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NSE index marked its highest ever close on Friday, helped mainly by financial and consumer staple stocks and as Asian peers recovered on hopes of Sino-US&nbsptrade talks next week.

Cement stocks such as Ramco Cements, Shree Cement, Orient Cement and India Cements surged after the government allowed the <a href="http://www.wionews.com/india-news/government-bans-petcoke-import-for-use-as-fuel-159781">import of </a><a href="http://www.wionews.com/india-news/government-bans-petcoke-import-for-use-as-fuel-159781">petcoke</a><a href="http://www.wionews.com/india-news/government-bans-petcoke-import-for-use-as-fuel-159781"> </a>for use as feedstock in cement, lime kiln, calcium carbide and other industries.

Cash-strapped Jet Airways rose nearly 3 per cent after a report said the company was in talks to raise up to 20 billion rupees against its forward sales. The company early on Friday deferred its first-quarter results to August&nbsp27.

The broader NSE Nifty ended 0.75 per cent higher at 11,470.75. It rose 0.4 per cent over the week.

The benchmark BSE Sensex ended 0.75 per cent higher at 37,947.88. It gained 0.2 per cent over the week.

Cement stocks such as Ramco Cements, Shree Cement, Orient Cement and India Cements surged after the government allowed the import of petcoke for use as feedstock in cement, lime kiln, calcium carbide and other industries.

NSE index marked its highest ever close on Friday, helped mainly by financial and consumer staple stocks and as Asian peers recovered on hopes of Sino-US&nbsptrade talks next week. Cement stocks such as Ramco Cements, Shree Cement, Orient Cement and India Cements surged after the government allowed the import of petcoke for use as feedstock in cement, lime kiln, calcium carbide and other industries. Cash-strapped Jet Airways rose nearly 3 per cent after a report said the company was in talks to raise up to 20 billion rupees against its forward sales. The company early on Friday deferred its first-quarter results to August&nbsp27. The broader NSE Nifty ended 0.75 per cent higher at 11,470.75. It rose 0.4 per cent over the week. The benchmark BSE Sensex ended 0.75 per cent higher at 37,947.88. It gained 0.2 per cent over the week.

Nifty at record close; financials, consumer staples bolster

The rupee plunged even lower Thursday, hitting a <a href="http://www.wionews.com/business-&-economy/rupee-crashes-to-all-time-low-against-us-dollar-159030?first_load=no">new low</a> of 70.32 against the dollar.&nbsp;

The rupee had breached the 70 mark for the first time Tuesday&nbsp;

There are a number of reasons for the rupee's slide against the dollar.&nbsp;

The Turkish lira is in freefall because of its trade spat with the US

China and the US are in the middle of a a full-blown trade war although China announced Thursday that it was sending a negotiator to the US later this month for trade talks.&nbsp;

And of course the prices of crude are up.&nbsp;&nbsp;

India is a massive net importer of oil, securing more than two-thirds of its needs from abroad.&nbsp;

Analysts say the high crude prices are squeezing the rupee, making it less appealing to investors.

The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67.

The fall in the rupee is leading to a widening of India's current account deficit, when the value of imports exceeds the value of exports, they say.

(With inputs from AFP)

The rupee had breached the 70 mark for the first time Tuesday.

The rupee plunged even lower Thursday, hitting a new low of 70.32 against the dollar. The rupee had breached the 70 mark for the first time Tuesday There are a number of reasons for the rupee's slide against the dollar. The Turkish lira is in freefall because of its trade spat with the US China and the US are in the middle of a a full-blown trade war although China announced Thursday that it was sending a negotiator to the US later this month for trade talks. And of course the prices of crude are up. India is a massive net importer of oil, securing more than two-thirds of its needs from abroad. Analysts say the high crude prices are squeezing the rupee, making it less appealing to investors. The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67. The fall in the rupee is leading to a widening of India's current account deficit, when the value of imports exceeds the value of exports, they say. (With inputs from AFP)

Rupee plunges even lower, hits 70.32 against the dollar

European stocks rebounded Thursday on news that Beijing and Washington will hold trade talks, while the Turkish lira rose after Qatar offered to invest $15 billion in Turkey.

Asian indices fell Wednesday on concerns over Turkey's crisis, but losses were capped by hopes of an end to the tit-for-tat trade war between China and the United States.

Frankfurt, London and Paris shares bounced higher, having shed more than 1.5 per cent the previous day on Turkey fears and Chinese growth concerns.

"Investor risk sentiment has received a boost on two fronts," noted OANDA analyst Dean Popplewell.

"Reports that China has accepted a US invitation to trade talks in late August and news that Qatar has pledged to invest $15 billion in Turkey are helping market risk sentiment and pressuring the dollar."

Modest recovery&nbsp

Emerging market currencies staged a modest recovery after a tumultuous week for the Turkish lira, which plumbed record lows against the dollar.

The lira's plunge -- ongoing for weeks -- turned into a rout last Friday when US President Donald Trump tweeted that his administration was doubling aluminium and steel tariffs for Turkey.&nbsp

Trump's decision was made amid a bitter row over Ankara's detention of an American pastor. But President Recep Tayyip Erdogan said Turkey was facing an "economic attack".

Wall Street wobbled Wednesday as traders fretted over possible global contagion from Turkey.

However, the prospect of US-China talks "has prompted a rebound in the Chinese renminbi from its recent lows, while the continued recovery in the Turkish lira has alleviated short-term concerns of a collapse in the currency", noted CMC Markets analyst Michael Hewson.

China's Vice Commerce Minister Wang Shouwen, the deputy representative on international trade negotiations, will meet senior US Treasury official David Malpass at Washington's invitation, the ministry in Beijing said in a statement.

Traders saw a glimmer of hope of a detente in the ongoing trade battle that has seen the two sides hit each other with reciprocal tariffs on goods so far worth $34 billion.

Washington and Beijing plan to launch a new round of tariffs on $16 billion worth of goods from each country on August 23.

Back in Europe on Thursday, London stocks were aided by strong UK retail sales data for July.

Bayer tumbles again&nbsp

Frankfurt meanwhile gained 0.3 per cent, despite another plunge in the share price of Bayer.

The German chemicals and pharmaceuticals giant dived 5.67 per cent to 76.21 euros, rocked by media reports of new legal risks stemming from its acquisition of US seeds and pesticides maker Monsanto.

The stock had fallen even more dramatically on Monday after a US jury ordered it to pay almost $290 million in damages to a dying California groundskeeper who said Monsanto's blockbuster weedkiller Roundup -- whose active ingredient is glyphosate -- had caused his cancer.

Asian indices fell Wednesday on concerns over Turkey's crisis.

European stocks rebounded Thursday on news that Beijing and Washington will hold trade talks, while the Turkish lira rose after Qatar offered to invest $15 billion in Turkey. Asian indices fell Wednesday on concerns over Turkey's crisis, but losses were capped by hopes of an end to the tit-for-tat trade war between China and the United States. Frankfurt, London and Paris shares bounced higher, having shed more than 1.5 per cent the previous day on Turkey fears and Chinese growth concerns. "Investor risk sentiment has received a boost on two fronts," noted OANDA analyst Dean Popplewell. "Reports that China has accepted a US invitation to trade talks in late August and news that Qatar has pledged to invest $15 billion in Turkey are helping market risk sentiment and pressuring the dollar." Modest recovery Emerging market currencies staged a modest recovery after a tumultuous week for the Turkish lira, which plumbed record lows against the dollar. The lira's plunge -- ongoing for weeks -- turned into a rout last Friday when US President Donald Trump tweeted that his administration was doubling aluminium and steel tariffs for Turkey. Trump's decision was made amid a bitter row over Ankara's detention of an American pastor. But President Recep Tayyip Erdogan said Turkey was facing an "economic attack". Wall Street wobbled Wednesday as traders fretted over possible global contagion from Turkey. However, the prospect of US-China talks "has prompted a rebound in the Chinese renminbi from its recent lows, while the continued recovery in the Turkish lira has alleviated short-term concerns of a collapse in the currency", noted CMC Markets analyst Michael Hewson. China's Vice Commerce Minister Wang Shouwen, the deputy representative on international trade negotiations, will meet senior US Treasury official David Malpass at Washington's invitation, the ministry in Beijing said in a statement. Traders saw a glimmer of hope of a detente in the ongoing trade battle that has seen the two sides hit each other with reciprocal tariffs on goods so far worth $34 billion. Washington and Beijing plan to launch a new round of tariffs on $16 billion worth of goods from each country on August 23. Back in Europe on Thursday, London stocks were aided by strong UK retail sales data for July. Bayer tumbles again Frankfurt meanwhile gained 0.3 per cent, despite another plunge in the share price of Bayer. The German chemicals and pharmaceuticals giant dived 5.67 per cent to 76.21 euros, rocked by media reports of new legal risks stemming from its acquisition of US seeds and pesticides maker Monsanto. The stock had fallen even more dramatically on Monday after a US jury ordered it to pay almost $290 million in damages to a dying California groundskeeper who said Monsanto's blockbuster weedkiller Roundup -- whose active ingredient is glyphosate -- had caused his cancer.

European stocks regain composure on US-China trade talk news

The rupee's plunge to a record low has worried a wide cross-section of India's society: companies, importers, those going on vacation and students planning to study overseas. But if the weakness persists, Prime Minister Narendra Modi's job could become a lot harder just before big state and national elections.

India is a big buyer of everything from crude oil and electronics to gold and edible oil, and its import bill was expected to cross $600 billion in the fiscal year ending in March 2019, from about $565 billion in the previous year.

The 9.3 per cent fall in the rupee this year has already led to a surge in local prices of goods with an imported component. July was the ninth straight month in which India's inflation was higher than the central bank's medium-term target of 4 per cent.

The currency fell to a fresh low of 70.40 to the dollar on Thursday.

"The sharp rupee depreciation has come as a shock for us," said Kamal Singh, 50, a senior government official in Delhi visiting family in the United States. "Now I will have to spend at least 10,000 rupees ($143) more on travel."

BJP&nbsp;considers urban middle-class Indians a key voting bloc, the segment most affected by the rupee depreciation. The opposition Congress party has blamed the government's policies for the rupee slump and called it an indication of weakness in the economy.

Most political analysts agree that Modi does not yet face a significant challenge, but believe he will be hard put to repeat the BJP's sweep of the 2014 general election.

Besides the next general election due by May, three big BJP-ruled states in India's heavily populated northern plains go to the polls over the next four months.

Satish Misra, a senior fellow at the Observer Research Foundation in New Delhi, said although the rupee slide was a result of several factors, it was affecting the image of the Modi government.

"As prices shoot up and products become costlier, the middle class will begin to get angry," Misra told. "Since the middle class is the opinion maker, the BJP will suffer electorally."

The government has said the depreciation is due to the economic woes in Turkey that has dragged down currencies of emerging market countries around the world.

"Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar," said senior cabinet minister Arun Jaitley.

"However, India's macro fundamentals remain resilient and strong. Developments are being monitored closely to address any situation that may arise in the context of the unsettled international environment."

The rupee fall, however, benefits exporters such as software companies.

The Thomson Reuters India IT Services & Consulting share index, which includes top Indian firms such as Infosys, Tata Consultancy Services, Wipro and HCL Technologies Ltd, has risen about 31 per cent this year.

CORPORATE HIT

Indian companies which have raised funds overseas are worried about the rise in servicing costs. The country's external debt rose to $530 billion at the end of March, out of which nearly 42 per cent constituted debt maturing by March 31.

Several companies have said the rupee's slide will hit their margins.

New Delhi-based Jindal Stainless (Hisar) Ltd said that as it is a net importer of raw materials, the sharp rupee depreciation would badly hurt the company, which has been lobbying to reduce an import tariff on steel scrap.

"With the depreciating currency, this problem gets further aggravated," Managing Director Abhyuday Jindal told.

Other companies such as JSW Steels Ltd and the GVK Group - which has business interests in energy, resources, airports, transportation and hospitality - are also bracing for higher input costs, which if not passed on to customers, would hit profitability.

"Inherently if you look at it, inflation is at a rate of 4.5 per cent per year, so we cannot expect the rupee to be stable," said Seshagiri Rao, joint managing director of JSW, which is a heavy importer of high-quality coal.

"Everybody is expecting (some) rupee depreciation, but it's (happening) too fast."

To temper the inflation and arrest the rupee slide, the Reserve Bank of India has raised interest rates by a total of 50 basis points in two consecutive policy meetings since April, the latest one on Aug. 1. It has also spent around $23 billion selling dollars since April.

If the rupee stays around current levels, the government might have to consider cutting taxes on petroleum products to soothe customer anger at higher pump prices, said a finance ministry official, who spoke on condition of anonymity.

