litre (increase by Rs 0.23), respectively. Locals says, "We have no option but to bear the high fuel prices. Appeal to the Delhi government to decrease tax on fuel prices." pic.twitter.com/QdnCsY5hkl — ANI (@ANI) October 16, 2018 × He also asked the oil producers like Saudi Arabia to initiate steps to bring down rates to reasonable levels. The meeting which was held in Delhi to attract private investment and raise domestic and gas oil production was attended by Union Ministers Arun Jaitley and Dharmendra Pradhan, Vice-Chairman NITI Aayog Dr. Rajiv Kumar, Mukesh Ambani among others.

Fuel prices soar again, petrol sells at Rs 82.83 per litre in Delhi

The BSE Sensex on Tuesday surged 297 points to went past the key 35,000-level, continuing its winning-run for the third straight day amid optimism ahead of quarterly earnings from heavyweights and recovery in the rupee.

Meanwhile, the rupee strengthened by 25 paise to 73.58 (intra-day) against the US dollar in the forex market.

Besides, easing global crude prices and positive cues from Asian markets and a higher opening in european shares too fuelled the rally. Brent was trading 0.25 per cent lower at USD 80.58 a barrel on Tuesday.

The 30-share Sensex stayed in the positive zone during the session and shuttled between 35,215.79 and 34,913.06, before settling 297.38 points or 0.85 per cent higher at 35,162.48.

The NSE Nifty after regaining the 10,600-mark hit a high of 10,604.90 on the back of widespread gains, and finally concluded 72.25 points or 0.69 per cent higher at 10,584.75.

Companies like Infosys and Hero MotoCorp are slated to announce their financial results Tuesday.&nbsp;

Domestic institutional investors (DIIs) bought shares worth Rs 294.78 crore, while foreign institutional investors invested Rs 67.86 crore on Monday, as per provisional data issued by the stock exchanges.

The BSE Sensex on Tuesday surged 297 points to went past the key 35,000-level, continuing its winning-run for the third straight day amid optimism ahead of quarterly earnings from heavyweights and recovery in the rupee.

The BSE Sensex on Tuesday surged 297 points to went past the key 35,000-level, continuing its winning-run for the third straight day amid optimism ahead of quarterly earnings from heavyweights and recovery in the rupee. Meanwhile, the rupee strengthened by 25 paise to 73.58 (intra-day) against the US dollar in the forex market. Besides, easing global crude prices and positive cues from Asian markets and a higher opening in european shares too fuelled the rally. Brent was trading 0.25 per cent lower at USD 80.58 a barrel on Tuesday. The 30-share Sensex stayed in the positive zone during the session and shuttled between 35,215.79 and 34,913.06, before settling 297.38 points or 0.85 per cent higher at 35,162.48. The NSE Nifty after regaining the 10,600-mark hit a high of 10,604.90 on the back of widespread gains, and finally concluded 72.25 points or 0.69 per cent higher at 10,584.75. Companies like Infosys and Hero MotoCorp are slated to announce their financial results Tuesday. Domestic institutional investors (DIIs) bought shares worth Rs 294.78 crore, while foreign institutional investors invested Rs 67.86 crore on Monday, as per provisional data issued by the stock exchanges.

Sensex rises 300 points on earnings optimism

Finance Minister Arun Jaitley Tuesday said India needs a strong and decisive leadership at the Centre to continue its high growth path and take swift decisions.

Outlining the challenges for India, Jaitley said being a net buyer of oil, a rise in global crude prices adversely impacts the country and hence the economy has to be resilient to deal with it.

"If this path of high growth trajectory is to continue...If this higher growth, higher revenues and higher resources have to continue, better infrastructure objective has to be achieved, India needs a strong and decisive leadership at the Centre.&nbsp;

"A weak leadership, within days of a crisis, could not have handled IL&amp;FS the way the present government did, and therefore a crisis in the making was handled with swiftness," Jaitley said in his address to the AGM of industry chamber Assocham.

Debt-ridden IL&amp;FS and its group companies have defaulted on loan repayments, following which the government superseded its Board by appointing eminent banker Uday Kotak as its Chairman.

Talking about the political challenges facing the country, Jaitley said these are thrown up by unstable coalition and aspiring politicians, who want to acquire the top place.

"Therefore, today what India needs is not individuals with lack of understanding of policies, lack of understanding of directions or inherently unstable coalition, but a government and leadership with absolute clarity about the direction so that this unique position which IMF refers to as a sweet spot in the world, this sweet spot we continue to occupy for the next two decades," he said.

Jaitley said if India continues on a high growth path, then the country can get rid of poverty and can become a developed country.

"You need a decisive government, you need a government which has a coherent policy and is absolutely clear in the direction you have to move, and you need a government which is not dependent on those who would try to pull the government down by their strategies," Jaitley said in his video conference address.

The Indian economy grew at 8.2 per cent in the April-June quarter of current fiscal. It grew at 6.7 per cent in 2017-18 fiscal.&nbsp;

Stating that domestic policies of certain countries have spillover effects on India, Jaitley hoped that such effects will not be everlasting and are transient in character.

"As a fast-growing economy we have the capacity to face these challenges," he said.&nbsp;

Jaitley said global oil prices have risen on account of "artificial shortages" and it has adversely impacted India. India imports 83 per cent of its oil needs.

"Therefore we have to face that challenge by making our economy so resilient itself that we have the capacity to bear that challenge," he added.&nbsp;

Finance Minister Arun Jaitley Tuesday said India needs a strong and decisive leadership at the Centre to continue its high growth path and take swift decisions. Outlining the challenges for India, Jaitley said being a net buyer of oil, a rise in global crude prices adversely impacts the country and hence the economy has to be resilient to deal with it.

Finance Minister Arun Jaitley Tuesday said India needs a strong and decisive leadership at the Centre to continue its high growth path and take swift decisions. Outlining the challenges for India, Jaitley said being a net buyer of oil, a rise in global crude prices adversely impacts the country and hence the economy has to be resilient to deal with it. "If this path of high growth trajectory is to continue...If this higher growth, higher revenues and higher resources have to continue, better infrastructure objective has to be achieved, India needs a strong and decisive leadership at the Centre. "A weak leadership, within days of a crisis, could not have handled IL&FS the way the present government did, and therefore a crisis in the making was handled with swiftness," Jaitley said in his address to the AGM of industry chamber Assocham. Debt-ridden IL&FS and its group companies have defaulted on loan repayments, following which the government superseded its Board by appointing eminent banker Uday Kotak as its Chairman. Talking about the political challenges facing the country, Jaitley said these are thrown up by unstable coalition and aspiring politicians, who want to acquire the top place. "Therefore, today what India needs is not individuals with lack of understanding of policies, lack of understanding of directions or inherently unstable coalition, but a government and leadership with absolute clarity about the direction so that this unique position which IMF refers to as a sweet spot in the world, this sweet spot we continue to occupy for the next two decades," he said. Jaitley said if India continues on a high growth path, then the country can get rid of poverty and can become a developed country. "You need a decisive government, you need a government which has a coherent policy and is absolutely clear in the direction you have to move, and you need a government which is not dependent on those who would try to pull the government down by their strategies," Jaitley said in his video conference address. The Indian economy grew at 8.2 per cent in the April-June quarter of current fiscal. It grew at 6.7 per cent in 2017-18 fiscal. Stating that domestic policies of certain countries have spillover effects on India, Jaitley hoped that such effects will not be everlasting and are transient in character. "As a fast-growing economy we have the capacity to face these challenges," he said. Jaitley said global oil prices have risen on account of "artificial shortages" and it has adversely impacted India. India imports 83 per cent of its oil needs. "Therefore we have to face that challenge by making our economy so resilient itself that we have the capacity to bear that challenge," he added.

