National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Shares of United Breweries Ltd (UBL) today surged over 8 per cent after the company reported a 37 per cent jump in its standalone net profit for the quarter ended June 30.

The stock soared 8.31 per cent to settle at Rs 1,300 on the BSE. During the day, it surged 9.99 per cent to Rs 1,320.25 -- its 52-week high.

On the NSE, shares of the company zoomed 7.74 per cent to close at Rs 1,298.

In terms of equity volume, 2.54 lakh shares of the company changed hands on the BSE during the day and over 29 lakh shares were traded on the NSE.

United Breweries Ltd (UBL) on Friday reported a 37.08 per cent jump in its standalone net profit to Rs 221.92 crore for the quarter ended June 30, helped by double-digit volume growth.

The company had posted a net profit of Rs 161.89 crore in the corresponding period a year-ago.

Its total income during the quarter under review stood at Rs 4,173.18 crore, up 9.24 per cent, as against Rs 3,820.18 crore in the corresponding quarter of the previous fiscal, UBL said in a regulatory filing.&nbsp

During the day, United Breweries stocks surged 9.99 per cent to Rs 1,320.25 -- its 52-week high.

Shares of United Breweries Ltd (UBL) today surged over 8 per cent after the company reported a 37 per cent jump in its standalone net profit for the quarter ended June 30. The stock soared 8.31 per cent to settle at Rs 1,300 on the BSE. During the day, it surged 9.99 per cent to Rs 1,320.25 -- its 52-week high. On the NSE, shares of the company zoomed 7.74 per cent to close at Rs 1,298. In terms of equity volume, 2.54 lakh shares of the company changed hands on the BSE during the day and over 29 lakh shares were traded on the NSE. United Breweries Ltd (UBL) on Friday reported a 37.08 per cent jump in its standalone net profit to Rs 221.92 crore for the quarter ended June 30, helped by double-digit volume growth. The company had posted a net profit of Rs 161.89 crore in the corresponding period a year-ago. Its total income during the quarter under review stood at Rs 4,173.18 crore, up 9.24 per cent, as against Rs 3,820.18 crore in the corresponding quarter of the previous fiscal, UBL said in a regulatory filing.

United Breweries stocks surge after profit report

Realty major DLF is in talks with private equity players to raise funds for the development of a commercial property on 11.76-acre land in Gurugram that it recently bought for about Rs 1,600 crore, a senior company official said today. India’s largest realty firm could dilute up to 50 per cent stake in this 2.5 million sq ft commercial project, DLF’s CFO Saurabh Chawla said.&nbsp;

In February this year, DLF had bought this land for Rs 1,496 crore in an e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). After including the stamp duty, the total cost to purchase this land came to about Rs 1,600 crore.

“We bought this land in Gurugram as it was close to DLF Cyber City and was strategic for the company. Now, we are looking for a partner for development of this project,” Chawla told PTI. He said the company is in talks with many private equity funds and expects to close this deal by September.

Chawla, however, declined to name the private equity players with whom discussions were taking place and also the amount the company was looking to raise for this project. 
“This deal would be similar in nature as we did with investment firm GIC for housing projects in Delhi,” he added. In September 2015, Singapore’s sovereign wealth fund GIC had invested about Rs 2,000 crore in DLFs two housing projects in the national capital.

DLF is a leading developer of commercial properties in the country and has more than 30 million sq ft of rental assets, mostly office space, which it owns directly as well as through JV with GIC. It’s promoters had in December last year sold 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL) to GIC for Rs 9,000 crore. DLF holds 66.66 per cent stake in the DCCDL, which holds bulk of its commercial assets.

DLF said in a presentation that it would build commercial products for sale either to retail customers (B2C) or to DCCDL as investment properties (B2B). It also has the flexibility to hold the property as investment property earning lease rentals. DCCDL group currently owns and operates a pan-India portfolio of about 27 million sq ft, which is slated to grow more than double in the next 10 years.

“DCCDL shall act as a ‘Business Trust’ – not only will it build its own investment properties (about 25 million sq ft potential embedded in the JV) but shall also have the ability to purchase investment properties, at FMV, being developed by DLF or third parties,” the presentation said. Yesterday, DLF reported a 56 per cent increase in its consolidated net profit at Rs 172.77 crore for the first quarter of this fiscal. Its net profit stood at Rs 110.70 crore in the year-ago period.

Total income, however, declined to Rs 1,657.67 crore during April-June this fiscal from Rs 2,211.24 crore in the corresponding period of the previous year.

Realty major DLF is in talks with private equity players to raise funds for the development of a commercial property on 11.76 acre land in Gurugram that it recently bought for about Rs 1,600 crore, a senior company official said today.

Realty major DLF is in talks with private equity players to raise funds for the development of a commercial property on 11.76-acre land in Gurugram that it recently bought for about Rs 1,600 crore, a senior company official said today. India’s largest realty firm could dilute up to 50 per cent stake in this 2.5 million sq ft commercial project, DLF’s CFO Saurabh Chawla said. In February this year, DLF had bought this land for Rs 1,496 crore in an e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). After including the stamp duty, the total cost to purchase this land came to about Rs 1,600 crore. “We bought this land in Gurugram as it was close to DLF Cyber City and was strategic for the company. Now, we are looking for a partner for development of this project,” Chawla told PTI. He said the company is in talks with many private equity funds and expects to close this deal by September. Chawla, however, declined to name the private equity players with whom discussions were taking place and also the amount the company was looking to raise for this project. “This deal would be similar in nature as we did with investment firm GIC for housing projects in Delhi,” he added. In September 2015, Singapore’s sovereign wealth fund GIC had invested about Rs 2,000 crore in DLFs two housing projects in the national capital. DLF is a leading developer of commercial properties in the country and has more than 30 million sq ft of rental assets, mostly office space, which it owns directly as well as through JV with GIC. It’s promoters had in December last year sold 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL) to GIC for Rs 9,000 crore. DLF holds 66.66 per cent stake in the DCCDL, which holds bulk of its commercial assets. DLF said in a presentation that it would build commercial products for sale either to retail customers (B2C) or to DCCDL as investment properties (B2B). It also has the flexibility to hold the property as investment property earning lease rentals. DCCDL group currently owns and operates a pan-India portfolio of about 27 million sq ft, which is slated to grow more than double in the next 10 years. “DCCDL shall act as a ‘Business Trust’ – not only will it build its own investment properties (about 25 million sq ft potential embedded in the JV) but shall also have the ability to purchase investment properties, at FMV, being developed by DLF or third parties,” the presentation said. Yesterday, DLF reported a 56 per cent increase in its consolidated net profit at Rs 172.77 crore for the first quarter of this fiscal. Its net profit stood at Rs 110.70 crore in the year-ago period. Total income, however, declined to Rs 1,657.67 crore during April-June this fiscal from Rs 2,211.24 crore in the corresponding period of the previous year.

DLF looking for partner to build new commercial project on Rs 1,600-cr land in Gurugram

Indian carrier Jet Airways Ltd sought to reassure investors on Saturday, saying it is meeting its payment obligations to lenders and other dues, such as staff commitments.

India's biggest-full service airline issued the statement a day after its shares fell to a three-year low following an announcement that it had deferred its quarterly earnings report.

Jet, which is part-owned by Qatar's Etihad Airways, was due to report quarterly earnings on Thursday but said in stock exchange filings that its audit committee had not signed off on them "pending closure of certain matters".

"Our account with all the banks as on date is "Standard"," Jet Airways said in a statement on Saturday. It said it had not been placed in any special mention accounts by the banks, referring to the name given to accounts for borrowers that are behind in their loan servicing payments.

The chairman of State Bank of India, the country's top bank and a key lender to Jet, said on Friday that the airline's loan is on the bank's watch list and special mention accounts. He didn't give details.

Jet needs to repay about 30 billion rupees ($436 million) in loans and bonds over the next three years, with a third falling due by the end of 2019, Reuters data shows.

The company has denied suggestions it told staff earlier this month it was running out of money.

On Saturday, Jet said it was working on cost and revenue initiatives to cushion the sharp rise in fuel costs and the depreciation in the Indian rupee.

"We have had scheduled amortizations in the past so many years and the company has met its repayment obligations all the time," it said.

Airlines in India, the world's fastest-growing major aviation market, operate on thin margins. Carriers have struggled to stay profitable despite filling nearly 90 per cent of seats as they compete fiercely to keep ticket prices low to woo passengers.

Jet needs to repay about 30 billion rupees ($436 million) in loans and bonds over the next three years.

Indian carrier Jet Airways Ltd sought to reassure investors on Saturday, saying it is meeting its payment obligations to lenders and other dues, such as staff commitments. India's biggest-full service airline issued the statement a day after its shares fell to a three-year low following an announcement that it had deferred its quarterly earnings report. Jet, which is part-owned by Qatar's Etihad Airways, was due to report quarterly earnings on Thursday but said in stock exchange filings that its audit committee had not signed off on them "pending closure of certain matters". "Our account with all the banks as on date is "Standard"," Jet Airways said in a statement on Saturday. It said it had not been placed in any special mention accounts by the banks, referring to the name given to accounts for borrowers that are behind in their loan servicing payments. The chairman of State Bank of India, the country's top bank and a key lender to Jet, said on Friday that the airline's loan is on the bank's watch list and special mention accounts. He didn't give details. Jet needs to repay about 30 billion rupees ($436 million) in loans and bonds over the next three years, with a third falling due by the end of 2019, Reuters data shows. The company has denied suggestions it told staff earlier this month it was running out of money. On Saturday, Jet said it was working on cost and revenue initiatives to cushion the sharp rise in fuel costs and the depreciation in the Indian rupee. "We have had scheduled amortizations in the past so many years and the company has met its repayment obligations all the time," it said. Airlines in India, the world's fastest-growing major aviation market, operate on thin margins. Carriers have struggled to stay profitable despite filling nearly 90 per cent of seats as they compete fiercely to keep ticket prices low to woo passengers.

Jet Airways says meeting all payment obligations to lenders

Shares of India`s leading full-service carrier Jet Airways Ltd fell as much as 14.5 per cent in early trade on Friday after the company deferred its first-quarter results, news agency PTI reported.

Jet Airways, late on Thursday, said the audit committee did not recommend the results to the company`s board for approval "pending closure of certain matters", the report added.

The airline, which is partly owned by Etihad Airways, has been facing financial troubles, although it said earlier this month it remains confident of being able to cut costs and keep flying despite reports it had warned staff it was running out of cash.

Shares in the company, valued at about $500 million, were trading 6.5 per cent lower at 0407 GMT while the broader Mumbai market was down 0.12 per cent.&nbsp

Local media reports recently said that&nbspJet Airways (India) Ltd will be unable to fly beyond 60 days unless cost-cutting measures including pay cuts are put in place.&nbsp

The management team, including Chairman Naresh Goyal, has informed employees in face-to-face meetings in recent days in Mumbai and Delhi that the airline's financials are in a bad shape and drastic measures needed to be taken to cut costs, a media reported, citing two company executives.

