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At a time when policymakers are grappling on how to reduce inequalities, a wealth report Tuesday said there has been a 34 per cent increase in the number of Indians having a net worth of Rs 1,000 crore or more.

Significantly, these individuals who number 831, collectively own a quarter of the nation's GDP with a net worth of $719 billion, says the report, which quotes the IMF April 2018 data pegs GDP at $2.85 trillion.

Led by Reliance Industries chairman Mukesh Ambani with a net worth of Rs 3.71 trillion, there were 831 Indians having a net worth of Rs 1,000 crore or more in 2018, which is 214 individuals more than the 2017 list, according to a Barclays- Hurun India rich list.

In a January 2018 report presented by Oxfam at the World Economic Forum, had expressed concern on the rising inequalities, stating that 1 per cent of the country's population holds 73 per cent of the wealth.

The financial capital, which presents stark contrasts like housing the largest slums in the continent as also costliest mansions like Ambani's Antilla, has the highest number of contributors to the rich list, with 233 rich, followed by 163 in the national Capital and 70 in Bengaluru.

Anas Rahman Junaid, managing director and chief researcher at Hurun India says the country is the fastest growing when it comes to people entering the rich list.

"The number of Rs 1,000 crore-plus wealthy Indians have nearly doubled in the past two years-from 339 in 2016 to 831 in 2018," he said.

From a demographic perspective, the average age on the list is 60, the 24-year-old Ritesh Agarwal of Oravel Stays which runs Oyo Rooms, being the youngest and 95-year-old Dharam Pal Gulati of the masala brand MDH being the eldest.

There was a massive, 157 per cent spike in the number of women on the list, which grew to 136.

Pharma sector promoters/executives dominate the list with a 13.7 per cent occupancy, followed by software and services at 7.9 per cent and fast moving consumer goods at 6.4 per cent.

Nine individuals on the list saw a doubling of wealth in 2018, with Krishna Kumar Bangur of Graphite India being the biggest gainer with a 430 per cent jump in his personal fortunes.

At a time when policymakers are grappling on how to reduce inequalities, a wealth report Tuesday said there has been a 34 per cent increase in the number of Indians having a net worth of Rs 1,000 crore or more.

At a time when policymakers are grappling on how to reduce inequalities, a wealth report Tuesday said there has been a 34 per cent increase in the number of Indians having a net worth of Rs 1,000 crore or more. Significantly, these individuals who number 831, collectively own a quarter of the nation's GDP with a net worth of $719 billion, says the report, which quotes the IMF April 2018 data pegs GDP at $2.85 trillion. Led by Reliance Industries chairman Mukesh Ambani with a net worth of Rs 3.71 trillion, there were 831 Indians having a net worth of Rs 1,000 crore or more in 2018, which is 214 individuals more than the 2017 list, according to a Barclays- Hurun India rich list. In a January 2018 report presented by Oxfam at the World Economic Forum, had expressed concern on the rising inequalities, stating that 1 per cent of the country's population holds 73 per cent of the wealth. The financial capital, which presents stark contrasts like housing the largest slums in the continent as also costliest mansions like Ambani's Antilla, has the highest number of contributors to the rich list, with 233 rich, followed by 163 in the national Capital and 70 in Bengaluru. Anas Rahman Junaid, managing director and chief researcher at Hurun India says the country is the fastest growing when it comes to people entering the rich list. "The number of Rs 1,000 crore-plus wealthy Indians have nearly doubled in the past two years-from 339 in 2016 to 831 in 2018," he said. From a demographic perspective, the average age on the list is 60, the 24-year-old Ritesh Agarwal of Oravel Stays which runs Oyo Rooms, being the youngest and 95-year-old Dharam Pal Gulati of the masala brand MDH being the eldest. There was a massive, 157 per cent spike in the number of women on the list, which grew to 136. Pharma sector promoters/executives dominate the list with a 13.7 per cent occupancy, followed by software and services at 7.9 per cent and fast moving consumer goods at 6.4 per cent. Nine individuals on the list saw a doubling of wealth in 2018, with Krishna Kumar Bangur of Graphite India being the biggest gainer with a 430 per cent jump in his personal fortunes.

Led by Mukesh Ambani, richest 831 collectively own a quarter of India's GDP

Indian stock market indices opened with solid gains on Wednesday ahead of Fed meet outcome.

Shrugging off weak global cues, fresh buying was witnessed across the board as all the sectoral indices were trading in the green.&nbsp;

The Sensex was up 222.59 points or 0.61% at 36874.65, while the Nifty was higher by 67.50 points or 0.61% at 11135.00.&nbsp;

The market breadth is positive as 432 shares advanced, against a decline of 98 shares, while 27 shares were unchanged.

At 9.11am, the rupee was trading at 72.73 to a dollar, down 0.03% from its Tuesday’s close of 72.70. The home currency opened at 72.72 per dollar

Asian shares barely budged on Wednesday, lacking traction as US bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat in early trade. In Japan, the Nikkei edged down 0.4 per cent.

Indian stock market indices opened with solid gains on Wednesday ahead of Fed meet outcome. Shrugging off weak global cues, fresh buying was witnessed across the board as all the sectoral indices were trading in the green.

Indian stock market indices opened with solid gains on Wednesday ahead of Fed meet outcome. Shrugging off weak global cues, fresh buying was witnessed across the board as all the sectoral indices were trading in the green. The Sensex was up 222.59 points or 0.61% at 36874.65, while the Nifty was higher by 67.50 points or 0.61% at 11135.00. The market breadth is positive as 432 shares advanced, against a decline of 98 shares, while 27 shares were unchanged. At 9.11am, the rupee was trading at 72.73 to a dollar, down 0.03% from its Tuesday’s close of 72.70. The home currency opened at 72.72 per dollar Asian shares barely budged on Wednesday, lacking traction as US bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat in early trade. In Japan, the Nikkei edged down 0.4 per cent.

Sensex rises over 200 points, Nifty above 11100

Union Minister of Food Processing, Harsimrat Kaur Badal, on Tuesday stated that the FDI in the food processing sector has seen an increase of almost 100 per cent ever since the BJP took over in the year 2014.

"When we took over in 2014, the FDI in food processing sector used to be about $500 million every year but this year we touched almost $1 billion mark which was like 100% increase from when we took over," the minister stated.&nbsp;

"There's a long way to go and the potential (in the sector) is greater than that," Badal added.&nbsp;

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<blockquote class="twitter-tweet" data-lang="en">
When we took over in '14,FDI in food processing sector used to be about $500 mn every yr but this yr we touched almost $1 billion mark which was like 100% increase from when we took over.There's a long way to go&amp;potential is greater than that: Union Min Harsimrat Kaur Badal(25.9) <a href="https://t.co/rC4x3tDr5b">pic.twitter.com/rC4x3tDr5b</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1044753565460434944?ref_src=twsrc%5Etfw">September 26, 2018</a></blockquote>
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According to official data, FDI in the food processing sector was $904.9 million in the 2017-18 fiscal, while it stood at $727.22 million, $505.88 million and $515.86 million in 2016-17, 2015-16 and 2014-15, respectively.

(With inputs from agencies)&nbsp;

Union Minister of Food Processing, Harsimrat Kaur Badal, on Tuesday stated that the FDI in the food processing sector has seen an increase of almost 100 per cent ever since the BJP took over in the year 2014.

Union Minister of Food Processing, Harsimrat Kaur Badal, on Tuesday stated that the FDI in the food processing sector has seen an increase of almost 100 per cent ever since the BJP took over in the year 2014. "When we took over in 2014, the FDI in food processing sector used to be about $500 million every year but this year we touched almost $1 billion mark which was like 100% increase from when we took over," the minister stated. "There's a long way to go and the potential (in the sector) is greater than that," Badal added. When we took over in '14,FDI in food processing sector used to be about $500 mn every yr but this yr we touched almost $1 billion mark which was like 100% increase from when we took over.There's a long way to go&potential is greater than that: Union Min Harsimrat Kaur Badal(25.9) pic.twitter.com/rC4x3tDr5b — ANI (@ANI) September 26, 2018 × According to official data, FDI in the food processing sector was $904.9 million in the 2017-18 fiscal, while it stood at $727.22 million, $505.88 million and $515.86 million in 2016-17, 2015-16 and 2014-15, respectively. (With inputs from agencies)

FDI in food processing touches $1 billion mark this year: Harsimrat Kaur Badal

Developing Asia could grow more slowly than previously thought next year as the US-China trade war inflicts collateral damage on the region's export-reliant economies, the Asian Development Bank (ADB) said on Wednesday.

Tightening global liquidity could also weigh on business activity by pushing up borrowing costs, while capital outflows are also a risk.

The Manila-based institution kept its 2018 economic growth estimate for the region at 6.0 per cent in an update of its Asian Development Outlook. But it trimmed next year's forecast to 5.8 per cent from 5.9 per cent.

"Downside risks to the outlook are intensifying", said ADB Chief Economist Yasuyuki Sawada, pointing to the potential impact of US-Sino trade tensions on regional supply chains and the risk of sudden capital outflows if the Federal Reserve raises interest rates even more quickly.

The ADB's 5.8 per cent growth estimate for 2019 would be the slowest for the region - made up of 45 countries in the Asia-Pacific region - since it clocked a 4.9 per cent growth in 2001.

The United States and China imposed fresh tariffs on each other's goods on Monday as the world's biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to hit global economic growth.&nbsp;

China's economy is expected to grow 6.3 per cent in 2019, the ADB said, slower than its 6.4 per cent forecast in July and weaker than its 6.6 per cent growth estimate for 2018, which was unchanged from its previous projection.

Beijing has set a growth target of around 6.5 per cent this year, the same as last year, which it handily beat with an expansion of 6.9 per cent.

South Asia is poised to remain as the fastest growing in the region as the ADB maintained its growth estimates of 7.0 per cent for this year and 7.2 per cent for next year.

However, moderating export growth, quickening inflation, net capital outflows and a worsening balance of payments dimmed the growth outlook for Southeast Asia, with growth this year projected to slow to 5.1 per cent from the July forecast of 5.2 per cent.

"Policymakers have at their disposal an array of policy tools with which to manage pockets of vulnerability and maintain stability, but they must be applied carefully," Sawada said.

Inflation across the region is expected to remain under control, helped by country-specific factors like moderate food price inflation in India and China and fuel subsidies in Indonesia and Malaysia, the ADB said.

It maintained this year's inflation projection at 2.8 per cent but raised the forecast for next year to 2.8 per cent from 2.7 per cent in July.

