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Business & Economy

Cabinet approves revised Model MoU with FIUs for exchange of information

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The Union Cabinet on Thursday gave its approval to the revised Model Memorandum of Understanding (MoU) between the Financial Intelligence Unit–India (FIU-IND) with its counterpart Foreign Financial Intelligence Units (FIUs) for the exchange of information. 
 
The revised Model MoU was drafted based on the Egmont Group Secretariat revised Model MoU 2014, an official press release said.
 
The core functions of FIU-IND in relation to foreign FIUs include screening and processing requests from FIUs, disseminating information, establishing and maintaining relationship and facilitating, administering and negotiating MoUs with them. 
 
Most of the foreign FIUs require a MoU to be signed for sharing of information, the release added.
 
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Sensex tanks over 570 points fearing oil output cut, trade war

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Fears over a rise in global trade protectionist measures and a possible crude oil production cut by the OPEC pulled the barometer S&P BSE Sensex index lower by over 570 points on Thursday.
 
Market observers said the Indian stock indices fell in line with their global peers in Asia and Europe even as outflows of foreign funds, weak rupee and uncertainty over the outcome of Assembly elections also weighed on investor sentiments.
 
Selling pressure was seen across all sectors which was led by energy stocks, which shed 2.52 per cent, the most on the BSE, followed by realty and auto stocks.
 
Besides, crude oil prices remained volatile amid expectations of supply cuts by OPEC, the group of 15 of the world's top oil producers which is to meet on December 7. 
 
"Investors are closely watching the meeting between the OPEC and other top oil-producing countries. Investors also turned cautious in the run up to the results of five state elections," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. 
 
Brent crude oil price slipped to $60.46 per barrel when the markets closed. 
 
"The election result is likely to set the tone for the general elections," Dey said.
 
Centrum Broking's Senior VP and Head of Research (Wealth) Jagannadham Thunuguntla said: "Capital markets had a rough day as they are trying to navigate too many data points such as re-emergence of sharp weakness in Indian rupee, upcoming OPEC meeting outcome in terms of production cut and election results.
 
"The nervousness is quite evident as there is sharp sell-off across the industries, especially in those stocks where there are corporate governance concerns." 
 
Globally, all the Asian markets closed on a negative note while the European indices like FTSE 100, DAX and CAC 40 were trading deep in the red.
 
The Indian rupee closed at Rs 70.90 to a US dollar from its previous close of Rs 70.46. It had weakened to the 71-mark during the afternoon trade session.
 
The Sensex settled lower 1.59 per cent, or 572.28 points, at 35,312.13, from its previous close of 35,884.41. It touched an intra-day high of 35,707.23 and a low of 35,266.76.
 
The NSE Nifty50 lost 181.75 points or 1.69 per cent to close the session at 10,601.15.
 
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The market breadth was negative as a number of declining stocks was thrice the advancing ones. A total of 656 stocks advanced while 1,814 declined.
 
"Technically, with the Nifty correcting further, the underlying bias remains weak. Traders will need to watch if the index can now hold above the crucial immediate supports of 10,527; else a further correction is likely," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
Selling by foreign institutional investors (FIIs) and domestic institutional investors (DIIs) continued on Thursday. Provisional figures from the BSE showed that FIIs sold stocks worth Rs 357.82 crore and DII off-loaded shares worth Rs 791.59 crore.
 
Sun Pharma was the lone gainer on BSE which advanced 1.57 per cent to Rs 420.10 as investors bought its shares on lower price level as it had lost over 15 per cent in just the last three trade sessions since Monday. 
 
The pharmaceutical major is probed by SEBI on several charges of corporate disclosure and insider trading.
 
The laggards were led by Maruti Suzuki, Tata Motors and Tata Motors (DVR) which lost over 4 per cent, while Yes Bank, Adani Ports and Reliance Industries lost in the range of 2-3 per cent.
 
IANS
 

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Sensex tanks 572 points over oil output cut fears, weak rupee

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Fears over possible crude oil production cut by the OPEC group as well as broadly negative Asians stock markets pulled the barometer S&P BSE Sensex index lower by over 570 points on Thursday.
 
In addition, outflows of foreign funds, weak rupee and uncertainty over the outcome of Assembly elections subdued investor sentiments.
 
All the sectors ended lower, led by energy sector, which shed 2.52 per cent, the most BSE, followed by realty and auto stocks.
 
The Sensex settled lower 1.59 per cent, or 572.28 points, at 35,312.13, from its previous close of 35,884.41. It touched an intra-day high of 35,707.23 and a low of 35,266.76.
 
The Nifty50 lost 181.75 points or 1.69 per cent to close the session at 10,601.15.
 
The market breadth was negative as a number of declining stocks was thrice the advancing ones. A total of 656 stocks advanced while 1,814 declined.
 
The crude oil prices remained volatile amid expectations of supply cuts by OPEC, the group of 15 of the world's top oil producers which is to meet on December 7. 
 
However, Brent crude oil price slipped to $60.46 per barrel after the US President Donald Trump said: "Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!"
 
The rupee continued to depreciate and traded at Rs 70.88 to a US dollar from its close of Rs 70.46. It had slipped below the 71-mark during the afternoon session of the trade.
 
Selling by foreign institutional investors (FIIs) and domestic institutional investors (DII)on Wendnesday also weighed on investor sentiments as provisional figures from BSE showed that FII sold stocks worth Rs 357.82 crore and DII off-loaded Rs 791.59 crore of shares. 
 
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Infosys inaugurates Technology and Innovation Hub at Hartford in US

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IT services major Infosys inaugurated its Technology and Innovation Hub at Hartford, Connecticut in the United States on Wednesday.
 
