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Oil prices rose on Wednesday, supported by a drop in US&nbsp;crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to US&nbsp;sanctions.

Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 per cent, at $66.12 per barrel.

US&nbsp;crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6 million barrels, ahead of analysts' forecasts for a fall of 1.5 million barrels, according to data from industry group the American Petroleum Institute.

Official data from the US&nbsp;Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

"Investors are also confident that (official) inventories in the United States will decrease this week," ANZ Bank said in a note.

Signs of slowing US&nbsp;crude output growth and a weaker US&nbsp;dollar also provided some support to oil prices, said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.

The US&nbsp;dollar index against a basket of six major currencies eased on Wednesday to 95.211 after losing 0.7 per cent the previous day, weighed by US&nbsp;President Trump's comments on monetary policy.

A weaker US&nbsp;dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.

The US&nbsp;Energy Information Administration last week cut its 2018 US&nbsp;crude production growth to 10.68 million barrels per day (bpd), from 10.79 million bpd amid lower crude prices.

Concerns also remain over how much oil will be removed from global markets by renewed sanctions on Iran, despite worries that demand growth could weaken amid trade disputes between the United States and China, the world's two biggest economies.

"The Iran issue continues to occupy traders' minds," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC's third-largest oil producer, said earlier this week no other OPEC member should be allowed to take over its share of oil exports.

Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the US&nbsp;side. But signs of a thaw were unlikely as US&nbsp;President Donald Trump told Reuters in an interview on Monday that he did not expect much progress. 
&nbsp;

US West Texas Intermediate crude futures were up 28 cents, or 0.4 per cent, at $66.12 per barrel.

Oil prices rose on Wednesday, supported by a drop in US crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to US sanctions. Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 per cent, at $66.12 per barrel. US crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6 million barrels, ahead of analysts' forecasts for a fall of 1.5 million barrels, according to data from industry group the American Petroleum Institute. Official data from the US Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday. "Investors are also confident that (official) inventories in the United States will decrease this week," ANZ Bank said in a note. Signs of slowing US crude output growth and a weaker US dollar also provided some support to oil prices, said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul. The US dollar index against a basket of six major currencies eased on Wednesday to 95.211 after losing 0.7 per cent the previous day, weighed by US President Trump's comments on monetary policy. A weaker US dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies. The US Energy Information Administration last week cut its 2018 US crude production growth to 10.68 million barrels per day (bpd), from 10.79 million bpd amid lower crude prices. Concerns also remain over how much oil will be removed from global markets by renewed sanctions on Iran, despite worries that demand growth could weaken amid trade disputes between the United States and China, the world's two biggest economies. "The Iran issue continues to occupy traders' minds," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC's third-largest oil producer, said earlier this week no other OPEC member should be allowed to take over its share of oil exports. Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the US side. But signs of a thaw were unlikely as US President Donald Trump told Reuters in an interview on Monday that he did not expect much progress.

Oil prices edge up over Iran sanctions scare

Wall Street stocks surged to new heights today amid renewed optimism the US is working towards defusing the spiralling trade confrontations.

The broad-based S&P 500 index rose to a peak 2,873.23, beating the previous record hit on January 26th, before retreating a bit on a slow summer trading day. Near 1720 GMT, the index was at 2,870.95, up 0.5 per cent.

The Dow Jones Industrial Average rose 0.4 per cent to 25,868.42, while the tech-rich Nasdaq Composite Index gained 0.9 per cent to 7,888.82.

The new record comes on the heels of comments by Commerce Secretary Wilbur Ross that he plans to hold off on a final decision on whether to impose tariffs on auto imports while trade talks with Mexico, Canada and Europe are ongoing.

In addition, US and Chinese officials this week will hold the first talks since June on the ongoing dispute that has led to the exchange of tariffs on tens of billions of dollars in goods, with more possible Analysts are cautiously optimistic on that statement and other recent moves by President Donald Trump's administration signal a true shift away from the hardline tactics that have repeatedly hit Wall Street since the spring, prompting immediate selling.

But market sentiment at least has shifted somewhat to a wait-and-see stance, analysts say.

Investors are also upbeat following strong earnings and largely positive US economic data that has pointed to solid US growth and limited inflation.

The record also comes in late August, a season known for low trading volumes when minor news reports can spur outsized stock moves.

Wall Street is set on Wednesday to reach a new landmark on the longevity of the rising market that started in 2009 just after the global financial crisis.

The S&P 500 will mark 3,453 straight days without suffering a drop of 20 per cent. That makes it the longest "bull market" since World War II, according to leading Wall Street statisticians.&nbsp

Investors are also upbeat following strong earnings and largely positive US economic data

Wall Street stocks surged to new heights today amid renewed optimism the US is working towards defusing the spiralling trade confrontations. The broad-based S&P 500 index rose to a peak 2,873.23, beating the previous record hit on January 26th, before retreating a bit on a slow summer trading day. Near 1720 GMT, the index was at 2,870.95, up 0.5 per cent. The Dow Jones Industrial Average rose 0.4 per cent to 25,868.42, while the tech-rich Nasdaq Composite Index gained 0.9 per cent to 7,888.82. The new record comes on the heels of comments by Commerce Secretary Wilbur Ross that he plans to hold off on a final decision on whether to impose tariffs on auto imports while trade talks with Mexico, Canada and Europe are ongoing. In addition, US and Chinese officials this week will hold the first talks since June on the ongoing dispute that has led to the exchange of tariffs on tens of billions of dollars in goods, with more possible Analysts are cautiously optimistic on that statement and other recent moves by President Donald Trump's administration signal a true shift away from the hardline tactics that have repeatedly hit Wall Street since the spring, prompting immediate selling. But market sentiment at least has shifted somewhat to a wait-and-see stance, analysts say. Investors are also upbeat following strong earnings and largely positive US economic data that has pointed to solid US growth and limited inflation. The record also comes in late August, a season known for low trading volumes when minor news reports can spur outsized stock moves. Wall Street is set on Wednesday to reach a new landmark on the longevity of the rising market that started in 2009 just after the global financial crisis. The S&P 500 will mark 3,453 straight days without suffering a drop of 20 per cent. That makes it the longest "bull market" since World War II, according to leading Wall Street statisticians.

Wall Street stocks surge; S&P 500 hits all-time high

Niti Aayog vice-chairman Rajiv Kumar said today that he was more concerned about the rising trade deficit than the falling rupee, and called for efforts to push exports.

He also said that there is a constituency which benefits from strong rupee but it needs to be put on the back foot.

“I don’t believe in strong rupee… Rupee should remain in its natural value, some countries depreciate their currency deliberately, this is wrong. It will be very difficult for India to try and push up the rupee,” Kumar said at an event organised by industry body CII.

“There is a constituency that benefits from strong rupee…The constituency should be put on the back foot,” he added.

The rupee on August 16 had slumped to a life-time low of 70.32 on strong demand for the US dollar.

“Value of rupee is like temperature in thermometer that falls & rises based on certain parameters. It’s wrong to say that fall in rupee value will lead to inflation. Value of rupee is just a price depending on supply and demand,” Kumar said.

He further said that economic policy making should not focus only on fiscal deficit number, arguing that large economies like USA, China and European Union do not give much importance to fiscal deficit.

“We must shift debate out of fiscal deficit. Countries like USA, China and European Union don’t give (importance) to it… We need to move from that single, one number (fiscal deficit).

“Nobody is playing by rules, so we should learn to play as it suits our requirements,” he said.

He pointed out that at a time when private investment is low, then the aggregate demand can be brought up by public spending.

He said however that some revenue expenditure can be just be brought to zero.

The main worry, he added, is trade deficit.

“I think it will be much better to try and push exports, as our share in world trade is low.Even our share in services sector in world trade is lower than China’s,” he noted.

The sharp surge in imports in July this year had led to worsening of India’s trade deficit to 5-year high of USD 18.02 billion.

Kumar argued that under the current circumstances, tightening fiscal and monetary policy at the same time would be asking for trouble.

“If the public expenditure had not happened in last four years then what would have happened?,” he asked.

He also suggested that India should not boast of being a big economy while negotiating trade deals as the country’s per capita income is still low.

The Niti Aayog vice chairman predicted that India will be in better position while negotiating trade deal when the country starts growing at 9-10 per cent

He said Niti Aayog will soon come out with development agenda for ‘New India 2022’.

“We would like Planning Departments of state governments to work as State Niti Aayog,” he said.

Rejecting criticism from various quarters that India has seen jobless growth in the last 4 years, Kumar said: “Rural wages in the last three years have increased, it does not happen if there is no job growth.”

The government will be releasing quarterly data on employment based on household surveys by end of this year or early next year, he said.

Replying to a query, Kumar said nearly all states (excluding four) have signed MoU with the Centre for implementing Ayushman Bharat Healthcare Scheme.

“I met West Bengal chief minister Mamata Banerjee, she is also willing to come on board,” he said.

Kumar also stressed on the need for the government and the private sector to work in consonance to bring exports at the centre of economic activity to take advantage of external demand conditions.

He also suggested revisiting safeguard and anti-dumping duties to boost export growth and set targets to improve India’s export share in the global market.

Kumar said the government should be complimented for improving the investment climate in the country which has now become more rule driven.

Niti Aayog vice-chairman Rajiv Kumar said today that he was more concerned about the rising trade deficit than the falling rupee, and called for efforts to push exports.

Niti Aayog vice-chairman Rajiv Kumar said today that he was more concerned about the rising trade deficit than the falling rupee, and called for efforts to push exports. He also said that there is a constituency which benefits from strong rupee but it needs to be put on the back foot. “I don’t believe in strong rupee… Rupee should remain in its natural value, some countries depreciate their currency deliberately, this is wrong. It will be very difficult for India to try and push up the rupee,” Kumar said at an event organised by industry body CII. “There is a constituency that benefits from strong rupee…The constituency should be put on the back foot,” he added. The rupee on August 16 had slumped to a life-time low of 70.32 on strong demand for the US dollar. “Value of rupee is like temperature in thermometer that falls & rises based on certain parameters. It’s wrong to say that fall in rupee value will lead to inflation. Value of rupee is just a price depending on supply and demand,” Kumar said. He further said that economic policy making should not focus only on fiscal deficit number, arguing that large economies like USA, China and European Union do not give much importance to fiscal deficit. “We must shift debate out of fiscal deficit. Countries like USA, China and European Union don’t give (importance) to it… We need to move from that single, one number (fiscal deficit). “Nobody is playing by rules, so we should learn to play as it suits our requirements,” he said. He pointed out that at a time when private investment is low, then the aggregate demand can be brought up by public spending. He said however that some revenue expenditure can be just be brought to zero. The main worry, he added, is trade deficit. “I think it will be much better to try and push exports, as our share in world trade is low.Even our share in services sector in world trade is lower than China’s,” he noted. The sharp surge in imports in July this year had led to worsening of India’s trade deficit to 5-year high of USD 18.02 billion. Kumar argued that under the current circumstances, tightening fiscal and monetary policy at the same time would be asking for trouble. “If the public expenditure had not happened in last four years then what would have happened?,” he asked. He also suggested that India should not boast of being a big economy while negotiating trade deals as the country’s per capita income is still low. The Niti Aayog vice chairman predicted that India will be in better position while negotiating trade deal when the country starts growing at 9-10 per cent He said Niti Aayog will soon come out with development agenda for ‘New India 2022’. “We would like Planning Departments of state governments to work as State Niti Aayog,” he said. Rejecting criticism from various quarters that India has seen jobless growth in the last 4 years, Kumar said: “Rural wages in the last three years have increased, it does not happen if there is no job growth.” The government will be releasing quarterly data on employment based on household surveys by end of this year or early next year, he said. Replying to a query, Kumar said nearly all states (excluding four) have signed MoU with the Centre for implementing Ayushman Bharat Healthcare Scheme. “I met West Bengal chief minister Mamata Banerjee, she is also willing to come on board,” he said. Kumar also stressed on the need for the government and the private sector to work in consonance to bring exports at the centre of economic activity to take advantage of external demand conditions. He also suggested revisiting safeguard and anti-dumping duties to boost export growth and set targets to improve India’s export share in the global market. Kumar said the government should be complimented for improving the investment climate in the country which has now become more rule driven.

Trade deficit greater concern than rupee, says Niti Aayog vice-chairman Rajiv Kumar

Asian markets mostly rose Wednesday before keenly awaited trade talks between China and the United States, while early worries over a double whammy for Donald Trump also eased.

While not expecting a major deal when officials from Beijing and Washington meet, investors are hopeful they can find a way out of the months-long row that has seen tariffs imposed on billions of dollars of goods and stock markets tumble.

Recent comments from US Commerce Secretary Wilbur Ross, signalling plans to delay a final decision on whether to impose duties on auto imports, have also provided some cheer.

Tokyo and Hong Kong both ended 0.6 per cent higher, while Seoul and Taipei each put on 0.1 per cent and Wellington closed up 0.5 per cent. Manila and Jakarta were also well up.

However, Shanghai finished 0.7 per cent down while Sydney shed 0.3 per cent, with political uncertainty in Canberra adding to selling pressure.

The day had started with a wobble as the US president's legal troubles deepened when his long-time personal lawyer Michael Cohen admitted several charges including illegally using campaign contributions to pay off a porn star and a Playboy model ahead of the 2016 election.

Cohen also said he had been directed to do so "at the direction of a candidate for federal office" and with the aim of influencing the election.

The claim could put Trump in legal jeopardy and raises the prospect that Cohen is about to open up to lawyers for the Russia investigation.

Pound bounce

Also Tuesday, the tycoon's one-time campaign chairman Paul Manafort was convicted on eight counts, including bank fraud, tax fraud and a failure to declare foreign bank accounts.

