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Asian stocks dropped on Thursday as the latest escalation in the Sino-US&nbsptrade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan's new tolerance for higher yields.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8 per cent, dragged down by a 1.2 per cent fall in Chinese H-shares. Japan's Nikkei declined 0.4 per cent.

The CSI 300 index of China's A-shares dropped 1.4 per cent to three-week lows, extending falls from a July 24 high to 5.5 per cent.

The US&nbspadministration on Wednesday increased pressure on China for trade concessions by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports.

"If it had not been for the sideswipe on trade, markets would have been in much better shape this week. Apple's earnings were super, helping to quell concerns about high-tech companies," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

"The BOJ's policy tweaks weren't much of a tightening, and did little damage," he added.

MSCI's gauge of stocks across the globe is down 0.45 per cent so far this week, reversing gains from the previous four weeks, with Chinese shares accounting for the bulk of that.

On Wall Street, the S&P 500 lost 0.10 per cent on Wednesday, but the Nasdaq Composite added 0.46 per cent to extend its recovery from Monday's three-week low.

While industrial stocks fell 1.3 per cent on trade worries, technology shares were boosted by strong earnings from Apple.

The world's largest company by market capitalisation rose 5.9 per cent, boosting its value to close to $1 trillion.

The Federal Reserve kept interest rates unchanged on Wednesday, as expected, characterising the US&nbspeconomy as strong and staying on track to increase borrowing costs in September and likely again in December.

While that surprised nobody, US bond yields rose, with the benchmark 10-year yields breaking above 3 per cent to 2-1/2-month highs, after the US&nbspTreasury said it would boost borrowing in the bond market in the coming quarter.

LOOSENING GRIP

Global bond markets were also rattled by sharp rises in Japanese bond yields since the Bank of Japan loosened its grip on long-term yields on Tuesday.

The 10-year Japanese government bond yield rose to a 1-1/2-year high of 0.145 per cent on Thursday.

Worries that higher yields in Japan may prompt Japanese investors to repatriate funds hit European bonds, boosting German and French yields to seven-week highs on Wednesday.

In the foreign exchange market, major currencies were little moved.

The euro changed hands at $1.1661, while the yen stood at 111.67 yen to the dollar.

The British pound was steady at $1.3119 ahead of an expected rate hike by the Bank of England later in the day.

Oil prices climbed a tad after two days of heavy losses on a surprise increase in US&nbspcrude stockpiles.

Brent crude futures rose 0.5 per cent to $72.78 per barrel after a 2.5 per cent fall the previous day.

US&nbspWest Texas Intermediate (WTI) crude futures edged up 0.4 per cent to $67.96 a barrel after Wednesday's 1.6 per cent fall.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8 per cent, dragged down by a 1.2 per cent fall in Chinese H-shares. Japan's Nikkei declined 0.4 per cent.

Asian stocks dropped on Thursday as the latest escalation in the Sino-US&nbsptrade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan's new tolerance for higher yields. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8 per cent, dragged down by a 1.2 per cent fall in Chinese H-shares. Japan's Nikkei declined 0.4 per cent. The CSI 300 index of China's A-shares dropped 1.4 per cent to three-week lows, extending falls from a July 24 high to 5.5 per cent. The US&nbspadministration on Wednesday increased pressure on China for trade concessions by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports. "If it had not been for the sideswipe on trade, markets would have been in much better shape this week. Apple's earnings were super, helping to quell concerns about high-tech companies," said Hirokazu Kabeya, chief global strategist at Daiwa Securities. "The BOJ's policy tweaks weren't much of a tightening, and did little damage," he added. MSCI's gauge of stocks across the globe is down 0.45 per cent so far this week, reversing gains from the previous four weeks, with Chinese shares accounting for the bulk of that. On Wall Street, the S&P 500 lost 0.10 per cent on Wednesday, but the Nasdaq Composite added 0.46 per cent to extend its recovery from Monday's three-week low. While industrial stocks fell 1.3 per cent on trade worries, technology shares were boosted by strong earnings from Apple. The world's largest company by market capitalisation rose 5.9 per cent, boosting its value to close to $1 trillion. The Federal Reserve kept interest rates unchanged on Wednesday, as expected, characterising the US&nbspeconomy as strong and staying on track to increase borrowing costs in September and likely again in December. While that surprised nobody, US bond yields rose, with the benchmark 10-year yields breaking above 3 per cent to 2-1/2-month highs, after the US&nbspTreasury said it would boost borrowing in the bond market in the coming quarter. LOOSENING GRIP Global bond markets were also rattled by sharp rises in Japanese bond yields since the Bank of Japan loosened its grip on long-term yields on Tuesday. The 10-year Japanese government bond yield rose to a 1-1/2-year high of 0.145 per cent on Thursday. Worries that higher yields in Japan may prompt Japanese investors to repatriate funds hit European bonds, boosting German and French yields to seven-week highs on Wednesday. In the foreign exchange market, major currencies were little moved. The euro changed hands at $1.1661, while the yen stood at 111.67 yen to the dollar. The British pound was steady at $1.3119 ahead of an expected rate hike by the Bank of England later in the day. Oil prices climbed a tad after two days of heavy losses on a surprise increase in US&nbspcrude stockpiles. Brent crude futures rose 0.5 per cent to $72.78 per barrel after a 2.5 per cent fall the previous day. US&nbspWest Texas Intermediate (WTI) crude futures edged up 0.4 per cent to $67.96 a barrel after Wednesday's 1.6 per cent fall.

Global Markets: Asian shares slide on fresh trade worries, bonds fragile

A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations “within a week” after bad weather hampered its start-up, an official said on Thursday.

The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 per cent go without electricity.

Since its arrival at Moheshkhali, near Cox’s Bazar in southeast Bangladesh, bad weather has hampered the FSRU’s efforts to dock properly, connect to the import infrastructure and offload its first cargo of Qatari LNG, officials have said.

“The delay was basically the rough sea. It (the project) will succeed very soon ... hopefully within a week,” a director at state-run energy firm Petrobangla’s LNG division said.

The Excellence FSRU is operated by privately owned US&nbspcompany Excelerate, which launched the first FSRU in the world in 2005 and still dominates the industry alongside Golar LNG, Hoegh and BW Group’s LNG arm.

Two senior Petrobangla officials said the state-run firm would contest Excelerate’s declaration of force majeure on the project due to the weather-related delays. Declaring force majeure absolves a company from responsibility for delays to fulfilling contracts due to circumstances beyond its control.

“They have claimed force majeure for bad weather but we haven’t accepted it,” one of the officials said. “Petrobangla doesn’t have any obligation to pay any money before the gas flow starts. Excelerate will pay demurrage as per contract.”

That official said technical experts from International Finance Corp, an arm of the World Bank which lent to the US $180 million project, were on site monitoring progress.

The country of 165 million people relies on its gas resources for 70 per cent of its energy production but as demand has risen its falling supply has struggled to keep up, prompting it to consider a host of LNG projects.

Aside from the Moheshkhali project, several others are being considered, usually combining LNG imports with onshore power plants that would use the regasified fuel as feedstock or with fertiliser complexes that are heavily gas-reliant.

Most recently, two projects costing a combined US $5.8 billion were announced involving US&nbspfirm General Electric. Energy trading houses Gunvor, Vitol and Trafigura have also chased projects in Bangladesh..

Bangladesh is seen as an ideal LNG importer because it has the legacy of using gas and therefore much of the onshore infrastructure already, unlike some other countries that have struggled to get LNG projects off the ground.

Nasrul Hamid, state minister for power, energy and mineral resources, said the Moheshkhali project would help Bangladesh import 81 million cubic metres of gas a day by 2025.

“We have a robust internal gas supply system, which has historically transmitted our local gas. This grid will carry the LNG internally. This is an advantage for us,” he said.

The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 per cent go without electricity.

A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations “within a week” after bad weather hampered its start-up, an official said on Thursday. The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 per cent go without electricity. Since its arrival at Moheshkhali, near Cox’s Bazar in southeast Bangladesh, bad weather has hampered the FSRU’s efforts to dock properly, connect to the import infrastructure and offload its first cargo of Qatari LNG, officials have said. “The delay was basically the rough sea. It (the project) will succeed very soon ... hopefully within a week,” a director at state-run energy firm Petrobangla’s LNG division said. The Excellence FSRU is operated by privately owned US&nbspcompany Excelerate, which launched the first FSRU in the world in 2005 and still dominates the industry alongside Golar LNG, Hoegh and BW Group’s LNG arm. Two senior Petrobangla officials said the state-run firm would contest Excelerate’s declaration of force majeure on the project due to the weather-related delays. Declaring force majeure absolves a company from responsibility for delays to fulfilling contracts due to circumstances beyond its control. “They have claimed force majeure for bad weather but we haven’t accepted it,” one of the officials said. “Petrobangla doesn’t have any obligation to pay any money before the gas flow starts. Excelerate will pay demurrage as per contract.” That official said technical experts from International Finance Corp, an arm of the World Bank which lent to the US $180 million project, were on site monitoring progress. The country of 165 million people relies on its gas resources for 70 per cent of its energy production but as demand has risen its falling supply has struggled to keep up, prompting it to consider a host of LNG projects. Aside from the Moheshkhali project, several others are being considered, usually combining LNG imports with onshore power plants that would use the regasified fuel as feedstock or with fertiliser complexes that are heavily gas-reliant. Most recently, two projects costing a combined US $5.8 billion were announced involving US&nbspfirm General Electric. Energy trading houses Gunvor, Vitol and Trafigura have also chased projects in Bangladesh.. Bangladesh is seen as an ideal LNG importer because it has the legacy of using gas and therefore much of the onshore infrastructure already, unlike some other countries that have struggled to get LNG projects off the ground. Nasrul Hamid, state minister for power, energy and mineral resources, said the Moheshkhali project would help Bangladesh import 81 million cubic metres of gas a day by 2025. “We have a robust internal gas supply system, which has historically transmitted our local gas. This grid will carry the LNG internally. This is an advantage for us,” he said.

Bangladesh sees stalled floating LNG terminal starting operations in days

India's economic growth momentum is likely to pick up further in the April-June period and the country is expected to clock GDP growth of 7.5 per cent in this financial year, says a Morgan Stanley report.

According to the global financial services major, the growth recovery will remain robust, supported initially by consumption and exports. In the January-March quarter, India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7 per cent on robust performance by manufacturing and service sectors as well as good farm output.

"In aggregate, we expect GDP growth to pick up to 7.5 per cent in this financial year as against 6.7 per cent in 2017-18," Morgan Stanley said in a research note. According to Morgan Stanley, the macro-stability indicator of the economy like inflation and current account deficit are likely to be in check.

The report forecasts Consumer Price Index (CPI) inflation to remain slightly above the inflation target of 4 per cent and the current account deficit below 2.5 per cent of GDP. On inflation, the report said upside risks could emerge from a weak monsoon and also the implementation of the minimum support price hikes.

High-frequency indicators point towards a further pickup of growth in April-June period, though the strength has been reflected more in demand indicators as compared to the production side, the report said.

The report, however, noted that the risks to this growth outlook could stem from slower global growth or a rise in trade tensions impacting external demand.

Moreover, a sustained, sharp rise in oil prices, a further rise in US rates and persistent US dollar strength, a delay in the pickup of private investment and an adverse impact from a weak monsoon could impact the country's growth momentum.