The company also announced that it has hired more than 7,000 American workers in the last 18 months as part of its ongoing commitment to accelerate the pace of digital innovation for American enterprises. 
 
The Hartford Hub, located at 225 Asylum Street in the Goodwin Square Building, will help Infosys work more closely with its clients in the region and will serve as the global hub for Infosys’ InsurTech and HealthTech efforts, a press release from the company said.
 
"The hub will feature Living Labs for the Future of Insurance, the Future of Healthcare and the Future of Manufacturing, amongst others. The Living Labs help organizations learn through making. They bring together expertise in business and technologies such as blockchain, extended reality and cognitive capabilities with techniques like design thinking, agile and devops. The Living Labs enable rapid experimentation and exploration of innovation efforts," it said.
 
 “The inauguration of our Hartford Technology and Innovation Hub is an important milestone in our ongoing efforts to help American enterprises revitalize their core businesses,” said Infosys COO U.B. Pravin Rao. “This hub, along with five other hubs around the country, will help us to seamlessly collaborate with our clients to develop agile, cross-functional digital solutions to today’s most pressing business needs. We are very pleased to continue expanding our presence in Connecticut and thank both Governor Malloy and Governor-elect Ned Lamont for their support.”
 
“In the months since the announcement that Infosys would put down roots in Connecticut and create over 1,000 jobs to Hartford, they have already become strong corporate partners,” Governor Dannel Malloy said. “The truth of the matter is that Connecticut is a great place to live, work, and grow a business. We have a world-class workforce and education system. And employers have started to take notice. The capital region specifically has seen several high-profile employers establish a presence in the past year, at the same time incubators have popped up to support our burgeoning technology industry. It’s indisputable that Connecticut has momentum, and Infosys’s new headquarters embodies the progress we have made over the past eight years.”
 
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“We are thrilled to inaugurate our Harford Hub today, joined by our partners in government, academia, and business,” said Ravi Kumar, President, Infosys. “Companies throughout the region, including those in the insurance, healthcare, and manufacturing sectors, are experiencing rapid digitization. By collaborating closely with our clients and developing unique academic partnerships to foster talent, we are solving complex business challenges while transforming Hartford into a technology hub and a destination for the technology workers of the future.”
 
“Infosys’ decision to make Hartford a major innovation center is great news for Connecticut and for the Capital City, and it accelerates the work we’ve done to make Hartford a hub for innovation in our core industries,” said Hartford Mayor Luke Bronin. “From InsurTech to advanced manufacturing to digital health, Hartford is building strong momentum, and Infosys will be a large and important part of our innovation ecosystem.  Most important of all, Infosys is partnering with local educational institutions to train Connecticut students and create job opportunities for local talent.  Recruiting Infosys to Connecticut was a team effort, and I want to thank Governor Malloy, his administration, our local business leaders, and Governor-elect Lamont for their partnership.”  
 
“We’re intently focused on advancing our digital agenda, and we’re making investments in technology, people and partnerships to accelerate innovation across the company,” said Alan Schnitzer, Chairman and Chief Executive Officer of Travelers. “There has been a lot of great work over the past few years to ensure Hartford’s position as a premier destination for InsurTechs and strengthen its ability to attract top talent. The opening of the Infosys Technology and Innovation Hub is further evidence of the strides being made and an important step for the community.”
 
“We are excited to officially welcome Infosys to Hartford, marking an important milestone in the revitalization of our capital city,” said Stanley Black & Decker’s CEO and President Jim Loree. “Infosys’ presence will further propel the region toward its goal of becoming a technology and innovation hub. Hartford is rapidly becoming known as an affordable and attractive alternative to neighboring large cities and Infosys’ presence here will reinforce that. I really appreciate the team effort across the public and private sectors to highlight the tremendous value and assets of the region and I look forward to building a deep and productive business partnership with our new neighbor, Infosys.”
 
Infosys previously announced a partnership with Trinity College to create new educational programs that will prepare liberal arts students and Infosys employees for the digital workplace of the future. Such partnerships form an important part of Infosys’ broader commitment to workforce development and solving the STEM skills gap in the United States. Infosys’ strategy relies on building a holistic recruitment pipeline that extends beyond traditional computer science degrees, recruiting individuals from a diverse set of backgrounds and disciplines. Through a relentless focus on training and continuous education, Infosys is working to develop talent pools organically in the communities where the company operates.
 
Infosys’ commitment to education also extends to the company’s charitable foundation, Infosys Foundation USA. In Connecticut, the Foundation has provided multiple grants for classroom technology and computer science training to teachers and schools. To date, these grants have reached 3,728 students, 41 teachers, and 30 schools across the state. Infosys Foundation USA has recently partnered with the Hispanic Heritage Foundation, providing a grant to create a comprehensive K-8 Spanish language computer science education pathway for Spanish English Language Learner (ELL) students in the US with pilot programs being launched in Hartford.
 
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Key Indian equity indices open in red

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Taking a cue from muted global markets, the key Indian equity indices on Thursday opened lower.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 35,884.41 on Wednesday, opened lower at 35,694.25.
 
Minutes into trading, it was quoting at 35,701.99, down by 182.42 points, or 0.51 per cent.
 
At the National Stock Exchange (NSE), the broader 50-scrip Nifty, which had closed at 10,782.90 on Wednesday, was quoting at 10,708.55, down by 74.35 points or 0.69 per cent.
 
Broadly negative global cues as well as disappointment over the Reserve Bank's monetary policy announcement keeping its key lending rate for commercial banks unchanged at 6.5 per cent, dragged the key Indian equity indices to end in red on Wednesday.
 
