The benchmark Sensex rose by over 470 points in opening trade today, breaking its six-session long losing streak on value-buying in select blue-chips by domestic investors triggered by a recovery in global markets.

The 30-share BSE index gained 470.39 points, or 1.37 per cent, at 34,666.33 in opening trade. Also, the NSE Nifty rose by 115.75 points, or 1.10 per cent, to 10,614.

All sectoral indices, including realty, metal, consumer durables and banking advanced up to 2.56 per cent.

The gauge had lost 2,087.31 points in the previous six sessions following a global rout in equities inflicted by inflation worries and imposition of a 10 per cent long-term capital gains tax on equities.

Emergence of buying at prevailing lower levels after recent losses and a better trend at other Asian markets, following overnight gains at the Wall Street helped both the key indices recover.

Caution prevailed as investors kept their positions at a low ebb amid expectations that the RBI may keep rates unchanged, brokers said.

Domestic institutional investors (DIIs) made purchases worth Rs 1,699.74 crore yesterday, as per provisional data.

Major gainers such as Tata Steel, Tata Motors, ONGC, IndusInd Bank, Dr Reddy&#39;s, Maruti Suzuki, SBI, M&amp;M, Bharti Airtel, Adani Ports, Axis Bank, Kotak Bank, Hero MotoCorp, ICICI Bank and RIL rose up to 2.14 per cent.

Among the Asian bourses, Hong Kong&#39;s Hang Seng was up 1.59 per cent, Japan&#39;s Nikkei rose 3.06 per cent, while Shanghai Composite Index fell 0.65 per cent in early trade today.

The US Dow Jones Industrial Average ended 2.33 per cent lower yesterday.

The 30-share BSE index gained 470.39 points, or 1.37 per cent, at 34,666.33 in opening trade. Also, the NSE Nifty rose by 115.75 points, or 1.10 per cent, to 10,614.

The benchmark Sensex rose by over 470 points in opening trade today, breaking its six-session long losing streak on value-buying in select blue-chips by domestic investors triggered by a recovery in global markets. The 30-share BSE index gained 470.39 points, or 1.37 per cent, at 34,666.33 in opening trade. Also, the NSE Nifty rose by 115.75 points, or 1.10 per cent, to 10,614. All sectoral indices, including realty, metal, consumer durables and banking advanced up to 2.56 per cent. The gauge had lost 2,087.31 points in the previous six sessions following a global rout in equities inflicted by inflation worries and imposition of a 10 per cent long-term capital gains tax on equities. Emergence of buying at prevailing lower levels after recent losses and a better trend at other Asian markets, following overnight gains at the Wall Street helped both the key indices recover. Caution prevailed as investors kept their positions at a low ebb amid expectations that the RBI may keep rates unchanged, brokers said. Domestic institutional investors (DIIs) made purchases worth Rs 1,699.74 crore yesterday, as per provisional data. Major gainers such as Tata Steel, Tata Motors, ONGC, IndusInd Bank, Dr Reddy's, Maruti Suzuki, SBI, M&M, Bharti Airtel, Adani Ports, Axis Bank, Kotak Bank, Hero MotoCorp, ICICI Bank and RIL rose up to 2.14 per cent. Among the Asian bourses, Hong Kong's Hang Seng was up 1.59 per cent, Japan's Nikkei rose 3.06 per cent, while Shanghai Composite Index fell 0.65 per cent in early trade today. The US Dow Jones Industrial Average ended 2.33 per cent lower yesterday.