India needs strong, decisive government to take swift decision, maintain high growth: Jaitley

The BSE benchmark Sensex after reclaiming the 35,000-mark fell 71 points to quote at 34,662.73 Monday, as the IIP slipped to a three-month low in August and retail inflation rose marginally in September.

Besides, weak Asian cues on worries over China-Us trade dispute influenced sentiment.

The 30-share barometer pushed lower by 70.85 points, or 0.20 per cent, to 34,662.73. It opened higher and touched a high of 35,008.65. The gauge had climbed 732.43 points in the previous session on Friday.

Sectoral indices were negative across the board, with oil&amp;gas, auto, consumer durables, PSU, bankex, capital goods, metal, infrastructure and realty falling by up to 1.25 per cent.

The NSE index Nifty was trading lower by 21.85 points, or 0.21 per cent, at 10,450.65 after shuttling between 10,524.60 and 10,432.

Selling activity emerged after data released by Central Statistics Office (CSO) on Friday showed that industrial production slipped to a three-month low of 4.3 per cent in August, while retail inflation up marginally to 3.77 per cent in September.

Meanwhile, the rupee depreciated by 36 paise to 73.93 against the dollar in early trade after Brent crude again went past the USD 81 a barrel, which also dampened sentiments.

Hindustan Unilever, emerged top loser in the Sensex pack, falling 3.28 per cent, followed by ICICI Bank at 2.46 per cent.

Other big losers that dragged both the key indices were Maruti Suzuki, Axis Bank, L&amp;T, Bharti Airtel, Bajaj Auto, PowerGrid, Kotak Bank, Coal India, Adani Ports, Asian Paint, HDFC Ltd, SBI, Vedanta Ltd and Tata Steel.

However, stocks of Sun Pharma, ITC LGd, TCS, Infosys, RIL and Wipro were trading higher.

Foreign portfolio investors (FPIs) gave up shares worth a net of Rs 1,322 crore, while Domestic institutional investors (DIIs) remained net buyers, picking up shares worth a net of Rs 1,287 crore on Friday, provisional data showed.

Most other Asian markets too were down on trade war worries and surging crude prices following rising diplomatic tensions between Riyadh and the West.

Japan's Nikkei fell 1.39 per cent, Hong Kong's Hang Seng shed 1.30 per cent, Taiwan was down 1.10 per cent in their early deals. Shanghai Composite Index, however, was flat.

The US Dow Jones Industrial Average had closed 1.15 per cent higher on Friday.

The BSE benchmark Sensex after reclaiming the 35,000-mark fell 71 points to quote at 34,662.73 Monday, as the IIP slipped to a three-month low in August and retail inflation rose marginally in September.

The BSE benchmark Sensex after reclaiming the 35,000-mark fell 71 points to quote at 34,662.73 Monday, as the IIP slipped to a three-month low in August and retail inflation rose marginally in September. Besides, weak Asian cues on worries over China-Us trade dispute influenced sentiment. The 30-share barometer pushed lower by 70.85 points, or 0.20 per cent, to 34,662.73. It opened higher and touched a high of 35,008.65. The gauge had climbed 732.43 points in the previous session on Friday. Sectoral indices were negative across the board, with oil&gas, auto, consumer durables, PSU, bankex, capital goods, metal, infrastructure and realty falling by up to 1.25 per cent. The NSE index Nifty was trading lower by 21.85 points, or 0.21 per cent, at 10,450.65 after shuttling between 10,524.60 and 10,432. Selling activity emerged after data released by Central Statistics Office (CSO) on Friday showed that industrial production slipped to a three-month low of 4.3 per cent in August, while retail inflation up marginally to 3.77 per cent in September. Meanwhile, the rupee depreciated by 36 paise to 73.93 against the dollar in early trade after Brent crude again went past the USD 81 a barrel, which also dampened sentiments. Hindustan Unilever, emerged top loser in the Sensex pack, falling 3.28 per cent, followed by ICICI Bank at 2.46 per cent. Other big losers that dragged both the key indices were Maruti Suzuki, Axis Bank, L&T, Bharti Airtel, Bajaj Auto, PowerGrid, Kotak Bank, Coal India, Adani Ports, Asian Paint, HDFC Ltd, SBI, Vedanta Ltd and Tata Steel. However, stocks of Sun Pharma, ITC LGd, TCS, Infosys, RIL and Wipro were trading higher. Foreign portfolio investors (FPIs) gave up shares worth a net of Rs 1,322 crore, while Domestic institutional investors (DIIs) remained net buyers, picking up shares worth a net of Rs 1,287 crore on Friday, provisional data showed. Most other Asian markets too were down on trade war worries and surging crude prices following rising diplomatic tensions between Riyadh and the West. Japan's Nikkei fell 1.39 per cent, Hong Kong's Hang Seng shed 1.30 per cent, Taiwan was down 1.10 per cent in their early deals. Shanghai Composite Index, however, was flat. The US Dow Jones Industrial Average had closed 1.15 per cent higher on Friday.

Sensex slips 71 points on negative economic data, weak rupee

The rupee dropped 36 paise to 73.93 against the US currency in early trade Monday, breaking its three-day recovery trend, as crude prices rose amid weak macro economic data.

<a href="http://www.wionews.com/india-news/rupee-strengthens-38-paise-against-us-dollar-170999">Also Read:&nbsp;Rupee strengthens 38 paise against US dollar</a>

A spurt in dollar demand from importers amid sustained foreign fund outflows also weighed on the rupee.

Dealers said, factors like the dollar's strength against some other currencies overseas and a volatile opening of the equity markets also impacted the domestic currency.

Industrial production slipped to a three-month low of 4.3 per cent in August and retail inflation rose marginally to 3.77 per cent in September, according to the data released by Central Statistics Office Friday.

On Friday, the rupee had ended 55 paise higher at 73.57 against the dollar, as global crude prices eased and domestic indices staged a smart rebound.

Foreign institutional investors (FIIs) sold shares to the&nbsp;tune of Rs 1,322 crore Friday, provisional data showed.

