The benchmark BSE Sensex declined by about 80 points in early session today, in tandem with weak global cues amid rupee's plunge below the 66 mark.

Besides, the release of the minutes of last Monetary Policy Committee (MPC) meeting on April 4-5, indicating the Reserve Bank of India may shift to a hawkish monetary stance in June, weighed on investor sentiment.

The 30-share index, which had gained 95.61 points in yesterday's session, was quoting lower by 79.95 points, or 0.23 per cent, at 34,347.34, with metal, banking, realty, FMCG, power and PSU stocks leading the fall.

Similarly, the NSE Nifty fell 25.20 points, or 0.24 per cent, to 10,540.10.

Brokers said, besides continued capital outflows by foreign funds, profit-booking in recent gainers, rupee's fall below the 66-mark against the dollar and higher global crude oil prices, hurt trading sentiments.

Bucking the trend, shares of the country's largest software exporter TCS climbed 3.81 per cent, to Rs 3,312.30 after the company yesterday reported a 4.4 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter and its board recommended a 1:1 bonus share issue.

Laggards were Tata Steel, Asian Paint, ITC, SBI, Axis Bank, HDFC, Sun Pharma, Yes Bank, IndusInd Bank, Power Grid, Bajaj Auto, Hero MotoCorp, M&M and RIL, falling by up to 1.39 per cent.

Meanwhile, foreign funds sold shares worth Rs 624.99 crore in yesterday's trade, provisional data showed.

Globally, Hong Kong's Hang Seng fell 0.18 per cent, while Shanghai Composite Index shed 0.73 per cent in early trade today. Japan's Nikkei, however, rose 0.14 per cent.

The US Dow Jones Industrial Average had ended 0.34 per cent lower in yesterday's trade.&nbsp

The 30-share index, which had gained 95.61 points in yesterday's session, was quoting lower by 79.95 points, or 0.23 per cent, at 34,347.34, with metal, banking, realty, FMCG, power and PSU stocks leading the fall.

The benchmark BSE Sensex declined by about 80 points in early session today, in tandem with weak global cues amid rupee's plunge below the 66 mark. Besides, the release of the minutes of last Monetary Policy Committee (MPC) meeting on April 4-5, indicating the Reserve Bank of India may shift to a hawkish monetary stance in June, weighed on investor sentiment. The 30-share index, which had gained 95.61 points in yesterday's session, was quoting lower by 79.95 points, or 0.23 per cent, at 34,347.34, with metal, banking, realty, FMCG, power and PSU stocks leading the fall. Similarly, the NSE Nifty fell 25.20 points, or 0.24 per cent, to 10,540.10. Brokers said, besides continued capital outflows by foreign funds, profit-booking in recent gainers, rupee's fall below the 66-mark against the dollar and higher global crude oil prices, hurt trading sentiments. Bucking the trend, shares of the country's largest software exporter TCS climbed 3.81 per cent, to Rs 3,312.30 after the company yesterday reported a 4.4 per cent growth in its consolidated net profit at Rs 6,904 crore for the March 2018 quarter and its board recommended a 1:1 bonus share issue. Laggards were Tata Steel, Asian Paint, ITC, SBI, Axis Bank, HDFC, Sun Pharma, Yes Bank, IndusInd Bank, Power Grid, Bajaj Auto, Hero MotoCorp, M&M and RIL, falling by up to 1.39 per cent. Meanwhile, foreign funds sold shares worth Rs 624.99 crore in yesterday's trade, provisional data showed. Globally, Hong Kong's Hang Seng fell 0.18 per cent, while Shanghai Composite Index shed 0.73 per cent in early trade today. Japan's Nikkei, however, rose 0.14 per cent. The US Dow Jones Industrial Average had ended 0.34 per cent lower in yesterday's trade.

Sensex falls over 50 points on negative global cues, weak rupee

Indian sellers registered on the e-commerce giant Amazon could soon be able to find customers in Pakistan if the company is successful in holding a share in Pakistan-based fashion portal Clicky.pk.&nbsp;

Amazon bought Dubai company Souk which automatically gave the online retail giant a 33% stake in Click.pk. Souk had invested in the Pakistan fashion company in 2016.&nbsp;

Indian merchants will be able to sell products in Pakistan via Dubai if all goes to plan, reports said. Pakistan already has a list of 1,200 products which are forbidden to be imported from India which has led to an informal trade between the two&nbsp;countries mostly through Dubai and sometimes through Afghanistan.

Amazon and Click.pk have not made any remarks yet.&nbsp;

If the deal is cracked, Amazon&nbsp;could have a higher foothold in Pakistan - something that China's Alibaba has been planning to do.&nbsp;

Clicky.pk competes with players like Daraz. Pakistan’s online commerce market was estimated to be worth $100 million in 2017. Clicky.pk had raised nearly $1million by selling 33% stake to Souq in late 2016. In 2017, Amazon completed the acquisition of Souq for $580 million.&nbsp; 
&nbsp;

If the deal is cracked, Amazone could have a higher foothold in Pakistan - something that China's Alibaba has been planning to do

Indian sellers registered on the e-commerce giant Amazon could soon be able to find customers in Pakistan if the company is successful in holding a share in Pakistan-based fashion portal Clicky.pk. Amazon bought Dubai company Souk which automatically gave the online retail giant a 33% stake in Click.pk. Souk had invested in the Pakistan fashion company in 2016. Indian merchants will be able to sell products in Pakistan via Dubai if all goes to plan, reports said. Pakistan already has a list of 1,200 products which are forbidden to be imported from India which has led to an informal trade between the two countries mostly through Dubai and sometimes through Afghanistan. Amazon and Click.pk have not made any remarks yet. If the deal is cracked, Amazon could have a higher foothold in Pakistan - something that China's Alibaba has been planning to do. Clicky.pk competes with players like Daraz. Pakistan’s online commerce market was estimated to be worth $100 million in 2017. Clicky.pk had raised nearly $1million by selling 33% stake to Souq in late 2016. In 2017, Amazon completed the acquisition of Souq for $580 million.

Indian sellers may soon be able to sell products in Pakistan as Amazon looks to acquire market

Benchmark Sensex plunged more than 350 points on Wednesday, in line with a weak trend overseas on escalating trade war worries, as participants stayed on the sidelines ahead of RBI's monetary policy announcement.

Sentiment dampened after China today said it was ready to take countermeasures in retaliation against the new round of tariffs imposed by US President Donald Trump.

The escalating Sino-US trade tensions also dragged down global equity markets, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.31%. US stocks futures and European stocks also extended their fall.

The 30-share Sensex opened positive and advanced to a high of 33,505.53 but succumbed to a sudden sell-off in the afternoon, hitting a low of 32,972.56. It finally ended 351.56 points or 1.05 per cent down at 33,019.07.

This is the benchmark's biggest fall since March 23, when it had lost 409.73 points.

The broader NSE Nifty, after scaling the day's high of 10,279.85, slipped into the negative terrain to 10,111.30 before closing at 10,128.40, down by 116.60 points, or 1.14 per cent.

(With inputs from PTI)

BSE Sensex closed lower by 351.56 points at 33,019.07, while the Nifty 50 fell 116.60 points to close at 10,128.40. Here are the highlights from the markets

Benchmark Sensex plunged more than 350 points on Wednesday, in line with a weak trend overseas on escalating trade war worries, as participants stayed on the sidelines ahead of RBI's monetary policy announcement. Sentiment dampened after China today said it was ready to take countermeasures in retaliation against the new round of tariffs imposed by US President Donald Trump. The escalating Sino-US trade tensions also dragged down global equity markets, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.31%. US stocks futures and European stocks also extended their fall. The 30-share Sensex opened positive and advanced to a high of 33,505.53 but succumbed to a sudden sell-off in the afternoon, hitting a low of 32,972.56. It finally ended 351.56 points or 1.05 per cent down at 33,019.07. This is the benchmark's biggest fall since March 23, when it had lost 409.73 points. The broader NSE Nifty, after scaling the day's high of 10,279.85, slipped into the negative terrain to 10,111.30 before closing at 10,128.40, down by 116.60 points, or 1.14 per cent. (With inputs from PTI)

Worried by US-China tariff war, Sensex drops 352 points

Benchmark indices BSE Sensex and NSE’s Nifty 50 declined over 1% as trade war fears escalated after China announced 25% tariff on 106 products in 14 categories imported from the US, including soybeans, automobiles and chemicals.

BSE Sensex closed lower by 351.56 points, or 1.05%, to 33,019.07, while the Nifty 50 fell 116.60 points, or 1.14%, to close at 10,128.40.

The escalating Sino-US trade tensions also dragged down global equity markets, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.31 percent as of 1008 GMT. US stocks futures and European stocks also extended their fall.

Benchmark indices BSE Sensex and NSE’s Nifty 50 declined over 1% as trade war fears escalated after China announced 25% tariff on 106 products in 14 categories imported from the US, including soybeans, automobiles and chemicals. BSE Sensex closed lower by 351.56 points, or 1.05%, to 33,019.07, while the Nifty 50 fell 116.60 points, or 1.14%, to close at 10,128.40. The escalating Sino-US trade tensions also dragged down global equity markets, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.31 percent as of 1008 GMT. US stocks futures and European stocks also extended their fall.

Sensex drops 352 points over US-China tariff war fears

The market extended losses on the back of weak global cues, with the Sensex falling 200 points.

The Nifty continued to trade below 10,150 ahead of expiry of March futures & options contracts today, falling 60 points.

All sectoral indices were in the red, with the Nifty Metal, PSU Bank falling over a percent.

Investors would stay cautious ahead of the expiry of March derivative series later today. The stock market will stay shut on Thursday and Friday and resume trading next week on Monday.&nbsp

Overseas, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, with tech-heavy Korean shares falling 1.0 per cent. Japan's Nikkei &nbspfell 2.1 per cent.

On Wall Street, The Dow Jones Industrial Average fell 344.89 points, or 1.43 percent, to 23,857.71, the S&P 500 lost 45.93 points, or 1.73 percent, to 2,612.62 and the Nasdaq Composite dropped 211.74 points, or 2.93 percent, to 7,008.81, making their fourth decline in five sessions.

All sectoral indices were in the red, with the Nifty Metal, PSU Bank falling over a percent.

The market extended losses on the back of weak global cues, with the Sensex falling 200 points. The Nifty continued to trade below 10,150 ahead of expiry of March futures & options contracts today, falling 60 points. All sectoral indices were in the red, with the Nifty Metal, PSU Bank falling over a percent. Investors would stay cautious ahead of the expiry of March derivative series later today. The stock market will stay shut on Thursday and Friday and resume trading next week on Monday. Overseas, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent, with tech-heavy Korean shares falling 1.0 per cent. Japan's Nikkei &nbspfell 2.1 per cent. On Wall Street, The Dow Jones Industrial Average fell 344.89 points, or 1.43 percent, to 23,857.71, the S&P 500 lost 45.93 points, or 1.73 percent, to 2,612.62 and the Nasdaq Composite dropped 211.74 points, or 2.93 percent, to 7,008.81, making their fourth decline in five sessions.

Sensex sheds 212 points; Nifty falls to 10,122

Benchmark indices BSE Sensex and NSE’s Nifty 50 trade little changed on Monday following losses in global equity markets.&nbsp;

Among sectoral indices, the Nifty PSU Bank index was trading nearly 1% higher led by a rise in the shares of State Bank of India, Punjab National Bank and Bank of Baroda.

The Street has been volatile in the last couple of weeks with US and China turning the heat on the possibility of a trade war.&nbsp;

The US's hike on import tariffs on steel and aluminium resulted in major metal stocks like Tata Steel bleeding heavily.&nbsp;

On Monday however, the Nifty Metal sub-index was trading 0.30 per cent in the green at 9.25 am. State-run banks, the other volatile sector too was holding up.

The Street has been volatile in the last couple of weeks with US and China turning the heat on the possibility of a trade war.

Benchmark indices BSE Sensex and NSE’s Nifty 50 trade little changed on Monday following losses in global equity markets. Among sectoral indices, the Nifty PSU Bank index was trading nearly 1% higher led by a rise in the shares of State Bank of India, Punjab National Bank and Bank of Baroda. The Street has been volatile in the last couple of weeks with US and China turning the heat on the possibility of a trade war. The US's hike on import tariffs on steel and aluminium resulted in major metal stocks like Tata Steel bleeding heavily. On Monday however, the Nifty Metal sub-index was trading 0.30 per cent in the green at 9.25 am. State-run banks, the other volatile sector too was holding up.

Indices trade flat, Nifty below 10,000 mark

The benchmark BSE Sensex extended volatility for the third straight day by shedding over 60 points in early trade today on selling by domestic institutional investors amid weakness in Asian markets on trade war concerns.

Selling pressure on IT, Teck and oil & gas stocks, too, weighed on market sentiment.