Developing Asia could grow more slowly than previously thought next year as the US-China trade war inflicts collateral damage on the region's export-reliant economies, the Asian Development Bank (ADB) said on Wednesday.

Developing Asia could grow more slowly than previously thought next year as the US-China trade war inflicts collateral damage on the region's export-reliant economies, the Asian Development Bank (ADB) said on Wednesday. Tightening global liquidity could also weigh on business activity by pushing up borrowing costs, while capital outflows are also a risk. The Manila-based institution kept its 2018 economic growth estimate for the region at 6.0 per cent in an update of its Asian Development Outlook. But it trimmed next year's forecast to 5.8 per cent from 5.9 per cent. "Downside risks to the outlook are intensifying", said ADB Chief Economist Yasuyuki Sawada, pointing to the potential impact of US-Sino trade tensions on regional supply chains and the risk of sudden capital outflows if the Federal Reserve raises interest rates even more quickly. The ADB's 5.8 per cent growth estimate for 2019 would be the slowest for the region - made up of 45 countries in the Asia-Pacific region - since it clocked a 4.9 per cent growth in 2001. The United States and China imposed fresh tariffs on each other's goods on Monday as the world's biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to hit global economic growth. China's economy is expected to grow 6.3 per cent in 2019, the ADB said, slower than its 6.4 per cent forecast in July and weaker than its 6.6 per cent growth estimate for 2018, which was unchanged from its previous projection. Beijing has set a growth target of around 6.5 per cent this year, the same as last year, which it handily beat with an expansion of 6.9 per cent. South Asia is poised to remain as the fastest growing in the region as the ADB maintained its growth estimates of 7.0 per cent for this year and 7.2 per cent for next year. However, moderating export growth, quickening inflation, net capital outflows and a worsening balance of payments dimmed the growth outlook for Southeast Asia, with growth this year projected to slow to 5.1 per cent from the July forecast of 5.2 per cent. "Policymakers have at their disposal an array of policy tools with which to manage pockets of vulnerability and maintain stability, but they must be applied carefully," Sawada said. Inflation across the region is expected to remain under control, helped by country-specific factors like moderate food price inflation in India and China and fuel subsidies in Indonesia and Malaysia, the ADB said. It maintained this year's inflation projection at 2.8 per cent but raised the forecast for next year to 2.8 per cent from 2.7 per cent in July.

US-China trade war dims Asia's 2019 growth outlook: ADB

Asian shares barely budged on Wednesday, lacking traction as US bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan &lt;.MIAPJ0000PUS&gt; was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday.

In Japan, the Nikkei &lt;.N225&gt; edged down 0.4 per cent.

Wall Street shares were mixed, as rises in energy shares on higher oil prices and gains in consumer discretionary shares following strong US consumer confidence were offset by falls in other sectors.

US consumer confidence hit an 18-year high, adding to a string of recent US data that pointed to the strong US&nbsp;economic momentum, despite concerns about trade wars US President Donald Trump is waging.

The Dow Jones Industrial Average &lt;.DJI&gt; fell 0.26 percent, the S&amp;P 500 &lt;.SPX&gt; lost 0.13 percent while the Nasdaq Composite &lt;.IXIC&gt; added 0.18 percent.

The utility sector, sometimes seen as an alternative to bonds because of the relative steadiness of their business, was the worst performer as investors braced for a rate hike by the Federal Reserve later on Wednesday.

The benchmark 10-year Treasury yield &lt;US10YT=RR&gt; rose to as high as 3.113 per cent, near its seven-year peak of 3.128 per cent touched on May 18.

Fed funds rates futures &lt;0#FF:&gt; implied traders are fully pricing in a rate hike on Wednesday, and another 85 per cent chance the Fed would raise rates again in December.

"The focus will be on whether the Fed will indicate its tightening is coming to an end. The Fed may not do so today but I expect markets will soon start looking to that scenario," said Akira Takei, bond fund manager at Asset Management One.

Takei noted that there are already signs that higher rates are starting to hurt the US economy, such as a rise in delinquencies of consumer loans, adding the dollar's softness could be an early sign of growing focus over an end to the US tightening cycle.

The dollar's index against a basket of major currencies stood at 94.169 &lt;=USD&gt;, near Friday's 93.808, a 2-1/2-month low.

The euro traded at $1.1765 &lt;EUR=&gt;, not far from three-month high of $1.18155 touched on Monday.

Many emerging market currencies, such as the Turkish lira &lt;TRYTOM=D4&gt; and the South African rand &lt;ZAR=D4&gt;, also kept some distances from lows hit last month.

A rare exception was the yen &lt;JPY=&gt;, which changed hands at 112.98 to the dollar, near six-month lows of 113.18 set in mid-July.

Oil prices slipped following data showing US crude stocks rose unexpectedly last week and renewed call from Trump on OPEC to boost crude output.

Still they were supported on the whole on concerns of tight supply on US sanctions on Iran's oil exports.

Benchmark Brent futures &lt;LCOc1&gt; hit $82.55 per barrel, its highest since Nov. 10, 2014, on Tuesday and last stood at $81.41, down 0.55 per cent on the day.

US crude futures &lt;CLc1&gt; shed 0.6 per cent to $71.87 per barrel after hitting an 11-week high of $72.78 the previous day. 
&nbsp;

Asian shares barely budged on Wednesday, lacking traction as US bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs.

Asian shares barely budged on Wednesday, lacking traction as US bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday. In Japan, the Nikkei <.N225> edged down 0.4 per cent. Wall Street shares were mixed, as rises in energy shares on higher oil prices and gains in consumer discretionary shares following strong US consumer confidence were offset by falls in other sectors. US consumer confidence hit an 18-year high, adding to a string of recent US data that pointed to the strong US economic momentum, despite concerns about trade wars US President Donald Trump is waging. The Dow Jones Industrial Average <.DJI> fell 0.26 percent, the S&P 500 <.SPX> lost 0.13 percent while the Nasdaq Composite <.IXIC> added 0.18 percent. The utility sector, sometimes seen as an alternative to bonds because of the relative steadiness of their business, was the worst performer as investors braced for a rate hike by the Federal Reserve later on Wednesday. The benchmark 10-year Treasury yield <US10YT=RR> rose to as high as 3.113 per cent, near its seven-year peak of 3.128 per cent touched on May 18. Fed funds rates futures <0#FF:> implied traders are fully pricing in a rate hike on Wednesday, and another 85 per cent chance the Fed would raise rates again in December. "The focus will be on whether the Fed will indicate its tightening is coming to an end. The Fed may not do so today but I expect markets will soon start looking to that scenario," said Akira Takei, bond fund manager at Asset Management One. Takei noted that there are already signs that higher rates are starting to hurt the US economy, such as a rise in delinquencies of consumer loans, adding the dollar's softness could be an early sign of growing focus over an end to the US tightening cycle. The dollar's index against a basket of major currencies stood at 94.169 <=USD>, near Friday's 93.808, a 2-1/2-month low. The euro traded at $1.1765 <EUR=>, not far from three-month high of $1.18155 touched on Monday. Many emerging market currencies, such as the Turkish lira <TRYTOM=D4> and the South African rand <ZAR=D4>, also kept some distances from lows hit last month. A rare exception was the yen <JPY=>, which changed hands at 112.98 to the dollar, near six-month lows of 113.18 set in mid-July. Oil prices slipped following data showing US crude stocks rose unexpectedly last week and renewed call from Trump on OPEC to boost crude output. Still they were supported on the whole on concerns of tight supply on US sanctions on Iran's oil exports. Benchmark Brent futures <LCOc1> hit $82.55 per barrel, its highest since Nov. 10, 2014, on Tuesday and last stood at $81.41, down 0.55 per cent on the day. US crude futures <CLc1> shed 0.6 per cent to $71.87 per barrel after hitting an 11-week high of $72.78 the previous day.

Asian shares hover below 3-week high as Fed rate hike looms

Tokyo stocks opened lower on Wednesday after a recent winning streak that catapulted the key index to an eight-month high.

The benchmark Nikkei 225, which rose for the seventh straight session to close at an eight-month high on Tuesday, gave up 0.35 per cent or 83.69 points to 23,856.57 in early trade. The broader Topix index was down 0.52 per cent or 9.48 points at 1,812.96.

"Selling to lock in profits leads trading," Okasan Online Securities chief strategist Yoshihiro Ito said.

He said the market was expected to be "solid" as a cheaper yen underpinned expectations for good corporate earnings.

A weak yen is positive for Japanese exporters as it makes their products more competitive in overseas markets and also inflates profits when repatriated.

But from a technical point of view, a seven-day winning streak -- with an overall gain of 1,335 -- meant large-scale gains were unlikely, he said in a commentary.

The dollar was holding firm, trading at 112.97 yen against 112.96 yen in New York on Tuesday afternoon and little moved by US-Japan ministerial-level talks on trade.

After an hour of talks in New York, Japan's chief negotiator Toshimitsu Motegi said Tokyo and Washington "basically shared the view on a framework and steps for boosting bilateral trade", according to Jiji Press.

Investors were now waiting for Japanese Prime Minister Shinzo Abe's meeting with US President Donald Trump on Wednesday.

In individual stocks trade, Sony climbed 1.60 per cent to 6,765 yen and IT investor SoftBank Group rose 1.92 per cent to 11,135 yen.

Toyota was down 2.10 per cent at 6,972 yen.

Tokyo stocks opened lower on Wednesday after a recent winning streak that catapulted the key index to an eight-month high. The benchmark Nikkei 225, which rose for the seventh straight session to close at an eight-month high on Tuesday, gave up 0.

Tokyo stocks opened lower on Wednesday after a recent winning streak that catapulted the key index to an eight-month high. The benchmark Nikkei 225, which rose for the seventh straight session to close at an eight-month high on Tuesday, gave up 0.35 per cent or 83.69 points to 23,856.57 in early trade. The broader Topix index was down 0.52 per cent or 9.48 points at 1,812.96. "Selling to lock in profits leads trading," Okasan Online Securities chief strategist Yoshihiro Ito said. He said the market was expected to be "solid" as a cheaper yen underpinned expectations for good corporate earnings. A weak yen is positive for Japanese exporters as it makes their products more competitive in overseas markets and also inflates profits when repatriated. But from a technical point of view, a seven-day winning streak -- with an overall gain of 1,335 -- meant large-scale gains were unlikely, he said in a commentary. The dollar was holding firm, trading at 112.97 yen against 112.96 yen in New York on Tuesday afternoon and little moved by US-Japan ministerial-level talks on trade. After an hour of talks in New York, Japan's chief negotiator Toshimitsu Motegi said Tokyo and Washington "basically shared the view on a framework and steps for boosting bilateral trade", according to Jiji Press. Investors were now waiting for Japanese Prime Minister Shinzo Abe's meeting with US President Donald Trump on Wednesday. In individual stocks trade, Sony climbed 1.60 per cent to 6,765 yen and IT investor SoftBank Group rose 1.92 per cent to 11,135 yen. Toyota was down 2.10 per cent at 6,972 yen.