However, Richard Harris, chief executive officer at Port Shelter Investment Management, said he thought Trump would ride out the storm.

"I don't think that what we saw... in terms of Manafort and Cohen are necessarily fatal to the president," he told Bloomberg TV.

"There are quite a lot of things that could continue and he could still ride them out. It takes an awful lot to impeach a president and it may take an awful lot for Trump not to be elected for a second term."

On currency markets the dollar continued to stutter after Trump's negative remarks about the Federal Reserve's interest rate rises, extending losses against most other units.

The pound was one of the best performers against the greenback, breaking above $1.29 for the first time in almost two weeks after top European Union negotiator Michel Barnier said officials would now work non-stop on Brexit talks, which are in their final stage.

But Greg McKenna, chief market strategist at AxiTrader, suggested more pain down the road.

"Barnier essentially said if the UK wants a deal they have to abide by EU rules -- sounds like Brexit in name only and hard to get through the UK Parliament, surely," he said in a commentary.

In early European trade London fell 0.3 per cent, Frankfurt shed 0.3 per cent and Paris was flat.

Tokyo and Hong Kong both ended 0.6 per cent higher, while Seoul and Taipei each put on 0.1 per cent.

Asian markets mostly rose Wednesday before keenly awaited trade talks between China and the United States, while early worries over a double whammy for Donald Trump also eased. While not expecting a major deal when officials from Beijing and Washington meet, investors are hopeful they can find a way out of the months-long row that has seen tariffs imposed on billions of dollars of goods and stock markets tumble. Recent comments from US Commerce Secretary Wilbur Ross, signalling plans to delay a final decision on whether to impose duties on auto imports, have also provided some cheer. Tokyo and Hong Kong both ended 0.6 per cent higher, while Seoul and Taipei each put on 0.1 per cent and Wellington closed up 0.5 per cent. Manila and Jakarta were also well up. However, Shanghai finished 0.7 per cent down while Sydney shed 0.3 per cent, with political uncertainty in Canberra adding to selling pressure. The day had started with a wobble as the US president's legal troubles deepened when his long-time personal lawyer Michael Cohen admitted several charges including illegally using campaign contributions to pay off a porn star and a Playboy model ahead of the 2016 election. Cohen also said he had been directed to do so "at the direction of a candidate for federal office" and with the aim of influencing the election. The claim could put Trump in legal jeopardy and raises the prospect that Cohen is about to open up to lawyers for the Russia investigation. Pound bounce Also Tuesday, the tycoon's one-time campaign chairman Paul Manafort was convicted on eight counts, including bank fraud, tax fraud and a failure to declare foreign bank accounts. However, Richard Harris, chief executive officer at Port Shelter Investment Management, said he thought Trump would ride out the storm. "I don't think that what we saw... in terms of Manafort and Cohen are necessarily fatal to the president," he told Bloomberg TV. "There are quite a lot of things that could continue and he could still ride them out. It takes an awful lot to impeach a president and it may take an awful lot for Trump not to be elected for a second term." On currency markets the dollar continued to stutter after Trump's negative remarks about the Federal Reserve's interest rate rises, extending losses against most other units. The pound was one of the best performers against the greenback, breaking above $1.29 for the first time in almost two weeks after top European Union negotiator Michel Barnier said officials would now work non-stop on Brexit talks, which are in their final stage. But Greg McKenna, chief market strategist at AxiTrader, suggested more pain down the road. "Barnier essentially said if the UK wants a deal they have to abide by EU rules -- sounds like Brexit in name only and hard to get through the UK Parliament, surely," he said in a commentary. In early European trade London fell 0.3 per cent, Frankfurt shed 0.3 per cent and Paris was flat.

Asian markets mostly up ahead of trade talks, Trump fears ease

NITI Aayog Vice Chairman Rajiv Kumar said today that he was more concerned about the rising trade deficit than the falling rupee, and called for efforts to push exports.

He also said that there is a constituency which benefits from strong rupee but it needs to be put on the back foot.

"I don't believe in strong rupee... It will be very difficult for the government to try and push up the rupee," Kumar said at an event organised by industry body CII.

"There is a constituency that benefits from strong rupee...The constituency should be put on the back foot," he added.

The rupee on August 16 had slumped to a lifetime low of 70.32 on strong demand for the US dollar.

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<blockquote class="twitter-tweet" data-lang="en">
Value of rupee is like temperature in thermometer that falls & rises based on certain parameters. It's wrong to say that fall in rupee value will lead to inflation. Value of rupee is just a price depending on supply and demand: Rajiv Kumar, NITI Aayog VC on rupee depreciation <a href="https://t.co/5Vyf7nxocL">pic.twitter.com/5Vyf7nxocL</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1031888952578301954?ref_src=twsrc%5Etfw">August 21, 2018</a></blockquote>
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Kumar further said that economic policy making should not focus only on fiscal deficit number, arguing that large economies like the USA, China and European Union do not give much importance to the fiscal deficit.

"We must shift debate out of fiscal deficit. Countries like the USA, China and the European Union don't give (importance) to it... We need to move from that single, one number (fiscal deficit).

"Nobody is playing by rules, so we should learn to play as it suits our requirements," Kumar insisted.

He said however that some revenue expenditure can be just be brought to zero. The main worry, he added, is the trade deficit.

"I think it will be much better to try and push exports," he noted.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
It is wrong to say that fall in rupee value symbolizes depreciating reputation in market. Value of a country falls or rises depending on the success rate of the country, no. of poor people & the growth of employment in the country: Rajiv Kumar, NITI Aayog VC on rupee depreciation <a href="https://t.co/YkdOUcBdtj">pic.twitter.com/YkdOUcBdtj</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1031888956281970689?ref_src=twsrc%5Etfw">August 21, 2018</a></blockquote>
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Kumar argued that under the current circumstances, tightening fiscal and monetary policy at the same time would be asking for trouble.

He also suggested that India should not boast of being a big economy while negotiating trade deals as the country's per capita income is still low.

He said NITI Aayog will soon come out with development agenda for 'New India 2022'.

"We would like Planning Departments of State governments to work as State NITI Aayog," he said.

Replying to a query, Kumar said nearly all states (excluding four) have signed MoU with the Centre for implementing Ayushman Bharat Healthcare Scheme.

"I met West Bengal chief minister Mamata Banerjee, she is also willing to come on board," he said.&nbsp;

'I think it will be much better to try and push exports,' he noted.

NITI Aayog Vice Chairman Rajiv Kumar said today that he was more concerned about the rising trade deficit than the falling rupee, and called for efforts to push exports. He also said that there is a constituency which benefits from strong rupee but it needs to be put on the back foot. "I don't believe in strong rupee... It will be very difficult for the government to try and push up the rupee," Kumar said at an event organised by industry body CII. "There is a constituency that benefits from strong rupee...The constituency should be put on the back foot," he added. The rupee on August 16 had slumped to a lifetime low of 70.32 on strong demand for the US dollar. Value of rupee is like temperature in thermometer that falls & rises based on certain parameters. It's wrong to say that fall in rupee value will lead to inflation. Value of rupee is just a price depending on supply and demand: Rajiv Kumar, NITI Aayog VC on rupee depreciation pic.twitter.com/5Vyf7nxocL — ANI (@ANI) August 21, 2018 × Kumar further said that economic policy making should not focus only on fiscal deficit number, arguing that large economies like the USA, China and European Union do not give much importance to the fiscal deficit. "We must shift debate out of fiscal deficit. Countries like the USA, China and the European Union don't give (importance) to it... We need to move from that single, one number (fiscal deficit). "Nobody is playing by rules, so we should learn to play as it suits our requirements," Kumar insisted. He said however that some revenue expenditure can be just be brought to zero. The main worry, he added, is the trade deficit. "I think it will be much better to try and push exports," he noted. It is wrong to say that fall in rupee value symbolizes depreciating reputation in market. Value of a country falls or rises depending on the success rate of the country, no. of poor people & the growth of employment in the country: Rajiv Kumar, NITI Aayog VC on rupee depreciation pic.twitter.com/YkdOUcBdtj — ANI (@ANI) August 21, 2018 × Kumar argued that under the current circumstances, tightening fiscal and monetary policy at the same time would be asking for trouble. He also suggested that India should not boast of being a big economy while negotiating trade deals as the country's per capita income is still low. He said NITI Aayog will soon come out with development agenda for 'New India 2022'. "We would like Planning Departments of State governments to work as State NITI Aayog," he said. Replying to a query, Kumar said nearly all states (excluding four) have signed MoU with the Centre for implementing Ayushman Bharat Healthcare Scheme. "I met West Bengal chief minister Mamata Banerjee, she is also willing to come on board," he said.

Trade deficit greater concern than falling rupee: NITI Aayog VC

Equity benchmark indices opened at record highs on Tuesday, tracking positive cues in the international markets.

While the Sensex hit an all-time high of 38,402 rising 124 points from yesterday's close, the Nifty rose 30 points to a new peak of 11,581 after climbing 30 points from its previous close. The BSE midcap and small-cap indices were trading 0.40% and 0.26% higher, respectively.

At 9.21 am, the BSE Sensex was trading 27.19 points or 0.07% higher at 38,305.94, whereas the broader NSE Nifty was up 16.85 points or 0.15% to 11,568.60.

The rupee too opened higher by 17 paise at 69.65 today compared to Monday's close of 69.82 level to the dollar. 
 
(With inputs from agencies)

While the Sensex hit an all time high of 38,402 rising 124 points from yesterday's close, the Nifty rose 30 points to new peak of 11,581 after climbing 30 points from its previous close.

Equity benchmark indices opened at record highs on Tuesday, tracking positive cues in the international markets. While the Sensex hit an all-time high of 38,402 rising 124 points from yesterday's close, the Nifty rose 30 points to a new peak of 11,581 after climbing 30 points from its previous close. The BSE midcap and small-cap indices were trading 0.40% and 0.26% higher, respectively. At 9.21 am, the BSE Sensex was trading 27.19 points or 0.07% higher at 38,305.94, whereas the broader NSE Nifty was up 16.85 points or 0.15% to 11,568.60. The rupee too opened higher by 17 paise at 69.65 today compared to Monday's close of 69.82 level to the dollar. (With inputs from agencies)

Sensex, Nifty hit record highs in early trade, auto stocks gain

The rupee rose to its highest level<a href="http://wionews.com/business-&-economy/rupee-recovers-38-paise-against-us-dollar-in-early-trade-160309"> in the last one week after US president</a> criticised US Federal Reserve for hiking interest rates saying he was "not thrilled".

Extending its rising streak on Tuesday, the rupee appreciated 24 paise against the US dollar to 69.58 in early trade today.

The rupee's rise was highest since August 13th. On Monday, the rupee made a&nbspstrong comeback from its lifetime low and ended with a gain of 33 paise at 69.82 on heavy dollar unwinding and a robust rally in domestic equities.

The benchmark BSE Sensex also rose on Tuesday at 124.21 points, or 0.32 per cent to hit its all-time high of 38,402.96.

The NSE Nifty too scaled a new peak of 11,581.75 in early trade.

The benchmark BSE Sensex also rose on Tuesday at 124.21 points,

The rupee rose to its highest level in the last one week after US president criticised US Federal Reserve for hiking interest rates saying he was "not thrilled". Extending its rising streak on Tuesday, the rupee appreciated 24 paise against the US dollar to 69.58 in early trade today. The rupee's rise was highest since August 13th. On Monday, the rupee made a&nbspstrong comeback from its lifetime low and ended with a gain of 33 paise at 69.82 on heavy dollar unwinding and a robust rally in domestic equities. The benchmark BSE Sensex also rose on Tuesday at 124.21 points, or 0.32 per cent to hit its all-time high of 38,402.96. The NSE Nifty too scaled a new peak of 11,581.75 in early trade.

Rupee rises to one week high

WhatsApp CEO Chris Daniels is visiting India this week and is likely to meet IT Minister Ravi Shankar Prasad, as the company attempts to address concerns around fake news on its messaging platform which have led to horrific crimes like mob-lynching.&nbsp

According to sources, Daniels will be in India for 4-5 days, starting tomorrow, and meet business and government officials during his visit. He is also likely to meet Prasad tomorrow, although this could not be independently confirmed with the company.&nbsp

Emails sent to WhatsApp did not elicit any response. One of the persons aware of the proposed visit said that WhatsApp officials plan to discuss measures being undertaken to counter the issue of fake news on its platform as well as the impending launch of its payments services in the country.&nbsp

Government officials -- who confirmed that a meeting has indeed been sought -- said the ministry, on its part, will reiterate its demand of WhatsApp establishing a set-up in India and also addressing the issue of traceability of messages. Last month, WhatsApp top executives including COO Matthew Idema had met IT Secretary and other Indian government officials to outline various steps being taken by the company to tackle fake news in India. Over the past few months, fake messages circulating on WhatsApp have incited incidents of mob fury across parts of India.&nbsp

The government has sent out two notices to the Facebook-owned company directing it to take urgent measures to curb false information and rumours being spread on the messaging platform.&nbsp

The IT ministry has, in the past, said that the platform cannot escape its responsibility for such rampant abuse and needed to find originators of provocative messages. It had also warned that in the absence of adequate checks, it will treat the messaging platform as abettor of rumour propagation and legal consequences will follow.&nbsp

In its response, WhatsApp has informed the government that it is building a local team, including India head, as part of steps to check fake news circulation even as it did not meet the key demand of identifying message originators.&nbsp

Apart from education and advocacy programmes, WhatsApp has also introduced new features to let its users identify forwarded messages, restricted number of forwards at a time, and brought out full-page ads giving "easy tips" to spot fake news.&nbsp

Emails sent to WhatsApp did not elicit any response. One of the persons aware of the proposed visit said that WhatsApp officials plan to discuss measures being undertaken to counter the issue of fake news on its platform as well as the impending launch of its payments services in the country.