The 30-share index slipped 60.10 points, or 0.18 per cent, to 32,536.44. The benchmark had lost 539.64 points in the previous two sessions.

Major laggards were Hero MotoCorp, Wipro, ITC, TCS, Bharti Airtel, Infosys, Dr Reddy's, Kotak Bank, HDFC and Bajaj Auto, falling by up to 2 per cent.

NSE Nifty was trading down by 14.35 points, or 0.14 per cent, at 9,983.70.

Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 935.41 crore, while foreign portfolio investors (FPIs) bought shares of Rs 1628.19 crore yesterday.

Asian markets were trading lower following a global sell-off last week amid rising tensions between the US and China.

Fears of a full-blown trade war dampened investor sentiment here, broker said.

Japan's Nikkei shed 0.40 per cent, while Hong Kong's Hang Seng down 0.44 per cent. Shanghai Composite Index shed 1.32 per cent in early trade.

The US Dow Jones Industrial Average also ended 1.77 per cent lower Friday.

Selling pressure on IT, Teck and oil & gas stocks, too, weighed on market sentiment.

The benchmark BSE Sensex extended volatility for the third straight day by shedding over 60 points in early trade today on selling by domestic institutional investors amid weakness in Asian markets on trade war concerns. Selling pressure on IT, Teck and oil & gas stocks, too, weighed on market sentiment. The 30-share index slipped 60.10 points, or 0.18 per cent, to 32,536.44. The benchmark had lost 539.64 points in the previous two sessions. Major laggards were Hero MotoCorp, Wipro, ITC, TCS, Bharti Airtel, Infosys, Dr Reddy's, Kotak Bank, HDFC and Bajaj Auto, falling by up to 2 per cent. NSE Nifty was trading down by 14.35 points, or 0.14 per cent, at 9,983.70. Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 935.41 crore, while foreign portfolio investors (FPIs) bought shares of Rs 1628.19 crore yesterday. Asian markets were trading lower following a global sell-off last week amid rising tensions between the US and China. Fears of a full-blown trade war dampened investor sentiment here, broker said. Japan's Nikkei shed 0.40 per cent, while Hong Kong's Hang Seng down 0.44 per cent. Shanghai Composite Index shed 1.32 per cent in early trade. The US Dow Jones Industrial Average also ended 1.77 per cent lower Friday.

Sensex, Nifty turn choppy on weak global cues

The benchmark BSE Sensex rose over 100 points in early trade today, extending gains for the third session after US Federal Reserve announced the widely-expected hike in key lending rate.

The 30-share index was trading 102.07 points, or 0.31 per cent, higher to 33,238.25. The gauge had gained 213.06 points in the previous two sessions.

Sectoral indices, led by healthcare, metal, capital goods, oil &amp; gas infrastructure, auto and FMCG, gained up to 0.57 per cent. 
The NSE Nifty also advanced by 32.70 points, or 0.32 per cent, to 10,187.95.

Major gainers that supported the uptrend were ONGC, Sun Pharma, Tata Motors, Reliance Industries, ITC, Tata Steel and L&amp;T, rising up to 3.05 per cent.

Brokers said sustained foreign fund inflows, increased buying by domestic institutional investors (DIIs) and a mixed trend in other Asian bourses, after the Fed rate hike, influenced the market. 
An appreciating rupee against the dollar also supported investor sentiment, they said.

Meanwhile, on a net basis, foreign institutional investors (FIIs) bought shares worth Rs 98.44 crore, while DIIs purchases equities to the tune of Rs 197.78 crore yesterday, provisional data showed. 
Among other Asian markets, Japan&#39;s Nikkei was trading higher by 0.38 per cent, while Hong Kong&#39;s Hang Seng fell 0.61 per cent in their early deals. The Shanghai Composite index was down by 0.93 per cent.

The US Dow Jones Industrial Average ended 0.18 per cent lower in yesterday&#39;s trade.

The 30-share index was trading 102.07 points, or 0.31 per cent, higher to 33,238.25. The gauge had gained 213.06 points in the previous two sessions

The benchmark BSE Sensex rose over 100 points in early trade today, extending gains for the third session after US Federal Reserve announced the widely-expected hike in key lending rate. The 30-share index was trading 102.07 points, or 0.31 per cent, higher to 33,238.25. The gauge had gained 213.06 points in the previous two sessions. Sectoral indices, led by healthcare, metal, capital goods, oil & gas infrastructure, auto and FMCG, gained up to 0.57 per cent. The NSE Nifty also advanced by 32.70 points, or 0.32 per cent, to 10,187.95. Major gainers that supported the uptrend were ONGC, Sun Pharma, Tata Motors, Reliance Industries, ITC, Tata Steel and L&T, rising up to 3.05 per cent. Brokers said sustained foreign fund inflows, increased buying by domestic institutional investors (DIIs) and a mixed trend in other Asian bourses, after the Fed rate hike, influenced the market. An appreciating rupee against the dollar also supported investor sentiment, they said. Meanwhile, on a net basis, foreign institutional investors (FIIs) bought shares worth Rs 98.44 crore, while DIIs purchases equities to the tune of Rs 197.78 crore yesterday, provisional data showed. Among other Asian markets, Japan's Nikkei was trading higher by 0.38 per cent, while Hong Kong's Hang Seng fell 0.61 per cent in their early deals. The Shanghai Composite index was down by 0.93 per cent. The US Dow Jones Industrial Average ended 0.18 per cent lower in yesterday's trade.

Sensex rises over 100 points, Nifty nears 10,200

The Sensex opened higher on Thursday. At about 9.30 am, the Sensex was up 74.55 points or 0.22 per cent at 33,210.73. Similarly, the NSE Nifty was trading 27.70 points or 0.27 per cent higher at 10,182.95.

On the Nifty 50, 34 stocks advanced against 16 that declined.

ONGC, Sun Pharma, Tata Motors, L&amp;T, ITC and Reliance were among the top gainers on the Sensex. On the Nifty, Sun Pharma, Tata Motors, HCL Tech, Vedanta and ONGC were the top gainers.

Bharti Airtel, SBI, Wipro, Axis Bank and BPCL were the top losers on the Nifty.

ONGC, Sun Pharma, Tata Motors, L&T, ITC and Reliance were among the top gainers on the Sensex.

The Sensex opened higher on Thursday. At about 9.30 am, the Sensex was up 74.55 points or 0.22 per cent at 33,210.73. Similarly, the NSE Nifty was trading 27.70 points or 0.27 per cent higher at 10,182.95. On the Nifty 50, 34 stocks advanced against 16 that declined. ONGC, Sun Pharma, Tata Motors, L&T, ITC and Reliance were among the top gainers on the Sensex. On the Nifty, Sun Pharma, Tata Motors, HCL Tech, Vedanta and ONGC were the top gainers. Bharti Airtel, SBI, Wipro, Axis Bank and BPCL were the top losers on the Nifty.

Sensex gains 50 points, Nifty nears 10,200

Benchmark indices traded higher for the second session on Wednesday, with BSE Sensex rising over 200 points and NSE&rsquo;s Nifty 50 inching near 10,200 in the opening trade.&nbsp;

The rupee was trading little changed against the US dollar ahead of the US Federal Reserve&rsquo;s policy statement due later on Wednesday.&nbsp;

The Sensitive Index (Sensex) of the BSE, which had closed at 32,996.76 points on Tuesday, opened higher at 33,090.82 points.

Minutes of trading, it was quoting at 33,191.94 points, up by 195.18 points, or 0.59 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,124.35 points on Tuesday, was quoting at 10,184.70 points, up by 60.35 points or 0.60 per cent.

Minutes of trading, it was quoting at 33,191.94 points, up by 195.18 points, or 0.59 per cent.

Benchmark indices traded higher for the second session on Wednesday, with BSE Sensex rising over 200 points and NSE’s Nifty 50 inching near 10,200 in the opening trade. The rupee was trading little changed against the US dollar ahead of the US Federal Reserve’s policy statement due later on Wednesday. The Sensitive Index (Sensex) of the BSE, which had closed at 32,996.76 points on Tuesday, opened higher at 33,090.82 points. Minutes of trading, it was quoting at 33,191.94 points, up by 195.18 points, or 0.59 per cent. At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,124.35 points on Tuesday, was quoting at 10,184.70 points, up by 60.35 points or 0.60 per cent.

Sensex jumps 200 points, Nifty near 10,200; banking stocks rise

Benchmark indices opened the week mildly higher amid volatility and mixed Asian cues on Monday.&nbsp;

Political uncertainty after TDP exit from NDA government last week seems digested by the market.

At 9:20 am, the Sensex was trading at 33,242, up 66.34 points, while the broader Nifty50 was ruling at 10,216, up 21.05 points.&nbsp;

In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.3 per cent and 0.4 per cent, respectively.&nbsp;

Vedanta, Aurobindo Pharma, Dr Reddy's Labs, Cipla, Sun Pharma, GAIL, Yes Bank and HUL were early gainers.

Benchmark indices opened the week mildly higher amid volatility and mixed Asian cues on Monday. Political uncertainty after TDP exit from NDA government last week seems digested by the market. At 9:20 am, the Sensex was trading at 33,242, up 66.34 points, while the broader Nifty50 was ruling at 10,216, up 21.05 points. In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.3 per cent and 0.4 per cent, respectively.

Sensex adds over 50 points, Nifty above 10,200

The benchmark BSE Sensex closed marginally down by 21 points at 33,835.74 after a choppy trade due to selling in oil and gas, auto and metal stocks amid a global sell-off on heightened trade war fears.

Asian stocks declined following an overnight slide in US equities after President Donald Trump replaced his moderate Secretary of State Rex Tillerson with a hawk, CIA Director Mike Pompeo, who supports a hardline approach with China and Iran.

The Sensex, after a gap down opening at 33,733.55 continued its slide to touch a low of 33,580.69.

Later, it recovered to 33,875.15 on firming trend in Europe and a recovery in major banking stocks following a benign wholesale inflation data.

The index finally settled 21.04 points or 0.06 per cent lower at 33,835.74. During the day, the barometer swung almost 295 points (both sides).

The broader NSE Nifty cracked below the key 10,400-mark to touch a low of 10,336.30, before finally ending 15.95 points, or 0.15 per cent, down at 10,410.90. Intra-day it touched a high of 10,420.35.

A fresh spell of selling dragged down most of the sectoral indices, led by oil &amp; gas, realty, metal, FMCG, power, capital goods, auto and PSU which fell up to 0.94 per cent.

&quot;Market traded in a range bound due to mixed trend in the global market but recouped the losses as banking stocks outperformed due to improvement in financial market liquidity. Ease in February WPI inflation to 2.48 per cent will further provide support to the market while any escalation in global risk may lead investors to stay cautious,&quot; Vinod Nair, Head of Research, Geojit Financial Services Ltd said.

Inflation based on wholesale prices eased to a seven-month low of 2.48 per cent in February on cheaper food articles, including vegetables, official data showed.

Banking stocks recovered from early lows to end in the green. Yes Bank rose 1.85 per cent to emerge as the biggest gainer among Sensex scrips. Axis Bank, SBI and ICICI Bank also pared early losses to end higher by up to 0.89 per cent.

Bank of Baroda, PNB, and HDFC Bank also rose up to 3.01 per cent.

RBI yesterday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India&#39;s biggest bank fraud.

Gains in Maruti Suzuki, NTPC, Infosys, Adani Ports and L&amp;T helped the index limit its losses.

However, oil major ONGC dropped by 1.53 per cent after crude prices surged.

HeroMotoCorp took the biggest blow in the Sensex kitty by slumping 1.78 per cent followed by Tata Steel 1.25 per cent.

Other laggards included HDFC, Bajaj Auto, Bharti Airtel, Wipro, M&amp;M, Coal India, Power Grids, Sun Pharma, ITC, TCS, Asian Paints, Kotak Bank and RIL, falling up to 0.91 per cent.

Coal India fell 0.41 per cent after brokerage firm Citi downgraded the stock to neutral and lowered its target price.

Gitanjali Gems cracked 4.90 per cent to Rs 13.60 after National Stock Exchange (NSE) levied penalty on the company for failure to file financial results for the quarter ending December.

Sector-wise, the BSE oil &amp; gas index suffered the most by falling 0.94 per cent, followed by realty (0.52 per cent), metal (0.48 per cent), FMCG (0.28 per cent), power (0.17 per cent), capital goods (0.10 per cent), auto 0.09 and PSU 0.08 per cent.

Bucking the trend, the broader markets ended in the green, with the mid-cap index rising 0.28 per cent and small-cap up 0.28 per cent.

Key indices in rest of Asia declined, with Japan&#39;s Nikkei falling 0.87 per cent and Hong Kong&#39;s Hang Seng shed 0.53 per cent while Shanghai Composite Index down 0.57 per cent.