Sensex opens in green on value-buying, climbs 470 points

Bitcoin plunged by 30 per cent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to a peak close to $20,000 prompted warnings by experts of a bubble.&nbsp;

After falling to as low as $11,159, it recouped some losses to trade above $14,000 on the Bitstamp platform, down 9 percent on the day. It is down around 25 per cent this week, its largest weekly loss since April 2013.&nbsp;It capped a brutal week that had been touted as a new era of mainstream trading for the digital currency when bitcoin futures debuted on CME Group Inc, the world&#39;s largest derivatives market on Sunday.&nbsp;

Friday&#39;s fall bled into the US&nbsp;stock market, where shares of companies that have lashed their fortunes to bitcoin or blockchain - its underlying technology - took a knock. Long Blockchain Corp, Overstock.com Inc, Riot Blockchain Inc and Marathon Patent Group Inc lost between 2 per cent and 15 per cent.

The biggest and best-known cryptocurrency has risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on the Luxembourg-based Bitstamp exchange on Sunday and to over $20,000 on other exchanges. But it has fallen each day since.

In the futures market, bitcoin one-month futures on Cboe Global Markets were earlier halted due to the steep price drop, while those trading on the CME hit the limit down threshold.&nbsp;&quot;The crypto markets have experienced several flash crashes over the past few years but we do believe there has been some overvaluation in the market, particularly over recent months,&quot; said Jamie Burke, CEO at venture capital firm Outlier Ventures.

&quot;It&#39;s much more likely this is a natural correction following over-exuberant market sentiment&quot;.&nbsp;On Friday, Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group, told <a href="https://bloom.bg/2BA9gGN">Bloomberg</a> he had halted plans to launch a crypto-currency hedge fund.&nbsp;

&quot;We didn&#39;t like market conditions and we wanted to re-evaluate what we&#39;re doing&quot;, he told Bloomberg.&nbsp;His Galaxy Digital Assets Fund was due to start on December 15, but he called clients on December 12 and told them he had changed his mind, Novogratz said in an interview with Bloomberg.

Novogratz told Reuters in November he hoped to raise about $500 million, making it the largest fund of its kind.&nbsp;Warnings about the risks of investing in the unregulated market have increased - Denmark&#39;s central bank governor called it a &quot;deadly&quot; gamble - and there have been worries about the security of exchanges on which cryptocurrencies are bought and sold.

South Korean cryptocurrency exchange Youbit said on Tuesday it is shutting down and is filing for bankruptcy after it was hacked for the second time this year.&nbsp;Coinbase, a US&nbsp;company that runs one of the biggest exchanges and provides digital &quot;wallets&quot; for storing bitcoins, said on Wednesday it would investigate accusations of insider trading, following a sharp rise in the price of a bitcoin spin-off hours before it announced support for it.

On Friday, Coinbase said it had temporarily suspended buying and selling of bitcoin due to high traffic.

Crypto-Rivals

As some rival cryptocurrencies slid along with bitcoin, the total estimated value of the crypto market fell to as low as $440 billion, according to industry website Coinmarketcap, having neared $650 billion just a day earlier.&nbsp;But other cryptocurrencies rose this week, with investors moving into cheaper digital coins, rather than cashing out of the sector.

Ethereum, the second-biggest cryptocurrency by market size, soared to almost $900 earlier in the week, from around $500 a week earlier. Ripple, the third-biggest, has more than quadrupled in price since Monday.&nbsp;Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, said there had also been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency. Oanda does not handle trading in bitcoin.

&quot;Most of it is unsophisticated retail traders getting burned badly&quot;, Innes said on Bitcoin&#39;s recent retreat.&nbsp;While some say the launch by CME and its rival Cboe Global Markets of bitcoin futures over the last two weeks has given the digital currency some perceived legitimacy, many policymakers remain sceptical.

Bitcoin is known to go through wild swings. In November, it tumbled almost 30 per cent in four days from $7,888 to $5,555. In September, it fell 40 per cent from $4,979 to $2,972.