The benchmark BSE Sensex fell by 70.85 points today, or 0.20 per cent, to 34,662.73 in early trade after crossing the key 35,000-mark to hit a high of 35,008.65 at the outset.&nbsp;

The rupee dropped 36 paise to 73.93 against the US currency in early trade Monday, breaking its three-day recovery trend, as crude prices rose amid weak macro economic data.

The rupee dropped 36 paise to 73.93 against the US currency in early trade Monday, breaking its three-day recovery trend, as crude prices rose amid weak macro economic data. Also Read: Rupee strengthens 38 paise against US dollar A spurt in dollar demand from importers amid sustained foreign fund outflows also weighed on the rupee. Dealers said, factors like the dollar's strength against some other currencies overseas and a volatile opening of the equity markets also impacted the domestic currency. Industrial production slipped to a three-month low of 4.3 per cent in August and retail inflation rose marginally to 3.77 per cent in September, according to the data released by Central Statistics Office Friday. On Friday, the rupee had ended 55 paise higher at 73.57 against the dollar, as global crude prices eased and domestic indices staged a smart rebound. Foreign institutional investors (FIIs) sold shares to the tune of Rs 1,322 crore Friday, provisional data showed. The benchmark BSE Sensex fell by 70.85 points today, or 0.20 per cent, to 34,662.73 in early trade after crossing the key 35,000-mark to hit a high of 35,008.65 at the outset.

Rupee dips 36 paise against US dollar in early trade

The benchmark BSE Sensex extended gains for the second straight day by surging about 132 points on Monday on sustained buying by domestic institutional investors despite disappointing macro-economic data and uninterrupted foreign fund outflows.

The NSE index Nifty ended above the 10,500-mark.

However, investor mood remained cautious due to fresh weakness in the rupee on rising crude oil prices and a subdued trend at other Asian markets, following worries over Sino-US trade disputes, a possible slowdown in the Chinese economy and signs of tighter monetary policy by the US Federal Reserve.

The rupee again breached the 74-mark against the US dollar to quote at 74.05 (intra-day) in the forex market.

Brent crude, the international benchmark, was trading higher by 0.98 per cent, to US $81.79 per barrel.

Meanwhile, inflation based on wholesale prices rose to a two-month high of 5.13 per cent in September, mainly due to hardening of food prices and rise in cost of petrol and diesel, according to data released Monday.

Industrial production slipped to a three-month low of 4.3 per cent in August, while retail inflation up marginally to 3.77 per cent in September, data released by Central Statistics Office (CSO) on Friday.&nbsp;

The 30-share barometer, which had gained 732.47 points, its biggest single day gain in 19 months on Friday, reclaimed the 35,000-mark to hit a high of 35,008.65 at the outset on sustained buying by DIIs but turned choppy and slipped into negative zone to touch a low of 34,559.98.

Finally, it settled 131.52 points, or 0.38 per cent, higher at 34,865.10, largely supported by gains in healthcare and information technology space.

On similar lines, the NSE Nifty was up by 40 points, or 0.38 per cent, at 10,512.50. Intra-day, it shuttled between 10,526.30-10,410.15.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,287 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 1,322 crore on Friday, as per provisional data.

The benchmark BSE Sensex extended gains for the second straight day by surging about 132 points on Monday on sustained buying by domestic institutional investors despite disappointing macro-economic data and uninterrupted foreign fund outflows.

The benchmark BSE Sensex extended gains for the second straight day by surging about 132 points on Monday on sustained buying by domestic institutional investors despite disappointing macro-economic data and uninterrupted foreign fund outflows. The NSE index Nifty ended above the 10,500-mark. However, investor mood remained cautious due to fresh weakness in the rupee on rising crude oil prices and a subdued trend at other Asian markets, following worries over Sino-US trade disputes, a possible slowdown in the Chinese economy and signs of tighter monetary policy by the US Federal Reserve. The rupee again breached the 74-mark against the US dollar to quote at 74.05 (intra-day) in the forex market. Brent crude, the international benchmark, was trading higher by 0.98 per cent, to US $81.79 per barrel. Meanwhile, inflation based on wholesale prices rose to a two-month high of 5.13 per cent in September, mainly due to hardening of food prices and rise in cost of petrol and diesel, according to data released Monday. Industrial production slipped to a three-month low of 4.3 per cent in August, while retail inflation up marginally to 3.77 per cent in September, data released by Central Statistics Office (CSO) on Friday. The 30-share barometer, which had gained 732.47 points, its biggest single day gain in 19 months on Friday, reclaimed the 35,000-mark to hit a high of 35,008.65 at the outset on sustained buying by DIIs but turned choppy and slipped into negative zone to touch a low of 34,559.98. Finally, it settled 131.52 points, or 0.38 per cent, higher at 34,865.10, largely supported by gains in healthcare and information technology space. On similar lines, the NSE Nifty was up by 40 points, or 0.38 per cent, at 10,512.50. Intra-day, it shuttled between 10,526.30-10,410.15. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,287 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 1,322 crore on Friday, as per provisional data.

Sensex extends gains in choppy trade; up 132 points despite weak macro data

Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close 142 more stores, throwing into doubt the future of the century-old retailer that once dominated US&nbsp;malls but has withered in the age of internet shopping.

The Chapter 11 filing to reorganize debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Chief Executive Officer Eddie Lampert in an attempt to turn around the company he bought in 2004.

Lampert had pledged to restore Sears to its glory days, when it owned the tallest building in the world and companies that included a radio station and Allstate insurance.

But the company has not turned a profit since 2011, and critics say Lampert let the stores deteriorate over the years, even as he bought the company's stock and lent it money. It has sold off the legendary Craftsman brand and is considering an offer from Lampert for the Kenmore appliance name.

The company listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the US&nbsp;Bankruptcy Court in the Southern District of New York.

Sears said it will sell assets and begin closing 142 unprofitable stores by year-end with the aim of reorganizing around a smaller platform of around 700 of its best stores.

In an earlier attempt to avoid bankruptcy, Sears last year sold its Craftsman tool brand to power tool maker Stanley Black &amp; Decker for $900 million. It also signed a deal to sell Kenmore appliances on Amazon.com.

Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close 142 more stores, throwing into doubt the future of the century-old retailer that once dominated US malls but has withered in the age of internet shopping.

Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close 142 more stores, throwing into doubt the future of the century-old retailer that once dominated US malls but has withered in the age of internet shopping. The Chapter 11 filing to reorganize debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Chief Executive Officer Eddie Lampert in an attempt to turn around the company he bought in 2004. Lampert had pledged to restore Sears to its glory days, when it owned the tallest building in the world and companies that included a radio station and Allstate insurance. But the company has not turned a profit since 2011, and critics say Lampert let the stores deteriorate over the years, even as he bought the company's stock and lent it money. It has sold off the legendary Craftsman brand and is considering an offer from Lampert for the Kenmore appliance name. The company listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the US Bankruptcy Court in the Southern District of New York. Sears said it will sell assets and begin closing 142 unprofitable stores by year-end with the aim of reorganizing around a smaller platform of around 700 of its best stores. In an earlier attempt to avoid bankruptcy, Sears last year sold its Craftsman tool brand to power tool maker Stanley Black & Decker for $900 million. It also signed a deal to sell Kenmore appliances on Amazon.com.