The Sensex was down by 249.90 points or 0.69 percent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 36,048.65 and a low of 35,777.81. The Nifty too, was down by 86.60 points or 0.80 per cent.
 
On Thursday, Asian indices were showing a negative trend. Japan's Nikkei 225 was quoting in red, down by 2.11 per cent while Hang Seng was down by 2.59 per cent, South Korea's Kospi was also down by 1.32 per cent. China's Shanghai Composite index was trading in red, down by 1.30 per cent.
 
Overnight, FTSE 100 was down by 1.46 per cent at the closing on Wednesday.
 
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RBI keeps repo rate unchanged at 6.5%, maintains stance of calibrated tightening

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The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) today decided to keep its key policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 percent and maintain the stance of calibrated tightening.
 
Consequently, the reverse repo rate under the LAF remains at 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
 
"The decision of the MPC is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth," the RBI said in its Fifth Bi-monthly Monetary Policy Statement, 2018-19.
 
The statement noted that,in the fourth bi-monthly resolution of October 2018, CPI inflation was projected at 4.0 per cent in Q2:2018-19, 3.9-4.5 per cent in H2 and 4.8 per cent in Q1:2019-20, with risks somewhat to the upside. Excluding the HRA impact, CPI inflation was projected at 3.7 per cent in Q2:2018-19, 3.8-4.5 per cent in H2 and 4.8 per cent in Q1:2019-20. The actual inflation outcome in Q2 at 3.9 per cent was marginally lower than the projection of 4.0 per cent. However, the October inflation print at 3.3 per cent turned out to be unexpectedly low.
 
"There have been several important developments since the October policy which will have a bearing on the inflation outlook. First, despite a significant scaling down of inflation projections in the October policy primarily due to moderation in food inflation, subsequent readings have continued to surprise on the downside with the food group slipping into deflation. At a disaggregated level, deflation in pulses, vegetables and sugar widened, while cereals inflation moderated sequentially. The broad-based weakening of food prices imparts downward bias to the headline inflation trajectory, going forward. Secondly, in contrast to the food group, there has been a broad-based increase in inflation in non-food groups. Thirdly, international crude oil prices have declined sharply since the last policy; the price of Indian crude basket collapsed to below US$ 60 a barrel by end-November after touching US$ 85 a barrel in early October. However, selling prices, as reported by firms polled in the Reserve Bank’s latest IOS, are expected to edge up further in Q4 on the back of increased demand," it said.
 
"Fourthly, global financial markets have continued to be volatile with EME currencies showing a somewhat appreciating bias in the last one month. Finally, the effect of the 7th Central Pay Commission’s HRA increase has continued to wane along expected lines. Taking all these factors into consideration and assuming a normal monsoon in 2019, inflation is projected at 2.7-3.2 per cent in H2:2018-19 and 3.8-4.2 per cent in H1:2019-20, with risks tilted to the upside. The projected inflation path remains unchanged after adjusting for the HRA impact of central government employees as this impact dissipates completely from December 2018 onwards. Although recent food inflation prints have surprised on the downside and prices of petroleum products have softened considerably, it is important to monitor their evolution closely and allow heightened short-term uncertainties to be resolved by incoming data," it said.
 
Turning to growth projections, although Q2 growth was lower than that projected in the October policy, GDP growth in H1 has been broadly along the line in the April policy when for the year as a whole GDP growth was projected at 7.4 per cent. Going forward, lower rabi sowing may adversely affect agriculture and hence rural demand. Financial market volatility, slowing global demand and rising trade tensions pose negative risk to exports, the statement said.
 
"However, on the positive side, the decline in crude oil prices is expected to boost India’s growth prospects by improving corporate earnings and raising private consumption through higher disposable incomes. Increased capacity utilisation in the manufacturing sector also portends well for new capacity additions. There has been significant acceleration in investment activity and high frequency indicators suggest that it is likely to be sustained.
 
"Credit offtake from the banking sector has continued to strengthen even as global financial conditions have tightened. FDI flows could also increase with the improving prospects of the external sector. The demand outlook as reported by firms polled in the Reserve Bank’s IOS has improved in Q4. Based on an overall assessment, GDP growth for 2018-19 has been projected at 7.4 per cent (7.2-7.3 per cent in H2) as in the October policy, and for H1:2019-20 at 7.5 per cent, with risks somewhat to the downside," it said.
 
The statement noted that, even as inflation projections have been revised downwards significantly and some of the risks pointed out in the last resolution have been mitigated, especially of crude oil prices, several uncertainties still cloud the inflation outlook. 
 
"First, inflation projections incorporate benign food prices based on the realised outcomes of food inflation in recent months. The prices of several food items are at unusually low levels and there is a risk of sudden reversal, especially of volatile perishable items. Secondly, available data suggest that the effect of revision in minimum support prices (MSPs) announced in July on prices has been subdued so far. However, uncertainty continues about the exact impact of MSP on inflation, going forward. Thirdly, the medium-term outlook for crude oil prices is still uncertain due to global demand conditions, geo-political tensions and decision of OPEC which could impinge on supplies. 
 
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"Fourthly, global financial markets continue to be volatile. Fifthly, though households’ near-term inflation expectations have moderated in the latest round of the Reserve Bank’s survey, one-year ahead expectations remain elevated and unchanged. Sixthly, fiscal slippages, if any, at the centre/state levels, will influence the inflation outlook, heighten market volatility and crowd out private investment. Finally, the staggered impact of HRA revision by State Governments may push up headline inflation. While the MPC will look through the statistical impact of HRA revisions, it will be watchful of any second-round effects on inflation," it said.
 