In the Eurozone, Paris CAC 40 rose 0.32 per cent while Frankfurt&#39;s DAX up 0.36 per cent in early deals. London&#39;s FTSE was higher 0.24 per cent.&nbsp;

The Sensex, after a gap down opening at 33,733.55 continued its slide to touch a low of 33,580.69

The benchmark BSE Sensex closed marginally down by 21 points at 33,835.74 after a choppy trade due to selling in oil and gas, auto and metal stocks amid a global sell-off on heightened trade war fears. Asian stocks declined following an overnight slide in US equities after President Donald Trump replaced his moderate Secretary of State Rex Tillerson with a hawk, CIA Director Mike Pompeo, who supports a hardline approach with China and Iran. The Sensex, after a gap down opening at 33,733.55 continued its slide to touch a low of 33,580.69. Later, it recovered to 33,875.15 on firming trend in Europe and a recovery in major banking stocks following a benign wholesale inflation data. The index finally settled 21.04 points or 0.06 per cent lower at 33,835.74. During the day, the barometer swung almost 295 points (both sides). The broader NSE Nifty cracked below the key 10,400-mark to touch a low of 10,336.30, before finally ending 15.95 points, or 0.15 per cent, down at 10,410.90. Intra-day it touched a high of 10,420.35. A fresh spell of selling dragged down most of the sectoral indices, led by oil & gas, realty, metal, FMCG, power, capital goods, auto and PSU which fell up to 0.94 per cent. "Market traded in a range bound due to mixed trend in the global market but recouped the losses as banking stocks outperformed due to improvement in financial market liquidity. Ease in February WPI inflation to 2.48 per cent will further provide support to the market while any escalation in global risk may lead investors to stay cautious," Vinod Nair, Head of Research, Geojit Financial Services Ltd said. Inflation based on wholesale prices eased to a seven-month low of 2.48 per cent in February on cheaper food articles, including vegetables, official data showed. Banking stocks recovered from early lows to end in the green. Yes Bank rose 1.85 per cent to emerge as the biggest gainer among Sensex scrips. Axis Bank, SBI and ICICI Bank also pared early losses to end higher by up to 0.89 per cent. Bank of Baroda, PNB, and HDFC Bank also rose up to 3.01 per cent. RBI yesterday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India's biggest bank fraud. Gains in Maruti Suzuki, NTPC, Infosys, Adani Ports and L&T helped the index limit its losses. However, oil major ONGC dropped by 1.53 per cent after crude prices surged. HeroMotoCorp took the biggest blow in the Sensex kitty by slumping 1.78 per cent followed by Tata Steel 1.25 per cent. Other laggards included HDFC, Bajaj Auto, Bharti Airtel, Wipro, M&M, Coal India, Power Grids, Sun Pharma, ITC, TCS, Asian Paints, Kotak Bank and RIL, falling up to 0.91 per cent. Coal India fell 0.41 per cent after brokerage firm Citi downgraded the stock to neutral and lowered its target price. Gitanjali Gems cracked 4.90 per cent to Rs 13.60 after National Stock Exchange (NSE) levied penalty on the company for failure to file financial results for the quarter ending December. Sector-wise, the BSE oil & gas index suffered the most by falling 0.94 per cent, followed by realty (0.52 per cent), metal (0.48 per cent), FMCG (0.28 per cent), power (0.17 per cent), capital goods (0.10 per cent), auto 0.09 and PSU 0.08 per cent. Bucking the trend, the broader markets ended in the green, with the mid-cap index rising 0.28 per cent and small-cap up 0.28 per cent. Key indices in rest of Asia declined, with Japan's Nikkei falling 0.87 per cent and Hong Kong's Hang Seng shed 0.53 per cent while Shanghai Composite Index down 0.57 per cent. In the Eurozone, Paris CAC 40 rose 0.32 per cent while Frankfurt's DAX up 0.36 per cent in early deals. London's FTSE was higher 0.24 per cent.

Sensex, Nifty slip as metal, auto stocks decline

Benchmark indices pared gains to end flat amid choppy trade on Tuesday dragged mainly by IT stocks.

The 30-share BSE&nbsp;Sensex was down 61.16 points at 33,856.78 while the 50-share NSE Nifty gained 5.50 points at 10,426.90.

About 1,718 shares advanced&nbsp;against 958 declining shares&nbsp;on the BSE.

Around 2.45PM, the wider Nifty50 of the National Stock Exchange (NSE) fell by 35.75 points or 0.34 per cent to trade at 10,385.65 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 33,732.15 points &mdash; down 185.79 points or 0.55 per cent from the previous session`s close.

The Sensex has so far touched a high of 34,077.32 points and a low of 33,732.15 points during the intra-day trade.

TCS was biggest loser among Nifty50 stocks, falling more than 5 percent after big block deal

Benchmark indices pared gains to end flat amid choppy trade on Tuesday dragged mainly by IT stocks. The 30-share BSE Sensex was down 61.16 points at 33,856.78 while the 50-share NSE Nifty gained 5.50 points at 10,426.90. About 1,718 shares advanced against 958 declining shares on the BSE. Around 2.45PM, the wider Nifty50 of the National Stock Exchange (NSE) fell by 35.75 points or 0.34 per cent to trade at 10,385.65 points. The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 33,732.15 points — down 185.79 points or 0.55 per cent from the previous session`s close. The Sensex has so far touched a high of 34,077.32 points and a low of 33,732.15 points during the intra-day trade.

Sensex ends at 33,857; Nifty closes at 10,427 in choppy trade

The markets during the closing on Monday posted its biggest intraday gain in approximately 1.5 years.

The benchmark BSE Sensex spurted by 611 points &mdash; its biggest single-day gain since March 2016 &mdash; to finish at one-week high of 33,917.94 following a relief rally in global markets on growing prospects of the US economy.

Sensex saw the biggest one-day gain in last 17 months, while Nifty recorded its biggest single-day gain in 22 months.

About 1380 shares advanced, 1341 shares declined, and 210 shares were unchanged, on Monday.

Investors lapped up recently battered metal, oil &amp; gas, FMCG, banking, power, infrastructure, IT, auto, and capital goods stocks amid fresh capital inflows by foreign funds ahead of key IIP and inflation data to be released after market hours today, brokers said.

After opening on a strong footing, the Sensex advanced to hit a high of 33,962.48 on the back of fresh buying by domestic funds and retail investors.

However, later it declined to touch as the day&#39;s low of 33,468.16 before closing at 33,917.94, up by 610.55 points, or 1.83 per cent. The index posted its biggest single-day gain since March 1, 2016, when it had jumped 777.35.

The broader Nifty finished at 10,421.40, up 194.55 points, or 1.90 per cent. It touched a high of 10,433.65 points in day trade.

(With inputs from Agencies)

Sensex saw the biggest one-day gain in last 17 months, while Nifty recorded its biggest single-day gain in 22 months.

The markets during the closing on Monday posted its biggest intraday gain in approximately 1.5 years. The benchmark BSE Sensex spurted by 611 points — its biggest single-day gain since March 2016 — to finish at one-week high of 33,917.94 following a relief rally in global markets on growing prospects of the US economy. Sensex saw the biggest one-day gain in last 17 months, while Nifty recorded its biggest single-day gain in 22 months. About 1380 shares advanced, 1341 shares declined, and 210 shares were unchanged, on Monday. Investors lapped up recently battered metal, oil & gas, FMCG, banking, power, infrastructure, IT, auto, and capital goods stocks amid fresh capital inflows by foreign funds ahead of key IIP and inflation data to be released after market hours today, brokers said. After opening on a strong footing, the Sensex advanced to hit a high of 33,962.48 on the back of fresh buying by domestic funds and retail investors. However, later it declined to touch as the day's low of 33,468.16 before closing at 33,917.94, up by 610.55 points, or 1.83 per cent. The index posted its biggest single-day gain since March 1, 2016, when it had jumped 777.35. The broader Nifty finished at 10,421.40, up 194.55 points, or 1.90 per cent. It touched a high of 10,433.65 points in day trade. (With inputs from Agencies)

Sensex closes after biggest intra-day record high in almost 1.5 years

Stocks closed higher on Thursday, breaking a six-day losing streak as worries surrounding trade war eased.&nbsp;

The 30-share BSE Sensex was up 318.48 points or 0.96 percent at 33,351.57 at closing and the 50-share NSE Nifty gained 88.50 points or 0.87 percent at 10,242.70.

US President Donald Trump&rsquo;s import tariff plan may spare select countries from much of the impact.&nbsp;

BSE Sensex gained over 200 points in the opening trade, while the NSE&rsquo;s Nifty 50 rose past the 10,200 level led by PSU bank, pharma and metal stocks.&nbsp;

The Indian rupee weakened marginally against US dollar in the opening trade.&nbsp;

The 30-share BSE Sensex was up 318.48 points or 0.96 percent at 33,351.57 at closing and the 50-share NSE Nifty gained 88.50 points or 0.87 percent at 10,242.70

Stocks closed higher on Thursday, breaking a six-day losing streak as worries surrounding trade war eased. The 30-share BSE Sensex was up 318.48 points or 0.96 percent at 33,351.57 at closing and the 50-share NSE Nifty gained 88.50 points or 0.87 percent at 10,242.70. US President Donald Trump’s import tariff plan may spare select countries from much of the impact. BSE Sensex gained over 200 points in the opening trade, while the NSE’s Nifty 50 rose past the 10,200 level led by PSU bank, pharma and metal stocks. The Indian rupee weakened marginally against US dollar in the opening trade.

Markets: Sensex ends at 33,351.57; Nifty closes at 10,242.70

The BSE benchmark Sensex saw a sudden plunge in last hour of trade and nosedived nearly 430 points to close at a nearly three-month low of 33,317 after bank stocks came under heavy selling pressure despite positive global cues.

The NSE Nifty too fell over 109 points to 10,249.25, erasing all its early gains.

Bank shares felt the heat following reports that ICICI Bank managing director and chief executive Chanda Kochhar and her Axis Bank counterpart Shikha Sharma have been summoned by the SFIO in the PNB fraud matter.

Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.

The sentiment was further dampened after the RBI yesterday said it had imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations.

The 30-share index Sensex commenced on a strong note at 34,047.43 and advanced to a high of 34,060.13, tracking a firm trend in other Asian markets.&nbsp;

It, however, slipped into a negative zone towards the fag-end to hit a low of 33,209.76 as participants booked profits at improved levels. The gauge finally settled 429.58 points, or 1.27 per cent, lower at 33,317.20.

This was the lowest closing for the Sensex since December 14 when it had finished at 33,246.70 and also the biggest single-day fall since February 6, when it had lost 561.22.

Overall, in the last five straight sessions, the index has lost nearly 1,129 points.

The NSE Nifty after reclaiming the key 10,400-mark touched a high of 10,441.35 in early trade but later slipped into negative zone to hit a low of 10,215.90. It finally settled at 10,249.25, showing a sizeable loss of 109.60 points, or 1.06 per cent.

Meanwhile, Asian markets turned positive today and Europe too opened higher amid easing of concerns over a potential trade war triggered by the comments of US President Donald Trump with regard to tariffs on steel and aluminium.

The NSE Nifty too fell over 109 points to 10,249.25, erasing all its early gains

The BSE benchmark Sensex saw a sudden plunge in last hour of trade and nosedived nearly 430 points to close at a nearly three-month low of 33,317 after bank stocks came under heavy selling pressure despite positive global cues. The NSE Nifty too fell over 109 points to 10,249.25, erasing all its early gains. Bank shares felt the heat following reports that ICICI Bank managing director and chief executive Chanda Kochhar and her Axis Bank counterpart Shikha Sharma have been summoned by the SFIO in the PNB fraud matter. Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent. The sentiment was further dampened after the RBI yesterday said it had imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations. The 30-share index Sensex commenced on a strong note at 34,047.43 and advanced to a high of 34,060.13, tracking a firm trend in other Asian markets. It, however, slipped into a negative zone towards the fag-end to hit a low of 33,209.76 as participants booked profits at improved levels. The gauge finally settled 429.58 points, or 1.27 per cent, lower at 33,317.20. This was the lowest closing for the Sensex since December 14 when it had finished at 33,246.70 and also the biggest single-day fall since February 6, when it had lost 561.22. Overall, in the last five straight sessions, the index has lost nearly 1,129 points. The NSE Nifty after reclaiming the key 10,400-mark touched a high of 10,441.35 in early trade but later slipped into negative zone to hit a low of 10,215.90. It finally settled at 10,249.25, showing a sizeable loss of 109.60 points, or 1.06 per cent. Meanwhile, Asian markets turned positive today and Europe too opened higher amid easing of concerns over a potential trade war triggered by the comments of US President Donald Trump with regard to tariffs on steel and aluminium.