WhatsApp CEO Chris Daniels is visiting India this week and is likely to meet IT Minister Ravi Shankar Prasad, as the company attempts to address concerns around fake news on its messaging platform which have led to horrific crimes like mob-lynching. According to sources, Daniels will be in India for 4-5 days, starting tomorrow, and meet business and government officials during his visit. He is also likely to meet Prasad tomorrow, although this could not be independently confirmed with the company. Emails sent to WhatsApp did not elicit any response. One of the persons aware of the proposed visit said that WhatsApp officials plan to discuss measures being undertaken to counter the issue of fake news on its platform as well as the impending launch of its payments services in the country. Government officials -- who confirmed that a meeting has indeed been sought -- said the ministry, on its part, will reiterate its demand of WhatsApp establishing a set-up in India and also addressing the issue of traceability of messages. Last month, WhatsApp top executives including COO Matthew Idema had met IT Secretary and other Indian government officials to outline various steps being taken by the company to tackle fake news in India. Over the past few months, fake messages circulating on WhatsApp have incited incidents of mob fury across parts of India. The government has sent out two notices to the Facebook-owned company directing it to take urgent measures to curb false information and rumours being spread on the messaging platform. The IT ministry has, in the past, said that the platform cannot escape its responsibility for such rampant abuse and needed to find originators of provocative messages. It had also warned that in the absence of adequate checks, it will treat the messaging platform as abettor of rumour propagation and legal consequences will follow. In its response, WhatsApp has informed the government that it is building a local team, including India head, as part of steps to check fake news circulation even as it did not meet the key demand of identifying message originators. Apart from education and advocacy programmes, WhatsApp has also introduced new features to let its users identify forwarded messages, restricted number of forwards at a time, and brought out full-page ads giving "easy tips" to spot fake news.

WhatsApp CEO Chris Daniels on India visit this week, may meet IT Minister

The United Forum of Reserve Bank Officers and employees has announced that its members will observe two days mass casual leave on September 4 and 5, in a bid to press for their long-pending demands over pension-related issues.

According to a press release, United Forum on Monday held a silent demonstration near the RBI office here which witnessed the participation of various leaders.

"To express deep resentment at the attitude of the officials of the Government of India, RBI staff members have waited too long and the limit of patience is crossing and are left with no alternative but to observe two consecutive days strike action ( Mass casual leave on 4 and 5 September, 2018)," it said.

The forum will also submit a memorandum to the respective regional directors of all RBI centres on 27 August.

The demands include updating of pension for contributory provident fund retainers and allow CPF/ additional provident fund for those recruited from 2012, among other demands.

(With inputs from PTI)

According to a press release, United Forum on Monday held a silent demonstration near the RBI office here which witnessed the participation of various leaders.

The United Forum of Reserve Bank Officers and employees has announced that its members will observe two days mass casual leave on September 4 and 5, in a bid to press for their long-pending demands over pension-related issues. According to a press release, United Forum on Monday held a silent demonstration near the RBI office here which witnessed the participation of various leaders. "To express deep resentment at the attitude of the officials of the Government of India, RBI staff members have waited too long and the limit of patience is crossing and are left with no alternative but to observe two consecutive days strike action ( Mass casual leave on 4 and 5 September, 2018)," it said. The forum will also submit a memorandum to the respective regional directors of all RBI centres on 27 August. The demands include updating of pension for contributory provident fund retainers and allow CPF/ additional provident fund for those recruited from 2012, among other demands. (With inputs from PTI)

RBI staff to go on mass casual leaves on 4 and 5 September over pension issues

Market benchmarks Sensex and Nifty extended their rise for the third straight session today, though gains were marginal, and closed at fresh closing highs on buying in pharma and IT stocks amid optimism over US-China trade talks.&nbsp;

The BSE Sensex edged higher by 7 points and managed to end at a new peak of 38,285.75, surpassing its previous record closing of 38,278.75 hit yesterday.&nbsp;

The 30-share index also went on to hit its lifetime high (intra-day) at 38,402.96 in day's trade. Its previous intra-day high was 38,340.69, reached yesterday. During the day, it touched a low of 38,213.87.

The broader NSE Nifty also logged its fresh closing high of 11,570.90, up 19.15 points, or 0.17 per cent. The 50-issue index surpassed its previous record closing of 11,551.75, marked yesterday. The Nifty also met its intra-day record high at 11,581.75, breaking its previous day's record of 11,565.30. The index slipped to a low of 11,539.60 during the day's trade.

Unabated buying by domestic institutional investors (DIIs) and positive sentiment in world markets helped domestic markets scale fresh highs today, brokers said.

Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome. The tariff war between them has been keeping global markets uncertain for a while now.&nbsp;

But, the trade talks between the two major economies, which are scheduled to take place through Tuesday and Wednesday this week, have led to an improvement in market sentiments, they added.

Among the Sensex constituents, Coal India was the top gainer by climbing 2.59 per cent to close at Rs 291.55 after reports indicated that the government is planning to sell some minority stake in the company.

Other gainers included Axis Bank 1.92 per cent, NTPC 1.70 per cent, Sun Pharma 1.69 per cent, Wipro 1.48 per cent, RIL 0.94 per cent, ONGC 0.71 per cent, Maruti Suzuki 0.32 per cent, TCS 0.16 per cent, ICICI Bank 0.16 per cent and Hero Motocorp 0.14 per cent, helping the index scale record high levels.

Lupin rose 2.23 per cent after the company today said it has received final approval from the USFDA to market Hydrocortisone Butyrate lotion, used for the treatment of mild atopic dermatitis in patients 3 months of age and older.

Profit-booking in index major Tata Steel pulled it 2.86 per cent, while HUL fell 1.30 per cent, Vedanta 1.17 per cent, M&M 1.12 per cent, Bharti Airtel 0.72 per cent, Yes Bank 0.72 per cent, IndusInd Bank 0.71 per cent, Kotak

Bank 0.66 per cent, Asian Paint 0.48 per cent, HDFC 0.38 per cent, Bajaj Auto 0.24 per cent and SBI 0.21 per cent.

The broader markets also displayed a firm trend with mid-cap index rising by 0.52 per cent and small-cap index by 0.34 per cent.

Among the BSE sectoral indices, power index rose the most by surging 1.55 per cent, followed by healthcare 1.12 per cent, energy 0.72 per cent, IT 0.45 per cent, teck 0.38 per cent, capital goods 0.26 per cent, infrastructure 0.19 per cent, PSU 0.12 per cent and oil & gas 0.11 per cent.

While realty fell 1.45 per cent, metal 0.41 per cent, consumer durables 0.35 per cent, FMCG 0.06 per cent, auto 0.05 per cent and bankex 0.01 per cent.

Globally, Asian and European shares rose on optimism over trade talks between the United States and China. The immediate focus was on the lower-level trade talks, due to start this week, between the United States and China.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 593.22 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 483.04 crore yesterday, provisional data showed.&nbsp;

However, this week will also see the imposition of 25 per cent tariffs on USD 16 billion worth of Chinese imports, an action by the Trump administration that China has said it would retaliate against.

Among key Asian indices, Shanghai Composite Index moved up 1.31 per cent, Hong Kong's Hang Seng rose 0.56 per cent and Japan's Nikkei was up 0.09 per cent.

Among European markets, Frankfurt's DAX rose 0.69 per cent and Paris CAC 40 moved up 0.74 per cent in their early session. London's FTSE, however, was down 0.41 per cent.&nbsp;

US stocks closed higher for a third session yesterday as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion.

India's BSE and NSE will be closed tomorrow on account of 'Bakri Id' holiday.&nbsp;

Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.

Market benchmarks Sensex and Nifty extended their rise for the third straight session today, though gains were marginal, and closed at fresh closing highs on buying in pharma and IT stocks amid optimism over US-China trade talks. The BSE Sensex edged higher by 7 points and managed to end at a new peak of 38,285.75, surpassing its previous record closing of 38,278.75 hit yesterday. The 30-share index also went on to hit its lifetime high (intra-day) at 38,402.96 in day's trade. Its previous intra-day high was 38,340.69, reached yesterday. During the day, it touched a low of 38,213.87. The broader NSE Nifty also logged its fresh closing high of 11,570.90, up 19.15 points, or 0.17 per cent. The 50-issue index surpassed its previous record closing of 11,551.75, marked yesterday. The Nifty also met its intra-day record high at 11,581.75, breaking its previous day's record of 11,565.30. The index slipped to a low of 11,539.60 during the day's trade. Unabated buying by domestic institutional investors (DIIs) and positive sentiment in world markets helped domestic markets scale fresh highs today, brokers said. Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome. The tariff war between them has been keeping global markets uncertain for a while now. But, the trade talks between the two major economies, which are scheduled to take place through Tuesday and Wednesday this week, have led to an improvement in market sentiments, they added. Among the Sensex constituents, Coal India was the top gainer by climbing 2.59 per cent to close at Rs 291.55 after reports indicated that the government is planning to sell some minority stake in the company. Other gainers included Axis Bank 1.92 per cent, NTPC 1.70 per cent, Sun Pharma 1.69 per cent, Wipro 1.48 per cent, RIL 0.94 per cent, ONGC 0.71 per cent, Maruti Suzuki 0.32 per cent, TCS 0.16 per cent, ICICI Bank 0.16 per cent and Hero Motocorp 0.14 per cent, helping the index scale record high levels. Lupin rose 2.23 per cent after the company today said it has received final approval from the USFDA to market Hydrocortisone Butyrate lotion, used for the treatment of mild atopic dermatitis in patients 3 months of age and older. Profit-booking in index major Tata Steel pulled it 2.86 per cent, while HUL fell 1.30 per cent, Vedanta 1.17 per cent, M&M 1.12 per cent, Bharti Airtel 0.72 per cent, Yes Bank 0.72 per cent, IndusInd Bank 0.71 per cent, Kotak Bank 0.66 per cent, Asian Paint 0.48 per cent, HDFC 0.38 per cent, Bajaj Auto 0.24 per cent and SBI 0.21 per cent. The broader markets also displayed a firm trend with mid-cap index rising by 0.52 per cent and small-cap index by 0.34 per cent. Among the BSE sectoral indices, power index rose the most by surging 1.55 per cent, followed by healthcare 1.12 per cent, energy 0.72 per cent, IT 0.45 per cent, teck 0.38 per cent, capital goods 0.26 per cent, infrastructure 0.19 per cent, PSU 0.12 per cent and oil & gas 0.11 per cent. While realty fell 1.45 per cent, metal 0.41 per cent, consumer durables 0.35 per cent, FMCG 0.06 per cent, auto 0.05 per cent and bankex 0.01 per cent. Globally, Asian and European shares rose on optimism over trade talks between the United States and China. The immediate focus was on the lower-level trade talks, due to start this week, between the United States and China. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 593.22 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 483.04 crore yesterday, provisional data showed. However, this week will also see the imposition of 25 per cent tariffs on USD 16 billion worth of Chinese imports, an action by the Trump administration that China has said it would retaliate against. Among key Asian indices, Shanghai Composite Index moved up 1.31 per cent, Hong Kong's Hang Seng rose 0.56 per cent and Japan's Nikkei was up 0.09 per cent. Among European markets, Frankfurt's DAX rose 0.69 per cent and Paris CAC 40 moved up 0.74 per cent in their early session. London's FTSE, however, was down 0.41 per cent. US stocks closed higher for a third session yesterday as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion. India's BSE and NSE will be closed tomorrow on account of 'Bakri Id' holiday.

Sensex, Nifty hit fresh highs on global optimism

India's current account deficit (CAD) will widen to 2.5 per cent of the GDP in the current fiscal due to higher oil prices that has been accentuated by rupee depreciation, Moody's and other experts have said. 
 
The Rupee last week dropped to a record low of 70.32 to a US dollar as political turmoil in Turkey and concerns about China's economic health continued to support safe-haven assets and weighed on emerging market currencies. 
 
Joy Rankothge, Vice President - Senior Analyst, Moody's Investors Service said while the weaker rupee will benefit exports at the margins, it is unlikely to reverse the trade deficit, which hit a five year high of US $18.02 billion in July. 
 
"India's current account deficit is likely to widen to 2.5 per cent in FY 2018-19, up from 1.5 per cent in fiscal 2017 due to higher oil prices and strong non-oil import demand as domestic demand accelerates," he said. "Net oil imports accounted for 2.6 per cent of GDP in FY 2017-18 and will increase further in fiscal 2019." 
 
Rajiv Biswas, APAC Chief Economist, IHS Markit, said the significant depreciation of the rupee against the US dollar since the beginning of 2018 reflects a number of factors. 
 
"A key driver has been gradual US Fed monetary policy tightening, which has resulted in the US dollar appreciation against many other currencies globally. However, the rupee weakness also reflects India's widening current account deficit as higher world oil prices have pushed up oil import costs. 
 
"A further negative for the INR is that a number of economic crises in large emerging markets including Argentina, Venezuela, and Turkey, have made global investors more cautious about emerging markets currencies and equities," he said.

Sunil Sinha, Principal Economist, India Ratings and Research, said the rupee depreciation will have both positive and negative impact on the economy. 
 
"On the negative side, it will increase the oil import bill leading to higher current account deficit. Also, costly oil import would seep into the economy via higher inflation, make infra and other projects, which have a large import content, expensive and will even make critical imported defence items more expensive," Sinha said. 
 
