The stock <a href="https://www.wionews.com/business-economy/markets-hit-record-highs-sensex-surges-over-450-points-nifty-crosses-11800-210875">market&nbsp;on Tuesday</a> ended on a positive note with BSE Sensex zooming 369.80 points to close at the record high of 39,275.64. Nifty, on the other hand, closed 96 points up at 11,787.15.

The domestic stock market earlier in the day hit record highs. Sensex surged over 450 points and Nifty crossed the 11,800-mark.&nbsp;

Market experts attributed the surge to index heavyweights ICICI Bank Ltd and Reliance Industries Ltd, amid sustained buying from foreign investors, news agency ANI reported.

Investors were also optimistic as the earnings season got off to a good start and the state-run weather office forecast average monsoon rains this year.

The broader NSE Nifty was up 115 points at 11,805.75 as of 02:40 pm and the benchmark BSE Sensex was up 455 points at 39,361.52.

The stock market on Tuesday ended on a positive note with BSE Sensex zooming 369.80 points to close at the record high of 39,275.64. Nifty, on the other hand, closed 96 points up at 11,787.

The stock market on Tuesday ended on a positive note with BSE Sensex zooming 369.80 points to close at the record high of 39,275.64. Nifty, on the other hand, closed 96 points up at 11,787.15. The domestic stock market earlier in the day hit record highs. Sensex surged over 450 points and Nifty crossed the 11,800-mark. Market experts attributed the surge to index heavyweights ICICI Bank Ltd and Reliance Industries Ltd, amid sustained buying from foreign investors, news agency ANI reported. Investors were also optimistic as the earnings season got off to a good start and the state-run weather office forecast average monsoon rains this year. The broader NSE Nifty was up 115 points at 11,805.75 as of 02:40 pm and the benchmark BSE Sensex was up 455 points at 39,361.52.

Markets end in green; Sensex closes at record high, zooms over 350 points

Indian shares closed higher on Monday, buoyed by gains in IT major Tata Consultancy Services Ltd, which reported a record profit for the final quarter of the year on Friday and heralded the start of corporate earnings season.

The benchmark BSE Sensex closed up 0.36 per cent at 38,905.84, while the broader NSE Nifty ended 0.4 per cent higher at 11,690.35 - its best close in nearly two weeks.

Shares of TCS, India`s biggest software exporter which also posted its best revenue in 15 quarters, ended up 4.9 per cent.

Tata Motors Ltd climbed 7.3 per cent to its highest close since September 26, and was the top percentage gainer on the indexes.

Infosys was the biggest drag, finishing down 2.7 per cent after it failed to impress investors with its operating margin forecast for fiscal 2020. 
&nbsp;

Indian shares closed higher on Monday, buoyed by gains in IT major Tata Consultancy Services Ltd, which reported a record profit for the final quarter of the year on Friday and heralded the start of corporate earnings season.

Indian shares closed higher on Monday, buoyed by gains in IT major Tata Consultancy Services Ltd, which reported a record profit for the final quarter of the year on Friday and heralded the start of corporate earnings season. The benchmark BSE Sensex closed up 0.36 per cent at 38,905.84, while the broader NSE Nifty ended 0.4 per cent higher at 11,690.35 - its best close in nearly two weeks. Shares of TCS, India`s biggest software exporter which also posted its best revenue in 15 quarters, ended up 4.9 per cent. Tata Motors Ltd climbed 7.3 per cent to its highest close since September 26, and was the top percentage gainer on the indexes. Infosys was the biggest drag, finishing down 2.7 per cent after it failed to impress investors with its operating margin forecast for fiscal 2020.

Sensex end higher, Nifty registers best close in nearly two weeks

Will indian markets sustain the surge?

Indian markets maintains momentum

The benchmark BSE Sensex rose 83.10 points, or 0.22 per cent, to 38,178.17 in early trade on Tuesday. Nifty, on the other hand also opened in green at 11,500.30.&nbsp;

Meanwhile, the Indian currency edged 2 paise higher to 68.51 against the US dollar in early trade Tuesday ahead of the Federal Reserve's policy meet.

A higher opening in the domestic equity market influenced the currency's movement, they added, experts noted.&nbsp;

On Monday, the domestic unit had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit.

The BSE Sensex gained over 70 points Monday. NSE Nifty finished 35.35 points or 0.31 per cent, higher at 11,462.20 after hitting the day's high of 11,530.15 and a low of 11,412.50.

(With inputs from PTI)&nbsp;

The benchmark BSE Sensex rose 83.10 points, or 0.22 per cent, to 38,178.17 in early trade on Tuesday. Nifty, on the other hand also opened in green at 11,500.30.

The benchmark BSE Sensex rose 83.10 points, or 0.22 per cent, to 38,178.17 in early trade on Tuesday. Nifty, on the other hand also opened in green at 11,500.30. Meanwhile, the Indian currency edged 2 paise higher to 68.51 against the US dollar in early trade Tuesday ahead of the Federal Reserve's policy meet. A higher opening in the domestic equity market influenced the currency's movement, they added, experts noted. On Monday, the domestic unit had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. The BSE Sensex gained over 70 points Monday. NSE Nifty finished 35.35 points or 0.31 per cent, higher at 11,462.20 after hitting the day's high of 11,530.15 and a low of 11,412.50. (With inputs from PTI)

Markets open in green, Rupee starts marginally higher against US dollar

The BSE benchmark Sensex soared 383 points to reclaim the 37,000 mark on Monday, its highest level in nearly six months, led by gains in RIL, ICICI Bank and Bharti Airtel amid sustained foreign fund inflows and positive global cues.

According to experts, investors widened their portfolios amid hopes of a win for the incumbent NDA government, following the announcement of 2019 general election dates Sunday.

The 30-share Sensex started off on a strong footing and reclaimed the 37,000 mark on widespread buying by investors, and ended at 37,054.10, up by 382.67 points, or 1.04 per cent.

This is the highest closing level since September 19 last year when it had closed at 37,121.22.

The gauge had settled 53.99 points, or 0.15 per cent, lower at 36,671.43 on Friday.

The NSE Nifty, after climbing to 11,172.40 - its highest since September 26 last year - closed at 11,168.05 points, up 132.65 points, or 1.20 per cent.

Power, oil and gas, PSU, metal, banking, auto, capital goods, infrastructure and healthcare sector stocks witnessed heavy buying through the session.

Experts see this as a pre-poll rally following the announcement of 2019 general election dates.

Prevailing geopolitical concerns in the wake of recent India-Pakistan military conflicts will be a key factor in the upcoming general elections that may help incumbent NDA government at the centre, they said.

Lok Sabha elections will begin on April 11 and will be held over seven phases followed by counting of votes on May 23, the Election Commission announced on Sunday.

According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, elections results will be the deciding factor for further upside in the short-term.

Bharti Airtel emerged best performers among Sensex constituents by surging 8.08 per cent, followed by PowerGrid by 3.90 per cent.

Other prominent gainers included Coal India, RIL, Vedanta, Tata Steel, Asian Paint, Hero MotoCorp, SBI, ONGC, Yes Bank, Bajaj Auto, ICICI Bank, M&amp;M, Maruti Suzuki,

Kotak Bank, Sun Pharma, Bajaj Finance, HUL, HDFC, L&amp;T, ITC, Tata Motors, Axis Bank and HDFC Bank, rising up to 3.80 per cent.

However, TCS, HCL Tech, NTPC, IndusInd Bank and Infosys ended in the negative zone with fall of up to 0.41 per cent.

Barring IT, all the BSE sectoral indices ended in the green, with oil and gas index rising 2.85 per cent, metal 2.50 per cent, consumer durables 2.32 per cent, PSU 2.30 per cent, auto 2.24 per cent, power 2.04 per cent, infrastructure 1.75 per cent, healthcare 1.54 per cent, capital goods 1.19 percent, FMCG 1.05 per cent, realty 0.93 per cent, capital goods 0.95 per cent, bankex 0.92 per cent, FMCG 0.74 per cent and teck 0.53 per cent.

The broader markets too displayed a firm trend with the BSE mid-cap index surging 1.96 per cent and the small-caps index rising 1.61 per cent as investors accumulated recently beaten down stocks available at prevailing attractive levels.

Meanwhile, on a net basis, foreign institutional investors (FIIs) bought shares worth Rs 1,095.06 crore, while domestic institutional investors (DIIs) sold shares worth Rs 470.7 crore on Friday, provisional data showed.

In afternoon trade, the rupee appreciated 21 paise to 69.93 against the dollar.

A firming trend in the rest of Asia, as Chinese markets rebounded on hopes of more policy support for the slowing economy, and a higher opening in European shares also accelerated buying activity here, traders said.

Shanghai Composite Index rallied 1.92 per cent, Japan's Nikkei gained 0.47 per cent, Hong Kong's Hang Seng was up 0.99 per cent and Korea's Kospi rose 0.03 per cent.

Among European markets, Frankfurt's DAX rose 0.38 per cent, Paris CAC 40 advanced 0.32 per cent in their early deals, and London's FTSE too gained 0.77 per cent.&nbsp;

The BSE benchmark Sensex soared 383 points to reclaim the 37,000 mark on Monday, its highest level in nearly six months, led by gains in RIL, ICICI Bank and Bharti Airtel amid sustained foreign fund inflows and positive global cues.

The BSE benchmark Sensex soared 383 points to reclaim the 37,000 mark on Monday, its highest level in nearly six months, led by gains in RIL, ICICI Bank and Bharti Airtel amid sustained foreign fund inflows and positive global cues. According to experts, investors widened their portfolios amid hopes of a win for the incumbent NDA government, following the announcement of 2019 general election dates Sunday. The 30-share Sensex started off on a strong footing and reclaimed the 37,000 mark on widespread buying by investors, and ended at 37,054.10, up by 382.67 points, or 1.04 per cent. This is the highest closing level since September 19 last year when it had closed at 37,121.22. The gauge had settled 53.99 points, or 0.15 per cent, lower at 36,671.43 on Friday. The NSE Nifty, after climbing to 11,172.40 - its highest since September 26 last year - closed at 11,168.05 points, up 132.65 points, or 1.20 per cent. Power, oil and gas, PSU, metal, banking, auto, capital goods, infrastructure and healthcare sector stocks witnessed heavy buying through the session. Experts see this as a pre-poll rally following the announcement of 2019 general election dates. Prevailing geopolitical concerns in the wake of recent India-Pakistan military conflicts will be a key factor in the upcoming general elections that may help incumbent NDA government at the centre, they said. Lok Sabha elections will begin on April 11 and will be held over seven phases followed by counting of votes on May 23, the Election Commission announced on Sunday. According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, elections results will be the deciding factor for further upside in the short-term. Bharti Airtel emerged best performers among Sensex constituents by surging 8.08 per cent, followed by PowerGrid by 3.90 per cent. Other prominent gainers included Coal India, RIL, Vedanta, Tata Steel, Asian Paint, Hero MotoCorp, SBI, ONGC, Yes Bank, Bajaj Auto, ICICI Bank, M&M, Maruti Suzuki, Kotak Bank, Sun Pharma, Bajaj Finance, HUL, HDFC, L&T, ITC, Tata Motors, Axis Bank and HDFC Bank, rising up to 3.80 per cent. However, TCS, HCL Tech, NTPC, IndusInd Bank and Infosys ended in the negative zone with fall of up to 0.41 per cent. Barring IT, all the BSE sectoral indices ended in the green, with oil and gas index rising 2.85 per cent, metal 2.50 per cent, consumer durables 2.32 per cent, PSU 2.30 per cent, auto 2.24 per cent, power 2.04 per cent, infrastructure 1.75 per cent, healthcare 1.54 per cent, capital goods 1.19 percent, FMCG 1.05 per cent, realty 0.93 per cent, capital goods 0.95 per cent, bankex 0.92 per cent, FMCG 0.74 per cent and teck 0.53 per cent. The broader markets too displayed a firm trend with the BSE mid-cap index surging 1.96 per cent and the small-caps index rising 1.61 per cent as investors accumulated recently beaten down stocks available at prevailing attractive levels. Meanwhile, on a net basis, foreign institutional investors (FIIs) bought shares worth Rs 1,095.06 crore, while domestic institutional investors (DIIs) sold shares worth Rs 470.7 crore on Friday, provisional data showed. In afternoon trade, the rupee appreciated 21 paise to 69.93 against the dollar. A firming trend in the rest of Asia, as Chinese markets rebounded on hopes of more policy support for the slowing economy, and a higher opening in European shares also accelerated buying activity here, traders said. Shanghai Composite Index rallied 1.92 per cent, Japan's Nikkei gained 0.47 per cent, Hong Kong's Hang Seng was up 0.99 per cent and Korea's Kospi rose 0.03 per cent. Among European markets, Frankfurt's DAX rose 0.38 per cent, Paris CAC 40 advanced 0.32 per cent in their early deals, and London's FTSE too gained 0.77 per cent.