N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy think-tank, partly funded by the finance ministry, said a further rate hike was likely, which would take a toll on growth.

The government had forecast the economy would grow by 7.5 percent this fiscal year, one of the biggest expansions by a major economy in the world, after a 6.7 percent rise a year earlier.

The 9.3 per cent fall in the rupee this year has already led to a surge in local prices of goods with an imported component

The rupee's plunge to a record low has worried a wide cross-section of India's society: companies, importers, those going on vacation and students planning to study overseas. But if the weakness persists, Prime Minister Narendra Modi's job could become a lot harder just before big state and national elections. India is a big buyer of everything from crude oil and electronics to gold and edible oil, and its import bill was expected to cross $600 billion in the fiscal year ending in March 2019, from about $565 billion in the previous year. The 9.3 per cent fall in the rupee this year has already led to a surge in local prices of goods with an imported component. July was the ninth straight month in which India's inflation was higher than the central bank's medium-term target of 4 per cent. The currency fell to a fresh low of 70.40 to the dollar on Thursday. "The sharp rupee depreciation has come as a shock for us," said Kamal Singh, 50, a senior government official in Delhi visiting family in the United States. "Now I will have to spend at least 10,000 rupees ($143) more on travel." BJP considers urban middle-class Indians a key voting bloc, the segment most affected by the rupee depreciation. The opposition Congress party has blamed the government's policies for the rupee slump and called it an indication of weakness in the economy. Most political analysts agree that Modi does not yet face a significant challenge, but believe he will be hard put to repeat the BJP's sweep of the 2014 general election. Besides the next general election due by May, three big BJP-ruled states in India's heavily populated northern plains go to the polls over the next four months. Satish Misra, a senior fellow at the Observer Research Foundation in New Delhi, said although the rupee slide was a result of several factors, it was affecting the image of the Modi government. "As prices shoot up and products become costlier, the middle class will begin to get angry," Misra told. "Since the middle class is the opinion maker, the BJP will suffer electorally." The government has said the depreciation is due to the economic woes in Turkey that has dragged down currencies of emerging market countries around the world. "Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar," said senior cabinet minister Arun Jaitley. "However, India's macro fundamentals remain resilient and strong. Developments are being monitored closely to address any situation that may arise in the context of the unsettled international environment." The rupee fall, however, benefits exporters such as software companies. The Thomson Reuters India IT Services & Consulting share index, which includes top Indian firms such as Infosys, Tata Consultancy Services, Wipro and HCL Technologies Ltd, has risen about 31 per cent this year. CORPORATE HIT Indian companies which have raised funds overseas are worried about the rise in servicing costs. The country's external debt rose to $530 billion at the end of March, out of which nearly 42 per cent constituted debt maturing by March 31. Several companies have said the rupee's slide will hit their margins. New Delhi-based Jindal Stainless (Hisar) Ltd said that as it is a net importer of raw materials, the sharp rupee depreciation would badly hurt the company, which has been lobbying to reduce an import tariff on steel scrap. "With the depreciating currency, this problem gets further aggravated," Managing Director Abhyuday Jindal told. Other companies such as JSW Steels Ltd and the GVK Group - which has business interests in energy, resources, airports, transportation and hospitality - are also bracing for higher input costs, which if not passed on to customers, would hit profitability. "Inherently if you look at it, inflation is at a rate of 4.5 per cent per year, so we cannot expect the rupee to be stable," said Seshagiri Rao, joint managing director of JSW, which is a heavy importer of high-quality coal. "Everybody is expecting (some) rupee depreciation, but it's (happening) too fast." To temper the inflation and arrest the rupee slide, the Reserve Bank of India has raised interest rates by a total of 50 basis points in two consecutive policy meetings since April, the latest one on Aug. 1. It has also spent around $23 billion selling dollars since April. If the rupee stays around current levels, the government might have to consider cutting taxes on petroleum products to soothe customer anger at higher pump prices, said a finance ministry official, who spoke on condition of anonymity. N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy think-tank, partly funded by the finance ministry, said a further rate hike was likely, which would take a toll on growth. The government had forecast the economy would grow by 7.5 percent this fiscal year, one of the biggest expansions by a major economy in the world, after a 6.7 percent rise a year earlier.

Rupees slide will lead to surge in local prices of goods with imported component; hit companies' margins

Benchmark Sensex tumbled over 188 points to close at 37,663.56 today, tracking weak global cues on concerns over Turkey's financial crisis amid sustained foreign fund outflows.

The rupee stoked more worries, slumping to an all-time low of 70.40 per dollar (intra-day).

Sentiment took a hit after the country's trade deficit soared to a near five-year high of $18 billion in July. The trade data was released by the Commerce Ministry on Tuesday after market hours.

After opening lower at 37,796.01, the 30-share Sensex slipped further to touch a low of 37,634.43, but a rally in Infosys, Sun Pharma and Tata Motors helped it to recover.

The index finally settled at 37,663.56, down 188.44 points, or 0.50 per cent.&nbsp

The NSE Nifty traded in the red for the major part of the session and cracked below the 11,400-mark to hit a low of 11,366.25.&nbsp

It later recovered a bit to finish at 11,385.05, showing a loss of 50.05 points, or 0.44 per cent.

Weak leads from other Asian bourses following Turkey's currency crisis and fears of an economic slowdown in China affected sentiment on Dalal Street, brokers said.&nbsp

Meanwhile, foreign institutional investors (FIIs) offloaded shares worth a net of Rs 378.84 crore, while domestic institutional investors (DIIs) bought shares worth Rs 391.47 crore on Tuesday, provisional data showed.

The NSE Nifty traded in the red for the major part of the session and cracked below the 11,400-mark to hit a low of 11,366.25.

Benchmark Sensex tumbled over 188 points to close at 37,663.56 today, tracking weak global cues on concerns over Turkey's financial crisis amid sustained foreign fund outflows. The rupee stoked more worries, slumping to an all-time low of 70.40 per dollar (intra-day). Sentiment took a hit after the country's trade deficit soared to a near five-year high of $18 billion in July. The trade data was released by the Commerce Ministry on Tuesday after market hours. After opening lower at 37,796.01, the 30-share Sensex slipped further to touch a low of 37,634.43, but a rally in Infosys, Sun Pharma and Tata Motors helped it to recover. The index finally settled at 37,663.56, down 188.44 points, or 0.50 per cent. The NSE Nifty traded in the red for the major part of the session and cracked below the 11,400-mark to hit a low of 11,366.25. It later recovered a bit to finish at 11,385.05, showing a loss of 50.05 points, or 0.44 per cent. Weak leads from other Asian bourses following Turkey's currency crisis and fears of an economic slowdown in China affected sentiment on Dalal Street, brokers said. Meanwhile, foreign institutional investors (FIIs) offloaded shares worth a net of Rs 378.84 crore, while domestic institutional investors (DIIs) bought shares worth Rs 391.47 crore on Tuesday, provisional data showed.

Sensex tumbles over Turkey crisis, trade deficit

German luxury carmaker Mercedes-Benz today said it will hike prices of its vehicles across models by up to 4 per cent from September to offset adverse impacts of rising input costs and upward forex movement.

The rising inflation due to geo-political dynamics, coupled with rising input costs and increasing forex rates has been exerting significant pressure on overall operations, Mercedes-Benz India said in a statement.

While the rupee has depreciated by more than 5 per cent against the Euro in last eight months, the repo rate has gone up by 0.5 per cent in last couple of months, it added.

"The combination of all these factors led Mercedes-Benz India to upwardly revise the prices of its entire model range and also the retail finance rates," it said.

The upward revision of the price across the entire model range will be effective from September 1, 2018, and would be up to 4 per cent depending on the model, the company said.

Commenting on the step, Mercedes-Benz India Managing Director and CEO Roland Folger said, "Considering the rapid depreciation of the rupee against the major currencies in last few days, we were left with fewer options, but to make some necessary price adjustments to our product range at the moment."

A steady rise in input costs against the backdrop of an unfavourable forex rate and high inflationary cost together, have had a significant impact in the recent past, he added.

Mercedes-Benz currently sells a range of sedans and SUVs starting from the A-Class to GLS luxury SUV and Maybach S560, priced between Rs 27.86 lakh and Rs 1.94 crore.

Other companies such as Mahindra & Mahindra, Tata Motors and Honda Cars India have also announced price hikes from this month citing rising input cost. Maruti Suzuki India has also stated that it would increase prices of its vehicles this month.

In April, luxury carmakers such as Audi, JLR and Mercedes-Benz hiked prices in the range of Rs 1-10 lakh to pass on increase in custom duties.&nbsp

Mercedes-Benz currently sells a range of sedans and SUVs starting from the A-Class to GLS luxury SUV and Maybach S560

German luxury carmaker Mercedes-Benz today said it will hike prices of its vehicles across models by up to 4 per cent from September to offset adverse impacts of rising input costs and upward forex movement. The rising inflation due to geo-political dynamics, coupled with rising input costs and increasing forex rates has been exerting significant pressure on overall operations, Mercedes-Benz India said in a statement. While the rupee has depreciated by more than 5 per cent against the Euro in last eight months, the repo rate has gone up by 0.5 per cent in last couple of months, it added. "The combination of all these factors led Mercedes-Benz India to upwardly revise the prices of its entire model range and also the retail finance rates," it said. The upward revision of the price across the entire model range will be effective from September 1, 2018, and would be up to 4 per cent depending on the model, the company said. Commenting on the step, Mercedes-Benz India Managing Director and CEO Roland Folger said, "Considering the rapid depreciation of the rupee against the major currencies in last few days, we were left with fewer options, but to make some necessary price adjustments to our product range at the moment." A steady rise in input costs against the backdrop of an unfavourable forex rate and high inflationary cost together, have had a significant impact in the recent past, he added. Mercedes-Benz currently sells a range of sedans and SUVs starting from the A-Class to GLS luxury SUV and Maybach S560, priced between Rs 27.86 lakh and Rs 1.94 crore. Other companies such as Mahindra & Mahindra, Tata Motors and Honda Cars India have also announced price hikes from this month citing rising input cost. Maruti Suzuki India has also stated that it would increase prices of its vehicles this month. In April, luxury carmakers such as Audi, JLR and Mercedes-Benz hiked prices in the range of Rs 1-10 lakh to pass on increase in custom duties.

Mercedes-Benz to increase prices by up to 4 per cent

An additional charge of abetment to bribe has been framed against Congress leader Naveen Jindal and others. A special court on Thursday took the decision in the alleged irregularities in Amarkonda Murgdangal coal allocation case.

The formal framing of former Jharkhand chief minister Madhu Koda would take place on August 31 since he did not appear before the judicature citing personal reasons.

Abetment of bribery is a punishable offence under Section 12 in the Prevention of Corruption Act, 1988, with imprisonment for a term of six months to five years.

In July, the judicature framed charges under Section 120B (Criminal Conspiracy) against Jindal Steel and Power's (JSPL) then adviser Anand Goel, Nihar Stocks Ltd director BSN Suryanarayan and Mumbai's Essar Power Ltd Executive Vice Chairman Sushil Kumar Maroo. All three were named in an additional charge sheet filed by the investigating agency in the case.

In April 2016, in another case the court ordered framing of charges against Jindal, Madhu Koda, former Minister of State of Coal D. Narayan Rao, former Coal Secretary HC Gupta and others for alleged offences under criminal conspiracy, cheating, criminal breach of trust and sections of the Prevention of Corruption Act in the matter.

Abetment of bribery is a punishable offense under Section 12 in the Prevention of Corruption Act, 1988, with imprisonment for a term of six months to five years.

An additional charge of abetment to bribe has been framed against Congress leader Naveen Jindal and others. A special court on Thursday took the decision in the alleged irregularities in Amarkonda Murgdangal coal allocation case. The formal framing of former Jharkhand chief minister Madhu Koda would take place on August 31 since he did not appear before the judicature citing personal reasons. Abetment of bribery is a punishable offence under Section 12 in the Prevention of Corruption Act, 1988, with imprisonment for a term of six months to five years. In July, the judicature framed charges under Section 120B (Criminal Conspiracy) against Jindal Steel and Power's (JSPL) then adviser Anand Goel, Nihar Stocks Ltd director BSN Suryanarayan and Mumbai's Essar Power Ltd Executive Vice Chairman Sushil Kumar Maroo. All three were named in an additional charge sheet filed by the investigating agency in the case. In April 2016, in another case the court ordered framing of charges against Jindal, Madhu Koda, former Minister of State of Coal D. Narayan Rao, former Coal Secretary HC Gupta and others for alleged offences under criminal conspiracy, cheating, criminal breach of trust and sections of the Prevention of Corruption Act in the matter.