On the positive side, he said as an overvalued rupee was hurting export competitiveness, it will improve the export competitiveness of Indian goods and services. Also, it will improve the top line/bottom line of the companies especially export-oriented IT/IT services companies. 
 
"Net-net it may inflict some pain in the short run, but would lead to gain in the medium to long-term," he said. 
 
Rankothge said Moody's expect the ongoing cyclical recovery in growth to continue with GDP growth averaging around 7.4 per cent this year and next driven by the underlying growth momentum in the economy, pre-election spending and a pickup in rural demand to largely offset the impacts of a weaker rupee and rising oil prices. 
 
"From a sovereign risk perspective, low foreign currency debt and long average debt maturity minimize exposures to rising rates and currency weakness," he said. 
 
Sinha said trade position may worsen in the short term because of the oil/other items import bill rising immediately, while the benefit of export competitiveness benefiting the economy largely in the medium to long-term. 
 
"CAD to come under pressure this fiscal. India Ratings expects CAD to touch 2.6 per cent of GDP in FY19," he said. 
 
Biswas said rupee depreciation is not occurring in isolation, as many other emerging markets currencies have also shown significant depreciation against the US dollar this year, including the Chinese yuan, Indonesian rupiah and Malaysian ringgit. 
 
"The Turkish lira has crashed by 40 per cent against the US dollar since the beginning of 2018, as that nation is engulfed by a financial crisis. Therefore, India's relative competitiveness against many emerging markets competitors has not improved that much despite the rupee depreciation against the US dollar," he said. 
 
Biswas said a further widening of the CAD is expected in 2018-19 to around 2.4 per cent of GDP, due to a further increase in the oil import bill and the impact of rupee depreciation on import costs.

The Rupee last week dropped to a record low of 70.32 to a US dollar as political turmoil in Turkey and concerns about China's economic health continued to support safe-haven assets and weighed on emerging market currencies.

India's current account deficit (CAD) will widen to 2.5 per cent of the GDP in the current fiscal due to higher oil prices that has been accentuated by rupee depreciation, Moody's and other experts have said. The Rupee last week dropped to a record low of 70.32 to a US dollar as political turmoil in Turkey and concerns about China's economic health continued to support safe-haven assets and weighed on emerging market currencies. Joy Rankothge, Vice President - Senior Analyst, Moody's Investors Service said while the weaker rupee will benefit exports at the margins, it is unlikely to reverse the trade deficit, which hit a five year high of US $18.02 billion in July. "India's current account deficit is likely to widen to 2.5 per cent in FY 2018-19, up from 1.5 per cent in fiscal 2017 due to higher oil prices and strong non-oil import demand as domestic demand accelerates," he said. "Net oil imports accounted for 2.6 per cent of GDP in FY 2017-18 and will increase further in fiscal 2019." Rajiv Biswas, APAC Chief Economist, IHS Markit, said the significant depreciation of the rupee against the US dollar since the beginning of 2018 reflects a number of factors. "A key driver has been gradual US Fed monetary policy tightening, which has resulted in the US dollar appreciation against many other currencies globally. However, the rupee weakness also reflects India's widening current account deficit as higher world oil prices have pushed up oil import costs. "A further negative for the INR is that a number of economic crises in large emerging markets including Argentina, Venezuela, and Turkey, have made global investors more cautious about emerging markets currencies and equities," he said. Sunil Sinha, Principal Economist, India Ratings and Research, said the rupee depreciation will have both positive and negative impact on the economy. "On the negative side, it will increase the oil import bill leading to higher current account deficit. Also, costly oil import would seep into the economy via higher inflation, make infra and other projects, which have a large import content, expensive and will even make critical imported defence items more expensive," Sinha said. On the positive side, he said as an overvalued rupee was hurting export competitiveness, it will improve the export competitiveness of Indian goods and services. Also, it will improve the top line/bottom line of the companies especially export-oriented IT/IT services companies. "Net-net it may inflict some pain in the short run, but would lead to gain in the medium to long-term," he said. Rankothge said Moody's expect the ongoing cyclical recovery in growth to continue with GDP growth averaging around 7.4 per cent this year and next driven by the underlying growth momentum in the economy, pre-election spending and a pickup in rural demand to largely offset the impacts of a weaker rupee and rising oil prices. "From a sovereign risk perspective, low foreign currency debt and long average debt maturity minimize exposures to rising rates and currency weakness," he said. Sinha said trade position may worsen in the short term because of the oil/other items import bill rising immediately, while the benefit of export competitiveness benefiting the economy largely in the medium to long-term. "CAD to come under pressure this fiscal. India Ratings expects CAD to touch 2.6 per cent of GDP in FY19," he said. Biswas said rupee depreciation is not occurring in isolation, as many other emerging markets currencies have also shown significant depreciation against the US dollar this year, including the Chinese yuan, Indonesian rupiah and Malaysian ringgit. "The Turkish lira has crashed by 40 per cent against the US dollar since the beginning of 2018, as that nation is engulfed by a financial crisis. Therefore, India's relative competitiveness against many emerging markets competitors has not improved that much despite the rupee depreciation against the US dollar," he said. Biswas said a further widening of the CAD is expected in 2018-19 to around 2.4 per cent of GDP, due to a further increase in the oil import bill and the impact of rupee depreciation on import costs.

Current account deficit to widen to 2.5% of GDP in FY19 due to higher oil prices, says Moody's, experts

Continuing its rally, the benchmark BSE Sensex rose over 250 points to hit a fresh record high in early trade, and NSE Nifty went past the 11,500-mark for the first time today on widespread gains in capital goods, metal, realty and banking scrips amid firm Asian cues.

The Sensex advanced by 263.06 points, or 0.69 per cent, to hit a new high of 38,210.94, breaking its previous record of 38,076.23 reached on August 9.

The gauge had gained 284.32 points in the previous session on Friday.

NSE Nifty too breached the 11,500 mark, by surging 46.50 points, or 0.40 per cent, to 11,517.25, surging past its previous (intra-day) high of 11,495.20 on August 9.

Besides, fresh inflows by foreign funds and persistent buying by domestic institutional investors (DIIs) and rupee recovery also boosted investor sentiment here, brokers said.

The market rally was powered by strong gains in capital gods, metal, realty, infrastructure, PSU, oil and gas, healthcare, auto and banking stocks, rising up to 2.78 per cent.

Major gainers that helped key indices scale new highs include L&T, ONGC, Yes Bank, Coal India, Tata Motors, Tata Steel, Wipro, Vedanta, SBI, RIL, HUL, HDFC Ltd, Hero MotoCorp and HDFC Bank, rising up to 4.17 per cent.

Meanwhile, Infosys, Bharti Airtel, ITC and TCS were trading in the red, falling up to 2 per cent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 151.89 crore, while foreign portfolio investors (FPIs) bought shares worth a net of Rs 147.31 crore on Friday, provisional data showed.

Traders said positive cues from other Asian markets, tracking gains on the Wall Street fuelled by hopes for an easing of the trade row between the China and the US, influenced sentiments here.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.38 per cent, while Shanghai Composite Index gained 0.15 per cent in their early deals. Japan's Nikkei, however, fell 0.33 per cent.

The US Dow Jones Industrial Average ended 0.43 per cent higher on Friday's trade.&nbsp

Besides, fresh inflows by foreign funds and persistent buying by domestic institutional investors (DIIs) and rupee recovery also boosted investor sentiment here, brokers said.

Continuing its rally, the benchmark BSE Sensex rose over 250 points to hit a fresh record high in early trade, and NSE Nifty went past the 11,500-mark for the first time today on widespread gains in capital goods, metal, realty and banking scrips amid firm Asian cues. The Sensex advanced by 263.06 points, or 0.69 per cent, to hit a new high of 38,210.94, breaking its previous record of 38,076.23 reached on August 9. The gauge had gained 284.32 points in the previous session on Friday. NSE Nifty too breached the 11,500 mark, by surging 46.50 points, or 0.40 per cent, to 11,517.25, surging past its previous (intra-day) high of 11,495.20 on August 9. Besides, fresh inflows by foreign funds and persistent buying by domestic institutional investors (DIIs) and rupee recovery also boosted investor sentiment here, brokers said. The market rally was powered by strong gains in capital gods, metal, realty, infrastructure, PSU, oil and gas, healthcare, auto and banking stocks, rising up to 2.78 per cent. Major gainers that helped key indices scale new highs include L&T, ONGC, Yes Bank, Coal India, Tata Motors, Tata Steel, Wipro, Vedanta, SBI, RIL, HUL, HDFC Ltd, Hero MotoCorp and HDFC Bank, rising up to 4.17 per cent. Meanwhile, Infosys, Bharti Airtel, ITC and TCS were trading in the red, falling up to 2 per cent. Domestic institutional investors (DIIs) bought shares worth a net of Rs 151.89 crore, while foreign portfolio investors (FPIs) bought shares worth a net of Rs 147.31 crore on Friday, provisional data showed. Traders said positive cues from other Asian markets, tracking gains on the Wall Street fuelled by hopes for an easing of the trade row between the China and the US, influenced sentiments here. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.38 per cent, while Shanghai Composite Index gained 0.15 per cent in their early deals. Japan's Nikkei, however, fell 0.33 per cent. The US Dow Jones Industrial Average ended 0.43 per cent higher on Friday's trade.

Sensex hits record high, Nifty breaches 11,500 mark

The rupee today recovered from its all-time low by rising 38 paise to 69.77 against the US dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the greenback by exporters and banks ahead of US-China trade talks this week.

Besides, the dollar weakened against other currencies overseas as demand for the safe-currency receded on optimism over a reduction in US-China trade tensions, helping the domestic currency rebound, forex dealers said.

A higher opening in the equity market also supported the rupee's recovery, they said.

The BSE benchmark Sensex rallied by 178.77 points, or 0.47 per cent, to quote at an all-time high of 38,126.65 (intra-day) in early trade today. The broader NSE Nifty too breached the 11,500-mark for the first time.

The Indian currency had collapsed to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar on Thursday, down by 26 paise or 0.37 per cent.

Forex market was shut on Friday on account of Parsi New Year.

Meanwhile, foreign institutional investors (FIIs) bought stocks worth a net of Rs 147.31 crore, while domestic institutional investors (DIIs) accumulated stocks worth a net of Rs 151.89 crore on Friday.

The BSE benchmark Sensex rallied by 178.77 points, or 0.47 per cent, to quote at an all-time high of 38,126.65 (intra-day) in early trade today. The broader NSE Nifty too breached the 11,500-mark for the first time.

The rupee today recovered from its all-time low by rising 38 paise to 69.77 against the US dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the greenback by exporters and banks ahead of US-China trade talks this week. Besides, the dollar weakened against other currencies overseas as demand for the safe-currency receded on optimism over a reduction in US-China trade tensions, helping the domestic currency rebound, forex dealers said. A higher opening in the equity market also supported the rupee's recovery, they said. The BSE benchmark Sensex rallied by 178.77 points, or 0.47 per cent, to quote at an all-time high of 38,126.65 (intra-day) in early trade today. The broader NSE Nifty too breached the 11,500-mark for the first time. The Indian currency had collapsed to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar on Thursday, down by 26 paise or 0.37 per cent. Forex market was shut on Friday on account of Parsi New Year. Meanwhile, foreign institutional investors (FIIs) bought stocks worth a net of Rs 147.31 crore, while domestic institutional investors (DIIs) accumulated stocks worth a net of Rs 151.89 crore on Friday.

Rupee recovers 38 paise against US dollar in early trade

Gold prices rose on Monday after touching a 19-month low last week as a strengthening currency in China made the metal cheaper for buyers in the world's biggest gold consumer.

Gold has tumbled 13 per cent from an April high as the dollar powered higher against the yuan and other currencies, raising the cost of dollar-priced bullion outside the United States.

That pressure has eased after news of US-China trade talks planned for this week helped lift the yuan from its weakest in 19 months, said Saxo Bank analyst Ole Hansen.

But prices would have to move above $1,200 an ounce for speculative investors who have built large bets on lower prices to be shaken from their positions, he added.

"The bears who have been in control for weeks or even months have no reason to worry," he said.

Spot gold was up 0.3 per cent at $1,187.51 an ounce at 1104 GMT after Thursday's dip to $1,159.96, the lowest since January 2017.

US&nbspgold futures were up 0.8 per cent at $1,194.10 an ounce.

"Value-buying in this oversold territory is highly likely to underpin gold prices," Religare Securities analyst Sugandha Sachdeva said. Lower prices are sparking a revival in demand for physical gold in Asia.

But downward pressure from speculators remains strong.

Bets on lower prices by hedge funds and money managers on the Comex exchange continue to build and outweigh bets on higher prices by 77,273 lots, the largest quantity ever recorded.

Holdings of gold backed exchange-traded funds, meanwhile, have fallen by 4.1 million ounces, or 7 per cent, since late May as investors exited positions.

Technical and momentum indicators suggest gold will fall towards support at its January 2017 low of $1,146.20, said analysts at ScotiaMocatta. Fibonacci resistance was at $1,185.30, they said.

Investors were looking ahead to Friday and a speech by US&nbspFederal Reserve Chairman Jerome Powell at a conference in Jackson Hole in which he might give clues about the pace of U.S. interest rate rises, analysts said.

Any display of caution about rate rises could push the dollar lower and give gold a leg up.

In other precious metals, spot silver was down 0.2 per cent at $14.73 an ounce after hitting its lowest since February 2016 last week.

Platinum rose 1.7 per cent to $795 an ounce but remained close to its lowest in a decade, while palladium, which last week traded at its weakest since July last year, was up 0.4 per cent at $913.81 an ounce.