Bitcoin along with some other cryptocurrencies slid, the total estimated value of the crypto market fell to as low as $440 billion, having neared $650 billion just a day earlier

Bitcoin plunged by 30 per cent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to a peak close to $20,000 prompted warnings by experts of a bubble. After falling to as low as $11,159, it recouped some losses to trade above $14,000 on the Bitstamp platform, down 9 percent on the day. It is down around 25 per cent this week, its largest weekly loss since April 2013. It capped a brutal week that had been touted as a new era of mainstream trading for the digital currency when bitcoin futures debuted on CME Group Inc, the world's largest derivatives market on Sunday. Friday's fall bled into the US stock market, where shares of companies that have lashed their fortunes to bitcoin or blockchain - its underlying technology - took a knock. Long Blockchain Corp, Overstock.com Inc, Riot Blockchain Inc and Marathon Patent Group Inc lost between 2 per cent and 15 per cent. The biggest and best-known cryptocurrency has risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on the Luxembourg-based Bitstamp exchange on Sunday and to over $20,000 on other exchanges. But it has fallen each day since. In the futures market, bitcoin one-month futures on Cboe Global Markets were earlier halted due to the steep price drop, while those trading on the CME hit the limit down threshold. "The crypto markets have experienced several flash crashes over the past few years but we do believe there has been some overvaluation in the market, particularly over recent months," said Jamie Burke, CEO at venture capital firm Outlier Ventures. "It's much more likely this is a natural correction following over-exuberant market sentiment". On Friday, Mike Novogratz, the former macro hedge fund manager at Fortress Investment Group, told Bloomberg he had halted plans to launch a crypto-currency hedge fund. "We didn't like market conditions and we wanted to re-evaluate what we're doing", he told Bloomberg. His Galaxy Digital Assets Fund was due to start on December 15, but he called clients on December 12 and told them he had changed his mind, Novogratz said in an interview with Bloomberg. Novogratz told Reuters in November he hoped to raise about $500 million, making it the largest fund of its kind. Warnings about the risks of investing in the unregulated market have increased - Denmark's central bank governor called it a "deadly" gamble - and there have been worries about the security of exchanges on which cryptocurrencies are bought and sold. South Korean cryptocurrency exchange Youbit said on Tuesday it is shutting down and is filing for bankruptcy after it was hacked for the second time this year. Coinbase, a US company that runs one of the biggest exchanges and provides digital "wallets" for storing bitcoins, said on Wednesday it would investigate accusations of insider trading, following a sharp rise in the price of a bitcoin spin-off hours before it announced support for it. On Friday, Coinbase said it had temporarily suspended buying and selling of bitcoin due to high traffic. Crypto-Rivals As some rival cryptocurrencies slid along with bitcoin, the total estimated value of the crypto market fell to as low as $440 billion, according to industry website Coinmarketcap, having neared $650 billion just a day earlier. But other cryptocurrencies rose this week, with investors moving into cheaper digital coins, rather than cashing out of the sector. Ethereum, the second-biggest cryptocurrency by market size, soared to almost $900 earlier in the week, from around $500 a week earlier. Ripple, the third-biggest, has more than quadrupled in price since Monday. Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, said there had also been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency. Oanda does not handle trading in bitcoin. "Most of it is unsophisticated retail traders getting burned badly", Innes said on Bitcoin's recent retreat. While some say the launch by CME and its rival Cboe Global Markets of bitcoin futures over the last two weeks has given the digital currency some perceived legitimacy, many policymakers remain sceptical. Bitcoin is known to go through wild swings. In November, it tumbled almost 30 per cent in four days from $7,888 to $5,555. In September, it fell 40 per cent from $4,979 to $2,972.

Bitcoin falls 30 per cent, posts worst week since 2013

World stocks and bond yields rose on Monday, lifted by a re-emergence of so-called &quot;Trump trades&quot; as investors bet that the US&nbsp;president&#39;s tax reform plans will boost economic growth and corporate profits.

Following on from Friday&#39;s record high closes on Wall Street, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for the fifth consecutive session on Monday, their longest winning stretch for two months.

The Japanese yen was the biggest underperformer among major currencies, as is typical when riskier assets like stocks are doing well.

Investors were also comforted by the two-day US-Japan summit held over the weekend apparently having ended smoothly without President Donald Trump talking tough on trade, currency and security issues.