The MPC said that the benign outlook for headline inflation is driven mainly by the unexpected softening of food inflation and collapse in oil prices in a relatively short period of time. Excluding food items, inflation has remained sticky and elevated, and the output gap remains virtually closed. The MPC also noted that even as escalating trade tensions, tightening of global financial conditions and slowing down of global demand pose some downside risks to the domestic economy, the decline in oil prices in recent weeks, if sustained, will provide tailwinds. The acceleration in investment activity also bodes well for the medium-term growth potential of the economy. 
 
"The time is apposite to further strengthen domestic macroeconomic fundamentals. In this context, fiscal discipline is critical to create space for and crowd in private investment activity," it said.
 
"Against this backdrop, the MPC decided to keep the policy repo rate on hold and maintain the stance of calibrated tightening. While the decision on keeping the policy rate unchanged was unanimous, Dr. Ravindra H. Dholakia voted to change the stance to neutral. 
 
"The MPC reiterates its commitment to achieving the medium-term target for headline inflation of 4 per cent on a durable basis. The minutes of the MPC’s meeting will be published by December 19, 2018," it said.
 
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Sensex 200 points down ahead of RBI policy

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Broadly negative global cues and caution ahead of the RBI policy pushed the key indices during the afternoon session on Wednesday to trade over 0.5 per cent lower from their previous close.
 
All the sectoral indices on BSE and NSE traded in the red led by metal, auto and healthcare stocks. Interest sensitive banking stocks traded 0.6 per cent lower on BSE.
 
At 1.15 p.m, the S&P BSE Sensex traded 206.49 points lower at 35,927.82 from its previous close of 36,134.31. It touched a high of 36,048.65 and a low of 35,863.59.
 
The market breadth was negative as a number of declining stocks was over twice the advancing once. A total of 627 stocks advanced while 1,534 declined at noon.
 
The NSE's Nifty50 traded 70.20 points lower at 10,799.30.
 
The crude oil prices remained volatile amid expectations of supply cuts by OPEC, the group of 15 of the world's top oil producers which is to meet on December 7. Brent crude traded lower at $61.29 per barrel.
 
The rupee continued to depreciate and traded at Rs 70.52 to a US dollar from its close of Rs 70.49.
 
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Markets open in red on Wednesday

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.
 
The Sensex of the BSE opened at 36,035.65, then touched a high of 36,048.65 and a low of 35,916.55 points.
 
It was trading at 35,968.13 down by 166.18 points or 0.49 per cent from its Tuesday's close at 36,134.31.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,820.45 after closing at 10,869.50 points.
 
The Nifty was trading at 10,818.15 in the morning.
 
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Sensex, Nifty snap 6-day gaining streak, all eyes on monetary policy

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The Indian equity market snapped its six-day gaining streak on Tuesday amid caution ahead of the RBI's monetary policy announcement.
 
Investors were also cautious due to the ongoing state Assembly elections and expectations of a reduction in oil supply by the Organization of Petroleum Exporting Countries (OPEC) at its meeting due on December 6.
 
The market closed with the S&P BSE Sensex shedding 107 points, after trading in a short range during most of the day's trade. 
 
"Investors remained cautious ahead of the outcome of the Reserve Bank of India's (RBI) monetary policy meeting. The Monetary Policy Committee (MPC) will conclude its two-day meeting on Wednesday," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. 
 
"We understand that this time no change in rates is widely expected as the central bank would like to patiently watch," said Mustafa Nadeem, CEO, Epic Research.
 
Finance and banking stocks on the BSE traded over 0.50 per cent lower, while selling pressure was witnessed in telecom, auto and FMCG stocks.
 
In contrast, buying was seen on the S&P BSE IT index, which gained over 1 per cent. Oil and gas stocks also ended higher.
 
The Sensex settled lower 0.29 per cent, or 106.69 points, at 36,134.31, from its previous close of 36,241. It touched an intra-day high of 36,295.84 and a low of 36,036.39.
 
The Nifty50 lost 14.25 points or 0.13 per cent to close the session at 10,869.50.
 
However, in the broader markets, the BSE small-cap index closed in the green gaining 0.14 per cent, while BSE mid-cap traded lower by 0.07 per cent.
 
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The crude oil prices surged on Tuesday on expectations of supply cuts by OPEC, the group of 15 of the world's top oil producers, which could further drive the prices up. The benchmark Brent crude was trading higher at $63.19 a barrel when the markets closed.
 
The rupee closed at Rs 70.49 to a US dollar from its previous close of 70.45.
 
"Technically, the Nifty is consolidating in a tight range after the rally seen last week. Further upsides are likely once the immediate resistances of 10,903-10,941 are taken out. 
 
"Crucial supports to watch for any weakness are at 10,845-10,833," said Deepak Jasani, head of HDFC Securities.
 
Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 55.89 crore on Tuesday while domestic institutional investors sold Rs 521.38 crore of shares.
 
Top gainers on the Sensex were ONGC, up 2.52 per cent at Rs 146.20; Infosys, up 2.18 per cent at Rs 684.45; Wipro, up 1.92 per cent at Rs 334.50; Vedanta, up 1.53 per cent at Rs 206.15; and Power Grid, up 1.38 per cent at Rs 187 per share.
 
The laggards were led by Sun Pharma, which lost 2.75 per cent, reflecting the concerns among the investors over the probe by the market regulator SEBI on charges of insider trading. It lost over 7 per cent on Monday.
 
It was followed by Mahindra and Mahindra, down 2.36 per cent at Rs 742.30; HDFC, down 1.92 per cent at Rs 1,939.20; and State Bank of India, down 1.64 per cent at Rs 282.30, and NTPC, down 1.41 per cent at Rs 143.05 per share.
 