In the January-March quarter, India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7 per cent on robust performance by manufacturing and service sectors as well as good farm output

India's economic growth momentum is likely to pick up further in the April-June period and the country is expected to clock GDP growth of 7.5 per cent in this financial year, says a Morgan Stanley report. According to the global financial services major, the growth recovery will remain robust, supported initially by consumption and exports. In the January-March quarter, India's gross domestic product (GDP) grew at the fastest pace in seven quarters at 7.7 per cent on robust performance by manufacturing and service sectors as well as good farm output. "In aggregate, we expect GDP growth to pick up to 7.5 per cent in this financial year as against 6.7 per cent in 2017-18," Morgan Stanley said in a research note. According to Morgan Stanley, the macro-stability indicator of the economy like inflation and current account deficit are likely to be in check. The report forecasts Consumer Price Index (CPI) inflation to remain slightly above the inflation target of 4 per cent and the current account deficit below 2.5 per cent of GDP. On inflation, the report said upside risks could emerge from a weak monsoon and also the implementation of the minimum support price hikes. High-frequency indicators point towards a further pickup of growth in April-June period, though the strength has been reflected more in demand indicators as compared to the production side, the report said. The report, however, noted that the risks to this growth outlook could stem from slower global growth or a rise in trade tensions impacting external demand. Moreover, a sustained, sharp rise in oil prices, a further rise in US rates and persistent US dollar strength, a delay in the pickup of private investment and an adverse impact from a weak monsoon could impact the country's growth momentum.

India’s GDP growth may rise to 7.5% this fiscal: Report

Stock market indices ended nearly 1% lower on Thursday following the 25 basis points hike in repo and reverse repo rates by the Reserve Bank of India (RBI) on Wednesday.

The S&P BSE Sensex ended at 37,165, down 356 points while the broader Nifty50 index settled at 11,245, down 101 points.

Domestic sentiment was also dampened owing to fears of an escalating trade dispute between the United States and China which triggered a fall in bonds yields and stocks, particularly among exporters.

On Wednesday, the RBI hiked policy rates for the second time in a row on fears of rising inflation rates.

Economists now expect the central bank to go in for a prolonged pause and wait to see the impact of the globally evolving scenario.

Following the rate hike, which was anticipated by many in the market, the policy repo rate stands at 6.50 per cent. The policy stance continues to remain neutral.

The Central Bank cautioned that India needed to “run a tight ship” to avoid getting affected by the currency war that had started all over the world.

It projected inflation at 4.6 per cent in the second quarter, and 4.8 per cent in the second half of the financial year 2018-19, with risks evenly balanced.

Economists now expect the central bank to go in for a prolonged pause and wait to see the impact of the globally evolving scenario.

Stock market indices ended nearly 1% lower on Thursday following the 25 basis points hike in repo and reverse repo rates by the Reserve Bank of India (RBI) on Wednesday. The S&P BSE Sensex ended at 37,165, down 356 points while the broader Nifty50 index settled at 11,245, down 101 points. Domestic sentiment was also dampened owing to fears of an escalating trade dispute between the United States and China which triggered a fall in bonds yields and stocks, particularly among exporters. On Wednesday, the RBI hiked policy rates for the second time in a row on fears of rising inflation rates. Economists now expect the central bank to go in for a prolonged pause and wait to see the impact of the globally evolving scenario. Following the rate hike, which was anticipated by many in the market, the policy repo rate stands at 6.50 per cent. The policy stance continues to remain neutral. The Central Bank cautioned that India needed to “run a tight ship” to avoid getting affected by the currency war that had started all over the world. It projected inflation at 4.6 per cent in the second quarter, and 4.8 per cent in the second half of the financial year 2018-19, with risks evenly balanced.

Sensex plunges 356 points to close at 37,165; Nifty ends at 11,245

Most Asian shares crept higher on Wednesday following a firm Wall Street finish, but gains were curbed by weak data in the region and intensifying fears over volatile Sino-US trade relations.

Global markets had inched higher on Tuesday, helped by a Bloomberg report that the United States and China were seeking to resume trade talks to defuse a battle over import tariffs.

However, later reports that the US plans tariffs of 25 per cent on $200 billion in Chinese imports injected some uncertainty back into financial markets, with the offshore yuan and the Australian dollar lower, and China shares down.

A source told Reuters that an announcement on Washington's tariff plans for China could come as early as Wednesday.

The seemingly contradictory signals on US-China trade are puzzling for investors, said Ryan Felsman, senior economist at CommSec in Sydney.

"It's a little bit confusing, but really I think markets are ... focused more broadly on the earnings season that's going on in the US, and also Australia is about to begin its corporate earnings season," he said.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent, while Japan's Nikkei stock index gained 0.7 per cent. S&P E-mini futures were down less than 0.1 per cent at 2,815.25 after earlier edging higher.

The Taiwan weighted index rose 0.3 per cent, with tech shares getting a boost after Apple beat Wall Street expectations for its quarterly results thanks to robust sales of its top-of-the-line iPhone X. The company's shares rose 3.4 per cent to $196.80 in after-hours trade.

China Falls

But shares in mainland China dropped, erasing early gains, with trade war fears and newly released manufacturing data pointing to a cloudy economic outlook.

China's manufacturing sector grew at its slowest pace in eight months in July, dragged down by declining export orders, a private survey showed on Wednesday.

The Shanghai Composite index fell 0.3 per cent, while the blue-chip CSI300 index lost 0.4 per cent.

Data from Australia also showed a slowdown in manufacturing activity in July, with the Commonwealth Bank/Markit purchasing managers index at its lowest level in nearly two years.

Australian shares were flat, with some support coming from miners ahead of expected strong results from Rio Tinto later on Wednesday.

Policy meetings of the US Federal Reserve on Wednesday and the Bank of England on Thursday will also keep some investors on the sidelines, although the US central bank is expected to keep rates unchanged.

While US rates are widely expected to be held, "investors are more likely to be concerned with any potential tweaks in the language of the policy statement. Buying sentiment towards the dollar could receive a boost if the central bank strikes a hawkish tone," Lukman Otunuga, research analyst at FXTM, wrote in a note.

The yield on benchmark 10-year Treasury notes was at 2.9728 per cent, compared with its US close of 2.964per cent&nbsp;on Tuesday.

The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.6735 per cent compared with a US close of 2.669 per cent.

The dollar was flat against the yen at 111.85, but rose 0.31 per cent against the offshore yuan on news of the Trump administration's new tariff plans. The Australian dollar fell 0.15 per cent to $0.7417.

The euro was down 0.1 per cent on the day at $1.1682. The dollar index, which tracks the greenback against a basket of six major rivals, gained 0.1 per cent to 94.606.

Meanwhile, oil prices fell on industry data showing an unexpected rise in US crude stockpiles. The slump in crude prices comes after their largest monthly decline in two years in July.

US crude dipped 0.6per cent to $68.37 a barrel, while Brent gave up 0.4per centt to $73.92 per barrel.

Spot gold fell 0.16per cent&nbsp;to $1,221.40 per ounce.

Most Asian shares crept higher on Wednesday following a firm Wall Street finish, but gains were curbed by weak data in the region and intensifying fears over volatile Sino-US trade relations

Most Asian shares crept higher on Wednesday following a firm Wall Street finish, but gains were curbed by weak data in the region and intensifying fears over volatile Sino-US trade relations. Global markets had inched higher on Tuesday, helped by a Bloomberg report that the United States and China were seeking to resume trade talks to defuse a battle over import tariffs. However, later reports that the US plans tariffs of 25 per cent on $200 billion in Chinese imports injected some uncertainty back into financial markets, with the offshore yuan and the Australian dollar lower, and China shares down. A source told Reuters that an announcement on Washington's tariff plans for China could come as early as Wednesday. The seemingly contradictory signals on US-China trade are puzzling for investors, said Ryan Felsman, senior economist at CommSec in Sydney. "It's a little bit confusing, but really I think markets are ... focused more broadly on the earnings season that's going on in the US, and also Australia is about to begin its corporate earnings season," he said. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent, while Japan's Nikkei stock index gained 0.7 per cent. S&P E-mini futures were down less than 0.1 per cent at 2,815.25 after earlier edging higher. The Taiwan weighted index rose 0.3 per cent, with tech shares getting a boost after Apple beat Wall Street expectations for its quarterly results thanks to robust sales of its top-of-the-line iPhone X. The company's shares rose 3.4 per cent to $196.80 in after-hours trade. China Falls But shares in mainland China dropped, erasing early gains, with trade war fears and newly released manufacturing data pointing to a cloudy economic outlook. China's manufacturing sector grew at its slowest pace in eight months in July, dragged down by declining export orders, a private survey showed on Wednesday. The Shanghai Composite index fell 0.3 per cent, while the blue-chip CSI300 index lost 0.4 per cent. Data from Australia also showed a slowdown in manufacturing activity in July, with the Commonwealth Bank/Markit purchasing managers index at its lowest level in nearly two years. Australian shares were flat, with some support coming from miners ahead of expected strong results from Rio Tinto later on Wednesday. Policy meetings of the US Federal Reserve on Wednesday and the Bank of England on Thursday will also keep some investors on the sidelines, although the US central bank is expected to keep rates unchanged. While US rates are widely expected to be held, "investors are more likely to be concerned with any potential tweaks in the language of the policy statement. Buying sentiment towards the dollar could receive a boost if the central bank strikes a hawkish tone," Lukman Otunuga, research analyst at FXTM, wrote in a note. The yield on benchmark 10-year Treasury notes was at 2.9728 per cent, compared with its US close of 2.964per cent on Tuesday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.6735 per cent compared with a US close of 2.669 per cent. The dollar was flat against the yen at 111.85, but rose 0.31 per cent against the offshore yuan on news of the Trump administration's new tariff plans. The Australian dollar fell 0.15 per cent to $0.7417. The euro was down 0.1 per cent on the day at $1.1682. The dollar index, which tracks the greenback against a basket of six major rivals, gained 0.1 per cent to 94.606. Meanwhile, oil prices fell on industry data showing an unexpected rise in US crude stockpiles. The slump in crude prices comes after their largest monthly decline in two years in July. US crude dipped 0.6per cent to $68.37 a barrel, while Brent gave up 0.4per centt to $73.92 per barrel. Spot gold fell 0.16per cent to $1,221.40 per ounce.

Global Markets: Asian shares edge up, but US tariff plan stokes trade fears

Breaking all previous records, the BSE Sensex advanced by over 80 points to hit a new peak of 37,690.23, while the Nifty scaled a fresh high of 11,378.95 in opening trade ahead of the Reserve Bank's bi-monthly policy meet outcome due later in the day.

The 30-share index surged 83.65 points, or 0.22 per cent, to an all-time high of 37,690.23.

The gauge had gained 1,110.21 points in the previous seven record-setting sessions and closed at an all-time high of 37,606.58 points in the previous session.

The broader NSE Nifty too hit a new high by rising 22.45 points, or 0.19 per cent, to 11,378.95.

All sectoral indices led by oil & gas, FMCG, PSU, metal and banking stocks rose up to 0.95 per cent.

Brokers said investors were seen raising bets ahead of the monetary policy announcement, and foreign institutional investors too showed buying interest.&nbsp&nbsp &nbsp&nbsp

Shares of Bajaj auto, Vedanta, TCS, Bharti Airtel, Kotak Bank, IndusInd Bank, M&M, ITC, SBI, Maruti Suzuki, Asian Paints, RIL, Coal India, Axis Bank and Yes Bank, rose up to 1.64 per cent.

Among the top losers were Tata Motors, Axis Bank, NTPC, Infosys and HDFC, falling up to 3 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 572.21 crore, while domestic institutional investors (DIIs) sold shares worth a net of Rs 290.87 crore yesterday, provisional data showed.

Asian stocks edged higher, following overnight gains in Wall Street, as a report of attempts to renew talks between the US and China eased trade war fears, but investors will be keeping a close eye on US Fed policy outcome due today.

Japan's Nikkei rose 0.54 per cent, Hong Kong's Hang Seng edged up 0.35 per cent and Shanghai Composite Index rose 0.21 per cent in early trade.

The US Dow Jones Industrial Average ended 0.43 per cent higher yesterday.