Coal scam case: More trouble for Naveen Jindal, industrialist faces additional charge

The benchmark BSE Sensex fell over 207 points and the NSE Nifty slipped below the 11,400-mark in early trade today on selling in metal, realty and banking stocks amid weak macroeconomic cues and sustained foreign fund outflows.

The 30-share index dropped 207.03 points, or 0.54 per cent, to 37,644.97. The gauge had gained 207.10 points in the previous session on Tuesday.

Financial markets were shut yesterday on account of Independence Day.

The NSE Nifty fell below the 11,400-mark, shedding 58.15 points, or 0.50 per cent, to 11,376.95. 
Market sentiment turned weak as investors turned cautious after the country's trade deficit soared to a near five-year high of USD 18 billion.&nbsp;

The trade data was released by the commerce ministry on Tuesday after market hours.

The sharp surge in imports led to worsening of trade deficit to USD 18.02 billion in the reporting month as against a deficit of USD 11.45 billion during July 2017.

Over 57 per cent increase in oil import bill (USD 12.35 billion) and 41 per cent jump in gold imports to USD 2.96 billion during July is believed to be main reason behind high trade deficit.

Brokers said apart from profit-booking in recent gainers by investors, a weak trend in Asian markets tracking losses on Wall Street amid fresh concern over Turkey's currency crisis and the rupee's fall to a new low of 70.32 against the dollar too dragged weighed on investor sentiment here.&nbsp;&nbsp; &nbsp;&nbsp;

Major losers were Vedanta, Kotak Bank, Yes Bank, Tata Steel, RIL, Wipro, Adani Ports, HDFC, Tata Motors, HUL, ONGC, Hero MotoCorp, ICICI Bank, ITC, IndusInd Bank and SBI, falling up to 4 per cent.

However, PowerGrid, Infosys, Coal India, Bharti Airtel, Asian Paint and Sun Pharma bucked weak market trend and were trading in the green.

Foreign institutional investors (FIIs) sold shares worth a net of Rs 378.84 crore, while domestic institutional investors (DIIs) bought shares worth a net of Rs 391.47 crore on Tuesday, provisional data showed.

Elsewhere in Asia, Japan's Nikkei was down 0.32 per cent while Hong Kong's Hang Seng shed 0.45 per cent in early trade. Shanghai Composite Index too was down 0.87 per cent.

The US Dow Jones ended 0.54 per cent lower in yesterday's trade.&nbsp;

The 30-share index dropped 207.03 points, or 0.54 per cent, to 37,644.97. The gauge had gained 207.10 points in the previous session on Tuesday.

The benchmark BSE Sensex fell over 207 points and the NSE Nifty slipped below the 11,400-mark in early trade today on selling in metal, realty and banking stocks amid weak macroeconomic cues and sustained foreign fund outflows. The 30-share index dropped 207.03 points, or 0.54 per cent, to 37,644.97. The gauge had gained 207.10 points in the previous session on Tuesday. Financial markets were shut yesterday on account of Independence Day. The NSE Nifty fell below the 11,400-mark, shedding 58.15 points, or 0.50 per cent, to 11,376.95. Market sentiment turned weak as investors turned cautious after the country's trade deficit soared to a near five-year high of USD 18 billion. The trade data was released by the commerce ministry on Tuesday after market hours. The sharp surge in imports led to worsening of trade deficit to USD 18.02 billion in the reporting month as against a deficit of USD 11.45 billion during July 2017. Over 57 per cent increase in oil import bill (USD 12.35 billion) and 41 per cent jump in gold imports to USD 2.96 billion during July is believed to be main reason behind high trade deficit. Brokers said apart from profit-booking in recent gainers by investors, a weak trend in Asian markets tracking losses on Wall Street amid fresh concern over Turkey's currency crisis and the rupee's fall to a new low of 70.32 against the dollar too dragged weighed on investor sentiment here. Major losers were Vedanta, Kotak Bank, Yes Bank, Tata Steel, RIL, Wipro, Adani Ports, HDFC, Tata Motors, HUL, ONGC, Hero MotoCorp, ICICI Bank, ITC, IndusInd Bank and SBI, falling up to 4 per cent. However, PowerGrid, Infosys, Coal India, Bharti Airtel, Asian Paint and Sun Pharma bucked weak market trend and were trading in the green. Foreign institutional investors (FIIs) sold shares worth a net of Rs 378.84 crore, while domestic institutional investors (DIIs) bought shares worth a net of Rs 391.47 crore on Tuesday, provisional data showed. Elsewhere in Asia, Japan's Nikkei was down 0.32 per cent while Hong Kong's Hang Seng shed 0.45 per cent in early trade. Shanghai Composite Index too was down 0.87 per cent. The US Dow Jones ended 0.54 per cent lower in yesterday's trade.

Sensex falls over 200 points on weak macro cues

Indian rupee is slipping against the US dollar -- today we will tell you about the journey of the Indian currency.

Back in 1948, a US dollar could be bought for less than 4 Indian rupees, today you will have to shell out 70 rupees for one US dollar, why is that?

India gained independence 71 years ago, the economy has grown manifold since then, but the rupee has seen massive depreciation over the decades.&nbsp

The rupee was valued at around 4.79 against US dollar between 1950 and the mid-1960s. After independence, our rupee was pegged to the Pound sterling which lost ground owing to UK's weak economy, so did the rupee.&nbsp

India then started borrowing heavily to finance its welfare and development projects which led to a fall in the value of the national currency. 
&nbsp 
Another big fall for the Indian currency came in the 60s as military spending sky-rocketed during the 1962 Indo-China war. India also suffered a major drought during that time and all these factors forced India to devalue the rupee to 7.57 against the US dollar. This was a massive 58 per cent drop. 
&nbsp 
Over the next 25 years -- the rupee continued to slowly depreciate against the dollar. Its link to Pound sterling was severed in 1971 and now it was directly linked to the dollar.

Political instability, lack of robust growth and the 1973 Arab oil embargo widened India's trade deficit. India then had to sell rupees and buy dollars to pay its bills which further reduced the value of the currency. The rupee then sank to a fresh low of Rs 12.34 to US dollar in 1985. 
&nbsp 
Rupee saw another decline during the first Gulf War in 1990 which sent crude oil prices surging. The downgrade by global credit rating agencies and the disintegration of the Soviet Union brought on a massive balance of payment crisis in India.&nbsp

High inflation and low growth only made the situation worse. This led to rupee's devaluation on July 1 and again on July 3 -- the Indian currency slipped by a massive 18.5% against the dollar now standing at 26 to a dollar.

In 1993, the government, for the first time, allowed the rupee to float. The freedom of exchange rate to be determined by the market led to the rupee slipping to 31.37 against US dollar.

Over the next decade it posted an average annual depreciation of close to 5% and by 2002-03, it had fallen to Rs 48.40 against the greenback. 
&nbsp 
The end of 2008 had the currency hit a fresh low of Rs 51. In 2012, the government's budget worsened due to spill-over effects of the Greece-Spain sovereign debt crisis, the rupee fell further to Rs 56. 
&nbsp 
The Indian currency has been slipping ever since. High crude prices and the latest financial turmoil in Turkey have sent the Indian rupee to a record low of 70 against the American dollar.&nbsp

High crude prices and the latest financial turmoil in Turkey have sent the Indian rupee to a record low of 70 against the American dollar.

Indian rupee is slipping against the US dollar -- today we will tell you about the journey of the Indian currency. Back in 1948, a US dollar could be bought for less than 4 Indian rupees, today you will have to shell out 70 rupees for one US dollar, why is that? India gained independence 71 years ago, the economy has grown manifold since then, but the rupee has seen massive depreciation over the decades. The rupee was valued at around 4.79 against US dollar between 1950 and the mid-1960s. After independence, our rupee was pegged to the Pound sterling which lost ground owing to UK's weak economy, so did the rupee. India then started borrowing heavily to finance its welfare and development projects which led to a fall in the value of the national currency. Another big fall for the Indian currency came in the 60s as military spending sky-rocketed during the 1962 Indo-China war. India also suffered a major drought during that time and all these factors forced India to devalue the rupee to 7.57 against the US dollar. This was a massive 58 per cent drop. Over the next 25 years -- the rupee continued to slowly depreciate against the dollar. Its link to Pound sterling was severed in 1971 and now it was directly linked to the dollar. Political instability, lack of robust growth and the 1973 Arab oil embargo widened India's trade deficit. India then had to sell rupees and buy dollars to pay its bills which further reduced the value of the currency. The rupee then sank to a fresh low of Rs 12.34 to US dollar in 1985. Rupee saw another decline during the first Gulf War in 1990 which sent crude oil prices surging. The downgrade by global credit rating agencies and the disintegration of the Soviet Union brought on a massive balance of payment crisis in India. High inflation and low growth only made the situation worse. This led to rupee's devaluation on July 1 and again on July 3 -- the Indian currency slipped by a massive 18.5% against the dollar now standing at 26 to a dollar. In 1993, the government, for the first time, allowed the rupee to float. The freedom of exchange rate to be determined by the market led to the rupee slipping to 31.37 against US dollar. Over the next decade it posted an average annual depreciation of close to 5% and by 2002-03, it had fallen to Rs 48.40 against the greenback. The end of 2008 had the currency hit a fresh low of Rs 51. In 2012, the government's budget worsened due to spill-over effects of the Greece-Spain sovereign debt crisis, the rupee fell further to Rs 56. The Indian currency has been slipping ever since. High crude prices and the latest financial turmoil in Turkey have sent the Indian rupee to a record low of 70 against the American dollar.

Indian rupee since independence: A brief history 

A day after the rupee plunged below the historic 70-level, Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market and developments are being closely monitored.

The Indian currency on Tuesday crashed to a life-time low of 70.09 on concerns over Turkey's economic woes that have impacted various emerging markets, even as the US dollar gained strength against other currencies.

Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar, the minister said in a series of tweet.

However, the country's macro fundamentals remain resilient and strong, said Jaitley, who was holding the charge of finance and corporate affairs ministries before he underwent the kidney transplant on May 14.

Piyush Goyal was given Jaitley's ministerial portfolios on an interim basis.

"India's foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market," Jaitley said.

The developments in the currency market were being monitored closely to address any situation that might arise in the context of the unsettled international environment, he added.

Reserve Bank's foreign exchange reserves were at USD 402.70 billion in the week ended August 3, down USD 1.49 billion over the preceding week, latest data released by the central bank showed.

RBI's stated position is that it does not seek to target a particular level for the rupee's exchange rate against the dollar and uses its reserves to ease volatility in the currency market.

In the current financial year, which began on April 1, the rupee has depreciated by around 6.7 per cent against the US dollar.

The developments in the currency market were being monitored closely to address any situation that might arise in the context of the unsettled international environment, Jaitley added.

A day after the rupee plunged below the historic 70-level, Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market and developments are being closely monitored. The Indian currency on Tuesday crashed to a life-time low of 70.09 on concerns over Turkey's economic woes that have impacted various emerging markets, even as the US dollar gained strength against other currencies. Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar, the minister said in a series of tweet. However, the country's macro fundamentals remain resilient and strong, said Jaitley, who was holding the charge of finance and corporate affairs ministries before he underwent the kidney transplant on May 14. Piyush Goyal was given Jaitley's ministerial portfolios on an interim basis. "India's foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market," Jaitley said. The developments in the currency market were being monitored closely to address any situation that might arise in the context of the unsettled international environment, he added. Reserve Bank's foreign exchange reserves were at USD 402.70 billion in the week ended August 3, down USD 1.49 billion over the preceding week, latest data released by the central bank showed. RBI's stated position is that it does not seek to target a particular level for the rupee's exchange rate against the dollar and uses its reserves to ease volatility in the currency market. In the current financial year, which began on April 1, the rupee has depreciated by around 6.7 per cent against the US dollar.

Comfortable forex reserves to deal with undue Rupee volatility: Arun Jaitley

Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis.

Spreadbetters expected European stocks to open slightly higher, with Britain`s FTSE seen rising 0.2 per cent, Germany's DAX adding 0.1 per cent and France s CAC gaining 0.15 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan slid more than 1 percent to its lowest since August 2017, after bouncing 0.4 per cent the previous day when the Turkish lira showed signs of stabilising.

Hong Kong's Hang Seng dropped 1.5 per cent, reaching a near one-year low, and the Shanghai Composite Index fell 1.3 per cent. Signs of the world's second-largest economy losing momentum and the ongoing Sino-US trade conflict have weighed on Chinese equities.