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Sensex ends 6-day gaining streak, sheds 107 points

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The benchmark S&P BSE Sensex snapped its six-day-long gaining streak, closing 107 points lower on Tuesday as investors turned cautious ahead of major events.
 
"The markets are on a back foot due to major events like the OPEC meeting this week, RBI monetary policy review meeting commencing on Wednesday and the ongoing poll processes in five states.
 
"Investors are waiting on the sidelines of these potential market drivers and will take positions after these major events," Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.
 
Finance and banking stocks traded over 0.50 per cent lower, while selling pressure was witnessed in telecom, auto and FMCG stocks.
 
In contrast, buying was seen in IT, which gained over 1 per cent. Oil and gas also ended higher.
 
The Sensex settled lower 0.29 per cent, or 106.69 points, at 36,134.31, from its previous close of 36,241. It touched an intra-day high of 36,295.84 and a low of 36,036.39.
 
The Nifty50 lost 14.25 points or 0.13 per cent to close the session at 10,869.50.
 
However, in broader markets, smallcaps closed in the green, as it gained 0.14 per cent, while midcap traded lower by 0.07 per cent.
 
Ahead of the OPEC meeting, the crude oil prices surged on Tuesday on expectations of supply cuts by the oil cartel which could drive the prices up. The benchmark Brent crude was trading higher at $63.19 a barrel when the markets closed.
 
The rupee, after losing 88 paise on Monday, traded at Rs 70.60 to a US dollar. It had closed at Rs 70.45.
 
Top gainers on Sensex were dominated by IT stocks as Wipro and Infosys gained over 2 per cent, while TCS advanced by 1.37 per cent. Other major gainers were ONGC and Vedanta.
 
The laggards were led by SunPharma which lost 2.75 per cent, reflecting the concerns among the investors over the probe by the market regulator SEBI on charges of insider trading. It had lost over 7 per cent on Monday.
 
Other top losers included Mahindra and Mahindra, HDFC and State Bank of India.
 
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IL&FS Group appoints N. Sivaraman as COO

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Beleaguered Infrastructure Leasing & Financial Services Limited (IL&FS), one of India's leading infrastructure development and finance companies, has appointed Mr. N. Sivaraman as the chief operating officer (COO) of the IL&FS Group.
 
Mr. Sivaraman will be responsible for day-to-day operations and provide hands-on leadership and oversight to the Group’s asset monetisation efforts, a press release from the company said.
 
He will be a part of the Core Operating Committee and report to Mr. Vineet Nayyar, Vice-Chairman and Managing Director, IL&FS Group, it said.
 
"Mr. Sivaraman is a seasoned business leader with a 34-year track record with the L&T Group. He was, till most recently, the President and Whole Time Director with L&T Finance Holdings (LTFH).
 
"Mr. Sivaraman’s range of experience and accomplishments include mergers and acquisitions, as well as building an admirable financial services institution. His major achievement is the transformation and growth of LTFH from 2006 to 2016 and the L&T -Grasim cement demerger.
 
"Mr Sivaraman would augment the competencies required for the Board of IL&FS to achieving stability in operations in the IL&FS Group as well as execute its ongoing divestment and resolution exercise," the release added.
 
The National Company Law Tribunal (NCLT) had on October 1 allowed the government's petition for the supersession of the Board of Directors of IL&FS and its substitution by a new Board.
 
The move came as a series of defaults by IL&FS Group companies in August and September, 2018 on term-deposits, short-term deposits, inter-corporate deposits, commercial paper and non-convertible debentures and the rating downgrades in some and default on some other financial instruments. These had resulted in a massive effect in the financial markets, causing redemption pressure on the mutual funds, which held such financial instruments and had also adversely impacted sentiments on the stock markets, money markets and debt markets. 
 
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Ajay Narayan Jha designated as new Finance Secretary

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Expenditure Secretary Ajay Narayan Jha was today designated as the new Finance Secretary in the Ministry of Finance.
 
He succeeds Mr. Hasmukh Adhia, who superannuated from service on November 30.
 
"The Appointments Committee of the Cabinet has approved designating Shri A.N. Jha, lAS (MN:1982), Secretary, Department of Expenditure, Ministry of Finance as Finance Secretary," a notification from the Department of Personnel and Training (DoPT) said.
 
The seniormost secretary in the Finance Ministry is normally designated as the Finance Secretary.
 
Mr. Jha had been succeeded Mr. Ashok Lavasa as the Expenditure Secretary in November, 2017.
 
Before that, he had served as Secretary, Ministry of Environment, Forests & Climate Change.
 
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PMI data signals strongest improvement in manufacturing in one year

 
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose for the third consecutive month in November to 54.0 from 53.1 in October, signalling the strongest improvement in the health of the sector in almost one year.
 
"Manufacturing operating conditions in India strengthened for the third successive month in November, as healthier inflows of new orders encouraged companies to lift production and input buying to greater extents than in October," a press release from Nikkei said.
 
The release said cost inflation moderated, but the revival in demand translated into improved pricing power among producers who raised their charges at a quicker rate. Elsewhere, job creation was sustained while sentiment picked up, it said.
 
The PMI is a seasonally adjusted composite single-figure indicator of manufacturing performance in the country. It is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease.
 
"Buoyed by stronger demand conditions and greater sales, manufacturers increased production at the second-quickest pace since October 2016. The rise was led by intermediate goods firms, although robust growth was also seen in the consumer and capital goods categories," the release said.
 
Likewise, new orders expanded at the secondfastest rate in over two years, slower only than that seen in December 2017. Companies suggested that marketing efforts bore fruit, while stronger demand too boosted sales. Intermediate goods makers also fronted the upturn, it said.
 