Jet Airways Ltd fell as much as 14.5 per cent in early trade on Friday

Shares of India`s leading full-service carrier Jet Airways Ltd fell as much as 14.5 per cent in early trade on Friday after the company deferred its first-quarter results, news agency PTI reported. Jet Airways, late on Thursday, said the audit committee did not recommend the results to the company`s board for approval "pending closure of certain matters", the report added. The airline, which is partly owned by Etihad Airways, has been facing financial troubles, although it said earlier this month it remains confident of being able to cut costs and keep flying despite reports it had warned staff it was running out of cash. Shares in the company, valued at about $500 million, were trading 6.5 per cent lower at 0407 GMT while the broader Mumbai market was down 0.12 per cent. Local media reports recently said that&nbspJet Airways (India) Ltd will be unable to fly beyond 60 days unless cost-cutting measures including pay cuts are put in place. The management team, including Chairman Naresh Goyal, has informed employees in face-to-face meetings in recent days in Mumbai and Delhi that the airline's financials are in a bad shape and drastic measures needed to be taken to cut costs, a media reported, citing two company executives.

Jet Airways shares slump after company defers first-quarter results

Retreating from its lifetime high, the BSE Sensex dropped 106 points in opening trade on Friday on profit-booking in recent gainers amid a weak trend at other Asian markets.

The 30-share barometer fell by 106.02 points or 0.27 per cent to 37,918.35, with banking, PSU, metal, realty and FMCG stocks falling up to 0.30 per cent.

The gauge had gained 358.57 points in the previous two sessions.

Brokers said apart from profit-booking at record levels, a weak trend at other Asian markets following overnight losses on Wall Street dented the trading sentiment.

The wider NSE Nifty too receded from its record level and slipped 29.05 points, or 0.25 per cent to 11,441.65.

SBI, Coal India, HDFC, Sun Pharma, RIL, Tata Steel, Axis Bank, Tata Motors, HDFC Bank, IndusInd Bank, Wipro and Bajaj Auto were trading in the negative zone, falling up to 1.53 per cent.

Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 85.39 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 370.68 crore yesterday, provisional data showed.

Asian stocks slipped as investors assessed the impact of the latest tit-for-tat in the US-China trade war.

Hong Kong's Hang Seng was down 0.40 per cent, Japan's Nikkei shed 0.53 per cent and Shanghai Composite Index fell 0.15 per cent.

The US Dow Jones Industrial Average ended 0.29 per cent lower in yesterday's trade.&nbsp

The 30-share barometer fell by 106.02 points or 0.27 per cent to 37,918.35, with banking, PSU, metal, realty and FMCG stocks falling up to 0.30 per cent

Retreating from its lifetime high, the BSE Sensex dropped 106 points in opening trade on Friday on profit-booking in recent gainers amid a weak trend at other Asian markets. The 30-share barometer fell by 106.02 points or 0.27 per cent to 37,918.35, with banking, PSU, metal, realty and FMCG stocks falling up to 0.30 per cent. The gauge had gained 358.57 points in the previous two sessions. Brokers said apart from profit-booking at record levels, a weak trend at other Asian markets following overnight losses on Wall Street dented the trading sentiment. The wider NSE Nifty too receded from its record level and slipped 29.05 points, or 0.25 per cent to 11,441.65. SBI, Coal India, HDFC, Sun Pharma, RIL, Tata Steel, Axis Bank, Tata Motors, HDFC Bank, IndusInd Bank, Wipro and Bajaj Auto were trading in the negative zone, falling up to 1.53 per cent. Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 85.39 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 370.68 crore yesterday, provisional data showed. Asian stocks slipped as investors assessed the impact of the latest tit-for-tat in the US-China trade war. Hong Kong's Hang Seng was down 0.40 per cent, Japan's Nikkei shed 0.53 per cent and Shanghai Composite Index fell 0.15 per cent. The US Dow Jones Industrial Average ended 0.29 per cent lower in yesterday's trade.

Sensex retreats from record high, down 106 points

Asian stock markets fell on Friday amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia's rouble after the United States slapped on new sanctions, and as economic worries sent the Turkish lira tumbling.

Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain, which the Kremlin denies.

The rouble slid to its lowest level since late 2016 on Thursday, hitting 66.7099 roubles to the dollar. At 0021 GMT Thursday, it was changing hands at 66.5245 to the dollar.

Turkey's lira fell to record lows against the dollar on Thursday, with a meeting between a Turkish delegation and US officials in Washington yielding no apparent solution to a diplomatic rift over the detention in Turkey of a US pastor.

Deepening investor concerns about Turkey's authoritarian trajectory under President Tayyip Erdogan and the economic fallout have also weighed on the currency.

The lira&nbspstood at 5.5700 against the dollar at 0021 GMT, after touching an all-time low.

Turkish Finance Minister Berat Albayrak is set to unveil the latest plan for Turkey's economy on Friday.

The turmoil in emerging currencies and ongoing global trade tensions helped to support the dollar Thursday, but it was little changed in early Asian trading.

The dollar was flat against the yen and euro, while the dollar index, which tracks the greenback against a basket of six major rivals was 0.1 per cent higher at 95.613.

US Treasury yields also fell on the risk-off mood. The yield on benchmark 10-year Treasury notes was at 2.9276 per cent compared with its US close of 2.935 per cent on Thursday.

In equity markets, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent.

Japan's Nikkei stock index&nbspfell 0.5 per cent despite data showing that the country's economy expanded at a faster-than-expected annualised rate of 1.9 per cent in the second quarter in a sign of improving momentum.

Wall Street provided little direction for markets in Asia on Friday, with the Dow Jones Industrial Average falling 0.29 per cent, the S&P 500 ending 0.14 per cent lower and the Nasdaq Composite adding 0.04 per cent.

Attention in Australia on Friday will focus on updated economic forecasts from the Reserve Bank of Australia (RBA) in its statement on monetary policy.

RBA governor Philip Lowe said Wednesday that the "best course" of action for the central bank would be to keep cash rates at record lows despite expectations that economic growth will average 3 per cent this year and next.

"We do not expect any material change in the narrative or to forecasts given that the economy has evolved broadly as the RBA expected," ANZ analysts said in a note Friday.

Australian shares&nbspwere flat.

In commodities, US crude&nbspdipped 0.2 per cent at $66.67 a barrel, while Brent crude was 0.3 per cent lower at $71.88 per barrel.

Gold ticked higher, with spot gold trading up 0.1 per cent at $1212.96 per ounce.

Asian stock markets fell on Friday amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia's rouble after the United States slapped on new sanctions, and as economic worries sent the Turkish lira tumbling

Asian stock markets fell on Friday amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia's rouble after the United States slapped on new sanctions, and as economic worries sent the Turkish lira tumbling. Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain, which the Kremlin denies. The rouble slid to its lowest level since late 2016 on Thursday, hitting 66.7099 roubles to the dollar. At 0021 GMT Thursday, it was changing hands at 66.5245 to the dollar. Turkey's lira fell to record lows against the dollar on Thursday, with a meeting between a Turkish delegation and US officials in Washington yielding no apparent solution to a diplomatic rift over the detention in Turkey of a US pastor. Deepening investor concerns about Turkey's authoritarian trajectory under President Tayyip Erdogan and the economic fallout have also weighed on the currency. The lira&nbspstood at 5.5700 against the dollar at 0021 GMT, after touching an all-time low. Turkish Finance Minister Berat Albayrak is set to unveil the latest plan for Turkey's economy on Friday. The turmoil in emerging currencies and ongoing global trade tensions helped to support the dollar Thursday, but it was little changed in early Asian trading. The dollar was flat against the yen and euro, while the dollar index, which tracks the greenback against a basket of six major rivals was 0.1 per cent higher at 95.613. US Treasury yields also fell on the risk-off mood. The yield on benchmark 10-year Treasury notes was at 2.9276 per cent compared with its US close of 2.935 per cent on Thursday. In equity markets, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent. Japan's Nikkei stock index&nbspfell 0.5 per cent despite data showing that the country's economy expanded at a faster-than-expected annualised rate of 1.9 per cent in the second quarter in a sign of improving momentum. Wall Street provided little direction for markets in Asia on Friday, with the Dow Jones Industrial Average falling 0.29 per cent, the S&P 500 ending 0.14 per cent lower and the Nasdaq Composite adding 0.04 per cent. Attention in Australia on Friday will focus on updated economic forecasts from the Reserve Bank of Australia (RBA) in its statement on monetary policy. RBA governor Philip Lowe said Wednesday that the "best course" of action for the central bank would be to keep cash rates at record lows despite expectations that economic growth will average 3 per cent this year and next. "We do not expect any material change in the narrative or to forecasts given that the economy has evolved broadly as the RBA expected," ANZ analysts said in a note Friday. Australian shares&nbspwere flat. In commodities, US crude&nbspdipped 0.2 per cent at $66.67 a barrel, while Brent crude was 0.3 per cent lower at $71.88 per barrel. Gold ticked higher, with spot gold trading up 0.1 per cent at $1212.96 per ounce.

Asian shares down on trade anxiety; lira, rouble hit by economic worries

Binny Bansal said Thursday that staying at Amazon seemed a lot riskier than starting something of his own "because you were not learning anything".&nbsp;

Bansal had been speaking at a SAP Startup Studio (they help startups get off the ground) event. The questioner had asked Binny what he had thought, when he was starting out, would have been a great career.&nbsp;

"The strong feeling I had was to do something meaningful," said Binny, before adding quickly, "and to learn."&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/flipkarts-1st-employee-was-hired-at-rs-8000-a-month-today-hes-a-multi-millionaire-135789">Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire</a>

And because he was not learning anything at Amazon, says Binny, he thought it was a lot safer to to start something of his own.&nbsp;

That something of his own of course was Flipkart, which he started with Sachin Bansal (the two are not related) in 2007.&nbsp;

Flipkart was recently bought out <a href="http://www.wionews.com/business-%26-economy/walmart-buying-77-stake-in-flipkart-for-16-billion-135737">by Walmart for $16 billion</a>

Sachin and Binny had met at Amazon, which of course explains why they started Flipkart.&nbsp;

Flipkart was an Indian copy of the American Amazon. And Like Amazon, Flipkart had started out as an online book seller. &nbsp;

Binny's SAP Startup Studio chat had been informal.&nbsp;

Binny talked about coming from a "typical middle class family". His parents were government employees, he was fairly passionate about sports... "but he made it to IIT" (Delhi).&nbsp;

But watch the video of the chat and the entrepreneur's innate drive comes through.&nbsp; 
Binny talks often about getting bored.&nbsp;

He talks about working with a company in India but quickly getting bored.&nbsp;

He talks about working with Amazon, and how the only better job was Google.&nbsp;

But they were not hiring him. "So what to do?" Binny asks. &nbsp;&nbsp;

"Okay let's start something," he replies.&nbsp;

Watch video below: 

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="encrypted-media" allowfullscreen="true" allowtransparency="true" frameborder="0" height="751" scrolling="no" src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2FSAPstartupstudio%2Fvideos%2F1882416762065586%2F&show_text=1&width=267" style="border:none;overflow:hidden" width="267"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;
<style type="text/css">.includeVideo {
 width: auto !important;
 height: 750px !important;
}
</style>

That's because, said Binny who co-founded Flipkart, he wasn't learning anything there. Binny made his comments at a SAP Startup Studio (they help startups get off the ground) event.