Sensex scales near 6-month peak, reclaims 37,000 mark in pre-poll rally 

Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains.

US West Texas Intermediate (WTI) crude futures were at $53.74 per barrel at 0153 GMT, up 8 cents from their last settlement. They closed down 1.7 per cent on Tuesday.

International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 per cent in the previous session.

Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening.

With a nervous market, traders are focused on the US State of the Union address by President Donald Trump.

"Anything out of the State of the Union that hints at the US-China deal not working out, or more anti-trade rhetoric would be a negative for energy prices as demand would be lower if global growth keeps being downgraded," said Alfonso Esparza senior market analyst, OANDA.

US sanctions on Venezuela have been viewed as supportive for prices by helping tighten global supplies. A flotilla loaded with Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest US sanctions on Venezuela and others whose buyers are weighing who to pay.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to production cuts effective from last month to beat back supply growth.

However, US crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories rose by 2.5 million barrels in the week ended February 1 to 448.2 million, compared with analysts' expectations for an increase of 2.2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 889,000 barrels, API said.

Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains. US West Texas Intermediate (WTI) crude futures were at $53.

Oil prices edged higher for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped gains. US West Texas Intermediate (WTI) crude futures were at $53.74 per barrel at 0153 GMT, up 8 cents from their last settlement. They closed down 1.7 per cent on Tuesday. International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 per cent in the previous session. Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening. With a nervous market, traders are focused on the US State of the Union address by President Donald Trump. "Anything out of the State of the Union that hints at the US-China deal not working out, or more anti-trade rhetoric would be a negative for energy prices as demand would be lower if global growth keeps being downgraded," said Alfonso Esparza senior market analyst, OANDA. US sanctions on Venezuela have been viewed as supportive for prices by helping tighten global supplies. A flotilla loaded with Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest US sanctions on Venezuela and others whose buyers are weighing who to pay. The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to production cuts effective from last month to beat back supply growth. However, US crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories rose by 2.5 million barrels in the week ended February 1 to 448.2 million, compared with analysts' expectations for an increase of 2.2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 889,000 barrels, API said.

Oil prices edge higher amid  concerns over global economy

Indian shares ended slightly higher on Tuesday, lifted by gains in consumer stocks, while investors kept a cautious stance ahead of the three-day central bank policy meeting outcome.

According to a Reuters poll of 65 analysts, two-thirds have said the Reserve Bank of India (RBI) would hold its repo rate, a surprise change of stance following the appointment of Shaktikanta Das as the central bank chief in December.&nbsp;

The broader Nifty closed 0.20 per cent higher at 10,934.35, while the benchmark Sensex edged up 0.09 per cent at 36,616.81.

Both indexes closed higher for a fourth straight session.

Titan Co Ltd extended gains to close 4 per cent firmer after it posted upbeat quarterly results on Friday. Financial stocks also climbed, with IndusInd Bank ending 2.47 per cent higher.&nbsp;

Indian shares ended slightly higher on Tuesday, lifted by gains in consumer stocks, while investors kept a cautious stance ahead of the three-day central bank policy meeting outcome.

Indian shares ended slightly higher on Tuesday, lifted by gains in consumer stocks, while investors kept a cautious stance ahead of the three-day central bank policy meeting outcome. According to a Reuters poll of 65 analysts, two-thirds have said the Reserve Bank of India (RBI) would hold its repo rate, a surprise change of stance following the appointment of Shaktikanta Das as the central bank chief in December. The broader Nifty closed 0.20 per cent higher at 10,934.35, while the benchmark Sensex edged up 0.09 per cent at 36,616.81. Both indexes closed higher for a fourth straight session. Titan Co Ltd extended gains to close 4 per cent firmer after it posted upbeat quarterly results on Friday. Financial stocks also climbed, with IndusInd Bank ending 2.47 per cent higher.

Sensex, Nifty end firmer as consumer, financials boost

The rupee on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet.

This is the second straight session of loss for the domestic unit, during which it lost a total 72 paise.

Forex traders said foreign fund outflows and a stronger dollar following blockbuster US employment and factory data impacted the rupee sentiment.

Moreover, investors were cautious ahead of the next meeting of RBI's Monetary Policy Committee scheduled during February 5-7.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.57 and fell further to touch the day's low of 71.82.

The domestic unit pared some losses before ending at 71.80 per dollar, down by 55 paise against its previous close.

On Friday, the rupee had settled 17 paise lower at 71.25 against the US dollar.

"Brent crude rose for fifth straight day to gain almost 6 per cent in last one week. The resultant pressure on Indian rupee is visible as it is trading lower," Sanctum Wealth Management Chief Investment Officer Sunil Sharma said.

Brent crude, the global oil benchmark, was trading at $62.97 per barrel, higher by 0.16 per cent.

Forex traders said concerns related to fiscal slippage weighed on the sentiment.&nbsp;

"The fiscal deficit for the current financial year is likely to be around 3.4 per cent of GDP, marginally higher than the targeted 3.3 per cent," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

The benchmark BSE Sensex Monday recovered from the day's low to end 113.31 points or 0.31 per cent, higher at 36,582.74. The NSE Nifty also edged higher by 18.60 points, or 0.17 per cent, to close at 10,912.25.

Meanwhile, foreign funds sold shares worth Rs 112.13 crore from the capital markets on a net basis Friday, while domestic institutional investors sold shares worth Rs 65.22 crore, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6580 and for rupee/euro at 81.9997. The reference rate for rupee/British pound was fixed at 93.7067 and for rupee/100 Japanese yen at 65.29.

The rupee on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet.

The rupee on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17, ahead of the Reserve Bank of India's policy review meet. This is the second straight session of loss for the domestic unit, during which it lost a total 72 paise. Forex traders said foreign fund outflows and a stronger dollar following blockbuster US employment and factory data impacted the rupee sentiment. Moreover, investors were cautious ahead of the next meeting of RBI's Monetary Policy Committee scheduled during February 5-7. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.57 and fell further to touch the day's low of 71.82. The domestic unit pared some losses before ending at 71.80 per dollar, down by 55 paise against its previous close. On Friday, the rupee had settled 17 paise lower at 71.25 against the US dollar. "Brent crude rose for fifth straight day to gain almost 6 per cent in last one week. The resultant pressure on Indian rupee is visible as it is trading lower," Sanctum Wealth Management Chief Investment Officer Sunil Sharma said. Brent crude, the global oil benchmark, was trading at $62.97 per barrel, higher by 0.16 per cent. Forex traders said concerns related to fiscal slippage weighed on the sentiment. "The fiscal deficit for the current financial year is likely to be around 3.4 per cent of GDP, marginally higher than the targeted 3.3 per cent," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. The benchmark BSE Sensex Monday recovered from the day's low to end 113.31 points or 0.31 per cent, higher at 36,582.74. The NSE Nifty also edged higher by 18.60 points, or 0.17 per cent, to close at 10,912.25. Meanwhile, foreign funds sold shares worth Rs 112.13 crore from the capital markets on a net basis Friday, while domestic institutional investors sold shares worth Rs 65.22 crore, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.6580 and for rupee/euro at 81.9997. The reference rate for rupee/British pound was fixed at 93.7067 and for rupee/100 Japanese yen at 65.29.

Rupee slumps 55 paise to 71.80 US dollar

The smartphone market is down but not out, with high prices and other factors combining to chill what had previously been a red-hot sector.

Fresh surveys show global sales had their worst contraction ever in 2018, and the outlook for 2019 isn't much better.

Still, analysts don't see the sun setting any time soon on the smartphone era, seen as a must-have device for many people around the world.

"They don't have a viable replacement yet," independent Silicon Valley analyst Rob Enderle said of the smartphone.

"There is always the possibility to go to wearables or head-mounted displays, but none of those have emerged as a real threat."

Worldwide handset volumes declined 4.1 per cent in 2018 to a total of 1.4 billion units shipped for the full year, according to research firm IDC, which sees the potential for further declines this year

Another market tracker, Gartner, said its research suggested some stabilization in the smartphone market at the end of last year, said analyst Werner Goertz.

"Mobile phones are here to stay," Goertz said while suggesting that consumers may be waiting for some devices with new features.

"Foldable phones would represent a really nice disruptive feature," he said.

Analysts pointed out that other tech products such as personal computers have seen similar ebbs and flows.

"Markets will always have slow moments when companies have to spend more on marketing money to get people to go out and buy stuff," Enderle said.

He added that some consumers are holding off on replacing their devices amid price hikes for premium devices like Apple's iPhone.

Food or phone?

During a recent earnings call, Apple chief executive Tim Cook agreed that people were holding onto their iPhones longer.

Cook contended that another reason for slower iPhone sales was that telecom carriers were cutting subsidies of handsets tied to service contracts, meaning customers were faced with paying the full price of $1,000 or more for high-end models.

"People don't want to spend another thousand bucks to replace something that isn't broken," analyst Enderle maintained.

"In emerging markets, you can't get people to pay a quarter of their monthly income for a phone; they are not giving up food for texting."

In an unusual move, Apple lowered prices in some emerging markets to offset the effects of a strong US $ on local pocketbooks.

Cook said that in January, in some locations and for some products, Apple "absorbed part of the foreign currency move" to "get close or perhaps right on" prices in those respective markets a year ago.

"So yes, I do think that price is a factor," Cook said.

Market mess&nbsp;

Nonetheless, the latest data suggests the days of red-hot smartphone growth are over and that sluggish growth or contraction is likely in many saturated markets.

Apple recently reported a rare drop in revenue in the fourth quarter South Korea's Samsung, the largest smartphone maker, reported a slump in fourth-quarter net profits, blaming a drop in demand for its key products.

"Globally the smartphone market is a mess right now," said IDC analyst Ryan Reith.

"Outside of a handful of high-growth markets like India, Indonesia, (South) Korea and Vietnam, we did not see a lot of positive activity in 2018."

Reith noted that along with consumers waiting longer to replace their phones and frustration around the high cost of premium devices, there was political and economic uncertainty.

The Chinese market, which accounts for roughly 30 per cent of smartphone sales, was especially hard hit with a 10 per cent drop, according to IDC's survey.

However, Chinese smartphone makers such as Huawei, Oppo, and Xiaomi defied the trend and ended the year with gains, according to Counterpoint Research.

This year, smartphone makers will likely entice customers to upgrade devices with innovations such as superfast 5G network connectivity and foldable screens, according to Counterpoint associate director Tarun Pathak.

Leading smartphone maker Samsung is expected to show off a smartphone with a foldable screen at an event here in February.

The smartphone market is down but not out, with high prices and other factors combining to chill what had previously been a red-hot sector. Fresh surveys show global sales had their worst contraction ever in 2018, and the outlook for 2019 isn't much better.