Sears files for bankruptcy, set to close 142 stores in US

The BSE benchmark Sensex staged a strong comeback by recovering over 600 points in opening trade Friday following fresh purchases made by domestic investors ahead of key macroeconomic data to be released later in the day, fall in global crude prices and rupee recovery.

Positive leads from most other Asian markets too fuelled the uptrend.

The 30-share Sensex climbed 639.80 points, or 1.88 per cent, to 34,640.95 with all the sectoral indices trading in the positive zone.

The gauge had plummeted over 750 points to end at a six-month low.

The NSE Nifty was trading above the 10,400-mark, up 174.30 points, or 1.70 per cent, at 10,408.95.

Meanwhile, the rupee strengthened by 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased.

Brokers said besides rupee recovery, built-up of positions by investors ahead of index of industrial production (IIP) numbers for August and inflation data for September - to be released later in the day - too impacted investor sentiment here.

In the Sensex pack, prominent gainers were M&amp;M, Yes Bank, Maruti Suzuki, Adani Ports, IndusInd Bank, Vedanta, Asian Paints, RIL, Tata Steel, ICICI Bank, ITC, Hero MotoCorp, Coal India, Axis Bank, Kotak Bank, HDFC Bank, Sun Pharma, HDFC and Bajaj Auto, rising up to 4.08 per cent.

However, shares of country's largest software exporter TCS fell 2.13 per cent even after the company Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter.

Shares of oil marketing companies such as HPCL, BPCL and IOC remained strong and rose further by up to 5.33 per cent on falling global crude oil prices.

Brent crude, the international benchmark, fell 3 per cent to quote at USD 80.37 a barrel. 
Stocks of Aviation companies - Spicejet, InterGlobe and Jet Airways - too were in better shape, rising up to 5.02 per cent, supported by falling crude prices.

Domestic institutional investors (DIIs) made purchases worth a net of Rs 1,888 crore Thursday, provisional data showed.

Elsewhere in Asia, Hong Kong's Hang Seng was up 1.11 per cent, Singapore rose 0.18 per cent, and Taiwan gained 1.17 per cent in their late morning deals. However, Japan's Nikkei was down 0.25 per cent and the Shanghai Composite Index shed 0.12 per cent.

The US Dow Jones Industrial Average fell over 2 per cent in Thursday's trade.&nbsp;

The BSE benchmark Sensex staged a strong comeback by recovering over 600 points in opening trade Friday following fresh purchases made by domestic investors ahead of key macroeconomic data to be released later in the day, fall in global crude prices and rupee recovery.

The BSE benchmark Sensex staged a strong comeback by recovering over 600 points in opening trade Friday following fresh purchases made by domestic investors ahead of key macroeconomic data to be released later in the day, fall in global crude prices and rupee recovery. Positive leads from most other Asian markets too fuelled the uptrend. The 30-share Sensex climbed 639.80 points, or 1.88 per cent, to 34,640.95 with all the sectoral indices trading in the positive zone. The gauge had plummeted over 750 points to end at a six-month low. The NSE Nifty was trading above the 10,400-mark, up 174.30 points, or 1.70 per cent, at 10,408.95. Meanwhile, the rupee strengthened by 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased. Brokers said besides rupee recovery, built-up of positions by investors ahead of index of industrial production (IIP) numbers for August and inflation data for September - to be released later in the day - too impacted investor sentiment here. In the Sensex pack, prominent gainers were M&M, Yes Bank, Maruti Suzuki, Adani Ports, IndusInd Bank, Vedanta, Asian Paints, RIL, Tata Steel, ICICI Bank, ITC, Hero MotoCorp, Coal India, Axis Bank, Kotak Bank, HDFC Bank, Sun Pharma, HDFC and Bajaj Auto, rising up to 4.08 per cent. However, shares of country's largest software exporter TCS fell 2.13 per cent even after the company Thursday reported a 22.6 per cent jump in consolidated net profit at Rs 7,901 crore in the July-September 2018 quarter. Shares of oil marketing companies such as HPCL, BPCL and IOC remained strong and rose further by up to 5.33 per cent on falling global crude oil prices. Brent crude, the international benchmark, fell 3 per cent to quote at USD 80.37 a barrel. Stocks of Aviation companies - Spicejet, InterGlobe and Jet Airways - too were in better shape, rising up to 5.02 per cent, supported by falling crude prices. Domestic institutional investors (DIIs) made purchases worth a net of Rs 1,888 crore Thursday, provisional data showed. Elsewhere in Asia, Hong Kong's Hang Seng was up 1.11 per cent, Singapore rose 0.18 per cent, and Taiwan gained 1.17 per cent in their late morning deals. However, Japan's Nikkei was down 0.25 per cent and the Shanghai Composite Index shed 0.12 per cent. The US Dow Jones Industrial Average fell over 2 per cent in Thursday's trade.

Sensex recovers over 600 points ahead of key macro data, Nifty reclaims 10,400

A day after the bloodbath in global markets, BSE Sensex on Thursday opened on a positive note, &nbsp;up by 465 points at 34,468.29. Nifty, on the other hand, registered a spike of 205.75 points at 10,440.45.

The gains came a day after massive slides in globals markets.&nbsp;

Meanwhile, continuing its recovery, the rupee&nbsp;strengthened 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased.

Besides, dollar-selling by exporters and banks, the greenback's weakness against some currencies overseas, helped the recovery in the domestic currency.

Brent crude fell 3 per cent to trade at 80.37 a barrel in the global market.

Across the globe, share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in months, as fears over rising US Treasury yields sparked a broad sell-off of risky assets.

Indian shares ended lower on Thursday at their lowest closing level since April.&nbsp;

The NSE Nifty plunged as much as 3.07 per cent to 10,138.60. It closed down 2.2 per cent at 10,234.65.

Japan's Nikkei fell 3.4 per cent, the steepest daily drop since March, while the broader TOPIX lost around $195 billion in market value.

Shanghai shares touched their lowest since late 2014, while China blue chips slid 3 per cent.

A day after the bloodbath in global markets, BSE Sensex on Thursday opened on a positive note, up by 465 points at 34,468.29. Nifty, on the other hand, registered a spike of 205.

A day after the bloodbath in global markets, BSE Sensex on Thursday opened on a positive note, up by 465 points at 34,468.29. Nifty, on the other hand, registered a spike of 205.75 points at 10,440.45. The gains came a day after massive slides in globals markets. Meanwhile, continuing its recovery, the rupee strengthened 38 paise to 73.74 against the US dollar in early trade in the forex market after global crude prices eased. Besides, dollar-selling by exporters and banks, the greenback's weakness against some currencies overseas, helped the recovery in the domestic currency. Brent crude fell 3 per cent to trade at 80.37 a barrel in the global market. Across the globe, share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in months, as fears over rising US Treasury yields sparked a broad sell-off of risky assets. Indian shares ended lower on Thursday at their lowest closing level since April. The NSE Nifty plunged as much as 3.07 per cent to 10,138.60. It closed down 2.2 per cent at 10,234.65. Japan's Nikkei fell 3.4 per cent, the steepest daily drop since March, while the broader TOPIX lost around $195 billion in market value. Shanghai shares touched their lowest since late 2014, while China blue chips slid 3 per cent.