"Investors tend to focus on negative aspects of listed companies` first-half reports, as there is much pessimism and caution in a falling market," said Linus Yip, a Hong Kong-based analyst at First Shanghai Securities.

Japan's Nikkei slipped 1 per cent after rallying more than 2 per cent on Tuesday. South Korean markets were closed for a public holiday.

The lira - which plummeted to a record low of 7.24 to the dollar at the week's start, rattling global markets - was about 2 per cent weaker at 6.47 after rebounding more than 8 percent overnight.

While the lira clung above record lows, tensions between Washington and Ankara remained on the boil, keeping the currency on a shaky footing.

Turkey has raised tariffs on some US products under the principle of reciprocity "in response to the US administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter on Wednesday.

Turkish President Tayyip Erdogan had said on Tuesday that Ankara would boycott electronic products from the United States, retaliating in a row with Washington that has helped drive the lira to record lows.

Underscoring lingering concerns over the crisis in Turkey, the dollar hit a 13-month peak against a basket of currencies, supported by its safe-haven status.

The dollar index, which measures the greenback`s strength against a group of six major currencies stretched overnight gains and reached 96.862,, its highest since late June 2017.

The strength of the US currency was compounded by the euro`s fall, which has been dogged by potential risks to European banks from Turkey's financial turmoil.

"The lira rallied yesterday, but there is not remedial plan for Turkey`s internal and external imbalances. Europe`s banks will have to reserve more against these potential losses, and already low capital adequacy ratios will be tested," wrote Carl Weinberg, chief international economist at High Frequency Economics.

The euro dipped to $1.1319 , its weakest since July 2017. The euro also struggled near a 13-month low versus the Swiss franc, a traditional safe-haven currency. 
Adding to overnight gains, the dollar last traded up 0.1 percent at 111.25 yen.

China's onshore yuan weakened to a 15-month low above 6.9 per dollar after the country's central bank set the lowest mid-point since May 2017 following the dollar`s broad surge.

Government bond yields edged lower as risk appetite dampened across the region.

The benchmark 10-year Treasury note yield declined 1 basis point to 2.882 per cent after poking above 2.900 per cent on Tuesday.

Crude oil prices felt pressure from a stronger dollar, which increases the cost burden on non-US buyers of commodities.

Brent crude futures dipped 0.2 per cent to $72.31 a barrel and US crude shed 0.45 per cent to $66.73 a barrel.

Spot gold fell to an 18-month low of $1,186.70 an ounce, having declined 1.9 per cent this week.

Three-month copper on the London Metal Exchange fell about 1.5 per cent to a one-year low of $5,950 per tonne. Easing fears over a possible strike at a mine in Chile accelerated the metal's fall.

Japan's Nikkei slipped 1 per cent after rallying more than 2 per cent on Tuesday.

Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis. Spreadbetters expected European stocks to open slightly higher, with Britain`s FTSE seen rising 0.2 per cent, Germany's DAX adding 0.1 per cent and France s CAC gaining 0.15 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan slid more than 1 percent to its lowest since August 2017, after bouncing 0.4 per cent the previous day when the Turkish lira showed signs of stabilising. Hong Kong's Hang Seng dropped 1.5 per cent, reaching a near one-year low, and the Shanghai Composite Index fell 1.3 per cent. Signs of the world's second-largest economy losing momentum and the ongoing Sino-US trade conflict have weighed on Chinese equities. "Investors tend to focus on negative aspects of listed companies` first-half reports, as there is much pessimism and caution in a falling market," said Linus Yip, a Hong Kong-based analyst at First Shanghai Securities. Japan's Nikkei slipped 1 per cent after rallying more than 2 per cent on Tuesday. South Korean markets were closed for a public holiday. The lira - which plummeted to a record low of 7.24 to the dollar at the week's start, rattling global markets - was about 2 per cent weaker at 6.47 after rebounding more than 8 percent overnight. While the lira clung above record lows, tensions between Washington and Ankara remained on the boil, keeping the currency on a shaky footing. Turkey has raised tariffs on some US products under the principle of reciprocity "in response to the US administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter on Wednesday. Turkish President Tayyip Erdogan had said on Tuesday that Ankara would boycott electronic products from the United States, retaliating in a row with Washington that has helped drive the lira to record lows. Underscoring lingering concerns over the crisis in Turkey, the dollar hit a 13-month peak against a basket of currencies, supported by its safe-haven status. The dollar index, which measures the greenback`s strength against a group of six major currencies stretched overnight gains and reached 96.862,, its highest since late June 2017. The strength of the US currency was compounded by the euro`s fall, which has been dogged by potential risks to European banks from Turkey's financial turmoil. "The lira rallied yesterday, but there is not remedial plan for Turkey`s internal and external imbalances. Europe`s banks will have to reserve more against these potential losses, and already low capital adequacy ratios will be tested," wrote Carl Weinberg, chief international economist at High Frequency Economics. The euro dipped to $1.1319 , its weakest since July 2017. The euro also struggled near a 13-month low versus the Swiss franc, a traditional safe-haven currency. Adding to overnight gains, the dollar last traded up 0.1 percent at 111.25 yen. China's onshore yuan weakened to a 15-month low above 6.9 per dollar after the country's central bank set the lowest mid-point since May 2017 following the dollar`s broad surge. Government bond yields edged lower as risk appetite dampened across the region. The benchmark 10-year Treasury note yield declined 1 basis point to 2.882 per cent after poking above 2.900 per cent on Tuesday. Crude oil prices felt pressure from a stronger dollar, which increases the cost burden on non-US buyers of commodities. Brent crude futures dipped 0.2 per cent to $72.31 a barrel and US crude shed 0.45 per cent to $66.73 a barrel. Spot gold fell to an 18-month low of $1,186.70 an ounce, having declined 1.9 per cent this week. Three-month copper on the London Metal Exchange fell about 1.5 per cent to a one-year low of $5,950 per tonne. Easing fears over a possible strike at a mine in Chile accelerated the metal's fall.

Asian stocks hit 1-year low amid Turkey woes, bearish China equities

Oil prices dipped on Wednesday, weighed down by a report of increased US crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand.

Front-month Brent crude oil futures were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were down 23 cents, or 0.3 per cent, at $66.81 per barrel.

US crude stocks rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels, private industry group the American Petroleum Institute (API) said on Tuesday. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said.

"Oil prices ... fell after the API inventory data showed an unexpected crude build last week," said William O`Loughlin, investment analyst at Australia`s Rivkin Securities.

Official US fuel inventory data is due to be published later on Wednesday by the Energy Information Administration.

Sentiment was also clouded by a darkening economic outlook which could start impacting oil demand, traders said.

The OECD's composite leading indicator, which covers the western advanced economies plus China, India, Russia, Brazil, Indonesia and South Africa, peaked in January but has since fallen and slipped below trend in May and June.

World trade volume growth also peaked in January at almost 5.7 percent year-on-year, but nearly halved to less than 3 percent by May, according to the Netherlands Bureau for Economic Policy Analysis.

BMI Research said oil markets would "struggle for direction, as uncertainty around both the impact on supply from the Iranian sanctions and escalating trade tensions between the US and China persists."

Sentiment was also clouded by a darkening economic outlook which could start impacting oil demand, traders said.

Oil prices dipped on Wednesday, weighed down by a report of increased US crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand. Front-month Brent crude oil futures were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were down 23 cents, or 0.3 per cent, at $66.81 per barrel. US crude stocks rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels, private industry group the American Petroleum Institute (API) said on Tuesday. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said. "Oil prices ... fell after the API inventory data showed an unexpected crude build last week," said William O`Loughlin, investment analyst at Australia`s Rivkin Securities. Official US fuel inventory data is due to be published later on Wednesday by the Energy Information Administration. Sentiment was also clouded by a darkening economic outlook which could start impacting oil demand, traders said. The OECD's composite leading indicator, which covers the western advanced economies plus China, India, Russia, Brazil, Indonesia and South Africa, peaked in January but has since fallen and slipped below trend in May and June. World trade volume growth also peaked in January at almost 5.7 percent year-on-year, but nearly halved to less than 3 percent by May, according to the Netherlands Bureau for Economic Policy Analysis. BMI Research said oil markets would "struggle for direction, as uncertainty around both the impact on supply from the Iranian sanctions and escalating trade tensions between the US and China persists."

Oil dips on rising US crude inventories, dimming economic outlook

The Indian rupee hit a record low of 70 to the dollar on Tuesday as emerging market currencies are sold off by investors spooked by the Turkish financial crisis.

The under-pressure rupee touched 70.09 briefly during mid-morning trade as fears grow that the plight of Turkey's lira will spread to other emerging countries.

South Africa, Argentina, Mexico, Brazil and Russia have all seen their currencies slip over the past week because, like Turkey, they remain heavily dependent on foreign capital, especially the dollar.

The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67.

India is a massive net importer of oil, securing more than two-thirds of its needs from abroad.&nbsp;

Analysts say the high crude prices are squeezing the Indian currency, making it less appealing to investors.

The fall in the rupee is leading to a widening of India's current account deficit, when the value of imports exceeds the value of exports, they say.

The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67

The Indian rupee hit a record low of 70 to the dollar on Tuesday as emerging market currencies are sold off by investors spooked by the Turkish financial crisis. The under-pressure rupee touched 70.09 briefly during mid-morning trade as fears grow that the plight of Turkey's lira will spread to other emerging countries. South Africa, Argentina, Mexico, Brazil and Russia have all seen their currencies slip over the past week because, like Turkey, they remain heavily dependent on foreign capital, especially the dollar. The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67. India is a massive net importer of oil, securing more than two-thirds of its needs from abroad. Analysts say the high crude prices are squeezing the Indian currency, making it less appealing to investors. The fall in the rupee is leading to a widening of India's current account deficit, when the value of imports exceeds the value of exports, they say.

Indian rupee crashes to all-time low against US dollar

The benchmark Sensex recuperated by nearly 185 points to 37,829.93 in early trade today, taking comfort from positive inflation numbers coupled with emergence of buying by domestic institutional investors. 
However, a mixed trend was seen on Asian bourses.

Besides strengthening rupee, encouraging earnings by some blue-chip firms including Tata Steel also helped in building positive sentiments, brokers said.

The 30-share barometer jumped 184.93 points, or 0.49 per cent, to 37,829.83. Sectoral indices led by metal, realty, banking, FMCG, PSU and consumer durables rose by up to 1.13 per cent.

The gauge had lost 379.47 points in the previous two sessions.

Similarly, the NSE index Nifty recovered by 36.25 points, or 0.31 per cent, to 11,392.

Tata Steel was the top gainers in the Sensex list, surging 1.51 per cent after the company yesterday said its consolidated net profit jumped more than two-folds to Rs 1,933.80 crore in the April-June quarter of 2018-19 compared to Rs 921.09 crore during the same period a year ago.

Other gainers were Axis Bank, ITC, ICICI Bank, HDFC, SBI, Yes Bank, Asian Paints, HUL, Bajaj Auto, Kotak Bank, HDFC Bank, Tata Motors and RIL, gaining up to 2.01 per cent.

Buying activity paced up on positive economic data after retail inflation fell to a 9-month low of 4.17 per cent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

In the last two reviews, the RBI has raised the key repo rate by 0.25 per cent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5.

Domestic institutional investors (DIIs) bought shares worth a net Rs 216.29 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 971.86 crore yesterday, provisional data showed.

Asian shares were mixed as tremors from the collapse of the Turkish lira ebbed a little. Ahead, a barrage of economic data out of China is expected later in the day.

Japan's Nikkei rose 1.26 per cent, while Hong Kong's Hang Seng shed 0.94 per cent and China's Shanghai Composite fell 0.50 per cent in their early deals.

The Dow Jones Industrial Average was down for a fourth straight session as the ongoing turmoil in Turkey dampened investors' appetite for riskier assets.

The US Dow Jones Industrial Average had closed 0.50 per cent lower on yesterday's trade.