The smartphone market is down but not out, with high prices and other factors combining to chill what had previously been a red-hot sector. Fresh surveys show global sales had their worst contraction ever in 2018, and the outlook for 2019 isn't much better. Still, analysts don't see the sun setting any time soon on the smartphone era, seen as a must-have device for many people around the world. "They don't have a viable replacement yet," independent Silicon Valley analyst Rob Enderle said of the smartphone. "There is always the possibility to go to wearables or head-mounted displays, but none of those have emerged as a real threat." Worldwide handset volumes declined 4.1 per cent in 2018 to a total of 1.4 billion units shipped for the full year, according to research firm IDC, which sees the potential for further declines this year Another market tracker, Gartner, said its research suggested some stabilization in the smartphone market at the end of last year, said analyst Werner Goertz. "Mobile phones are here to stay," Goertz said while suggesting that consumers may be waiting for some devices with new features. "Foldable phones would represent a really nice disruptive feature," he said. Analysts pointed out that other tech products such as personal computers have seen similar ebbs and flows. "Markets will always have slow moments when companies have to spend more on marketing money to get people to go out and buy stuff," Enderle said. He added that some consumers are holding off on replacing their devices amid price hikes for premium devices like Apple's iPhone. Food or phone? During a recent earnings call, Apple chief executive Tim Cook agreed that people were holding onto their iPhones longer. Cook contended that another reason for slower iPhone sales was that telecom carriers were cutting subsidies of handsets tied to service contracts, meaning customers were faced with paying the full price of $1,000 or more for high-end models. "People don't want to spend another thousand bucks to replace something that isn't broken," analyst Enderle maintained. "In emerging markets, you can't get people to pay a quarter of their monthly income for a phone; they are not giving up food for texting." In an unusual move, Apple lowered prices in some emerging markets to offset the effects of a strong US $ on local pocketbooks. Cook said that in January, in some locations and for some products, Apple "absorbed part of the foreign currency move" to "get close or perhaps right on" prices in those respective markets a year ago. "So yes, I do think that price is a factor," Cook said. Market mess Nonetheless, the latest data suggests the days of red-hot smartphone growth are over and that sluggish growth or contraction is likely in many saturated markets. Apple recently reported a rare drop in revenue in the fourth quarter South Korea's Samsung, the largest smartphone maker, reported a slump in fourth-quarter net profits, blaming a drop in demand for its key products. "Globally the smartphone market is a mess right now," said IDC analyst Ryan Reith. "Outside of a handful of high-growth markets like India, Indonesia, (South) Korea and Vietnam, we did not see a lot of positive activity in 2018." Reith noted that along with consumers waiting longer to replace their phones and frustration around the high cost of premium devices, there was political and economic uncertainty. The Chinese market, which accounts for roughly 30 per cent of smartphone sales, was especially hard hit with a 10 per cent drop, according to IDC's survey. However, Chinese smartphone makers such as Huawei, Oppo, and Xiaomi defied the trend and ended the year with gains, according to Counterpoint Research. This year, smartphone makers will likely entice customers to upgrade devices with innovations such as superfast 5G network connectivity and foldable screens, according to Counterpoint associate director Tarun Pathak. Leading smartphone maker Samsung is expected to show off a smartphone with a foldable screen at an event here in February.

Once red-hot smartphone market sees cooler trend

Budget 2019: Market give Budget 2019 thumbs up

The Indian media and entertainment industry is estimated to touch $52,683 million (around Rs 3.73 lakh crore) by 2022 led by increasing disposable income, population and content consumption across the formats, according to a survey.

Besides the traditional media such as TV and cinema, new-age digital platforms such as over-the-top (OTT) services would play a key role, said an Assocham-PwC joint study.

By 2022, the Indian video OTT market will be among the top-10 markets globally with a market size of $823 million (Rs 5,363 crore), said the study.

"The entertainment and media industry is projected to grow at a CAGR of 11.7 per cent from $30,364 million in 2017 to $52,683 million in 2022," the report said.

It further added: "TV, cinema and OTT will collectively account for 46 per cent of the overall growth in the Indian entertainment and media industry for the period 2017 to 2022."

The survey added that both the conventional media industry as well OTT players will coexist in India and achieve impressive growth in the coming years.

With the launch of OTT services, video-on-demand (VoD) has been at the forefront of disruption in the media industry, and the production budgets of companies such as Netflix and Amazon now rival those of traditional studios, said PwC India Partner and Leader (Entertainment and Media Sector) Frank D'Souza.

"Globally, the OTT market is set to grow at a CAGR of 10.1 per cent during the period 2017-2022. During the same period in India, the segment is expected to grow from $297 million (Rs 1,932 crore) to $823 million (Rs 5,363 crore) in 2022 at a CAGR of 22.6 per cent," it added.

In this, subscription video on demand (SVoD) will hold a majority share throughout the projected period, it said.

According to the joint survey, over the past decade, the VoD market has evolved across the world, including India, and now with the increase in smartphone penetration and lower data tariffs, it is showing promising growth here.

"Mobile video advertising (largely AVoD) is the fastest growing sub-segment of India's Internet advertising market, projected to rise at a CAGR of 32.8 per cent from 2017 to 2022 and to reach USD 317 million (Rs 2,064 crore) by 2022," it added.

Data consumption in India will grow from 71,67,103 million MB in 2017 to 10,96,58,793 million MB in 2022.

"With lower-than-ever data tariffs and increasing smartphone penetration in the country, which is around 40 per cent as of 2017, it is safe to assume that the VoD market will be a significant beneficiary of these developments," it added.

Now, the regional and quality content, delivered with a focus on unique and customised 'user experience' through the use of technology, is set to become the mainstay of success for VoD service providers.

However, it also added that the country's per-capita media and entertainment spending will be capped at a mere USD USD 32 by 2021.

"The spend is much lower than that of China, which will stand at USD 222 for the same period, and that of the USA, which will have the highest spend at USD 2,260," it added. 
&nbsp;

The Indian media and entertainment industry is estimated to touch $52,683 million (around Rs 3.73 lakh crore) by 2022 led by increasing disposable income, population and content consumption across the formats, according to a survey.

The Indian media and entertainment industry is estimated to touch $52,683 million (around Rs 3.73 lakh crore) by 2022 led by increasing disposable income, population and content consumption across the formats, according to a survey. Besides the traditional media such as TV and cinema, new-age digital platforms such as over-the-top (OTT) services would play a key role, said an Assocham-PwC joint study. By 2022, the Indian video OTT market will be among the top-10 markets globally with a market size of $823 million (Rs 5,363 crore), said the study. "The entertainment and media industry is projected to grow at a CAGR of 11.7 per cent from $30,364 million in 2017 to $52,683 million in 2022," the report said. It further added: "TV, cinema and OTT will collectively account for 46 per cent of the overall growth in the Indian entertainment and media industry for the period 2017 to 2022." The survey added that both the conventional media industry as well OTT players will coexist in India and achieve impressive growth in the coming years. With the launch of OTT services, video-on-demand (VoD) has been at the forefront of disruption in the media industry, and the production budgets of companies such as Netflix and Amazon now rival those of traditional studios, said PwC India Partner and Leader (Entertainment and Media Sector) Frank D'Souza. "Globally, the OTT market is set to grow at a CAGR of 10.1 per cent during the period 2017-2022. During the same period in India, the segment is expected to grow from $297 million (Rs 1,932 crore) to $823 million (Rs 5,363 crore) in 2022 at a CAGR of 22.6 per cent," it added. In this, subscription video on demand (SVoD) will hold a majority share throughout the projected period, it said. According to the joint survey, over the past decade, the VoD market has evolved across the world, including India, and now with the increase in smartphone penetration and lower data tariffs, it is showing promising growth here. "Mobile video advertising (largely AVoD) is the fastest growing sub-segment of India's Internet advertising market, projected to rise at a CAGR of 32.8 per cent from 2017 to 2022 and to reach USD 317 million (Rs 2,064 crore) by 2022," it added. Data consumption in India will grow from 71,67,103 million MB in 2017 to 10,96,58,793 million MB in 2022. "With lower-than-ever data tariffs and increasing smartphone penetration in the country, which is around 40 per cent as of 2017, it is safe to assume that the VoD market will be a significant beneficiary of these developments," it added. Now, the regional and quality content, delivered with a focus on unique and customised 'user experience' through the use of technology, is set to become the mainstay of success for VoD service providers. However, it also added that the country's per-capita media and entertainment spending will be capped at a mere USD USD 32 by 2021. "The spend is much lower than that of China, which will stand at USD 222 for the same period, and that of the USA, which will have the highest spend at USD 2,260," it added.

Indian media and entertainment industry may touch $52,683 million by 2022: Study

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains.

US West Texas Intermediate (WTI) crude futures were at $50.78 per barrel at 0041 GMT, up 27 cents, or 0.5 per cent, from their last settlement.

International Brent crude oil futures had yet to trade.

"The impact of OPEC+ cuts, Iran sanctions and lower month-on-month growth in US production should help to support oil prices from current levels," US bank JP Morgan said in a note.

The Middle East dominated producer club of the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.

Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since.

However, Tuesday's slight oil price increases came after crude futures fell by more than 2 per cent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown.

"Given the heightened macro risk anxiety, any support from supply-side correction could be limited," JP Morgan said.

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains. US West Texas Intermediate (WTI) crude futures were at $50.

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains. US West Texas Intermediate (WTI) crude futures were at $50.78 per barrel at 0041 GMT, up 27 cents, or 0.5 per cent, from their last settlement. International Brent crude oil futures had yet to trade. "The impact of OPEC+ cuts, Iran sanctions and lower month-on-month growth in US production should help to support oil prices from current levels," US bank JP Morgan said in a note. The Middle East dominated producer club of the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut. Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since. However, Tuesday's slight oil price increases came after crude futures fell by more than 2 per cent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown. "Given the heightened macro risk anxiety, any support from supply-side correction could be limited," JP Morgan said.

Oil prices edge up on supply cuts, but weakening economic outlook caps gains

Five of the top-10 most valued firms together added Rs 43,689.89 crore in <a href="http://www.wionews.com/business-economy/top-10-most-valued-companies-including-tcs-ril-hdfc-bank-lose-rs-38153-cr-in-m-cap-188578">market valuation</a> last week, with ITC and Infosys contributing most to the overall gain.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday.

The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore.

ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore.

The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore.

On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore.

Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore.

HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore.

In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank.

Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation.

Five of the top-10 most valued firms together added Rs 43,689.89 crore in market valuation last week, with ITC and Infosys contributing most to the overall gain. Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday. The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore. ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore. The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore. On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore. Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore. HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore. In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank. Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Five of 10 most valued firms add Rs 43,689 crore in market cap last week

Announcement of macroeconomic data points, global cues, movement of the rupee and crude oil will dictate <a href="http://www.wionews.com/business-economy/markets-open-in-green-sensex-up-by-over-250-points-rupee-strengthens-by-30-paise-186936">the stock market</a> trend in the first week of the new year, experts said.

PMI data for the manufacturing and services sectors are due this week, which will influence trading sentiment.

Besides, sales data from auto companies can trigger stock-specific action, they added.

"Market is expected to continue being volatile with selling occurring at higher levels. International factors will likewise influence domestic markets.&nbsp;

"Macros are nonetheless favourable but political uncertainty, strained global geopolitics and brewing trade wars will act as a catalyst for the negative sentiment prevailing in the equity markets," said Jimeet Modi, Founder and CEO, SAMCO Securities and StockNote.

"Consolidation in oil prices and strong rupee will provide stability in the macros which will provide confidence for investors," said Vinod Nair, Head of Research, Geojit Financial Services.

Investors will closely watch Q3 earnings, while global cues will dictate the direction of the market, he added.

Earnings season would kick-start from the second week of January, which will keep markets busy.

During the past week, the Sensex gained 334.65 points to finish at 36,076.72

Announcement of macroeconomic data points, global cues, movement of the rupee and crude oil will dictate the stock market trend in the first week of the new year, experts said.