Markets open in green, Sensex up by 465 points; rupee strengthens 38 paise

As oil prices continue <a href="http://www.wionews.com/india-news/fuel-prices-continue-to-rise-petrol-sells-at-rs-8248-a-litre-in-delhi-170964">to rise worldwide with India being no exception</a>, the International Energy Agency(IEA) in a report said today that "both global oil demand and supply are now close to new, historically significant peak" at 100 million barrels a day.

<a href="http://www.wionews.com/business-economy/government-will-not-ask-omcs-to-further-subsidise-petrol-diesel-prices-170903">Also</a><a href="http://www.wionews.com/business-economy/government-will-not-ask-omcs-to-further-subsidise-petrol-diesel-prices-170903"> Read:&nbsp;Government will not ask OMCs to further subsidise petrol, diesel prices</a>

"Production has surged, led by the US shale revolution, and supported by big increases in Brazil, Canada and elsewher," the IEA report said, adding that potential supply could come to the market from places like Iran, Iraq, Libya, Nigeria and Venezuela.

In its study titled “The Future of Petrochemicals”, the world energy body said that the oil market reached the landmark 100 mb/d level with prices rising steadily.&nbsp;

"For many developing countries, higher international prices coincide with currencies depreciating against the US dollar, so the threat of economic damage is more acute," the report cautioned.

Despite increased oil production, prices have been shooting up worldwide. In India, petrol prices shot up drastically in the last three months as it went above the Rs 80-mark as the Opposition took on the government. The government eventually decided to cut prices by Rs 2.5 but it continued over the Rs 80-mark.

India's finance minister Arun Jaitley categorically rejected going back on deregulation of fuel prices even as critics said the government had imposed too many taxes on petrol and diesel. Petrol prices were freed up by previous Congress government led by Manmohan Singh in 2010.

The price cut reduced the government's excise duty by Rs 1.50 rupees per litre and cut one rupee per litre on the amount charged by state-run oil marketing firms Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp.

After the announcement, shares of oil companies fell more than twenty per cent last week.

The IEA report warned that after the US announced sanctions on Iran, oil prices have shot up. "Even China has seen the first year-on-year production growth in nearly three years in response to higher prices. Meanwhile, output in Iran, Mexico, and Venezuela has fallen, it observed.

Although it welcomed Saudi Arabia's effort towards boosting oil production, but said that supply disruptions in Libya and a collapse in Venezuela should not allow for complacency&nbsp;

The report pointed out that recent production increases have come at the expense of spare capacity, which is already "down to only 2 per cent of global demand, with further reductions likely to come."&nbsp;

"This strain could be with us for some time and it will likely be accompanied by higher prices, however much we regret them and their potential negative impact on the global economy," the report concluded.

As oil prices continue to rise worldwide with India being no exception, the International Energy Agency(IEA) in a report said today that "both global oil demand and supply are now close to new, historically significant peak" at 100 million barrels a day.

As oil prices continue to rise worldwide with India being no exception, the International Energy Agency(IEA) in a report said today that "both global oil demand and supply are now close to new, historically significant peak" at 100 million barrels a day. Also Read: Government will not ask OMCs to further subsidise petrol, diesel prices "Production has surged, led by the US shale revolution, and supported by big increases in Brazil, Canada and elsewher," the IEA report said, adding that potential supply could come to the market from places like Iran, Iraq, Libya, Nigeria and Venezuela. In its study titled “The Future of Petrochemicals”, the world energy body said that the oil market reached the landmark 100 mb/d level with prices rising steadily. "For many developing countries, higher international prices coincide with currencies depreciating against the US dollar, so the threat of economic damage is more acute," the report cautioned. Despite increased oil production, prices have been shooting up worldwide. In India, petrol prices shot up drastically in the last three months as it went above the Rs 80-mark as the Opposition took on the government. The government eventually decided to cut prices by Rs 2.5 but it continued over the Rs 80-mark. India's finance minister Arun Jaitley categorically rejected going back on deregulation of fuel prices even as critics said the government had imposed too many taxes on petrol and diesel. Petrol prices were freed up by previous Congress government led by Manmohan Singh in 2010. The price cut reduced the government's excise duty by Rs 1.50 rupees per litre and cut one rupee per litre on the amount charged by state-run oil marketing firms Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. After the announcement, shares of oil companies fell more than twenty per cent last week. The IEA report warned that after the US announced sanctions on Iran, oil prices have shot up. "Even China has seen the first year-on-year production growth in nearly three years in response to higher prices. Meanwhile, output in Iran, Mexico, and Venezuela has fallen, it observed. Although it welcomed Saudi Arabia's effort towards boosting oil production, but said that supply disruptions in Libya and a collapse in Venezuela should not allow for complacency The report pointed out that recent production increases have come at the expense of spare capacity, which is already "down to only 2 per cent of global demand, with further reductions likely to come." "This strain could be with us for some time and it will likely be accompanied by higher prices, however much we regret them and their potential negative impact on the global economy," the report concluded.

Oil production reaches record peak at 100 million barrels, along with demand: IEA

Some Asian stock markets opened in the red Friday, but losses were relatively muted as traders took a breather after a global rout sparked by fears over higher US interest rates.

Japan's main Nikkei-225 index began the day more than one per cent lower but bounced back in the first hour of trade.&nbsp;

Chinese stocks, which have seen a ferocious sell-off in recent days, also opened with marginal losses, the benchmark Shanghai Composite shedding 0.36 per cent.

But the Kospi index in South Korea bucked the trend and was trading in the green, as was the Hang Seng in Hong Kong as markets in Asia started the fightback.

The past two days have seen something approaching panic in global equity markets, as investors took fright in the face of a perfect storm of rising US interest rates and an intensifying trade war between the US and China.

The global sell-off was also in part due to US President Donald Trump describing the policies of the Federal Reserve as "loco" and "crazy", sparking concerns over the independence of the world's top central bank.

"Markets are finding themselves in a total state of discombobulation as we mercifully head towards the weekend," Stephen Innes, head of trading for Asia Pacific at Oanda, said in a commentary ahead of the opening bell in Japan.

"There have been multiple train wrecks over the past 24 hours, and the continuous wall of worry around US yields and US-China tension still weighs on equity sentiment," he said.

After a see-saw session on Wall Street, the Dow Jones ended 2.1 per cent down, taking its losses for the week to more than five per cent and closing at the lowest levels in months.

Frankfurt, Paris and London all lost at least 1.5 per cent as renewed worries over the eurozone came to the fore amid a budgetary scrap between the European Union and Italy.