The benchmark Sensex recuperated by nearly 185 points to 37,829.93 in early trade today, taking comfort from positive inflation numbers coupled with emergence of buying by domestic institutional investors. However, a mixed trend was seen on Asian bourses

The benchmark Sensex recuperated by nearly 185 points to 37,829.93 in early trade today, taking comfort from positive inflation numbers coupled with emergence of buying by domestic institutional investors. However, a mixed trend was seen on Asian bourses. Besides strengthening rupee, encouraging earnings by some blue-chip firms including Tata Steel also helped in building positive sentiments, brokers said. The 30-share barometer jumped 184.93 points, or 0.49 per cent, to 37,829.83. Sectoral indices led by metal, realty, banking, FMCG, PSU and consumer durables rose by up to 1.13 per cent. The gauge had lost 379.47 points in the previous two sessions. Similarly, the NSE index Nifty recovered by 36.25 points, or 0.31 per cent, to 11,392. Tata Steel was the top gainers in the Sensex list, surging 1.51 per cent after the company yesterday said its consolidated net profit jumped more than two-folds to Rs 1,933.80 crore in the April-June quarter of 2018-19 compared to Rs 921.09 crore during the same period a year ago. Other gainers were Axis Bank, ITC, ICICI Bank, HDFC, SBI, Yes Bank, Asian Paints, HUL, Bajaj Auto, Kotak Bank, HDFC Bank, Tata Motors and RIL, gaining up to 2.01 per cent. Buying activity paced up on positive economic data after retail inflation fell to a 9-month low of 4.17 per cent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review. In the last two reviews, the RBI has raised the key repo rate by 0.25 per cent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5. Domestic institutional investors (DIIs) bought shares worth a net Rs 216.29 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 971.86 crore yesterday, provisional data showed. Asian shares were mixed as tremors from the collapse of the Turkish lira ebbed a little. Ahead, a barrage of economic data out of China is expected later in the day. Japan's Nikkei rose 1.26 per cent, while Hong Kong's Hang Seng shed 0.94 per cent and China's Shanghai Composite fell 0.50 per cent in their early deals. The Dow Jones Industrial Average was down for a fourth straight session as the ongoing turmoil in Turkey dampened investors' appetite for riskier assets. The US Dow Jones Industrial Average had closed 0.50 per cent lower on yesterday's trade.

Sensex rebounds 185 points on macro boost

Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of US&nbspsanctions altered trade routes.

Many European refiners are winding down purchases of Iranian oil after the United States imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and China.

The United States in May quit the 2015 nuclear deal and announced reimposition of sanctions on Tehran. While some sanctions were implemented from August 6, those affecting Iran`s petroleum sector will come into force from November&nbsp4.

Imports of Iranian oil by India, Tehran`s top oil client after China, surged to a record 768,000 barrels per day (bpd) in July due to higher intake by state refiners, tanker arrival data showed.

India`s top refiner wants to continue buying Iranian oil as the OPEC member is offering discounts in freight and extended credit period, Sanjiv Singh, Chairman of Indian Oil Corp, said on Monday.

Saudi Arabia and Iraq continued to be the two biggest oil suppliers to India last month although monthly supplies from them declined by 12 per cent and about 23 per cent in July, the data obtained from shipping and trade sources showed.

The sources declined to be identified.

On top of incentives offered by Iran on oil sales, higher July official selling prices (OSPs) of oil from Saudi Arabia and Iraq also dented demand for their oil.

"Iranian crude OSPs for July have moved in tandem with other middle east producers but incentives offered by Iran has made its oil more attractive compared to other alternatives," Sushant Gupta, Research Director, Asia Pacific Refining, at consultancy Wood Mackenzie.

Gupta said less buying from other importers such as Japan, South Korea and Europe have also led led to more volumes towards India.

"The deadline to reduce Iranian crude is November 4th. So with this increase in July, India would show a bigger cuts in Iranian crude come Q4 2018," he added.

Saudi Aramco raised July Arab Light crude price to Asia to 4-year high while Iraq increased the official selling prices for Basra Light crude to Asia by US $0.40 a barrel.

Apart from Iran, India also boosted intake of Venezuelan and Nigerian oil.

India`s imports of Venezuela oil in July rose to 423,500 bpd, an increase of 37 per cent from June, as some of the delayed cargoes from May arrived in July.

Narrowing of Brent`s premium to Dubai prompted Indian refiners to lift more Nigerian grades, said Sri Paravaikkarasu, head of East of Suez Oil at consultancy FGE.

India`s monthly oil imports from Nigeria jumped by about 50 per cent to 422,000 bpd in July, the data showed.&nbsp

Many European refiners are winding down purchases of Iranian oil after the United States imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and China.

Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of US&nbspsanctions altered trade routes. Many European refiners are winding down purchases of Iranian oil after the United States imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and China. The United States in May quit the 2015 nuclear deal and announced reimposition of sanctions on Tehran. While some sanctions were implemented from August 6, those affecting Iran`s petroleum sector will come into force from November&nbsp4. Imports of Iranian oil by India, Tehran`s top oil client after China, surged to a record 768,000 barrels per day (bpd) in July due to higher intake by state refiners, tanker arrival data showed. India`s top refiner wants to continue buying Iranian oil as the OPEC member is offering discounts in freight and extended credit period, Sanjiv Singh, Chairman of Indian Oil Corp, said on Monday. Saudi Arabia and Iraq continued to be the two biggest oil suppliers to India last month although monthly supplies from them declined by 12 per cent and about 23 per cent in July, the data obtained from shipping and trade sources showed. The sources declined to be identified. On top of incentives offered by Iran on oil sales, higher July official selling prices (OSPs) of oil from Saudi Arabia and Iraq also dented demand for their oil. "Iranian crude OSPs for July have moved in tandem with other middle east producers but incentives offered by Iran has made its oil more attractive compared to other alternatives," Sushant Gupta, Research Director, Asia Pacific Refining, at consultancy Wood Mackenzie. Gupta said less buying from other importers such as Japan, South Korea and Europe have also led led to more volumes towards India. "The deadline to reduce Iranian crude is November 4th. So with this increase in July, India would show a bigger cuts in Iranian crude come Q4 2018," he added. Saudi Aramco raised July Arab Light crude price to Asia to 4-year high while Iraq increased the official selling prices for Basra Light crude to Asia by US $0.40 a barrel. Apart from Iran, India also boosted intake of Venezuelan and Nigerian oil. India`s imports of Venezuela oil in July rose to 423,500 bpd, an increase of 37 per cent from June, as some of the delayed cargoes from May arrived in July. Narrowing of Brent`s premium to Dubai prompted Indian refiners to lift more Nigerian grades, said Sri Paravaikkarasu, head of East of Suez Oil at consultancy FGE. India`s monthly oil imports from Nigeria jumped by about 50 per cent to 422,000 bpd in July, the data showed.

Saudi pips Iraq as top oil supplier to India in July: Data

India would not be concerned if the<a href="http://wionews.com/business-%26-economy/rupee-crashes-to-all-time-low-on-turkey-shock-logs-biggest-single-day-fall-in-5-years--159095"> rupee currency</a> fell to 80 against the dollar after hitting an all-time low of 70.1 on Tuesday, as long as other currencies also depreciated, a senior finance ministry official said.

The rupee, which has fallen more than 8 per cent this year, has pushed up prices of imported items such as petroleum products, commodities, electronics and engineering equipment, creating a headache for Prime Minister Narendra Modi ahead of a general election due early next year.

Subhash Chandra Garg, economic affairs secretary at the finance ministry, said the rupee was still performing better than some other currencies and the country had sufficient foreign exchange reserves.

"Even if the rupee falls to 80, it will not be a concern provided other currencies also depreciate," Garg told reporters when asked about the currency`s impact on the Indian economy.

He said the rupee`s fall was mainly due to external factors and any further selling of dollars by the Reserve Bank of India (RBI) - it has already spent about US $23 billion on intervention - may not help to further stabilise the rupee.

Analysts said the falling rupee could lead to higher inflation as Indians pay more for imported goods and services. Opposition politicians blamed the government`s economic policies.&nbsp;

"The Indian rupee just gave the Supreme Leader a vote of no confidence, crashing to a historic low," Rahul Gandhi, president of the main opposition Congress party, said in a tweet referring to his rival Modi.

The rupee hit an all-time low of 70.1 per dollar earlier on Tuesday, as concerns about Turkey`s economic woes spreading to other emerging markets like India persisted.

Analysts said a rise in the 10-year benchmark bond yield to 7.82 per cent on Tuesday reflected concerns about rising government borrowing costs in the market.

India plans to raise 6.06 trillion rupees (US $86.71 billion) in the current fiscal year ending in March 2019, to fund the fiscal deficit.

Subhash Chandra Garg, economic affairs secretary at the finance ministry, said the rupee was still performing better than some other currencies and the country had sufficient foreign exchange reserves.

India would not be concerned if the rupee currency fell to 80 against the dollar after hitting an all-time low of 70.1 on Tuesday, as long as other currencies also depreciated, a senior finance ministry official said. The rupee, which has fallen more than 8 per cent this year, has pushed up prices of imported items such as petroleum products, commodities, electronics and engineering equipment, creating a headache for Prime Minister Narendra Modi ahead of a general election due early next year. Subhash Chandra Garg, economic affairs secretary at the finance ministry, said the rupee was still performing better than some other currencies and the country had sufficient foreign exchange reserves. "Even if the rupee falls to 80, it will not be a concern provided other currencies also depreciate," Garg told reporters when asked about the currency`s impact on the Indian economy. He said the rupee`s fall was mainly due to external factors and any further selling of dollars by the Reserve Bank of India (RBI) - it has already spent about US $23 billion on intervention - may not help to further stabilise the rupee. Analysts said the falling rupee could lead to higher inflation as Indians pay more for imported goods and services. Opposition politicians blamed the government`s economic policies. "The Indian rupee just gave the Supreme Leader a vote of no confidence, crashing to a historic low," Rahul Gandhi, president of the main opposition Congress party, said in a tweet referring to his rival Modi. The rupee hit an all-time low of 70.1 per dollar earlier on Tuesday, as concerns about Turkey`s economic woes spreading to other emerging markets like India persisted. Analysts said a rise in the 10-year benchmark bond yield to 7.82 per cent on Tuesday reflected concerns about rising government borrowing costs in the market. India plans to raise 6.06 trillion rupees (US $86.71 billion) in the current fiscal year ending in March 2019, to fund the fiscal deficit.

India not worried about weak rupee: Finance ministry official

Gold prices steadied near 18-month lows on Tuesday, attempting a break back above the key $1,200 level as the dollar eased and analysts said the precious metal could have fallen too far.

Spot gold inched up 0.1 per cent to $1,195.16 an ounce by 1034 GMT. In the previous session, the bullion hit $1,191.35, its lowest since Jan. 30, 2017.

US&nbspgold futures were up 0.3 per cent at $1,202.10 per ounce.

The dollar, in which commodities such as gold are priced, edged lower against a basket of its peers as the Turkish lira regained its footing, easing concerns of a negative ripple effect on global markets.

"A lot of investors got very disappointed because they thought that gold would be the safe haven in trade conflict and also with Turkey and emerging markets and it wasn't," said Georgette Boelle, commodity strategist at ABN AMRO.

"It's still very difficult to point out where the low is going to be but we are in cheap territory and gold should start bottoming out at these levels."

Gold, which is down about 8 per cent this year, has faced a slate of headwinds in 2018 including rising US&nbspinterest rates, a soaring dollar and failure to capitalise on its traditional role as a hedge against risk amid global uncertainty.

Instead, investors have opted for US&nbspTreasuries, seen as the ultimate safe haven, which meant they had to buy dollars.

The bearish stance on gold continued to reflect in record short positions and in the outflow of gold exchange-traded products.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.19 per cent to 784.60 tonnes on Monday from Friday. Holdings have fallen about 10 per cent from their peak in April and are at their lowest since February 2016.

Some investors have the high level of shorts and low positioning in ETFs as an indication that gold is due for a turnaround as it is oversold.

"Gold is a proven inflation hedge and a safe-haven asset in the case of shocks to economic growth, and we believe that current weakness presents an opportunity to benefit from the recovery of this undervalued sector," said David Baker, fund manager and managing partner at Baker Steel Capital Managers.

In technicals, next support for gold is at $1,180, a low hit in January 2017, said ActivTrades chief analyst Carlo Alberto De Casa, adding that the lack of a rebound suggested the main trend remained bearish.

Spot platinum rose 0.3 per cent to $800.50, after dropping 3.6 per cent to a three-week low at $791.50 on Monday.

Silver rose from an over 13-month low of $14.94 in the previous session. On Tuesday it was up 0.6 per cent at $15.

Palladium rose 0.2 percent to $892.20. 
&nbsp

Spot gold inched up 0.1 per cent to $1,195.16 an ounce by 1034 GMT. In the previous session, the bullion hit $1,191.35, its lowest since Jan. 30, 2017.