&quot;Markets have continued Friday&#39;s upbeat theme,&quot; said Kathleen Brooks, research director at City Index in London, noting that the VIX measure of US&nbsp;stock market volatility closed last week below 11 for the third week in a row.

The last time this happened was over a decade ago.

&quot;This is another sign that, for now, the Trump trade is still on. It also suggests that even with the controversy Trump has caused since he took office, financial markets are still willing to give him the benefit of the doubt,&quot; Brooks said.

Europe&#39;s benchmark index of leading 300 shares was up 0.3 per cent at 1453 points, lifted by the mining and basic resources sectors. Basic resources rose 2.5 per cent to their highest since August 2014.

Germany&#39;s DAX was up 0.4 per cent, led by a 15 per cent rise in drugmaker Stada after the company said it had received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent, with resource-related stocks again the driving force, while Japan&#39;s Nikkei rose 0.4 per cent.

US&nbsp;futures pointed to a higher open on Wall Street. The S&amp;P 500, Dow Jones Industrials and Nasdaq Composite all posted record closing highs on Friday.

Conformity

Comments from Trump on Thursday that he plans to announce what he said would be the most ambitious tax reform plan since the Reagan era in the next few weeks rekindled hopes for big tax cuts.

Economic data from major economies has also been upbeat, including Friday&#39;s Chinese trade figures, while US&nbsp;corporate earnings have been also solid so far.

In the weekend meeting with Japanese Prime Minister Shinzo Abe, Trump held off from repeating harsh rhetoric that accused Japan of taking advantage of US&nbsp;security aid, stealing American jobs and &quot;playing money markets.&quot; Nor were currency issues discussed.

&quot;The US&nbsp;president has shown further signs of conformity in US&nbsp;foreign policy during his weekend summit with Japan&#39;s prime minister Abe,&quot; Rabobank analysts said in a note on Monday.

Those apparently cordial discussions drove the dollar as much as 0.9 per cent higher against the yen to 114.17 yen. It last stood at 113.65 yen, up 0.4 per cent on the day and extending its rebound from a 10-week low of 111.59 yen touched last week.

Figures on Monday showed that Japan&#39;s economy grew for a fourth straight quarter in the final three months of last year as a weaker yen supported exports, but doubts over the sustainability of the recovery persisted.

The euro&#39;s rise of 0.5 per cent against the yen to 121.00 yen, helped lift the European currency slightly against the dollar. The euro was last up 0.1 per cent at $1.0650, inching further away from Friday&#39;s three-week low of $1.0608.

The euro has been dogged by fears about a strong showing for French far-right leader Marine Le Pen ahead of a presidential election.

Ten-year US&nbsp;Treasury yields rose 3 basis points to 2.44 per cent.

In commodities, copper hit its highest levels since May 2015 after shipments were shut off from the world&#39;s two biggest copper mines - due to a strike in Chile and an export&#39;s ban by Indonesia.

It last traded at $6,129 per tonne, up 0.7 per cent on the day. On Friday it jumped more than 4 per cent, its biggest one-day rise in almost four years.

Oil prices dipped slightly after strong gains on Friday on reports that OPEC members delivered more than 90 per cent of the output cuts they pledged in a landmark deal that took effect in January.

International benchmark Brent crude futures fell 0.8 per cent to $56.25 per barrel.