Announcement of macroeconomic data points, global cues, movement of the rupee and crude oil will dictate the stock market trend in the first week of the new year, experts said. PMI data for the manufacturing and services sectors are due this week, which will influence trading sentiment. Besides, sales data from auto companies can trigger stock-specific action, they added. "Market is expected to continue being volatile with selling occurring at higher levels. International factors will likewise influence domestic markets. "Macros are nonetheless favourable but political uncertainty, strained global geopolitics and brewing trade wars will act as a catalyst for the negative sentiment prevailing in the equity markets," said Jimeet Modi, Founder and CEO, SAMCO Securities and StockNote. "Consolidation in oil prices and strong rupee will provide stability in the macros which will provide confidence for investors," said Vinod Nair, Head of Research, Geojit Financial Services. Investors will closely watch Q3 earnings, while global cues will dictate the direction of the market, he added. Earnings season would kick-start from the second week of January, which will keep markets busy. During the past week, the Sensex gained 334.65 points to finish at 36,076.72

Macro data, rupee, oil to guide markets this week: Experts

Markets regulator Sebi plans to allow custodial services in the commodity derivatives market to enable institutional participation.

The proposal is likely to be discussed at the <a href="http://www.wionews.com/business-economy/sebi-to-expand-ofs-framework-relax-fpi-investment-clubbing-norms-182608">Securities and Exchange Board of India</a>'s (Sebi) board meeting on Wednesday, officials said.

Under the proposal, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both securities and commodities, they added.

Current, regulation on the custodian of securities provide for the safekeeping of securities or gold or gold related instruments or title deeds of real estate and services incidental but do not provide for the safekeeping of goods, which are underlying assets of commodity derivatives.

To enable participation of institutional investors in the commodity derivatives market, it has been proposed to make necessary amendments in the custodian regulations so as to provide for requisite custodial services.

It has also been proposed that responsibility of custodians will not be limited to a holding of securities but would also include the holding of goods.

The proposal is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market.

Markets regulator Sebi plans to allow custodial services in the commodity derivatives market to enable institutional participation. The proposal is likely to be discussed at the Securities and Exchange Board of India's (Sebi) board meeting on Wednesday, officials said.

Markets regulator Sebi plans to allow custodial services in the commodity derivatives market to enable institutional participation. The proposal is likely to be discussed at the Securities and Exchange Board of India's (Sebi) board meeting on Wednesday, officials said. Under the proposal, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both securities and commodities, they added. Current, regulation on the custodian of securities provide for the safekeeping of securities or gold or gold related instruments or title deeds of real estate and services incidental but do not provide for the safekeeping of goods, which are underlying assets of commodity derivatives. To enable participation of institutional investors in the commodity derivatives market, it has been proposed to make necessary amendments in the custodian regulations so as to provide for requisite custodial services. It has also been proposed that responsibility of custodians will not be limited to a holding of securities but would also include the holding of goods. The proposal is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market.

SEBI plans to allow custodial services in commodity derivatives market

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues. 
Besides, fresh foreign fund outflows further hurt trading sentiments.

However, crude oil's fall to one-year low in the global market on excess supply concerns, capped the fall in the indices.

The 30-share, after rising briefly to 35,494.25 at the outset, quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,112.49.

However, it pared early losses on emergence of buying after a higher opening of European shares. The index closed 274.71 points, or 0.77 per cent, down at 35,199.80. The gauge had lost 300.37 points Tuesday.

Also, the broader NSE Nifty, after shuttling between 10,562.35 and 10,671.30 points, finally settled 56.15 points, or 0.53 per cent down at 10,600.05.

Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth, brokers said.

"Wednesday's action accentuates the recent divergence we have witnessed between India and advanced economies. While the Nasdaq Composite is down 7.2 per cent in the past month and the S&amp;P 500 is down 4.6 per cent, the Nifty50 is up 2.8 per cent in the same time," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.&nbsp;

During the day, midcaps rallied strongly while the Nifty ended lower. Separately, the action in PSU banks and financials also suggests that market fears around liquidity and credit rollovers are abating, he added.

Persistent fall in technology stocks globally, and rupee appreciating against the dollar in the past few days, are the key factors fuelling the negative sentiment in IT stocks, brokers said.

Stocks of software services exporter such as TCS, Infosys, Wipro and Tech Mahindra were the worst hit on the bourses with shares falling up to 3.55 per cent.

Other laggards were PowerGrid, RIL, Bajaj Auto, Tata Steel, M&amp;M, Hero MotoCorp, Vedanta, NTPC, IndusInd Bank, L&amp;T, ONGC, HDFC Ltd, ITC Ltd, ICICI Bank, HUL, Bharti Airtel and Coal India, falling up to 2.77 per cent.

Among the gainers, shares of private lender Yes Bank was the top performer, climbing 2.83 per cent after it reassured that the recent resignations bear no impact on the CEO selection process and that efforts are underway for mutual resolution with co-promoter Madhu Kapur and family.

Axis Bank, Adani Ports, SBI, Asian Paints, Maruti Suzuki, Sun Pharma, Tata Motors, HDFC Bank and Kotak Bank also ended higher with gains up to 2.20 per cent. 
 
Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 per cent in global crude oil prices.

Spicejet, Jet Airways and InterGlobe rose up to 5.63 per cent.

Shares of state-run oil marketing companies such as IOC, HPCL and BPCL, gained up to 1.76 per cent.

Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns.

Sector-wise, the BSE IT index emerged biggest loser by plunging 2.92 per cent, followed by teck 2.47 per cent, power 1.04 per cent, metal 0.78 per cent, capital goods 0.58 per cent and FMCG 0.26 per cent, oil&amp;gas 0.12 per cent and auto 0.08 per cent.

In contrast, realty, healthcare, consumer durables, bankex, PSU and infrastructure ended higher, rising up to 1.53 per cent.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data.

Elsewhere in Asia, Japan's Nikkei fell 0.35 per cent, Korea's KOSPI down 0.29 per cent and Taiwan fell 0.03 per cent. However, Hong Kong's Hang Seng rose 0.51 per cent and Shanghai Composite Index up 0.21 per cent.

In Europe, most markets remained firm in their early session. Frankfurt's DAX rose 0.86 per cent, while Paris CAC up 0.58 per cent. London's FTSE too gained 0.83 per cent.&nbsp;

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues.

The BSE benchmark Sensex extended losses for the second session Wednesday by declining over 250 points on heavy selling in IT, teck, metal and auto stocks amid weak global cues. Besides, fresh foreign fund outflows further hurt trading sentiments. However, crude oil's fall to one-year low in the global market on excess supply concerns, capped the fall in the indices. The 30-share, after rising briefly to 35,494.25 at the outset, quickly slipped into the negative terrain in line with a weak trend at other Asian markets and touched a low of 35,112.49. However, it pared early losses on emergence of buying after a higher opening of European shares. The index closed 274.71 points, or 0.77 per cent, down at 35,199.80. The gauge had lost 300.37 points Tuesday. Also, the broader NSE Nifty, after shuttling between 10,562.35 and 10,671.30 points, finally settled 56.15 points, or 0.53 per cent down at 10,600.05. Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth, brokers said. "Wednesday's action accentuates the recent divergence we have witnessed between India and advanced economies. While the Nasdaq Composite is down 7.2 per cent in the past month and the S&P 500 is down 4.6 per cent, the Nifty50 is up 2.8 per cent in the same time," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. During the day, midcaps rallied strongly while the Nifty ended lower. Separately, the action in PSU banks and financials also suggests that market fears around liquidity and credit rollovers are abating, he added. Persistent fall in technology stocks globally, and rupee appreciating against the dollar in the past few days, are the key factors fuelling the negative sentiment in IT stocks, brokers said. Stocks of software services exporter such as TCS, Infosys, Wipro and Tech Mahindra were the worst hit on the bourses with shares falling up to 3.55 per cent. Other laggards were PowerGrid, RIL, Bajaj Auto, Tata Steel, M&M, Hero MotoCorp, Vedanta, NTPC, IndusInd Bank, L&T, ONGC, HDFC Ltd, ITC Ltd, ICICI Bank, HUL, Bharti Airtel and Coal India, falling up to 2.77 per cent. Among the gainers, shares of private lender Yes Bank was the top performer, climbing 2.83 per cent after it reassured that the recent resignations bear no impact on the CEO selection process and that efforts are underway for mutual resolution with co-promoter Madhu Kapur and family. Axis Bank, Adani Ports, SBI, Asian Paints, Maruti Suzuki, Sun Pharma, Tata Motors, HDFC Bank and Kotak Bank also ended higher with gains up to 2.20 per cent. Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 per cent in global crude oil prices. Spicejet, Jet Airways and InterGlobe rose up to 5.63 per cent. Shares of state-run oil marketing companies such as IOC, HPCL and BPCL, gained up to 1.76 per cent. Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns. Sector-wise, the BSE IT index emerged biggest loser by plunging 2.92 per cent, followed by teck 2.47 per cent, power 1.04 per cent, metal 0.78 per cent, capital goods 0.58 per cent and FMCG 0.26 per cent, oil&gas 0.12 per cent and auto 0.08 per cent. In contrast, realty, healthcare, consumer durables, bankex, PSU and infrastructure ended higher, rising up to 1.53 per cent. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data. Elsewhere in Asia, Japan's Nikkei fell 0.35 per cent, Korea's KOSPI down 0.29 per cent and Taiwan fell 0.03 per cent. However, Hong Kong's Hang Seng rose 0.51 per cent and Shanghai Composite Index up 0.21 per cent. In Europe, most markets remained firm in their early session. Frankfurt's DAX rose 0.86 per cent, while Paris CAC up 0.58 per cent. London's FTSE too gained 0.83 per cent.

Sensex drops 275 points, Nifty slips below 10,600 on global sell-off

President Xi Jinping on Monday pledged to widen access to China's economy, while delivering a veiled rebuke to Trumpism, as he kicked off an import fair amid growing foreign accusations his government was backtracking on grand reform promises.

Xi said China would "step up" efforts to stimulate imports, lower tariffs, ease customs clearance procedures, and implement harsh punishments for intellectual property infringements.

"It is our sincere commitment to open the Chinese market," Xi said in an address opening the event in Shanghai.

He added that China would endeavour to "foster a world-class business environment" and that China's doors will open "ever wider".

But he also pushed back at foreign pressure in comments clearly aimed at Donald Trump, who has started a trade war between the world's two largest economies.

"They should not just point fingers at others to gloss over their own problems," Xi said, decrying "protectionism", "isolationism" and confrontation.

"They should not hold a flashlight in hand, doing nothing but highlighting the weaknesses of others and not their own."

Beijing frames the first annual China International Import Expo as a sign of its commitment to open markets despite mounting criticism to the contrary and the worsening trade war with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods.

Organisers say more than 3,000 foreign companies from 130 countries including the United States and Europe will put their products on display for potential Chinese buyers at the expo, including General Motors, Ford, Microsoft, Samsung, Walmart and Tesla.

Promise fatigue&nbsp;

Xi's latest commitment to abide by world trade practices was light on specifics, however, and it remained to be seen whether it will satisfy an increasingly impatient foreign business community.

In a speech at Davos nearly two years ago, Xi presented China as a beacon of globalisation in a counterpoint to Trump.

But trading partners and foreign enterprises say he is yet to put his money where his mouth is, and they are tired of empty promises.

Foreign businesses complain about a range of policies that benefit local firms, requirements that foreign companies form joint ventures with Chinese partners, forced technology transfers, rampant intellectual property violations and restrictive red tape.

Foreign business surveys indicate that the playing field in China is actually worsening as Xi champions a strong-China message not unlike Trump's "America First" platform.

The EU Chamber of Commerce last week urged Xi to "move past the rhetoric" on trade and put in place real and significant opening measures.

The event is being attended by several foreign heads of government including Russian Prime Minister Dmitry Medvedev and Pakistani premier Imran Khan.

Kenyan President Uhuru Kenyatta voiced the foreign impatience when he told the opening ceremony that his country's growing trade with China was "heavily skewed" in Beijing's favour.

"It is important for us therefore to correct the existing trade imbalance to enable a fair share of the benefits of trade," he said.

US snub&nbsp;

China ranks 59th out of the 62 countries evaluated by the Organization for Economic Cooperation and Development in terms of openness to foreign direct investment.

Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries.

But US officials say that amounts to China trying to buy its way out of criticism with a short-term import bump rather than real reform.

Washington has snubbed the gathering by not sending high-level representation.

But the lure of China's market remains strong and the US contingent includes even tech giants such as Facebook, which is blocked in China, and Google, which pulled out years ago over censorship and cyber-attacks.

Both are seen as eyeing new ways into China.

Experts say the week-long expo is also a message by Beijing that, as it pivots from an export-based economy toward one relying more on the buying power of its 1.4 billion people, other countries will need to work with China if they want a piece of that action.

Microsoft founder Bill Gates will join a business forum, but the touchy optics of attending a China import expo at a time of trade tensions means few big-name American CEOs are confirmed.

President Xi Jinping on Monday pledged to widen access to China's economy, while delivering a veiled rebuke to Trumpism, as he kicked off an import fair amid growing foreign accusations his government was backtracking on grand reform promises.

President Xi Jinping on Monday pledged to widen access to China's economy, while delivering a veiled rebuke to Trumpism, as he kicked off an import fair amid growing foreign accusations his government was backtracking on grand reform promises. Xi said China would "step up" efforts to stimulate imports, lower tariffs, ease customs clearance procedures, and implement harsh punishments for intellectual property infringements. "It is our sincere commitment to open the Chinese market," Xi said in an address opening the event in Shanghai. He added that China would endeavour to "foster a world-class business environment" and that China's doors will open "ever wider". But he also pushed back at foreign pressure in comments clearly aimed at Donald Trump, who has started a trade war between the world's two largest economies. "They should not just point fingers at others to gloss over their own problems," Xi said, decrying "protectionism", "isolationism" and confrontation. "They should not hold a flashlight in hand, doing nothing but highlighting the weaknesses of others and not their own." Beijing frames the first annual China International Import Expo as a sign of its commitment to open markets despite mounting criticism to the contrary and the worsening trade war with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods. Organisers say more than 3,000 foreign companies from 130 countries including the United States and Europe will put their products on display for potential Chinese buyers at the expo, including General Motors, Ford, Microsoft, Samsung, Walmart and Tesla. Promise fatigue Xi's latest commitment to abide by world trade practices was light on specifics, however, and it remained to be seen whether it will satisfy an increasingly impatient foreign business community. In a speech at Davos nearly two years ago, Xi presented China as a beacon of globalisation in a counterpoint to Trump. But trading partners and foreign enterprises say he is yet to put his money where his mouth is, and they are tired of empty promises. Foreign businesses complain about a range of policies that benefit local firms, requirements that foreign companies form joint ventures with Chinese partners, forced technology transfers, rampant intellectual property violations and restrictive red tape. Foreign business surveys indicate that the playing field in China is actually worsening as Xi champions a strong-China message not unlike Trump's "America First" platform. The EU Chamber of Commerce last week urged Xi to "move past the rhetoric" on trade and put in place real and significant opening measures. The event is being attended by several foreign heads of government including Russian Prime Minister Dmitry Medvedev and Pakistani premier Imran Khan. Kenyan President Uhuru Kenyatta voiced the foreign impatience when he told the opening ceremony that his country's growing trade with China was "heavily skewed" in Beijing's favour. "It is important for us therefore to correct the existing trade imbalance to enable a fair share of the benefits of trade," he said. US snub China ranks 59th out of the 62 countries evaluated by the Organization for Economic Cooperation and Development in terms of openness to foreign direct investment. Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries. But US officials say that amounts to China trying to buy its way out of criticism with a short-term import bump rather than real reform. Washington has snubbed the gathering by not sending high-level representation. But the lure of China's market remains strong and the US contingent includes even tech giants such as Facebook, which is blocked in China, and Google, which pulled out years ago over censorship and cyber-attacks. Both are seen as eyeing new ways into China. Experts say the week-long expo is also a message by Beijing that, as it pivots from an export-based economy toward one relying more on the buying power of its 1.4 billion people, other countries will need to work with China if they want a piece of that action. Microsoft founder Bill Gates will join a business forum, but the touchy optics of attending a China import expo at a time of trade tensions means few big-name American CEOs are confirmed.

Xi says China to 'step up' market opening, raise imports

US midterm polls 2018: How elections could ripple through markets

The Federal Reserve Bank of Kansas City organises the annual Jackson Hole Economic Policy Symposium in the Grand Tetons National Park, Wyoming, USA. The Symposium, held from August 23-25 this year, witnesses a number of prominent economists, central bankers and policymakers coming together to discuss pressing and dynamic economic issues. Given the presence of renowned economists and policymakers, it is no surprise that the Symposium commands considerable interest among the media, economists and central bankers.

This year, the Symposium sought to discuss issues surrounding market power and concentration and how it is shaping the discourse around unemployment, inflation and the role of the central bank in monetary policy. In the last few years, especially in the United States, firm concentration has increased. That is, there are a small number of extremely successful but large firms that dominate the entire market, while the smaller firms either consolidate into another large firm or are integrated into the value chains of the existing large firms. The rise of Internet and tech-based superstar firms like Google, Amazon, Apple and Facebook are a case in point. At the same time, although unemployment rates in the US are at historically low levels after the financial crisis of 2008, wage growth and inflation have been very sluggish. This upsets the traditional unemployment-inflation trade-off — called the Phillips Curve — used by central banks to determine the level of intervention in the money markets.

According to economists, rising concentration might be driving low wage and price growth. The large firms act as a monopsony — or, a single buyer — in the labour market. As the single employer in a particular market, they are able to hold wages down. In the absence of an alternative firm, workers are bound to the superstar firm and forced to accept lower or stagnant wages. Alan Krueger, a Princeton economist, argued further that some of these firms also collude, either explicitly or through more subtle signalling to bid wages down and restrict workers from switching firms.

Another paper by Alberto Cavallo of Harvard University found evidence that the algorithms used by internet-based retail giants like Amazon to constantly change and adjust prices have led to greater price fluctuations in response to various macroeconomic shocks. This so-called 'Amazon Effect' not only forces brick-and-mortar outlets to respond in a similar manner but also reduces the ability of the central bank to influence prices in the economy. This, therefore, calls into question the traditional tools available to central banks, such as the interest rate, in conducting monetary policy.

As far as India is concerned, the Amazon Effect is unlikely to be significant as e-commerce penetration is still relatively low and a large part of price fluctuations is primarily due to supply shocks arising from agriculture and crude oil imports. However, increasing firm concentration and consequent rise in market power is a cause for concern even in India as rising wages and job opportunities are absolutely essential for India to realise its demographic dividend. While the government embarks on its flagship 'Make in India' programme to generate new jobs, there is also an urgent need to ensure that large firms are not able to exercise undue influence on the job market. 
&nbsp;

(This article was originally published on DNA. Read the<a href="https://www.dnaindia.com/analysis/column-the-amazon-effects-and-monopsony-2677403"> original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp;

The Federal Reserve Bank of Kansas City organises the annual Jackson Hole Economic Policy Symposium in the Grand Tetons National Park, Wyoming, USA. The Symposium, held from August 23-25 this year, witnesses a number of prominent economists, central bankers and policymakers coming together to discuss pressing and dynamic economic issues.

The Federal Reserve Bank of Kansas City organises the annual Jackson Hole Economic Policy Symposium in the Grand Tetons National Park, Wyoming, USA. The Symposium, held from August 23-25 this year, witnesses a number of prominent economists, central bankers and policymakers coming together to discuss pressing and dynamic economic issues. Given the presence of renowned economists and policymakers, it is no surprise that the Symposium commands considerable interest among the media, economists and central bankers. This year, the Symposium sought to discuss issues surrounding market power and concentration and how it is shaping the discourse around unemployment, inflation and the role of the central bank in monetary policy. In the last few years, especially in the United States, firm concentration has increased. That is, there are a small number of extremely successful but large firms that dominate the entire market, while the smaller firms either consolidate into another large firm or are integrated into the value chains of the existing large firms. The rise of Internet and tech-based superstar firms like Google, Amazon, Apple and Facebook are a case in point. At the same time, although unemployment rates in the US are at historically low levels after the financial crisis of 2008, wage growth and inflation have been very sluggish. This upsets the traditional unemployment-inflation trade-off — called the Phillips Curve — used by central banks to determine the level of intervention in the money markets. According to economists, rising concentration might be driving low wage and price growth. The large firms act as a monopsony — or, a single buyer — in the labour market. As the single employer in a particular market, they are able to hold wages down. In the absence of an alternative firm, workers are bound to the superstar firm and forced to accept lower or stagnant wages. Alan Krueger, a Princeton economist, argued further that some of these firms also collude, either explicitly or through more subtle signalling to bid wages down and restrict workers from switching firms. Another paper by Alberto Cavallo of Harvard University found evidence that the algorithms used by internet-based retail giants like Amazon to constantly change and adjust prices have led to greater price fluctuations in response to various macroeconomic shocks. This so-called 'Amazon Effect' not only forces brick-and-mortar outlets to respond in a similar manner but also reduces the ability of the central bank to influence prices in the economy. This, therefore, calls into question the traditional tools available to central banks, such as the interest rate, in conducting monetary policy. As far as India is concerned, the Amazon Effect is unlikely to be significant as e-commerce penetration is still relatively low and a large part of price fluctuations is primarily due to supply shocks arising from agriculture and crude oil imports. However, increasing firm concentration and consequent rise in market power is a cause for concern even in India as rising wages and job opportunities are absolutely essential for India to realise its demographic dividend. While the government embarks on its flagship 'Make in India' programme to generate new jobs, there is also an urgent need to ensure that large firms are not able to exercise undue influence on the job market. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The Amazon effects and monopsony

The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high.

The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent, marking its third straight session of losses. The rupee has lost 110 paise or 1.51 per cent in the three sessions since Monday largely due to strong demand dollar demand from oil importers amid firming oil prices and foreign capital outflows.

The US dollar strengthened against global peers after economic data signalled a thriving US economy which drove Treasury yields to a seven-year high of 3.23 per cent - a level not seen since mid-2011.

Hawkish comments about the US economy by Federal Reserve Chairman Jerome Powell have also boosted the dollar buying.

Emerging currencies including the rupee bore the brunt during the day as investors shifted funds from riskier assets to safe bets like the US dollar.

The dollar strengthened against the Chinese yuan by 0.2 per cent to 6.9 in the offshore market and touched a fresh 20-year high against the Indonesian rupiah. South African rand, Mexican peso and Australian dollar also dropped up to 1.5 per cent.

Brent crude also breached the four-year high of $86 dollar per barrel level, fuelling worries over widening current account and trade deficit.

Oil prices have reached four-year peaks as the market focused on upcoming US sanctions on Iran while shrugging off the year's largest weekly build in US crude stockpiles.

"The fall in the rupee led to a sharp rise in government bond yields, due to increasing expectations that the RBI's monetary policy committee (MPC) could go for a bigger rate increase than expected on Friday," V K Sharma, Head PCG &amp; Capital Markets Group HDFC Securities.

India's benchmark 10-year sovereign yield rose to 8.16 per cent.

Stocks markets crashed up to 2.24 per cent due to heavy selling pressure banking, energy, pharma and IT stocks.

Foreign investors remained net sellers for a third day pulling out Rs 2,760.63 crore from stock markets.

To stem the rupee fall, the RBI Wednesday allowed oil companies to access foreign capital of $10 billion on a long-term basis to finance their working capital requirements.

The government Thursday said state-owned fuel retailers will have to complete $10 billion external commercial borrowing (ECBs) within a year and they would not be required to hedge the exposure.

The central government and mostly BJP-led states announced a cut in excise and VAT rates to reduce fuel prices by Rs 5 per litre.

The rupee opened on a weak note at 73.72 against the previous close of 73.34 per dollar. It slid to an all-time low of 73.81 per dollar due to rising crude prices and reports that the RBI "cannot afford" a special swap window for oil importers to meet the dollar demand.