Market takes U-turn; Sensex tumbles 430 points as bank stocks drag

Benchmark indices Nifty and Sensex closed sharply lower amid brutal sell-off in last hour of trade.

The 30-share BSE Sensex was down 429.58 points or 1.27 percent at 33,317.20 and the 50-share NSE Nifty fell 109.60 points or 1.06 percent to 10,249.30.

Shares edged lower, despite stronger cues from Asian equities, with gains spread across most sectors. Asian markets rebounded from near three-week lows as concerns eased over Donald Trump&rsquo;s plan to impose tariffs on steel and aluminium imports.&nbsp;

The Nifty dropped 109 points to close at 10,249

Benchmark indices Nifty and Sensex closed sharply lower amid brutal sell-off in last hour of trade. The 30-share BSE Sensex was down 429.58 points or 1.27 percent at 33,317.20 and the 50-share NSE Nifty fell 109.60 points or 1.06 percent to 10,249.30. Shares edged lower, despite stronger cues from Asian equities, with gains spread across most sectors. Asian markets rebounded from near three-week lows as concerns eased over Donald Trump’s plan to impose tariffs on steel and aluminium imports.

Sensex drops 429 points, closes at 33,317

The benchmark BSE Sensex rose over 107 points to 33,926.59 in early session today as the March derivatives series kicked off on a strong note amid positive Asian cues.

The 30-share Sensex, which had lost 25.36 points in the previous session, was trading higher by 107.09 points, or 0.31 per cent, at 33,926.59.

All BSE sectoral indices were in the green, led by healthcare, bank, metal and realty stocks, rising by up to 1.33 per cent. 
The NSE Nifty50 recovered 39.85 points, or 0.38 per cent, to 10,422.55.

Brokers said investors were creating fresh positions at the start of March futures and options (F&amp;O) series, that led to a recovery in the market.

Major gainers include Sun Pharma, Tata Steel, Bharti Airtel, Dr Reddy&#39;s, Yes Bank, Tata Motors, SBI, Wipro and NTPC, rising up to 3.09 per cent.

Stocks of Punjab National Bank which had been under selling pressure since the massive fraud detection, however, edged 1.05 per cent higher.

Shares of Gitanjali Gems slumped for yet another session and slumped nearly 5 per cent to Rs 24.80.

A firm trend in Asian markets on positive cues from Wall Street pushed buying activity in bourses here, they added.

Hong Kong&#39;s Hang Seng gained 0.67 per cent, while Japan&#39;s Nikkei rose 0.36 per cent in early trade. China&#39;s Shanghai Composite Index too edged higher by 0.14 per cent.

The Dow Jones Industrial Average jumped 164.7 points, or 0.66 per cent, to close at 24,962.48 yesterday. The S&amp;P500 gained 2.63 points, or 0.10 per cent, to 2,703.96.

The 30-share Sensex, which had lost 25.36 points in the previous session, was trading higher by 107.09 points, or 0.31 per cent, at 33,926.59

The benchmark BSE Sensex rose over 107 points to 33,926.59 in early session today as the March derivatives series kicked off on a strong note amid positive Asian cues. The 30-share Sensex, which had lost 25.36 points in the previous session, was trading higher by 107.09 points, or 0.31 per cent, at 33,926.59. All BSE sectoral indices were in the green, led by healthcare, bank, metal and realty stocks, rising by up to 1.33 per cent. The NSE Nifty50 recovered 39.85 points, or 0.38 per cent, to 10,422.55. Brokers said investors were creating fresh positions at the start of March futures and options (F&O) series, that led to a recovery in the market. Major gainers include Sun Pharma, Tata Steel, Bharti Airtel, Dr Reddy's, Yes Bank, Tata Motors, SBI, Wipro and NTPC, rising up to 3.09 per cent. Stocks of Punjab National Bank which had been under selling pressure since the massive fraud detection, however, edged 1.05 per cent higher. Shares of Gitanjali Gems slumped for yet another session and slumped nearly 5 per cent to Rs 24.80. A firm trend in Asian markets on positive cues from Wall Street pushed buying activity in bourses here, they added. Hong Kong's Hang Seng gained 0.67 per cent, while Japan's Nikkei rose 0.36 per cent in early trade. China's Shanghai Composite Index too edged higher by 0.14 per cent. The Dow Jones Industrial Average jumped 164.7 points, or 0.66 per cent, to close at 24,962.48 yesterday. The S&P500 gained 2.63 points, or 0.10 per cent, to 2,703.96.

Sensex jumps 107 points as March F&O series opens strong

The benchmark BSE Sensex fell over 144 points in early trade as investors turned cautious ahead of February derivatives expiry amid sustained foreign fund outflows and mixed Asian cues.

The 30-share index, which had gained 141.27 points in the previous session, slipped 144.23 points, or 0.42 per cent, to 33,700.63.

Sectoral indices, led by oil &amp; gas, metal, auto, PSU and banks, slipped into the negative terrain to fall up to 0.99 per cent.

The NSE Nifty50 too fell by 56.80 points, or 0.54 per cent, to 10,340.65.

Squaring-up of positions by participants on the last trading session of February F&amp;O series contracts today and a weak trend in other Asian markets, after the US Federal Reserve minutes indicated a hike in interest rates, influenced sentiment here.

Major losers were ONGC, Asian Paints, Dr Reddy&#39;s, Tata Motors, Axis Bank, Maruti Suzuki, Hindustan Unilever, ITC, Coal India and M&amp;M falling by up to 1.82 per cent.

Meanwhile, Hong Kong&#39;s Hang Seng shed 1.09 per cent while Japan&#39;s Nikkei lost 1.18 per cent in early deals.

The US Dow Jones Industrial Average ended 0.67 per cent lower yesterday.

The 30-share index, which had gained 141.27 points in the previous session, slipped 144.23 points, or 0.42 per cent, to 33,700.63

The benchmark BSE Sensex fell over 144 points in early trade as investors turned cautious ahead of February derivatives expiry amid sustained foreign fund outflows and mixed Asian cues. The 30-share index, which had gained 141.27 points in the previous session, slipped 144.23 points, or 0.42 per cent, to 33,700.63. Sectoral indices, led by oil & gas, metal, auto, PSU and banks, slipped into the negative terrain to fall up to 0.99 per cent. The NSE Nifty50 too fell by 56.80 points, or 0.54 per cent, to 10,340.65. Squaring-up of positions by participants on the last trading session of February F&O series contracts today and a weak trend in other Asian markets, after the US Federal Reserve minutes indicated a hike in interest rates, influenced sentiment here. Major losers were ONGC, Asian Paints, Dr Reddy's, Tata Motors, Axis Bank, Maruti Suzuki, Hindustan Unilever, ITC, Coal India and M&M falling by up to 1.82 per cent. Meanwhile, Hong Kong's Hang Seng shed 1.09 per cent while Japan's Nikkei lost 1.18 per cent in early deals. The US Dow Jones Industrial Average ended 0.67 per cent lower yesterday.

Sensex slips 144 points ahead of F&O expiry

Stocks staged a comeback in early trade with the BSE Sensex gaining over 157 points and the Nifty recapturing the 10,400-level on buying by investors in metal, capital goods, teck and IT stocks amid a mixed trend at other Asian Markets.

The 30-share Sensex recovered by 157.24 points, or 0.46 per cent, to 33,931.90 in opening trade. The index had lost 522.81 points in the previous two sessions.

Sectoral indices led by metal, capital goods, Teck and IT were trading in the green with gains of up to 0.75 per cent.

The broad-based NSE Nifty went up by 23.95 points or 0.23 per cent to 10,402.35.

Tata Steel rose up to 1.5 per cent in early trade after reports suggest the steel maker was leading bidder for debt-ridden Bhushan Steel.

IT stocks TCS, and Infosys also advanced up to 1.7 per cent on a weaker rupee.

Banking stocks ICICI Bank, Axis Bank and Yes Bank gained on value buying after recent losses.

Bharti Airtel, HDFC Ltd, L&amp;T, M&amp;M and ONGC also rose up to 1.4 per cent.

However, Punjab National Bank, embroiled in the Rs 11,300 crore scam, remained weak and shed another 3.31 per cent while Gitanjai Gems lost 9.91 per cent.

Brokers said buying by domestic institutional funds and investors amid a mixed trend at other Asian bourses improved the market sentiment.

Domestic institutional investors (DIIs) bought shares worth a net Rs 586.52 crore yesterday, as per provisional data.

Overseas, Asian stocks were trading mixed as Treasury yields climbed back toward recent four-year highs. Chinese markets will reopen on Thursday, 22 February. US markets remained closed yesterday, in observance of Presidents Day.

In the Asian region, Hong Kong&#39;s Hang Seng was up 0.66 per cent, while Japan&#39;s Nikkei was down 1.20 per cent in early trade today. Shanghai Composite remained closed for a public holiday.

The sensex had lost 522.81 points in the previous two sessions

Stocks staged a comeback in early trade with the BSE Sensex gaining over 157 points and the Nifty recapturing the 10,400-level on buying by investors in metal, capital goods, teck and IT stocks amid a mixed trend at other Asian Markets. The 30-share Sensex recovered by 157.24 points, or 0.46 per cent, to 33,931.90 in opening trade. The index had lost 522.81 points in the previous two sessions. Sectoral indices led by metal, capital goods, Teck and IT were trading in the green with gains of up to 0.75 per cent. The broad-based NSE Nifty went up by 23.95 points or 0.23 per cent to 10,402.35. Tata Steel rose up to 1.5 per cent in early trade after reports suggest the steel maker was leading bidder for debt-ridden Bhushan Steel. IT stocks TCS, and Infosys also advanced up to 1.7 per cent on a weaker rupee. Banking stocks ICICI Bank, Axis Bank and Yes Bank gained on value buying after recent losses. Bharti Airtel, HDFC Ltd, L&T, M&M and ONGC also rose up to 1.4 per cent. However, Punjab National Bank, embroiled in the Rs 11,300 crore scam, remained weak and shed another 3.31 per cent while Gitanjai Gems lost 9.91 per cent. Brokers said buying by domestic institutional funds and investors amid a mixed trend at other Asian bourses improved the market sentiment. Domestic institutional investors (DIIs) bought shares worth a net Rs 586.52 crore yesterday, as per provisional data. Overseas, Asian stocks were trading mixed as Treasury yields climbed back toward recent four-year highs. Chinese markets will reopen on Thursday, 22 February. US markets remained closed yesterday, in observance of Presidents Day. In the Asian region, Hong Kong's Hang Seng was up 0.66 per cent, while Japan's Nikkei was down 1.20 per cent in early trade today. Shanghai Composite remained closed for a public holiday.

Sensex recovers 157 points, Nifty above 10,400-mark

Stocks tripped over the growing worries about rise in interest rates and a global rout in equities on Friday, with the benchmark Sensex falling over one per cent to close at a one-month low and the broader Nifty crashing below the 10,500 level.

The 30-share Sensex closed lower by 407.40 points or 1.18 per cent at 34,005.76. This is the weakest closing since January 4 when it had ended at 33,969.64.

The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95.

On weekly basis, the BSE Sensex recorded a steep fall of 1,060.99 points or 3.02 per cent while the broader Nifty lost 305.65 points or 2.84 per cent - their worst weekly fall since August.

&quot;Trend in global interest rates and the subsequent impact on inflation, global economic growth as well as flow of funds, influenced investor sentiment through the week,&quot; Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund.

&quot;A second straight weekly decline in jobless claims in the US pointed to a strong job growth momentum in the economy, thus perpetuating fears of higher inflation and consequently faster rate hikes in the US.&quot;

Rising global rates are likely to impact the flow of funds to riskier assets like emerging markets, experts said.

The sell-off followed another battering for Wall Street, where the benchmark Dow suffered its second-biggest daily points fall.

Banking and financials stocks took a beating on emerging concerns over interest rate hike following rise in bond yields. Both BSE Bankex and Nifty Bank indices dropped up to 1.76 per cent.

Yes Bank and ICICI Bank plunged by 2.84 per cent and 2.33 per cent, respectively.

Other laggards were HDFC Ltd, Infosys, Axis Bank, Kotak Bank, Bharti Airtel, SBI, Wipro, Tata Motors, HDFC Bank, Adani Ports, L&amp;T, IndusInd Bank, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, ITC Ltd, RIL, M&amp;M, ONGC and NTPC which dropped up to 2.13 per cent.

In contrast, Tata Steel, Asian Paint, Dr Reddy&#39;s, TCS, Hindustan Unilever and Coal India emerged gainers by surging up to 1.83 per cent.

Sector-wise, the BSE banking index declined the most, losing 1.75 per cent, followed by finance 1.54 per cent, telecom 1.15 per cent, auto 0.95 per cent, teck 0.90 per cent, IT 0.77 per cent, capital goods 0.73 per cent, oil &amp; gas 0.72 per cent, infrastructure 0.60 per cent and PSU 0.50 per cent.