The 30-share index surged 83.65 points, or 0.22 per cent, to an all-time high of 37,690.23.

Breaking all previous records, the BSE Sensex advanced by over 80 points to hit a new peak of 37,690.23, while the Nifty scaled a fresh high of 11,378.95 in opening trade ahead of the Reserve Bank's bi-monthly policy meet outcome due later in the day. The 30-share index surged 83.65 points, or 0.22 per cent, to an all-time high of 37,690.23. The gauge had gained 1,110.21 points in the previous seven record-setting sessions and closed at an all-time high of 37,606.58 points in the previous session. The broader NSE Nifty too hit a new high by rising 22.45 points, or 0.19 per cent, to 11,378.95. All sectoral indices led by oil & gas, FMCG, PSU, metal and banking stocks rose up to 0.95 per cent. Brokers said investors were seen raising bets ahead of the monetary policy announcement, and foreign institutional investors too showed buying interest. Shares of Bajaj auto, Vedanta, TCS, Bharti Airtel, Kotak Bank, IndusInd Bank, M&M, ITC, SBI, Maruti Suzuki, Asian Paints, RIL, Coal India, Axis Bank and Yes Bank, rose up to 1.64 per cent. Among the top losers were Tata Motors, Axis Bank, NTPC, Infosys and HDFC, falling up to 3 per cent. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 572.21 crore, while domestic institutional investors (DIIs) sold shares worth a net of Rs 290.87 crore yesterday, provisional data showed. Asian stocks edged higher, following overnight gains in Wall Street, as a report of attempts to renew talks between the US and China eased trade war fears, but investors will be keeping a close eye on US Fed policy outcome due today. Japan's Nikkei rose 0.54 per cent, Hong Kong's Hang Seng edged up 0.35 per cent and Shanghai Composite Index rose 0.21 per cent in early trade. The US Dow Jones Industrial Average ended 0.43 per cent higher yesterday.

Sensex, Nifty scale fresh lifetime highs ahead of RBI policy decision

Shares of&nbsp;Apple&nbsp;Inc touched the US $200 mark for the first time and neared a US $1 trillion valuation on Wednesday, after the company forecast blowout current-quarter sales and analysts said a September launch of new iPhones set the stage for sustained growth.

The company's shares rose as much as 5.7 per cent to a high of US $201.32 in early trading - within striking distance of the US $206.49 mark that will give it a trillion-dollar valuation.&nbsp;

As of Wednesday's open, Apple has gained 18 per cent in 2018 and more than 30 per cent in the last 12 months.

Apple&nbsp;forecast revenue of US $60 billion to US $62 billion for its fiscal fourth quarter, beating the US $59.6 billion analysts had expected, according to data from Thomson Reuters I/B/E/S.

With 4.915 billion shares currently outstanding, according to FactSet, Apple just needs to rise&nbsp;US $3.88 to US $203.56 to achieve the landmark valuation. Its current valuation stands at about $979 billion.

Apple's pricey iPhone X boosted third-quarter margins and created optimism that a new handset with premium features and priced higher than other models would boost margins further, analysts said.

"We think the lesson&nbsp;Apple's management has learned from the iPhone X is when you sell a smartphone for more than US $1K you can sell fewer units and still reap the financial benefits," DA Davidson analyst Tom Forte said.

Apple&nbsp;sold 41.3 million iPhones in the fiscal third quarter, half a million less than expected. But the average iPhone selling price topped expectations by US $30, hitting US $724.

Apple isn't the only tech giant closing in on a trillion dollar mark though. Amazon&nbsp;is worth a $ 870 billion. Google owner Alphabet has a market valuation of nearly $850 billion. And Microsoft's market cap is now just under $815 billion.

With 4.915 billion shares currently outstanding, according to FactSet, Apple just needs to rise US $3.88 to US $203.56 to achieve the landmark valuation. Its current valuation stands at about $979 billion.

Shares of Apple Inc touched the US $200 mark for the first time and neared a US $1 trillion valuation on Wednesday, after the company forecast blowout current-quarter sales and analysts said a September launch of new iPhones set the stage for sustained growth. The company's shares rose as much as 5.7 per cent to a high of US $201.32 in early trading - within striking distance of the US $206.49 mark that will give it a trillion-dollar valuation. As of Wednesday's open, Apple has gained 18 per cent in 2018 and more than 30 per cent in the last 12 months. Apple forecast revenue of US $60 billion to US $62 billion for its fiscal fourth quarter, beating the US $59.6 billion analysts had expected, according to data from Thomson Reuters I/B/E/S. With 4.915 billion shares currently outstanding, according to FactSet, Apple just needs to rise US $3.88 to US $203.56 to achieve the landmark valuation. Its current valuation stands at about $979 billion. Apple's pricey iPhone X boosted third-quarter margins and created optimism that a new handset with premium features and priced higher than other models would boost margins further, analysts said. "We think the lesson Apple's management has learned from the iPhone X is when you sell a smartphone for more than US $1K you can sell fewer units and still reap the financial benefits," DA Davidson analyst Tom Forte said. Apple sold 41.3 million iPhones in the fiscal third quarter, half a million less than expected. But the average iPhone selling price topped expectations by US $30, hitting US $724. Apple isn't the only tech giant closing in on a trillion dollar mark though. Amazon is worth a $ 870 billion. Google owner Alphabet has a market valuation of nearly $850 billion. And Microsoft's market cap is now just under $815 billion.

Apple could become the first trillion dollar company as stocks jump

The Reserve Bank of India is likely to raise interest rates on Wednesday while retaining a neutral policy stance as it aims to strike a balance between rising inflationary pressures and still recovering growth.

If the RBI increases the rates by 25 basis points, it would be the first time since October 2013 that the central bank has hiked borrowing costs at two consecutive policy meetings.

In June, the repo rate, or the benchmark lending rate, was raised for the first time in over four years, by 25 basis points to 6.25 per cent.

Thirty-seven of 63 economists in a Reuters poll last week said the RBI will raise rates on Wednesday, while 22 said the next hike would come later this year, or early in 2019.

"Since the RBI is committed to bringing down inflation, they don't have a choice but to raise rates," said Rupa Rege Nitsure, group chief economist at L&T Finance Holdings.

"The RBI did not change its policy stance in June due to the various uncertainties they faced and the degree of uncertainty has gone up considerably compared to the last policy, so they would continue to retain the neutral stance," she said.

India's annual consumer inflation hit 5 per cent in June, the eighth straight month it topped the RBI's medium-term 4 per cent target.

Global crude oil prices have surged nearly 20 per cent this year and crossed $80 a barrel in May, their highest since 2014.

This has driven the prices of fuel - the biggest item on India's import bill - to record highs at a time the rupee is testing new life lows, raising the threat of imported inflation.

Moreover, the monsoons, one of the largest determinants of India's inflation path, have been erratic and patchy in several regions this year, muddying the outlook for winter-harvested crops and adding to inflationary pressures.

Still, a sizable numbers of analysts and market participants believe the RBI could hold off and not hike interest rates, noting that the recovery is nascent and bank credit to corporates is not yet free flowing.

The monetary policy committee "could afford to do a 'wait and watch' at this juncture and consider more data points before a rate action," said Lakshmi Iyer, Kotak Mutual Fund's chief investment officer debt.

"There might not be much urgency in delivering back-to-back rate hikes when the policy stance is still neutral."

Traders said though the market was largely prepared for a rate hike on Wednesday, yields would still shoot up by 5-10 basis points after one, and the surge would be much more if the RBI also tightens its stance.

Wednesday's decision is "likely to be a close call, with odds of a hike marginally higher than a pause," said DBS economist Radhika Rao. "While the tentative calm in the financial markets provides the RBI with the time and space to keep rates on hold, a pre-emptive move is preferable." 
&nbsp

India's annual consumer inflation hit 5 per cent in June, the eighth straight month it topped the RBI's medium-term 4 per cent target.

The Reserve Bank of India is likely to raise interest rates on Wednesday while retaining a neutral policy stance as it aims to strike a balance between rising inflationary pressures and still recovering growth. If the RBI increases the rates by 25 basis points, it would be the first time since October 2013 that the central bank has hiked borrowing costs at two consecutive policy meetings. In June, the repo rate, or the benchmark lending rate, was raised for the first time in over four years, by 25 basis points to 6.25 per cent. Thirty-seven of 63 economists in a Reuters poll last week said the RBI will raise rates on Wednesday, while 22 said the next hike would come later this year, or early in 2019. "Since the RBI is committed to bringing down inflation, they don't have a choice but to raise rates," said Rupa Rege Nitsure, group chief economist at L&T Finance Holdings. "The RBI did not change its policy stance in June due to the various uncertainties they faced and the degree of uncertainty has gone up considerably compared to the last policy, so they would continue to retain the neutral stance," she said. India's annual consumer inflation hit 5 per cent in June, the eighth straight month it topped the RBI's medium-term 4 per cent target. Global crude oil prices have surged nearly 20 per cent this year and crossed $80 a barrel in May, their highest since 2014. This has driven the prices of fuel - the biggest item on India's import bill - to record highs at a time the rupee is testing new life lows, raising the threat of imported inflation. Moreover, the monsoons, one of the largest determinants of India's inflation path, have been erratic and patchy in several regions this year, muddying the outlook for winter-harvested crops and adding to inflationary pressures. Still, a sizable numbers of analysts and market participants believe the RBI could hold off and not hike interest rates, noting that the recovery is nascent and bank credit to corporates is not yet free flowing. The monetary policy committee "could afford to do a 'wait and watch' at this juncture and consider more data points before a rate action," said Lakshmi Iyer, Kotak Mutual Fund's chief investment officer debt. "There might not be much urgency in delivering back-to-back rate hikes when the policy stance is still neutral." Traders said though the market was largely prepared for a rate hike on Wednesday, yields would still shoot up by 5-10 basis points after one, and the surge would be much more if the RBI also tightens its stance. Wednesday's decision is "likely to be a close call, with odds of a hike marginally higher than a pause," said DBS economist Radhika Rao. "While the tentative calm in the financial markets provides the RBI with the time and space to keep rates on hold, a pre-emptive move is preferable."

RBI may increase interest rates today: Poll

The Union Cabinet on Wednesday gave its nod to a Bill to restore the original provisions of a law on atrocities against Dalits and tribals, acceding to a key demand of Dalit groups ahead of their call for a ‘Bharat Bandh’ on August 9, a top government source said.

The Bill to restore the original provisions of Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act will be brought in Parliament, he said.

The Supreme Court in a ruling in March had introduced safeguards which, Dalit leaders and organisations said, diluted the Act and rendered it toothless.

BJP ally and Lok Janshakti Party president Ram Vilas Paswan had led the call to bring a new law to overturn the court order. Several ruling party MPs belonging to Dalit and tribal communities had also backed the demand.

The Supreme Court in a ruling in March introduced safeguards which, Dalit leaders and organisations said, diluted the Act.

The Union Cabinet on Wednesday gave its nod to a Bill to restore the original provisions of a law on atrocities against Dalits and tribals, acceding to a key demand of Dalit groups ahead of their call for a ‘Bharat Bandh’ on August 9, a top government source said. The Bill to restore the original provisions of Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act will be brought in Parliament, he said. The Supreme Court in a ruling in March had introduced safeguards which, Dalit leaders and organisations said, diluted the Act and rendered it toothless. BJP ally and Lok Janshakti Party president Ram Vilas Paswan had led the call to bring a new law to overturn the court order. Several ruling party MPs belonging to Dalit and tribal communities had also backed the demand.

SC/ST Atrocities Act: Union Cabinet gives nod to bill to restore laws original provisions

Oil prices fell on Wednesday after industry data showed US stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July.

October Brent crude futures dropped 29 cents, or 0.4 per cent, to $73.92 a barrel by 0044 GMT, adding to a 1.8 per cent loss in the previous session.