Bank of America Merrill Lynch in a report explained that pre-committing $8 billion a month for it over and above the $25-30 billion lost in interventions since April will push the overall forex reserves below the critical eight-month import cover mark.

The rupee, however, made a spirited recovery of 23 paise from lifetime lows in last 15 minutes of trade backed by the government steps to reduce oil prices. 
It finally settled at 73.58, it all-time closing low, with a loss of 24 paise.

The FBIL set the reference rate at 73.7509 for the US dollar and 84.6257 for the euro. The pound sterling was pegged at 95.3904 and Japanese yen at 64.49 for 100 rupees.&nbsp;

 
&nbsp;

The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high.

The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high. The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent, marking its third straight session of losses. The rupee has lost 110 paise or 1.51 per cent in the three sessions since Monday largely due to strong demand dollar demand from oil importers amid firming oil prices and foreign capital outflows. The US dollar strengthened against global peers after economic data signalled a thriving US economy which drove Treasury yields to a seven-year high of 3.23 per cent - a level not seen since mid-2011. Hawkish comments about the US economy by Federal Reserve Chairman Jerome Powell have also boosted the dollar buying. Emerging currencies including the rupee bore the brunt during the day as investors shifted funds from riskier assets to safe bets like the US dollar. The dollar strengthened against the Chinese yuan by 0.2 per cent to 6.9 in the offshore market and touched a fresh 20-year high against the Indonesian rupiah. South African rand, Mexican peso and Australian dollar also dropped up to 1.5 per cent. Brent crude also breached the four-year high of $86 dollar per barrel level, fuelling worries over widening current account and trade deficit. Oil prices have reached four-year peaks as the market focused on upcoming US sanctions on Iran while shrugging off the year's largest weekly build in US crude stockpiles. "The fall in the rupee led to a sharp rise in government bond yields, due to increasing expectations that the RBI's monetary policy committee (MPC) could go for a bigger rate increase than expected on Friday," V K Sharma, Head PCG & Capital Markets Group HDFC Securities. India's benchmark 10-year sovereign yield rose to 8.16 per cent. Stocks markets crashed up to 2.24 per cent due to heavy selling pressure banking, energy, pharma and IT stocks. Foreign investors remained net sellers for a third day pulling out Rs 2,760.63 crore from stock markets. To stem the rupee fall, the RBI Wednesday allowed oil companies to access foreign capital of $10 billion on a long-term basis to finance their working capital requirements. The government Thursday said state-owned fuel retailers will have to complete $10 billion external commercial borrowing (ECBs) within a year and they would not be required to hedge the exposure. The central government and mostly BJP-led states announced a cut in excise and VAT rates to reduce fuel prices by Rs 5 per litre. The rupee opened on a weak note at 73.72 against the previous close of 73.34 per dollar. It slid to an all-time low of 73.81 per dollar due to rising crude prices and reports that the RBI "cannot afford" a special swap window for oil importers to meet the dollar demand. Bank of America Merrill Lynch in a report explained that pre-committing $8 billion a month for it over and above the $25-30 billion lost in interventions since April will push the overall forex reserves below the critical eight-month import cover mark. The rupee, however, made a spirited recovery of 23 paise from lifetime lows in last 15 minutes of trade backed by the government steps to reduce oil prices. It finally settled at 73.58, it all-time closing low, with a loss of 24 paise. The FBIL set the reference rate at 73.7509 for the US dollar and 84.6257 for the euro. The pound sterling was pegged at 95.3904 and Japanese yen at 64.49 for 100 rupees.

Rupee crashes to all-time low of 73.81 on capital outflows, surging oil prices

Tracking a firming trend overseas, silver prices shot up by 0.82 per cent to Rs 41,101 per kg in futures trade today as speculators raised their bets.

In futures trading at the Multi Commodity Exchange, silver for delivery in July jumped by Rs 335, or 0.82 per cent to Rs 41,101 per kg in a business turnover of 2,888 lots. 
 
On similar lines, the white metal for delivery in far-month September was trading higher by Rs 315, or 0.76 per cent to Rs 41,766 per kg in 167 lots. 
 
Market analysts said speculative position created by participants, driven by firm global trend, mainly pushed up silver prices at futures trade here. 
 
Meanwhile, silver rose 0.03 per cent to USD 17.01 an ounce in Singapore.

On similar lines, the white metal for delivery in far-month September was trading higher by Rs 315, or 0.76 per cent to Rs 41,766 per kg in 167 lots

Tracking a firming trend overseas, silver prices shot up by 0.82 per cent to Rs 41,101 per kg in futures trade today as speculators raised their bets. In futures trading at the Multi Commodity Exchange, silver for delivery in July jumped by Rs 335, or 0.82 per cent to Rs 41,101 per kg in a business turnover of 2,888 lots. On similar lines, the white metal for delivery in far-month September was trading higher by Rs 315, or 0.76 per cent to Rs 41,766 per kg in 167 lots. Market analysts said speculative position created by participants, driven by firm global trend, mainly pushed up silver prices at futures trade here. Meanwhile, silver rose 0.03 per cent to USD 17.01 an ounce in Singapore.

Positive global cues lift silver futures

The BSE Sensex rebounded over 69 points in opening trade, breaking its three-day losing run, ahead of the RBI's bi-monthly policy meet outcome due later in the day. 
 
The 30-share index recovered by 69.38 points, or 0.19 per cent, to 34,972.59. It had lost 419.17 points in the previous three sessions.

Sectoral indices led by FMCG, auto, metal, IT and capital goods rose by up to 0.30 per cent. 
 
The NSE Nifty also went up by 22.65 points, or 0.21 per cent, to 10,615.80.

Brokers said investors were seen raising their bets ahead of the monetary policy announcement. 
 
Besides, a mixed trend at other Asian bourses influenced the trading sentiment in the domestic market. 
 
Shares of Bharti Airtel, Coal India, L&T, Tata Motors, M&M, Adani Ports, ITC, Sun Pharma, Bajaj Auto, Maruti Suzuki, Power Grid and Infosys climbed up to 1.48 per cent. 
 
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data. 
 
Among other Asian markets, Japan's Nikkei rose 0.19 per cent, while Hong Kong's Hang Seng edged up 0.31 per cent in their early trade. However, Shanghai Composite Index shed 0.15 per cent. 
 
The US Dow Jones Industrial Average ended 0.06 per cent lower in yesterday's trade.&nbsp;

Sectoral indices led by FMCG, auto, metal, IT and capital goods rose by up to 0.30 per cent

The BSE Sensex rebounded over 69 points in opening trade, breaking its three-day losing run, ahead of the RBI's bi-monthly policy meet outcome due later in the day. The 30-share index recovered by 69.38 points, or 0.19 per cent, to 34,972.59. It had lost 419.17 points in the previous three sessions. Sectoral indices led by FMCG, auto, metal, IT and capital goods rose by up to 0.30 per cent. The NSE Nifty also went up by 22.65 points, or 0.21 per cent, to 10,615.80. Brokers said investors were seen raising their bets ahead of the monetary policy announcement. Besides, a mixed trend at other Asian bourses influenced the trading sentiment in the domestic market. Shares of Bharti Airtel, Coal India, L&T, Tata Motors, M&M, Adani Ports, ITC, Sun Pharma, Bajaj Auto, Maruti Suzuki, Power Grid and Infosys climbed up to 1.48 per cent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data. Among other Asian markets, Japan's Nikkei rose 0.19 per cent, while Hong Kong's Hang Seng edged up 0.31 per cent in their early trade. However, Shanghai Composite Index shed 0.15 per cent. The US Dow Jones Industrial Average ended 0.06 per cent lower in yesterday's trade.

Market opens higher ahead of RBI policy decision

India's sugar output is likely to scale record highs in the next marketing season, with farmers choosing to plant the crop despite falling prices and around 200 billion rupees ($2.96 billion) in delayed payments from mills for the current harvest.

Farmers such as Mohan Sawant, who this year planted cane on two acres of land, say they will be sticking with the crop in the marketing season that kicks off on October 1 as it still offers larger profits than alternatives such as wheat.

"Sugarcane gives me better returns ... I would wait for payment instead of getting lower profit from other crops," said Sawant in the district of Sangli, around 375 km south of Mumbai.

Industry officials and traders said that farmers' devotion to cane would drive sugar production to a fresh peak in the next marketing season. Although they said it was too far out to make estimates on the amount by which output would exceed the 32 million-tonne record expected in the current marketing season.

"It is difficult to give an exact production number right now, but certainly next year output would be higher than this year," said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories (NFCSF).

That output would likely stoke a glut that has weighed on local markets, potentially pushing the country to try to ship more of the sweetener overseas and dragging on global prices that have already fallen 17 per cent in 2018.

Farmers were cultivating cane on 4.87 million hectares as of last week, slightly higher than 4.79 million hectares at the same time in 2017, government data shows.

Apart from new plantings, large amounts of so-called ratoon crops will also be available due to the low cost of taking the second harvest, Naiknavare said.

Ratoon is the root stub of cane that remains after a first crop and can grow again for a second harvest.

Better late than never?

Local sugar prices have dropped over a quarter in the past year to their lowest since September 2015, dragged down by the supply glut.

That has made it "impossible" for mills to pay farmers on time for cane, said B.B. Thombre, president of the Western India Sugar Mills Association.

Mills have delayed payments for cane of more than 200 billion rupees, in some cases by as much as four months, said a government official, declining to be identified as he was not allowed to speak to media.

To reduce sugar stockpiles and support local prices, India made it mandatory for mills to export 2 million tonnes of sugar in March, but they have so far failed to ship large quantities due to lower prices overseas, industry officials said.

Exports need to be ramped up with government help as inventory is going to rise further in the coming season, said Ashok Jain, president of the Bombay Sugar Merchants Association (BSMA).

The country could start next marketing year with carry-forward stocks of 11 million tonnes, said Jain.

But any move to increase exports could be hindered after fellow producers Brazil and Australia initiated a legal investigation into whether India's support for its sugar sector has violated World Trade Organization restrictions.

Industry officials and traders said that farmers' devotion to cane would drive sugar production to a fresh peak in the next marketing season.

India's sugar output is likely to scale record highs in the next marketing season, with farmers choosing to plant the crop despite falling prices and around 200 billion rupees ($2.96 billion) in delayed payments from mills for the current harvest. Farmers such as Mohan Sawant, who this year planted cane on two acres of land, say they will be sticking with the crop in the marketing season that kicks off on October 1 as it still offers larger profits than alternatives such as wheat. "Sugarcane gives me better returns ... I would wait for payment instead of getting lower profit from other crops," said Sawant in the district of Sangli, around 375 km south of Mumbai. Industry officials and traders said that farmers' devotion to cane would drive sugar production to a fresh peak in the next marketing season. Although they said it was too far out to make estimates on the amount by which output would exceed the 32 million-tonne record expected in the current marketing season. "It is difficult to give an exact production number right now, but certainly next year output would be higher than this year," said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories (NFCSF). That output would likely stoke a glut that has weighed on local markets, potentially pushing the country to try to ship more of the sweetener overseas and dragging on global prices that have already fallen 17 per cent in 2018. Farmers were cultivating cane on 4.87 million hectares as of last week, slightly higher than 4.79 million hectares at the same time in 2017, government data shows. Apart from new plantings, large amounts of so-called ratoon crops will also be available due to the low cost of taking the second harvest, Naiknavare said. Ratoon is the root stub of cane that remains after a first crop and can grow again for a second harvest. Better late than never? Local sugar prices have dropped over a quarter in the past year to their lowest since September 2015, dragged down by the supply glut. That has made it "impossible" for mills to pay farmers on time for cane, said B.B. Thombre, president of the Western India Sugar Mills Association. Mills have delayed payments for cane of more than 200 billion rupees, in some cases by as much as four months, said a government official, declining to be identified as he was not allowed to speak to media. To reduce sugar stockpiles and support local prices, India made it mandatory for mills to export 2 million tonnes of sugar in March, but they have so far failed to ship large quantities due to lower prices overseas, industry officials said. Exports need to be ramped up with government help as inventory is going to rise further in the coming season, said Ashok Jain, president of the Bombay Sugar Merchants Association (BSMA). The country could start next marketing year with carry-forward stocks of 11 million tonnes, said Jain. But any move to increase exports could be hindered after fellow producers Brazil and Australia initiated a legal investigation into whether India's support for its sugar sector has violated World Trade Organization restrictions.