Gold has tumbled 13 per cent from an April high as the dollar powered higher against the yuan and other currencies, raising the cost of dollar-priced bullion outside the United States.

Gold prices rose on Monday after touching a 19-month low last week as a strengthening currency in China made the metal cheaper for buyers in the world's biggest gold consumer. Gold has tumbled 13 per cent from an April high as the dollar powered higher against the yuan and other currencies, raising the cost of dollar-priced bullion outside the United States. That pressure has eased after news of US-China trade talks planned for this week helped lift the yuan from its weakest in 19 months, said Saxo Bank analyst Ole Hansen. But prices would have to move above $1,200 an ounce for speculative investors who have built large bets on lower prices to be shaken from their positions, he added. "The bears who have been in control for weeks or even months have no reason to worry," he said. Spot gold was up 0.3 per cent at $1,187.51 an ounce at 1104 GMT after Thursday's dip to $1,159.96, the lowest since January 2017. US&nbspgold futures were up 0.8 per cent at $1,194.10 an ounce. "Value-buying in this oversold territory is highly likely to underpin gold prices," Religare Securities analyst Sugandha Sachdeva said. Lower prices are sparking a revival in demand for physical gold in Asia. But downward pressure from speculators remains strong. Bets on lower prices by hedge funds and money managers on the Comex exchange continue to build and outweigh bets on higher prices by 77,273 lots, the largest quantity ever recorded. Holdings of gold backed exchange-traded funds, meanwhile, have fallen by 4.1 million ounces, or 7 per cent, since late May as investors exited positions. Technical and momentum indicators suggest gold will fall towards support at its January 2017 low of $1,146.20, said analysts at ScotiaMocatta. Fibonacci resistance was at $1,185.30, they said. Investors were looking ahead to Friday and a speech by US&nbspFederal Reserve Chairman Jerome Powell at a conference in Jackson Hole in which he might give clues about the pace of U.S. interest rate rises, analysts said. Any display of caution about rate rises could push the dollar lower and give gold a leg up. In other precious metals, spot silver was down 0.2 per cent at $14.73 an ounce after hitting its lowest since February 2016 last week. Platinum rose 1.7 per cent to $795 an ounce but remained close to its lowest in a decade, while palladium, which last week traded at its weakest since July last year, was up 0.4 per cent at $913.81 an ounce.

Gold rises as trade talks lift China's yuan

The BSE Sensex built on gains to close at a fresh record high and the NSE Nifty breached the 11,550 mark for the first time today riding on hectic buying in L&T, Tata Motors, ONGC and HDFC Ltd amid positive leads from global markets.

Extending its winning run for a second day, the 30-share Sensex scaled an all-time high (intra-day) 38,340.69, breaching its previous high of 38,076.23, clocked on August 9.&nbsp&nbsp &nbspFinally, it closed at a fresh high of 38,278.75, surging 330.87 points, or 0.87 per cent, its biggest single session gain since August 3 when it had rallied 391 points. It bettered previous record closing of 38,024.37 reached on August 9.

The index had risen by 284.32 points in the previous session on Friday.

The broader 50-share NSE Nifty also maintained its bull run and went past the 11,500-mark for the first time to touch a new peak of 11,565.30 (intra-day) before settling higher by 81 points, or 0.71 per cent, at a new closing peak of 11,551.75, beating its previous record closing of 11,470.75, recorded in the previous session on August 17. It also broke the previous intra-day record of 11,495.20 hit on August 9.

Sentiments were upbeat on global developments over US-China trade talks due this week, while the rupee rebounding from its historic low of 70.40 against the dollar to 69.60 (intra-day) also supported the key indices and falling crude prices in global markets.

Investors were seen widening their portfolios, triggered by positive global cues, fuelled by hopes for an easing of the trade row between China and the US, brokers said.

Pumping of fresh funds by foreign portfolio investors (FPIs) also supported the rally that lifted both key indices to new highs.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 151.89 crore, while foreign portfolio investors (FPIs) bought shares worth a net of Rs 147.31 crore on Friday, provisional data showed.&nbsp

The BSE Sensex built on gains to close at a fresh record high and the NSE Nifty breached the 11,550 mark for the first time today riding on hectic buying in L&T, Tata Motors, ONGC and HDFC Ltd amid positive leads from global markets

The BSE Sensex built on gains to close at a fresh record high and the NSE Nifty breached the 11,550 mark for the first time today riding on hectic buying in L&T, Tata Motors, ONGC and HDFC Ltd amid positive leads from global markets. Extending its winning run for a second day, the 30-share Sensex scaled an all-time high (intra-day) 38,340.69, breaching its previous high of 38,076.23, clocked on August 9. &nbspFinally, it closed at a fresh high of 38,278.75, surging 330.87 points, or 0.87 per cent, its biggest single session gain since August 3 when it had rallied 391 points. It bettered previous record closing of 38,024.37 reached on August 9. The index had risen by 284.32 points in the previous session on Friday. The broader 50-share NSE Nifty also maintained its bull run and went past the 11,500-mark for the first time to touch a new peak of 11,565.30 (intra-day) before settling higher by 81 points, or 0.71 per cent, at a new closing peak of 11,551.75, beating its previous record closing of 11,470.75, recorded in the previous session on August 17. It also broke the previous intra-day record of 11,495.20 hit on August 9. Sentiments were upbeat on global developments over US-China trade talks due this week, while the rupee rebounding from its historic low of 70.40 against the dollar to 69.60 (intra-day) also supported the key indices and falling crude prices in global markets. Investors were seen widening their portfolios, triggered by positive global cues, fuelled by hopes for an easing of the trade row between China and the US, brokers said. Pumping of fresh funds by foreign portfolio investors (FPIs) also supported the rally that lifted both key indices to new highs. Domestic institutional investors (DIIs) bought shares worth a net of Rs 151.89 crore, while foreign portfolio investors (FPIs) bought shares worth a net of Rs 147.31 crore on Friday, provisional data showed.

Sensex, Nifty soar to fresh highs on global leads

Brent oil stabilised near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to US&nbspsanctions.

Brent crude futures, a benchmark for international oil prices, were at $72.11 per barrel at 0803 GMT, up 28 cents.

US&nbspWest Texas Intermediate (WTI) crude futures were up 3 cents at $65.94 per barrel.

Last week, Brent declined for a third consecutive week, while WTI fell for a seventh week due to concerns about a slowdown in economic growth because of US-Chinese trade tensions and weakness in many emerging economies.

China and the United States will hold trade talks this month, the two governments said late last week, in a bid to resolve an escalating tariff war that threatens to engulf all trade between the world's two largest economies.

Still, White House economic adviser Larry Kudlow warned Beijing not to underestimate President Donald Trump's resolve in what Kudlow called a "battle to eliminate tariffs and non-tariff barriers and quotas, to stop the theft of intellectual property and to stop the forced transfer of technology".

Shanghai crude futures for December delivery, China's most actively traded contract, fell 1.36 per cent to 491.4 yuan per barrel.

"Disappointing industrial data out of China along with concerns over emerging market economies centred on Turkey weighed on commodities," Edward Bell of Emirates NBD bank said in a note on Sunday.

In the United States, energy companies last week kept the oil rig count unchanged at 869, according to the Baker Hughes energy services firm.

"The recent softening in benchmark prices should temper the pace of growth in U.S. exploration and production activity, and lead to slower overall output growth," Bell said.

Traders said US&nbspsanctions against Iran were supporting prices. The US&nbspgovernment has introduced financial sanctions against Iran which, from November, will also target the petroleum sector of OPEC's third largest producer.

Iran told OPEC on Sunday no member country should be allowed to take over another member's share of oil exports and on Monday asked the EU to speed up efforts to save a 2015 nuclear deal between Tehran and major powers.

"We continue to believe that despite all of the political goodwill that may exist in Europe, there is no practical way that many of the sizeable European buyers of Iranian crude can be protected from U.S. sanctions," JBC Energy said in a note.

Traders said US sanctions against Iran were supporting prices.

Brent oil stabilised near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to US&nbspsanctions. Brent crude futures, a benchmark for international oil prices, were at $72.11 per barrel at 0803 GMT, up 28 cents. US&nbspWest Texas Intermediate (WTI) crude futures were up 3 cents at $65.94 per barrel. Last week, Brent declined for a third consecutive week, while WTI fell for a seventh week due to concerns about a slowdown in economic growth because of US-Chinese trade tensions and weakness in many emerging economies. China and the United States will hold trade talks this month, the two governments said late last week, in a bid to resolve an escalating tariff war that threatens to engulf all trade between the world's two largest economies. Still, White House economic adviser Larry Kudlow warned Beijing not to underestimate President Donald Trump's resolve in what Kudlow called a "battle to eliminate tariffs and non-tariff barriers and quotas, to stop the theft of intellectual property and to stop the forced transfer of technology". Shanghai crude futures for December delivery, China's most actively traded contract, fell 1.36 per cent to 491.4 yuan per barrel. "Disappointing industrial data out of China along with concerns over emerging market economies centred on Turkey weighed on commodities," Edward Bell of Emirates NBD bank said in a note on Sunday. In the United States, energy companies last week kept the oil rig count unchanged at 869, according to the Baker Hughes energy services firm. "The recent softening in benchmark prices should temper the pace of growth in U.S. exploration and production activity, and lead to slower overall output growth," Bell said. Traders said US&nbspsanctions against Iran were supporting prices. The US&nbspgovernment has introduced financial sanctions against Iran which, from November, will also target the petroleum sector of OPEC's third largest producer. Iran told OPEC on Sunday no member country should be allowed to take over another member's share of oil exports and on Monday asked the EU to speed up efforts to save a 2015 nuclear deal between Tehran and major powers. "We continue to believe that despite all of the political goodwill that may exist in Europe, there is no practical way that many of the sizeable European buyers of Iranian crude can be protected from U.S. sanctions," JBC Energy said in a note.

Brent oil stabilises at $72 per barrel over economic concerns

Foreign investors have pumped in over Rs 7,500 crore into the Indian capital markets so far this month on better corporate earnings coupled with improvement in crude oil prices.

The latest inflow comes following a net infusion of over Rs 2,300 crore in the capital markets, both equity and debt, last month. Prior to that, overseas investors had pulled out over Rs 61,000 crore during April-June.

According to the latest depository data, foreign portfolio investors (FPIs) pumped in Rs 2,409 crore into equities and Rs 5,168 crore into the debt market during August 1-17, taking the total to Rs 7,577 crore.

The inflows can be attributed to the improvement in some of the underlying factors such as weakness in crude oil prices and better earnings from Indian Inc, said Himanshu Srivastava, Senior Research Analyst at Morningstar.

While this helped the market to make record highs, it would have also prompted FPIs to capitalise on its uptrend.

However, there is a bit of uncertainty and cautiousness among FPIs at the moment, he added. “While the underlying factors are positively inclined, the focus of FPIs would be on their sustainability over the long term,” Srivastava said.

“Trump’s stance on not increasing Fed Rate has changed the rate trajectory expectations and there is a halt on increasing exposure to US debt,” Harsh Jain, COO at Groww.in, said.

“Among the emerging markets, India shows significant signs of stability as IMF forecast has raised its economic outlook on India and the yield on the benchmark bonds has gone up to 7.78 per cent in August. All these factors have attracted investors,” he added.

Overall, so far this year, FPIs have pulled out over Rs 1,500 crore from equities and more than Rs 36,000 crore from the debt markets.

Foreign investors have pumped in over Rs 7,500 crore into the Indian capital markets so far this month on better corporate earnings coupled with improvement in crude oil prices.

Foreign investors have pumped in over Rs 7,500 crore into the Indian capital markets so far this month on better corporate earnings coupled with improvement in crude oil prices. The latest inflow comes following a net infusion of over Rs 2,300 crore in the capital markets, both equity and debt, last month. Prior to that, overseas investors had pulled out over Rs 61,000 crore during April-June. According to the latest depository data, foreign portfolio investors (FPIs) pumped in Rs 2,409 crore into equities and Rs 5,168 crore into the debt market during August 1-17, taking the total to Rs 7,577 crore. The inflows can be attributed to the improvement in some of the underlying factors such as weakness in crude oil prices and better earnings from Indian Inc, said Himanshu Srivastava, Senior Research Analyst at Morningstar. While this helped the market to make record highs, it would have also prompted FPIs to capitalise on its uptrend. However, there is a bit of uncertainty and cautiousness among FPIs at the moment, he added. “While the underlying factors are positively inclined, the focus of FPIs would be on their sustainability over the long term,” Srivastava said. “Trump’s stance on not increasing Fed Rate has changed the rate trajectory expectations and there is a halt on increasing exposure to US debt,” Harsh Jain, COO at Groww.in, said. “Among the emerging markets, India shows significant signs of stability as IMF forecast has raised its economic outlook on India and the yield on the benchmark bonds has gone up to 7.78 per cent in August. All these factors have attracted investors,” he added. Overall, so far this year, FPIs have pulled out over Rs 1,500 crore from equities and more than Rs 36,000 crore from the debt markets.

FPIs' bullish stance continues; inflow at Rs 7,577-cr in August so far

The clean banking drive has started showing result with public sector banks (PSBs) increasingly adopting prudent business approach replacing aggressive lending practices, said Financial Services Secretary Rajiv Kumar.

“The NPA crisis brought opportunity for introduction of responsible and responsive banking. All the PSBs, which have about 75 per cent market share, decided last year to adopt EASE (Enhanced Access & Service Excellence), ushering in paradigm shift in their approach,” he told PTI.

“Gradually, Indian banking system is moving towards new normal that is clean banking,” he said.

To deal with the twin balance sheet challenge, he said, the four Rs — Recognition, Recapitalization, Resolution, and Reform — were put in place.