US crude futures were down 44 cents, or 0.6 per cent, at $68.32 a barrel, having dropped nearly 2 per cent on Tuesday.

Brent fell more than 6 per cent in July, while US crude futures slumped about 7 per cent, the biggest monthly decline for both benchmarks since July 2016.

Data from the American Petroleum Institute showed domestic crude inventories rose by 5.6 million barrels last week. A Reuters poll had forecast a fall of 2.8 million barrels.

Official data from the US Energy Information Administration is due later on Wednesday.

Signs that a supply disruption in the Bab al-Mandeb Strait in the Red Sea could be resolved also weighed on prices.

Yemen's Houthi group said it was ready to unilaterally halt attacks in the Red Sea to support peace efforts. Saudi Arabia suspended oil shipments through the strait last week after the Houthis attacked two Saudi oil tankers.

A Reuters poll showed that oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the United States meets growing demand led by Asia and helps to offset supply disruptions.

OPEC has pledged to offset the loss of supply from Iran, the group's third-biggest producer.

Looming US sanctions have already started to cut Iranian exports, with buyers from its biggest customers in Asia cutting imports to a seven-month low in June.

Oil prices fell on Wednesday after industry data showed US stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July

Oil prices fell on Wednesday after industry data showed US stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July. October Brent crude futures dropped 29 cents, or 0.4 per cent, to $73.92 a barrel by 0044 GMT, adding to a 1.8 per cent loss in the previous session. US crude futures were down 44 cents, or 0.6 per cent, at $68.32 a barrel, having dropped nearly 2 per cent on Tuesday. Brent fell more than 6 per cent in July, while US crude futures slumped about 7 per cent, the biggest monthly decline for both benchmarks since July 2016. Data from the American Petroleum Institute showed domestic crude inventories rose by 5.6 million barrels last week. A Reuters poll had forecast a fall of 2.8 million barrels. Official data from the US Energy Information Administration is due later on Wednesday. Signs that a supply disruption in the Bab al-Mandeb Strait in the Red Sea could be resolved also weighed on prices. Yemen's Houthi group said it was ready to unilaterally halt attacks in the Red Sea to support peace efforts. Saudi Arabia suspended oil shipments through the strait last week after the Houthis attacked two Saudi oil tankers. A Reuters poll showed that oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the United States meets growing demand led by Asia and helps to offset supply disruptions. OPEC has pledged to offset the loss of supply from Iran, the group's third-biggest producer. Looming US sanctions have already started to cut Iranian exports, with buyers from its biggest customers in Asia cutting imports to a seven-month low in June.

Oil extends decline after biggest monthly slump in two years

Apple said Tuesday that its profit had jumped more than 30 per cent to $11.5 billion in the recently ended quarter, beating market expectations despite selling fewer iPhones than analysts projected.

The news boosted shares in the tech giant in after-hours trading, putting it ever closer to a history-making, trillion-dollar market value.

Apple's revenue in the fiscal third quarter soared 17 per cent to $53.3 billion from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices.

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," chief executive Tim Cook said in the earnings release.

Apple sold 41.3 million iPhones in the quarter that ended June 30, just shy of the 42 million figure anticipated by analysts.

Shares in the Silicon Valley-based technology titan rose 3.96 per cent to $197.83 &nbspin after-hours trade that followed the release of the earnings figures.

"Apple gave the Street and tech investors finally some good news" beating earnings forecasts and predicting the current quarter will be strong, GBH insights head of technology research Daniel Ives said in a note to investors.

To hit the trillion-dollar market value, Apple shares would have to climb about five per cent.

No fan of tariffs

Analysts were eager for news from the California-based company about how the company is riding out trade turbulence between the US and China.

President Donald Trump's trade wars include 25 per cent US tariffs on $34 billion in Chinese goods, with more on the way, and steep tariffs on steel and aluminum, which provoked Beijing and others to hit back with import duties on US goods.

Cook said that Apple products have not so far been directly affected, and that the company is evaluating the latest Trump move currently in a public comment phase.

"Our view on tariffs is they show up as a tax on the consumer and wind up resulting in lower economic growth, and sometimes can bring about the significant risk of unintended consequence," Cook said while fielding questions on an earnings call.

"All of this said, we are optimistic that this will get sorted out. There is an inescapable mutuality with the US and China which serves as a magnet bringing them together: each can only prosper if the other does."

Paying top dollar

The company is expected to unveil new iPhone models in the fall, sticking with its near-annual practice of releasing upgraded models ahead of the year-end holiday shopping season.

Sales of iPhones in the fiscal third quarter have typically been tame as many fans have historically either bought handsets in prior months or end up waiting for new models in the months to come.

That said, the average selling price of iPhones jumped in the quarter as buyers opted for top-of-the-line X and 8 models, according to Apple. 
"If you look at the top of our line together, they are growing very nicely" Cook said.

"IPhone X shows that when you deliver a great innovative product there are enough people out there that would like that and it can be a very good business."

Billions of dollars that Apple has been spending to buy back shares could help propel the company past the one-trillion-dollar mark for market value.

Early this year, Apple announced it would buy back $100 billion in shares.

Shining despite bruises&nbsp

Apple has managed to shine, despite bruises to its image that included being accused of keeping young people addicted to smartphones, slowing performance of older iPhones to motivate upgrades and sidestepping taxes by nestling cash in offshore havens.

Apple has repeatedly highlighted the growing amount of money it is taking in from music, applications, games, subscriptions and services it sells to people using its devices.

Money made from services is seen as an important element of diversification away from having to rely heavily on selling iPhones. 
Cook said the number of people using Apple devices is surging, and that promised to keep fueling the strong growth seen at its streaming music, digital wallet, and App Store.

"We couldn't be happier with how things are going given the momentum we are seeing across the board," Cook said.

"We feel great about our current services and are thrilled about our pipeline with some new services as well."

Apple said Tuesday that its profit had jumped more than 30 per cent to $11.5 billion in the recently ended quarter, beating market expectations despite selling fewer iPhones than analysts projected

Apple said Tuesday that its profit had jumped more than 30 per cent to $11.5 billion in the recently ended quarter, beating market expectations despite selling fewer iPhones than analysts projected. The news boosted shares in the tech giant in after-hours trading, putting it ever closer to a history-making, trillion-dollar market value. Apple's revenue in the fiscal third quarter soared 17 per cent to $53.3 billion from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices. "We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," chief executive Tim Cook said in the earnings release. Apple sold 41.3 million iPhones in the quarter that ended June 30, just shy of the 42 million figure anticipated by analysts. Shares in the Silicon Valley-based technology titan rose 3.96 per cent to $197.83 &nbspin after-hours trade that followed the release of the earnings figures. "Apple gave the Street and tech investors finally some good news" beating earnings forecasts and predicting the current quarter will be strong, GBH insights head of technology research Daniel Ives said in a note to investors. To hit the trillion-dollar market value, Apple shares would have to climb about five per cent. No fan of tariffs Analysts were eager for news from the California-based company about how the company is riding out trade turbulence between the US and China. President Donald Trump's trade wars include 25 per cent US tariffs on $34 billion in Chinese goods, with more on the way, and steep tariffs on steel and aluminum, which provoked Beijing and others to hit back with import duties on US goods. Cook said that Apple products have not so far been directly affected, and that the company is evaluating the latest Trump move currently in a public comment phase. "Our view on tariffs is they show up as a tax on the consumer and wind up resulting in lower economic growth, and sometimes can bring about the significant risk of unintended consequence," Cook said while fielding questions on an earnings call. "All of this said, we are optimistic that this will get sorted out. There is an inescapable mutuality with the US and China which serves as a magnet bringing them together: each can only prosper if the other does." Paying top dollar The company is expected to unveil new iPhone models in the fall, sticking with its near-annual practice of releasing upgraded models ahead of the year-end holiday shopping season. Sales of iPhones in the fiscal third quarter have typically been tame as many fans have historically either bought handsets in prior months or end up waiting for new models in the months to come. That said, the average selling price of iPhones jumped in the quarter as buyers opted for top-of-the-line X and 8 models, according to Apple. "If you look at the top of our line together, they are growing very nicely" Cook said. "IPhone X shows that when you deliver a great innovative product there are enough people out there that would like that and it can be a very good business." Billions of dollars that Apple has been spending to buy back shares could help propel the company past the one-trillion-dollar mark for market value. Early this year, Apple announced it would buy back $100 billion in shares. Shining despite bruises Apple has managed to shine, despite bruises to its image that included being accused of keeping young people addicted to smartphones, slowing performance of older iPhones to motivate upgrades and sidestepping taxes by nestling cash in offshore havens. Apple has repeatedly highlighted the growing amount of money it is taking in from music, applications, games, subscriptions and services it sells to people using its devices. Money made from services is seen as an important element of diversification away from having to rely heavily on selling iPhones. Cook said the number of people using Apple devices is surging, and that promised to keep fueling the strong growth seen at its streaming music, digital wallet, and App Store. "We couldn't be happier with how things are going given the momentum we are seeing across the board," Cook said. "We feel great about our current services and are thrilled about our pipeline with some new services as well."

Apple quarterly profit leaps, nears $1 trillion value

Stock market indices shed their early gains and ended lower on Wednesday, on heavy selling in bank and auto stocks, as the RBI's Monetary Policy Committee (MPC) raised the repo rate by 25 basis points to 6.50 per cent.&nbsp

The 30-share BSE Sensex shed almost 85 points to finish at 37,521.62, while the broader NSE Nifty slipped 10.30 points to 11,346.20.

Interest rate sensitive auto, finance and banking stocks finished with losses.

The Reserve Bank's Monetary Policy Committee raised the benchmark lending rate by 0.25 per cent for the second time in two months.

The repo rate, at which the central bank lends to other banks, now stands at 6.50 per cent.

Profit booking at prevailing higher levels and lower manufacturing PMI for July added to the selling pressure, brokers said.

The Sensex, which had rallied to a fresh lifetime high of 37,711.87 in early trade, dived after the RBI announced its policy decision.

It staged a bounce-back in the late afternoon session, but finally closed lower by 84.96 points, or 0.23 per cent, at 37,521.62 points.

The gauge had gained 1,110.21 points in the previous seven trading days, during which it closed at fresh lifetime highs in each session.

The broader 50-issue NSE Nifty too slipped from its record high, shedding 10.30 points or 0.09 per cent to end at 11,346.20. Intra-day, it shuttled between 11,390.55 and 11,313.55.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 572.21 crore, while domestic institutional investors (DIIs) sold equities to the tune of Rs 290.87 crore yesterday, provisional data showed.

"RBI maintaining growth forecast at 7.4 per cent for FY19 will help restore investors' confidence in the market. Risk of higher oil price and inflation is largely factored in by the monetary policy whereas uncertainty in rising in MSP remains a detrimental factor to the projection.

"RBI's continued focus to get the balance between inflation and growth and the progressing earnings season will support market direction," said Vinod Nair, Head of Research, Geojit Financial Services.

The country's manufacturing sector activity moderated in July amid a softer increase in output, new orders and employment.

The Nikkei India Manufacturing Purchasing Managers Index (PMI) stood at 52.3 in July, down from 53.1 in June.

Vedanta was the top loser in the Sensex pack, falling 1.84 per cent.

Other major losers were Maruti Suzuki 1.75 per cent, Bharti Airtel 1.68 per cent, Tata Steel 1.46 per cent, HDFC 1.24 per cent, Infosys 0.82 per cent, Asian Paints 0.73 per cent, L&T 0.38 per cent and Adani Ports 0.16 per cent.

Bucking the trend, Coal India climbed 3.29 per cent, TCS 1.74 per cent, Sun Pharma 1.61 per cent, ITC 1.51 per cent, Power Grid 1.02 per cent, ONGC 0.73 per cent, SBI 0.58 per cent and RIL 0.45 per cent, among others.