Tokyo stocks open lower after winning streak

Gold prices nudged down early Wednesday on a firmer dollar, as investors waited for details of the US&nbsp;Federal Reserve's two-day meeting that should give clues whether policymakers will raise interest rates for the third time this year.

FUNDAMENTALS

** Spot gold &lt;XAU=&gt; was down 0.1 per cent at $1,200.18, as of 0057 GMT.

** US gold futures &lt;GCcv1&gt; little changed at $1,204.6 an ounce.

** Investors await details from the two-day Federal Reserve meeting that began on Tuesday, with the US central bank expected to raise benchmark interest rates and shed light on the path for future rate hikes.

** Higher US interest rates typically pressure gold, since it costs to store and insure, but does not pay interest.

** US consumer confidence surged to an 18-year high in September as households grew more upbeat about the labour market, pointing to sustained strength in the economy despite an increasingly bitter trade dispute between the United States and China.

** US President Donald Trump's top trade official said on Tuesday that changing China's economic policies to become more market-oriented "is not going to be easy" even with tariffs now in place on $250 billion worth of Chinese goods.

** Although gold is generally considered to be a safe-haven asset, the months-long trade rift between Washington and Beijing has instead prompted investors to buy US dollars in the belief that the United States has less to lose from the dispute.

** The dollar index &lt;.DXY&gt;, which weighs the greenback against a basket of six major currencies, was up 0.1 per cent.&nbsp;

** Canada is not making concessions needed to reach a deal with the United States for a trilateral NAFTA pact and is running out of time before Washington proceeds with a Mexico-only agreement, a top US official said on Tuesday.

** Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly on Tuesday with the US President vowing more sanctions against Tehran and Rouhani suggesting his American counterpart suffers from a "weakness of intellect."

** Money markets now anticipate the ECB will lift interest rates in September 2019, bringing forward expectations for a first rate hike in a sign of growing conviction that a move will come before Mario Draghi's term as ECB chief ends.

Gold prices nudged down early Wednesday on a firmer dollar, as investors waited for details of the US Federal Reserve's two-day meeting that should give clues whether policymakers will raise interest rates for the third time this year.

Gold prices nudged down early Wednesday on a firmer dollar, as investors waited for details of the US Federal Reserve's two-day meeting that should give clues whether policymakers will raise interest rates for the third time this year. FUNDAMENTALS ** Spot gold <XAU=> was down 0.1 per cent at $1,200.18, as of 0057 GMT. ** US gold futures <GCcv1> little changed at $1,204.6 an ounce. ** Investors await details from the two-day Federal Reserve meeting that began on Tuesday, with the US central bank expected to raise benchmark interest rates and shed light on the path for future rate hikes. ** Higher US interest rates typically pressure gold, since it costs to store and insure, but does not pay interest. ** US consumer confidence surged to an 18-year high in September as households grew more upbeat about the labour market, pointing to sustained strength in the economy despite an increasingly bitter trade dispute between the United States and China. ** US President Donald Trump's top trade official said on Tuesday that changing China's economic policies to become more market-oriented "is not going to be easy" even with tariffs now in place on $250 billion worth of Chinese goods. ** Although gold is generally considered to be a safe-haven asset, the months-long trade rift between Washington and Beijing has instead prompted investors to buy US dollars in the belief that the United States has less to lose from the dispute. ** The dollar index <.DXY>, which weighs the greenback against a basket of six major currencies, was up 0.1 per cent. ** Canada is not making concessions needed to reach a deal with the United States for a trilateral NAFTA pact and is running out of time before Washington proceeds with a Mexico-only agreement, a top US official said on Tuesday. ** Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly on Tuesday with the US President vowing more sanctions against Tehran and Rouhani suggesting his American counterpart suffers from a "weakness of intellect." ** Money markets now anticipate the ECB will lift interest rates in September 2019, bringing forward expectations for a first rate hike in a sign of growing conviction that a move will come before Mario Draghi's term as ECB chief ends.

Gold inches down as dollar firms; Fed in focus

Indian shares ended lower on Wednesday, dragged by consumer goods and IT stocks, while investors awaited cues from a US&nbsp;Federal Reserve meeting that ends later in the day.

The benchmark BSE Sensex closed down 0.30 per cent at 36,542.27 while the broader NSE Nifty ended 0.12 per cent lower at 11,053.8. 
Both the indexes fell for the sixth session in seven.

ITC closed 2.67 per cent lower while information technology majors Tata Consultancy Services Ltd and Infosys Ltd fell 1.65 per cent and 0.9 per cent, respectively.

Indian shares ended lower on Wednesday, dragged by consumer goods and IT stocks, while investors awaited cues from a US Federal Reserve meeting that ends later in the day.

Indian shares ended lower on Wednesday, dragged by consumer goods and IT stocks, while investors awaited cues from a US Federal Reserve meeting that ends later in the day. The benchmark BSE Sensex closed down 0.30 per cent at 36,542.27 while the broader NSE Nifty ended 0.12 per cent lower at 11,053.8. Both the indexes fell for the sixth session in seven. ITC closed 2.67 per cent lower while information technology majors Tata Consultancy Services Ltd and Infosys Ltd fell 1.65 per cent and 0.9 per cent, respectively.

Nifty, Sensex end lower; ITC, TCS drag

Prime Minister Narendra Modi-led cabinet on Wednesday cleared a new telecom policy, news agency PTI reported.&nbsp;

According to reports, the new policy is aimed at attracting $100 billion investments and creating around 4 million jobs in the sector by the year 2022.&nbsp;

The policy, named National Digital Communications Policy (NDCP) 2018, is focused on increasing high-speed broadband penetration, with use of modern technologies like 5G and optical fibres across the country at affordable rates, PTI reported.&nbsp;

The policy draft promised to rationalise levies such as spectrum charges to rejuvenate debt-ridden telecom sector.

The new telecom policy also seeks to provide broadband access to all with 50 megabit per second speed, 5G services.

The telecom service segment is reeling under a debt of around Rs Rs 7.8 lakh crore owing to high spectrum price and related charges.

The new policy draft proposes the adoption of "Optimal Pricing of Spectrum" to ensure sustainable and affordable access to digital communications in the country.&nbsp;

(With inputs from PTI)&nbsp;

Prime Minister Narendra Modi-led cabinet on Wednesday cleared a new telecom policy, news agency PTI reported. According to reports, the new policy is aimed at attracting $100 billion investments and creating around 4 million jobs in the sector by the year 2022.

Prime Minister Narendra Modi-led cabinet on Wednesday cleared a new telecom policy, news agency PTI reported. According to reports, the new policy is aimed at attracting $100 billion investments and creating around 4 million jobs in the sector by the year 2022. The policy, named National Digital Communications Policy (NDCP) 2018, is focused on increasing high-speed broadband penetration, with use of modern technologies like 5G and optical fibres across the country at affordable rates, PTI reported. The policy draft promised to rationalise levies such as spectrum charges to rejuvenate debt-ridden telecom sector. The new telecom policy also seeks to provide broadband access to all with 50 megabit per second speed, 5G services. The telecom service segment is reeling under a debt of around Rs Rs 7.8 lakh crore owing to high spectrum price and related charges. The new policy draft proposes the adoption of "Optimal Pricing of Spectrum" to ensure sustainable and affordable access to digital communications in the country. (With inputs from PTI)

Government approves new telecom policy aimed at attracting $100 billion investment

Fuel prices in Delhi and Mumbai saw a fresh hike on Tuesday with petrol selling at Rs 82.86 per litre in Delhi and diesel at Rs 74.12 per litre. Petrol prices in the national capital today witnessed a rise of 14 paise whereas diesel rose by 10 paise.&nbsp;

In Mumbai, petrol and diesel prices amounted to Rs 90.22 per litre and Rs 78.69 per litre, respectively.

Petrol prices in Mumbai breached Rs 90-mark on Monday. The revised rates of petrol and diesel in the financial capital stood at Rs 90.08/litre and Rs 78.58/litre respectively.

The petrol price on Monday touched Rs 82.72 per litre. Diesel price in the national capital stood at Rs 74.02 per litre.&nbsp;

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Petrol &amp; Diesel prices in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a> are Rs 82.86 per litre &amp; Rs 74.12 per litre, respectively. Petrol &amp; Diesel prices in <a href="https://twitter.com/hashtag/Mumbai?src=hash&amp;ref_src=twsrc%5Etfw">#Mumbai</a> are Rs 90.22 per litre &amp; Rs 78.69 per litre, respectively. <a href="https://t.co/hs3dbrwfq4">pic.twitter.com/hs3dbrwfq4</a>
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Meanwhile, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that discussions are taking place with the United States regarding the reduction of oil imports from Iran.

"We are in talks with the USA and they told us to reduce the import from Iran significantly. We have done that to some extent. As clarity in the situation emerges, steps will be taken accordingly by the government by November 4," he told ANI.

Fuel prices across the country have been witnessing an unabated rise since the past few weeks. The central government has been blaming the rise in global crude prices for the hike in domestic fuel prices.&nbsp;

Fuel prices in Delhi and Mumbai saw a fresh hike on Tuesday with petrol selling at Rs 82.86 per litre in Delhi and diesel at Rs 74.12 per litre. Petrol prices in the national capital today witnessed a rise of 14 paise whereas diesel rose by 10 paise.