While metal, realty, power and consumer durables ended higher.

Broader markets, however depicted a mixed trend as the mid-cap index fell 0.09 per cent, while small-cap up 0.23 per cent.

In the Asian region, Japan&#39;s Nikkei down 2.55 per cent, Hong Kong&#39;s Hang Seng fell 1.09 per cent, while Shanghai Composite Index up 0.73 per cent.

The benchmark BSE Sensex fell 1.18% to 34,005.76, falling 3% on the week

Stocks tripped over the growing worries about rise in interest rates and a global rout in equities on Friday, with the benchmark Sensex falling over one per cent to close at a one-month low and the broader Nifty crashing below the 10,500 level. The 30-share Sensex closed lower by 407.40 points or 1.18 per cent at 34,005.76. This is the weakest closing since January 4 when it had ended at 33,969.64. The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95. On weekly basis, the BSE Sensex recorded a steep fall of 1,060.99 points or 3.02 per cent while the broader Nifty lost 305.65 points or 2.84 per cent - their worst weekly fall since August. "Trend in global interest rates and the subsequent impact on inflation, global economic growth as well as flow of funds, influenced investor sentiment through the week," Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund. "A second straight weekly decline in jobless claims in the US pointed to a strong job growth momentum in the economy, thus perpetuating fears of higher inflation and consequently faster rate hikes in the US." Rising global rates are likely to impact the flow of funds to riskier assets like emerging markets, experts said. The sell-off followed another battering for Wall Street, where the benchmark Dow suffered its second-biggest daily points fall. Banking and financials stocks took a beating on emerging concerns over interest rate hike following rise in bond yields. Both BSE Bankex and Nifty Bank indices dropped up to 1.76 per cent. Yes Bank and ICICI Bank plunged by 2.84 per cent and 2.33 per cent, respectively. Other laggards were HDFC Ltd, Infosys, Axis Bank, Kotak Bank, Bharti Airtel, SBI, Wipro, Tata Motors, HDFC Bank, Adani Ports, L&T, IndusInd Bank, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, ITC Ltd, RIL, M&M, ONGC and NTPC which dropped up to 2.13 per cent. In contrast, Tata Steel, Asian Paint, Dr Reddy's, TCS, Hindustan Unilever and Coal India emerged gainers by surging up to 1.83 per cent. Sector-wise, the BSE banking index declined the most, losing 1.75 per cent, followed by finance 1.54 per cent, telecom 1.15 per cent, auto 0.95 per cent, teck 0.90 per cent, IT 0.77 per cent, capital goods 0.73 per cent, oil & gas 0.72 per cent, infrastructure 0.60 per cent and PSU 0.50 per cent. While metal, realty, power and consumer durables ended higher. Broader markets, however depicted a mixed trend as the mid-cap index fell 0.09 per cent, while small-cap up 0.23 per cent. In the Asian region, Japan's Nikkei down 2.55 per cent, Hong Kong's Hang Seng fell 1.09 per cent, while Shanghai Composite Index up 0.73 per cent.

Sensex crashes 400 points on global rout, Nifty ends below 10,500

Finance Minister Arun Jaitley presented the<a href="http://www.wionews.com/business-economy/key-highlights-from-union-budget-2018-31455"> Union Budget 2018</a> on Thursday. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the healthcare sector.&nbsp;

Jaitley announced that the customs duty on <a href="http://www.wionews.com/business-economy/union-budget-2018-electronic-items-like-television-sets-mobile-phone-to-get-expensive-31469">mobile phones</a> will be increased to 20% from the previous 15% with a view to encourage &quot;Make in India&quot; and increase job vacancy.&nbsp;

Jaitley also said that customs duty for certain TV parts will also be increased to 15% which were previously in the 7.5%-10% tax slabs.&nbsp;

Commenting on the decision, Indian Cellular Association (ICA) National President Pankaj Mohindroo told PTI that this will be the &quot;last nail in the coffin&quot; of imports.&nbsp;

&quot;We are reaching a situation where imports would be nearly impossible,&quot; Mohindroo added. He said since bulk of mobile phones are manufactured domestically, there will be no impact on their prices. The exception will be a few brands, that are still making phones overseas.&quot;

&quot;There will be no increase in mobile phone prices since 81%&nbsp;of the volume and 84.5%&nbsp;of value is manufactured in India and we will cross 90% in both terms in 2018,&quot; he said.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/budget-2018-finance-minister-arun-jaitley-announces-no-change-in-personal-income-tax-slabs-31449">Budget 2018: Finance Minister Arun Jaitley announces &#39;no change&#39; in personal income tax slabs</a>

Toys, sports goods, Video game consoles will also attract a customs duty of 20%, up from 10%.&nbsp;

Ishmeet Singh, Country Manager - India, Mattel Inc. said, &ldquo;As per the Budget 2018, there has been a substantial increase in customs duty to 20% for the category of Toys and Sports Goods. This combined with the other policy changes that have been implemented over the last 6 months, viz. higher rates of taxes under GST rates and stricter import regulations, will result in an overall increase in the price of toys by more than 20%. While the government of India has recognized the importance of promoting the critical role of play in the overall development of a child, these policy changes might prove to be detrimental to this vision.&rdquo;

Further, customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%.&nbsp;

Customs duty on imitation jewellery hiked from 15% to 20%; doubled on all watches to 20%.&nbsp;

There will also be an increase in customs duty on sunglasses, cigarette lighter, bus and truck tyres, select furniture. However, import of solar tempered glass for the manufacture of solar cells has been exempted from customs duty.&nbsp;

Also read:<a href="http://www.wionews.com/business-economy/as-expected-budget-2018-friendly-to-farmers-big-on-health-stocks-fall-31454">&nbsp;As expected, Budget 2018 friendly to farmers, big on health; stocks fall</a>

Here&#39;s what Twitterati had to say:&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
*Custom Duty on Smartphones increases* 
 
Leaves all the work, start searching for the 3 best smartphones currently available and order. 
 
The worst announcement ever ???????????????? <a href="https://twitter.com/hashtag/Budget2018?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2018</a>
&mdash; arpita gupta (@sweet15arpita) <a href="https://twitter.com/sweet15arpita/status/958963417544577024?ref_src=twsrc%5Etfw">February 1, 2018</a></blockquote>
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<a href="https://twitter.com/hashtag/TVs?src=hash&amp;ref_src=twsrc%5Etfw">#TVs</a> and <a href="https://twitter.com/hashtag/smartphones?src=hash&amp;ref_src=twsrc%5Etfw">#smartphones</a> to get expensive. Customs duty to rise from 15 - 20 percent. That <a href="https://twitter.com/Apple?ref_src=twsrc%5Etfw">@Apple</a> <a href="https://twitter.com/hashtag/iPhoneXPlus?src=hash&amp;ref_src=twsrc%5Etfw">#iPhoneXPlus</a> will cost you another kidney this year end. <a href="https://twitter.com/hashtag/MakeInIndia?src=hash&amp;ref_src=twsrc%5Etfw">#MakeInIndia</a> <a href="https://twitter.com/hashtag/Budget2018?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2018</a>
&mdash; Tech2 (@tech2eets) <a href="https://twitter.com/tech2eets/status/958963992902488064?ref_src=twsrc%5Etfw">February 1, 2018</a></blockquote>
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Prices of imported mobile phones to rise on custom duty hike to 20%; boost to Make in India. 
 
You can do that without bringing your bullshit political rhetoric named &quot;make in india&quot;.<a href="https://twitter.com/hashtag/Budget2018?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2018</a>
&mdash; H. (@Miister_H) <a href="https://twitter.com/Miister_H/status/959032444975423489?ref_src=twsrc%5Etfw">February 1, 2018</a></blockquote>
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&nbsp;

<a href="http://www.wionews.com/budget2018">Full Coverage of Budget 2018</a>

Finance Minister Arun Jaitley presented the Union Budget 2018 on Thursday. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the healthcare sector.

Finance Minister Arun Jaitley presented the Union Budget 2018 on Thursday. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the healthcare sector. Jaitley announced that the customs duty on mobile phones will be increased to 20% from the previous 15% with a view to encourage "Make in India" and increase job vacancy. Jaitley also said that customs duty for certain TV parts will also be increased to 15% which were previously in the 7.5%-10% tax slabs. Commenting on the decision, Indian Cellular Association (ICA) National President Pankaj Mohindroo told PTI that this will be the "last nail in the coffin" of imports. "We are reaching a situation where imports would be nearly impossible," Mohindroo added. He said since bulk of mobile phones are manufactured domestically, there will be no impact on their prices. The exception will be a few brands, that are still making phones overseas." "There will be no increase in mobile phone prices since 81% of the volume and 84.5% of value is manufactured in India and we will cross 90% in both terms in 2018," he said. Also read: Budget 2018: Finance Minister Arun Jaitley announces 'no change' in personal income tax slabs Toys, sports goods, Video game consoles will also attract a customs duty of 20%, up from 10%. Ishmeet Singh, Country Manager - India, Mattel Inc. said, “As per the Budget 2018, there has been a substantial increase in customs duty to 20% for the category of Toys and Sports Goods. This combined with the other policy changes that have been implemented over the last 6 months, viz. higher rates of taxes under GST rates and stricter import regulations, will result in an overall increase in the price of toys by more than 20%. While the government of India has recognized the importance of promoting the critical role of play in the overall development of a child, these policy changes might prove to be detrimental to this vision.” Further, customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%. Customs duty on imitation jewellery hiked from 15% to 20%; doubled on all watches to 20%. There will also be an increase in customs duty on sunglasses, cigarette lighter, bus and truck tyres, select furniture. However, import of solar tempered glass for the manufacture of solar cells has been exempted from customs duty. Also read: As expected, Budget 2018 friendly to farmers, big on health; stocks fall Here's what Twitterati had to say: *Custom Duty on Smartphones increases* Leaves all the work, start searching for the 3 best smartphones currently available and order. The worst announcement ever ???????????????? #Budget2018 — arpita gupta (@sweet15arpita) February 1, 2018 × #TVs and #smartphones to get expensive. Customs duty to rise from 15 - 20 percent. That @Apple #iPhoneXPlus will cost you another kidney this year end. #MakeInIndia #Budget2018 — Tech2 (@tech2eets) February 1, 2018 × Prices of imported mobile phones to rise on custom duty hike to 20%; boost to Make in India. You can do that without bringing your bullshit political rhetoric named "make in india".#Budget2018 — H. (@Miister_H) February 1, 2018 × Full Coverage of Budget 2018

Budget 2018: Increase in customs duty 'last nail in the coffin', says ICA president Mohindroo

Ahead of today&#39;s budget session Sensex opened at 36,232.48, up by 188.42 points.

Nifty recorded a high of 44.45 points at 11,114.10.&nbsp;

Union Finance Minister Arun Jaitley will be presenting the <a href="http://www.wionews.com/india-news/union-budget-2018-all-eyes-on-economic-survey-to-be-tabled-in-parliament-today-31041">Economic Survey</a> later in the day.&nbsp;

The event will precede the presentation of this year&#39;s Budget on February 1.&nbsp;

The Economic Survey is the Finance Ministry&#39;s yearly document that reviews the economic development of the country in the past year.&nbsp;

Nifty recorded a high of 44.45 points at 11,114.10

Ahead of today's budget session Sensex opened at 36,232.48, up by 188.42 points. Nifty recorded a high of 44.45 points at 11,114.10. Union Finance Minister Arun Jaitley will be presenting the Economic Survey later in the day. The event will precede the presentation of this year's Budget on February 1. The Economic Survey is the Finance Ministry's yearly document that reviews the economic development of the country in the past year.

Sensex, Nifty hit record high before economic survey

The benchmark Sensex reclaimed the 34,000-mark by surging over 100 points in early trade today on sustained buying by participants amid a firm trend in other Asian markets.

The 30-share index rose 100.48 points, or 0.29 per cent, to 34,070.12, with all sectoral indices led by PSU, consumer durables, auto and metal trading in the positive zone, rising by up to 0.57 per cent.

The gauge had gained 176.26 points in the previous session.

The NSE index Nifty too edged higher by 29.45 points, or 0.28 per cent, to 10,534.25.

Brokers said improved liquidity in the market following continuous foreign fund inflows and increased buying by domestic institutional investors after the government moved forward on its bank recapitalisation programme boosted trading sentiments.

The finance ministry yesterday sought Parliament&#39;s nod for the extra expenditure of Rs 80,000 crore towards recapitalisation of bad loans-saddled public sector banks through bonds.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 212.05 crore, while Domestic Institutional Investors (DIIs) made purchases worth a Rs 325.24 crore yesterday, as per provisional exchange data.