Some experts warned that the correction, which came after many indices had hit multi-year highs, would be more than a flash in the pan.

"When we have a recalibration in values, it's not surprising that it takes more than one day," said Art Hogan, chief market strategist at B. Riley FBR.

"In these kinds of moves, it usually takes three days to wash out."

Most market watchers saw last week's surge in the yield of the 10-year US Treasury bond as the catalyst for the two-day rout in the US.

Yields spiked at an unexpectedly fast rate, prompting worries about a sudden acceleration of inflation and more aggressive Federal Reserve interest rate hikes.

Volatility also spread to commodities with big drops in the price of oil after the OPEC cartel cut its forecast for global oil demand.

However, these markets also staged a comeback, bouncing around 19 cents in early Asian trade.

Some Asian stock markets opened in the red Friday, but losses were relatively muted as traders took a breather after a global rout sparked by fears over higher US interest rates.

Some Asian stock markets opened in the red Friday, but losses were relatively muted as traders took a breather after a global rout sparked by fears over higher US interest rates. Japan's main Nikkei-225 index began the day more than one per cent lower but bounced back in the first hour of trade. Chinese stocks, which have seen a ferocious sell-off in recent days, also opened with marginal losses, the benchmark Shanghai Composite shedding 0.36 per cent. But the Kospi index in South Korea bucked the trend and was trading in the green, as was the Hang Seng in Hong Kong as markets in Asia started the fightback. The past two days have seen something approaching panic in global equity markets, as investors took fright in the face of a perfect storm of rising US interest rates and an intensifying trade war between the US and China. The global sell-off was also in part due to US President Donald Trump describing the policies of the Federal Reserve as "loco" and "crazy", sparking concerns over the independence of the world's top central bank. "Markets are finding themselves in a total state of discombobulation as we mercifully head towards the weekend," Stephen Innes, head of trading for Asia Pacific at Oanda, said in a commentary ahead of the opening bell in Japan. "There have been multiple train wrecks over the past 24 hours, and the continuous wall of worry around US yields and US-China tension still weighs on equity sentiment," he said. After a see-saw session on Wall Street, the Dow Jones ended 2.1 per cent down, taking its losses for the week to more than five per cent and closing at the lowest levels in months. Frankfurt, Paris and London all lost at least 1.5 per cent as renewed worries over the eurozone came to the fore amid a budgetary scrap between the European Union and Italy. Some experts warned that the correction, which came after many indices had hit multi-year highs, would be more than a flash in the pan. "When we have a recalibration in values, it's not surprising that it takes more than one day," said Art Hogan, chief market strategist at B. Riley FBR. "In these kinds of moves, it usually takes three days to wash out." Most market watchers saw last week's surge in the yield of the 10-year US Treasury bond as the catalyst for the two-day rout in the US. Yields spiked at an unexpectedly fast rate, prompting worries about a sudden acceleration of inflation and more aggressive Federal Reserve interest rate hikes. Volatility also spread to commodities with big drops in the price of oil after the OPEC cartel cut its forecast for global oil demand. However, these markets also staged a comeback, bouncing around 19 cents in early Asian trade.

Stock losses muted in Asia after global rout

Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 per cent for the week.

Brent crude futures edged up 13 cents to $80.39 a barrel by 0042 GMT. The contract fell 3.4 per cent on Thursday, after hitting a low of $79.80, its weakest since September 24.

US West Texas Intermediate (WTI) crude futures were up 11 cents at $71.08 a barrel, after falling 3 per cent in the previous session to the lowest since Sept. 21.

Wall Street extended its slide into a sixth session and a global equity index fell to a 1-year low on Thursday as investors feared an escalating US trade war with China and risks from a recent climb in interest rates.

Japan's Nikkei was slightly lower in early trading on Friday.

On the oil front, US crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase.

The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.

OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday.

In the US Gulf of Mexico, producers had cut output by 40 per cent on Thursday due to Hurricane Michael, according to the Bureau of Safety and Environmental Enforcement, even as some operators began returning crews to offshore platforms.

The cuts represent 680,107 barrels per day of oil production, the bureau said, citing reports from 30 companies.

Michael crashed ashore Florida on Wednesday as the third most powerful hurricane to strike the US mainland, leaving seven people least. It has since weakened to a tropical storm.

Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 per cent for the week.

Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 per cent for the week. Brent crude futures edged up 13 cents to $80.39 a barrel by 0042 GMT. The contract fell 3.4 per cent on Thursday, after hitting a low of $79.80, its weakest since September 24. US West Texas Intermediate (WTI) crude futures were up 11 cents at $71.08 a barrel, after falling 3 per cent in the previous session to the lowest since Sept. 21. Wall Street extended its slide into a sixth session and a global equity index fell to a 1-year low on Thursday as investors feared an escalating US trade war with China and risks from a recent climb in interest rates. Japan's Nikkei was slightly lower in early trading on Friday. On the oil front, US crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase. The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets. OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday. In the US Gulf of Mexico, producers had cut output by 40 per cent on Thursday due to Hurricane Michael, according to the Bureau of Safety and Environmental Enforcement, even as some operators began returning crews to offshore platforms. The cuts represent 680,107 barrels per day of oil production, the bureau said, citing reports from 30 companies. Michael crashed ashore Florida on Wednesday as the third most powerful hurricane to strike the US mainland, leaving seven people least. It has since weakened to a tropical storm.

Oil prices hold ground, but set for 4 per cent weekly fall

Driven by fall in crude prices and the recovery in rupee, the BSE Sensex Friday posted its biggest single-day gain in 19 months, soaring over 700 points, as global markets rebounded after two straight sessions of losses.

The rupee strengthened 53 paise to 73.59 (intra-day) against the US dollar in the forex market.

Both indices ended the week higher for the first time in six weeks. During the period the Sensex climbed 366.59 points and Nifty rose 156.05 points.

After opening on strong footing, the Sensex advanced to hit a high of 34,808.42 on buying momentum after retail investors returned to the market.

It later gave up some of the gains, but still ended notably higher by 732.43 points, or 2.15 per cent, at 34,733.58.&nbsp;

The index posted its biggest single-day gain since March 2017.

The broader Nifty ended the week at 10,472.50, up 237.85 points, or 2.32 per cent. It touched a high of 10,492.45 points in day trade.

Investors lapped up recently-hammered auto, realty, metal, oil and gas, FMCG, banking, power, infrastructure, IT, auto, and capital goods stocks amid unabated funds inflow by domestic institutional investors (DIIs) ahead of the release of key IIP numbers for August and inflation data for September scheduled later in the day.

Bear operators, who had been creating short-positions in the past several sessions, were seen covering up positions, brokers said.

"The whiplash in equities this week continued as market rallied strongly, driven by a good start to earnings season by IT bellwether TCS, a drop in crude oil prices, a drop in gilt bond yields and a strengthening currency," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Market has been deeply oversold, and investors were additionally buoyed by news that inflows into equity... Foreign investor (FI) selling was offset by domestic buyers, he added.

Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&amp;M up 5.29 per cent.

Other auto stocks like Bajaj Auto, Hero MotoCorp and Tata Motors too rallied after industry body SIAM said domestic passenger vehicle sales rose 6.88 per cent to 17,44,305 units in the first half of the current fiscal as compared with 16,32,006 units the same period of previous financial year.

Driven by fall in crude prices and the recovery in rupee, the BSE Sensex Friday posted its biggest single-day gain in 19 months, soaring over 700 points, as global markets rebounded after two straight sessions of losses.

Driven by fall in crude prices and the recovery in rupee, the BSE Sensex Friday posted its biggest single-day gain in 19 months, soaring over 700 points, as global markets rebounded after two straight sessions of losses. The rupee strengthened 53 paise to 73.59 (intra-day) against the US dollar in the forex market. Both indices ended the week higher for the first time in six weeks. During the period the Sensex climbed 366.59 points and Nifty rose 156.05 points. After opening on strong footing, the Sensex advanced to hit a high of 34,808.42 on buying momentum after retail investors returned to the market. It later gave up some of the gains, but still ended notably higher by 732.43 points, or 2.15 per cent, at 34,733.58. The index posted its biggest single-day gain since March 2017. The broader Nifty ended the week at 10,472.50, up 237.85 points, or 2.32 per cent. It touched a high of 10,492.45 points in day trade. Investors lapped up recently-hammered auto, realty, metal, oil and gas, FMCG, banking, power, infrastructure, IT, auto, and capital goods stocks amid unabated funds inflow by domestic institutional investors (DIIs) ahead of the release of key IIP numbers for August and inflation data for September scheduled later in the day. Bear operators, who had been creating short-positions in the past several sessions, were seen covering up positions, brokers said. "The whiplash in equities this week continued as market rallied strongly, driven by a good start to earnings season by IT bellwether TCS, a drop in crude oil prices, a drop in gilt bond yields and a strengthening currency," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. Market has been deeply oversold, and investors were additionally buoyed by news that inflows into equity... Foreign investor (FI) selling was offset by domestic buyers, he added. Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent. Other auto stocks like Bajaj Auto, Hero MotoCorp and Tata Motors too rallied after industry body SIAM said domestic passenger vehicle sales rose 6.88 per cent to 17,44,305 units in the first half of the current fiscal as compared with 16,32,006 units the same period of previous financial year.

Sensex rallies most in 19 months, Nifty ends above 10,450

India's troubled Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) said on Friday that its Board has initiated several austerity measures related to personnel and operating expenses at the company.

After its first meeting last week, the newly constituted IL&amp;FS board, said that it would consider all available options to revive the firm.

The Indian government replaced the company's entire board earlier this month after recent defaults on some of its debt obligations triggered sharp declines in stock and debt markets, leading to fears about contagion in India's financial sector.

The IL&amp;FS board also approved the formation of an operating committee under its Vice Chairman and managing director Vineet Nayyar and "had detailed deliberations in relation to the road map ahead," the company said in a statement on Friday.

India's troubled Infrastructure Leasing and Financial Services Ltd (IL&FS) said on Friday that its Board has initiated several austerity measures related to personnel and operating expenses at the company.

India's troubled Infrastructure Leasing and Financial Services Ltd (IL&FS) said on Friday that its Board has initiated several austerity measures related to personnel and operating expenses at the company. After its first meeting last week, the newly constituted IL&FS board, said that it would consider all available options to revive the firm. The Indian government replaced the company's entire board earlier this month after recent defaults on some of its debt obligations triggered sharp declines in stock and debt markets, leading to fears about contagion in India's financial sector. The IL&FS board also approved the formation of an operating committee under its Vice Chairman and managing director Vineet Nayyar and "had detailed deliberations in relation to the road map ahead," the company said in a statement on Friday.

IL&FS board initiates austerity measures at troubled company

World Economic Forum President Borge Brende was in New Delhi recently. Brende, who is the former foreign minister of Norway, spoke extensively with WION's Principal Diplomatic Correspondent Sidhant Sibal on a host of issues from #MeToo, to global economic growth, to India's reform process.&nbsp;

Sidhant Sibal: What brings you here?&nbsp; 
Borge Brende: We are formally marking the opening of the centre for the 4th Industrial Revolution. It's a cooperation between WEF and important businesses. It's a follow up of PM Modi's speech at Davos that India will leapfrog and will be on top of 4th Industrial Revolution. It is a great collaboration.&nbsp;

SS: How do you see India's reform process? 
BB: Indian economy is doing well. But one can't be complacent. India is the sixth-largest economy and seeing the fastest economic growth of any of the leading economies. Eight per cent growth expected this year is an achievement. To keep that kind of growth in a difficult environment where we are seeing a lot of risk factors — overheating, inflationary pressure — India needs to keep reform going.

SS: And ease of doing business has improved in the country... 
BB: That is positive and I hope this will continue. There should be Investment in education and infrastructure moving forward and make sure India is leading in new technologies like blockchain, artificial intelligence and drones.

SS: The focus of your visit is the 4th Industrial Revolution. What are its basic pillars? 
BB: 4th Industrial Revolution is really technologies being introduced that are changing things at an unprecedented pace. Artificial intelligence is one piece of it. We have 3D printing, block chains, precision medicine, autonomous vehicles and if you're not on top of it, you are going to lose out to international competition. For India which has a young population, these are great opportunities provided you have necessary skills in mathematics, and also in computer science.

SS: India has programmes like Digital India or payment platforms like BHIM. What would you say about them? 
BB: These reforms are critical. They are not sufficient because in the 4th Industrial Revolution we will need skills and world-class education. It is very important to make sure that the young population has access to quality education based on that you can make sure you have right abilities to capitalise of opportunities. 1.3 billion people can have positive outcomes of these technologies.&nbsp;

SS: Trade war has broken out. There is political protectionism. How will it impact global growth? 
BB: The world economy is looking strong. 3.8% economic growth this year and also next year but you are right, there are risk factors that need to be addressed. Trade is one of them. Trade has changed a lot in the last decade. If you say this is made in India due to the global value chain, maybe 50% is produced somewhere else. It's put together in India. So trade barriers and tariffs can also hurt existing industries in countries that are introducing these barriers. In a globalised world, all are in the same boat and we have to act accordingly. Currently, we are not seeing this. There are opportunities to solve this. There were big challenges on NAFTA — between US, Mexico and Canada. They agreed on a new trade deal, hope this spirit will reach other trade negotiations.

SS: What is your take on the #MeToo movement? It is gathering pace in India...&nbsp; 
BB: &nbsp;Gender and rights of women are very important. What we have seen at WEF and also via reports, companies that take gender issues and sustainable issues very seriously, recruit smarter people and best people. These companies move from capitalism to talentism. These companies are more profitable. They recruit better talent. Young people want to work in progressive companies.

World Economic Forum President Borge Brende was in New Delhi recently. Brende, who is the former foreign minister of Norway, spoke extensively with WION's Principal Diplomatic Correspondent Sidhant Sibal on a host of issues from #MeToo, to global economic growth, to India's reform process.