Fuel prices in Delhi and Mumbai saw a fresh hike on Tuesday with petrol selling at Rs 82.86 per litre in Delhi and diesel at Rs 74.12 per litre. Petrol prices in the national capital today witnessed a rise of 14 paise whereas diesel rose by 10 paise. In Mumbai, petrol and diesel prices amounted to Rs 90.22 per litre and Rs 78.69 per litre, respectively. Petrol prices in Mumbai breached Rs 90-mark on Monday. The revised rates of petrol and diesel in the financial capital stood at Rs 90.08/litre and Rs 78.58/litre respectively. The petrol price on Monday touched Rs 82.72 per litre. Diesel price in the national capital stood at Rs 74.02 per litre. Petrol & Diesel prices in #Delhi are Rs 82.86 per litre & Rs 74.12 per litre, respectively. Petrol & Diesel prices in #Mumbai are Rs 90.22 per litre & Rs 78.69 per litre, respectively. pic.twitter.com/hs3dbrwfq4 — ANI (@ANI) September 25, 2018 × Meanwhile, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that discussions are taking place with the United States regarding the reduction of oil imports from Iran. "We are in talks with the USA and they told us to reduce the import from Iran significantly. We have done that to some extent. As clarity in the situation emerges, steps will be taken accordingly by the government by November 4," he told ANI. Fuel prices across the country have been witnessing an unabated rise since the past few weeks. The central government has been blaming the rise in global crude prices for the hike in domestic fuel prices.

Fuel prices continue to rise, petrol at Rs 90.22 in Mumbai 

Oil prices hit their highest since <a href="http://www.wionews.com/business-economy/rupee-sinks-new-low-over-trumps-iran-oil-sanctions-fear-spike-crude-167524">November 2014 on Tuesday</a>, topping four-year highs from the previous day, as looming US sanctions against Iran and reluctance by the Organization of the Petroleum Exporting Countries to raise output supported markets.

<a href="http://www.wionews.com/business-economy/indias-crude-oil-demand-hit-500-million-tonnes-2040-report-167517">Also Read: India's crude oil demand to hit 500 million tonnes by 2040</a>

Brent crude futures rose to $81.62 a barrel around 0600 GMT, levels not seen since November 2014. They were still at $81.61 at 0610 GMT, up 41 cents, or 0.5 per cent from their last close.

US West Texas Intermediate (WTI) crude futures were at $72.37 a barrel, up 29 cents, or 0.4 per cent from their last settlement.

The United States from November 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.

"Iran will lose sizeable export volumes, and given OPEC's reluctance to raise output, the market is ill-equipped to fill the supply gap," Harry Tchilinguirian, global head of commodity markets strategy at French bank BNP Paribas, told the Reuters Global Oil Forum on Tuesday.

OPEC is the name given to the group of oil producers, including non-OPEC supplier Russia, that agreed to curtail output starting in 2017.

While Britain, China, France, Germany, Russia and Iran on Tuesday said they were determined to develop payment mechanisms to continue trading despite the sanctions by the United States, most analysts expect Washington's actions to knock between 1 million and 1.5 million barrels per day (bpd) of crude oil supplies out of markets.

US President Donald Trump has demanded that OPEC and Russia increase their supplies to make up for the expected fall in Iranian exports. Iran is the third-largest producer in OPEC.

OPEC and Russia, however, have so far rebuffed such calls.

"Any formal decision on oil output by the producer group, barring an extraordinary meeting, will only take place at the December meeting. Thus the window period for oil prices to potentially extend gains is quite wide as Iran loses exports and OPEC remains on standby," Tchilinguirian said.

Ashley Kelty, oil analyst at financial services firm Cantor Fitzgerald said crude could soon hit $90 per barrel.

"We don't believe OPEC can actually raise output significantly in the near term, as the physical spare capacity in the system is not that high," Kelty said.

"If OPEC is physically unable to ramp up production, then Oil prices do indeed have much further to run," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Bank of America Merrill Lynch lifted its average Brent price forecast for 2019 from $75 per barrel to $80, and increased its WTI forecast by $2 to $71 per barrel.

It said "the Iran factor may dominate the market near-term and cause a (crude price) spike," although it added that emerging market "demand concerns could reappear thereafter."

Indian refiners, hit by high crude prices and a sliding rupee, are planning to reduce oil imports in what could be a sign that high prices are starting to hurt demand.

Despite the bullish sentiment, commodity merchant Vitol said current prices already reflected the tighter market, and that more oil would be coming in 2019.

Vitol also said that non-OPEC producers, especially the United States, may insert up to 2 million bpd of new crude into the market in 2019.

To reflect rising US oil exports, CME Group Inc said on Monday it will launch a WTI Houston crude futures contract in the fourth quarter.

CME's announcement comes after rival Intercontinental Exchange said in July it would offer a Houston crude futures contract.

Oil prices hit their highest since November 2014 on Tuesday, topping four-year highs from the previous day, as looming US sanctions against Iran and reluctance by the Organization of the Petroleum Exporting Countries to raise output supported markets.

Oil prices hit their highest since November 2014 on Tuesday, topping four-year highs from the previous day, as looming US sanctions against Iran and reluctance by the Organization of the Petroleum Exporting Countries to raise output supported markets. Also Read: India's crude oil demand to hit 500 million tonnes by 2040 Brent crude futures rose to $81.62 a barrel around 0600 GMT, levels not seen since November 2014. They were still at $81.61 at 0610 GMT, up 41 cents, or 0.5 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $72.37 a barrel, up 29 cents, or 0.4 per cent from their last settlement. The United States from November 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran. "Iran will lose sizeable export volumes, and given OPEC's reluctance to raise output, the market is ill-equipped to fill the supply gap," Harry Tchilinguirian, global head of commodity markets strategy at French bank BNP Paribas, told the Reuters Global Oil Forum on Tuesday. OPEC is the name given to the group of oil producers, including non-OPEC supplier Russia, that agreed to curtail output starting in 2017. While Britain, China, France, Germany, Russia and Iran on Tuesday said they were determined to develop payment mechanisms to continue trading despite the sanctions by the United States, most analysts expect Washington's actions to knock between 1 million and 1.5 million barrels per day (bpd) of crude oil supplies out of markets. US President Donald Trump has demanded that OPEC and Russia increase their supplies to make up for the expected fall in Iranian exports. Iran is the third-largest producer in OPEC. OPEC and Russia, however, have so far rebuffed such calls. "Any formal decision on oil output by the producer group, barring an extraordinary meeting, will only take place at the December meeting. Thus the window period for oil prices to potentially extend gains is quite wide as Iran loses exports and OPEC remains on standby," Tchilinguirian said. Ashley Kelty, oil analyst at financial services firm Cantor Fitzgerald said crude could soon hit $90 per barrel. "We don't believe OPEC can actually raise output significantly in the near term, as the physical spare capacity in the system is not that high," Kelty said. "If OPEC is physically unable to ramp up production, then Oil prices do indeed have much further to run," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore. Bank of America Merrill Lynch lifted its average Brent price forecast for 2019 from $75 per barrel to $80, and increased its WTI forecast by $2 to $71 per barrel. It said "the Iran factor may dominate the market near-term and cause a (crude price) spike," although it added that emerging market "demand concerns could reappear thereafter." Indian refiners, hit by high crude prices and a sliding rupee, are planning to reduce oil imports in what could be a sign that high prices are starting to hurt demand. Despite the bullish sentiment, commodity merchant Vitol said current prices already reflected the tighter market, and that more oil would be coming in 2019. Vitol also said that non-OPEC producers, especially the United States, may insert up to 2 million bpd of new crude into the market in 2019. To reflect rising US oil exports, CME Group Inc said on Monday it will launch a WTI Houston crude futures contract in the fourth quarter. CME's announcement comes after rival Intercontinental Exchange said in July it would offer a Houston crude futures contract.

International oil prices hit four-year high as OPEC, Russia resist output rise

Finance Minister Arun Jaitley Tuesday hit out at former RBI governor Raghuram Rajan for predicting that the next banking crisis would be triggered by MSME lending, saying postmortem is easier than taking action when it was required.

Rajan, who had as the chief economist at IMF warned of impending financial crisis of 2008, in a note to a parliamentary committee warned against ambitious credit targets and loan waivers, saying that they could be the sources of next banking crisis.

"I think for anyone to do postmortem is easier than action when it was required," Jaitley said when asked to comment on Rajan's view about MSME to be next source of crisis for the banking sector.

"Government should focus on sources of the next crisis, not just the last one. In particular, the government should refrain from setting ambitious credit targets or waiving loans. Credit targets are sometimes achieved by abandoning appropriate due diligence, creating the environment for future NPAs," Rajan said in the note.&nbsp;

"Both MUDRA loans as well as the Kisan Credit Card, while popular, have to be examined more closely for potential credit risk. The Credit Guarantee Scheme for MSME (CGTMSE) run by SIDBI is a growing contingent liability and needs to be examined with urgency," he had said in the note submitted to the committee headed by Murli Manohar Joshi.&nbsp;

Rajan also said that a list of high profile cases related to banking frauds was sent to the Prime Minister's Office (PMO) for a coordinated action.

Rajan, who was RBI governor for three years till September 2016, is currently teaching at the Chicago Booth School of Business.

Finance Minister Arun Jaitley Tuesday hit out at former RBI governor Raghuram Rajan for predicting that the next banking crisis would be triggered by MSME lending, saying postmortem is easier than taking action when it was required.

Finance Minister Arun Jaitley Tuesday hit out at former RBI governor Raghuram Rajan for predicting that the next banking crisis would be triggered by MSME lending, saying postmortem is easier than taking action when it was required. Rajan, who had as the chief economist at IMF warned of impending financial crisis of 2008, in a note to a parliamentary committee warned against ambitious credit targets and loan waivers, saying that they could be the sources of next banking crisis. "I think for anyone to do postmortem is easier than action when it was required," Jaitley said when asked to comment on Rajan's view about MSME to be next source of crisis for the banking sector. "Government should focus on sources of the next crisis, not just the last one. In particular, the government should refrain from setting ambitious credit targets or waiving loans. Credit targets are sometimes achieved by abandoning appropriate due diligence, creating the environment for future NPAs," Rajan said in the note. "Both MUDRA loans as well as the Kisan Credit Card, while popular, have to be examined more closely for potential credit risk. The Credit Guarantee Scheme for MSME (CGTMSE) run by SIDBI is a growing contingent liability and needs to be examined with urgency," he had said in the note submitted to the committee headed by Murli Manohar Joshi. Rajan also said that a list of high profile cases related to banking frauds was sent to the Prime Minister's Office (PMO) for a coordinated action. Rajan, who was RBI governor for three years till September 2016, is currently teaching at the Chicago Booth School of Business.

Jaitley hits out at Rajan for MSME banking crisis statement

Union Finance Minister Arun Jaitley is expected to hold a meeting with Public Sector Banks today, news agency ANI reported.&nbsp;

Officials from Debt Recovery Tribunal, Bank Board Bureau, Ministry of Electronics and Information Technology, Ministry of Rural Development, Ministry of Housing and Urban Development will attend the meeting.