Binny Bansal said Thursday that staying at Amazon seemed a lot riskier than starting something of his own "because you were not learning anything". Bansal had been speaking at a SAP Startup Studio (they help startups get off the ground) event. The questioner had asked Binny what he had thought, when he was starting out, would have been a great career. "The strong feeling I had was to do something meaningful," said Binny, before adding quickly, "and to learn." Also read: Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire And because he was not learning anything at Amazon, says Binny, he thought it was a lot safer to to start something of his own. That something of his own of course was Flipkart, which he started with Sachin Bansal (the two are not related) in 2007. Flipkart was recently bought out by Walmart for $16 billion Sachin and Binny had met at Amazon, which of course explains why they started Flipkart. Flipkart was an Indian copy of the American Amazon. And Like Amazon, Flipkart had started out as an online book seller. Binny's SAP Startup Studio chat had been informal. Binny talked about coming from a "typical middle class family". His parents were government employees, he was fairly passionate about sports... "but he made it to IIT" (Delhi). But watch the video of the chat and the entrepreneur's innate drive comes through. Binny talks often about getting bored. He talks about working with a company in India but quickly getting bored. He talks about working with Amazon, and how the only better job was Google. But they were not hiring him. "So what to do?" Binny asks. "Okay let's start something," he replies. Watch video below: ×

Staying at Amazon seemed a lot riskier than starting something of my own: Binny Bansal

The BSE Sensex tumbled over 155 points on Friday to close below the 38,000-mark as investors booked profits amid lacklustre global cues.

<a href="http://wionews.com/business-%26-economy/sensex-retreats-from-record-high-down-106-points--158203">Also Read:&nbspSensex retreats from </a><a href="http://wionews.com/business-%26-economy/sensex-retreats-from-record-high-down-106-points--158203">record</a><a href="http://wionews.com/business-%26-economy/sensex-retreats-from-record-high-down-106-points--158203"> high, down 106 points</a>

SBI was the biggest loser in the Sensex pack, diving 3.79 per cent, after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

The 30-share Sensex, after opening a shade higher at 38,050.07, quickly slipped below the 38,000-mark. It hit a low of 37,815.75 during the day, before finally finishing at 37,869.23 - down 155.14 points, or 0.41 per cent.

The index had gained 137 points to close at a lifetime high of 38,024.37 on Thursday.

The NSE Nifty too lost 41.20 points, or 0.36 per cent, to finish at 11,429.50. It had ended at a record high of 11,470.70 yesterday.

However, both the key indices finished with gains for the third week in a row.&nbsp

The BSE Sensex recorded a rise of 313.07 points, or 0.83 per cent, while the NSE Nifty advanced 68.70 points, or 1.01 per cent, this week.

Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 85.39 crore, while foreign portfolio investors (FPIs) bought equities worth Rs 370.68 crore yesterday, provisional data showed.

The 30-share Sensex, after opening a shade higher at 38,050.07, quickly slipped below the 38,000-mark.

The BSE Sensex tumbled over 155 points on Friday to close below the 38,000-mark as investors booked profits amid lacklustre global cues. Also Read:&nbspSensex retreats from record high, down 106 points SBI was the biggest loser in the Sensex pack, diving 3.79 per cent, after the lender reported a hefty loss of Rs 4,876 crore for the June quarter. The 30-share Sensex, after opening a shade higher at 38,050.07, quickly slipped below the 38,000-mark. It hit a low of 37,815.75 during the day, before finally finishing at 37,869.23 - down 155.14 points, or 0.41 per cent. The index had gained 137 points to close at a lifetime high of 38,024.37 on Thursday. The NSE Nifty too lost 41.20 points, or 0.36 per cent, to finish at 11,429.50. It had ended at a record high of 11,470.70 yesterday. However, both the key indices finished with gains for the third week in a row. The BSE Sensex recorded a rise of 313.07 points, or 0.83 per cent, while the NSE Nifty advanced 68.70 points, or 1.01 per cent, this week. Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 85.39 crore, while foreign portfolio investors (FPIs) bought equities worth Rs 370.68 crore yesterday, provisional data showed.

Sensex drops 155 points to close below 38,000 mark

State Bank of India (SBI) reported a bigger-than-expected quarterly loss on Friday, as the country's biggest lender by assets made higher provisions for treasury losses.

SBI's third consecutive quarterly net loss came in at 48.76 billion rupees ($707.28 million) for the three months to June 30, compared with a profit of 20.06 billion rupees a year ago, and a record loss of 77.18 billion rupees in the March quarter.

The latest loss was much larger than analysts' estimates of 1.71 billion rupees, according to Thomson Reuters.

Gross bad loans as a percentage of total loans stood at 10.69 per cent from 10.91 per cent in the previous quarter and 9.97 per cent last year.

The latest loss was much larger than analysts' estimates of 1.71 billion rupees.

State Bank of India (SBI) reported a bigger-than-expected quarterly loss on Friday, as the country's biggest lender by assets made higher provisions for treasury losses. SBI's third consecutive quarterly net loss came in at 48.76 billion rupees ($707.28 million) for the three months to June 30, compared with a profit of 20.06 billion rupees a year ago, and a record loss of 77.18 billion rupees in the March quarter. The latest loss was much larger than analysts' estimates of 1.71 billion rupees, according to Thomson Reuters. Gross bad loans as a percentage of total loans stood at 10.69 per cent from 10.91 per cent in the previous quarter and 9.97 per cent last year.

State Bank of India posts third straight quarterly loss

The Indian government has launched an investigation into subsidised production and export of welded stainless steel pipes and tubes from China and Vietnam, an official notification said.

The Directorate General of Trade Remedies, which falls under the trade ministry, said there was "prima facie" evidence of subsidies that were hurting the domestic industry.

"The authority finds that there is prima facie evidence of existence of countervailable subsidies on production and export of the subject goods in People's Republic of China and Vietnam, and such subsidized imports are causing material injury to the domestic industry through their volume and price effects," the notification said.

The government notification said subsidized imports are causing material injury to the domestic industry through their volume and price effects.

The Indian government has launched an investigation into subsidised production and export of welded stainless steel pipes and tubes from China and Vietnam, an official notification said. The Directorate General of Trade Remedies, which falls under the trade ministry, said there was "prima facie" evidence of subsidies that were hurting the domestic industry. "The authority finds that there is prima facie evidence of existence of countervailable subsidies on production and export of the subject goods in People's Republic of China and Vietnam, and such subsidized imports are causing material injury to the domestic industry through their volume and price effects," the notification said.

Government to probe effect of subsidised stainless steel imports from China

The Sensex crossed the 38,000 mark for the first time ever on Thursday morning.&nbsp;

The Sensex opened at 37,994.51, hitting a high of 38,050.12 a little while later.&nbsp;The Sensex had come close to <a href="http://wionews.com/business-&-economy/sensex-hits-new-record-high-comes-close-to-breaching-38000-157807">breaching</a> the 38,000 mark yesterday.&nbsp;

The Nifty meanwhile touched a new peak of 11,495.20.

The indexes were spurred higher by strong gains in banking, oil and gas, PSU, realty, healthcare, IT, tech, metal, infrastructure, capital goods, FMCG, power and auto stocks.

Commentators attributed the run to macro-economic stability and the IMF's recent lauding of the Indian economy.&nbsp;

Asian shares were mixed in early trade amid rising trade tensions between the US and China.

Hong Kong's Hang Seng was up 0.89 per cent and Shanghai Composite Index surged 1.83 per cent, while Japan's Nikkei shed 0.27 per cent in early deals.

US stock market indices closed mostly lower yesterday as investors grappled with a <a href="http://www.wionews.com/world/chinese-state-media-accuses-us-of-mobster-mentality-vows-to-fight-tariffs-157990">fresh round of tariff clashes</a> between the Trump administration and China.

(With inputs from PTI)

The Sensex opened Thursday at 37,994.51, hitting a high of 38,050.12 a little while later.

The Sensex crossed the 38,000 mark for the first time ever on Thursday morning. The Sensex opened at 37,994.51, hitting a high of 38,050.12 a little while later. The Sensex had come close to breaching the 38,000 mark yesterday. The Nifty meanwhile touched a new peak of 11,495.20. The indexes were spurred higher by strong gains in banking, oil and gas, PSU, realty, healthcare, IT, tech, metal, infrastructure, capital goods, FMCG, power and auto stocks. Commentators attributed the run to macro-economic stability and the IMF's recent lauding of the Indian economy. Asian shares were mixed in early trade amid rising trade tensions between the US and China. Hong Kong's Hang Seng was up 0.89 per cent and Shanghai Composite Index surged 1.83 per cent, while Japan's Nikkei shed 0.27 per cent in early deals. US stock market indices closed mostly lower yesterday as investors grappled with a fresh round of tariff clashes between the Trump administration and China. (With inputs from PTI)

Sensex tops 38,000 for the first time ever

Asian share markets found support on Thursday as a rally in Chinese stocks helped offset the latest escalation in the Sino-US trade war, while Russia's rouble tumbled as the United States slapped fresh sanctions on the country.

Shanghai blue chips climbed 2.3 per cent amid talk of possible government support for home-grown technology companies, which would mark the latest in a series of growth boosting measures rolled out by Beijing as the trade dispute worsens.

Hopes for more Chinese infrastructure spending also underpinned industrial resources including iron ore and copper.

The gains in Chinese stocks helped MSCI`s broadest index of Asia-Pacific shares outside Japan reverse early losses to nudge up 0.5 per cent.&nbsp

Japan`s Nikkei still slipped 0.3 per cent, weighed down by a shock slump in core machinery orders.

Shares in Mazda Motor Corp, Suzuki Motor Corp and Yamaha Motor Co also fell on news they conducted improper fuel economy and emissions tests on their vehicles.

Japan will try to avert steep tariffs on its car exports and fend off US demands for a free trade agreement at talks in Washington later in the session.

Early on Thursday, China`s state broadcaster said the country must counteract US tariffs and that Beijing had the confidence to protect its own interests as well as the means to do so.

China had already announced additional tariffs of 25 per cent on $16 billion worth of US imports from fuel to autos. The tariffs will apply to billions of dollars in US gasoline, diesel and other oil products, though not crude.

The oil market took the news hard on Wednesday, suffering losses of more than 3per centt.&nbsp

Prices steadied a little on Thursday, with US crude edging up 15 cents to $67.09 per barrel, while Brent bounced 26 cents to $72.54.