Indian sugar output likely to hit record next season as farmers stay sweet on cane

Benchmark indices fell on Wednesday pulled down by oil companies, while mining and energy conglomerate Vedanta Ltd hit an over 10-month low as protests against its copper plant in south India turned violent.

BSE Sensex closed lower by 306.33 points, or 0.88%, to 34,344.91, while the Nifty 50 fell 106.35 points, or 1.01%, to close at 10,430.35.&nbsp;

All the sectoral indices on BSE, except capital goods and consumer durables, ended lower with metal, oil and gas, basic materials and energy fell up to 3.93%.

All the sectoral indices on BSE, except capital goods and consumer durables, ended lower with metal, oil and gas, basic materials and energy fell up to 3.93%.

Benchmark indices fell on Wednesday pulled down by oil companies, while mining and energy conglomerate Vedanta Ltd hit an over 10-month low as protests against its copper plant in south India turned violent. BSE Sensex closed lower by 306.33 points, or 0.88%, to 34,344.91, while the Nifty 50 fell 106.35 points, or 1.01%, to close at 10,430.35. All the sectoral indices on BSE, except capital goods and consumer durables, ended lower with metal, oil and gas, basic materials and energy fell up to 3.93%.

Sensex sinks 306 points, closes at 34,345, Nifty settles at 10,430

Benchmark indices BSE Sensex and NSE’s Nifty 50 closed marginally higher on Tuesday after falling for last five sessions, following mixed cues from global markets and political uncertainty in Karnataka amid fourth-quarter earnings.&nbsp

BSE Sensex closed 35.11 points higher at 34,651.24, while the Nifty 50 ended 20 points up at 10,536.70.&nbsp

Equities in Europe and Asia were mixed despite gains on Wall Street on the back of an apparent cooling in recent US-China trade tensions.&nbsp

BSE MidCap and SmallCap rose 0.65%. Among the sectoral indices on BSE, auto, metal, realty, healthcare and industrials gained over 1%, while oil and gas, energy, FMCG and utilities declined up to 0.41%.

On NSE, Nifty PSU Bank rose 3.65% led by SBI, which was up 4.60%. Dr Reddy’s Labs, Bajaj Auto, Tata Motors and SBI were top gainers, whereas TCS, Asian Paints, Axis Bank and IndusInd Bank were among the major losers.

BSE Sensex closed 35.11 points higher at 34,651.24, while the Nifty 50 ended 20 points up at 10,536.70.

Benchmark indices BSE Sensex and NSE’s Nifty 50 closed marginally higher on Tuesday after falling for last five sessions, following mixed cues from global markets and political uncertainty in Karnataka amid fourth-quarter earnings. BSE Sensex closed 35.11 points higher at 34,651.24, while the Nifty 50 ended 20 points up at 10,536.70. Equities in Europe and Asia were mixed despite gains on Wall Street on the back of an apparent cooling in recent US-China trade tensions. BSE MidCap and SmallCap rose 0.65%. Among the sectoral indices on BSE, auto, metal, realty, healthcare and industrials gained over 1%, while oil and gas, energy, FMCG and utilities declined up to 0.41%. On NSE, Nifty PSU Bank rose 3.65% led by SBI, which was up 4.60%. Dr Reddy’s Labs, Bajaj Auto, Tata Motors and SBI were top gainers, whereas TCS, Asian Paints, Axis Bank and IndusInd Bank were among the major losers.

Sensex closes at 34,651.24, Nifty ends at 10,537

The S&P BSE Sensex which started on a positive note on Monday failed to hold on to momentum and turned negative for the fifth consecutive day in a row.&nbsp;

The Nifty50 which broke below its crucial support placed at 10,550 managed to hold on to 10,500 towards the close.

Benchmark Sensex plunged over 232 points to end at 34,616.13 today, extending its fall to the fifth straight session over political and macroeconomic concerns.

Investors were wary after BJP's B S Yeddyurappa resigned as the chief minister of Karnataka on Saturday minutes before he was to face a floor test to prove his contested majority in the hung assembly, paving the way for the JD(S)-Congress combine to form the government.

Sentiment got another jolt after Moody's Investors Service downgraded PNB's rating, citing the impact of recent fraud on its capital as well as weak internal controls, brokers said.

The 30-share Sensex had soared about 126 points to hit a high of 34,973.95 in early trade but gave up its gains following a widespread sell-off, which dragged it down to 34,593.82.

The gauge finally ended at a nearly one-month low of 34,616.13, down 232.17 points or 0.67 per cent. This is its weakest closing since April 25 when it had finished at 34,501.60.

It had lost 708.41 points in the previous four sessions.

The broader NSE Nifty closed lower by 79.70 points, or 0.75 per cent, at 10,516.70, after hovering between 10,621.70 and 10,505.80.

A plunge in the rupee's value and sustained foreign fund outflows added to the gloom.

(With inputs from PTI)

The 30-share Sensex had soared about 126 points to hit a high of 34,973.95 in early trade but gave up its gains following a widespread sell-off, which dragged it down to 34,593.82.

The S&P BSE Sensex which started on a positive note on Monday failed to hold on to momentum and turned negative for the fifth consecutive day in a row. The Nifty50 which broke below its crucial support placed at 10,550 managed to hold on to 10,500 towards the close. Benchmark Sensex plunged over 232 points to end at 34,616.13 today, extending its fall to the fifth straight session over political and macroeconomic concerns. Investors were wary after BJP's B S Yeddyurappa resigned as the chief minister of Karnataka on Saturday minutes before he was to face a floor test to prove his contested majority in the hung assembly, paving the way for the JD(S)-Congress combine to form the government. Sentiment got another jolt after Moody's Investors Service downgraded PNB's rating, citing the impact of recent fraud on its capital as well as weak internal controls, brokers said. The 30-share Sensex had soared about 126 points to hit a high of 34,973.95 in early trade but gave up its gains following a widespread sell-off, which dragged it down to 34,593.82. The gauge finally ended at a nearly one-month low of 34,616.13, down 232.17 points or 0.67 per cent. This is its weakest closing since April 25 when it had finished at 34,501.60. It had lost 708.41 points in the previous four sessions. The broader NSE Nifty closed lower by 79.70 points, or 0.75 per cent, at 10,516.70, after hovering between 10,621.70 and 10,505.80. A plunge in the rupee's value and sustained foreign fund outflows added to the gloom. (With inputs from PTI)

Sensex extends losses for 5th day, tanks 232 points

India's industrial output growth slowed to a five-month low of 4.4 percent in March, dragged down by smaller increases in mining, but the central bank is expected to hold interest rates in its next policy meeting amid growing inflation concerns.

Economists surveyed by Reuters had forecast 5.9 percent growth in output compared with a downward revised 7.0 percent annual increase in February.

Annual output growth was 4.3 percent during the fiscal year that ended in March 2018, lower than 4.6 percent in the previous year, data released on Friday by the Ministry of Statistics shows.

Manufacturing, which contributes 78 percent of industrial output, grew 4.5 percent last fiscal year, up from 4.4 percent a year ago, as big companies adjust following teething troubles with a national Goods and Services Tax launched last year.

The Reserve Bank of India, which is due to hold its next policy meeting on June 6, is widely expected to hold rates after having kept policy rates unchanged for the fourth straight meeting in April.

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Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of March 2018 have been released. The General Index for the month of March 2018 stands at 139.0, which is 4.4 percent higher as compared to the level in the month of March 2017
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The biggest risk that Asia's third-largest economy faces is rising crude oil prices, which hit $78 a barrel on Thursday, their highest since November 2014 following prospects of new US&nbsp;sanctions on Iran.

India meets 80 percent of its oil needs from imports.

Analysts said companies with significant transport costs could trim expansion plans as subdued rural demand hits economic growth. But foreign investors still have faith in India's growth prospects.

Prime Minister Narendra Modi, who is expected to try for a second term in general elections next year, has taken several steps to attract investments.

On Wednesday, Walmart Inc announced plans to acquire a majority stake in India's e-commerce firm Flipkart by paying $16 billion, the US&nbsp;retailer's largest-ever deal, a sign of confidence among investors in India's growth story.

Modi plans to spend 5.97 trillion rupees ($89.7 billion) on infrastructure in the 2018/19 fiscal year, more than three times what was allocated in 2014/15.

The government expects the $2.5-trillion economy could grow more than 7 percent in the current fiscal year that began in April, up from an estimated 6.6 percent the previous year.

Annual output growth was 4.3 percent during the fiscal year that ended in March 2018, lower than 4.6 percent in the previous year

India's industrial output growth slowed to a five-month low of 4.4 percent in March, dragged down by smaller increases in mining, but the central bank is expected to hold interest rates in its next policy meeting amid growing inflation concerns. Economists surveyed by Reuters had forecast 5.9 percent growth in output compared with a downward revised 7.0 percent annual increase in February. Annual output growth was 4.3 percent during the fiscal year that ended in March 2018, lower than 4.6 percent in the previous year, data released on Friday by the Ministry of Statistics shows. Manufacturing, which contributes 78 percent of industrial output, grew 4.5 percent last fiscal year, up from 4.4 percent a year ago, as big companies adjust following teething troubles with a national Goods and Services Tax launched last year. The Reserve Bank of India, which is due to hold its next policy meeting on June 6, is widely expected to hold rates after having kept policy rates unchanged for the fourth straight meeting in April. Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of March 2018 have been released. The General Index for the month of March 2018 stands at 139.0, which is 4.4 percent higher as compared to the level in the month of March 2017 — ANI (@ANI) May 11, 2018 × The biggest risk that Asia's third-largest economy faces is rising crude oil prices, which hit $78 a barrel on Thursday, their highest since November 2014 following prospects of new US sanctions on Iran. India meets 80 percent of its oil needs from imports. Analysts said companies with significant transport costs could trim expansion plans as subdued rural demand hits economic growth. But foreign investors still have faith in India's growth prospects. Prime Minister Narendra Modi, who is expected to try for a second term in general elections next year, has taken several steps to attract investments. On Wednesday, Walmart Inc announced plans to acquire a majority stake in India's e-commerce firm Flipkart by paying $16 billion, the US retailer's largest-ever deal, a sign of confidence among investors in India's growth story. Modi plans to spend 5.97 trillion rupees ($89.7 billion) on infrastructure in the 2018/19 fiscal year, more than three times what was allocated in 2014/15. The government expects the $2.5-trillion economy could grow more than 7 percent in the current fiscal year that began in April, up from an estimated 6.6 percent the previous year.

India's industrial growth slows to five-month low in March

The key Indian equity indices provisionally closed in the red on Thursday tracking broadly negative global cues.

Market benchmark Sensex broke its four-day winning streak to end over 73 points lower at 35,103.14 as investors chose to trim their positions on weak global cues ahead of talks between China and the US on their trade dispute.

Unabated capital outflows by foreign funds and lower-than-expected quarterly numbers by InterGlobe Aviation and some other companies too added to the caution, brokers said.

Investors kept an eye on high-level talks between China and the US on trade in Beijing today.

Back home, counters such as realty, capital goods, IT, teck, infrastructure, FMCG, consumer durables, oil and gas and auto suffered as participants pulled money off the table.

After opening higher, the 30-share Sensex quickly slipped into the red largely in line with weak Asian cues and hit a low of 35,020.08 before settling at 35,103.14, still down by 73.28 points, or 0.21 per cent.

The index had surged 675.15 points in the past four sessions, spurred by sustained buying by domestic institutional investors (DIIs) and encouraging quarterly earnings by some companies.