World Economic Forum President Borge Brende was in New Delhi recently. Brende, who is the former foreign minister of Norway, spoke extensively with WION's Principal Diplomatic Correspondent Sidhant Sibal on a host of issues from #MeToo, to global economic growth, to India's reform process. Sidhant Sibal: What brings you here? Borge Brende: We are formally marking the opening of the centre for the 4th Industrial Revolution. It's a cooperation between WEF and important businesses. It's a follow up of PM Modi's speech at Davos that India will leapfrog and will be on top of 4th Industrial Revolution. It is a great collaboration. SS: How do you see India's reform process? BB: Indian economy is doing well. But one can't be complacent. India is the sixth-largest economy and seeing the fastest economic growth of any of the leading economies. Eight per cent growth expected this year is an achievement. To keep that kind of growth in a difficult environment where we are seeing a lot of risk factors — overheating, inflationary pressure — India needs to keep reform going. SS: And ease of doing business has improved in the country... BB: That is positive and I hope this will continue. There should be Investment in education and infrastructure moving forward and make sure India is leading in new technologies like blockchain, artificial intelligence and drones. SS: The focus of your visit is the 4th Industrial Revolution. What are its basic pillars? BB: 4th Industrial Revolution is really technologies being introduced that are changing things at an unprecedented pace. Artificial intelligence is one piece of it. We have 3D printing, block chains, precision medicine, autonomous vehicles and if you're not on top of it, you are going to lose out to international competition. For India which has a young population, these are great opportunities provided you have necessary skills in mathematics, and also in computer science. SS: India has programmes like Digital India or payment platforms like BHIM. What would you say about them? BB: These reforms are critical. They are not sufficient because in the 4th Industrial Revolution we will need skills and world-class education. It is very important to make sure that the young population has access to quality education based on that you can make sure you have right abilities to capitalise of opportunities. 1.3 billion people can have positive outcomes of these technologies. SS: Trade war has broken out. There is political protectionism. How will it impact global growth? BB: The world economy is looking strong. 3.8% economic growth this year and also next year but you are right, there are risk factors that need to be addressed. Trade is one of them. Trade has changed a lot in the last decade. If you say this is made in India due to the global value chain, maybe 50% is produced somewhere else. It's put together in India. So trade barriers and tariffs can also hurt existing industries in countries that are introducing these barriers. In a globalised world, all are in the same boat and we have to act accordingly. Currently, we are not seeing this. There are opportunities to solve this. There were big challenges on NAFTA — between US, Mexico and Canada. They agreed on a new trade deal, hope this spirit will reach other trade negotiations. SS: What is your take on the #MeToo movement? It is gathering pace in India... BB: Gender and rights of women are very important. What we have seen at WEF and also via reports, companies that take gender issues and sustainable issues very seriously, recruit smarter people and best people. These companies move from capitalism to talentism. These companies are more profitable. They recruit better talent. Young people want to work in progressive companies.

Indian economy doing well but one can't be complacent: WEF President to WION

Indian stock market crash: Sensex plunges more than 100 points

Indian markets on Thursday opened in red with BSE Sensex tumbling over 900 in morning trade. Shortly after opening, Sensex tumbled around 1000 points, trading at 33,918.29 at 9.30am.

Nifty, on the other hand, dipped by 290.3 points at 10,169.80 in opening trade today.&nbsp;

Indian rupee hit&nbsp;a new low of 74.47 versus the US dollar.&nbsp;

Indian equities ended more than 1 per cent higher on Wednesday with shares of non-banking financial companies staging a recovery, while IT stocks closed lower as the rupee strengthened against the US dollar.

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Sensex opens with a fall of more than 980 points, currently at 33,774.89 <a href="https://t.co/8s8goaeKAb">pic.twitter.com/8s8goaeKAb</a>
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The benchmark BSE Sensex closed up 1.35 per cent at 34,760.89.

The broader NSE Nifty ended 1.54 per cent higher at 10,460.10.

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Indian Rupee hits a new low of 74.47 versus the US Dollar <a href="https://t.co/zSnUsJqPaQ">pic.twitter.com/zSnUsJqPaQ</a>
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Meanwhile, Asian share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe, news agency Reuters reported.&nbsp;

Japan's Nikkei fell 3.4 per cent, the steepest daily drop since March, while the broader TOPIX lost around $195 billion in market value.

Shanghai shares touched their lowest since late 2014, while China blue chips slid 3 per cent.

On Wall Street, the S&amp;P500's sharpest one-day fall since February wiped out around $850 billion of wealth as technology shares tumbled on fears of slowing demand.

Oil prices skidded in line with US equity markets, even though energy traders worried about shrinking Iranian supply from US sanctions and kept an eye on Hurricane Michael, which closed some US Gulf of Mexico oil output.

Brent crude fell 76 cents to $82.33 a barrel, while US crude dropped 68 cents to $72.49.

(With inputs from Reuters)&nbsp; 
&nbsp;

Indian markets on Thursday opened in red with BSE Sensex tumbling over 900 in morning trade. Shortly after opening, Sensex tumbled around 1000 points, trading at 33,918.

Indian markets on Thursday opened in red with BSE Sensex tumbling over 900 in morning trade. Shortly after opening, Sensex tumbled around 1000 points, trading at 33,918.29 at 9.30am. Nifty, on the other hand, dipped by 290.3 points at 10,169.80 in opening trade today. Indian rupee hit a new low of 74.47 versus the US dollar. Indian equities ended more than 1 per cent higher on Wednesday with shares of non-banking financial companies staging a recovery, while IT stocks closed lower as the rupee strengthened against the US dollar. Sensex opens with a fall of more than 980 points, currently at 33,774.89 pic.twitter.com/8s8goaeKAb — ANI (@ANI) October 11, 2018 × The benchmark BSE Sensex closed up 1.35 per cent at 34,760.89. The broader NSE Nifty ended 1.54 per cent higher at 10,460.10. Indian Rupee hits a new low of 74.47 versus the US Dollar pic.twitter.com/zSnUsJqPaQ — ANI (@ANI) October 11, 2018 × Meanwhile, Asian share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe, news agency Reuters reported. Japan's Nikkei fell 3.4 per cent, the steepest daily drop since March, while the broader TOPIX lost around $195 billion in market value. Shanghai shares touched their lowest since late 2014, while China blue chips slid 3 per cent. On Wall Street, the S&P500's sharpest one-day fall since February wiped out around $850 billion of wealth as technology shares tumbled on fears of slowing demand. Oil prices skidded in line with US equity markets, even though energy traders worried about shrinking Iranian supply from US sanctions and kept an eye on Hurricane Michael, which closed some US Gulf of Mexico oil output. Brent crude fell 76 cents to $82.33 a barrel, while US crude dropped 68 cents to $72.49. (With inputs from Reuters)

Sensex slumps 1000 points in morning trade, Rupee hits new low of 74.47