"The expansion in total new orders was supported by greater sales to international markets. Growth of new export work quickened to the fastest in just under four years, as producers reportedly received bulk orders from clients in key export destinations. Heated demand exerted upward pressure on capacities, as highlighted by a renewed increase in outstanding business. At the same time, manufacturers utilised their stocks to fulfil orders, with holdings of finished goods down for the sixteenth month in a row during November," it said.
 
"Conversely, pre-production inventories rose as companies stepped up input buying. The upturn in quantities of purchases was the most pronounced in ten months, while stocks of purchases also increased at a quicker pace.
 
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"Goods producers created jobs in November. The increase in  employment softened slightly since October, but was nonetheless among the fastest seen in six years," it said.
 
The release said firms felt confident to hike their charges, amid an improved demand environment, despite cost inflation easing to a seven-month low in November. Exactly 7% of companies noted greater expenses, citing higher chemical, energy, metal, plastic and textile prices. The remaining firms reported no change in input prices since October.
 
Business sentiment improved from October’s 20-month low, with Indian manufacturers forecasting better market conditions in the coming 12 months. Improved advertising campaigns was also a factor leading to predictions that production will expand in the year ahead.
 
"Finally, there was broadly no change in suppliers’ delivery times in November, as signalled by the respective index recording only fractionally below the 50.0 neutral mark," it said.
 
Pollyanna De Lima, Principal Economist at IHS Markit and author of the report, said: “The Indian manufacturing sector continued to recover from ground lost in August, with November seeing the headline PMI climb to an 11-month high. The relatively weak demand environment seen earlier in the year showed signs of abating, with clients unfazed by another round of increases in output prices and placing more orders regardless."
 
"Correspondingly, goods producers rebuilt raw material stocks in order to guard against possible delivery delays and fulfil contracts. Manufacturers further drew down their finished goods stocks to meet demand. This, coupled with improved business sentiment, should ensure that production continues to rise at a robust clip as we head towards 2019.
 
“Signs of rising confidence in the upturn were also provided by the trend for employment, which continued to grow at one of the quickest rates seen in six years. Supply-chain pressures remained weak, however, which supported a softer rise in input prices," she added.
 
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Sensex, Nifty end flat over weak rupee, macro data

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The key equity indices managed to register their sixth straight session of gain on Monday as the S&P BSE Sensex and Nifty50 closed marginally up.
 
After opening over 200 points higher over signs of easing US-China trade tensions, rise in global crude oil prices and domestic factors including disappointing macro-economic data and uncertainty over state election outcome weighed investor sentiments.
 
Also, ahead of the OPEC meeting this week, the crude oil prices surged on expectations of supply cuts by the oil cartel. The benchmark Brent Crude traded higher at $62.05 a barrel when the domestic markets closed. 
 
The domestic currency weakened over 50 paise against the US dollar, trading at Rs 70.16 from its previous close of 69.59.
 
Utilities, metal and realty gained over 2 per cent on the BSE while healthcare, energy and auto where the only stocks ending in red.
 
The Sensex settled 46.70 points up or 0.13 per cent at 36,241, from its previous close of 36,194.30. It touched an intra-day high of 36,446.16 and a low of 36,099.68.
 
The Nifty50 gained 7 points or 0.06 per cent to finish the trade session at 10,883.75.
 
Top gainers on the Sensex were Yes Bank, which rose close to 5 per cent closely followed by Hindustan Uniliver. Vedanta, NTPC and Bharti Airtel gained in the range of 2 to 3.5 per cent.
 
Sun Pharma lost 7.52 per cent -- the most on the Sensex -- followed by Mahindra and Mahindra. Other major losers were ITC, Relinace Industries and Hero MotoCorp.
 
The markets had opened on a positive note in line with global markets on signs of easing US-China trade tension who agreed to halt additional tariffs in the G20 meeting in Buenos Aires.
 
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Sensex reverses gain, trades flat; rupee crosses 70

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Reversing early gains, the key equity indices traded in the red during the afternoon trade session on Monday as investors reacted to disappointing macro-economic data and a rise in global crude oil prices.
 
According to market observers, investors reacted on weak second-quarter GDP figure and widening fiscal deficit made known after the markets closed on Friday. 
 
In addition, investor sentiments were also weighed down by a slowdown in vehicle sales. 
 
While the financials traded on a flat note, realty, power and utility stocks gained over 2 per cent. In contrast, the healthcare and auto stocks witnessed selling pressure.
 
Besides, ahead of the OPEC meeting this week, the crude oil prices surged on expectations of supply cuts by the oil cartel. The benchmark Brent Crude traded higher at $62.07 a barrel.
 
Even the domestic currency weakened 63 paise against the US dollar, trading at Rs 70.22 from its previous close of 69.59.
 
At 1.33 p.m, the S&P BSE Sensex traded 30.38 points lower at 36,163.92 from its previous close of 36,194.30. The benchmark index touched a high of 36,446.16 and a low of 36,099.68 while NSE's Nifty50 traded just 9.55 points lower at 10,867.20.
 
The markets had opened on a positive note in line with global markets on signs of easing US-China trade tension who agreed to halt additional tariffs in the G20 meeting in Buenos Aires.
 
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BSE Sensex opens 200 points up

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The S&P BSE Sensex opened 200 points higher on Monday, in line with global markets on signs of easing US-China trade tension.
 
According to reports, China and the US agreed to halt additional tariffs in the G20 meeting in Buenos Aires over the weekend, pushing global stock markets higher.
 