The 50-share NSE Nifty slipped below the 10,700-mark and finished at 10,679.65 -- down 38.40 points, or 0.36 per cent. During the day, it shuttled between 10,720.60 and 10,647.45.

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore in yesterday's trade, provisional data showed.

(With inputs from PTI)

Investors kept an eye on high-level talks between China and the US on trade in Beijing today.

The key Indian equity indices provisionally closed in the red on Thursday tracking broadly negative global cues. Market benchmark Sensex broke its four-day winning streak to end over 73 points lower at 35,103.14 as investors chose to trim their positions on weak global cues ahead of talks between China and the US on their trade dispute. Unabated capital outflows by foreign funds and lower-than-expected quarterly numbers by InterGlobe Aviation and some other companies too added to the caution, brokers said. Investors kept an eye on high-level talks between China and the US on trade in Beijing today. Back home, counters such as realty, capital goods, IT, teck, infrastructure, FMCG, consumer durables, oil and gas and auto suffered as participants pulled money off the table. After opening higher, the 30-share Sensex quickly slipped into the red largely in line with weak Asian cues and hit a low of 35,020.08 before settling at 35,103.14, still down by 73.28 points, or 0.21 per cent. The index had surged 675.15 points in the past four sessions, spurred by sustained buying by domestic institutional investors (DIIs) and encouraging quarterly earnings by some companies. The 50-share NSE Nifty slipped below the 10,700-mark and finished at 10,679.65 -- down 38.40 points, or 0.36 per cent. During the day, it shuttled between 10,720.60 and 10,647.45. Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore in yesterday's trade, provisional data showed. (With inputs from PTI)

Sensex snaps 4-day rising streak, ends at 35,103

Benchmark Sensex vaulted over 212 points today, riding on a stellar show by Yes Bank, as investors piled into consumption, IT and banking counters amid encouraging earnings.

Yes Bank was the top performer in the 30-share Sensex pack, surging 8.26 per cent, after the private lender reported a 29 per cent jump in its net profit (standalone) at Rs 1,179.40 crore for the March quarter. 
Covering up of pending short positions by speculators on expiry of the April derivatives contracts added to the momentum, brokers said. 
&nbsp 
The BSE Sensex took off on a positive note at 34,532.95 and advanced to the day's high of 34,747.97 before ending at 34,713.60, up 212.33 points, or 0.62 per cent.

This is its highest closing since February 5, when it had finished at 34,757.16.

The 50-issue NSE Nifty ended at 10,617.80, up 47.25 points, or 0.45 per cent, after shuttling between 10,628.40 and 10,559.65.

Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 435.98 crore, while foreign portfolio investors sold to the tune of Rs 304.79 crore yesterday, provisional data showed. 
Globally, there was a mixed trend in Asia and a higher opening in Europe as robust corporate earnings helped Wall Street calm concerns over the surge in US bond yields.

"Market surged in the closing hours of the F&O expiry day led by private banks on account of earnings positivity. IT stocks continued the positive momentum but PSU banks continued to be major laggards.

"Global markets were mixed ahead of the ECB interest rate decision scheduled today but the earnings positivity in the US kept the investors interested despite a further rise in crude price and soaring bond yields," said Anand James, Chief Market Strategist, Geojit Financial Services.

Other Sensex gainers included HUL 2.17 per cent, TCS 2.09 per cent, ITC 1.61 per cent, Kotak Bank 1.41 per cent, Adani Ports 1.38 per cent, Infosys 1.27 per cent, IndusInd Bank 1.11 per cent, Hero MotoCorp 1.02 per cent, ONGC 0.89 per cent, HDFC Bank 0.68 per cent, M&M 0.63 per cent, Tata Motors 0.50 per cent, RIL 0.48 per cent, HDFC 0.36 per cent, Maruti Suzuki 0.29 per cent and NTPC 0.26 per cent.

However, Wipro shed 2 per cent after disappointing Q4 numbers. 
Other losers were Bharti Airtel, falling 2.61 per cent, followed by Dr Reddy's 2.09 per cent, SBI 1.71 per cent, Tata Steel 1.22 per cent, L&T 0.94 per cent, Coal India 0.62 per cent, Bajaj Auto 0.48 per cent, Asian Paints 0.46 per cent and Sun Pharma 0.34 per cent.

Among BSE sectoral indices, FMCG rose 1.25 per cent, IT 1.17 per cent, banking 0.86 per cent, teck 0.59 per cent, consumer durables 0.43 per cent, auto 0.33 per cent, metal 0.12 per cent and oil and gas 0.07 per cent.

On the other hand, realty fell 0.77 per cent, capital goods 0.51 per cent, PSU 0.36 per cent, healthcare 0.15 per cent and infrastructure 0.13 per cent.

The S&P BSE Small-Cap index rose 0.25 per cent, while the Mid-Cap index lost 0.02 per cent.

In global markets, oil prices rose on geopolitical concerns. Brent crude oil futures were trading higher at USD 74.53 per barrel while WTI crude oil traded at USD 68.41 per barrel.

Asian markets ended on a mixed note as investors digested the latest quarterly corporate earnings. In US, the Dow Jones industrial average closed higher for the first time in six sessions yesterday.

Japan's benchmark Nikkei 225 index climbed 0.47 per cent and Singapore edged up 0.06 per cent, while Hong Kong's Hang Seng lost 1.06 per and the Shanghai Composite in mainland China declined 1.38 per cent.

European shares were higher in early trade.

Frankfurt's DAX 30 index inched up 0.17 per cent and Paris CAC 40 was higher 0.44 per cent. London's benchmark FTSE 100 index too climbed 0.16 per cent.&nbsp

The BSE Sensex took off on a positive note at 34,532.95 and advanced to the day's high of 34,747.97 before ending at 34,713.60, up 212.33 points, or 0.62 per cent.

Benchmark Sensex vaulted over 212 points today, riding on a stellar show by Yes Bank, as investors piled into consumption, IT and banking counters amid encouraging earnings. Yes Bank was the top performer in the 30-share Sensex pack, surging 8.26 per cent, after the private lender reported a 29 per cent jump in its net profit (standalone) at Rs 1,179.40 crore for the March quarter. Covering up of pending short positions by speculators on expiry of the April derivatives contracts added to the momentum, brokers said. The BSE Sensex took off on a positive note at 34,532.95 and advanced to the day's high of 34,747.97 before ending at 34,713.60, up 212.33 points, or 0.62 per cent. This is its highest closing since February 5, when it had finished at 34,757.16. The 50-issue NSE Nifty ended at 10,617.80, up 47.25 points, or 0.45 per cent, after shuttling between 10,628.40 and 10,559.65. Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 435.98 crore, while foreign portfolio investors sold to the tune of Rs 304.79 crore yesterday, provisional data showed. Globally, there was a mixed trend in Asia and a higher opening in Europe as robust corporate earnings helped Wall Street calm concerns over the surge in US bond yields. "Market surged in the closing hours of the F&O expiry day led by private banks on account of earnings positivity. IT stocks continued the positive momentum but PSU banks continued to be major laggards. "Global markets were mixed ahead of the ECB interest rate decision scheduled today but the earnings positivity in the US kept the investors interested despite a further rise in crude price and soaring bond yields," said Anand James, Chief Market Strategist, Geojit Financial Services. Other Sensex gainers included HUL 2.17 per cent, TCS 2.09 per cent, ITC 1.61 per cent, Kotak Bank 1.41 per cent, Adani Ports 1.38 per cent, Infosys 1.27 per cent, IndusInd Bank 1.11 per cent, Hero MotoCorp 1.02 per cent, ONGC 0.89 per cent, HDFC Bank 0.68 per cent, M&M 0.63 per cent, Tata Motors 0.50 per cent, RIL 0.48 per cent, HDFC 0.36 per cent, Maruti Suzuki 0.29 per cent and NTPC 0.26 per cent. However, Wipro shed 2 per cent after disappointing Q4 numbers. Other losers were Bharti Airtel, falling 2.61 per cent, followed by Dr Reddy's 2.09 per cent, SBI 1.71 per cent, Tata Steel 1.22 per cent, L&T 0.94 per cent, Coal India 0.62 per cent, Bajaj Auto 0.48 per cent, Asian Paints 0.46 per cent and Sun Pharma 0.34 per cent. Among BSE sectoral indices, FMCG rose 1.25 per cent, IT 1.17 per cent, banking 0.86 per cent, teck 0.59 per cent, consumer durables 0.43 per cent, auto 0.33 per cent, metal 0.12 per cent and oil and gas 0.07 per cent. On the other hand, realty fell 0.77 per cent, capital goods 0.51 per cent, PSU 0.36 per cent, healthcare 0.15 per cent and infrastructure 0.13 per cent. The S&P BSE Small-Cap index rose 0.25 per cent, while the Mid-Cap index lost 0.02 per cent. In global markets, oil prices rose on geopolitical concerns. Brent crude oil futures were trading higher at USD 74.53 per barrel while WTI crude oil traded at USD 68.41 per barrel. Asian markets ended on a mixed note as investors digested the latest quarterly corporate earnings. In US, the Dow Jones industrial average closed higher for the first time in six sessions yesterday. Japan's benchmark Nikkei 225 index climbed 0.47 per cent and Singapore edged up 0.06 per cent, while Hong Kong's Hang Seng lost 1.06 per and the Shanghai Composite in mainland China declined 1.38 per cent. European shares were higher in early trade. Frankfurt's DAX 30 index inched up 0.17 per cent and Paris CAC 40 was higher 0.44 per cent. London's benchmark FTSE 100 index too climbed 0.16 per cent.

Sensex soars as investors say 'Yes' to banks, FMCG

The key Indian equity indices on Wednesday provisionally closed in the negative territory following weak global cues, along with heavy selling pressure in the banking, consumer durables and capital goods stocks.

Benchmark Sensex fell over 115 points while the Nifty closed below 10,600 amid weak global cues and unabated foreign fund outflows.

Asian markets fell and European shares opened lower, tracking overnight losses on Wall Street, led by sell-off in industrials, materials and technology stocks after the 10-year Treasury yield briefly touched the psychologically important 3 per cent level for the first time in four years.

Tomorrow's April month expiry in the derivatives segment added to the volatility in the domestic market, brokers said.

The 30-share Sensex, after a lower opening, stayed in the negative zone for the most part of the session and hit a low of 34,400.56, before settling at 34,501.27, down 115.37 points, or 0.33 per cent. Intra-day, it turned briefly positive to hit a high of 34,631.27 
It had gained 201.06 points in the previous two sessions.

Likewise, the 50-scrip NSE barometer Nifty declined 43.80 points, or 0.41 per cent, to close at 10,570.55 after shuttling between 10,536.45 and 10,612.60.&nbsp

(With inputs from Agencies)

Benchmark Sensex fell over 115 points while the Nifty closed below 10,600 amid weak global cues and unabated foreign fund outflows.

The key Indian equity indices on Wednesday provisionally closed in the negative territory following weak global cues, along with heavy selling pressure in the banking, consumer durables and capital goods stocks. Benchmark Sensex fell over 115 points while the Nifty closed below 10,600 amid weak global cues and unabated foreign fund outflows. Asian markets fell and European shares opened lower, tracking overnight losses on Wall Street, led by sell-off in industrials, materials and technology stocks after the 10-year Treasury yield briefly touched the psychologically important 3 per cent level for the first time in four years. Tomorrow's April month expiry in the derivatives segment added to the volatility in the domestic market, brokers said. The 30-share Sensex, after a lower opening, stayed in the negative zone for the most part of the session and hit a low of 34,400.56, before settling at 34,501.27, down 115.37 points, or 0.33 per cent. Intra-day, it turned briefly positive to hit a high of 34,631.27 It had gained 201.06 points in the previous two sessions. Likewise, the 50-scrip NSE barometer Nifty declined 43.80 points, or 0.41 per cent, to close at 10,570.55 after shuttling between 10,536.45 and 10,612.60. (With inputs from Agencies)

Sensex sheds 115 points on weak global cues, profit-booking

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