Gold prices steadied near 18-month lows on Tuesday, attempting a break back above the key $1,200 level as the dollar eased and analysts said the precious metal could have fallen too far. Spot gold inched up 0.1 per cent to $1,195.16 an ounce by 1034 GMT. In the previous session, the bullion hit $1,191.35, its lowest since Jan. 30, 2017. US&nbspgold futures were up 0.3 per cent at $1,202.10 per ounce. The dollar, in which commodities such as gold are priced, edged lower against a basket of its peers as the Turkish lira regained its footing, easing concerns of a negative ripple effect on global markets. "A lot of investors got very disappointed because they thought that gold would be the safe haven in trade conflict and also with Turkey and emerging markets and it wasn't," said Georgette Boelle, commodity strategist at ABN AMRO. "It's still very difficult to point out where the low is going to be but we are in cheap territory and gold should start bottoming out at these levels." Gold, which is down about 8 per cent this year, has faced a slate of headwinds in 2018 including rising US&nbspinterest rates, a soaring dollar and failure to capitalise on its traditional role as a hedge against risk amid global uncertainty. Instead, investors have opted for US&nbspTreasuries, seen as the ultimate safe haven, which meant they had to buy dollars. The bearish stance on gold continued to reflect in record short positions and in the outflow of gold exchange-traded products. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.19 per cent to 784.60 tonnes on Monday from Friday. Holdings have fallen about 10 per cent from their peak in April and are at their lowest since February 2016. Some investors have the high level of shorts and low positioning in ETFs as an indication that gold is due for a turnaround as it is oversold. "Gold is a proven inflation hedge and a safe-haven asset in the case of shocks to economic growth, and we believe that current weakness presents an opportunity to benefit from the recovery of this undervalued sector," said David Baker, fund manager and managing partner at Baker Steel Capital Managers. In technicals, next support for gold is at $1,180, a low hit in January 2017, said ActivTrades chief analyst Carlo Alberto De Casa, adding that the lack of a rebound suggested the main trend remained bearish. Spot platinum rose 0.3 per cent to $800.50, after dropping 3.6 per cent to a three-week low at $791.50 on Monday. Silver rose from an over 13-month low of $14.94 in the previous session. On Tuesday it was up 0.6 per cent at $15. Palladium rose 0.2 percent to $892.20.

Gold rises as dollar edges lower

The rupee today crashed by a mammoth 110 paise -- its biggest single-day fall in five years -- to end at a lifetime low of 69.93 as the US dollar gained rapid strength amid fears that <a href="http://www.wionews.com/world/turkey-central-bank-ready-to-take-all-necessary-measures-for-stability-158832">economic crisis in Turkey</a> could spread to other global economies.

Panic and capitulation overshadowed trading mood as traders and speculators saw no signs that monetary authorities would step into the foreign exchange market to support the domestic unit.

This is the biggest single day fall for the rupee in the past five years. Previously, the rupee had dropped 2.4 per cent or 148 paise in a single day in August 2013.

The rupee also ended lower against British pound, euro and Japanse yen.

"The rupee was mainly impacted by fall in Turkish Lira," said a treasurer of a state-owned bank.

The <a href="http://www.wionews.com/world/turkey-crisis-risks-souring-military-ties-with-us-159033">Turkish lira </a>dived almost 8 per cent today to a low of 7.24 against the US dollar, fuelling fears that it may impact financial institutions in Europe. Later, it recovered some ground after the finance ministry assured steps to rein in the crisis.

Global currencies except for safe-haven Japanese yen and Swiss franc faced a rout against the dollar. The pound sterling was trading near 2018 lows, the euro declined to a 13-month low, the Russian ruble lost 2 per cent, while South African rand plunged 7 per cent in a global meltdown.

The dollar index was trading higher at 96.18.

Lack of FII inflows and growing oil prices are also affecting the rupee, a PSU bank official said. Foreign investors sold shares worth Rs 971.8 crore on a net basis, provisional exchange data showed.

"RBI will not be comfortable at these levels. It was seen defending rupee at all levels," said a senior treasury official of a public sector bank, while predicting that the rupee may fall to 70 levels against the dollar soon.

The rupee had opened strong by 41 paise at 68.42 against the US dollar in early trade today, helped by revived sentiments following optimistic macroeconomic outlook.

However, it soon reversed the gains and plunged to an early low of 69.62 in line with weakening domestic equities.

It remained under intense pressure later in the day and eventually took a deep slide to end at a lifetime low of 69.93, revealing a steep loss of 110 paise, or 1.60 per cent.

The Financial Benchmarks India (FBIL), meanwhile, fixed the reference rate for the dollar at 69.4685 and for the euro at 79.1876.

The 10-year benchmark bond yield settled unchanged at 7.75 per cent.

On the energy front, crude prices slipped as trade tensions and troubled emerging markets dented the outlook for fuel demand, though US&nbsp;Sanctions against Iran pointed towards tighter supply ahead.

The benchmark Brent for September settlement is trading weak at US $72.68 a barrel in the early Asian session.

India's foreign exchange reserves fell to over seven-month low of USD 402.7 billion in the week ended August 3. Total forex reserves dipped US $1.49 billion from USD 404.19 billion in the week ended July 27, 2018, RBI data showed.

In the cross-currency trade, the rupee retreated sharply against the pound sterling to end at 89.13 per pound from 87.86 and fell back against the euro to finish at 79.52 as compared to 78.83 earlier.

It remained weak against the Japanese yen to end at 63.37 per 100 yens from 62.03.

The Japanese Yen is benefitting from the safe haven status at times of risk-off sentiment with Turkeys currency crisis continuing since the last week.

In the forward market today, the premium for dollar edged down owing to consistent receiving from exporters.

The benchmark six-month forward premium payable in December softened to 112-114 paise from 112.50-114.50 paise, while the far-forward June 2019 contract held steady at 260-262 paise.

&nbsp;

This is the biggest single day fall for the rupee in the past five years. Previously, the rupee had dropped 2.4 per cent or 148 paise in a single day in August 2013.

The rupee today crashed by a mammoth 110 paise -- its biggest single-day fall in five years -- to end at a lifetime low of 69.93 as the US dollar gained rapid strength amid fears that economic crisis in Turkey could spread to other global economies. Panic and capitulation overshadowed trading mood as traders and speculators saw no signs that monetary authorities would step into the foreign exchange market to support the domestic unit. This is the biggest single day fall for the rupee in the past five years. Previously, the rupee had dropped 2.4 per cent or 148 paise in a single day in August 2013. The rupee also ended lower against British pound, euro and Japanse yen. "The rupee was mainly impacted by fall in Turkish Lira," said a treasurer of a state-owned bank. The Turkish lira dived almost 8 per cent today to a low of 7.24 against the US dollar, fuelling fears that it may impact financial institutions in Europe. Later, it recovered some ground after the finance ministry assured steps to rein in the crisis. Global currencies except for safe-haven Japanese yen and Swiss franc faced a rout against the dollar. The pound sterling was trading near 2018 lows, the euro declined to a 13-month low, the Russian ruble lost 2 per cent, while South African rand plunged 7 per cent in a global meltdown. The dollar index was trading higher at 96.18. Lack of FII inflows and growing oil prices are also affecting the rupee, a PSU bank official said. Foreign investors sold shares worth Rs 971.8 crore on a net basis, provisional exchange data showed. "RBI will not be comfortable at these levels. It was seen defending rupee at all levels," said a senior treasury official of a public sector bank, while predicting that the rupee may fall to 70 levels against the dollar soon. The rupee had opened strong by 41 paise at 68.42 against the US dollar in early trade today, helped by revived sentiments following optimistic macroeconomic outlook. However, it soon reversed the gains and plunged to an early low of 69.62 in line with weakening domestic equities. It remained under intense pressure later in the day and eventually took a deep slide to end at a lifetime low of 69.93, revealing a steep loss of 110 paise, or 1.60 per cent. The Financial Benchmarks India (FBIL), meanwhile, fixed the reference rate for the dollar at 69.4685 and for the euro at 79.1876. The 10-year benchmark bond yield settled unchanged at 7.75 per cent. On the energy front, crude prices slipped as trade tensions and troubled emerging markets dented the outlook for fuel demand, though US Sanctions against Iran pointed towards tighter supply ahead. The benchmark Brent for September settlement is trading weak at US $72.68 a barrel in the early Asian session. India's foreign exchange reserves fell to over seven-month low of USD 402.7 billion in the week ended August 3. Total forex reserves dipped US $1.49 billion from USD 404.19 billion in the week ended July 27, 2018, RBI data showed. In the cross-currency trade, the rupee retreated sharply against the pound sterling to end at 89.13 per pound from 87.86 and fell back against the euro to finish at 79.52 as compared to 78.83 earlier. It remained weak against the Japanese yen to end at 63.37 per 100 yens from 62.03. The Japanese Yen is benefitting from the safe haven status at times of risk-off sentiment with Turkeys currency crisis continuing since the last week. In the forward market today, the premium for dollar edged down owing to consistent receiving from exporters. The benchmark six-month forward premium payable in December softened to 112-114 paise from 112.50-114.50 paise, while the far-forward June 2019 contract held steady at 260-262 paise.

Rupee logs biggest single-day fall in 5 years

BSE Sensex today recovered over 207 points to close at 37,852, reversing two sessions of losses, while the broader NSE Nifty settled above the 11,400-mark on flurry of buying in healthcare, realty and banking counters on positive macroeconomic data and signs of recovery in global markets.

Domestic market sentiment was buoyed by July inflation numbers. Wholesale inflation eased to 5.09 per cent in July on account of cheaper food articles, from 5.77 per cent in June. Retail inflation also fell to a nine-month low of 4.17 in July.

Global equity markets regained confidence as the threat from the Turkish lira crisis ebbed.

Unabated buying by domestic institutional investors (DIIs) and robust corporate Q1 earnings by some blue-chip firms also drove investors sentiment, brokers said.

Mixed trend on Asian bourses and higher opening in European markets also supported the upmove, they added.

The 30-share Sensex, after opening on a strong note, continued its upward march to hit a high of 37,932.40 on value-buying in recent losers. It lost some ground on profit-booking, before finally ending 207.10 points, or 0.55 per cent, higher at 37,852.

The gauge had lost 379.47 points in the previous two sessions.

The NSE Nifty, after touching a high of 11,452.45, ended 79.35 points, or 0.70 per cent, higher at 11,435.10.

Domestic institutional investors (DIIs) bought shares worth a net Rs 216.29 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 971.86 crore yesterday, provisional data showed.

Sun Pharma was the best gainer among Sensex components by surging 6.91 per cent after the company today reported a consolidated net profit of Rs 982.51 crore for the quarter ended June 30.&nbsp

Yes Bank, RIL, ICICI Bank, Axis Bank, Tata Steel, HUL, Coal India, Bajaj Auto, Maruti Suzuki, Kotak Bank, IndusInd Bank and ONGC were among the top gainers.

Whereas Hero Motocorp, Adani Ports, L&T, Bharti Airtel, Vedanta and NTPC were among the major losers.

Sectoral indices led by healthcare, realty, energy, banking, finance, FMCG, auto, consumer durables, IT, Oil & gas and metal gained up to 2.48 per cent.

Stock exchanges will remain closed tomorrow on account of Independence Day.

Global equity markets regained confidence as the threat from the Turkish lira crisis ebbed.

BSE Sensex today recovered over 207 points to close at 37,852, reversing two sessions of losses, while the broader NSE Nifty settled above the 11,400-mark on flurry of buying in healthcare, realty and banking counters on positive macroeconomic data and signs of recovery in global markets. Domestic market sentiment was buoyed by July inflation numbers. Wholesale inflation eased to 5.09 per cent in July on account of cheaper food articles, from 5.77 per cent in June. Retail inflation also fell to a nine-month low of 4.17 in July. Global equity markets regained confidence as the threat from the Turkish lira crisis ebbed. Unabated buying by domestic institutional investors (DIIs) and robust corporate Q1 earnings by some blue-chip firms also drove investors sentiment, brokers said. Mixed trend on Asian bourses and higher opening in European markets also supported the upmove, they added. The 30-share Sensex, after opening on a strong note, continued its upward march to hit a high of 37,932.40 on value-buying in recent losers. It lost some ground on profit-booking, before finally ending 207.10 points, or 0.55 per cent, higher at 37,852. The gauge had lost 379.47 points in the previous two sessions. The NSE Nifty, after touching a high of 11,452.45, ended 79.35 points, or 0.70 per cent, higher at 11,435.10. Domestic institutional investors (DIIs) bought shares worth a net Rs 216.29 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 971.86 crore yesterday, provisional data showed. Sun Pharma was the best gainer among Sensex components by surging 6.91 per cent after the company today reported a consolidated net profit of Rs 982.51 crore for the quarter ended June 30. Yes Bank, RIL, ICICI Bank, Axis Bank, Tata Steel, HUL, Coal India, Bajaj Auto, Maruti Suzuki, Kotak Bank, IndusInd Bank and ONGC were among the top gainers. Whereas Hero Motocorp, Adani Ports, L&T, Bharti Airtel, Vedanta and NTPC were among the major losers. Sectoral indices led by healthcare, realty, energy, banking, finance, FMCG, auto, consumer durables, IT, Oil & gas and metal gained up to 2.48 per cent. Stock exchanges will remain closed tomorrow on account of Independence Day.