The Finance Minister is expected to hold discussions on the review of recovery, bank performance and reforms, financial inclusion, digitalisation, housing loans, MSME lending and new initiatives during the meeting.&nbsp;

Meanwhile, the <a href="http://www.wionews.com/business-economy/rupee-sinks-new-low-over-trumps-iran-oil-sanctions-fear-spike-crude-167524">Indian currency tumbled to a new low on Tuesday</a> to 72.96 falling 33 paisa in early trade.

The rupee had closed at 72.63, down 43 paisa on Monday ahead of impending US sanctions on Iran.&nbsp;

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The meeting chaired by Finance Minister Arun Jaitley will hold discussions on the review of recovery, bank performance and reforms, financial inclusion, digitalisation, housing loans, MSME lending and new initiatives.
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1044439762453622785?ref_src=twsrc%5Etfw">September 25, 2018</a></blockquote>
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The government had earlier this month announced an easing of overseas borrowing norms for manufacturing companies, removal of restrictions on foreign portfolio investors (FPI) investment in corporate bonds and tax benefits on Masala bonds to shore up rupee and check to the widening of current account deficit.

The rupee has been battered for over a month now amid sell-offs sweeping emerging markets following a rout in the currencies of Argentina and Turkey.

The Indian currency has set a string of record lows, dampening some of the optimism about India’s world-beating economic growth.

The rupee on last Friday closed at 72.20 to the US dollar, higher than the record low of 72.91 it had hit earlier this month, PTI reported.&nbsp;

(With inputs from agencies)&nbsp;

Union Finance Minister Arun Jaitley is expected to hold a meeting with Public Sector Banks today, news agency ANI reported. Officials from Debt Recovery Tribunal, Bank Board Bureau, Ministry of Electronics and Information Technology, Ministry of Rural Development, Ministry of Housing and Urban Development will attend the meeting.

Union Finance Minister Arun Jaitley is expected to hold a meeting with Public Sector Banks today, news agency ANI reported. Officials from Debt Recovery Tribunal, Bank Board Bureau, Ministry of Electronics and Information Technology, Ministry of Rural Development, Ministry of Housing and Urban Development will attend the meeting. The Finance Minister is expected to hold discussions on the review of recovery, bank performance and reforms, financial inclusion, digitalisation, housing loans, MSME lending and new initiatives during the meeting. Meanwhile, the Indian currency tumbled to a new low on Tuesday to 72.96 falling 33 paisa in early trade. The rupee had closed at 72.63, down 43 paisa on Monday ahead of impending US sanctions on Iran. The meeting chaired by Finance Minister Arun Jaitley will hold discussions on the review of recovery, bank performance and reforms, financial inclusion, digitalisation, housing loans, MSME lending and new initiatives. — ANI (@ANI) September 25, 2018 × The government had earlier this month announced an easing of overseas borrowing norms for manufacturing companies, removal of restrictions on foreign portfolio investors (FPI) investment in corporate bonds and tax benefits on Masala bonds to shore up rupee and check to the widening of current account deficit. The rupee has been battered for over a month now amid sell-offs sweeping emerging markets following a rout in the currencies of Argentina and Turkey. The Indian currency has set a string of record lows, dampening some of the optimism about India’s world-beating economic growth. The rupee on last Friday closed at 72.20 to the US dollar, higher than the record low of 72.91 it had hit earlier this month, PTI reported. (With inputs from agencies)

Finance Minister Jaitley to hold meeting over bank performance, housing loans today 

Indian Rupee sunk to <a href="http://www.wionews.com/business-economy/government-soon-curb-imports-bring-rupee-68-70-level-against-us-dollar-167231">72.96 falling 33 </a><a href="http://www.wionews.com/business-economy/government-soon-curb-imports-bring-rupee-68-70-level-against-us-dollar-167231">paisa</a><a href="http://www.wionews.com/business-economy/government-soon-curb-imports-bring-rupee-68-70-level-against-us-dollar-167231"> in early trade</a> on Tuesday.

<a href="http://www.wionews.com/business-%26-economy/indias-struggle-to-defend-rupee-shifts-focus-to-rate-hikes-166621">Also Read:&nbsp;India's struggle to defend rupee shifts focus to rate hikes</a>

The Indian currency had closed at 72.63, down 43 paisa on Monday ahead of impending US sanctions on Iran.&nbsp;

The slide this morning was mainly due to rising crude prices which touched $81.39 per barrel and is expected to touch $100 according to analysts. On Monday, the petrol price in Mumbai had surpassed the Rs 90-run mark as it was being retailed at Rs 90.22 per litre, while diesel was being sold at Rs 78.69 per litre.

India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee varies accordingly.

On Tuesday, petrol prices were hiked 14 paise whereas diesel rose by 10 paise. Department of Economic Affairs Secretary Subhash Chandra Garg had said earlier that discussions are taking place with the United States regarding the reduction of oil imports from Iran.

US President Trump is set to sanction Iran from exporting oil which has triggered global anxiety across the world market.&nbsp;

Trump has demanded that the Organization of the Petroleum Exporting Countries (OPEC), and Russia increase their supplies to make up for the expected fall in Iranian exports, however, neither the petroleum cartel nor Russia has obliged so far.

Traders said besides sustained demand of the US currency from importers and dollar's strength against some currencies overseas ahead of US Federal Reserve's meet, a lower opening in the domestic equity markets too weighed on the domestic unit.

The benchmark BSE Sensex too fell 79.02 points, or 0.22 per cent, to 36,226.&nbsp;

Indian Rupee sunk to 72.96 falling 33 paisa in early trade on Tuesday. Also Read: India's struggle to defend rupee shifts focus to rate hikes The Indian currency had closed at 72.

Indian Rupee sunk to 72.96 falling 33 paisa in early trade on Tuesday. Also Read: India's struggle to defend rupee shifts focus to rate hikes The Indian currency had closed at 72.63, down 43 paisa on Monday ahead of impending US sanctions on Iran. The slide this morning was mainly due to rising crude prices which touched $81.39 per barrel and is expected to touch $100 according to analysts. On Monday, the petrol price in Mumbai had surpassed the Rs 90-run mark as it was being retailed at Rs 90.22 per litre, while diesel was being sold at Rs 78.69 per litre. India's pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee varies accordingly. On Tuesday, petrol prices were hiked 14 paise whereas diesel rose by 10 paise. Department of Economic Affairs Secretary Subhash Chandra Garg had said earlier that discussions are taking place with the United States regarding the reduction of oil imports from Iran. US President Trump is set to sanction Iran from exporting oil which has triggered global anxiety across the world market. Trump has demanded that the Organization of the Petroleum Exporting Countries (OPEC), and Russia increase their supplies to make up for the expected fall in Iranian exports, however, neither the petroleum cartel nor Russia has obliged so far. Traders said besides sustained demand of the US currency from importers and dollar's strength against some currencies overseas ahead of US Federal Reserve's meet, a lower opening in the domestic equity markets too weighed on the domestic unit. The benchmark BSE Sensex too fell 79.02 points, or 0.22 per cent, to 36,226.

Rupee sinks to new low over Trump's Iran oil sanctions fear, spike in crude

Indian markets on Tuesday opened in red, the benchmark BSE Sensex fell 79.02 points, or 0.22 per cent, to 36,226, news agency PTI reported. &nbsp;

Nifty was recorded at 10,969.95 in the first few minutes of the opening morning trade on Tuesday. Nifty50 was at 10,943.35, 24.05 points or 0.22 per cent lower.

On a net basis, foreign funds sold shares worth Rs 523.94 crore, while domestic institutional investors bought shares to the tune of Rs 1,527.67 crore Monday, provisional data showed.

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<a href="https://twitter.com/hashtag/Sensex?src=hash&amp;ref_src=twsrc%5Etfw">#Sensex</a> currently at 36,112.72; Nifty currently at 10,900.05 <a href="https://t.co/frtWMdzrsm">pic.twitter.com/frtWMdzrsm</a>
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Indian shares fell more than one per cent and ended lower for a fifth straight session on Monday.&nbsp;

The benchmark BSE index closed down 1.46 per cent at 36,305.02, its lowest close since July 11.

The broader NSE index ended 1.58 per cent lower at 10,967.4, its biggest single-day percentage loss since March 16, Reuters reported.&nbsp;

(With inputs from agencies)&nbsp;

 
&nbsp;

Indian markets on Tuesday opened in red, the benchmark BSE Sensex fell 79.02 points, or 0.22 per cent, to 36,226, news agency PTI reported. Nifty was recorded at 10,969.

Indian markets on Tuesday opened in red, the benchmark BSE Sensex fell 79.02 points, or 0.22 per cent, to 36,226, news agency PTI reported. Nifty was recorded at 10,969.95 in the first few minutes of the opening morning trade on Tuesday. Nifty50 was at 10,943.35, 24.05 points or 0.22 per cent lower. On a net basis, foreign funds sold shares worth Rs 523.94 crore, while domestic institutional investors bought shares to the tune of Rs 1,527.67 crore Monday, provisional data showed. #Sensex currently at 36,112.72; Nifty currently at 10,900.05 pic.twitter.com/frtWMdzrsm — ANI (@ANI) September 25, 2018 × Indian shares fell more than one per cent and ended lower for a fifth straight session on Monday. The benchmark BSE index closed down 1.46 per cent at 36,305.02, its lowest close since July 11. The broader NSE index ended 1.58 per cent lower at 10,967.4, its biggest single-day percentage loss since March 16, Reuters reported. (With inputs from agencies)

Markets open in red, Sensex tumbles by over 50 points 

Executive director at Indian Oil Corp, Partha Ghosh, on Tuesday stated that crude oil demand in India is expected to grow to 500 million tonnes per year by 2040.

The demand would be equivalent to around 10 million barrels per day (bpd), up from about 4.7 million bpd in 2017, news agency Reuters reported.&nbsp;

The central government has been facing criticism over unabated escalating fuel prices in the country since the past few weeks. The BJP-led government has been blaming the rise in global crude prices for the rising fuel prices in the nation.&nbsp;

Fuel prices in Delhi and Mumbai saw a fresh hike on Tuesday with petrol selling at Rs 82.86 per litre in Delhi and diesel at Rs 74.12 per litre. Petrol prices in the national capital today witnessed a rise of 14 paise whereas diesel rose by 10 paise.&nbsp;

In Mumbai, petrol and diesel prices amounted to Rs 90.22 per litre and Rs 78.69 per litre, respectively.

Meanwhile, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that discussions are taking place with the United States regarding the reduction of oil imports from Iran.