Prominent gainers in the Sensex kitty were Yes Bank, Bharti Airtel, Adani Ports, SBI, Tata Steel, ITC Ltd, IndusInd Bank, Coal India, TCS, HDFC Ltd and Kotak Bank, gaining by up to 1.86 per cent.

The rupee appreciating to over 2-1/2 year high of 63.31 against the dollar (intra-day) and positive leads from other Asian bourses, led to a better trend in the domestic market here.

Expectations of encouraging third quarterly earnings from blue-chip companies, to be released next week too influenced sentiment. 
Among other Asian markets, Japan&#39;s Nikkei was trading higher by 0.18 per cent, while Hong Kong&#39;s Hang Seng rose 0.51 per cent in their early deals. The Shanghai Composite index too was up by 0.07 per cent.

The US Dow Jones Industrial Average continued its record-setting run by ending 0.61 per cent higher in yesterday&#39;s trade.

The 30-share index rose 100.48 points, or 0.29 per cent, to 34,070.12, with all sectoral indices led by PSU, consumer durables, auto and metal trading in the positive zone, rising by up to 0.57 per cent.

The benchmark Sensex reclaimed the 34,000-mark by surging over 100 points in early trade today on sustained buying by participants amid a firm trend in other Asian markets. The 30-share index rose 100.48 points, or 0.29 per cent, to 34,070.12, with all sectoral indices led by PSU, consumer durables, auto and metal trading in the positive zone, rising by up to 0.57 per cent. The gauge had gained 176.26 points in the previous session. The NSE index Nifty too edged higher by 29.45 points, or 0.28 per cent, to 10,534.25. Brokers said improved liquidity in the market following continuous foreign fund inflows and increased buying by domestic institutional investors after the government moved forward on its bank recapitalisation programme boosted trading sentiments. The finance ministry yesterday sought Parliament's nod for the extra expenditure of Rs 80,000 crore towards recapitalisation of bad loans-saddled public sector banks through bonds. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 212.05 crore, while Domestic Institutional Investors (DIIs) made purchases worth a Rs 325.24 crore yesterday, as per provisional exchange data. Prominent gainers in the Sensex kitty were Yes Bank, Bharti Airtel, Adani Ports, SBI, Tata Steel, ITC Ltd, IndusInd Bank, Coal India, TCS, HDFC Ltd and Kotak Bank, gaining by up to 1.86 per cent. The rupee appreciating to over 2-1/2 year high of 63.31 against the dollar (intra-day) and positive leads from other Asian bourses, led to a better trend in the domestic market here. Expectations of encouraging third quarterly earnings from blue-chip companies, to be released next week too influenced sentiment. Among other Asian markets, Japan's Nikkei was trading higher by 0.18 per cent, while Hong Kong's Hang Seng rose 0.51 per cent in their early deals. The Shanghai Composite index too was up by 0.07 per cent. The US Dow Jones Industrial Average continued its record-setting run by ending 0.61 per cent higher in yesterday's trade.

Sensex builds on gains, regains 34,000 mark in early trade

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth.&nbsp;

The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange.&nbsp;

The futures are cash-settled contracts based on the auction price of bitcoin in US&nbsp;dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.&nbsp;

The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks.&nbsp;The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a &quot;classic case&quot; of a bubble.

&quot;With a bubble, you never know how far it is going to go before it comes around&quot;, Grant Spencer told TVNZ.&nbsp;Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited.&nbsp;

&quot;Bitcoin&#39;s market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding&quot;, said Andrew Kenningham, an economist at Capital Economics.

&quot;If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US&nbsp;equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller&quot;.&nbsp;Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday.&nbsp;

The MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points.&nbsp;Japan&#39;s Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong&#39;s Hang Seng index gained 0.5 percent.&nbsp;

Rate Rises?

Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady.&nbsp;

The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high.&nbsp;

Traders will keep their eyes peeled for the Fed&#39;s future rate projections as US&nbsp;wages growth and inflation crawl at a snail&#39;s pace.&nbsp;Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain.

The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November.&nbsp;&quot;We&#39;ll be listening closely for any signs of a dovish shift&quot;, said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting.&nbsp;Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there.

US&nbsp;crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65.&nbsp;Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin on Monday rocketed by one-fifth of their value at a launch. It opened at the price of $15,460 before leaping to $18,700 - a gain of 21 per cent

The craze for cryptocurrencies entered a new chapter on Monday as bitcoin futures rocketed by one-fifth of their value at a closely-watched launch, while Asian shares climbed amid optimism about global growth. The most-traded contract on the Chicago-based CBOE Global Markets exchange opened at $15,460 in New York on Sunday evening, before leaping to a high of $18,700 - a gain of 21 per cent. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange. The futures are cash-settled contracts based on the auction price of bitcoin in US dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss. The cryptocurrency has boasted a gravity-defying 15-fold gain since the start of the year, attracting institutional interest and no small amount of question marks. The acting governor of the Reserve Bank of New Zealand on Sunday said bitcoin appeared to be a "classic case" of a bubble. "With a bubble, you never know how far it is going to go before it comes around", Grant Spencer told TVNZ. Some market participants believe the fallout across other financial assets from a potential bursting of the bubble will be limited. "Bitcoin's market capitalisation is currently around $240 billion, which is much smaller, say, than the value of gold outstanding", said Andrew Kenningham, an economist at Capital Economics. "If the price of bitcoin fell to zero today, the paper losses would be equivalent to a 0.6 per cent fall in US equity prices. As most investors have bought bitcoin at much lower prices, the relevant losses would arguably be smaller". Asian shares were buoyant following strong US payrolls data and better-than-expected Chinese trade data on Friday. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, staying well above a recent two-month trough of 542.27 points. Japan's Nikkei added 0.4 percent while Chinese shares rallied, with the blue-chip CSI 300 index up 0.9 percent. Hong Kong's Hang Seng index gained 0.5 percent. Rate Rises? Currency market investors were cautious ahead of a big week for policy meetings globally, with the Federal Reserve the only major central bank expected to raise interest rates. The Bank of England and the European Central Bank are likely to hold rates steady. The dollar rose to a near one-month top against the yen, after climbing 1.2 percent last week. The dollar index, which measures the greenback against a basket of currencies, was steady near a three-week high. Traders will keep their eyes peeled for the Fed's future rate projections as US wages growth and inflation crawl at a snail's pace. Data out on Friday showed average hourly earnings in the United States nudged up 5 cents or 0.2 percent in November when economists had looked for a 0.3 per cent gain. The weakness persisted despite stronger-than-expected non-farm payrolls, which rose by 228,000 in November. "We'll be listening closely for any signs of a dovish shift", said Aerin Williams, New York-based forex strategist for Citi about the Dec. 12-13 Fed meeting. Elsewhere, oil prices slipped after the latest rise in the U.S rig count pointed to an increase in production there. US crude was down 24 cents at $57.12 a barrel and Brent crude inched 27 cents lower to $63.14, drifting away from a recent 2-1/2 year peak of $64.65. Spot gold was barely changed at $1,248.06 an ounce.

Bitcoin futures surge past $18,000 in US

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads.&nbsp;The wider NSE Nifty too went past the 10,250-level.&nbsp;

The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day&#39;s high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent.&nbsp;The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks.

The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25.&nbsp;

On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent.

Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Most Asian and European markets rallied as investors awaited major economic data from China and the US

Market benchmark Sensex surged 301 points to close at 33,250.30 today on unabated buying by domestic institutional investors amid positive global leads. The wider NSE Nifty too went past the 10,250-level. The 30-share BSE Sensex opened on a strong footing at 33,034.20 and maintained its upward trend to hit the day's high of 33,285.68 before ending at 33,250.30, up 301.09 points, or 0.91 per cent. The index had rallied 352.03 points in the previous session on value-buying by investors in recently-battered blue-chip stocks. The Nifty finished the day at 10,265.65, a hefty gain of 98.95 points, or 0.97 per cent, after shuttling between 10,270.85 and 10,195.25. On a weekly basis, the Sensex gained 417.36 points, or 1.27 per cent, while the Nifty advanced 143.85 points or 1.42 per cent. Most Asian and European markets rallied as investors awaited major economic data from China and the US amid overnight gains at Wall Street following reports that President Donald Trump is planning to unveil a big-spending public works plan.

Sensex soars 301 pts, reclaims 33,000-mark

Authors: Co-Pierre Georg and Qobolwakhe Dube*

With the price of a bitcoin reaching record highs of more than $10,000, more and more ordinary people consider investing in the cryptocurrency. The recent price surge, however, comes with tremendous risks. Investors should be prepared for the possibility that they could lose their entire investment.

Bitcoin was launched in 2008 by an anonymous author under the name of Satoshi Nakamoto as a means of transacting among participants without the need for intermediaries. Since the beginning of this year, the price of bitcoin has increased by 1300 per cent as more and more consumers flock to it hoping to profit off its increasing popularity and the associated increase in value.

Cryptocurrencies are not currencies at all. As the Financial Times explains, bitcoin is a string of computer codes which means that new bitcoins can be created &ndash; up to an agreed limit &ndash; by computers that gain the right to do so by solving complex puzzles. Transactions are recorded in a database called a blockchain.

Bitcoin, like other assets like gold, doesn&rsquo;t yield income. You have to sell it to realise any value. And, like gold and other currencies, it can be transferred peer-to-peer.

Part of the nervousness about bitcoin is that, along with other cryptocurrencies, it challenges the traditional role of banks and central banks. In the classical world, banks act as intermediaries by providing loans out of the deposits they took and from funding from the central bank. The central bank uses the rate at which it provides this funding as a lever to ensure price stability. The introduction of cryptocurrencies threatens this model because banks are no longer necessary to intermediate funds and there is no central bank to ensure that prices are stable.

The more immediate fears about bitcoin center on the recent dramatic rise in its value. There&rsquo;s nervousness in the market that a flash crash might be imminent after the cryptocurrency tumble by more than $1,300 in minutes on the bitcoin exchange Bitfinex. It did recover to levels above $10,800.

The flash crash echoes long-standing warnings that the bitcoin party is set to end in tears. Most recently Jamie Dimon, CEO of JPMorgan, one of the world&rsquo;s largest investment banks declared that he would fire any employee trading bitcoin for being stupid.

In a highly unusual alliance, his words were echoed by economics Nobel Laureate Joseph Stiglitz, who has gone even further arguing that bitcoin ought to be outlawed.

All of these are clear warning signs that the professionals do not trust the lofty promises of crypto enthusiasts.

The blockchain factor

There is no doubt that Bitcoin &ndash; and in particular blockchain, the technology behind it &ndash; has the potential to revolutionise the financial services industry.

A blockchain functions as a transparent and incorruptible digital ledger of economic transactions, recorded in chronological order, that operates on a peer-to-peer network.

Fundamentally, the technology allows an exchange of value to occur in an environment of peers with conflicting interests without the need for trusted intermediaries. That, in effect, wipes out the need for banks or financial services companies which fulfil this role.

The use of the technology is not limited to financial transactions. Virtually anything of value can be traded on a blockchain.

But no matter how useful the underlying blockchain technology is, or how widely it can be applied, there are real and substantial risks involved in bitcoin.

Volatility versus returns

The first and most significant risk is that compared to any currency, share, or gold, bitcoin is extremely volatile. The volatility of bitcoin to US dollar is almost six times the volatility of the Rand to US dollar. While this is great in good times, it is potentially devastating for investors in bad times.

When professional investors decide on which assets to hold, they look at both the return and the volatility of the asset. Only investors with a healthy appetite for risk are willing to invest in risky, volatile assets. Usually these are finance professionals, for example in large investment banks or hedge funds.

Investors with a lower risk appetite, such as asset managers or pension funds, prefer assets with a somewhat lower return, but which are less volatile.

The rule of thumb is that the sophistication of an investor increases with the volatility of the asset she invests in. But with bitcoin, this rule of thumb doesn&rsquo;t hold true. More and more private investors have been flocking to bitcoin &lsquo;exchanges&rsquo; that have sprung up all over the internet and that are aggressively advertised on social media.

Overvalued

There is a huge risk that bitcoin is already overvalued.

The practical use cases for bitcoin are limited. It doesn&rsquo;t enable enough transactions to take place per second to be used as a replacement for a modern payment system. And it doesn&rsquo;t offer any functionality other than pseudonymous transactions &ndash; transactions where the true identity of the counterparties is hidden.

Bitcoin is favoured by pyramid schemes, including the infamous MMM pyramid scheme in Nigeria. In a recent article, the Financial Times called bitcoin itself a pyramid scheme, much to the dismay of crypto enthusiasts. (A pyramid scheme is usually an illegal operation in which participants pay to join and profit mainly from payments made by subsequent participants. If no new people come in, it collapses.)