Markets rebound on macro boost, global cues

The BSE Sensex fell over 288 points and the NSE Nifty dipped below the 11,400-level in opening trade today on heavy losses in PSUs, auto, metal and banking counters amid a global rout in equity markets.

A weak trend in Asia coupled with sell-offs on Wall Street last week and a slump in the Turkish lira dampened the sentiment globally, traders said.

The BSE 30-share barometer tanked 288.16 points, or 0.76 per cent, to 37,581.07. The gauge had lost 155.14 in the previous session.

Sectoral indices led by PSU, metal, infrastructure, power, oil & gas, auto, capital goods, realty and consumer durables were trading in the negative terrain, falling by up to 1.43 per cent.

The NSE Nifty was trading down by 83.75 points, or 0.73 per cent, at 11,345.75.

The laggards were Vedanta, Tata Motors, NTPC, HDFC, Power Grid, RIL, ONGC, ICICI Bank, HDFC Bank, Tata Steel, Maruti Suzuki, Asian Paints, Yes Bank, Adani Ports, Kotak Bank, Yes Bank and L&T, falling up to 3.98 per cent.

Foreign funds sold shares worth Rs 510.66 crore, while domestic institutional investors bought equities worth Rs 457.83 crore on Friday, provisional data showed.

Asian shares tumbled after investor sentiment took a hit amid the slump in the Turkish currency, lira, on geopolitical developments.

In the Asian region, Hong Kong's Hang Seng fell 1.44 per cent, Japan's Nikkei shed 0.83 per cent, while Shanghai Composite Index dipped 0.94 per cent in their late morning deals.

US stocks dropped on Friday, triggered by fears over the sell-offs in the lira after US President Donald Trump said he had approved the doubling of metal tariffs against Turkey on Friday.

The US Dow Jones Industrial Average ended 0.77 per cent lower on Friday.&nbsp;

The BSE had lost 155.14 in the previous session. The Nifty meanwhile dipped below the 11,400-level in opening trade.

The BSE Sensex fell over 288 points and the NSE Nifty dipped below the 11,400-level in opening trade today on heavy losses in PSUs, auto, metal and banking counters amid a global rout in equity markets. A weak trend in Asia coupled with sell-offs on Wall Street last week and a slump in the Turkish lira dampened the sentiment globally, traders said. The BSE 30-share barometer tanked 288.16 points, or 0.76 per cent, to 37,581.07. The gauge had lost 155.14 in the previous session. Sectoral indices led by PSU, metal, infrastructure, power, oil & gas, auto, capital goods, realty and consumer durables were trading in the negative terrain, falling by up to 1.43 per cent. The NSE Nifty was trading down by 83.75 points, or 0.73 per cent, at 11,345.75. The laggards were Vedanta, Tata Motors, NTPC, HDFC, Power Grid, RIL, ONGC, ICICI Bank, HDFC Bank, Tata Steel, Maruti Suzuki, Asian Paints, Yes Bank, Adani Ports, Kotak Bank, Yes Bank and L&T, falling up to 3.98 per cent. Foreign funds sold shares worth Rs 510.66 crore, while domestic institutional investors bought equities worth Rs 457.83 crore on Friday, provisional data showed. Asian shares tumbled after investor sentiment took a hit amid the slump in the Turkish currency, lira, on geopolitical developments. In the Asian region, Hong Kong's Hang Seng fell 1.44 per cent, Japan's Nikkei shed 0.83 per cent, while Shanghai Composite Index dipped 0.94 per cent in their late morning deals. US stocks dropped on Friday, triggered by fears over the sell-offs in the lira after US President Donald Trump said he had approved the doubling of metal tariffs against Turkey on Friday. The US Dow Jones Industrial Average ended 0.77 per cent lower on Friday.

Sensex dives 288 points amid global rout

The rupee on Monday touched an all-time low of 69.62 per dollar in early trade, tracking broader weakness in other emerging market currencies on concerns of a spill-over from a crisis-hit Turkey.

The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee, two dealers said.

"The RBI was there to curtail the volatility in early trade, but not in a big way," said a senior dealer at a foreign bank.

The rupee reversed marginally from its record lows to trade at 69.53 to the dollar. It had ended at 68.84 to the dollar on Friday. The 10-year benchmark bond yield rose to 7.80 per cent from its previous close of 7.75 per cent, tracking the weakness in rupee.

Investors preferred safe-havens such as the US dollar and the yen after a plunge in the Turkish Lira sent all emerging market currencies sharply lower.

The lira has fallen about 45 per cent against the greenback this year on worries over Turkish President Tayyip Erdogan's increasing control of the economy and a deepening diplomatic rift with the United States.

"There is no point spending a lot of dollars in defending a rupee when the force of the fall is so strong across emerging markets," said a senior forex dealer at an Indian state-run bank.

The next crucial level for the rupee is 69.80 to the dollar, he added.

Traders will also watch out for India consumer inflation data for July due after market hours for further direction. A Reuters poll estimates July inflation of 4.51 per cent compared with a five-month high of 5.0 per cent hit in the previous month.

The rupee reversed marginally from its record lows to trade at 69.53 to the dollar. It had ended at 68.84 to the dollar on Friday. The 10-year benchmark bond yield rose to 7.80 per cent from its previous close of 7.75 per cent, tracking the weakness in rupee

The rupee on Monday touched an all-time low of 69.62 per dollar in early trade, tracking broader weakness in other emerging market currencies on concerns of a spill-over from a crisis-hit Turkey. The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee, two dealers said. "The RBI was there to curtail the volatility in early trade, but not in a big way," said a senior dealer at a foreign bank. The rupee reversed marginally from its record lows to trade at 69.53 to the dollar. It had ended at 68.84 to the dollar on Friday. The 10-year benchmark bond yield rose to 7.80 per cent from its previous close of 7.75 per cent, tracking the weakness in rupee. Investors preferred safe-havens such as the US dollar and the yen after a plunge in the Turkish Lira sent all emerging market currencies sharply lower. The lira has fallen about 45 per cent against the greenback this year on worries over Turkish President Tayyip Erdogan's increasing control of the economy and a deepening diplomatic rift with the United States. "There is no point spending a lot of dollars in defending a rupee when the force of the fall is so strong across emerging markets," said a senior forex dealer at an Indian state-run bank. The next crucial level for the rupee is 69.80 to the dollar, he added. Traders will also watch out for India consumer inflation data for July due after market hours for further direction. A Reuters poll estimates July inflation of 4.51 per cent compared with a five-month high of 5.0 per cent hit in the previous month.

Rupee hits record low, mild RBI intervention seen

The rupee strengthened by 41 paise to 68.42 against the US dollar in early trade today, helped by revived sentiments following optimistic macroeconomic outlook.

Industrial output recorded a growth of 7 per cent in June on account of higher output in mining, manufacturing and power generation segments, according to data released by the Central Statistics Office (CSO) Friday.

Forex dealers said selling of the greenback by banks and exporters supported the rupee. However, dollar's strength against other currencies overseas and lower opening in the domestic equity markets capped the gains.

On Friday, the rupee had lost 15 paise to end at 68.83 against the resurgent dollar.

Meanwhile, the benchmark Sensex fell 284.27 points, or 0.75 per cent, to 37,584.96 in opening trade today.

The rupee strengthened by 41 paise to 68.42 against the US dollar in early trade today, helped by revived sentiments following optimistic macroeconomic outlook.

The rupee strengthened by 41 paise to 68.42 against the US dollar in early trade today, helped by revived sentiments following optimistic macroeconomic outlook. Industrial output recorded a growth of 7 per cent in June on account of higher output in mining, manufacturing and power generation segments, according to data released by the Central Statistics Office (CSO) Friday. Forex dealers said selling of the greenback by banks and exporters supported the rupee. However, dollar's strength against other currencies overseas and lower opening in the domestic equity markets capped the gains. On Friday, the rupee had lost 15 paise to end at 68.83 against the resurgent dollar. Meanwhile, the benchmark Sensex fell 284.27 points, or 0.75 per cent, to 37,584.96 in opening trade today.

Rupee rebounds 41 paise all-time low against US dollar

Asian markets tumbled and the Turkish lira dived almost eight per cent Monday on fears that the economic crisis gripping Turkey could spill over into the global economy.

With investors already on edge over the China-US trade war, the lira's collapse sparked a sell-off in Europe and New York at the end of last week, with safe-haven assets including the Japanese yen and Swiss franc rallying.

The lira dived to a record low of 7.2362 to the dollar at one point overnight before recovering slightly after the country's finance minister said Ankara was planning to roll out an "action plan" on Monday in response to the crisis.&nbsp

"Our institutions will take necessary action from Monday in order to relieve the markets," Berat Albayrak said, adding that the plan would centre on "the state of our banks and the small and medium-size enterprises" most affected by the lira's plunge.

The lira has been hammered this year, having started January at around 3.70 to the dollar, while it was also sharply down against the euro.

However, the European unit was taking a hit against the greenback on worries about the possible impact on some European banks, including Spain's BBVA, Italy's UniCredit and France's BNP Paribas.

Despite the tumult, President Tayyip Erdogan remains in a combative mood, calling the rout a "political, underhand plot" against Turkey.

The crisis has been sparked by a series of issues including a faltering economy -- the central bank has defied market calls for rate hikes -- and tensions with the United States, which has hit Turkey with sanctions over its detention of an American pastor.

Ankara has also hit out at Washington's cooperation with Syrian Kurdish militia in the fight against Islamic State.&nbsp

Vulnerabilities

"The decline in the lira is multifaceted, caused not only by a weak external position in terms of current account deficit and inadequate currency reserves, but also the challenging political environment which exacerbates the vulnerabilities in the lira," said Kerry Craig, global market strategist at JP Morgan Asset Management.

"A mid-meeting rate hike and tightening of monetary policy may help to avert the lira's decline, to some extent."

As well as the lira, emerging market and other high-yielding currencies tumbled across the board.

The Russian ruble, already under pressure after the US hit Moscow with sanctions last week, lost two per cent, while the South African rand was battered seven per cent.

South Korea's won and the Australian dollar retreated 0.5 per cent and the Indonesian rupiah lost 0.9 per cent.

The yen, a go-to unit in times of turmoil, rose against the dollar, while the Swiss franc was also higher.

"The dominating theme of this week is likely to be the Turkish situation," Okasan Online Securities said in a note to clients.

"The 'Turkey shock' from last weekend, triggered by sharp plunges of the lira, has fuelled fears that it may impact financial institutions in Europe," it said.

On equity markets, Hong Kong shed 1.8 per cent and Shanghai was 1.4 per cent lower, while Tokyo dropped 1.6 per cent by the break with exporters hurt by the stronger yen.

The sharp losses come despite the fact Turkey accounts for just one per cent of the world economy, meaning there is little risk to the world economy or even the eurozone.

The lira dived to a record low of 7.2362 to the dollar at one point overnight before recovering slightly.

Asian markets tumbled and the Turkish lira dived almost eight per cent Monday on fears that the economic crisis gripping Turkey could spill over into the global economy. With investors already on edge over the China-US trade war, the lira's collapse sparked a sell-off in Europe and New York at the end of last week, with safe-haven assets including the Japanese yen and Swiss franc rallying. The lira dived to a record low of 7.2362 to the dollar at one point overnight before recovering slightly after the country's finance minister said Ankara was planning to roll out an "action plan" on Monday in response to the crisis. "Our institutions will take necessary action from Monday in order to relieve the markets," Berat Albayrak said, adding that the plan would centre on "the state of our banks and the small and medium-size enterprises" most affected by the lira's plunge. The lira has been hammered this year, having started January at around 3.70 to the dollar, while it was also sharply down against the euro. However, the European unit was taking a hit against the greenback on worries about the possible impact on some European banks, including Spain's BBVA, Italy's UniCredit and France's BNP Paribas. Despite the tumult, President Tayyip Erdogan remains in a combative mood, calling the rout a "political, underhand plot" against Turkey. The crisis has been sparked by a series of issues including a faltering economy -- the central bank has defied market calls for rate hikes -- and tensions with the United States, which has hit Turkey with sanctions over its detention of an American pastor. Ankara has also hit out at Washington's cooperation with Syrian Kurdish militia in the fight against Islamic State. Vulnerabilities "The decline in the lira is multifaceted, caused not only by a weak external position in terms of current account deficit and inadequate currency reserves, but also the challenging political environment which exacerbates the vulnerabilities in the lira," said Kerry Craig, global market strategist at JP Morgan Asset Management. "A mid-meeting rate hike and tightening of monetary policy may help to avert the lira's decline, to some extent." As well as the lira, emerging market and other high-yielding currencies tumbled across the board. The Russian ruble, already under pressure after the US hit Moscow with sanctions last week, lost two per cent, while the South African rand was battered seven per cent. South Korea's won and the Australian dollar retreated 0.5 per cent and the Indonesian rupiah lost 0.9 per cent. The yen, a go-to unit in times of turmoil, rose against the dollar, while the Swiss franc was also higher. "The dominating theme of this week is likely to be the Turkish situation," Okasan Online Securities said in a note to clients. "The 'Turkey shock' from last weekend, triggered by sharp plunges of the lira, has fuelled fears that it may impact financial institutions in Europe," it said. On equity markets, Hong Kong shed 1.8 per cent and Shanghai was 1.4 per cent lower, while Tokyo dropped 1.6 per cent by the break with exporters hurt by the stronger yen. The sharp losses come despite the fact Turkey accounts for just one per cent of the world economy, meaning there is little risk to the world economy or even the eurozone.