Shares of oil marketing companies rose following lower crude oil prices in global markets. Indian Oil Corp spurted 2.16 per cent, BPCL 1.98 per cent and HPCL 1.37 per cent.

Sector-wise, the BSE Auto index lost 0.77 per cent, followed by metal 0.62 per cent, banking 0.55 per cent, telecom 0.55 per cent, finance 0.54 per cent, power 0.14 per cent, capital goods 0.09 per cent and infrastructure 0.03 per cent.

However, healthcare jumped 1.11 per cent, oil and gas 0.99 per cent, PSU 0.80 per cent, FMCG 0.77 per cent, consumer durables 0.48 per cent, IT 0.40 per cent, Teck 0.30 per cent and realty 0.21 per cent.

The broader markets showed a firm trend, with the small-cap index rising 0.26 per cent and mid-cap gauge gaining 0.19 per cent.

Asian stocks edged higher, following overnight gains in Wall Street, a report of renewed talks between the US and China eased trade war fears. 
Japan's Nikkei rose 0.86 per cent, Singapore gained 0.27 per cent, while Hong Kong's Hang Seng shed 0.85 per cent and Shanghai Composite Index lost 1.80 per cent.

In Europe, Frankfurt's DAX fell 0.17 per cent and France's Paris CAC was down 0.06 per cent. London's FTSE too fell 1.07 per cent. 
 
(With inputs from PTI)

The Sensex, which had rallied to a fresh lifetime high of 37,711.87 in early trade, dived after the RBI announced its policy decision.

Stock market indices shed their early gains and ended lower on Wednesday, on heavy selling in bank and auto stocks, as the RBI's Monetary Policy Committee (MPC) raised the repo rate by 25 basis points to 6.50 per cent. The 30-share BSE Sensex shed almost 85 points to finish at 37,521.62, while the broader NSE Nifty slipped 10.30 points to 11,346.20. Interest rate sensitive auto, finance and banking stocks finished with losses. The Reserve Bank's Monetary Policy Committee raised the benchmark lending rate by 0.25 per cent for the second time in two months. The repo rate, at which the central bank lends to other banks, now stands at 6.50 per cent. Profit booking at prevailing higher levels and lower manufacturing PMI for July added to the selling pressure, brokers said. The Sensex, which had rallied to a fresh lifetime high of 37,711.87 in early trade, dived after the RBI announced its policy decision. It staged a bounce-back in the late afternoon session, but finally closed lower by 84.96 points, or 0.23 per cent, at 37,521.62 points. The gauge had gained 1,110.21 points in the previous seven trading days, during which it closed at fresh lifetime highs in each session. The broader 50-issue NSE Nifty too slipped from its record high, shedding 10.30 points or 0.09 per cent to end at 11,346.20. Intra-day, it shuttled between 11,390.55 and 11,313.55. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 572.21 crore, while domestic institutional investors (DIIs) sold equities to the tune of Rs 290.87 crore yesterday, provisional data showed. "RBI maintaining growth forecast at 7.4 per cent for FY19 will help restore investors' confidence in the market. Risk of higher oil price and inflation is largely factored in by the monetary policy whereas uncertainty in rising in MSP remains a detrimental factor to the projection. "RBI's continued focus to get the balance between inflation and growth and the progressing earnings season will support market direction," said Vinod Nair, Head of Research, Geojit Financial Services. The country's manufacturing sector activity moderated in July amid a softer increase in output, new orders and employment. The Nikkei India Manufacturing Purchasing Managers Index (PMI) stood at 52.3 in July, down from 53.1 in June. Vedanta was the top loser in the Sensex pack, falling 1.84 per cent. Other major losers were Maruti Suzuki 1.75 per cent, Bharti Airtel 1.68 per cent, Tata Steel 1.46 per cent, HDFC 1.24 per cent, Infosys 0.82 per cent, Asian Paints 0.73 per cent, L&T 0.38 per cent and Adani Ports 0.16 per cent. Bucking the trend, Coal India climbed 3.29 per cent, TCS 1.74 per cent, Sun Pharma 1.61 per cent, ITC 1.51 per cent, Power Grid 1.02 per cent, ONGC 0.73 per cent, SBI 0.58 per cent and RIL 0.45 per cent, among others. Shares of oil marketing companies rose following lower crude oil prices in global markets. Indian Oil Corp spurted 2.16 per cent, BPCL 1.98 per cent and HPCL 1.37 per cent. Sector-wise, the BSE Auto index lost 0.77 per cent, followed by metal 0.62 per cent, banking 0.55 per cent, telecom 0.55 per cent, finance 0.54 per cent, power 0.14 per cent, capital goods 0.09 per cent and infrastructure 0.03 per cent. However, healthcare jumped 1.11 per cent, oil and gas 0.99 per cent, PSU 0.80 per cent, FMCG 0.77 per cent, consumer durables 0.48 per cent, IT 0.40 per cent, Teck 0.30 per cent and realty 0.21 per cent. The broader markets showed a firm trend, with the small-cap index rising 0.26 per cent and mid-cap gauge gaining 0.19 per cent. Asian stocks edged higher, following overnight gains in Wall Street, a report of renewed talks between the US and China eased trade war fears. Japan's Nikkei rose 0.86 per cent, Singapore gained 0.27 per cent, while Hong Kong's Hang Seng shed 0.85 per cent and Shanghai Composite Index lost 1.80 per cent. In Europe, Frankfurt's DAX fell 0.17 per cent and France's Paris CAC was down 0.06 per cent. London's FTSE too fell 1.07 per cent. (With inputs from PTI)

Sensex, Nifty end lower after RBI raises repo rate by 25 basis points

Jet Airways has informed its members of staff to take up to 25 per cent pay cut on the back of increasing fuel price and falling rupees.

As per the pay cut announced by the airline, employees earning up to 12 lakh will take a pay cut of 5 per cent to 25 per cent those who earn more than 1 crore and above.

According to reports, top management of the Airline held meetings with the employees regarding the pay cut and the meetings are expected to continue on the issue in the coming days.

According to the airline, senior management has already taken a pay cut.&nbsp;

Sources said that salary cut for pilots in the airline will be in the range of about 17 per cent. Jet Airways has an annual salary bill of about Rs 3,000 crore, and the move is expected to reduce it by about Rs 500 crore.&nbsp;

Jet Airways had reduced the salaries and other benefits of about 350 junior pilots by about 30 per cent last year. &nbsp;

 
&nbsp;

As per the pay cut announced by the airline, employees earning up to 12 lakh will take a pay cut of 5 per cent to 25 per cent those who earn more than 1 crore and above.

Jet Airways has informed its members of staff to take up to 25 per cent pay cut on the back of increasing fuel price and falling rupees. As per the pay cut announced by the airline, employees earning up to 12 lakh will take a pay cut of 5 per cent to 25 per cent those who earn more than 1 crore and above. According to reports, top management of the Airline held meetings with the employees regarding the pay cut and the meetings are expected to continue on the issue in the coming days. According to the airline, senior management has already taken a pay cut. Sources said that salary cut for pilots in the airline will be in the range of about 17 per cent. Jet Airways has an annual salary bill of about Rs 3,000 crore, and the move is expected to reduce it by about Rs 500 crore. Jet Airways had reduced the salaries and other benefits of about 350 junior pilots by about 30 per cent last year.

Jet Airways employees told to take up to 25 per cent pay cut

A recent research firm IDC, Canalys and IHS Markit show that the Chinese smartphones Huawei reached a major milestone by overtaking Apple.

Beating the sales figure of Apple, Huawei also narrowed the gap with the market leader Samsung.

Huawei overtook Apple despite the <a href="http://wionews.com/business-&-economy/apple-quarterly-profit-leaps-nears-1-trillion-value-156135">American multinational's quarterly profits </a>escalating to near $ 1 trillion.

Despite selling fewer phones Apple's profit had jumped more than 30 per cent to $11.5 billion in the recently ended quarter.

Huawei has managed to get ahead of rivals by selling more feature-packed phones, analysts said.

According to IHS and Strategy Analytics, Huawei grabbed more than 15 per cent of the global smartphone market over April-June, overtaking Apple's roughly 12 per cent and just behind Samsung Electronics Co Ltd's nearly 20 per cent share.

While Samsung's sales reached 70 million last quarter, Huawei sold around 54 million smartphones.&nbsp;

The Chinese smartphone gained in Europe and also expanded its lead back home.

The Chinese market is key for Huawei as it has come under fire from the United States, Australia and other nations over concerns it could facilitate Chinese government spying.

The company has been virtually shut out from the United States with no major carriers selling its smartphones.

Huawei has denied it facilitates spying and has said it is a private company not under Chinese government control and not subject to Chinese security laws overseas.

(With inputs from Reuters)

Huawei overtook Apple despite the American multinational's quarterly profits escalating to near $ 1 trillion

A recent research firm IDC, Canalys and IHS Markit show that the Chinese smartphones Huawei reached a major milestone by overtaking Apple. Beating the sales figure of Apple, Huawei also narrowed the gap with the market leader Samsung. Huawei overtook Apple despite the American multinational's quarterly profits escalating to near $ 1 trillion. Despite selling fewer phones Apple's profit had jumped more than 30 per cent to $11.5 billion in the recently ended quarter. Huawei has managed to get ahead of rivals by selling more feature-packed phones, analysts said. According to IHS and Strategy Analytics, Huawei grabbed more than 15 per cent of the global smartphone market over April-June, overtaking Apple's roughly 12 per cent and just behind Samsung Electronics Co Ltd's nearly 20 per cent share. While Samsung's sales reached 70 million last quarter, Huawei sold around 54 million smartphones. The Chinese smartphone gained in Europe and also expanded its lead back home. The Chinese market is key for Huawei as it has come under fire from the United States, Australia and other nations over concerns it could facilitate Chinese government spying. The company has been virtually shut out from the United States with no major carriers selling its smartphones. Huawei has denied it facilitates spying and has said it is a private company not under Chinese government control and not subject to Chinese security laws overseas. (With inputs from Reuters)

Huawei overtakes Apple to become world's No. 2 smartphone seller

The Reserve Bank of India&nbsp;on Tuesday increased the <a href="http://wionews.com/business-%26-economy/rbi-increases-repo-rate-by-25-bps-to-650-per-cent-156239">repo rate by 25 basis points to 6.50%</a> – for the second time this year.&nbsp;

With this,&nbsp;all types of loans – including home and car loans – are set to cost more. The hike was done by the Monetary Policy Committee (MPC).&nbsp;

The monetary policy committee of the central bank, which determines the policy interest rate cited inflation concerns for its decision but retained its "neutral" stance.

In fact, a majority of banks have already increased their deposit rates apart from going in for a hike in their MCLR.

RBI's second-consecutive increase in repo rate comes as a bad news for those who have taken loans from banks.&nbsp;

In June, <a href="http://www.wionews.com/india-news/rbi-hikes-repo-rate-to-625-emis-to-get-costlier-142583">RBI raised the repo rate by 25 basis points</a> to 6.25 per cent. Back then, that was the first rate increase since Narendra Modi came to power in May 2014.

This is likely to lead to an increase in the interest bank customers pay on loans, be it the home loan, car loan or personal loan.

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The repo rate is the rate at which the central bank of the country lends funds to the commercial banks.&nbsp;

The commercial banks borrow funds only if they witness a shortfall in their funds.

The monetary policy committee of a country uses the reverse repo rate as a tool to control the money supply in the country.

The RBI also hiked the reverse repo rate (which now stands at 6.25 per cent). This is the rate at which banks lend money to the RBI.

Among the Monetary Policy Committee panel members, Dr Chetan Ghate, Dr Pami Dua, Dr Michael Debabrata Patra, Dr Viral V Acharya and Dr Urjit R Patel voted in favour of the decision while Dr Ravindra H Dholakia voted against the decision.