Buying was witnessed in metal, IT and FMCG counters while healthcare scrips came under selling pressure. Stocks of key sectors; finance and banking traded higher.
 
The Sensex of the BSE opened at 36,396.69 from its previous close at 36,194.30 on Friday. At 9.26 a.m., the Sensex traded at 36,337.41 higher by 143.11 points or 0.40 per cent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 10,930.70 after closing at 10,876.75 on Friday.
 
The Nifty traded at 10,909.05 during the morning trade session, up 32.30 points and 0.30 per cent.
 
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Fuel prices continue to fall amid reports of deal to cut crude output

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Amid reports of a deal between Saudi Arabia and Russia to cut crude production, Indian state-run oil firms continued to lower transport fuel prices for the eleventh straight day on Sunday, with petrol prices touching the lowest level in the ongoing fiscal across the major metros.
 
In the national capital, petrol price fell to Rs 72.23 per litre, against Saturday's level of Rs 72.53, according to data on the Indian Oil Corp's website. 
 
The price in Delhi was the lowest recorded level in 2018-19 so far, with the previous low being Rs 73.73 on April 1.
 
In other metros too, petrol prices fell by around 30-40 paise on Sunday and recorded the lowest prices in the current fiscal.
 
Prices in Kolkata, Mumbai and Chennai on Sunday are Rs 74.25, Rs 77.80 and Rs 74.94 per litre, respectively, against the previous day's respective levels of Rs 74.55, Rs 78.09 and Rs 75.26 per litre.
 
The previous lows for the current fiscal in Kolkata, Mumbai and Chennai were Rs 76.44, Rs 81.59 and Rs 76.48 per litre, respectively, recorded on April 1.
 
Diesel prices also declined on Sunday in tandem with the cost of petrol.
 
In Delhi, Kolkata, Mumbai and Chennai, diesel per litre was sold for Rs 67.02, Rs 68.75, Rs 70.15 and Rs 70.77, respectively, compared to Rs 67.35, Rs 69.05, Rs 70.50 and Rs 71.12 on Saturday. 
 
The fall in domestic fuel prices comes amid the recent decline in crude oil prices. 
 
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
 
The price of the benchmark Brent crude oil, which declined over the past one month, has fallen further despite expectations that the Organization of the Petroleum Exporting Countries (OPEC) may decide to reduce supply in its meet next week.
 
The OPEC is expected to announce a supply cut of one million barrel per day to curb the fall in oil prices, according to market analysts.
 
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November auto sales muted on high fuel prices, low credit flow

 
Indian automobile manufacturers on Saturday reported a broadly negative sales trend for November 2018, as Maruti Suzuki, the market leader in passenger car segment, reported a 0.7 per cent decline in total sales.
 
According to analysts, an unfavourable base effect, along with high fuel and interest costs, dented the monthly sales of some manufacturers.
 
As per Maruti Suzuki India's monthly sales figures, a total of 153,539 units were sold last month, compared to 154,600 units during the corresponding period of the last financial year.
 
However, the company's domestic sales rose 0.5 per cent on a year-on-year basis to 146,018 units in November.
 
Although, the domestic passenger vehicles sales dipped 0.3 per cent to 143,890 units, the company's sales of light commercial vehicles in the country rose 112.2 per cent to 2,128 units.
 
On the other hand, exports slumped 19.1 per cent to 7,521 vehicles.
 
So far, in the financial year 2018-19, the company has sold a total of 12,75,632 units, which is 7.4 per cent higher than 1,187,735 units off-take during the corresponding period of last fiscal. 
 
Similarly, Hyundai Motor India reported a decline in November sales. The country which is the second largest car maker registered a domestic sales of 43,709 units last month, 0.67 per cent lower than 44,008 units sold in November 2017.
 
Another domestic auto giant Tata Motors reported a decline in domestic sales. The company's November domestic sales went down by four per cent to 50,470 units.
 
"Tata Motors' commercial vehicles (CV) domestic sales declined in November 2018 at 33,488 units, by 5 per cent, compared to 35,307 units sold last November, due to low consumer sentiments as a result of liquidity tightening in the market, higher interest rates and rising fuel costs," it said in a regulatory filing at the BSE.
 
It further noted: "November 2018 was a challenging month for the industry with muted consumer sentiment caused by liquidity crunch, non-availability of retail finance and moderate festive season."
 
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However, another key Indian player Mahindra & Mahindra (M&M) reported a 17 per cent rise in its vehicle sales including exports for November, compared on a year-on-year basis.
 
The total sales of the company stood at 45,101 units last month, against 38,570 units recorded during the corresponding period of the financial year 2017-18.
 
Toyota Kirloskar Motor sold a total of 10,721 units in the Indian market last month compared 12,734 units off-take recorded in November 2017. 
 
Commenting on the monthly sales, Mr. N. Raja, Deputy Managing Director, Toyota Kirloskar Motor said, "Fluctuating exchange rates, rising fuel costs and high interest rates have impacted the consumer sentiment in auto industry. Consumer demand has witnessed a downward trend over the festive period as compared to same period last year."
 
Honda Cars India (HCIL) registered a growth of 10 per cent with monthly domestic sales of 13,006 units in November 2018 against 11,819 units in the corresponding month last year.
 
In the two-wheeler segment, Suzuki Motorcycle India reported a growth of 24.19 per cent in domestic sale to 53,058 units over the 42,722 units it had sold in November 2017.
 
Hero MotoCorp, however, reported a marginal increase of 0.8 per cent in its total sales at 610,252 units. 
 
"Wholesale PV dispatches has remained muted in November-2018 as dealerships focused on rationalising their inventory level given slowing demand amid cautious consumer sentiments," said Ashish Modani, VP - Corporate Sector Ratings, ICRA.
 