More sanctions

In currency markets, the Russian rouble sank after Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain.

There were also reports of a new US Senate bill that would impose widespread sanctions on Russia for election meddling.

The rouble duly slid to its lowest since late 2016, with the dollar buying 65.68 roubles having jumped 3.3per centt overnight.

The pound skidded to its lowest against the dollar and euro in almost a year as fears grew Britain might leave the EU without a deal on trade with Brussels.

Traders reported a significant increase in investors hedging against a `no-deal` Brexit, an event which could send sterling into free fall and hurt the economy by raising trade barriers with Britain`s biggest export market.

Sterling was last trading at $1.2886, having dropped 0.4 per cent overnight.

The Japanese yen seemed to be catching a bid as a traditional safe-haven, with the dollar easing to 110.80 yen after stretching as high as 111.44 on Wednesday.

The euro was relatively steady at $1.1618, while the dollar index was flat at 95.043.

The New Zealand dollar dropped 1.1 per cent to a two-year trough at $0.6665 after the country`s central bank pledged to keep rates at record lows well into 2020.&nbsp

"The risk of rate moves over the next 12 months is weighted more towards cuts than hikes, and financial markets will price the risk accordingly," said Kiwibank chief economist, Jarrod Kerr.

"The good news here is interest rates and exchange rates will remain lower for much longer, assisting growth."

Asian share markets found support on Thursday as a rally in Chinese stocks helped offset the latest escalation in the Sino-US trade war, while Russia's rouble tumbled as the United States slapped fresh sanctions on the country

Asian share markets found support on Thursday as a rally in Chinese stocks helped offset the latest escalation in the Sino-US trade war, while Russia's rouble tumbled as the United States slapped fresh sanctions on the country. Shanghai blue chips climbed 2.3 per cent amid talk of possible government support for home-grown technology companies, which would mark the latest in a series of growth boosting measures rolled out by Beijing as the trade dispute worsens. Hopes for more Chinese infrastructure spending also underpinned industrial resources including iron ore and copper. The gains in Chinese stocks helped MSCI`s broadest index of Asia-Pacific shares outside Japan reverse early losses to nudge up 0.5 per cent. Japan`s Nikkei still slipped 0.3 per cent, weighed down by a shock slump in core machinery orders. Shares in Mazda Motor Corp, Suzuki Motor Corp and Yamaha Motor Co also fell on news they conducted improper fuel economy and emissions tests on their vehicles. Japan will try to avert steep tariffs on its car exports and fend off US demands for a free trade agreement at talks in Washington later in the session. Early on Thursday, China`s state broadcaster said the country must counteract US tariffs and that Beijing had the confidence to protect its own interests as well as the means to do so. China had already announced additional tariffs of 25 per cent on $16 billion worth of US imports from fuel to autos. The tariffs will apply to billions of dollars in US gasoline, diesel and other oil products, though not crude. The oil market took the news hard on Wednesday, suffering losses of more than 3per centt. Prices steadied a little on Thursday, with US crude edging up 15 cents to $67.09 per barrel, while Brent bounced 26 cents to $72.54. More sanctions In currency markets, the Russian rouble sank after Washington said it would impose fresh sanctions because it had determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain. There were also reports of a new US Senate bill that would impose widespread sanctions on Russia for election meddling. The rouble duly slid to its lowest since late 2016, with the dollar buying 65.68 roubles having jumped 3.3per centt overnight. The pound skidded to its lowest against the dollar and euro in almost a year as fears grew Britain might leave the EU without a deal on trade with Brussels. Traders reported a significant increase in investors hedging against a `no-deal` Brexit, an event which could send sterling into free fall and hurt the economy by raising trade barriers with Britain`s biggest export market. Sterling was last trading at $1.2886, having dropped 0.4 per cent overnight. The Japanese yen seemed to be catching a bid as a traditional safe-haven, with the dollar easing to 110.80 yen after stretching as high as 111.44 on Wednesday. The euro was relatively steady at $1.1618, while the dollar index was flat at 95.043. The New Zealand dollar dropped 1.1 per cent to a two-year trough at $0.6665 after the country`s central bank pledged to keep rates at record lows well into 2020. "The risk of rate moves over the next 12 months is weighted more towards cuts than hikes, and financial markets will price the risk accordingly," said Kiwibank chief economist, Jarrod Kerr. "The good news here is interest rates and exchange rates will remain lower for much longer, assisting growth."

Global Markets: China stock rally helps steady nerves, Russian rouble skids

The yen was broadly higher on Thursday on trade tensions and on revelations the Bank of Japan is under pressure to move away from its accommodative policy, while the New Zealand dollar slid on a decidedly dovish policy stance by the nation`s central bank.

Asian shares were subdued on Thursday after a new round of tit-for-tat tariffs in the US-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled as the US slapped fresh sanctions on the country.&nbsp

China is putting additional tariffs of 25 per cent on $16 billion worth of US imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world`s largest economies escalated their trade dispute.

China`s exports surged more than expected in July despite US duties and its closely watched surplus with the United States remained near record highs, as the world`s two major economic powers ramp up a bitter dispute that some fear could derail global growth.

Washington said on Wednesday it would impose fresh sanctions on Russia by the end of August after it determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain.

The United States is "not willing to wait for too long" for North Korea to take steps toward denuclearization, US Ambassador to the United Nations Nikki Haley said on Wednesday.

The US economy is strong enough to warrant further interest rate increases by the Federal Reserve, Richmond Fed President Thomas Barkin said on Wednesday.

Private consumption in the euro zone has further room to grow, likely driving economic expansion even as external headwinds multiply, the European Central Bank said in an economic bulletin on Wednesday.

SPDR Gold Trust , the world`s largest gold-backed exchange-traded fund, said its holdings fell 0.18 per cent to 786.08 tonnes on Wednesday from 787.53 tonnes on Tuesday.

Asian shares were subdued on Thursday after a new round of tit-for-tat tariffs in the US-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled as the US slapped fresh sanctions on the country

The yen was broadly higher on Thursday on trade tensions and on revelations the Bank of Japan is under pressure to move away from its accommodative policy, while the New Zealand dollar slid on a decidedly dovish policy stance by the nation`s central bank. Asian shares were subdued on Thursday after a new round of tit-for-tat tariffs in the US-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled as the US slapped fresh sanctions on the country. China is putting additional tariffs of 25 per cent on $16 billion worth of US imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world`s largest economies escalated their trade dispute. China`s exports surged more than expected in July despite US duties and its closely watched surplus with the United States remained near record highs, as the world`s two major economic powers ramp up a bitter dispute that some fear could derail global growth. Washington said on Wednesday it would impose fresh sanctions on Russia by the end of August after it determined that Moscow had used a nerve agent against a former Russian agent and his daughter in Britain. The United States is "not willing to wait for too long" for North Korea to take steps toward denuclearization, US Ambassador to the United Nations Nikki Haley said on Wednesday. The US economy is strong enough to warrant further interest rate increases by the Federal Reserve, Richmond Fed President Thomas Barkin said on Wednesday. Private consumption in the euro zone has further room to grow, likely driving economic expansion even as external headwinds multiply, the European Central Bank said in an economic bulletin on Wednesday. SPDR Gold Trust , the world`s largest gold-backed exchange-traded fund, said its holdings fell 0.18 per cent to 786.08 tonnes on Wednesday from 787.53 tonnes on Tuesday.

US gold futures were up 0.1% at $1,222.4 an ounce

Benchmark Sensex soared 137 points today to close above the 38,000-mark for the first time, while the broader Nifty too ended at a fresh lifetime high on unabated buying by participants.

<a href="http://wionews.com/business-&-economy/sensex-tops-38000-for-the-first-time-ever-158005">Also Read:&nbspSensex tops 38,000 for the first time ever</a>

ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent.

The 30-share Sensex jumped 136.81 points, or 0.36 per cent, to end at 38,024.37, breaking its previous record close of 37,887.56 reached on Wednesday.

The index has taken 11 sessions to scale the 38,000 mark from 37,000 level reached on July 26.

The broader Nifty rose 20.70 points, or 0.18 per cent, to close at 11,470.70 -- surpassing its previous high of 11,450 reached yesterday.

Brokers said sentiment got a lift on uninterrupted foreign and domestic fund inflows amid strong corporate earnings.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 568.63 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 30.25 crore yesterday, provisional data showed.

ICICI Bank was the top gainer in the Sensex pack

Benchmark Sensex soared 137 points today to close above the 38,000-mark for the first time, while the broader Nifty too ended at a fresh lifetime high on unabated buying by participants. Also Read:&nbspSensex tops 38,000 for the first time ever ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent. The 30-share Sensex jumped 136.81 points, or 0.36 per cent, to end at 38,024.37, breaking its previous record close of 37,887.56 reached on Wednesday. The index has taken 11 sessions to scale the 38,000 mark from 37,000 level reached on July 26. The broader Nifty rose 20.70 points, or 0.18 per cent, to close at 11,470.70 -- surpassing its previous high of 11,450 reached yesterday. Brokers said sentiment got a lift on uninterrupted foreign and domestic fund inflows amid strong corporate earnings. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 568.63 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 30.25 crore yesterday, provisional data showed.

Sensex closes above 38,000-mark for first time

Asian shares extended their recovery into a fourth day on Wednesday, buoyed by strong US earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, led by Taiwan, while Japan's Nikkei ticked up 0.4 per cent.

Bucking the trend were Chinese shares, which slipped about 0.4 per cent after the United States said it would begin collecting 25 per cent tariffs on an additional $16 billion worth of Chinese goods this month, the second leg of its first China-targetted tariffs on $50 billion goods.

News that the fresh duties will go into effect from August 23 overshadowed strong Chinese trade data, which showed exports rose more than expected in July despite US tariffs imposed early last month. Imports also rose more than forecast, suggesting its domestic demand remains resilient despite trade war fears.

But losses in China markets were tempered by signs Beijing is unveiling further measures to support growth, such as increasing infrastructure spending and tweaking its monetary policy stance.

"China's apparent policy shift from structural reforms to short-term policy support appears to be starting to give some support to other major markets," said Chotaro Morita, chief fixed income strategist at SMBC Nikko Securities.

"Yet the reason they have to do so is escalating trade tensions so you can't expect much upside. On the other hand, a boost to the US economy from tax cuts is peaking out soon. In coming months, the focus will be how markets will price in this peak out," he added.

On Wall Street, the S&P 500 rose 0.28per centt to 2,858, which is just 14 points, or about 0.5 per cent, below its record high marked in January.

A strong second-quarter earnings season has fuelled optimism about US economic strength. S&P 500 firms saw a 23.5 per cent rise in their April-June profits, according to Thomson Reuters data.

Against this backdrop, the CBOE volatility index, a measure of investors' expectation on US share price volatilities and often viewed as a gauge of anxiety in financial markets, fell to a seven-month low of 10.93.