RBI's second-consecutive increase in repo rate comes as a bad news for those who have taken loans from banks.

The Reserve Bank of India on Tuesday increased the repo rate by 25 basis points to 6.50% – for the second time this year. With this, all types of loans – including home and car loans – are set to cost more. The hike was done by the Monetary Policy Committee (MPC). The monetary policy committee of the central bank, which determines the policy interest rate cited inflation concerns for its decision but retained its "neutral" stance. In fact, a majority of banks have already increased their deposit rates apart from going in for a hike in their MCLR. RBI's second-consecutive increase in repo rate comes as a bad news for those who have taken loans from banks. In June, RBI raised the repo rate by 25 basis points to 6.25 per cent. Back then, that was the first rate increase since Narendra Modi came to power in May 2014. This is likely to lead to an increase in the interest bank customers pay on loans, be it the home loan, car loan or personal loan. WATCH Live from Mumbai: RBI Governor Urijit Patel addresses the media https://t.co/KtBDOG8mGx — ANI (@ANI) August 1, 2018 × The repo rate is the rate at which the central bank of the country lends funds to the commercial banks. The commercial banks borrow funds only if they witness a shortfall in their funds. The monetary policy committee of a country uses the reverse repo rate as a tool to control the money supply in the country. The RBI also hiked the reverse repo rate (which now stands at 6.25 per cent). This is the rate at which banks lend money to the RBI. Among the Monetary Policy Committee panel members, Dr Chetan Ghate, Dr Pami Dua, Dr Michael Debabrata Patra, Dr Viral V Acharya and Dr Urjit R Patel voted in favour of the decision while Dr Ravindra H Dholakia voted against the decision.

Home, car loan EMIs to get costlier as RBI hikes repo rate by 25 basis points

Sri Lanka's central bank is expected to keep key interest rates steady at its policy review on Friday as it looks to spur faltering economic growth amid heavy downward pressure on the nation's currency, a Reuters poll showed.

The central bank unexpectedly cut its key lending rate by 25 basis points in April to support the economy, but policymakers must also defend a fragile rupee and prevent outflows as emerging markets come under pressure from rising US&nbspinterest rates.

Twelve out of 13 economists surveyed expected the Central Bank of Sri Lanka (CBSL) to keep its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) unchanged at 7.25 per cent and 8.50 per cent respectively.

One analyst expected a 50 basis point cut in the SLFR.

Twelve out of 13 analysts saw the statutory reserve ratio (SRR) remaining steady at 7.50 per cent, while one saw an increase of 100 basis points.

"Even though private sector credit and inflation are rather managed, the CBSL is likely to hold off on a rate cut given the tightening global monetary environment which is causing other central banks in Asia to even look towards rate hikes," said Trisha Peries, product head at Frontier Research in Colombo.

"A rate cut could further incentivise investors to reduce their holdings in local securities."

The island-nation's economy grew 3.3 per cent in 2017, a 16- year low, and government officials have forecast growth of around 4.5 per cent this year, which would still be below the recent peak of 5.0 per cent growth in 2015.

Peries expects an increase in fiscal spending in the lead up to presidential elections later next year and possible provincial council elections in early 2019. She said that could put upward pressure on rates.

She also said that the rupee market would be heavily driven by global factors in the near-term.

Spot rupee hit an all-time low of 160.17 per dollar on June 20 and is down 4 per cent so far this year, after falling 2.5 per cent in 2017. Currency dealers expect a total decline of 6 per cent this year.

Since April 18, Sri Lanka has seen 34.5 billion rupee (US $216 million) of foreign outflows from government securities, central bank data shows.

A strengthening dollar since mid-April has increased the credit risk of several emerging markets, including Sri Lanka, due to currency depreciation, ratings agency Moody's said on Wednesday.

Previous rate increases, along with tight fiscal measures to meet conditions imposed by the International Monetary Fund for a US $1.5 billion loan, have dragged on the country's economy.

Twelve out of 13 economists surveyed expected the Central Bank of Sri Lanka (CBSL) to keep its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) unchanged at 7.25 per cent and 8.50 per cent respectively.

Sri Lanka's central bank is expected to keep key interest rates steady at its policy review on Friday as it looks to spur faltering economic growth amid heavy downward pressure on the nation's currency, a Reuters poll showed. The central bank unexpectedly cut its key lending rate by 25 basis points in April to support the economy, but policymakers must also defend a fragile rupee and prevent outflows as emerging markets come under pressure from rising US&nbspinterest rates. Twelve out of 13 economists surveyed expected the Central Bank of Sri Lanka (CBSL) to keep its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) unchanged at 7.25 per cent and 8.50 per cent respectively. One analyst expected a 50 basis point cut in the SLFR. Twelve out of 13 analysts saw the statutory reserve ratio (SRR) remaining steady at 7.50 per cent, while one saw an increase of 100 basis points. "Even though private sector credit and inflation are rather managed, the CBSL is likely to hold off on a rate cut given the tightening global monetary environment which is causing other central banks in Asia to even look towards rate hikes," said Trisha Peries, product head at Frontier Research in Colombo. "A rate cut could further incentivise investors to reduce their holdings in local securities." The island-nation's economy grew 3.3 per cent in 2017, a 16- year low, and government officials have forecast growth of around 4.5 per cent this year, which would still be below the recent peak of 5.0 per cent growth in 2015. Peries expects an increase in fiscal spending in the lead up to presidential elections later next year and possible provincial council elections in early 2019. She said that could put upward pressure on rates. She also said that the rupee market would be heavily driven by global factors in the near-term. Spot rupee hit an all-time low of 160.17 per dollar on June 20 and is down 4 per cent so far this year, after falling 2.5 per cent in 2017. Currency dealers expect a total decline of 6 per cent this year. Since April 18, Sri Lanka has seen 34.5 billion rupee (US $216 million) of foreign outflows from government securities, central bank data shows. A strengthening dollar since mid-April has increased the credit risk of several emerging markets, including Sri Lanka, due to currency depreciation, ratings agency Moody's said on Wednesday. Previous rate increases, along with tight fiscal measures to meet conditions imposed by the International Monetary Fund for a US $1.5 billion loan, have dragged on the country's economy.

Sri Lanka central bank seen holding rates to spur growth: Reuters poll

Sometimes keeping ahead of the game means learning some tricks from rivals - a strategy Samsung Electronics Co Ltd hasn't been too proud to adopt in India where Xiaomi Corp and other Chinese brands have made hefty inroads.

Pages pulled from their playbooks include becoming savvier with online marketing to millennials as Samsung seeks to reinvent itself as a 'younger brand', as well as providing sales staff for smaller stores and even finding a new love for cricket with a sponsorship deal.

Combined with a slew of new models - many aimed at undermining Chinese dominance of the US $150 to US $300 phone segment - the new tactics are paying off with the South Korean tech giant reclaiming the No. 1 spot in the second quarter.

"Samsung was living in a sort of denial of the threat that Xiaomi, Oppo, Vivo posed but now they've come out of the ostrich hole," said Rushabh Doshi,&nbsp;research manager at industry tracker Canalys. "Now they are fighting back, definitely."&nbsp;

Its Galaxy J6 launched in May and the J8 sold from July have been doing especially well, each selling 50,000 a day, says Samsung. In an appeal to millennials, the phones have a new "chat over video" feature which allows users to view videos without interruption even as they chat by text due to a transparent keyboard.

To be sure, Samsung has long dominated the premium end of the smartphone market in India and features like "chat over video", designed at its Indian R&D centre, underscore its tech prowess. It has also built up a wide retail network in the country.

But Samsung, which logged slower profit growth in April-June, knows it has to pull out the stops in India if it wants to avoid harsh lessons meted out in China.

Just five years ago, it had 20 per cent of the Chinese market only to see that fall to less than 1 per cent this year, outgunned by Huawei, Xiaomi, Oppo and Vivo, particularly on pricing.

And India is too big a prize to lose - the world's No. 2 smartphone market with about 400 million users and worth an estimated US $20 billion annually.

It's also the world's fastest-growing major mobile phone market, expanding about 20 per cent last quarter from a year earlier. For Samsung, India is its biggest market outside the United States and one where it has invested heavily, opening the world's biggest smartphone factory outside New Delhi last month.

But Chinese brands now account for every one in two phones sold in India with Xiaomi making the greatest strides. After its 2014 market entry, the "Mi" brand steadily gained share to knock Samsung from the top spot last December.

Although Samsung regained the title last quarter, it was only by a hair's breadth - 29 per cent market share to Xiaomi's 28 per cent, according to research firm Counterpoint. Samsung started selling three new phones in the quarter while Xiaomi had one product release.

Samsung's India unit did not respond to a request for comment on its strategies in the country.

To promote its US $210 Galaxy On6 smartphone launched last month, Samsung has eschewed traditional TV advertising. Instead it embarked on one of its most aggressive online campaigns, enlisting Bollywood heartthrob Tiger Shroff and uploading videos and photos to Facebook, Instagram and Twitter.

"It's not just one ad which you'll see again and again. Because millennials will get bored. What we want to do is to engage them...and whichever platform they are on, we'll be there, Ranjivjit Singh, Samsung India's chief marketing officer, said in an interview.

But some analysts warn that Samsung will have to come up with creative social media strategies if it wants to maintain its lead over Chinese rivals and establish a stronger one.

"Chinese brands such as Xiaomi, OnePlus have built a strong presence in India by targeting the youth with grand fan festivals when they launch models," said Neil Shah, research director at Counterpoint.

Another new tactic has been Samsung's sponsorship of the Mumbai cricket team. Cricket has worked well for rival Vivo, which has become a strong player in India on the back of its sponsorship of the country's cricket league.

Company sources said Samsung has increased spending on marketing but declined to say by how much. But with its deep pockets, it can afford to invest heavily - a strategy that competitors may struggle to match longer term.

In brick-and-mortar stores too, Samsung has had to step up to match its Chinese rivals.

Previously it only paid for a Samsung sales specialist for stores with monthly sales of more than 1 million rupees (US $14,600), but over the past year or so it has halved that threshold following similar actions by Oppo and Vivo, retail sources familiar with the matter told Reuters. They declined to be identified as they were not authorised to speak on the matter.

The sources also said Samsung was developing financing products independently of current tie-ups with financial firms - a move which could help it offer customers a smoother sales process and even lift profit margins.

But its rivals aren't standing still, moving further into the premium segment.

Huawei this year launched its flagship P20 Pro phone, which has three cameras, in India for about US $950 in direct competition to Samsung's S9. Vivo this month started selling the NEX, which has a camera that pops out, for roughly US $655.

"Chinese brands are launching these phones to prove that they don't just make phones for the lower end of the market, but that they are master innovators," Counterpoint's Shah said.

Combined with a slew of new models - many aimed at undermining Chinese dominance of the US $150 to US $300 phone segment - the new tactics are paying off with the South Korean tech giant reclaiming the No. 1 spot in the second quarter.