Regulatory risk

The third, and possibly biggest risk is regulatory. In September 2017, the Chinese government outlawed bitcoin exchanges in mainland China, sending the price of bitcoin tumbling.

Despite the claim that bitcoin is a &ldquo;global currency&rdquo;, the reality is that 58 per cent of all bitcoin mining happens in China. If at any point the Chinese government should decide to make Bitcoin mining illegal the price is likely to plunge into oblivion.

Other countries have also voiced concern. The Russian Central Bank recently issued a warning to investors on the risks of investing in cryptocurrencies, citing concerns about a bubble. This suggests that there might be a concerted crackdown.

Cryptocurrencies are banned in India as their use is a violation of foreign exchange rules. The Australian Reserve Bank has taken a different approach. It monitors the cryptocurrency market in a bid understands the underlying technology.

The South African Reserve Bank has expressed its openness to blockchain technologies. But it has also highlighted potential risks to consumers.

A classic bubble

There are real risks that many consumers investing in cryptocurrency don&rsquo;t fully understand. Advertisements promise that bitcoin can make you rich fast. And social media is alive with stories about friends of neighbours or distant cousins who have made a lot of money through bitcoin.

Without a doubt, these cases are real, and those who invested early can reap large benefits. But this is true in every bubble &ndash; from the dotcom bubble to the tulip mania. It&rsquo;s also true in every pyramid scheme.

As always, investors should be extremely wary with any scheme that promises quick returns.

This article was originally published on <a href="http://theconversation.com" rel="nofollow">The Conversation</a>. Read the <a href="https://theconversation.com/bitcoin-is-a-highly-speculative-investment-why-caution-is-required-88440" rel="nofollow">original article</a>.

Qobolwakhe Dube: A PhD student at the African Institute of Financial Markets and Risk Management at University of Cape Town.

(Disclaimer: The author writes here in a personal capacity).

The astronomic rise of the price of bitcoin over the past 12 months raises fears that the cryptocurrency is set to crash which could see many people lose money

Authors: Co-Pierre Georg and Qobolwakhe Dube* With the price of a bitcoin reaching record highs of more than $10,000, more and more ordinary people consider investing in the cryptocurrency. The recent price surge, however, comes with tremendous risks. Investors should be prepared for the possibility that they could lose their entire investment. Bitcoin was launched in 2008 by an anonymous author under the name of Satoshi Nakamoto as a means of transacting among participants without the need for intermediaries. Since the beginning of this year, the price of bitcoin has increased by 1300 per cent as more and more consumers flock to it hoping to profit off its increasing popularity and the associated increase in value. Cryptocurrencies are not currencies at all. As the Financial Times explains, bitcoin is a string of computer codes which means that new bitcoins can be created – up to an agreed limit – by computers that gain the right to do so by solving complex puzzles. Transactions are recorded in a database called a blockchain. Bitcoin, like other assets like gold, doesn’t yield income. You have to sell it to realise any value. And, like gold and other currencies, it can be transferred peer-to-peer. Part of the nervousness about bitcoin is that, along with other cryptocurrencies, it challenges the traditional role of banks and central banks. In the classical world, banks act as intermediaries by providing loans out of the deposits they took and from funding from the central bank. The central bank uses the rate at which it provides this funding as a lever to ensure price stability. The introduction of cryptocurrencies threatens this model because banks are no longer necessary to intermediate funds and there is no central bank to ensure that prices are stable. The more immediate fears about bitcoin center on the recent dramatic rise in its value. There’s nervousness in the market that a flash crash might be imminent after the cryptocurrency tumble by more than $1,300 in minutes on the bitcoin exchange Bitfinex. It did recover to levels above $10,800. The flash crash echoes long-standing warnings that the bitcoin party is set to end in tears. Most recently Jamie Dimon, CEO of JPMorgan, one of the world’s largest investment banks declared that he would fire any employee trading bitcoin for being stupid. In a highly unusual alliance, his words were echoed by economics Nobel Laureate Joseph Stiglitz, who has gone even further arguing that bitcoin ought to be outlawed. All of these are clear warning signs that the professionals do not trust the lofty promises of crypto enthusiasts. The blockchain factor There is no doubt that Bitcoin – and in particular blockchain, the technology behind it – has the potential to revolutionise the financial services industry. A blockchain functions as a transparent and incorruptible digital ledger of economic transactions, recorded in chronological order, that operates on a peer-to-peer network. Fundamentally, the technology allows an exchange of value to occur in an environment of peers with conflicting interests without the need for trusted intermediaries. That, in effect, wipes out the need for banks or financial services companies which fulfil this role. The use of the technology is not limited to financial transactions. Virtually anything of value can be traded on a blockchain. But no matter how useful the underlying blockchain technology is, or how widely it can be applied, there are real and substantial risks involved in bitcoin. Volatility versus returns The first and most significant risk is that compared to any currency, share, or gold, bitcoin is extremely volatile. The volatility of bitcoin to US dollar is almost six times the volatility of the Rand to US dollar. While this is great in good times, it is potentially devastating for investors in bad times. When professional investors decide on which assets to hold, they look at both the return and the volatility of the asset. Only investors with a healthy appetite for risk are willing to invest in risky, volatile assets. Usually these are finance professionals, for example in large investment banks or hedge funds. Investors with a lower risk appetite, such as asset managers or pension funds, prefer assets with a somewhat lower return, but which are less volatile. The rule of thumb is that the sophistication of an investor increases with the volatility of the asset she invests in. But with bitcoin, this rule of thumb doesn’t hold true. More and more private investors have been flocking to bitcoin ‘exchanges’ that have sprung up all over the internet and that are aggressively advertised on social media. Overvalued There is a huge risk that bitcoin is already overvalued. The practical use cases for bitcoin are limited. It doesn’t enable enough transactions to take place per second to be used as a replacement for a modern payment system. And it doesn’t offer any functionality other than pseudonymous transactions – transactions where the true identity of the counterparties is hidden. Bitcoin is favoured by pyramid schemes, including the infamous MMM pyramid scheme in Nigeria. In a recent article, the Financial Times called bitcoin itself a pyramid scheme, much to the dismay of crypto enthusiasts. (A pyramid scheme is usually an illegal operation in which participants pay to join and profit mainly from payments made by subsequent participants. If no new people come in, it collapses.) Regulatory risk The third, and possibly biggest risk is regulatory. In September 2017, the Chinese government outlawed bitcoin exchanges in mainland China, sending the price of bitcoin tumbling. Despite the claim that bitcoin is a “global currency”, the reality is that 58 per cent of all bitcoin mining happens in China. If at any point the Chinese government should decide to make Bitcoin mining illegal the price is likely to plunge into oblivion. Other countries have also voiced concern. The Russian Central Bank recently issued a warning to investors on the risks of investing in cryptocurrencies, citing concerns about a bubble. This suggests that there might be a concerted crackdown. Cryptocurrencies are banned in India as their use is a violation of foreign exchange rules. The Australian Reserve Bank has taken a different approach. It monitors the cryptocurrency market in a bid understands the underlying technology. The South African Reserve Bank has expressed its openness to blockchain technologies. But it has also highlighted potential risks to consumers. A classic bubble There are real risks that many consumers investing in cryptocurrency don’t fully understand. Advertisements promise that bitcoin can make you rich fast. And social media is alive with stories about friends of neighbours or distant cousins who have made a lot of money through bitcoin. Without a doubt, these cases are real, and those who invested early can reap large benefits. But this is true in every bubble – from the dotcom bubble to the tulip mania. It’s also true in every pyramid scheme. As always, investors should be extremely wary with any scheme that promises quick returns. This article was originally published on The Conversation. Read the original article. Qobolwakhe Dube: A PhD student at the African Institute of Financial Markets and Risk Management at University of Cape Town. (Disclaimer: The author writes here in a personal capacity).

Opinion: Bitcoin is a highly speculative investment. Why caution is required

The benchmark BSE Sensex fell over 108 points in opening trade following a cautious stance adopted by participants ahead of the RBI policy review amid weak Asian cues.

The 30-share index fell by 108.10 points, or 0.32 percent, to 32,761.62 as power, metal, infrastructure, capital goods, IT, tech, banking and auto stocks declined. 
 
The gauge had gained 36.78 points in the previous volatile session.

The NSE Nifty too was quoting 28.30 points, or 0.27 per cent, down at 10,099.45.

The RBI&#39;s two-day monetary policy review kicks off today and the decision is due tomorrow. This has led to selling by investors, which added to the negative mood. 
 
Weak Asian cues as technology stocks tracked a sell-off in their US counterparts that saw the Nasdaq tumbling over 1 per cent overnight, weighed on the sentiments, brokers said.

Major losers that dragged down the key indices include Adani Ports, NTPC, Tata Steel, Power Grid, Bajaj Auto, Wipro, Coal India, Hero MotoCorp, HDFC Bank, ONGC, L&amp;T, Dr Reddy&#39;s and SBI.

Among other Asian markets, Hong Kong&#39;s Hang Seng was down 0.39 percent while Japan&#39;s Nikkei shed 0.42 per cent in early session today. Shanghai Composite Index too shed 0.02 per cent. PTI

The NSE Nifty too was quoting 28.30 points, or 0.27%, down at 10,099.45

The benchmark BSE Sensex fell over 108 points in opening trade following a cautious stance adopted by participants ahead of the RBI policy review amid weak Asian cues. The 30-share index fell by 108.10 points, or 0.32 percent, to 32,761.62 as power, metal, infrastructure, capital goods, IT, tech, banking and auto stocks declined. The gauge had gained 36.78 points in the previous volatile session. The NSE Nifty too was quoting 28.30 points, or 0.27 per cent, down at 10,099.45. The RBI's two-day monetary policy review kicks off today and the decision is due tomorrow. This has led to selling by investors, which added to the negative mood. Weak Asian cues as technology stocks tracked a sell-off in their US counterparts that saw the Nasdaq tumbling over 1 per cent overnight, weighed on the sentiments, brokers said. Major losers that dragged down the key indices include Adani Ports, NTPC, Tata Steel, Power Grid, Bajaj Auto, Wipro, Coal India, Hero MotoCorp, HDFC Bank, ONGC, L&T, Dr Reddy's and SBI. Among other Asian markets, Hong Kong's Hang Seng was down 0.39 percent while Japan's Nikkei shed 0.42 per cent in early session today. Shanghai Composite Index too shed 0.02 per cent. PTI

Sensex slips 108 points ahead of RBI meet, on Asian cues

Air strikes that ripped through a market in a rebel-held Syrian town have killed 61 people, mostly civilians, an updated toll from a monitor said today.

Three strikes hit the northern town of Atareb on Monday, the Syrian Observatory for Human Rights said, despite a &quot;de-escalation zone&quot; in place there.

&quot;A number of people died of their wounds, bringing the toll to 61 people, including five children and three policemen.&quot;

The Britain-based monitor said it was not clear whether the bombing raids had been carried out by Syrian government warplanes, or those of its ally Russia.

A photographer contributing to AFP saw massive destruction at the scene on Monday, with rubble from damaged buildings covering the street and panicked civilians carrying away the wounded.

Atareb is in the west of Aleppo province, in an area that is part of a &quot;de-escalation zone&quot; agreed under a deal reached earlier this year between Syria&#39;s allies Russia and Iran, and rebel backer Turkey.

The zone mostly covers neighbouring Idlib province, which is largely held by a jihadist group formerly affiliated with Al-Qaeda.

Despite the government&#39;s recapture of Aleppo city late last year, rebel groups maintain a presence in the west of the province.

Russia, a key ally of Syria&#39;s President Bashar al-Assad, began a bombing campaign in support of his government in 2015. Since then, with Moscow&#39;s support, the government has recaptured large swathes of territory from opposition forces.&nbsp;

Three strikes hit the northern town of Atareb on Monday, the Syrian Observatory for Human Rights said

Air strikes that ripped through a market in a rebel-held Syrian town have killed 61 people, mostly civilians, an updated toll from a monitor said today. Three strikes hit the northern town of Atareb on Monday, the Syrian Observatory for Human Rights said, despite a "de-escalation zone" in place there. "A number of people died of their wounds, bringing the toll to 61 people, including five children and three policemen." The Britain-based monitor said it was not clear whether the bombing raids had been carried out by Syrian government warplanes, or those of its ally Russia. A photographer contributing to AFP saw massive destruction at the scene on Monday, with rubble from damaged buildings covering the street and panicked civilians carrying away the wounded. Atareb is in the west of Aleppo province, in an area that is part of a "de-escalation zone" agreed under a deal reached earlier this year between Syria's allies Russia and Iran, and rebel backer Turkey. The zone mostly covers neighbouring Idlib province, which is largely held by a jihadist group formerly affiliated with Al-Qaeda. Despite the government's recapture of Aleppo city late last year, rebel groups maintain a presence in the west of the province. Russia, a key ally of Syria's President Bashar al-Assad, began a bombing campaign in support of his government in 2015. Since then, with Moscow's support, the government has recaptured large swathes of territory from opposition forces.