Tesla jumped 11 per cent after Chief Executive Elon Musk said he was considering taking the electric car maker private.

Currencies

In the foreign exchange market, major currencies kept to tight ranges. The euro was at $1.1599, off Monday's five-week low of $1.1530.

The yen stood little changed at 111.38 per dollar while worries about a hard Brexit kept the sterling at $1.2938, just above its 11-month trough of $1.2920 set on Monday.

The Chinese yuan was little changed, keeping some distance from its 15-month lows hit last week as the central bank on Friday took steps to curb bets against the currency by raising the cost for investors to short the yuan.

But pressure on the Chinese currency remained strong.

"The Chinese authorities do not seem to be aiming to push up the yuan. Considering that U.S. is likely to impose another tariff on $200 billion imports from China, speculators are betting on further falls in the yuan," said Naoki Tashiro, president of TS China Research.

"The US is raising rates while China is easing its monetary policy. For speculators, dollar buying is the obvious trade," he added.

The Turkish lira, the biggest mover in recent days, kept some distance from Monday's record low, trading at 5.2600 per dollar, versus Monday's low of 5.425,

Still, it is down almost 7per cent&nbspso far this month on deepening concerns about a rift with the United States and on President Tayyip Erdogan's influence over the central bank.

Oil prices held firm after US sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages.

Brent futures stood at $74.65 a barrel, flat on the day but maintaining gains of about 2 per cent so far this week. US West Texas Intermediate (WTI) crude futures traded at $69.25 per barrel, up 0.1 per cent on the day for a gain of 1.1 per cent this week.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, led by Taiwan, while Japan's Nikkei ticked up 0.4 per cent

Asian shares extended their recovery into a fourth day on Wednesday, buoyed by strong US earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, led by Taiwan, while Japan's Nikkei ticked up 0.4 per cent. Bucking the trend were Chinese shares, which slipped about 0.4 per cent after the United States said it would begin collecting 25 per cent tariffs on an additional $16 billion worth of Chinese goods this month, the second leg of its first China-targetted tariffs on $50 billion goods. News that the fresh duties will go into effect from August 23 overshadowed strong Chinese trade data, which showed exports rose more than expected in July despite US tariffs imposed early last month. Imports also rose more than forecast, suggesting its domestic demand remains resilient despite trade war fears. But losses in China markets were tempered by signs Beijing is unveiling further measures to support growth, such as increasing infrastructure spending and tweaking its monetary policy stance. "China's apparent policy shift from structural reforms to short-term policy support appears to be starting to give some support to other major markets," said Chotaro Morita, chief fixed income strategist at SMBC Nikko Securities. "Yet the reason they have to do so is escalating trade tensions so you can't expect much upside. On the other hand, a boost to the US economy from tax cuts is peaking out soon. In coming months, the focus will be how markets will price in this peak out," he added. On Wall Street, the S&P 500 rose 0.28per centt to 2,858, which is just 14 points, or about 0.5 per cent, below its record high marked in January. A strong second-quarter earnings season has fuelled optimism about US economic strength. S&P 500 firms saw a 23.5 per cent rise in their April-June profits, according to Thomson Reuters data. Against this backdrop, the CBOE volatility index, a measure of investors' expectation on US share price volatilities and often viewed as a gauge of anxiety in financial markets, fell to a seven-month low of 10.93. Tesla jumped 11 per cent after Chief Executive Elon Musk said he was considering taking the electric car maker private. Currencies In the foreign exchange market, major currencies kept to tight ranges. The euro was at $1.1599, off Monday's five-week low of $1.1530. The yen stood little changed at 111.38 per dollar while worries about a hard Brexit kept the sterling at $1.2938, just above its 11-month trough of $1.2920 set on Monday. The Chinese yuan was little changed, keeping some distance from its 15-month lows hit last week as the central bank on Friday took steps to curb bets against the currency by raising the cost for investors to short the yuan. But pressure on the Chinese currency remained strong. "The Chinese authorities do not seem to be aiming to push up the yuan. Considering that U.S. is likely to impose another tariff on $200 billion imports from China, speculators are betting on further falls in the yuan," said Naoki Tashiro, president of TS China Research. "The US is raising rates while China is easing its monetary policy. For speculators, dollar buying is the obvious trade," he added. The Turkish lira, the biggest mover in recent days, kept some distance from Monday's record low, trading at 5.2600 per dollar, versus Monday's low of 5.425, Still, it is down almost 7per cent&nbspso far this month on deepening concerns about a rift with the United States and on President Tayyip Erdogan's influence over the central bank. Oil prices held firm after US sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages. Brent futures stood at $74.65 a barrel, flat on the day but maintaining gains of about 2 per cent so far this week. US West Texas Intermediate (WTI) crude futures traded at $69.25 per barrel, up 0.1 per cent on the day for a gain of 1.1 per cent this week.

Global Markets: Asian shares rise for fourth day on earnings, China stimulus hopes

Oil prices held steady on Wednesday, supported by a report of rising US crude inventories as well as the introduction of sanctions against Iran.

Front-month US West Texas Intermediate (WTI) crude futures were at $69.28 per barrel at 0408 GMT, up 11 cents from their last settlement.

Brent crude oil futures were at $74.61 per barrel, down 4 cents from their last close.

Both futures contracts have risen during the previous two sessions.

"Crude oil prices rose as the reality of US sanctions on Iran weighed on sentiment. News from key buyers suggests the market is already adjusting to the new regime," ANZ bank said in a note on Wednesday.

The U.S. government introduced a raft of new sanctions against Iran on Tuesday, targeting Iran's purchases of US dollars - in which oil is traded - metals trading, coal, industrial software and its auto sector.

From November, Washington will also target Iran's petroleum sector.

Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). It shipped out almost 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand.

Beyond the sanctions, the oil market was focusing on the US market, where the American Petroleum Institute said on Tuesday that crude inventories fell by 6 million barrels in the week to August&nbsp;3 to 407.2 million.

Official US fuel storage data is due to be released later on Wednesday by the Energy Information Administration (EIA).

In terms of production, the EIA on Tuesday slightly cut its 2018 expectation for average 2018 US crude output to 10.69 million bpd, down from its previous estimate of 10.79 million bpd.

On the demand side, China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries.

Shipments into the world's biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million bpd, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of Customs showed.

However, July imports were still the third-lowest so far this year.

Front-month US West Texas Intermediate (WTI) crude futures were at $69.28 per barrel at 0408 GMT, up 11 cents from their last settlement

Oil prices held steady on Wednesday, supported by a report of rising US crude inventories as well as the introduction of sanctions against Iran. Front-month US West Texas Intermediate (WTI) crude futures were at $69.28 per barrel at 0408 GMT, up 11 cents from their last settlement. Brent crude oil futures were at $74.61 per barrel, down 4 cents from their last close. Both futures contracts have risen during the previous two sessions. "Crude oil prices rose as the reality of US sanctions on Iran weighed on sentiment. News from key buyers suggests the market is already adjusting to the new regime," ANZ bank said in a note on Wednesday. The U.S. government introduced a raft of new sanctions against Iran on Tuesday, targeting Iran's purchases of US dollars - in which oil is traded - metals trading, coal, industrial software and its auto sector. From November, Washington will also target Iran's petroleum sector. Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). It shipped out almost 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand. Beyond the sanctions, the oil market was focusing on the US market, where the American Petroleum Institute said on Tuesday that crude inventories fell by 6 million barrels in the week to August 3 to 407.2 million. Official US fuel storage data is due to be released later on Wednesday by the Energy Information Administration (EIA). In terms of production, the EIA on Tuesday slightly cut its 2018 expectation for average 2018 US crude output to 10.69 million bpd, down from its previous estimate of 10.79 million bpd. On the demand side, China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries. Shipments into the world's biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million bpd, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of Customs showed. However, July imports were still the third-lowest so far this year.

Oil prices steady on falling US crude stocks, Iran sanctions

The rupee rose by 6 paise to 68.62 against the dollar in early trade today as the US currency softened against China's yuan and the euro amid sustained foreign fund inflows.

Increased selling of the greenback by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.

Yesterday, the rupee had staged an impressive rebound from a two-week low to end higher by 20 paise at 68.68 against the US currency on fresh bouts of dollar selling by exporters and banks.

Meanwhile, the benchmark BSE Sensex rose by 110.06 points, or 0.29 per cent, to trade at 37,775.86 in early trade.

Foreign portfolio investors (FPIs) bought shares worth Rs 314.83 crore yesterday, as per provisional data.

The rupee rose by 6 paise to 68.62 against the dollar in early trade today as the US currency softened against China's yuan and the euro amid sustained foreign fund inflows

The rupee rose by 6 paise to 68.62 against the dollar in early trade today as the US currency softened against China's yuan and the euro amid sustained foreign fund inflows. Increased selling of the greenback by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said. Yesterday, the rupee had staged an impressive rebound from a two-week low to end higher by 20 paise at 68.68 against the US currency on fresh bouts of dollar selling by exporters and banks. Meanwhile, the benchmark BSE Sensex rose by 110.06 points, or 0.29 per cent, to trade at 37,775.86 in early trade. Foreign portfolio investors (FPIs) bought shares worth Rs 314.83 crore yesterday, as per provisional data.

Rupee spurts 6 paise against US dollar

Benchmark Sensex rose over 110 points while the Nifty recaptured the 11,400-mark in opening trade today on unabated buying by foreign funds amid firm Asian cues.

The 30-share Sensex advanced by 110.06 points, or 0.29 per cent, to 37,775.86. The gauge had slipped 26.09 points in the previous session.

The sectoral indices rose up to 0.64 per cent, led by metal, oil and gas, PSU, infrastructure, power, auto, healthcare, consumer durables, capital goods and FMCG.

The broad-based NSE Nifty rose 33.40 points or 0.29 per cent to 11,422.85.

Major gainers were Bharti Airtel, Coal India, ONGC, Vedanta, Tata Steel, RIL, Asian Paints, Tata Motors, NTPC, Adani Ports, M&M, ITC, Bajaj Auto, HDFC Bank, Hero Motocorp, IndusInd Bank, Kotak Bank and Sun Pharma, rising up to 0.89 per cent.

Brokers said sustained buying by foreign institutional investors amid a firm trend at other Asian bourses following positive leads from Wall Street influenced sentiment here.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 314.83 crore, while domestic institutional investors (DIIs) sold equities worth Rs 319.90 crore yesterday, provisional data showed.

In the Asian region, Hong Kong's Hang Seng was up 0.24 per cent and Japan's Nikkei inched up 0.04 per cent, while Shanghai Composite Index was down by 0.30 per cent in early trade.

Wall Street edged higher yesterday amid a relative cooling of protectionist rhetoric between the US and China.