It yielded rich dividend assisted greatly by implementation of Asset Quality Review and Insolvency and Bankruptcy Code, he said, adding the resolution process brought down non-performing assets (NPAs) by over Rs one lakh crore in the last one year.

Banks in the first quarter of 2018-19 have made a recovery of Rs 36,551 crore, registering 49 per cent growth over the year-ago period.

Highlighting other measures by the government, he said:”Bank accounts of around 2.29 lakh shell companies have been frozen. Banks are already checking for fraud in all bad loans of over Rs 50 crore.

“Passport details have been sought. Another impact is that defaulters have started approaching banks on their own as they have threat of losing control of their business.”

At the same time, the government decided to provide unprecedented Rs 2.11 lakh crore capital support to the banks in order to maintain regulatory capital requirement as per the risk norms, he said.

Consequent to these measures, there are signs of improvement. For example, provision coverage ratio (PCR) of PSBs has gone up to a healthy 63.8 per cent in 2018 from 52.15 per cent in 2016.

Credit offtake of banks improved from 9.6 per cent in end-November 2017 to 11.5 per cent in mid-April 2018.

Kumar also expressed hope that during the course of this financial year, banks would come out of prompt corrective action framework of RBI.

On the financial inclusion front, the Secretary said, it is the key focus area of this government, which is committed to serve the underserved and fund the unfunded.

“We are looking to provide employment opportunities and provide social security coverage to the underserved. There is a clear focus on MSMEs and small enterprises through Mudra. There is a tie-up with 24 e-commerce firms and industry to give loans under Mudra scheme,” he said.

During the first four months of 2018-19, Rs 52,127 crore has been disbursed under the Mudra scheme to 1.04 crore beneficiaries, of which 74 per cent are women, he said.

Today all PSBs have joined Trade Receivables electronic Discounting System (TReDS) and bank credit to MSMEs registered a growth of 9 per cent on an annual basis in May 2018, he said.

Emphasising the importance of Jan Dhan accounts, Kumar said it has become a uniform platform through which most of the government schemes are serviced.

Even Pradhan Mantri Jan Arogya Abhiyan to be launched on September 25 will also be delivered through this architecture, he said.

The clean banking drive has started showing result with public sector banks (PSBs) increasingly adopting prudent business approach replacing aggressive lending practices, said Financial Services Secretary Rajiv Kumar.

The clean banking drive has started showing result with public sector banks (PSBs) increasingly adopting prudent business approach replacing aggressive lending practices, said Financial Services Secretary Rajiv Kumar. “The NPA crisis brought opportunity for introduction of responsible and responsive banking. All the PSBs, which have about 75 per cent market share, decided last year to adopt EASE (Enhanced Access & Service Excellence), ushering in paradigm shift in their approach,” he told PTI. “Gradually, Indian banking system is moving towards new normal that is clean banking,” he said. To deal with the twin balance sheet challenge, he said, the four Rs — Recognition, Recapitalization, Resolution, and Reform — were put in place. It yielded rich dividend assisted greatly by implementation of Asset Quality Review and Insolvency and Bankruptcy Code, he said, adding the resolution process brought down non-performing assets (NPAs) by over Rs one lakh crore in the last one year. Banks in the first quarter of 2018-19 have made a recovery of Rs 36,551 crore, registering 49 per cent growth over the year-ago period. Highlighting other measures by the government, he said:”Bank accounts of around 2.29 lakh shell companies have been frozen. Banks are already checking for fraud in all bad loans of over Rs 50 crore. “Passport details have been sought. Another impact is that defaulters have started approaching banks on their own as they have threat of losing control of their business.” At the same time, the government decided to provide unprecedented Rs 2.11 lakh crore capital support to the banks in order to maintain regulatory capital requirement as per the risk norms, he said. Consequent to these measures, there are signs of improvement. For example, provision coverage ratio (PCR) of PSBs has gone up to a healthy 63.8 per cent in 2018 from 52.15 per cent in 2016. Credit offtake of banks improved from 9.6 per cent in end-November 2017 to 11.5 per cent in mid-April 2018. Kumar also expressed hope that during the course of this financial year, banks would come out of prompt corrective action framework of RBI. On the financial inclusion front, the Secretary said, it is the key focus area of this government, which is committed to serve the underserved and fund the unfunded. “We are looking to provide employment opportunities and provide social security coverage to the underserved. There is a clear focus on MSMEs and small enterprises through Mudra. There is a tie-up with 24 e-commerce firms and industry to give loans under Mudra scheme,” he said. During the first four months of 2018-19, Rs 52,127 crore has been disbursed under the Mudra scheme to 1.04 crore beneficiaries, of which 74 per cent are women, he said. Today all PSBs have joined Trade Receivables electronic Discounting System (TReDS) and bank credit to MSMEs registered a growth of 9 per cent on an annual basis in May 2018, he said. Emphasising the importance of Jan Dhan accounts, Kumar said it has become a uniform platform through which most of the government schemes are serviced. Even Pradhan Mantri Jan Arogya Abhiyan to be launched on September 25 will also be delivered through this architecture, he said.

Clean Banking is new normal for banks, says Rajiv Kumar

US technology giants plan to intensify lobbying efforts against stringent Indian data localisation requirements, which they say will undermine their growth ambitions in India, sources told Reuters.

US trade groups, representing companies such as Amazon, American Express and Microsoft, have opposed India's push to store data locally. That push comes amid rising global efforts to protect user data but is one that could hit planned investments by the firms in the Indian market, where the companies currently have limited data storage.

The issue could further undermine already strained economic relations between India and the United States.

Technology executives and trade groups have discussed approaching Prime Minister Narendra Modi's office to appraise him of their worries. Separately, the industry is considering pitching the issue as a trade concern, including at the India-US talks in September in New Delhi, according to two sources familiar with the matter.

Though a final decision hasn't been made, the deliberations come while the United States and India are locked in a dispute over US tariff increases and on the Indian policy of capping prices of medical devices, which hurts American pharmaceutical companies.

"This issue is important enough to be discussed at the India-US trade level," said Amba Kak, a global public policy adviser at the Internet company Mozilla Corp.

"Data localisation is not just a business concern, it potentially makes government surveillance easier, which is a worry."

&nbsp;Stricter localisation norms would help India get easier access to data when conducting investigations, but critics say it could lead to increased government demands for data access.

Technology firms worry the mandate would hurt their planned investments by raising costs related to setting up new local data centres.

Greater use of digital platforms in India for shopping or social networking have made it a lucrative market for technology companies, but a rising number of data breaches have pushed New Delhi to develop strong data protection rules.

Shamika Ravi, a member of Modi's economic advisory council, said data localisation was a global phenomena and India wasn't an outlier.

"It's in the long term strategic and economic interest," said Ravi, who is also a research director at Brookings India.

Extensive Meetings

The main government committee on data privacy last month proposed a draft law, recommending restrictions on data flows and proposing that all "critical personal data" should be processed only within the country. It would be left to the government to define what qualifies as such data.

Global companies are coming together to push back.

In a meeting last week organised by lobby group US-India Strategic Partnership Forum, executives from Facebook, Mastercard, Visa, American Express, PayPal, Amazon, Microsoft and others discussed plans to approach Indian lawmakers, including Indian parliamentary panels on information technology (IT) and finance, five sources said.

The industry also discussed approaching media and internet groups to explain why data localisation would be bad for India's booming IT, e-commerce and payments landscape, the sources said.

"People are fairly stressed and scared," said an executive working for a multinational technology firm.

&nbsp;The US-India lobby group said it was "nearly impossible" to implement "industry-specific regulations in our global data environment without the ripples being felt". It didn't comment on its recent meeting, but said it will continue facilitating policy discussions.

Mastercard, American Express and Amazon didn't respond to a request for comment, while Facebook, Microsoft, Visa and PayPal declined to comment.

The Indian bill, which was opened for public comments this week, will later go to parliament for approval.

The US-India Business Council, a lobby group that is part of the US Chamber of Commerce, has brought in the Washington-headquartered law firm Covington & Burling to suggest submissions on India's data protection law.

The firm's 43-page draft recommendations, seen by Reuters, listed removing data localisation requirements as a top priority and called New Delhi's proposed move a "protectionist approach".

The US-India Business Council didn't comment on how it would act on the recommendations of Covington & Burling, which declined comment.

The lobby group's president, Nisha Biswal, however said India's draft privacy law was of "great importance," and that the group would share its concerns with the government directly.

Technology firms worry the mandate would hurt their planned investments by raising costs related to setting up new local data centres

US technology giants plan to intensify lobbying efforts against stringent Indian data localisation requirements, which they say will undermine their growth ambitions in India, sources told Reuters. US trade groups, representing companies such as Amazon, American Express and Microsoft, have opposed India's push to store data locally. That push comes amid rising global efforts to protect user data but is one that could hit planned investments by the firms in the Indian market, where the companies currently have limited data storage. The issue could further undermine already strained economic relations between India and the United States. Technology executives and trade groups have discussed approaching Prime Minister Narendra Modi's office to appraise him of their worries. Separately, the industry is considering pitching the issue as a trade concern, including at the India-US talks in September in New Delhi, according to two sources familiar with the matter. Though a final decision hasn't been made, the deliberations come while the United States and India are locked in a dispute over US tariff increases and on the Indian policy of capping prices of medical devices, which hurts American pharmaceutical companies. "This issue is important enough to be discussed at the India-US trade level," said Amba Kak, a global public policy adviser at the Internet company Mozilla Corp. "Data localisation is not just a business concern, it potentially makes government surveillance easier, which is a worry." Stricter localisation norms would help India get easier access to data when conducting investigations, but critics say it could lead to increased government demands for data access. Technology firms worry the mandate would hurt their planned investments by raising costs related to setting up new local data centres. Greater use of digital platforms in India for shopping or social networking have made it a lucrative market for technology companies, but a rising number of data breaches have pushed New Delhi to develop strong data protection rules. Shamika Ravi, a member of Modi's economic advisory council, said data localisation was a global phenomena and India wasn't an outlier. "It's in the long term strategic and economic interest," said Ravi, who is also a research director at Brookings India. Extensive Meetings The main government committee on data privacy last month proposed a draft law, recommending restrictions on data flows and proposing that all "critical personal data" should be processed only within the country. It would be left to the government to define what qualifies as such data. Global companies are coming together to push back. In a meeting last week organised by lobby group US-India Strategic Partnership Forum, executives from Facebook, Mastercard, Visa, American Express, PayPal, Amazon, Microsoft and others discussed plans to approach Indian lawmakers, including Indian parliamentary panels on information technology (IT) and finance, five sources said. The industry also discussed approaching media and internet groups to explain why data localisation would be bad for India's booming IT, e-commerce and payments landscape, the sources said. "People are fairly stressed and scared," said an executive working for a multinational technology firm. The US-India lobby group said it was "nearly impossible" to implement "industry-specific regulations in our global data environment without the ripples being felt". It didn't comment on its recent meeting, but said it will continue facilitating policy discussions. Mastercard, American Express and Amazon didn't respond to a request for comment, while Facebook, Microsoft, Visa and PayPal declined to comment. The Indian bill, which was opened for public comments this week, will later go to parliament for approval. The US-India Business Council, a lobby group that is part of the US Chamber of Commerce, has brought in the Washington-headquartered law firm Covington & Burling to suggest submissions on India's data protection law. The firm's 43-page draft recommendations, seen by Reuters, listed removing data localisation requirements as a top priority and called New Delhi's proposed move a "protectionist approach". The US-India Business Council didn't comment on how it would act on the recommendations of Covington & Burling, which declined comment. The lobby group's president, Nisha Biswal, however said India's draft privacy law was of "great importance," and that the group would share its concerns with the government directly.

US tech firms to boost lobbying against India's push to store data locally

The Ministry of Statistics and Programme Implementation (MoSPI) on Sunday said that the recently released back series data on the Gross Domestic Product (GDP) of the country are not official estimates.

In a press statement, the MoSPI clarified that the data was only meant to help the ministry in taking a decision on using a suitable approach to generating the new back series of GDP data.

In May 2017, the Central Statistics Office (CSO) had revised the base year of the GDP and the Index of Industrial Production (IIP) to 2011-12 from 2004-05.

The MoSPI said that five committees were constituted by the National Statistical Commission (NSC) to examine the issues faced by the various sectors of the economy and to suggest measures needed to tackle them.

These committees held discussions with experts and after finalising their reports, presented them to the NSC in July 2018. The NSC had then "decided to place these reports on the website of MoSPI for wider consultation."

One of those committees, the Committee on Real Sector Statistics looked into the data challenges in bringing out the back series of GDP (base 2011-12) as several new sources had been used for determining the new series that were either not available or not reliable in the base 2004-05 series.

"The Committee approached the data challenges using different approaches," said the statement, adding, "The Committee used the production shift approach and came out with some experimental results to see how the approach compares with the earlier series.

Thus, the estimates in the report are not official estimates and are meant only to facilitate taking a decision on the appropriate approach."

"These recommendations of the NSC Committees will be examined by MoSPI and other experts for deciding on the appropriate methodology to be adopted for generating the Back Series estimates for each sector.

The Advisory Committee on National Accounts Statistics will be deliberating on the Back Series estimates before finalising the same for continuity, consistency and reliability," the statement added.

A report by sub-committee of the NSC on real sector statistics claimed that going by revised GDP measures, the economic growth touched double digits -- 10 per cent -- during UPAs rule in 2006-07.

It was reported in a section of media that according to the report of NSC sub-committee, the average economic growth rate was 8.87 per cent during UPA's first term in 2004-09.

This fell to 7.39 per cent during its second term in 2009-14.