"We are in talks with the USA and they told us to reduce the import from Iran significantly. We have done that to some extent. As clarity in the situation emerges, steps will be taken accordingly by the government by November 4," he told ANI.

(With inputs from agencies)&nbsp;

Executive director at Indian Oil Corp, Partha Ghosh, on Tuesday stated that crude oil demand in India is expected to grow to 500 million tonnes per year by 2040.

Executive director at Indian Oil Corp, Partha Ghosh, on Tuesday stated that crude oil demand in India is expected to grow to 500 million tonnes per year by 2040. The demand would be equivalent to around 10 million barrels per day (bpd), up from about 4.7 million bpd in 2017, news agency Reuters reported. The central government has been facing criticism over unabated escalating fuel prices in the country since the past few weeks. The BJP-led government has been blaming the rise in global crude prices for the rising fuel prices in the nation. Fuel prices in Delhi and Mumbai saw a fresh hike on Tuesday with petrol selling at Rs 82.86 per litre in Delhi and diesel at Rs 74.12 per litre. Petrol prices in the national capital today witnessed a rise of 14 paise whereas diesel rose by 10 paise. In Mumbai, petrol and diesel prices amounted to Rs 90.22 per litre and Rs 78.69 per litre, respectively. Meanwhile, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that discussions are taking place with the United States regarding the reduction of oil imports from Iran. "We are in talks with the USA and they told us to reduce the import from Iran significantly. We have done that to some extent. As clarity in the situation emerges, steps will be taken accordingly by the government by November 4," he told ANI. (With inputs from agencies)

India's crude oil demand to hit 500 million tonnes by 2040: Report

Indian shares snapped a five-session losing streak and ended higher on Tuesday, helped by gains in financials such as Housing Development Finance Corp Ltd and HDFC Bank.

The benchmark BSE Sensex closed 0.96 per cent higher at 36,652.06. The broader NSE Nifty gained 0.91 per cent to 11,067.45.

HDFC closed 3.2 per cent higher, contributing to more than a fifth of the Nifty's gains.

Indian shares snapped a five-session losing streak and ended higher on Tuesday, helped by gains in financials such as Housing Development Finance Corp Ltd and HDFC Bank.

Indian shares snapped a five-session losing streak and ended higher on Tuesday, helped by gains in financials such as Housing Development Finance Corp Ltd and HDFC Bank. The benchmark BSE Sensex closed 0.96 per cent higher at 36,652.06. The broader NSE Nifty gained 0.91 per cent to 11,067.45. HDFC closed 3.2 per cent higher, contributing to more than a fifth of the Nifty's gains.

Nifty closes nearly 1 per cent higher as financials recover

Shares of Facebook Inc fell more than 2 per cent in early trading on Tuesday after the two founders of photo-sharing app Instagram left the social networking giant under unexplained circumstances.

Analysts said the departure of Kevin Systrom and Mike Krieger may have been the result of friction with Chief Executive Officer Mark Zuckerberg over how Facebook`s fastest-growing revenue generator is run.

"Our sense is the duo may have wanted to run Instagram more independently than their parent company wanted," said Scott Kessler, an analyst at research firm CFRA.

"We think (the) departures are a notable negative for Facebook."

The sudden loss of the pair follows the departures of WhatsApp co-founders Jan Koum and Brian Acton and a reshuffling of Facebook`s executive ranks earlier this year.

A Bloomberg report said Systrom and Krieger had been frustrated by a rise in the day-to-day involvement of Zuckerberg, who has become more reliant on Instagram in planning for Facebook`s future.

Facebook`s shares were down 2.4 per cent at $161.51 in early trading, knocking more than $11 billion off the stock`s market value.

"To the extent that their departures represent Zuckerberg exercising more power and being less accountable, such a development would underscore the need for an independent board chair," said Jonas Kron, senior vice president at Trillium Asset Management.

The institutional investor, which holds more than 52,000 shares in Facebook, urged Facebook in July to appoint an independent board chair to oversee management. 
Systrom wrote in a blog post on Monday that he and Krieger planned to take time off and explore "our curiosity and creativity again".

Zuckerberg described the two as "extraordinary product leaders" and said he wished them all the best and was looking forward to seeing what they build next.

Facebook bought Instagram in 2012 for $1 billion. Instagram had been hailed in Silicon Valley as a flashy acquisition done right, with the team kept relatively small and Systrom having the freedom to add features such as peer-to-peer messaging, video uploads and advertising.

Instagram has over 1 billion active monthly users, a sharp rise from the 30 million users when Facebook bought the app.

Facebook`s shares are currently down about 6 per cent this year, following six years of stellar gains.

Concerns over the fallout of the Cambridge Analytica privacy scandal and signals that a rise in costs would hurt Facebook`s margins for years, fueled the biggest one-day wipeout in US stock market history in July.

Shares of Facebook Inc fell more than 2 per cent in early trading on Tuesday after the two founders of photo-sharing app Instagram left the social networking giant under unexplained circumstances.

Shares of Facebook Inc fell more than 2 per cent in early trading on Tuesday after the two founders of photo-sharing app Instagram left the social networking giant under unexplained circumstances. Analysts said the departure of Kevin Systrom and Mike Krieger may have been the result of friction with Chief Executive Officer Mark Zuckerberg over how Facebook`s fastest-growing revenue generator is run. "Our sense is the duo may have wanted to run Instagram more independently than their parent company wanted," said Scott Kessler, an analyst at research firm CFRA. "We think (the) departures are a notable negative for Facebook." The sudden loss of the pair follows the departures of WhatsApp co-founders Jan Koum and Brian Acton and a reshuffling of Facebook`s executive ranks earlier this year. A Bloomberg report said Systrom and Krieger had been frustrated by a rise in the day-to-day involvement of Zuckerberg, who has become more reliant on Instagram in planning for Facebook`s future. Facebook`s shares were down 2.4 per cent at $161.51 in early trading, knocking more than $11 billion off the stock`s market value. "To the extent that their departures represent Zuckerberg exercising more power and being less accountable, such a development would underscore the need for an independent board chair," said Jonas Kron, senior vice president at Trillium Asset Management. The institutional investor, which holds more than 52,000 shares in Facebook, urged Facebook in July to appoint an independent board chair to oversee management. Systrom wrote in a blog post on Monday that he and Krieger planned to take time off and explore "our curiosity and creativity again". Zuckerberg described the two as "extraordinary product leaders" and said he wished them all the best and was looking forward to seeing what they build next. Facebook bought Instagram in 2012 for $1 billion. Instagram had been hailed in Silicon Valley as a flashy acquisition done right, with the team kept relatively small and Systrom having the freedom to add features such as peer-to-peer messaging, video uploads and advertising. Instagram has over 1 billion active monthly users, a sharp rise from the 30 million users when Facebook bought the app. Facebook`s shares are currently down about 6 per cent this year, following six years of stellar gains. Concerns over the fallout of the Cambridge Analytica privacy scandal and signals that a rise in costs would hurt Facebook`s margins for years, fueled the biggest one-day wipeout in US stock market history in July.

Facebook shares slip after Instagram founders quit

Finance Minister Arun Jaitley Tuesday said bad debts or NPAs in the banking system are on the decline as recoveries of unpaid loans have picked up.

Speaking to reporters after the annual review meet with top PSU bankers, he said last several years had been challenging for public sector banks as a large amount of lending was held up in NPAs.

But after the Insolvency and Bankruptcy Code (IBC) came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up.

Recoveries are better, the lending ability of banks is much better and to top it all credit growth has significantly moved upwards, he said.

"We are passing through a phase of good growth as far as the economy is concerned. Consumption has moved up, and therefore the banking activity is bound to pick up," he said.

Financial Services Secretary Rajeev Kumar said banks expect to recover Rs 1.8 lakh crore through IBC and other routes during the current fiscal.

The review meeting Tuesday discussed credit growth and asset quality, he said.

The focus should now be on arresting fresh slippages, he said adding close to Rs 18,000 crore worth of non-core assets will be sold by PSBs this financial year.&nbsp;

Finance Minister Arun Jaitley Tuesday said bad debts or NPAs in the banking system are on the decline as recoveries of unpaid loans have picked up. Speaking to reporters after the annual review meet with top PSU bankers, he said last several years had been challenging for public sector banks as a large amount of lending was held up in NPAs.

Finance Minister Arun Jaitley Tuesday said bad debts or NPAs in the banking system are on the decline as recoveries of unpaid loans have picked up. Speaking to reporters after the annual review meet with top PSU bankers, he said last several years had been challenging for public sector banks as a large amount of lending was held up in NPAs. But after the Insolvency and Bankruptcy Code (IBC) came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up. Recoveries are better, the lending ability of banks is much better and to top it all credit growth has significantly moved upwards, he said. "We are passing through a phase of good growth as far as the economy is concerned. Consumption has moved up, and therefore the banking activity is bound to pick up," he said. Financial Services Secretary Rajeev Kumar said banks expect to recover Rs 1.8 lakh crore through IBC and other routes during the current fiscal. The review meeting Tuesday discussed credit growth and asset quality, he said. The focus should now be on arresting fresh slippages, he said adding close to Rs 18,000 crore worth of non-core assets will be sold by PSBs this financial year.

Bad debts on a decline, loan recovery of PSU banks picking up, says Arun Jaitley

Oil prices rose about 2 per cent on Monday as markets tightened ahead of Washington's new sanctions against Iran, with some traders forecasting a spike in crude to $100 per barrel.

<a href="http://www.wionews.com/world/iran-urges-opec-rebuff-threats-trump-167284">Also Read:&nbsp;Iran urges OPEC to rebuff 'threats' from Trump</a>

Brent crude futures jumped to the highest level since May at $80.43 per barrel, and were up $1.57, or 2 per cent, at $80.37 per barrel at 0642 GMT.

US West Texas Intermediate (WTI) crude futures rose $1.28, or 1.8 per cent, to $72.06 a barrel.

Amid a tightening market, US commercial crude oil inventories are at their lowest level since early 2015. And while output remains around the record of 11 million barrels per day (bpd), recent subdued US drilling activity points towards a slowdown.

Commodity merchants Trafigura and Mercuria said on Monday that Brent could rise to $90 per barrel by Christmas and pass $100 in early 2019 as markets tighten once US sanctions against Iran are implemented from November.

J.P. Morgan expects sanctions could lead to a loss of 1.5 million bpd, while Mercuria warned that as much as 2 million bpd could be knocked out of the market.