Benchmark Sensex rose over 110 points while the Nifty recaptured the 11,400-mark in opening trade today on unabated buying by foreign funds amid firm Asian cues

Benchmark Sensex rose over 110 points while the Nifty recaptured the 11,400-mark in opening trade today on unabated buying by foreign funds amid firm Asian cues. The 30-share Sensex advanced by 110.06 points, or 0.29 per cent, to 37,775.86. The gauge had slipped 26.09 points in the previous session. The sectoral indices rose up to 0.64 per cent, led by metal, oil and gas, PSU, infrastructure, power, auto, healthcare, consumer durables, capital goods and FMCG. The broad-based NSE Nifty rose 33.40 points or 0.29 per cent to 11,422.85. Major gainers were Bharti Airtel, Coal India, ONGC, Vedanta, Tata Steel, RIL, Asian Paints, Tata Motors, NTPC, Adani Ports, M&M, ITC, Bajaj Auto, HDFC Bank, Hero Motocorp, IndusInd Bank, Kotak Bank and Sun Pharma, rising up to 0.89 per cent. Brokers said sustained buying by foreign institutional investors amid a firm trend at other Asian bourses following positive leads from Wall Street influenced sentiment here. Foreign portfolio investors (FPIs) bought shares worth a net Rs 314.83 crore, while domestic institutional investors (DIIs) sold equities worth Rs 319.90 crore yesterday, provisional data showed. In the Asian region, Hong Kong's Hang Seng was up 0.24 per cent and Japan's Nikkei inched up 0.04 per cent, while Shanghai Composite Index was down by 0.30 per cent in early trade. Wall Street edged higher yesterday amid a relative cooling of protectionist rhetoric between the US and China.

Sensex rises 110 points, Nifty above 10,400

Benchmarks ended at fresh lifetime highs today, powered by a rally in market heavyweight RIL and banking stocks amid mixed global cues.

The BSE Sensex vaulted 221.76 points to close at 37,887.56, while the broader NSE Nifty advanced 60.55 points to finish above the 11,400-mark for the first time.

RIL, SBI, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Bank, Yes Bank and HDFC Bank were among the major gainers.

The Nifty Bank index also breached the 28,000 level for the first time.

Sustained FII inflows and fresh spell of buying by domestic institutional investors propped up the bourses, brokers said.

Encouraging first quarter earnings and mixed trend in global markets, with US stocks approaching fresh all-time highs, too bolstered sentiment, they added.

Reliance Industries spurted 2.85 per cent to close at a fresh high of Rs 1,217.25.

The 30-share Sensex, after a cautious start, gathered momentum and rallied to 37,931.42, before finally ending at 37,887.56, a rise of 221.76 points, or 0.59 per cent.

It broke its previous closing record of 37,691.89 hit on August 6.

The broader NSE Nifty extended its record run for the fourth straight session by rising 60.55 points or 0.53 per cent to 11,450.&nbsp

It surpassed its previous closing high of 11,389.45 hit yesterday.&nbsp

Foreign portfolio investors (FPIs) bought shares worth a net Rs 314.83 crore, while domestic institutional investors (DIIs) sold equities worth Rs 319.90 crore yesterday, provisional data showed.&nbsp

The BSE Sensex vaulted 221.76 points to close at 37,887.56, while the broader NSE Nifty advanced 60.55 points to finish above the 11,400-mark for the first time.

Benchmarks ended at fresh lifetime highs today, powered by a rally in market heavyweight RIL and banking stocks amid mixed global cues. The BSE Sensex vaulted 221.76 points to close at 37,887.56, while the broader NSE Nifty advanced 60.55 points to finish above the 11,400-mark for the first time. RIL, SBI, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Bank, Yes Bank and HDFC Bank were among the major gainers. The Nifty Bank index also breached the 28,000 level for the first time. Sustained FII inflows and fresh spell of buying by domestic institutional investors propped up the bourses, brokers said. Encouraging first quarter earnings and mixed trend in global markets, with US stocks approaching fresh all-time highs, too bolstered sentiment, they added. Reliance Industries spurted 2.85 per cent to close at a fresh high of Rs 1,217.25. The 30-share Sensex, after a cautious start, gathered momentum and rallied to 37,931.42, before finally ending at 37,887.56, a rise of 221.76 points, or 0.59 per cent. It broke its previous closing record of 37,691.89 hit on August 6. The broader NSE Nifty extended its record run for the fourth straight session by rising 60.55 points or 0.53 per cent to 11,450. It surpassed its previous closing high of 11,389.45 hit yesterday. Foreign portfolio investors (FPIs) bought shares worth a net Rs 314.83 crore, while domestic institutional investors (DIIs) sold equities worth Rs 319.90 crore yesterday, provisional data showed.

Sensex, Nifty surge to record highs

India is a source of growth for the global economy for the next few decades and it could be what China was for the world economy, the IMF said today, as it suggested the country to take steps towards more structural reforms.

"India now contributes, in purchasing power parity measures, 15 per cent of the growth in the global economy, which is substantial," Ranil Salgado, International Monetary Fund's mission chief for India, told news agency PTI. This is next to only China and the US, he said.

Mr Salgado said spillovers from India are not that big because it is not a very open economy.

"But of total global growth in Purchasing power parity (PPP) terms, it's 15 per cent of total global growth. Trading is not as high as China trade levels," Mr Salgado said as the IMF Executive Board released the report of its annual consultations with India.

He said the IMF views India as a "long run source of global growth".

"India has three decades before it hits the point where the working age population starts to decline. So that's a long time. This is India's window of opportunity in Asia. It's somewhat only a few other Asian countries have this," he said.

"For the (next) three decades, it (India) is a source of growth for the global economy and could be even longer. But three decades where India can be almost what China was for the world economy for a while," Mr Salgado said.

In its report, the IMF Executive Board has forecast India's growth to rise to 7.3 per cent in FY2018/19 and 7.5 per cent in FY2019/20, on strengthening investment and robust private consumption.

"The Indian economy is recovering from the two shocks that started from late 2016: demonetisation and then the kind of implementation issues related to the GST. We see growth recovering. Generally, India is benefiting from good macroeconomic policies stability-oriented policies as well as some important reforms that have been done in recent years," he said.

Although there are short term issues, the IMF views that as a long-term major gain for India by implementing a national GST.

"It's something that's difficult to do. Other countries have struggled. In India it's much more complex because you have a 29 states and union territories and you need agreement. I think that that was a great achievement," he said.

Insolvency and the bankruptcy code is the other big achievement, he said. "We are seeing certain positive steps there and we hope that can continue," he said.

"The third (big achievement) from an economist's point of view is the inflation targeting framework that you now have in the Reserve Bank of India, formally adopted in 2016 but informally even earlier. We have seen the benefits of that have lower inflation and inflation expectations," he said.

And then there are some of the key smaller steps like things to improve the business climate, steps to further liberalised FDI.

"In the near term, it's just to make sure that effective implementation of those are ongoing. If you think of the insolvency and bankruptcy code, it's a difficult change. Basically, the underlying system to resolve bad assets from the corporate sector side is something new. It takes time and experience has to be gained. And we're seeing some of the hitches along the way there, but generally things seem to be moving in the right direction," the senior IMF official said.

Noting that the government is taking steps to "streamline and simplify" the GST, he said the IMF believes that this is important. "Overall we're seeing efforts to improve the balance sheet of banks as well as corporate sector. In our view, these are all important things that need to continue," he said.

Mr Salgado said that for India, things are relatively positive. "India has a young population. It has the potential for a demographic dividend of the next three decades," he said but quickly cautioned that demographic dividend is not automatic.

"It takes good policies to create jobs, to create even stronger economic growth. Seven to eight per cent growth is very good. It's one of the best in the world. But for India, which is appropriately aspiring to quickly catch up with the richer advanced countries, you need even stronger growth," he said in response to a question.

"So if you think about China, China had double-digit growth for many years and that's how we quickly caught out and that's something we should aspire to as well. Because if that doesn't occur, there is the risk that India could grow old before it becomes rich," he said, noting that the IMF is now suggesting India take steps towards structural reforms.

"The second message we are saying that steps to structural reforms have to continue and, in some ways, have to even take a step further up," he said identifying labour reforms, improving the business climate, and enhancing infrastructure as key areas for continued reforms.

And finally, it is important to finish the cleanup of the bank and corporate sector balance sheets, he said.

"For the (next) three decades, it (India) is a source of growth for the global economy and could be even longer. But three decades where India can be almost what China was for the world economy for a while," Mr Salgado said.

India is a source of growth for the global economy for the next few decades and it could be what China was for the world economy, the IMF said today, as it suggested the country to take steps towards more structural reforms. "India now contributes, in purchasing power parity measures, 15 per cent of the growth in the global economy, which is substantial," Ranil Salgado, International Monetary Fund's mission chief for India, told news agency PTI. This is next to only China and the US, he said. Mr Salgado said spillovers from India are not that big because it is not a very open economy. "But of total global growth in Purchasing power parity (PPP) terms, it's 15 per cent of total global growth. Trading is not as high as China trade levels," Mr Salgado said as the IMF Executive Board released the report of its annual consultations with India. He said the IMF views India as a "long run source of global growth". "India has three decades before it hits the point where the working age population starts to decline. So that's a long time. This is India's window of opportunity in Asia. It's somewhat only a few other Asian countries have this," he said. "For the (next) three decades, it (India) is a source of growth for the global economy and could be even longer. But three decades where India can be almost what China was for the world economy for a while," Mr Salgado said. In its report, the IMF Executive Board has forecast India's growth to rise to 7.3 per cent in FY2018/19 and 7.5 per cent in FY2019/20, on strengthening investment and robust private consumption. "The Indian economy is recovering from the two shocks that started from late 2016: demonetisation and then the kind of implementation issues related to the GST. We see growth recovering. Generally, India is benefiting from good macroeconomic policies stability-oriented policies as well as some important reforms that have been done in recent years," he said. Although there are short term issues, the IMF views that as a long-term major gain for India by implementing a national GST. "It's something that's difficult to do. Other countries have struggled. In India it's much more complex because you have a 29 states and union territories and you need agreement. I think that that was a great achievement," he said. Insolvency and the bankruptcy code is the other big achievement, he said. "We are seeing certain positive steps there and we hope that can continue," he said. "The third (big achievement) from an economist's point of view is the inflation targeting framework that you now have in the Reserve Bank of India, formally adopted in 2016 but informally even earlier. We have seen the benefits of that have lower inflation and inflation expectations," he said. And then there are some of the key smaller steps like things to improve the business climate, steps to further liberalised FDI. "In the near term, it's just to make sure that effective implementation of those are ongoing. If you think of the insolvency and bankruptcy code, it's a difficult change. Basically, the underlying system to resolve bad assets from the corporate sector side is something new. It takes time and experience has to be gained. And we're seeing some of the hitches along the way there, but generally things seem to be moving in the right direction," the senior IMF official said. Noting that the government is taking steps to "streamline and simplify" the GST, he said the IMF believes that this is important. "Overall we're seeing efforts to improve the balance sheet of banks as well as corporate sector. In our view, these are all important things that need to continue," he said. Mr Salgado said that for India, things are relatively positive. "India has a young population. It has the potential for a demographic dividend of the next three decades," he said but quickly cautioned that demographic dividend is not automatic. "It takes good policies to create jobs, to create even stronger economic growth. Seven to eight per cent growth is very good. It's one of the best in the world. But for India, which is appropriately aspiring to quickly catch up with the richer advanced countries, you need even stronger growth," he said in response to a question. "So if you think about China, China had double-digit growth for many years and that's how we quickly caught out and that's something we should aspire to as well. Because if that doesn't occur, there is the risk that India could grow old before it becomes rich," he said, noting that the IMF is now suggesting India take steps towards structural reforms. "The second message we are saying that steps to structural reforms have to continue and, in some ways, have to even take a step further up," he said identifying labour reforms, improving the business climate, and enhancing infrastructure as key areas for continued reforms. And finally, it is important to finish the cleanup of the bank and corporate sector balance sheets, he said.