The report further claimed that in comparison to the UPA, the average growth rate during NDA's first four years (2014-18) was 7.35 per cent. (ANI)

In May 2017, the Central Statistics Office (CSO) had revised the base year of the GDP.

The Ministry of Statistics and Programme Implementation (MoSPI) on Sunday said that the recently released back series data on the Gross Domestic Product (GDP) of the country are not official estimates. In a press statement, the MoSPI clarified that the data was only meant to help the ministry in taking a decision on using a suitable approach to generating the new back series of GDP data. In May 2017, the Central Statistics Office (CSO) had revised the base year of the GDP and the Index of Industrial Production (IIP) to 2011-12 from 2004-05. The MoSPI said that five committees were constituted by the National Statistical Commission (NSC) to examine the issues faced by the various sectors of the economy and to suggest measures needed to tackle them. These committees held discussions with experts and after finalising their reports, presented them to the NSC in July 2018. The NSC had then "decided to place these reports on the website of MoSPI for wider consultation." One of those committees, the Committee on Real Sector Statistics looked into the data challenges in bringing out the back series of GDP (base 2011-12) as several new sources had been used for determining the new series that were either not available or not reliable in the base 2004-05 series. "The Committee approached the data challenges using different approaches," said the statement, adding, "The Committee used the production shift approach and came out with some experimental results to see how the approach compares with the earlier series. Thus, the estimates in the report are not official estimates and are meant only to facilitate taking a decision on the appropriate approach." "These recommendations of the NSC Committees will be examined by MoSPI and other experts for deciding on the appropriate methodology to be adopted for generating the Back Series estimates for each sector. The Advisory Committee on National Accounts Statistics will be deliberating on the Back Series estimates before finalising the same for continuity, consistency and reliability," the statement added. A report by sub-committee of the NSC on real sector statistics claimed that going by revised GDP measures, the economic growth touched double digits -- 10 per cent -- during UPAs rule in 2006-07. It was reported in a section of media that according to the report of NSC sub-committee, the average economic growth rate was 8.87 per cent during UPA's first term in 2004-09. This fell to 7.39 per cent during its second term in 2009-14. The report further claimed that in comparison to the UPA, the average growth rate during NDA's first four years (2014-18) was 7.35 per cent. (ANI)

GDP 'back series data' are not official estimates: Centre

Iran told OPEC on Sunday no member country should be allowed to take over another member's share of oil exports, expressing Tehran's concern about Saudi Arabia's offer to pump more oil in the face of US sanctions on Iranian oil sales.

In a meeting with OPEC Secretary-General Mohammad Barkindo, a senior Iranian diplomat urged him to keep the group out of politics.

"No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any licence for such actions," Iran's oil ministry news agency SHANA quoted Kazem Gharibabadi, the permanent envoy to Vienna-based international organizations, as saying.

In May, US&nbspPresident Donald Trump pulled out of an international nuclear deal with Iran and announced sanctions against the OPEC member. Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November.

Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq.

Trump has called on OPEC to pump more oil to bring down prices. Energy ministers of Saudi Arabia, a US&nbspally, and Russia said in May they were prepared to ease output cuts to calm consumer worries about supply.

"Iran believes that OPEC should strongly support its members at this stage and stop the plots of countries trying to politicise this organisation," Gharibabadi said.

Regional rivals Saudi Arabia and Iran are involved in proxy wars, including in Yemen and Syria.

Iran and other signatories of the nuclear deal, including Britain, France, Germany, Russia and China, have been working to find a way to salvage the agreement despite US pressures.

Iran's vice president said on Sunday that the government was seeking solutions to sell oil and transfer its revenues despite fresh US sanctions on Iranian energy and banking sectors.

"We are hopeful that the European countries can meet their commitments but even if they cannot, we are seeking solutions to sell our oil and transfer its revenues,” Eshaq Jahangiri was quoted as saying by the state news agency IRNA.

Jahangiri said European countries had promised to make up for Iran's loss after the new round of US sanctions hit its energy and banking sectors, but did not give more details.

In August, Washington imposed sanctions on acquisition of US dollar bank notes by the government of Iran, Iran’s trade in gold and precious metals, and its automotive sector.

On November 4, Washington will reimpose sanctions on Iran’s oil exports and energy sectors, financial institutions conducting transactions with the Central Bank of Iran, as well as sanctions related to Iran’s port operators and shipping sectors.

In a meeting with OPEC Secretary-General Mohammad Barkindo, a senior Iranian diplomat urged him to keep the group out of politics.

Iran told OPEC on Sunday no member country should be allowed to take over another member's share of oil exports, expressing Tehran's concern about Saudi Arabia's offer to pump more oil in the face of US sanctions on Iranian oil sales. In a meeting with OPEC Secretary-General Mohammad Barkindo, a senior Iranian diplomat urged him to keep the group out of politics. "No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any licence for such actions," Iran's oil ministry news agency SHANA quoted Kazem Gharibabadi, the permanent envoy to Vienna-based international organizations, as saying. In May, US&nbspPresident Donald Trump pulled out of an international nuclear deal with Iran and announced sanctions against the OPEC member. Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq. Trump has called on OPEC to pump more oil to bring down prices. Energy ministers of Saudi Arabia, a US&nbspally, and Russia said in May they were prepared to ease output cuts to calm consumer worries about supply. "Iran believes that OPEC should strongly support its members at this stage and stop the plots of countries trying to politicise this organisation," Gharibabadi said. Regional rivals Saudi Arabia and Iran are involved in proxy wars, including in Yemen and Syria. Iran and other signatories of the nuclear deal, including Britain, France, Germany, Russia and China, have been working to find a way to salvage the agreement despite US pressures. Iran's vice president said on Sunday that the government was seeking solutions to sell oil and transfer its revenues despite fresh US sanctions on Iranian energy and banking sectors. "We are hopeful that the European countries can meet their commitments but even if they cannot, we are seeking solutions to sell our oil and transfer its revenues,” Eshaq Jahangiri was quoted as saying by the state news agency IRNA. Jahangiri said European countries had promised to make up for Iran's loss after the new round of US sanctions hit its energy and banking sectors, but did not give more details. In August, Washington imposed sanctions on acquisition of US dollar bank notes by the government of Iran, Iran’s trade in gold and precious metals, and its automotive sector. On November 4, Washington will reimpose sanctions on Iran’s oil exports and energy sectors, financial institutions conducting transactions with the Central Bank of Iran, as well as sanctions related to Iran’s port operators and shipping sectors.

Iran says no OPEC member can take over its share of oil exports

No ATM will be replenished with cash after 9 pm in cities and 6 pm in rural areas from next year even as two armed guards will accompany crisp notes in transit as per a new directive issued by the Home Ministry.

The deadline for putting money in the ATMs located in Naxal-hit areas is 4 pm while private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armoured vehicles.

In a notification, the Home Ministry said the new Standard Operating Procedures (SoPs) would come into effect from February 8, 2019, in view of the spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to an increased sense of insecurity.

There are over 8,000 privately owned cash vans plying across the country, operated by non-bank private agencies, and they handle over Rs 15,000 crore daily on behalf of banks.

Sometimes, the private agencies keep currency overnight at their cash vaults.

“No cash loading of the ATMs or cash transportation activities shall be done after 9 pm in urban areas, after 6 pm in rural areas and before 9 am or after 4 pm in the districts notified by the central government as Left Wing Extremism affected areas,” the notification said.

The agencies shall provide private security for the cash transportation with the requisite number of trained staff, every cash van shall have one driver, two armed security guards, two ATM officers or custodians.

One armed guard must sit in the front along with the driver and another in the rear portion of the van while in transit.

During loading or unloading, nature’s call, tea or lunch break, at least one armed security guard shall remain present with the cash van all the time.

The ex-serviceman, otherwise eligible, may preferably be appointed for providing security for cash transportation.

Every cash transportation shall be carried out only in secured cash vans fitted with GPS tracking device and it must be ensured that no cash van carries cash of more than Rs 5 crore per trip.

No private security agency shall appoint anyone for the cash transportation unless the person has undergone thorough antecedent check like police, Aadhaar and residence verifications, previous employer check, credit history check and fidelity insurance.

Each of the cash boxes shall be secured to the floor with separate chains and locks that can be opened only by using separate keys kept with different custodians.

The cash van shall be provided with a small CCTV system with at least five days recording facility and three cameras installed in front, rear and inside of the cabin.

A security alarm with GSM-based auto-dialer shall be provided with a motorised siren.

The cash van shall be equipped with hooter, fire extinguishers and emergency lights to ensure quick reaction in case of an attack.

The private security agency will ensure that all cash handling, including counting, sorting, and bundling activities shall be carried out in secured premises in accordance with specific guidelines.

The premises shall be designed to include two physically independent areas, one for general office purpose and other for secured cash processing and handling activities and it shall accommodate space for cash deposit, collection, sorting, counting and delivery and dispatch of cash on secured cash vans.

During loading or unloading, nature’s call, tea or lunch break, at least one armed security guard shall remain present with the cash van all the time.

No ATM will be replenished with cash after 9 pm in cities and 6 pm in rural areas from next year even as two armed guards will accompany crisp notes in transit as per a new directive issued by the Home Ministry. The deadline for putting money in the ATMs located in Naxal-hit areas is 4 pm while private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armoured vehicles. In a notification, the Home Ministry said the new Standard Operating Procedures (SoPs) would come into effect from February 8, 2019, in view of the spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to an increased sense of insecurity. There are over 8,000 privately owned cash vans plying across the country, operated by non-bank private agencies, and they handle over Rs 15,000 crore daily on behalf of banks. Sometimes, the private agencies keep currency overnight at their cash vaults. “No cash loading of the ATMs or cash transportation activities shall be done after 9 pm in urban areas, after 6 pm in rural areas and before 9 am or after 4 pm in the districts notified by the central government as Left Wing Extremism affected areas,” the notification said. The agencies shall provide private security for the cash transportation with the requisite number of trained staff, every cash van shall have one driver, two armed security guards, two ATM officers or custodians. One armed guard must sit in the front along with the driver and another in the rear portion of the van while in transit. During loading or unloading, nature’s call, tea or lunch break, at least one armed security guard shall remain present with the cash van all the time. The ex-serviceman, otherwise eligible, may preferably be appointed for providing security for cash transportation. Every cash transportation shall be carried out only in secured cash vans fitted with GPS tracking device and it must be ensured that no cash van carries cash of more than Rs 5 crore per trip. No private security agency shall appoint anyone for the cash transportation unless the person has undergone thorough antecedent check like police, Aadhaar and residence verifications, previous employer check, credit history check and fidelity insurance. Each of the cash boxes shall be secured to the floor with separate chains and locks that can be opened only by using separate keys kept with different custodians. The cash van shall be provided with a small CCTV system with at least five days recording facility and three cameras installed in front, rear and inside of the cabin. A security alarm with GSM-based auto-dialer shall be provided with a motorised siren. The cash van shall be equipped with hooter, fire extinguishers and emergency lights to ensure quick reaction in case of an attack. The private security agency will ensure that all cash handling, including counting, sorting, and bundling activities shall be carried out in secured premises in accordance with specific guidelines. The premises shall be designed to include two physically independent areas, one for general office purpose and other for secured cash processing and handling activities and it shall accommodate space for cash deposit, collection, sorting, counting and delivery and dispatch of cash on secured cash vans.

No cash loading in ATMs after 9 PM in urban, 6 pm in rural areas

Volkswagen Chief Executive Herbert Diess was told about the existence of cheating software in cars two months before regulators blew the whistle on a multi-billion exhaust emissions scandal, German magazine Der Spiegel said.

Der Spiegel's story, based on recently unsealed documents from the Braunschweig prosecutor's office, raises questions about whether VW informed investors in a timely manner about the scope of a scandal which it said has cost it more than $27 billion in penalties and fines.

The Braunschweig prosecutor's office was not reachable for comment on Saturday.

Volkswagen's senior management, which has denied wrongdoing, is being investigated by prosecutors in Braunschweig, near where Volkswagen is headquartered, to see whether the company violated disclosure rules.

US&nbspregulators exposed VW’s cheating on September 18, 2015.

Responding to the magazine report, the carmaker reiterated on Saturday that the management board had not violated its disclosure duties, and had decided to not inform investors earlier because they had failed to grasp the scope of the potential fines and penalties.

Citing documents unsealed by the Braunschweig prosecutor's office, Der Spiegel said Diess was present at a meeting on July 27, 2015 when senior engineers and executives discussed how to deal with U.S. regulators, who were threatening to ban VW cars because of excessive pollution levels.

Diess, who was VW's brand chief at the time, became chief executive of Volkswagen Group in April this year. Volkswagen also owns the Scania, Skoda, Audi, Porsche, Bentley, Bugatti, Lamborghini and Ducati brands.

The US Environmental Protection Agency (EPA) had found unusually high pollution levels in VW's vehicles and was threatening to withhold road certification for new cars until VW explained why pollution levels were too high.

Diess, who had defected from BMW to become head of the VW brand on July 1, 2015, joined the July 27 meeting with Volkswagen's then Chief Executive Martin Winterkorn to discuss how to convince regulators that VW's cars could be sold, a VW defence document filed with a court in Braunschweig in February, shows.

Volkswagen on Saturday said both Winterkorn and Diess declined to comment given the ongoing proceedings. A spokesman for Martin Winterkorn declined to comment on Saturday. Winterkorn's lawyer Felix Doerr, could not be reached for comment.

Following this meeting, Winterkorn asked Diess whether BMW too had installed “defeat devices” in its cars, Der Spiegel said.

In the United States, legal engine management software is described as an "auxiliary emissions device" while the term “defeat device” is used to describe only illegal software.