(Reuters)

Following on from Friday's record high closes, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for 5th consecutive session

World stocks and bond yields rose on Monday, lifted by a re-emergence of so-called "Trump trades" as investors bet that the US president's tax reform plans will boost economic growth and corporate profits. Following on from Friday's record high closes on Wall Street, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for the fifth consecutive session on Monday, their longest winning stretch for two months. The Japanese yen was the biggest underperformer among major currencies, as is typical when riskier assets like stocks are doing well. Investors were also comforted by the two-day US-Japan summit held over the weekend apparently having ended smoothly without President Donald Trump talking tough on trade, currency and security issues. "Markets have continued Friday's upbeat theme," said Kathleen Brooks, research director at City Index in London, noting that the VIX measure of US stock market volatility closed last week below 11 for the third week in a row. The last time this happened was over a decade ago. "This is another sign that, for now, the Trump trade is still on. It also suggests that even with the controversy Trump has caused since he took office, financial markets are still willing to give him the benefit of the doubt," Brooks said. Europe's benchmark index of leading 300 shares was up 0.3 per cent at 1453 points, lifted by the mining and basic resources sectors. Basic resources rose 2.5 per cent to their highest since August 2014. Germany's DAX was up 0.4 per cent, led by a 15 per cent rise in drugmaker Stada after the company said it had received two offers for the acquisition of the company, one of which is private equity group Cinven Partners LLP. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent, with resource-related stocks again the driving force, while Japan's Nikkei rose 0.4 per cent. US futures pointed to a higher open on Wall Street. The S&P 500, Dow Jones Industrials and Nasdaq Composite all posted record closing highs on Friday. Conformity Comments from Trump on Thursday that he plans to announce what he said would be the most ambitious tax reform plan since the Reagan era in the next few weeks rekindled hopes for big tax cuts. Economic data from major economies has also been upbeat, including Friday's Chinese trade figures, while US corporate earnings have been also solid so far. In the weekend meeting with Japanese Prime Minister Shinzo Abe, Trump held off from repeating harsh rhetoric that accused Japan of taking advantage of US security aid, stealing American jobs and "playing money markets." Nor were currency issues discussed. "The US president has shown further signs of conformity in US foreign policy during his weekend summit with Japan's prime minister Abe," Rabobank analysts said in a note on Monday. Those apparently cordial discussions drove the dollar as much as 0.9 per cent higher against the yen to 114.17 yen. It last stood at 113.65 yen, up 0.4 per cent on the day and extending its rebound from a 10-week low of 111.59 yen touched last week. Figures on Monday showed that Japan's economy grew for a fourth straight quarter in the final three months of last year as a weaker yen supported exports, but doubts over the sustainability of the recovery persisted. The euro's rise of 0.5 per cent against the yen to 121.00 yen, helped lift the European currency slightly against the dollar. The euro was last up 0.1 per cent at $1.0650, inching further away from Friday's three-week low of $1.0608. The euro has been dogged by fears about a strong showing for French far-right leader Marine Le Pen ahead of a presidential election. Ten-year US Treasury yields rose 3 basis points to 2.44 per cent. In commodities, copper hit its highest levels since May 2015 after shipments were shut off from the world's two biggest copper mines - due to a strike in Chile and an export's ban by Indonesia. It last traded at $6,129 per tonne, up 0.7 per cent on the day. On Friday it jumped more than 4 per cent, its biggest one-day rise in almost four years. Oil prices dipped slightly after strong gains on Friday on reports that OPEC members delivered more than 90 per cent of the output cuts they pledged in a landmark deal that took effect in January. International benchmark Brent crude futures fell 0.8 per cent to $56.25 per barrel. (Reuters)

Global Markets: 'Trump trades' on boost to economic growth come back with a bang

Prime Minister David Cameron said it was in Britain&#39;s fundamental interest to remain very close to the European Union (EU) when it renegotiates a new relationship with the bloc it voted to leave in a referendum last month. 
 
Speaking to global aerospace executives at the Farnborough airshow today, Cameron said Britain must accept the reality of the vote and must make it work, including forging a new relationship with its European partners. 
 
&quot;The big strategic decisions are for the next prime minister but the groundwork is underway,&quot; he said. 
 
&quot;All I would say about the outcome is this: I believe it is in our fundamental national and economic interest to remain very close to the European Union, for trade, for business, for security, for cooperation. So let that be our goal.&quot; 
 
Cameron announced his resignation the day after his campaign to remain in the EU was defeated in the referendum. 
 