'India will be a source of global growth for next 30 years', says International Monetary Fund

Indian shares rose to a record on Wednesday, driven by market heavyweight Reliance Industries Ltd and lenders such as HDFC Bank Ltd and Kotak Mahindra Bank Ltd, while strong Asian markets also helped boost investor sentiment.

The Nifty Bank Index breached the 28,000 level for the first time, rising as much as 0.9 percent to a record 28,119.10.

"Markets are ignoring the developments shaping the U.S.-China conflict, because in the results seasons in the large-cap category, there are more hits than misses and they are actually supporting the markets," said Saurabh Jain, assistant vice president of research, SMC Global Securities.

Also, supporting domestic stocks were extended gains in Asian peers on the back of strong U.S. earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington.

The broader NSE Nifty was up 0.4 percent at 11,439.85 as of 0706 GMT, while the benchmark BSE Sensex was 0.5 percent higher at 37,853.45.

Reliance Industries rose as much as 1.8 percent to a record and was the top contributor to the NSE Index's gain.

HDFC Bank rose about 1 percent, Kotak Mahindra Bank gained 1.1 percent and State Bank of India climbed 1.5 percent.

Among other gainers, Larsen & Toubro Ltd added 1 percent, while Hindustan Unilever Ltd rose 1.1 percent.

Among losers, Bombay Dyeing and Mfg Co Ltd fell as much as 5 percent to its lowest since July 30 after the company reported a wider loss for the June quarter.

The Sensex hit a high of 37,885.77 on Wednesday. The Nifty meanwhile was up 0.4 percent at 11,439.85.

Indian shares rose to a record on Wednesday, driven by market heavyweight Reliance Industries Ltd and lenders such as HDFC Bank Ltd and Kotak Mahindra Bank Ltd, while strong Asian markets also helped boost investor sentiment. The Nifty Bank Index breached the 28,000 level for the first time, rising as much as 0.9 percent to a record 28,119.10. "Markets are ignoring the developments shaping the U.S.-China conflict, because in the results seasons in the large-cap category, there are more hits than misses and they are actually supporting the markets," said Saurabh Jain, assistant vice president of research, SMC Global Securities. Also, supporting domestic stocks were extended gains in Asian peers on the back of strong U.S. earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington. The broader NSE Nifty was up 0.4 percent at 11,439.85 as of 0706 GMT, while the benchmark BSE Sensex was 0.5 percent higher at 37,853.45. Reliance Industries rose as much as 1.8 percent to a record and was the top contributor to the NSE Index's gain. HDFC Bank rose about 1 percent, Kotak Mahindra Bank gained 1.1 percent and State Bank of India climbed 1.5 percent. Among other gainers, Larsen & Toubro Ltd added 1 percent, while Hindustan Unilever Ltd rose 1.1 percent. Among losers, Bombay Dyeing and Mfg Co Ltd fell as much as 5 percent to its lowest since July 30 after the company reported a wider loss for the June quarter.

Sensex hits new record high, comes close to breaching 38,000

Stock market indices on Tuesday touched fresh record levels for the second straight day with healthy buying in auto and metal stocks.

In early trade, Sensex surged 184.98 points to an all-time high of 37876.87 and the Nifty 50 rose 41.85 points to a new high of 11,428.95.

But domestic stock markets erased gains within a few minutes after opening at record highs with Sensex and Nifty falling well below their respective all-time highs.&nbsp;

At 10 am BSE Sensex was trading at 37746 and NSE Nifty was trading at 11,402.

BSE Sensex was trading at 37,690.47, down 1.42 points and NSE Nifty was trading at 11,391.65, up 4.55 points.

Stock market indices on Tuesday touched fresh record levels for the second straight day with healthy buying in auto and metal stocks. In early trade, Sensex surged 184.98 points to an all-time high of 37876.87 and the Nifty 50 rose 41.85 points to a new high of 11,428.95. But domestic stock markets erased gains within a few minutes after opening at record highs with Sensex and Nifty falling well below their respective all-time highs. At 10 am BSE Sensex was trading at 37746 and NSE Nifty was trading at 11,402.

Indices slip from a record high, Sensex at 37746 and Nifty at 11,402

Gold prices edged up on a steady US&nbspdollar early Tuesday, but expectations for further interest rate hikes in the United States supported the greenback and limited interest in the met

Spot gold <XAU=> was up 0.2 per cent at $1,208.06 an ounce at 0051 GMT.

US&nbspgold futures <GCcv1> were little changed at $1217.10 an ounce.

Asian stocks were largely steady on Tuesday, with worries over the US-China trade conflict offsetting support from earnings-led gains on Wall Street.

On Tuesday the pound held near an 11-month low against the dollar reached overnight on worries of a "hard" Brexit for Britain, while simmering US-China trade tensions helped support the greenback.

The dollar index <.DXY>, which measures the greenback against a basket of six major currencies, was unchanged at 95.348.

Chinese state media on Monday criticised US&nbspPresident Donald Trump's trade policies in an unusually personal attack, and sought to reassure investors anxious about China's economy as growth concerns battered its financial markets.

China's central bank has reimposed reserve requirements on some FX options from Monday, two people with direct knowledge of the development said.

China's exports are expected to have maintained solid growth in July despite new tariffs on billions of dollars of shipments to the United States, though the outlook has darkened as both sides raised the stakes in a trade conflict that has rattled financial markets.

The Trump administration will aggressively enforce economic sanctions that it is re-imposing on Iran this week and expects the measures to have a significant impact on the Iranian economy, senior US&nbspadministration officials said on Monday.

Trump's top security adviser urged Iran on Monday to take up an offer of talks with the United States or suffer more pain from economic sanctions, but Iran's president said Washington needed first to prove it can be trusted.

The European Central Bank continued to skew its government bond purchases towards the longer end of the yield curve last month, broadly maintaining the average remaining maturity of its massive debt pile, data showed on Monday.

SPDR Gold Trust <GLD>, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.78 per cent to 788.71 tonnes on Monday from 794.90 tonnes on Friday.

Spot gold was up 0.2 per cent at $1,208.06 an ounce at 0051 GMT.

Gold prices edged up on a steady US&nbspdollar early Tuesday, but expectations for further interest rate hikes in the United States supported the greenback and limited interest in the met Spot gold was up 0.2 per cent at $1,208.06 an ounce at 0051 GMT. US&nbspgold futures were little changed at $1217.10 an ounce. Asian stocks were largely steady on Tuesday, with worries over the US-China trade conflict offsetting support from earnings-led gains on Wall Street. On Tuesday the pound held near an 11-month low against the dollar reached overnight on worries of a "hard" Brexit for Britain, while simmering US-China trade tensions helped support the greenback. The dollar index <.DXY>, which measures the greenback against a basket of six major currencies, was unchanged at 95.348. Chinese state media on Monday criticised US&nbspPresident Donald Trump's trade policies in an unusually personal attack, and sought to reassure investors anxious about China's economy as growth concerns battered its financial markets. China's central bank has reimposed reserve requirements on some FX options from Monday, two people with direct knowledge of the development said. China's exports are expected to have maintained solid growth in July despite new tariffs on billions of dollars of shipments to the United States, though the outlook has darkened as both sides raised the stakes in a trade conflict that has rattled financial markets. The Trump administration will aggressively enforce economic sanctions that it is re-imposing on Iran this week and expects the measures to have a significant impact on the Iranian economy, senior US&nbspadministration officials said on Monday. Trump's top security adviser urged Iran on Monday to take up an offer of talks with the United States or suffer more pain from economic sanctions, but Iran's president said Washington needed first to prove it can be trusted. The European Central Bank continued to skew its government bond purchases towards the longer end of the yield curve last month, broadly maintaining the average remaining maturity of its massive debt pile, data showed on Monday. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.78 per cent to 788.71 tonnes on Monday from 794.90 tonnes on Friday.

Gold prices crawl up on steady dollar

Oil markets started cautiously on Tuesday, as many traders in Asia were reluctant to take on new positions ahead of the introduction of US sanctions against major crude exporter Iran.

Spot Brent crude oil futures <LCOc1> were at $73.74 per barrel at 0100 GMT on Tuesday, down 1 cent from their last close.

US West Texas Intermediate (WTI) crude futures <CLc1> were down 8 cents at $68.93 barrel.

US sanctions against major oil exporter Iran are set to kick in at 12:01 am US Eastcoast time (0401 GMT) on Tuesday.

Traders in Asia said they were holding back on making bets on oil ahead of European and US trading hours, which tend to see much higher liquidity and stronger price movements.

"The US seems hell-bent on regime change in Iran and is reimposing sanctions at midnight Washington time as the 6th becomes the 7th of August," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Many other countries, including US allies in Europe and also China and India oppose the introduction of new sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil.

"It is our policy to get as many countries to zero as quickly as possible. We are going to work with individual countries on a case by case basis, but our goal is to reduce the amount of revenue and hard currency going into Iran," said a senior US administration official on Monday.

ANZ bank said a 24-hour strike at three North Sea oil and gas platforms operated by Total <TOTF.PA>, which started at 0500 GMT on Monday, was also supporting prices.

HEAT IMPACTS OIL

The main oil market price drivers of recent months have been output levels by top producers Russia, Saudi Arabia and the United States, renewed Iran sanctions, the US vs China trade dispute, and unplanned supply disruptions. Some analysts warned that a global heat wave could also now affect oil demand.

Much of the northern hemisphere has been gripped by extreme heat this summer, pushing up demand for industrial and residential cooling.

This mostly impacts demand for power fuels like thermal coal and natural gas.

But US bank JPMorgan said a warmer than usual fourth quarter, caused by a potential El Niño weather pattern, "can cause droughts, flooding and other natural disasters across the globe, including heatwaves in the US that affect commodities."

"Past instances of El Niño have resulted in sharp drops in US residential and commercial heating oil demand and prices," it said.

Spot Brent crude oil futures were at $73.74 per barrel at 0100 GMT on Tuesday, down 1 cent from their last close.