The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), as well as top producer Russia, are discussing raising output to counter falling supply from Iran, although no decision has been made public yet.

"We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels," said Edward Bell, commodity analyst at Emirates NBD bank.

J.P. Morgan said in its latest market outlook, published on Friday, that "a spike to $90 per barrel is likely" for oil prices in the coming months due to the Iran sanctions.

The bank said it expects Brent and WTI to average $85 and $76 per barrel, respectively, over the next six months.

Struggling with high feedstock crude prices and record lows for the rupee against the dollar, Indian refiners are preparing to cut back crude imports and instead use up commercial inventories.

Oil prices rose about 2 per cent on Monday as markets tightened ahead of Washington's new sanctions against Iran, with some traders forecasting a spike in crude to $100 per barrel.

Oil prices rose about 2 per cent on Monday as markets tightened ahead of Washington's new sanctions against Iran, with some traders forecasting a spike in crude to $100 per barrel. Also Read: Iran urges OPEC to rebuff 'threats' from Trump Brent crude futures jumped to the highest level since May at $80.43 per barrel, and were up $1.57, or 2 per cent, at $80.37 per barrel at 0642 GMT. US West Texas Intermediate (WTI) crude futures rose $1.28, or 1.8 per cent, to $72.06 a barrel. Amid a tightening market, US commercial crude oil inventories are at their lowest level since early 2015. And while output remains around the record of 11 million barrels per day (bpd), recent subdued US drilling activity points towards a slowdown. Commodity merchants Trafigura and Mercuria said on Monday that Brent could rise to $90 per barrel by Christmas and pass $100 in early 2019 as markets tighten once US sanctions against Iran are implemented from November. J.P. Morgan expects sanctions could lead to a loss of 1.5 million bpd, while Mercuria warned that as much as 2 million bpd could be knocked out of the market. The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), as well as top producer Russia, are discussing raising output to counter falling supply from Iran, although no decision has been made public yet. "We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels," said Edward Bell, commodity analyst at Emirates NBD bank. J.P. Morgan said in its latest market outlook, published on Friday, that "a spike to $90 per barrel is likely" for oil prices in the coming months due to the Iran sanctions. The bank said it expects Brent and WTI to average $85 and $76 per barrel, respectively, over the next six months. Struggling with high feedstock crude prices and record lows for the rupee against the dollar, Indian refiners are preparing to cut back crude imports and instead use up commercial inventories.

Ahead of Iran sanctions, crude oil prices jump

Asian shares stumbled in holiday-thinned trading on Monday as China's decision to cancel talks with the United States reinforced fears of a protracted trade war with neither side willing to back down.

<a href="http://www.wionews.com/world/fresh-200-billion-us-tariffs-chinese-goods-take-effect-167350">Also</a><a href="http://www.wionews.com/world/fresh-200-billion-us-tariffs-chinese-goods-take-effect-167350"> Read:&nbsp;Fresh $200 billion US tariffs on Chinese goods take effect</a>

Oil prices jumped after top producers ruled out boosting crude output.

US stock futures were a touch weaker while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8 per cent. Hong Kong was the worst performer with its Hang Seng index down 1.3 per cent.

Most of Monday's limited action was in currencies, as share markets in major Asian centres Japan, China and South Korea were closed for a holiday. But with domestic trading in respective countries shut, even forex trading was light.

Investors were squarely focused on the China-US trade war as China added $60 billion of US products to its import tariff list, retaliating against US duties on $200 billion of Chinese goods that came into effect at 0401 GMT Monday.

China also cancelled mid-level trade talks with the United States, as well as a proposed visit to Washington by Vice Premier Liu He originally scheduled for this week, the Wall Street Journal reported.

The United States, meanwhile, does not have a date for further talks.

The intensifying dispute between the world's two biggest economies has spooked financial markets worried about the fallout on global growth.

The Japanese yen, which sees fund inflows during times of crisis, held above a recent two-month trough at 112.6 per dollar while the trade-sensitive Australian dollar slipped from a 3-1/2 week top to $0.7268.

"Both the US and China are digging in, and increasingly the subtext seems to be as much about advancing a trade ideology as it is about rescinding trade tariffs," said John Bilton, head of global multi-asset strategy at JPMorgan Asset Management.

"As a result, both the extent and depth of any economic impact are being recalibrated," Bilton said.

"So while we continue to be constructive on the global economy over the coming quarters, it is hard to see the current surge in US activity morphing into another period of coordinated global growth."

There was some optimism generally about Chinese growth as authorities in Beijing step up policy stimulus to offset the economic impact of the tariffs.

Chinese Premier Li Keqiang said over the weekend China will cut import and export costs for foreign firms as it looks to promote an image of being open for business.

Britain's negotiation with European Union will be another key issue for investors, with risks of a 'no deal' or 'hard Brexit' shooting up again.

Asian shares stumbled in holiday-thinned trading on Monday as China's decision to cancel talks with the United States reinforced fears of a protracted trade war with neither side willing to back down.

Asian shares stumbled in holiday-thinned trading on Monday as China's decision to cancel talks with the United States reinforced fears of a protracted trade war with neither side willing to back down. Also Read: Fresh $200 billion US tariffs on Chinese goods take effect Oil prices jumped after top producers ruled out boosting crude output. US stock futures were a touch weaker while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8 per cent. Hong Kong was the worst performer with its Hang Seng index down 1.3 per cent. Most of Monday's limited action was in currencies, as share markets in major Asian centres Japan, China and South Korea were closed for a holiday. But with domestic trading in respective countries shut, even forex trading was light. Investors were squarely focused on the China-US trade war as China added $60 billion of US products to its import tariff list, retaliating against US duties on $200 billion of Chinese goods that came into effect at 0401 GMT Monday. China also cancelled mid-level trade talks with the United States, as well as a proposed visit to Washington by Vice Premier Liu He originally scheduled for this week, the Wall Street Journal reported. The United States, meanwhile, does not have a date for further talks. The intensifying dispute between the world's two biggest economies has spooked financial markets worried about the fallout on global growth. The Japanese yen, which sees fund inflows during times of crisis, held above a recent two-month trough at 112.6 per dollar while the trade-sensitive Australian dollar slipped from a 3-1/2 week top to $0.7268. "Both the US and China are digging in, and increasingly the subtext seems to be as much about advancing a trade ideology as it is about rescinding trade tariffs," said John Bilton, head of global multi-asset strategy at JPMorgan Asset Management. "As a result, both the extent and depth of any economic impact are being recalibrated," Bilton said. "So while we continue to be constructive on the global economy over the coming quarters, it is hard to see the current surge in US activity morphing into another period of coordinated global growth." There was some optimism generally about Chinese growth as authorities in Beijing step up policy stimulus to offset the economic impact of the tariffs. Chinese Premier Li Keqiang said over the weekend China will cut import and export costs for foreign firms as it looks to promote an image of being open for business. Britain's negotiation with European Union will be another key issue for investors, with risks of a 'no deal' or 'hard Brexit' shooting up again.

Asian stocks stumble on China-US trade war

The rupee fell sharply by 29 paise to 72.49 against the dollar Monday as the greenback strengthened overseas.

Forex dealers said the greenback's strength against other currencies overseas, after reports that China had cancelled upcoming trade talks with the US, weighed on the Indian rupee.

They said losses in domestic equities in volatile early trade also put pressure on the rupee.

The domestic unit had ended 17 paise higher at 72.20 against the dollar Friday on sustained selling of the American currency even as local equities witnessed a high volatility.

The benchmark Sensex dropped 124.14 points, or 0.33 per cent, to 36,717.46 after opening higher at 36,924.72 in the opening trade Monday.

The rupee fell sharply by 29 paise to 72.49 against the dollar Monday as the greenback strengthened overseas. Forex dealers said the greenback's strength against other currencies overseas, after reports that China had cancelled upcoming trade talks with the US, weighed on the Indian rupee.

The rupee fell sharply by 29 paise to 72.49 against the dollar Monday as the greenback strengthened overseas. Forex dealers said the greenback's strength against other currencies overseas, after reports that China had cancelled upcoming trade talks with the US, weighed on the Indian rupee. They said losses in domestic equities in volatile early trade also put pressure on the rupee. The domestic unit had ended 17 paise higher at 72.20 against the dollar Friday on sustained selling of the American currency even as local equities witnessed a high volatility. The benchmark Sensex dropped 124.14 points, or 0.33 per cent, to 36,717.46 after opening higher at 36,924.72 in the opening trade Monday.

Rupee drops 29 paise to 72.49 against US dollar

The petrol prices crossed the Rs 90-mark in Mumbai on Monday. The revised rates of petrol and diesel in the financial capital stood at Rs 90.08/litre and Rs 78.58/litre respectively.

Petrol price in Mumbai rose by 11 paise per litre while diesel price rose by 5 paise per litre.

In Delhi, the petrol price touched Rs 82.72 per litre. Diesel price in the national capital stood at Rs 74.02 per litre, according to the Indian Oil Corporation (IOC).

Petrol price in Kolkata increased by 10 paise per litre from Rs 84.44 per litre on September 23 to Rs 84.54 per litre.

Diesel price in the West Bengal capital rose by 5 paise per litre, from Rs 75.82 per litre to Rs 75.87 per litre.

In Chennai, petrol price rose by 12 paise, from Rs 85.87 per litre to Rs 85.99 per litre while diesel price in the Tamil Nadu capital increased by 6 paise per litre, from Rs 78.20 per litre to Rs 78.26 per litre.

Fuel prices have been witnessing a steep rise since the past few weeks.&nbsp;

While the Opposition has blamed the union government for not doing enough to keep a check on prices, the latter has maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products.

Meanwhile, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that discussions are taking place with the United States regarding the reduction of oil imports from Iran.

"We are in talks with the USA and they told us to reduce the import from Iran significantly. We have done that to some extent. As clarity in the situation emerges, steps will be taken accordingly by the government by November 4," he told ANI.

Garg also said that if needed, discussions will be held on trading of oil in terms of the Indian Rupee.

(With inputs from ANI)

The petrol prices crossed the Rs 90-mark in Mumbai on Monday. The revised rates of petrol and diesel in the financial capital stood at Rs 90.08/litre and Rs 78.58/litre respectively.