Sometimes keeping ahead of the game means learning some tricks from rivals - a strategy Samsung Electronics Co Ltd hasn't been too proud to adopt in India where Xiaomi Corp and other Chinese brands have made hefty inroads. Pages pulled from their playbooks include becoming savvier with online marketing to millennials as Samsung seeks to reinvent itself as a 'younger brand', as well as providing sales staff for smaller stores and even finding a new love for cricket with a sponsorship deal. Combined with a slew of new models - many aimed at undermining Chinese dominance of the US $150 to US $300 phone segment - the new tactics are paying off with the South Korean tech giant reclaiming the No. 1 spot in the second quarter. "Samsung was living in a sort of denial of the threat that Xiaomi, Oppo, Vivo posed but now they've come out of the ostrich hole," said Rushabh Doshi, research manager at industry tracker Canalys. "Now they are fighting back, definitely." Its Galaxy J6 launched in May and the J8 sold from July have been doing especially well, each selling 50,000 a day, says Samsung. In an appeal to millennials, the phones have a new "chat over video" feature which allows users to view videos without interruption even as they chat by text due to a transparent keyboard. To be sure, Samsung has long dominated the premium end of the smartphone market in India and features like "chat over video", designed at its Indian R&D centre, underscore its tech prowess. It has also built up a wide retail network in the country. But Samsung, which logged slower profit growth in April-June, knows it has to pull out the stops in India if it wants to avoid harsh lessons meted out in China. Just five years ago, it had 20 per cent of the Chinese market only to see that fall to less than 1 per cent this year, outgunned by Huawei, Xiaomi, Oppo and Vivo, particularly on pricing. And India is too big a prize to lose - the world's No. 2 smartphone market with about 400 million users and worth an estimated US $20 billion annually. It's also the world's fastest-growing major mobile phone market, expanding about 20 per cent last quarter from a year earlier. For Samsung, India is its biggest market outside the United States and one where it has invested heavily, opening the world's biggest smartphone factory outside New Delhi last month. But Chinese brands now account for every one in two phones sold in India with Xiaomi making the greatest strides. After its 2014 market entry, the "Mi" brand steadily gained share to knock Samsung from the top spot last December. Although Samsung regained the title last quarter, it was only by a hair's breadth - 29 per cent market share to Xiaomi's 28 per cent, according to research firm Counterpoint. Samsung started selling three new phones in the quarter while Xiaomi had one product release. Samsung's India unit did not respond to a request for comment on its strategies in the country. To promote its US $210 Galaxy On6 smartphone launched last month, Samsung has eschewed traditional TV advertising. Instead it embarked on one of its most aggressive online campaigns, enlisting Bollywood heartthrob Tiger Shroff and uploading videos and photos to Facebook, Instagram and Twitter. "It's not just one ad which you'll see again and again. Because millennials will get bored. What we want to do is to engage them...and whichever platform they are on, we'll be there, Ranjivjit Singh, Samsung India's chief marketing officer, said in an interview. But some analysts warn that Samsung will have to come up with creative social media strategies if it wants to maintain its lead over Chinese rivals and establish a stronger one. "Chinese brands such as Xiaomi, OnePlus have built a strong presence in India by targeting the youth with grand fan festivals when they launch models," said Neil Shah, research director at Counterpoint. Another new tactic has been Samsung's sponsorship of the Mumbai cricket team. Cricket has worked well for rival Vivo, which has become a strong player in India on the back of its sponsorship of the country's cricket league. Company sources said Samsung has increased spending on marketing but declined to say by how much. But with its deep pockets, it can afford to invest heavily - a strategy that competitors may struggle to match longer term. In brick-and-mortar stores too, Samsung has had to step up to match its Chinese rivals. Previously it only paid for a Samsung sales specialist for stores with monthly sales of more than 1 million rupees (US $14,600), but over the past year or so it has halved that threshold following similar actions by Oppo and Vivo, retail sources familiar with the matter told Reuters. They declined to be identified as they were not authorised to speak on the matter. The sources also said Samsung was developing financing products independently of current tie-ups with financial firms - a move which could help it offer customers a smoother sales process and even lift profit margins. But its rivals aren't standing still, moving further into the premium segment. Huawei this year launched its flagship P20 Pro phone, which has three cameras, in India for about US $950 in direct competition to Samsung's S9. Vivo this month started selling the NEX, which has a camera that pops out, for roughly US $655. "Chinese brands are launching these phones to prove that they don't just make phones for the lower end of the market, but that they are master innovators," Counterpoint's Shah said.

Samsung borrows from Chinese playbook in battle for India's smartphone market

The Reserve Bank of India(RBI) today hiked repo rate by 25 bps to 6.50 per cent.

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The reverse repo rate under the liquidity adjustment facility(LAF) now stands adjusted to 6.25% and marginal standing facility rate and Bank rate to 6.75%.

RBI said crude oil prices have moderated slightly, but remain at elevated levels.

RBI's Monetary Policy Committee(MPC) said it wants to maintain headline inflation at 4 per cent, adding that volatility in the global market continues to lead to uncertain inflation situation in the country.

It said the inflation needs to be carefully monitored over the next few months.

The bank projected India's GDP growth for Q1FY20 at 7.5 per cent.

The reverse repo rate under the LAF now stands adjusted to 6.25%

The Reserve Bank of India(RBI) today hiked repo rate by 25 bps to 6.50 per cent. WATCH Live from Mumbai: RBI Governor Urijit Patel addresses the media https://t.co/KtBDOG8mGx — ANI (@ANI) August 1, 2018 × The reverse repo rate under the liquidity adjustment facility(LAF) now stands adjusted to 6.25% and marginal standing facility rate and Bank rate to 6.75%. RBI said crude oil prices have moderated slightly, but remain at elevated levels. RBI's Monetary Policy Committee(MPC) said it wants to maintain headline inflation at 4 per cent, adding that volatility in the global market continues to lead to uncertain inflation situation in the country. It said the inflation needs to be carefully monitored over the next few months. The bank projected India's GDP growth for Q1FY20 at 7.5 per cent.

RBI increases repo rate by 25 basis points to 6.5 per cent

BSE Sensex and NSE’s Nifty 50 reversed losses and hit new record highs on Tuesday led by Reliance Industries ahead of the Reserve Bank of India’s monetary policy decision tomorrow.

The broad-based NSE Nifty too closed at fresh record high of 11,356.50, up by 36.95 points or 0.33 per cent. The 50-share index extended its record-breaking run for the fourth day.

A recovery in rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend, brokers said.

Traders were cautious ahead of RBI's monetary policy outcome tomorrow. 
Reliance Industries was the top gainer by climbing 3.14 per cent to close at record Rs 1,185.85.&nbsp;

RIL today also regained its status as the country's most valued firm by market capitalisation (m-cap), replacing Tata Group's TCS from the top slot.

Heromotocrop rose by 2.77 per cent followed by HUL that rose 2.52 per cent.

BSE Sensex closed 112.18 points up at 37,606.58, while the Nifty 50 ended 36.95 points higher at 11,356.50.

BSE Sensex and NSE’s Nifty 50 reversed losses and hit new record highs on Tuesday led by Reliance Industries ahead of the Reserve Bank of India’s monetary policy decision tomorrow. The broad-based NSE Nifty too closed at fresh record high of 11,356.50, up by 36.95 points or 0.33 per cent. The 50-share index extended its record-breaking run for the fourth day. A recovery in rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend, brokers said. Traders were cautious ahead of RBI's monetary policy outcome tomorrow. Reliance Industries was the top gainer by climbing 3.14 per cent to close at record Rs 1,185.85. RIL today also regained its status as the country's most valued firm by market capitalisation (m-cap), replacing Tata Group's TCS from the top slot. Heromotocrop rose by 2.77 per cent followed by HUL that rose 2.52 per cent.

Sensex, Nifty reverse losses, close at fresh record highs

Public sector banks earned over Rs 3,300 crore by levying services and other charges on customers in the last four years, Minister of State for Finance Shiv Pratap Shukla said today.&nbsp;

As per the RBI directive, banks are permitted to fix service charges on various services rendered by them, as per their board approved the policy while ensuring that the charges are reasonable and not out of line with average cost of providing these services, the minister said in a written reply to the Rajya Sabha.

Basic banking services including Pradhan Mantri Jan Dhan Yojana are provided without any charges, he said.&nbsp;

“Service/miscellaneous charges have thus always been levied by banks as per the extant guideline of RBI. As regards the service/miscellaneous charges made applicable during the last four years, Rs 3,324 crore has been realised, as informed by public sector banks,” Shukla said.

&nbsp;Besides, there were 53.3 crore basic savings bank deposit accounts, including 30.84 crore Jan Dhan accounts by end-December 2017 for which no charges were levied for non-maintenance of minimum balance, he said.

Public sector banks earned over Rs 3,300 crore by levying services and other charges on customers in the last four years, Minister of State for Finance Shiv Pratap Shukla said today.

Public sector banks earned over Rs 3,300 crore by levying services and other charges on customers in the last four years, Minister of State for Finance Shiv Pratap Shukla said today. As per the RBI directive, banks are permitted to fix service charges on various services rendered by them, as per their board approved the policy while ensuring that the charges are reasonable and not out of line with average cost of providing these services, the minister said in a written reply to the Rajya Sabha. Basic banking services including Pradhan Mantri Jan Dhan Yojana are provided without any charges, he said. “Service/miscellaneous charges have thus always been levied by banks as per the extant guideline of RBI. As regards the service/miscellaneous charges made applicable during the last four years, Rs 3,324 crore has been realised, as informed by public sector banks,” Shukla said. Besides, there were 53.3 crore basic savings bank deposit accounts, including 30.84 crore Jan Dhan accounts by end-December 2017 for which no charges were levied for non-maintenance of minimum balance, he said.

PSBs earned over Rs 3,300 crore from customer charges in last 4 years: MoS Finance

Reliance Industries Ltd (RIL) on Tuesday surpassed Tata Consultancy Services (TCS) in terms of market capitalisation (market cap) in India.&nbsp;

At closing, the market-cap of Reliance Industries on the BSE stood at around Rs 7.51 lakh crore, against the Rs 7.43 lakh crore worth of market-cap of Tata Consultancy Services.

During afternoon trade on BSE, the market valuation of RIL stood at Rs 7,47,676.35 crore, which is Rs 8,378.48 crore more than that of TCS’ Rs 7,39,297.87 crore m-cap.

Shares of RIL surged 2.75% to Rs 1,181.35 — its lifetime high on BSE on July 31.

On the other hand, shares of TCS fell by 0.79% to Rs 1,929.55.

TCS had first replaced RIL as the most valued firm more than five years ago.

So far this year, RIL shares have surged over 28%, while those of TCS slumped 28.5%.

Reliance Industries had earlier this month crossed the $100-billion market capitalisation mark.

The m-cap figure of companies changes daily with stock price movement. 
 
(With inputs from Agencies)

Reliance Industries Ltd, the Mukesh Ambani-led oil-to-textile-to-telecom conglomerate, became India's first Rs 7.5 lakh crore company in the stock market history on Tuesday, 31 July 2018.

Reliance Industries Ltd (RIL) on Tuesday surpassed Tata Consultancy Services (TCS) in terms of market capitalisation (market cap) in India. At closing, the market-cap of Reliance Industries on the BSE stood at around Rs 7.51 lakh crore, against the Rs 7.43 lakh crore worth of market-cap of Tata Consultancy Services. During afternoon trade on BSE, the market valuation of RIL stood at Rs 7,47,676.35 crore, which is Rs 8,378.48 crore more than that of TCS’ Rs 7,39,297.87 crore m-cap. Shares of RIL surged 2.75% to Rs 1,181.35 — its lifetime high on BSE on July 31. On the other hand, shares of TCS fell by 0.79% to Rs 1,929.55. TCS had first replaced RIL as the most valued firm more than five years ago. So far this year, RIL shares have surged over 28%, while those of TCS slumped 28.5%. Reliance Industries had earlier this month crossed the $100-billion market capitalisation mark. The m-cap figure of companies changes daily with stock price movement. (With inputs from Agencies)

Reliance Industries topples TCS as market-cap crosses Rs 7.51 lakh cr

The recently established US-India Gas Task Force is designed to help India unleash its own natural gas potential, US Energy Secretary Rick Perry said today.

"I travelled to India earlier in the year, where we established a joint US-India Gas Task Force. It is a strategic partnership with the private sector, and it's designed to help India unleash its own natural gas reserves," Perry said in his address to the first Indo-Pacific Business Forum organized by the US Chambers of Commerce.