Turkish lira hammered again as crisis spills into Asian markets

Indian steelmaker Tata Steel Ltd said on Monday quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge.

Net profit was 19.34 billion rupees ($276 million), compared to a profit of 9.21 billion rupees a year earlier, Tata said.

Analysts on average had expected a net profit of 26.44 billion rupees, according to Thomson Reuters.

The company said it had a one time charge of 3.35 billion rupees.

Net profit was 19.34 billion rupees ($276 million), compared to a profit of 9.21 billion rupees a year earlier, Tata said.

Indian steelmaker Tata Steel Ltd said on Monday quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge. Net profit was 19.34 billion rupees ($276 million), compared to a profit of 9.21 billion rupees a year earlier, Tata said. Analysts on average had expected a net profit of 26.44 billion rupees, according to Thomson Reuters. The company said it had a one time charge of 3.35 billion rupees.

Tata Steel first-quarter profit more than doubles, lags forecasts

India's retail inflation rate eased in July, strengthening views that the Reserve Bank of India (RBI) will keep interest rates on hold at its review in October after raising them for a second straight meeting on August 1.

In July, consumer prices rose 4.17 per cent from a year earlier, compared with a downwardly revised 4.92 per cent in June, the Statistics Ministry said on Monday.

The median forecast of economists polled by Reuters for July was 4.51 per cent, with estimates ranging from 3.75 per cent to 5.40 per cent.

Rupa Rege Nitsure, chief economist at L&T Finance Holdings, said retail inflation significantly slowed due to smaller increases in food prices and housing.

"I expect the RBI (Reserve Bank of India) to take a pause until December at least. However, rupee depreciation remains a major risk to inflation besides the sticky core inflation," she said.

July was the ninth straight month in which inflation was higher than the RBI's medium-term target of 4 per cent.

The RBI has raised its benchmark rate by a total of 50 basis points at its past two meetings, to 6.5 per cent, while warning about inflationary pressures.

The RBI's next policy decision is on October&nbsp5.

The falling rupee which has so far lost over 8 per cent this year, has pushed up prices of imported items such as petroleum products, commodities, electronics and engineering equipment.

On Monday, the rupee touched an all-time low of 69.95 against the dollar on concerns about contagion from Turkey spilling over to other emerging markets.

The International Monetary Fund(IMF), in its annual report on India last week, warned that average inflation is likely to rise to 5.2 per cent in the 2018/19 fiscal year from a 17-year low of 3.6 per cent in the previous fiscal year.

The IMF expects the central bank to gradually tighten monetary policy in order to tame inflation.

Inflation pressures in the world's sixth largest economy are expected to build up amid rising international crude oil prices - putting pressure on companies to raise prices.

Retail gasoline prices have climbed 10.4 per cent this year and diesel prices by 15.2 per cent- hurting corporate profit margins.

In the last year, the cost of compressed natural gas (CNG) for automobiles and taxis in the capital Delhi has gone up 34.7 per cent. Airline ticket prices are also climbing due to a 45 per cent rise in fuel costs.

However, annual retail food inflation, which accounts for about half of the CPI index, eased to 1.37 per cent in July, compared with 2.91 per cent rise in the previous month.

Core annual consumer price inflation was seen at around 6.2 per cent in July, easing slightly from 6.3 per cent in the previous month, according to analysts.

Prime Minister Narendra Modi, who is expected to seek a second term in national elections in 2019, has argued that higher state spending on subsidised housing and infrastructure would boost economic growth and dampen inflationary pressures.

India's $2.6 trillion economy grew at a 7.7 per cent annual rate in the April-June quarter, and is projected to grow nearly 7.5 per cent in the fiscal year ending in March 2019, up from 6.7 per cent the previous year.

The falling rupee which has so far lost over 8 per cent this year, has pushed up prices of imported items

India's retail inflation rate eased in July, strengthening views that the Reserve Bank of India (RBI) will keep interest rates on hold at its review in October after raising them for a second straight meeting on August 1. In July, consumer prices rose 4.17 per cent from a year earlier, compared with a downwardly revised 4.92 per cent in June, the Statistics Ministry said on Monday. The median forecast of economists polled by Reuters for July was 4.51 per cent, with estimates ranging from 3.75 per cent to 5.40 per cent. Rupa Rege Nitsure, chief economist at L&T Finance Holdings, said retail inflation significantly slowed due to smaller increases in food prices and housing. "I expect the RBI (Reserve Bank of India) to take a pause until December at least. However, rupee depreciation remains a major risk to inflation besides the sticky core inflation," she said. July was the ninth straight month in which inflation was higher than the RBI's medium-term target of 4 per cent. The RBI has raised its benchmark rate by a total of 50 basis points at its past two meetings, to 6.5 per cent, while warning about inflationary pressures. The RBI's next policy decision is on October&nbsp5. The falling rupee which has so far lost over 8 per cent this year, has pushed up prices of imported items such as petroleum products, commodities, electronics and engineering equipment. On Monday, the rupee touched an all-time low of 69.95 against the dollar on concerns about contagion from Turkey spilling over to other emerging markets. The International Monetary Fund(IMF), in its annual report on India last week, warned that average inflation is likely to rise to 5.2 per cent in the 2018/19 fiscal year from a 17-year low of 3.6 per cent in the previous fiscal year. The IMF expects the central bank to gradually tighten monetary policy in order to tame inflation. Inflation pressures in the world's sixth largest economy are expected to build up amid rising international crude oil prices - putting pressure on companies to raise prices. Retail gasoline prices have climbed 10.4 per cent this year and diesel prices by 15.2 per cent- hurting corporate profit margins. In the last year, the cost of compressed natural gas (CNG) for automobiles and taxis in the capital Delhi has gone up 34.7 per cent. Airline ticket prices are also climbing due to a 45 per cent rise in fuel costs. However, annual retail food inflation, which accounts for about half of the CPI index, eased to 1.37 per cent in July, compared with 2.91 per cent rise in the previous month. Core annual consumer price inflation was seen at around 6.2 per cent in July, easing slightly from 6.3 per cent in the previous month, according to analysts. Prime Minister Narendra Modi, who is expected to seek a second term in national elections in 2019, has argued that higher state spending on subsidised housing and infrastructure would boost economic growth and dampen inflationary pressures. India's $2.6 trillion economy grew at a 7.7 per cent annual rate in the April-June quarter, and is projected to grow nearly 7.5 per cent in the fiscal year ending in March 2019, up from 6.7 per cent the previous year.

Retail inflation eases, RBI may keep interest rates on hold

Equity benchmarks Sensex and Nifty tumbled for the second straight session today as the Indian rupee hit life-time lows and the Turkish currency crisis dealt a blow to investors sentiment globally.

The BSE Sensex sank 224.33 points to end near two-week low of 37,644.90, while the Nifty crack below the 11,400-mark, losing 73.75 points to end at 11,355.75 on fresh foreign fund inflows.

A massive selling pressure was seen in banks, financials and PSU shares as the rupee nosedived to all-time low of 69.85 (intra-day) per dollar amid fresh fall in the Turkish lira, fuelling demand for safe havens.

SBI was the biggest loser in the Sensex pack, diving 3.17 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

Other banking stock such as Punjab National Bank, Yes Bank, Bank of Baroda, Federal Bank, Axis Bank, HDFC Bank and ICICI Bank faced selling pressure -- falling up to 3.37 per cent.

Asian shares too tumbled and Europe opened lower after sell-offs on Wall Street last week. Investor sentiment took a hit following a slump in the Turkish currency lira on geopolitical developments, spreading panic globally, brokers said.

Traders also appeared cautious ahead of consumer inflation data for July to be announced later in the day today. While the wholesale price inflation (WPI) numbers will be announced tomorrow.

The Sensex, which resumed lower at 37,693.19, continued its slide and touched a low of 37,559.26 as selling intensified.

However, the benchmark recovered marginally on value-buying and covering-up of short positions. It ended at 37,644.90, down 224.33 points, or 0.59 per cent.

The gauge had lost 155.14 in the previous session.

The broader NSE Nifty, after cracking the 10,400-mark, ended 73.75 points, or 0.65 per cent, lower at 11,355.75.

Sectoral indices led by oil and gas, PSU, financial, energy, banking, infrastructure, power, metal, realty, auto and capital goods ended in the negative terrain, falling by up to 1.93 per cent.

Vedanta, ONGC, HDFC, Reliance Industries, HUL, Asian Paints, Power Grid, NTPC, Tata Motors, Maruti Suzuki, Hero Motorcorp, Adani Ports and Tata Steel contributed the most to the losses in the 30-share Sensex pack.

However, IT and teck stocks ended in the positive zone as the rupee fell.

Foreign funds sold shares worth Rs 510.66 crore, while domestic institutional investors bought equities worth Rs 457.83 crore on Friday, provisional data showed.

&nbsp;

The BSE Sensex sank 224.33 points to end near two-week low of 37,644.90, while the Nifty crack below the 11,400-mark, losing 73.75 points to end at 11,355.75 on fresh foreign fund inflows.

Equity benchmarks Sensex and Nifty tumbled for the second straight session today as the Indian rupee hit life-time lows and the Turkish currency crisis dealt a blow to investors sentiment globally. The BSE Sensex sank 224.33 points to end near two-week low of 37,644.90, while the Nifty crack below the 11,400-mark, losing 73.75 points to end at 11,355.75 on fresh foreign fund inflows. A massive selling pressure was seen in banks, financials and PSU shares as the rupee nosedived to all-time low of 69.85 (intra-day) per dollar amid fresh fall in the Turkish lira, fuelling demand for safe havens. SBI was the biggest loser in the Sensex pack, diving 3.17 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter. Other banking stock such as Punjab National Bank, Yes Bank, Bank of Baroda, Federal Bank, Axis Bank, HDFC Bank and ICICI Bank faced selling pressure -- falling up to 3.37 per cent. Asian shares too tumbled and Europe opened lower after sell-offs on Wall Street last week. Investor sentiment took a hit following a slump in the Turkish currency lira on geopolitical developments, spreading panic globally, brokers said. Traders also appeared cautious ahead of consumer inflation data for July to be announced later in the day today. While the wholesale price inflation (WPI) numbers will be announced tomorrow. The Sensex, which resumed lower at 37,693.19, continued its slide and touched a low of 37,559.26 as selling intensified. However, the benchmark recovered marginally on value-buying and covering-up of short positions. It ended at 37,644.90, down 224.33 points, or 0.59 per cent. The gauge had lost 155.14 in the previous session. The broader NSE Nifty, after cracking the 10,400-mark, ended 73.75 points, or 0.65 per cent, lower at 11,355.75. Sectoral indices led by oil and gas, PSU, financial, energy, banking, infrastructure, power, metal, realty, auto and capital goods ended in the negative terrain, falling by up to 1.93 per cent. Vedanta, ONGC, HDFC, Reliance Industries, HUL, Asian Paints, Power Grid, NTPC, Tata Motors, Maruti Suzuki, Hero Motorcorp, Adani Ports and Tata Steel contributed the most to the losses in the 30-share Sensex pack. However, IT and teck stocks ended in the positive zone as the rupee fell. Foreign funds sold shares worth Rs 510.66 crore, while domestic institutional investors bought equities worth Rs 457.83 crore on Friday, provisional data showed.

Sensex skids 224 points on global financial turmoil