He said Britain had already had a taste of the turbulence in global markets and in term of the value of the pound that he had warned would follow a leave victory. 
 
&quot;There will be other problems ahead but I want to be clear: we will deal with them from a position of strength, with a growing economy, a greatly reduced deficit, lower inflation and more jobs and businesses than ever before in our country,&quot; he said. 
 
&quot;Above all though, we must recognise we are in a new reality now, we must accept it and we must make it work.&quot; 
 
He said Britain needed to &quot;think big and think radically&quot; to ensure the best outcome in the new circumstances, including a much bigger push on trade and investment targeting fast-growing economies like India and China. 
 
(Reuters)

Britain needs to "think big and think radically" to ensure the best outcome in the new circumstances, insists PM David Cameron

Prime Minister David Cameron said it was in Britain's fundamental interest to remain very close to the European Union (EU) when it renegotiates a new relationship with the bloc it voted to leave in a referendum last month. Speaking to global aerospace executives at the Farnborough airshow today, Cameron said Britain must accept the reality of the vote and must make it work, including forging a new relationship with its European partners. "The big strategic decisions are for the next prime minister but the groundwork is underway," he said. "All I would say about the outcome is this: I believe it is in our fundamental national and economic interest to remain very close to the European Union, for trade, for business, for security, for cooperation. So let that be our goal." Cameron announced his resignation the day after his campaign to remain in the EU was defeated in the referendum. He said Britain had already had a taste of the turbulence in global markets and in term of the value of the pound that he had warned would follow a leave victory. "There will be other problems ahead but I want to be clear: we will deal with them from a position of strength, with a growing economy, a greatly reduced deficit, lower inflation and more jobs and businesses than ever before in our country," he said. "Above all though, we must recognise we are in a new reality now, we must accept it and we must make it work." He said Britain needed to "think big and think radically" to ensure the best outcome in the new circumstances, including a much bigger push on trade and investment targeting fast-growing economies like India and China. (Reuters)

After divorce, Cameron says UK must stay close to EU

India&#39;s central bank governor on Friday reiterated his previous calls for central banks globally not to depreciate their currencies for competitive advantage and said it would be an issue he wanted to address with other central bankers. 
 
The comments came as part of an interview with CNBC TV 18 on the global fallout from Britain&#39;s vote to leave the European Union. 
 
Separately, Rajan issued a statement saying India&#39;s good economic fundamentals would allow it to overcome any &quot;sharp corrections&quot; in global markets. 
 
&quot;The Indian economy has good fundamentals, low short term external debt, and sizeable foreign reserves,&quot; Rajan said in the statement released on the Reserve Bank of India&#39;s (RBI) website. 
 
&quot;These should stand the country in good stead in the days to come.&quot; 
 
Rajan added the RBI is &quot;maintaining a close vigil&quot; on markets and will &quot;take all necessary steps,&quot; including infusing dollars or rupees to ensure orderly conditions in markets. 
 
(Reuters)

Indian central bank governor added that the country's good economic fundamentals would allow it to overcome any 'sharp corrections'

India's central bank governor on Friday reiterated his previous calls for central banks globally not to depreciate their currencies for competitive advantage and said it would be an issue he wanted to address with other central bankers. The comments came as part of an interview with CNBC TV 18 on the global fallout from Britain's vote to leave the European Union. Separately, Rajan issued a statement saying India's good economic fundamentals would allow it to overcome any "sharp corrections" in global markets. "The Indian economy has good fundamentals, low short term external debt, and sizeable foreign reserves," Rajan said in the statement released on the Reserve Bank of India's (RBI) website. "These should stand the country in good stead in the days to come." Rajan added the RBI is "maintaining a close vigil" on markets and will "take all necessary steps," including infusing dollars or rupees to ensure orderly conditions in markets. (Reuters)

Raghuram Rajan: Not the time for central banks to devalue currencies

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