"They have some substantial reserves there, and certainly bolstering their energy security, and creating a range of US commercial opportunities from just our natural gas, the molecules going there, coal, obviously the infrastructure that's going to be built, the innovation comes with all of that," he said.

Perry has asked Undersecretary of Energy Mark Menezes to oversee this development with India.

The US, he said, is now the world's leading producer of oil and natural gas. "We are setting and regularly breaking records for oil and natural gas production, and we're exporting LNG to 30 countries now on five continents," he said.

Noting that last week, he had the opportunity to attend the dedication of the Cove Point LNG plant, Perry said it is a notable development since the International Energy Agency forecast that US will account for nearly three quarters of the world LNG export growth between now and 2023.

"This is some stunning information and stunning news for the energy world, especially important for Asia, India and Japan, as they are contracted customers of Cove Point, and our exports will build, obviously, on that strong energy strategy," he said.

Perry said the US is in the process of developing a whole-of-government, a multiyear, multimillion-dollar framework for its energy efforts in the region. This is being called ASIA EDGE, or 'enhancing development and growth through energy'.

"ASIA EDGE will focus on four areas, including expanding energy commerce, advancing markets based on energy policies and market reforms, catalysing private capital for the financing of export and investment projects, and fourthly, promoting universal access to affordable, secure and reliable energy supplies," Perry said.

"The initiative will advance American interests, even as it drives economic growth in Asia, and interestingly, is happening at a time when our nation is at this just incredible place, relative to energy progress," he said.

"Due to this cascade of technological advancements that are driven by innovation, we're producing this abundant affordable energy from a wider array than we ever thought possible, and we're using this energy more cleanly and more efficiently, as well," Perry said.

The US is looking to promote greater commercial cooperation in the nuclear energy side of things. To that end, Deputy Secretary Dan Brouillette, is traveling to Japan within the next week to participate in the first US-Japan bilateral industry forum on nuclear facility decommissioning, he said.

"We are strongly committed to supporting the cleanup and decommissioning efforts in Japan, and that forum is going to give us some real opportunities for US companies there. They are going to be talking about what's next in the nuclear energy side and small modular reactors," he said.

"A lot of countries are looking at that -- Japan in particular, India is going to be a source of opportunity there for and the technology that is coming out of our national labs and our private sector working in partnership," Perry said, adding South Korea and Taiwan are also moving towards decommissioning some of their nuclear reactors.&nbsp

The US, he said, is now the world's leading producer of oil and natural gas.

The recently established US-India Gas Task Force is designed to help India unleash its own natural gas potential, US Energy Secretary Rick Perry said today. "I travelled to India earlier in the year, where we established a joint US-India Gas Task Force. It is a strategic partnership with the private sector, and it's designed to help India unleash its own natural gas reserves," Perry said in his address to the first Indo-Pacific Business Forum organized by the US Chambers of Commerce. "They have some substantial reserves there, and certainly bolstering their energy security, and creating a range of US commercial opportunities from just our natural gas, the molecules going there, coal, obviously the infrastructure that's going to be built, the innovation comes with all of that," he said. Perry has asked Undersecretary of Energy Mark Menezes to oversee this development with India. The US, he said, is now the world's leading producer of oil and natural gas. "We are setting and regularly breaking records for oil and natural gas production, and we're exporting LNG to 30 countries now on five continents," he said. Noting that last week, he had the opportunity to attend the dedication of the Cove Point LNG plant, Perry said it is a notable development since the International Energy Agency forecast that US will account for nearly three quarters of the world LNG export growth between now and 2023. "This is some stunning information and stunning news for the energy world, especially important for Asia, India and Japan, as they are contracted customers of Cove Point, and our exports will build, obviously, on that strong energy strategy," he said. Perry said the US is in the process of developing a whole-of-government, a multiyear, multimillion-dollar framework for its energy efforts in the region. This is being called ASIA EDGE, or 'enhancing development and growth through energy'. "ASIA EDGE will focus on four areas, including expanding energy commerce, advancing markets based on energy policies and market reforms, catalysing private capital for the financing of export and investment projects, and fourthly, promoting universal access to affordable, secure and reliable energy supplies," Perry said. "The initiative will advance American interests, even as it drives economic growth in Asia, and interestingly, is happening at a time when our nation is at this just incredible place, relative to energy progress," he said. "Due to this cascade of technological advancements that are driven by innovation, we're producing this abundant affordable energy from a wider array than we ever thought possible, and we're using this energy more cleanly and more efficiently, as well," Perry said. The US is looking to promote greater commercial cooperation in the nuclear energy side of things. To that end, Deputy Secretary Dan Brouillette, is traveling to Japan within the next week to participate in the first US-Japan bilateral industry forum on nuclear facility decommissioning, he said. "We are strongly committed to supporting the cleanup and decommissioning efforts in Japan, and that forum is going to give us some real opportunities for US companies there. They are going to be talking about what's next in the nuclear energy side and small modular reactors," he said. "A lot of countries are looking at that -- Japan in particular, India is going to be a source of opportunity there for and the technology that is coming out of our national labs and our private sector working in partnership," Perry said, adding South Korea and Taiwan are also moving towards decommissioning some of their nuclear reactors.

US India Gas Task Force designed to help India unleash its own natural gas reserves

Benchmark Sensex slipped from life highs to fall over 100 points to 37,381.05 today as markets took a breather after six consecutive record-setting sessions.

Weak trend in other Asian markets, muted earnings and fresh foreign capital outflows weighed on investor sentiment here.

Overall market mood was cautious as investors were on a wait-and-watch mode ahead of RBI policy outcome, scheduled tomorrow, and profit-booking at record level, brokers said.

The 30-share Sensex, after rising to 37,534.95 points in early trade, turned negative and retreated from record high by losing 113.55, or 0.30 per cent, to 37,381.05.

The gauge had gained 998.03 points in the previous six sessions.

The broader Nifty also slipped from record high by falling 35.40 points, or 0.31 per cent, to 11,284.15.

Major losers were HDFC, Vedanta, Tata Steel, ICICI Bank, ITC, Tata Motors, Wipro, Kotak Bank, TCS, HDFC Bank, Infosys, SBI and Coal India, falling up to 1.14 per cent.

Sectoral indices led by metal, teck, IT, infrastructure, FMCG, banking, PSU, capital goods and oil & gas stocks were trading in the negative zone.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 234.04 crore, while domestic institutional investors (DIIs) bought shares worth a net of Rs 48.58 crore yesterday, provisional data showed.

Asian shares were trading lower after Wall Street posted losses amid weakness in the technology sector.&nbsp

Japan's Nikkei shed 0.39 per cent, Hong Kong's Hang Seng was down 0.56 per cent, while Shanghai Composite index fell by 0.03 per cent in early trade today.

The US Federal Reserve's Federal Open Market Committee, meanwhile, was due to begin its own monetary policy meeting today, with a decision due on Wednesday. The Fed is expected to keep rates steady at the end of its meeting.

Dow Jones Industrial Average ended lower by 0.57 per cent in yesterday's trade.

Asian shares were trading lower after Wall Street posted losses amid weakness in the technology sector.

Benchmark Sensex slipped from life highs to fall over 100 points to 37,381.05 today as markets took a breather after six consecutive record-setting sessions. Weak trend in other Asian markets, muted earnings and fresh foreign capital outflows weighed on investor sentiment here. Overall market mood was cautious as investors were on a wait-and-watch mode ahead of RBI policy outcome, scheduled tomorrow, and profit-booking at record level, brokers said. The 30-share Sensex, after rising to 37,534.95 points in early trade, turned negative and retreated from record high by losing 113.55, or 0.30 per cent, to 37,381.05. The gauge had gained 998.03 points in the previous six sessions. The broader Nifty also slipped from record high by falling 35.40 points, or 0.31 per cent, to 11,284.15. Major losers were HDFC, Vedanta, Tata Steel, ICICI Bank, ITC, Tata Motors, Wipro, Kotak Bank, TCS, HDFC Bank, Infosys, SBI and Coal India, falling up to 1.14 per cent. Sectoral indices led by metal, teck, IT, infrastructure, FMCG, banking, PSU, capital goods and oil & gas stocks were trading in the negative zone. Foreign portfolio investors (FPIs) sold shares worth a net of Rs 234.04 crore, while domestic institutional investors (DIIs) bought shares worth a net of Rs 48.58 crore yesterday, provisional data showed. Asian shares were trading lower after Wall Street posted losses amid weakness in the technology sector. Japan's Nikkei shed 0.39 per cent, Hong Kong's Hang Seng was down 0.56 per cent, while Shanghai Composite index fell by 0.03 per cent in early trade today. The US Federal Reserve's Federal Open Market Committee, meanwhile, was due to begin its own monetary policy meeting today, with a decision due on Wednesday. The Fed is expected to keep rates steady at the end of its meeting. Dow Jones Industrial Average ended lower by 0.57 per cent in yesterday's trade.

Sensex falls over 100 points to snap six-day record run

BMW on Monday said it is going to invest 1-billion euros (US $1.17 billion) in a new car factory in Hungary which will be capable of building electric cars.&nbsp;

This will be its first plant in Europe after almost two decades as the luxury-car maker to strengthen its hold in the country, reports said.&nbsp;

The plant will produce about 150,000 vehicles a year. They will produce both electric and combustion engine vehicles, reports said.&nbsp;

Reports also said that BMW will create more than 1000 jobs with the creation of this plant.&nbsp;

Construction near the town Debrecen, about 124 miles east of Budapest, will start in the second half of 2019.

BMW said it will help the carmaker to expand its manufacturing capacity in Europe, where 45 per cent of its cars are sold.&nbsp;

The plant will produce about 150,000 vehicles a year. They will produce both electric and combustion engine vehicles, reports said.

BMW on Monday said it is going to invest 1-billion euros (US $1.17 billion) in a new car factory in Hungary which will be capable of building electric cars. This will be its first plant in Europe after almost two decades as the luxury-car maker to strengthen its hold in the country, reports said. The plant will produce about 150,000 vehicles a year. They will produce both electric and combustion engine vehicles, reports said. Reports also said that BMW will create more than 1000 jobs with the creation of this plant. Construction near the town Debrecen, about 124 miles east of Budapest, will start in the second half of 2019. BMW said it will help the carmaker to expand its manufacturing capacity in Europe, where 45 per cent of its cars are sold.

Watch: BMW to build 1-billion euro electric car factory in Hungary

WhatsApp users will now be able to use the new group call feature. According to reports, the feature has been rolled out for iOs and Android users and was officially announced at Facebook's annual developer conference in May.

Facebook-owned WhatsApp first rolled out video call feature for its users in the year 2016. The service could first include only two participants.&nbsp;

The updated feature will let a user add two more participants in the voice or video call, taking the maximum number of participants to a total of four users.&nbsp;

A user will need to call another person&nbsp;after which an icon will appear on the top right corner of the window which will let the user add more people to the ongoing call.&nbsp;

At present Facebook Messenger users can add up to 50 participants in a call while Skype supports 25. Apple users will be able to FaceTime with up to 32 people at the same time with the latest iOS 12 launch this year. 
&nbsp;

Facebook-owned WhatsApp first rolled out video call feature for its users in the year 2016.

WhatsApp users will now be able to use the new group call feature. According to reports, the feature has been rolled out for iOs and Android users and was officially announced at Facebook's annual developer conference in May. Facebook-owned WhatsApp first rolled out video call feature for its users in the year 2016. The service could first include only two participants. The updated feature will let a user add two more participants in the voice or video call, taking the maximum number of participants to a total of four users. A user will need to call another person after which an icon will appear on the top right corner of the window which will let the user add more people to the ongoing call. At present Facebook Messenger users can add up to 50 participants in a call while Skype supports 25. Apple users will be able to FaceTime with up to 32 people at the same time with the latest iOS 12 launch this year.

Watch: WhatsApp rolls out group video, audio calling feature for Android, iOs