Oil markets started cautiously on Tuesday, as many traders in Asia were reluctant to take on new positions ahead of the introduction of US sanctions against major crude exporter Iran. Spot Brent crude oil futures were at $73.74 per barrel at 0100 GMT on Tuesday, down 1 cent from their last close. US West Texas Intermediate (WTI) crude futures were down 8 cents at $68.93 barrel. US sanctions against major oil exporter Iran are set to kick in at 12:01 am US Eastcoast time (0401 GMT) on Tuesday. Traders in Asia said they were holding back on making bets on oil ahead of European and US trading hours, which tend to see much higher liquidity and stronger price movements. "The US seems hell-bent on regime change in Iran and is reimposing sanctions at midnight Washington time as the 6th becomes the 7th of August," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Many other countries, including US allies in Europe and also China and India oppose the introduction of new sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil. "It is our policy to get as many countries to zero as quickly as possible. We are going to work with individual countries on a case by case basis, but our goal is to reduce the amount of revenue and hard currency going into Iran," said a senior US administration official on Monday. ANZ bank said a 24-hour strike at three North Sea oil and gas platforms operated by Total , which started at 0500 GMT on Monday, was also supporting prices. HEAT IMPACTS OIL The main oil market price drivers of recent months have been output levels by top producers Russia, Saudi Arabia and the United States, renewed Iran sanctions, the US vs China trade dispute, and unplanned supply disruptions. Some analysts warned that a global heat wave could also now affect oil demand. Much of the northern hemisphere has been gripped by extreme heat this summer, pushing up demand for industrial and residential cooling. This mostly impacts demand for power fuels like thermal coal and natural gas. But US bank JPMorgan said a warmer than usual fourth quarter, caused by a potential El Niño weather pattern, "can cause droughts, flooding and other natural disasters across the globe, including heatwaves in the US that affect commodities." "Past instances of El Niño have resulted in sharp drops in US residential and commercial heating oil demand and prices," it said.

Oil markets tread water ahead of renewed US sanctions against Iran

Asian stocks were largely steady on Tuesday, with worries over the US-China trade conflict offsetting support from earnings-led gains on Wall Street.

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was almost flat.

Australian stocks <.AXJO> dipped 0.2 percent, South Korea's KOSPI <.KS11> rose 0.05 percent and Japan's Nikkei <.N225> added 0.25 percent.

The three major US stock indexes closed higher on Monday amid a strong US earnings season, with results from Berkshire Hathaway <BRKa.N> impressing and Facebook <FB.O> lifting the Nasdaq <.IXIC> after a report it was planning new services.&nbsp

"Global markets are (being) buffeted by conflicting currents. The bottom-up view of the world from a corporate perspective is positive, led by US companies," wrote Michael McCarthy, chief market strategist at CMC Markets.

"However, the increasing potential for trade disputes to slow the global economy is restraining investor enthusiasm."

The dollar drew support as international trade tensions continue. Its index against a basket of six major currencies <.DXY> rose to a near three-week high of 95.515, before pulling back slightly to 95.347.

Some analysts see trade conflict benefiting the US dollar as the nation's economy is better placed to handle protectionism than emerging markets, and as tariffs may narrow the US trade deficit.

Weakness in its peers further bolstered the dollar's strength.

The euro fell to a five-week low of $1.1530 <EUR=> overnight, weighed down by worries that Italy could ramp up spending and challenge European Union budget regulations and by a drop in June German industrial orders. The single currency last traded at $1.1557.

The pound was also on the back foot, driven on Monday to $1.2920 <GBP=D3>, its weakest since September 2017, after comments by officials raised fears Britain would crash out of the EU without securing a trade agreement.

The dollar was steady at 111.35 yen <JPY=> after edging up 0.1 per cent overnight.

A big mover was the Turkish lira, which fell to a record low on Monday after Washington said it was reviewing Ankara's duty-free access to the US market as tensions between the two NATO allies ramped up.

The lira <TRYTOM=D3> has lost 27 per cent of its value this year, battered primarily by concerns about President Tayyip Erdogan's drive for greater control over monetary policy.

"Currently the impact of the lira's slide is mostly contained within the country. But fears of a default will begin to increase if the currency keeps depreciating, and such a development could affect some European financial institutions," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities.

"The Turkish central bank will have to move quickly and raise interest rates to arrest the lira's fall before it becomes too late."

In commodities, benchmark Brent crude oil futures <LCOc1> were down 0.05 per cent at $73.71 a barrel. They had gained 0.75 per cent on Monday after OPEC sources said Saudi production had unexpectedly fallen in July.

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was almost flat.

Asian stocks were largely steady on Tuesday, with worries over the US-China trade conflict offsetting support from earnings-led gains on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was almost flat. Australian stocks <.AXJO> dipped 0.2 percent, South Korea's KOSPI <.KS11> rose 0.05 percent and Japan's Nikkei <.N225> added 0.25 percent. The three major US stock indexes closed higher on Monday amid a strong US earnings season, with results from Berkshire Hathaway impressing and Facebook lifting the Nasdaq <.IXIC> after a report it was planning new services. "Global markets are (being) buffeted by conflicting currents. The bottom-up view of the world from a corporate perspective is positive, led by US companies," wrote Michael McCarthy, chief market strategist at CMC Markets. "However, the increasing potential for trade disputes to slow the global economy is restraining investor enthusiasm." The dollar drew support as international trade tensions continue. Its index against a basket of six major currencies <.DXY> rose to a near three-week high of 95.515, before pulling back slightly to 95.347. Some analysts see trade conflict benefiting the US dollar as the nation's economy is better placed to handle protectionism than emerging markets, and as tariffs may narrow the US trade deficit. Weakness in its peers further bolstered the dollar's strength. The euro fell to a five-week low of $1.1530 overnight, weighed down by worries that Italy could ramp up spending and challenge European Union budget regulations and by a drop in June German industrial orders. The single currency last traded at $1.1557. The pound was also on the back foot, driven on Monday to $1.2920 , its weakest since September 2017, after comments by officials raised fears Britain would crash out of the EU without securing a trade agreement. The dollar was steady at 111.35 yen after edging up 0.1 per cent overnight. A big mover was the Turkish lira, which fell to a record low on Monday after Washington said it was reviewing Ankara's duty-free access to the US market as tensions between the two NATO allies ramped up. The lira has lost 27 per cent of its value this year, battered primarily by concerns about President Tayyip Erdogan's drive for greater control over monetary policy. "Currently the impact of the lira's slide is mostly contained within the country. But fears of a default will begin to increase if the currency keeps depreciating, and such a development could affect some European financial institutions," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities. "The Turkish central bank will have to move quickly and raise interest rates to arrest the lira's fall before it becomes too late." In commodities, benchmark Brent crude oil futures were down 0.05 per cent at $73.71 a barrel. They had gained 0.75 per cent on Monday after OPEC sources said Saudi production had unexpectedly fallen in July.

Asian stocks flat as trade woes offset earnings-led Wall Street gains

India doubled the import tax on more than 300 textile products to 20 per cent on Tuesday as the world's biggest producer of cotton tries to curb rising imports from China.

It was the second tax hike on textiles in as many months after an increase on other products including fibre and apparels last month.

The moves are expected to provide relief to the domestic textile industry, which has been hit by cheaper imports. India's total textile imports jumped by 16 per cent to a record $7 billion in the fiscal year to March 2018. Of this, about $3 billion were from China.

The government did not disclose details of the 328 textile products that will be subject to the duty increase announced on Tuesday.

Rising imports sent India's trade deficit with China in textile products to a record high $1.54 billion in 2017/18, alarming industry officials as India had been until recently a net exporter of textile products to China.

Sanjay Jain, president of the Confederation of Indian Textile Industry, told Reuters he did not expect China to retaliate to the Indian duty increases as it still has a trade surplus with India.

He said India's textile product imports could fall to $6 billion in 2018/19 as a result of the tax hike to 20 per cent.

India's imports of textile products from Bangladesh, Vietnam and Cambodia also jumped in the last few years as they are not subject to any duty under free trade agreements (FTA) signed by India with these countries.

The 20 per cent duty will not be applicable to products sourced from those countries due to the FTA, Jain said.

Industry officials say in the last few months Chinese fibre has been shipped to Bangladesh and processed and exported to India with zero duty.

"Rules of origin need to be implemented for textile products. Otherwise Chinese products will land from other countries," said a Mumbai-based garment exporter, who declined to be named.

Jain said India's textile and garment exports could rise 8 per cent to $40 billion in 2018/19 due to a weak rupee and as the government is expected to introduce incentives to boost overseas sales.

India's trade differences with the United States have also been rising since President Donald Trump took office.

India, the world's biggest buyer of U.S. almonds, in June decided to raise import duties on almonds and some other U.S. imports by 20 per cent, joining the European Union and China in retaliating against Trump's tariff hikes on steel and aluminium. The increased tariff on US&nbspgoods will be applicable from September&nbsp18.

Rising imports sent India's trade deficit with China in textile products to a record high $1.54 billion in 2017/18

India doubled the import tax on more than 300 textile products to 20 per cent on Tuesday as the world's biggest producer of cotton tries to curb rising imports from China. It was the second tax hike on textiles in as many months after an increase on other products including fibre and apparels last month. The moves are expected to provide relief to the domestic textile industry, which has been hit by cheaper imports. India's total textile imports jumped by 16 per cent to a record $7 billion in the fiscal year to March 2018. Of this, about $3 billion were from China. The government did not disclose details of the 328 textile products that will be subject to the duty increase announced on Tuesday. Rising imports sent India's trade deficit with China in textile products to a record high $1.54 billion in 2017/18, alarming industry officials as India had been until recently a net exporter of textile products to China. Sanjay Jain, president of the Confederation of Indian Textile Industry, told Reuters he did not expect China to retaliate to the Indian duty increases as it still has a trade surplus with India. He said India's textile product imports could fall to $6 billion in 2018/19 as a result of the tax hike to 20 per cent. India's imports of textile products from Bangladesh, Vietnam and Cambodia also jumped in the last few years as they are not subject to any duty under free trade agreements (FTA) signed by India with these countries. The 20 per cent duty will not be applicable to products sourced from those countries due to the FTA, Jain said. Industry officials say in the last few months Chinese fibre has been shipped to Bangladesh and processed and exported to India with zero duty. "Rules of origin need to be implemented for textile products. Otherwise Chinese products will land from other countries," said a Mumbai-based garment exporter, who declined to be named. Jain said India's textile and garment exports could rise 8 per cent to $40 billion in 2018/19 due to a weak rupee and as the government is expected to introduce incentives to boost overseas sales. India's trade differences with the United States have also been rising since President Donald Trump took office. India, the world's biggest buyer of U.S. almonds, in June decided to raise import duties on almonds and some other U.S. imports by 20 per cent, joining the European Union and China in retaliating against Trump's tariff hikes on steel and aluminium. The increased tariff on US&nbspgoods will be applicable from September&nbsp18.

Government doubles import tax on textile products, may hit China