The petrol prices crossed the Rs 90-mark in Mumbai on Monday. The revised rates of petrol and diesel in the financial capital stood at Rs 90.08/litre and Rs 78.58/litre respectively. Petrol price in Mumbai rose by 11 paise per litre while diesel price rose by 5 paise per litre. In Delhi, the petrol price touched Rs 82.72 per litre. Diesel price in the national capital stood at Rs 74.02 per litre, according to the Indian Oil Corporation (IOC). Petrol price in Kolkata increased by 10 paise per litre from Rs 84.44 per litre on September 23 to Rs 84.54 per litre. Diesel price in the West Bengal capital rose by 5 paise per litre, from Rs 75.82 per litre to Rs 75.87 per litre. In Chennai, petrol price rose by 12 paise, from Rs 85.87 per litre to Rs 85.99 per litre while diesel price in the Tamil Nadu capital increased by 6 paise per litre, from Rs 78.20 per litre to Rs 78.26 per litre. Fuel prices have been witnessing a steep rise since the past few weeks. While the Opposition has blamed the union government for not doing enough to keep a check on prices, the latter has maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products. Meanwhile, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that discussions are taking place with the United States regarding the reduction of oil imports from Iran. "We are in talks with the USA and they told us to reduce the import from Iran significantly. We have done that to some extent. As clarity in the situation emerges, steps will be taken accordingly by the government by November 4," he told ANI. Garg also said that if needed, discussions will be held on trading of oil in terms of the Indian Rupee. (With inputs from ANI)

Fuel prices witness fresh hike: Petrol crosses Rs 90-mark in Mumbai

The key Indian equity indices opened on a negative note on Monday with heavy selling pressure in consumer durables, auto and banking stocks.

At 9.51&nbsp;&nbsp; &nbsp; a.m, the wider Nifty50 on the National Stock Exchange traded at 11,072 points, lower by 70.35 points from its previous close 11,143.10 points and S&amp;P BSE Sensex was trading at 36,643 points, lower by 198 points.

The domestic sharemarket opened in red tracking weak global cues, along with a lower opening of the rupee and negative SGX Nifty futures on the Singapore Exchange.&nbsp;

The rupee fell sharply by 29 paise to 72.49 against the dollar in opening trade on Monday.&nbsp;

According to a Reuters report, Asian shares stumbled in holiday-thinned trading as China ramped up trade tensions by cancelling upcoming tariff talks with the United States, while oil prices jumped after top producers ruled out boosting crude output.

The key Indian equity indices opened on a negative note on Monday with heavy selling pressure in consumer durables, auto and banking stocks. At 9.51 a.m, the wider Nifty50 on the National Stock Exchange traded at 11,072 points, lower by 70.

The key Indian equity indices opened on a negative note on Monday with heavy selling pressure in consumer durables, auto and banking stocks. At 9.51 a.m, the wider Nifty50 on the National Stock Exchange traded at 11,072 points, lower by 70.35 points from its previous close 11,143.10 points and S&P BSE Sensex was trading at 36,643 points, lower by 198 points. The domestic sharemarket opened in red tracking weak global cues, along with a lower opening of the rupee and negative SGX Nifty futures on the Singapore Exchange. The rupee fell sharply by 29 paise to 72.49 against the dollar in opening trade on Monday. According to a Reuters report, Asian shares stumbled in holiday-thinned trading as China ramped up trade tensions by cancelling upcoming tariff talks with the United States, while oil prices jumped after top producers ruled out boosting crude output.

Sensex drops 198 points, Nifty at 11,072

Market benchmark BSE Sensex tanked nearly 537 points to end at over two-month low of 36,305.02 and the Nifty crashed below the 11,000-mark Monday, extending their slide for the fifth straight session after heavy losses in banking and auto stocks.

Reports of liquidity concerns following the default in repayment of loans by diversified IL&amp;FS group spooked investors even as losses in global markets on reports that China had called off planned trade talks with the US in the wake of a new round of duties weighed on the market sentiment.

The 30-share Sensex hit a low of 36,216.95 before settling at 36,305.02, down by 536.58 points or 1.46 per cent -- the biggest single-session fall since February 6 when it had lost 561.22 points.

This is the weakest closing since July 11 when it settled at 36,265.93. The index had lost 1,249.04 points in the previous four sessions.

The broader NSE Nifty cracked below the 11,000 level by dropping 168.20 points, or 1.51 per cent to end at 10,974.90 due to foreign fund outflows amid prospects of a 25 basis point hike in the interest rate by the US Federal Reserve this week.

Mahindra and Mahindra fell the most by 6.46 per cent among 30 Sensex stocks while Maruti and Bajaj Auto decline by 3 per cent and 1.7 per cent respectively.

Financial stocks led by HDFC took a hit. HDFC dropped 6.22 per cent, IndusInd Bank by 4.94 per cent, ICICI Bank by 2.8 per cent, Kotak Bank by 2.6 per cent, HDFC Bank by 2.16 per cent, and SBI by 2.04 per cent.

Yes Bank fell by another 0.35 per cent, taking its total losses to more than 29 per cent after the RBI curtailed the term of its founding CEO Rana Kapoor.

Bucking the trend, IT stocks TCS and Infosys rose by 4.5 per cent and 1.5 per cent. Coal India rose by 2.1 per cent while Reliance gained 1.27 per cent.

Sentiments remained distinctly weak in sync with declining global markets as the intensifying dispute between the world's two biggest economies has spooked financial markets worried about the fallout on global growth, brokers said.

The Reserve Bank of India (RBI) and market regulator Sebi said on Sunday that they were closely monitoring the developments in the financial sector and were ready to take "appropriate actions" to calm the jittery investors.

Meanwhile, Finance Minister Arun Jaitley said Monday that the government would take all measures to ensure adequate liquidity for non-banking financial companies (NBFCs) and mutual funds.&nbsp;

Market benchmark BSE Sensex tanked nearly 537 points to end at over two-month low of 36,305.02 and the Nifty crashed below the 11,000-mark Monday, extending their slide for the fifth straight session after heavy losses in banking and auto stocks.

Market benchmark BSE Sensex tanked nearly 537 points to end at over two-month low of 36,305.02 and the Nifty crashed below the 11,000-mark Monday, extending their slide for the fifth straight session after heavy losses in banking and auto stocks. Reports of liquidity concerns following the default in repayment of loans by diversified IL&FS group spooked investors even as losses in global markets on reports that China had called off planned trade talks with the US in the wake of a new round of duties weighed on the market sentiment. The 30-share Sensex hit a low of 36,216.95 before settling at 36,305.02, down by 536.58 points or 1.46 per cent -- the biggest single-session fall since February 6 when it had lost 561.22 points. This is the weakest closing since July 11 when it settled at 36,265.93. The index had lost 1,249.04 points in the previous four sessions. The broader NSE Nifty cracked below the 11,000 level by dropping 168.20 points, or 1.51 per cent to end at 10,974.90 due to foreign fund outflows amid prospects of a 25 basis point hike in the interest rate by the US Federal Reserve this week. Mahindra and Mahindra fell the most by 6.46 per cent among 30 Sensex stocks while Maruti and Bajaj Auto decline by 3 per cent and 1.7 per cent respectively. Financial stocks led by HDFC took a hit. HDFC dropped 6.22 per cent, IndusInd Bank by 4.94 per cent, ICICI Bank by 2.8 per cent, Kotak Bank by 2.6 per cent, HDFC Bank by 2.16 per cent, and SBI by 2.04 per cent. Yes Bank fell by another 0.35 per cent, taking its total losses to more than 29 per cent after the RBI curtailed the term of its founding CEO Rana Kapoor. Bucking the trend, IT stocks TCS and Infosys rose by 4.5 per cent and 1.5 per cent. Coal India rose by 2.1 per cent while Reliance gained 1.27 per cent. Sentiments remained distinctly weak in sync with declining global markets as the intensifying dispute between the world's two biggest economies has spooked financial markets worried about the fallout on global growth, brokers said. The Reserve Bank of India (RBI) and market regulator Sebi said on Sunday that they were closely monitoring the developments in the financial sector and were ready to take "appropriate actions" to calm the jittery investors. Meanwhile, Finance Minister Arun Jaitley said Monday that the government would take all measures to ensure adequate liquidity for non-banking financial companies (NBFCs) and mutual funds.

Sensex tanks 537 points, Nifty crashes below 11,000 as banks, auto stocks melt

BSE Sensex and NSE’s Nifty 50 opened higher on Monday, but soon erased losses and traded lower dragged mainly by finance stocks. Shares of non-banking finance companies (NBFCs) plummeted further over fears of a liquidity crunch.

At 13: 40 pm, Sensex was trading lower by 564.20 points at 36,277 and the Nifty down 180.25 points at 10,962 as risk appetite was muted ahead of a two-day Fed meet that ends on Wednesday.

Automobiles, banks, metals, pharma, and FMCG are all trading lower. Among the broader markets, the Nifty Midcap index is down 3 per cent. Meanwhile, a weak rupee has boosted IT stocks.&nbsp;

Domestic shares extended losses for a fifth session, dragged by financials and automobiles, while investors took a cautious stance ahead of a US Federal Reserve meet on Tuesday.

The market continued to reel under selling pressure. Liquidity crunch fears, consistent selling by FIIs, rupee volatility, rising crude oil prices and trade war tensions weighed on sentiment.

The Nifty has fallen below 11,100 but has been trying hard to defend the psychological 11,000-mark.

(With inputs from agencies)

BSE Sensex and NSE’s Nifty 50 opened higher on Monday, but soon erased losses and traded lower dragged mainly by finance stocks. Shares of non-banking finance companies (NBFCs) plummeted further over fears of a liquidity crunch.

BSE Sensex and NSE’s Nifty 50 opened higher on Monday, but soon erased losses and traded lower dragged mainly by finance stocks. Shares of non-banking finance companies (NBFCs) plummeted further over fears of a liquidity crunch. At 13: 40 pm, Sensex was trading lower by 564.20 points at 36,277 and the Nifty down 180.25 points at 10,962 as risk appetite was muted ahead of a two-day Fed meet that ends on Wednesday. Automobiles, banks, metals, pharma, and FMCG are all trading lower. Among the broader markets, the Nifty Midcap index is down 3 per cent. Meanwhile, a weak rupee has boosted IT stocks. Domestic shares extended losses for a fifth session, dragged by financials and automobiles, while investors took a cautious stance ahead of a US Federal Reserve meet on Tuesday. The market continued to reel under selling pressure. Liquidity crunch fears, consistent selling by FIIs, rupee volatility, rising crude oil prices and trade war tensions weighed on sentiment. The Nifty has fallen below 11,100 but has been trying hard to defend the psychological 11,000-mark. (With inputs from agencies)

Sensex down 564 points, Nifty below 11,000; dragged by banking and automobile stocks