Toll in Syria market strikes rises to 61: Monitor

China will raise foreign ownership limits in financial firms in a step granting access to a tantalizing multi-trillion dollar financial services market, as the world&#39;s second-biggest economy seeks to position itself as a major global finance hub.

The move, announced on Friday by vice finance minister Zhu Guangyao, comes a day after US&nbsp;President Donald Trump reiterated calls for better access to Chinese markets in meetings with Chinese President Xi Jinping.

Xi is driving broad economic reforms by opening up China&rsquo;s capital markets, internationalising the yuan currency, and seeking technical know-how through the pursuit of massive inbound and outbound investments.

The latest changes include raising the limit on foreign ownership in joint-venture firms involved in the futures, securities and funds markets to 51 per cent from the current 49 per cent.

They will take effect immediately following the drafting of specific related rules, Zhu told a news conference, adding China is &quot;formulating a timetable and roadmap for financial sector reform and opening up&quot;.

The foreign business community gave a cautious welcome to the news.

&quot;Financial services further opening definitely has been high on our list,&quot; said Ken Jarrett, President of American Chamber of Commerce in Shanghai.

&quot;It&#39;s a step in the right direction. We&#39;ll have to see the detailed rules. In China you always have to pay attention to the fine print to see how quickly it moves, but to finally ease up on the cap is something that is welcome.&quot;

The plan to ease ownership restrictions comes as Beijing faces mounting pressure from Western governments and business lobbies to remove investment barriers and onerous regulations that restrict overseas companies&#39; operations in its markets.

During his trip to Beijing this week, Trump said that trade between the two nations was unfair, and called for greater market access for US&nbsp;companies.

&quot;We really have to look at access, forced technology transfer, and the theft of intellectual property, which just, by and of itself, is costing the United States and its companies at least $300 billion a year,&quot; Trump said.

&quot;Both the United States and China will have a more prosperous future if we can achieve a level economic playing field. Right now, unfortunately, it is a very one-sided and unfair one.&quot;

Reuters reported on Tuesday that China planned to allow global banks to take a stake of up to 51 per cent in their onshore securities ventures for the first time and tie up with local non-financial firms.

China has been sluggish to give foreign players more access to its financial sector, but has promised to quicken the pace as foreign investment into Asia&#39;s economic powerhouse slows.

It has implemented strict capital controls to contain capital outflows, while opening up new channels for foreign money to come into the domestic markets.

Foreign financial firms are still small players in the financial sector, and the sheer size of the market is a big lure for overseas players.

Western investment banks operating through joint ventures with local partners in China have struggled to make much headway in the last decade, with many of them loss-making as they struggle to win business against much larger local rivals.

A Reuters survey of data from China&rsquo;s Securities Association in 2014 found that the average sino-foreign JV lost 21 million yuan a year over the prior 10 years.

However, several have said they would be keen to invest more in China and do more broking and investment banking if they had full control over their joint ventures.

UBS, which holds a 25 per cent interest in domestic firm UBS Securities Co Ltd, said the changes on Friday were an important step in further opening up China&#39;s financial sector.

&quot;China is a key market for UBS and, as indicated previously, we continue to work towards increasing our stake in UBS Securities Co Ltd&quot;, said Eugene Qian, Chairman of UBS China Strategy Board and a member of the Asia Pacific Executive Committee.

Morgan Stanley, which earlier this year increased its stake in joint venture Morgan Stanley Huaxin Securities from 33 per cent to the then upper limit of 49 per cent, said the reforms would create new momentum for the finance industry in China.

&quot;Morgan Stanley is committed to growing our businesses in China,&quot; said a spokesman for the firm.

Some industry watchers said the changes are too little too late.

&quot;This looks good, but in reality it is pretty small and it is too late,&quot; said Keith Pogson, head of the Asia financial services team at EY.

&quot;If you are an international investment bank, you will be there for the sake of your global franchise and having it as part of your network, not because you think you will make much money in China.&quot;

All the same, markets reacted positively to the news, with insurers and futures-related firms rallying strongly.

New China Life Insurance jumped nearly 6 per cent after the announcement, while Ping An Insurance advanced more than 4 per cent and China Pacific Insurance Group rose over 3 per cent.

China will drop foreign ownership restrictions on local banks and asset management companies, Zhu said.

Full foreign ownership of local firms involved in the futures, securities and funds markets will not be permitted until after three years, while full overseas ownership of insurance firms will be allowed only after five years.

($1 = 6.6388 Chinese yuan renminbi)

The move, announced on Friday by vice finance minister Zhu Guangyao, comes a day after US President Donald Trump reiterated calls for better access to Chinese markets in meetings with Chinese President Xi Jinping.

China will raise foreign ownership limits in financial firms in a step granting access to a tantalizing multi-trillion dollar financial services market, as the world's second-biggest economy seeks to position itself as a major global finance hub. The move, announced on Friday by vice finance minister Zhu Guangyao, comes a day after US President Donald Trump reiterated calls for better access to Chinese markets in meetings with Chinese President Xi Jinping. Xi is driving broad economic reforms by opening up China’s capital markets, internationalising the yuan currency, and seeking technical know-how through the pursuit of massive inbound and outbound investments. The latest changes include raising the limit on foreign ownership in joint-venture firms involved in the futures, securities and funds markets to 51 per cent from the current 49 per cent. They will take effect immediately following the drafting of specific related rules, Zhu told a news conference, adding China is "formulating a timetable and roadmap for financial sector reform and opening up". The foreign business community gave a cautious welcome to the news. "Financial services further opening definitely has been high on our list," said Ken Jarrett, President of American Chamber of Commerce in Shanghai. "It's a step in the right direction. We'll have to see the detailed rules. In China you always have to pay attention to the fine print to see how quickly it moves, but to finally ease up on the cap is something that is welcome." The plan to ease ownership restrictions comes as Beijing faces mounting pressure from Western governments and business lobbies to remove investment barriers and onerous regulations that restrict overseas companies' operations in its markets. During his trip to Beijing this week, Trump said that trade between the two nations was unfair, and called for greater market access for US companies. "We really have to look at access, forced technology transfer, and the theft of intellectual property, which just, by and of itself, is costing the United States and its companies at least $300 billion a year," Trump said. "Both the United States and China will have a more prosperous future if we can achieve a level economic playing field. Right now, unfortunately, it is a very one-sided and unfair one." Reuters reported on Tuesday that China planned to allow global banks to take a stake of up to 51 per cent in their onshore securities ventures for the first time and tie up with local non-financial firms. China has been sluggish to give foreign players more access to its financial sector, but has promised to quicken the pace as foreign investment into Asia's economic powerhouse slows. It has implemented strict capital controls to contain capital outflows, while opening up new channels for foreign money to come into the domestic markets. Foreign financial firms are still small players in the financial sector, and the sheer size of the market is a big lure for overseas players. Western investment banks operating through joint ventures with local partners in China have struggled to make much headway in the last decade, with many of them loss-making as they struggle to win business against much larger local rivals. A Reuters survey of data from China’s Securities Association in 2014 found that the average sino-foreign JV lost 21 million yuan a year over the prior 10 years. However, several have said they would be keen to invest more in China and do more broking and investment banking if they had full control over their joint ventures. UBS, which holds a 25 per cent interest in domestic firm UBS Securities Co Ltd, said the changes on Friday were an important step in further opening up China's financial sector. "China is a key market for UBS and, as indicated previously, we continue to work towards increasing our stake in UBS Securities Co Ltd", said Eugene Qian, Chairman of UBS China Strategy Board and a member of the Asia Pacific Executive Committee. Morgan Stanley, which earlier this year increased its stake in joint venture Morgan Stanley Huaxin Securities from 33 per cent to the then upper limit of 49 per cent, said the reforms would create new momentum for the finance industry in China. "Morgan Stanley is committed to growing our businesses in China," said a spokesman for the firm. Some industry watchers said the changes are too little too late. "This looks good, but in reality it is pretty small and it is too late," said Keith Pogson, head of the Asia financial services team at EY. "If you are an international investment bank, you will be there for the sake of your global franchise and having it as part of your network, not because you think you will make much money in China." All the same, markets reacted positively to the news, with insurers and futures-related firms rallying strongly. New China Life Insurance jumped nearly 6 per cent after the announcement, while Ping An Insurance advanced more than 4 per cent and China Pacific Insurance Group rose over 3 per cent. China will drop foreign ownership restrictions on local banks and asset management companies, Zhu said. Full foreign ownership of local firms involved in the futures, securities and funds markets will not be permitted until after three years, while full overseas ownership of insurance firms will be allowed only after five years. ($1 = 6.6388 Chinese yuan renminbi)

China widens foreign access to its giant financial sector

The slip today showed up for the market after a four-day winning spell when the Sensex ended with losses and the Nifty settled below the crucial 9,900 as investors jostled to take money off the table.

Concerns about foreign capital flying out remained.

On the macro front, services sector activity expanded for the first time in three months in September, but only slightly. The Nikkei India Services PMI stood at 50.7 in September, from 47.5 in August.

The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03.

The index, which rose 174 points yesterday after the Reserve Bank decided to hold rates in line with expectations, had gained 512 points in the previous four sessions.

Reflecting the volatile trend, the NSE Nifty after shuttling between 9,945.95 and 9,881.855, closed down 26.20 points, or 0.26 per cent, at 9,888.70.

&quot;Market traded range bound with a negative bias due to lack of optimism to the upcoming earnings season. However, some positive development in auto sales numbers, core sector growth, and festival demand will add some light over the consolidation phase,&quot; said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

The outcome of tomorrow&#39;s GST Council meeting is also seen to decide the direction of the market in the short run.

Domestic institutional investors (DIIs) purchased shares net Rs 584.88 crore while foreign portfolio investors (FPIs) dumped equities worth of Rs 632.14 crore yesterday, showed provisional data.

In stock-specific movement, PowerGrid took the biggest knock plunging 1.99 per cent to Rs 204.85 while ICICI Bank lost 1.54 per cent to Rs 271.75. Bajaj Auto, Hero MotoCorp, HDFC Ltd and Sun Pharma also bogged down the key BSE index.

NTPC, Coal India, M&amp;M and RIL made headway, limiting the damage.

The BSE telecom index fell the most by 0.71 per cent. Others such as oil and gas, consumer durables and FMCG too suffered losses.

The broader markets gave a better account of themselves, the small-cap index was up 0.79 per cent and mid-cap 0.49 per cent.

Financial markets in China, Hong Kong and South Korea were shut today for public holidays. Japan&#39;s Nikkei ended flat.

European shares took a mixed line in the early session.

The Sensex ended with losses and the Nifty settled below the crucial 9,900-mark as investors jostled to take money off the table

The slip today showed up for the market after a four-day winning spell when the Sensex ended with losses and the Nifty settled below the crucial 9,900 as investors jostled to take money off the table. Concerns about foreign capital flying out remained. On the macro front, services sector activity expanded for the first time in three months in September, but only slightly. The Nikkei India Services PMI stood at 50.7 in September, from 47.5 in August. The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03. The index, which rose 174 points yesterday after the Reserve Bank decided to hold rates in line with expectations, had gained 512 points in the previous four sessions. Reflecting the volatile trend, the NSE Nifty after shuttling between 9,945.95 and 9,881.855, closed down 26.20 points, or 0.26 per cent, at 9,888.70. "Market traded range bound with a negative bias due to lack of optimism to the upcoming earnings season. However, some positive development in auto sales numbers, core sector growth, and festival demand will add some light over the consolidation phase," said Vinod Nair, Head of Research, Geojit Financial Services Ltd. The outcome of tomorrow's GST Council meeting is also seen to decide the direction of the market in the short run. Domestic institutional investors (DIIs) purchased shares net Rs 584.88 crore while foreign portfolio investors (FPIs) dumped equities worth of Rs 632.14 crore yesterday, showed provisional data. In stock-specific movement, PowerGrid took the biggest knock plunging 1.99 per cent to Rs 204.85 while ICICI Bank lost 1.54 per cent to Rs 271.75. Bajaj Auto, Hero MotoCorp, HDFC Ltd and Sun Pharma also bogged down the key BSE index. NTPC, Coal India, M&M and RIL made headway, limiting the damage. The BSE telecom index fell the most by 0.71 per cent. Others such as oil and gas, consumer durables and FMCG too suffered losses. The broader markets gave a better account of themselves, the small-cap index was up 0.79 per cent and mid-cap 0.49 per cent. Financial markets in China, Hong Kong and South Korea were shut today for public holidays. Japan's Nikkei ended flat. European shares took a mixed line in the early session.

Sensex takes first hit after 4-day winning spell

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