Diess is said to have answered that BMW had not made use of such software, Der Spiegel said.

EVALUATE

Volkswagen said on Saturday: "The contents of the discussion, where Martin Winterkorn and Herbert Diess were present, cannot be fully reconstructed, because the recollections of the people who were present partially deviate."

Volkswagen further said it was the task of authorities and courts to evaluate the conflicting statements and to assess whether individual witnesses were credible.

Diess and Winterkorn left the July 27 meeting taking a presentation with them, Der Spiegel further said.

A VW employee intervened and cautioned the managers that it would be better if they were not in possession of the presentation, Der Spiegel said.

Volkswagen said on Saturday the purpose of the July 27 meeting was not to discuss whether Volkswagen had broken US law, but how to resolve the issue of whether new models would be given regulatory clearance.

Volkswagen argued that it had struggled to understand whether its software was in fact illegal, the defence document filed with the Braunschweig court shows.

On July 31, 2015 Volkswagen hired a law firm to help the company understand its regulatory troubles, and lawyers were unsure whether the software would be deemed an illegal “defeat device” in the United States, VW said in the court filing.

The court filing further said that Hans Dieter Poetsch, Volkswagen's finance chief at the time, on September 14, 2015 believed the potential financial risk from regulatory penalties tied to emissions would be around 150 million euros ($172 million).

Hans Dieter Poetsch is now Volkswagen's chairman.

Volkswagen on Saturday reiterated that it had not violated disclosure rules and had informed investors in a timely manner about the financial scope of the scandal when it published an "ad hoc" disclosure notice on September 22, 2015.

Volkswagen said that although it had admitted to using defeat devices to regulators on September 3, 2015 it had assumed that penalties would not exceed 200 million euros, based on the size of fines imposed against rival carmakers who had committed similar regulatory breaches.

Because the company had already accrued sufficient provisions for vehicle recalls to cover this amount, there was no need to inform investors that profits could take a further hit before September 2015, Volkswagen's court filing said.

Der Spiegel's story, based on recently unsealed documents from the Braunschweig prosecutor's office, raises questions about whether VW informed investors in a timely manner about the scope of a scandal.

Volkswagen Chief Executive Herbert Diess was told about the existence of cheating software in cars two months before regulators blew the whistle on a multi-billion exhaust emissions scandal, German magazine Der Spiegel said. Der Spiegel's story, based on recently unsealed documents from the Braunschweig prosecutor's office, raises questions about whether VW informed investors in a timely manner about the scope of a scandal which it said has cost it more than $27 billion in penalties and fines. The Braunschweig prosecutor's office was not reachable for comment on Saturday. Volkswagen's senior management, which has denied wrongdoing, is being investigated by prosecutors in Braunschweig, near where Volkswagen is headquartered, to see whether the company violated disclosure rules. US&nbspregulators exposed VW’s cheating on September 18, 2015. Responding to the magazine report, the carmaker reiterated on Saturday that the management board had not violated its disclosure duties, and had decided to not inform investors earlier because they had failed to grasp the scope of the potential fines and penalties. Citing documents unsealed by the Braunschweig prosecutor's office, Der Spiegel said Diess was present at a meeting on July 27, 2015 when senior engineers and executives discussed how to deal with U.S. regulators, who were threatening to ban VW cars because of excessive pollution levels. Diess, who was VW's brand chief at the time, became chief executive of Volkswagen Group in April this year. Volkswagen also owns the Scania, Skoda, Audi, Porsche, Bentley, Bugatti, Lamborghini and Ducati brands. The US Environmental Protection Agency (EPA) had found unusually high pollution levels in VW's vehicles and was threatening to withhold road certification for new cars until VW explained why pollution levels were too high. Diess, who had defected from BMW to become head of the VW brand on July 1, 2015, joined the July 27 meeting with Volkswagen's then Chief Executive Martin Winterkorn to discuss how to convince regulators that VW's cars could be sold, a VW defence document filed with a court in Braunschweig in February, shows. Volkswagen on Saturday said both Winterkorn and Diess declined to comment given the ongoing proceedings. A spokesman for Martin Winterkorn declined to comment on Saturday. Winterkorn's lawyer Felix Doerr, could not be reached for comment. Following this meeting, Winterkorn asked Diess whether BMW too had installed “defeat devices” in its cars, Der Spiegel said. In the United States, legal engine management software is described as an "auxiliary emissions device" while the term “defeat device” is used to describe only illegal software. Diess is said to have answered that BMW had not made use of such software, Der Spiegel said. EVALUATE Volkswagen said on Saturday: "The contents of the discussion, where Martin Winterkorn and Herbert Diess were present, cannot be fully reconstructed, because the recollections of the people who were present partially deviate." Volkswagen further said it was the task of authorities and courts to evaluate the conflicting statements and to assess whether individual witnesses were credible. Diess and Winterkorn left the July 27 meeting taking a presentation with them, Der Spiegel further said. A VW employee intervened and cautioned the managers that it would be better if they were not in possession of the presentation, Der Spiegel said. Volkswagen said on Saturday the purpose of the July 27 meeting was not to discuss whether Volkswagen had broken US law, but how to resolve the issue of whether new models would be given regulatory clearance. Volkswagen argued that it had struggled to understand whether its software was in fact illegal, the defence document filed with the Braunschweig court shows. On July 31, 2015 Volkswagen hired a law firm to help the company understand its regulatory troubles, and lawyers were unsure whether the software would be deemed an illegal “defeat device” in the United States, VW said in the court filing. The court filing further said that Hans Dieter Poetsch, Volkswagen's finance chief at the time, on September 14, 2015 believed the potential financial risk from regulatory penalties tied to emissions would be around 150 million euros ($172 million). Hans Dieter Poetsch is now Volkswagen's chairman. Volkswagen on Saturday reiterated that it had not violated disclosure rules and had informed investors in a timely manner about the financial scope of the scandal when it published an "ad hoc" disclosure notice on September 22, 2015. Volkswagen said that although it had admitted to using defeat devices to regulators on September 3, 2015 it had assumed that penalties would not exceed 200 million euros, based on the size of fines imposed against rival carmakers who had committed similar regulatory breaches. Because the company had already accrued sufficient provisions for vehicle recalls to cover this amount, there was no need to inform investors that profits could take a further hit before September 2015, Volkswagen's court filing said.

Volkswagen's CEO was told about emissions software months before scandal: Der Spiegel

US-based retail giant Walmart Inc today said it has completed a&nbspdeal with Flipkart and now holds 77 per cent stake in the Indian e-commerce major.

Besides, the Bentonville giant's investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business.

"With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp," a statement said today.

Moving forward, Flipkart's financials will be reported as part of Walmart's International business segment, it added.

"Walmart's investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business. Both companies will retain their unique brands and operating structures in India," the statement noted.

It added that Flipkart's existing management team will continue to lead the business.

"Our investment will benefit India by providing quality, affordable goods for customers while creating new skilled jobs and opportunities for suppliers... We are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in the world," Judith McKenna, president and CEO of Walmart International, said.

Binny Bansal, Flipkart co-founder and group chief executive officer, said by combining Walmart's omnichannel retail expertise, supply-chain knowledge and financial strength with Flipkart's talent, technology and local insights, we are confident that together we can drive the next wave of retail in India".

It added that Flipkart's existing management team will continue to lead the business.

US-based retail giant Walmart Inc today said it has completed a&nbspdeal with Flipkart and now holds 77 per cent stake in the Indian e-commerce major. Besides, the Bentonville giant's investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business. "With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp," a statement said today. Moving forward, Flipkart's financials will be reported as part of Walmart's International business segment, it added. "Walmart's investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business. Both companies will retain their unique brands and operating structures in India," the statement noted. It added that Flipkart's existing management team will continue to lead the business. "Our investment will benefit India by providing quality, affordable goods for customers while creating new skilled jobs and opportunities for suppliers... We are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in the world," Judith McKenna, president and CEO of Walmart International, said. Binny Bansal, Flipkart co-founder and group chief executive officer, said by combining Walmart's omnichannel retail expertise, supply-chain knowledge and financial strength with Flipkart's talent, technology and local insights, we are confident that together we can drive the next wave of retail in India".

Walmart completes deal to acquire 77% stake in Flipkart

Stock markets indices extended gains in the morning session on Friday with BSE Sensex rallying 282 points and NSE Nifty topping 11,464 with blue-chip shares of ITC, Axis Bank and Sun Pharma hitting their respective 52-week highs.

Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 per cent, at 37,926.47. The index had lost 188.44 points in the previous session.

The NSE Nifty&nbspopened well above 11,400 level&nbspat 11,437.15.

All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 per cent.

Major gainers were Vedanta, Tata Steel, ITC, Yes Bank, Adani Ports, Tata Motors, Axis Bank, SDBI, ICICI Bank, RIL and Asian Paints, rising up to 2.13 per cent

While, Wipro, Bharti Airtel, Bajaj Auto and HDFC were trading in the negative zone, falling up to 0.70 per cent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold shares worth a net of Rs 825.08 crore yesterday, provisional data showed.

Investor sentiment turned positive after the US and China agreed to resume trade talks last night, traders said.

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump's demand to drastically reduce the USD 375 billion trade deficit.

Elsewhere in Asia, Japan's Nikkei rose 0.44 per cent and Hong Kong's Hang Seng was up 0.46 per cent, while Shanghai Composite Index was down 0.39 per cent.

US stocks rallied to close higher yesterday. The US Dow Jones Industrial Average ended 1.58 per cent higher yesterday.

(With inputs from PTI)

All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 per cent.

Stock markets indices extended gains in the morning session on Friday with BSE Sensex rallying 282 points and NSE Nifty topping 11,464 with blue-chip shares of ITC, Axis Bank and Sun Pharma hitting their respective 52-week highs. Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 per cent, at 37,926.47. The index had lost 188.44 points in the previous session. The NSE Nifty&nbspopened well above 11,400 level&nbspat 11,437.15. All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 per cent. Major gainers were Vedanta, Tata Steel, ITC, Yes Bank, Adani Ports, Tata Motors, Axis Bank, SDBI, ICICI Bank, RIL and Asian Paints, rising up to 2.13 per cent While, Wipro, Bharti Airtel, Bajaj Auto and HDFC were trading in the negative zone, falling up to 0.70 per cent. Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold shares worth a net of Rs 825.08 crore yesterday, provisional data showed. Investor sentiment turned positive after the US and China agreed to resume trade talks last night, traders said. Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump's demand to drastically reduce the USD 375 billion trade deficit. Elsewhere in Asia, Japan's Nikkei rose 0.44 per cent and Hong Kong's Hang Seng was up 0.46 per cent, while Shanghai Composite Index was down 0.39 per cent. US stocks rallied to close higher yesterday. The US Dow Jones Industrial Average ended 1.58 per cent higher yesterday. (With inputs from PTI)

Sensex jumps 282 points, Nifty tops 11,464

China's Premier Li Keqiang on Thursday said that the country would work on creating reforms and introduce new initiatives to remove hindrances to private investment.&nbsp

Li made the comment during a State Council meeting. He said that new measures would be adopted to boost private investment.&nbsp

"Our economy is showing a stable performance with good momentum for growth. Facing new circumstances and new challenges, we should step up reform, pay attention to emerging problems, plan ahead, and fine-tune policies as necessary to make sure that the economy performs within a proper range," Xinhua quoted Li saying.

Obstacles to private investment in fields such as healthcare and care for the elderly will be reduced or removed, and the government will seek to cut restrictions on land use, funding support and personnel training in these areas, the agency reported on Thursday.

Recent years have witnessed the government's relentless efforts in encouraging private investment. In the first seven months of this year, the total value of private investment reached 22.26 trillion yuan (about 3.32 trillion US dollars), registering a year-on-year growth of 8.8 per cent, 3.3 per cent points higher than overall investment growth, Xinhua reported.&nbsp

This amounts to 62.6 per cent of total investment in the country, making private investment a major pillar of investment growth.

Moreover, China plans to utilise its fiscal and financial policies to support the expansion of domestic demand structural adjustment and boost the development of the real economy.&nbsp

The government will step up efforts to ensure delivery of the state financing guarantee fund, targeting 140 billion yuan of loans for about 150,000 small and micro firms each year, reports further said.

Li made the comment during a State Council meeting. He said that new measures would be adopted to boost private investment.

China's Premier Li Keqiang on Thursday said that the country would work on creating reforms and introduce new initiatives to remove hindrances to private investment. Li made the comment during a State Council meeting. He said that new measures would be adopted to boost private investment. "Our economy is showing a stable performance with good momentum for growth. Facing new circumstances and new challenges, we should step up reform, pay attention to emerging problems, plan ahead, and fine-tune policies as necessary to make sure that the economy performs within a proper range," Xinhua quoted Li saying. Obstacles to private investment in fields such as healthcare and care for the elderly will be reduced or removed, and the government will seek to cut restrictions on land use, funding support and personnel training in these areas, the agency reported on Thursday. Recent years have witnessed the government's relentless efforts in encouraging private investment. In the first seven months of this year, the total value of private investment reached 22.26 trillion yuan (about 3.32 trillion US dollars), registering a year-on-year growth of 8.8 per cent, 3.3 per cent points higher than overall investment growth, Xinhua reported. This amounts to 62.6 per cent of total investment in the country, making private investment a major pillar of investment growth. Moreover, China plans to utilise its fiscal and financial policies to support the expansion of domestic demand structural adjustment and boost the development of the real economy. The government will step up efforts to ensure delivery of the state financing guarantee fund, targeting 140 billion yuan of loans for about 150,000 small and micro firms each year, reports further said.

China Premier says will introduce new measures to boost private investment