"Going forward, rural demand is a key monitorable to be watched closely. Given political uncertainty post general election in the coming year, customer sentiments continue to remain cautious which will weigh on the PV growth rate in the near term." 
 
In terms of passenger cars sales, Sridhar V., Partner, Grant Thornton India said: "The much expected festival sales did not result in a bumper growth due to various macro economic factors including fuel price increase, increased financing cost and rupee losing out to dollar."
 
"The decrease in crude price over November coupled with rupee gains and discounts offered should hopefully pep up the volumes of passenger cars in December which usually is a dull month."
 
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OMCs reduce jet fuel prices; ATF cost in Delhi down by 11%

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State-owned oil marketing companies (OMCs) on Saturday reduced the aviation turbine fuel (ATF), or jet fuel, prices by 10.90 per cent in New Delhi.
 
Accordingly, jet fuel prices have been cut by Rs 8,327.83 in Delhi and now sells at Rs 68,050.97 per kilolitre. Prices vary with airports depending on local taxes. 
 
Jet fuel per kilolitre now costs Rs 73,393.55 in Kolkata, Rs 67,979.58 in Mumbai and Rs 69,216.61 in Chennai.
 
The three OMCs revise the jet fuel prices on the first of every month. 
 
Earlier this week, credit ratings agency ICRA said that, severely mauled by the twin blows of significant increase in ATF prices and the depreciation of the Indian rupee against the US dollar, the Indian aviation industry continues to grapple with tough times in the current fiscal. 
 
"As if this was not enough, low pricing power of the industry and inability to raise fares has resulted in mounting losses for the airlines," the agency had said.
 
The reduction is in line with the declining crude oil prices which has lost one-third of value in the span of two months, after touching an $86-a-barrel mark in early October. 
 
Brent crude oil has slipped below $60 following the US decision to exempt eight countries, including India and China, to continue buying oil for six months from Iran despite sanctions. 
 
However, the global prices remain volatile ahead of OPEC meeting next week which could further affect ATF prices.
 
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BJP failed to deliver double-digit growth: Chidambaram

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The Narendra Modi-led central government has failed to deliver on its promise of a double-digit growth in the last four years and it will not manage it even in the remaining six months of its term, Former Finance Minister P. Chidambaram said on Saturday.
 
"This government promised a double-digit growth rate. They have not achieved that growth rate in any of the four years. And they will not achieve it in the last year also," he said at a press conference here.
 
The senior Congress leader said there was a sense of crisis in every sector, be it banking, industry, construction or real-estate.
 
Chidambaram's remarks came a day after official data showed that India's GDP growth rate declined to 7.1 per cent during the July-September quarter, compared to April-June's 8.2 per cent.
 
Earlier, in a series of tweets, he said the GDP growth in Q2 of 2018-19 was a good 1 per cent lower than in Q1.
 
He said the 8.2 per cent growth rate in April-June quarter was on a very low base in the previous year and did not warrant the jubilation of the Bharatiya Janata Party.
 
"Going forward, it is likely that Q3 and Q4 will register similar growth rates unless there are unexpected shocks. The new normal for the Indian economy is 7 per cent and 2018-19 will be a normal year," Chidambaram said.
 
"More and more large companies are going bankrupt today than ever before. More and more projects are stranded than ever before. More and more accounts turned NPA (non-performing assets) than ever before. More banks have been restrained from lending than ever before. There is a sense of crisis everywhere," he told the media here in poll-bound Rajasthan.
 
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Price of non-subsided LPG in Delhi to come down by Rs 133 per cylinder

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The price of non-subsidised LPG cooking gas will be decreased by Rs 133 per cylinder in New Delhi, and that of the subsidised one will reduce by Rs 6.52 per cylinder, effective December 1.
 
According to the Indian Oil Corporation, the decrease in price of non-subsidised LPG cylinder is mainly due to a fall in price of LPG in the international market and strengthening of US dollar-rupee exchange rate.
 
Consumers have to buy non-subsidised LPG cylinder after exhausting their yearly quota of 12 subsidised ones.
 
"The price of Non-Subsidised LPG at Delhi will decrease by Rs 133 per cylinder w.e.f. 1st December 2018, due to fall in price of LPG in international market and strengthening of US$-rupee exchange rate," IndianOil said in a statement on Friday.
 
"Accordingly, the upfront cash payment by the consumer for purchase of domestic LPG refill will reduce by Rs 133 per cylinder, i.e. from Rs.809.50 per cylinder in December, 2018 in Delhi market in place of Rs 942.50 per cylinder in November, 2018." 
 
In terms of subsidised domestic LPG cylinders, the decline has been attributed mainly on account of GST impact on the revised price of domestic non-subsidised LPG.
 
"As domestic LPG prices are subsidized by Government, the Effective Price after subsidy to consumer will reduce by Rs.6.52 per cylinder. The reduction is on account of GST impact on decrease in price of Non-Subsidised LPG," the statement said.
 
Effectively, the price on subsidised cylinder will decrease to Rs 500.90 for the from Rs 507.42 in November 2018.
 
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India's GDP growth slows to 7.1% in Q2

 
The pace of India's GDP (gross domestic product) growth slowed during the second quarter of 2018-19 to 7.1 per cent from 8.2 per cent in Q1, mainly on the back of a drop in manufacturing, agriculture and mining activities, official data showed here on Friday.
 
However, on a year-on-year (YoY) basis, the GDP growth showed a rise. It had grown at 6.3 per cent during the corresponding quarter of last year.
 
According to the Central Statistics Office (CSO), the GDP growth rate at 2011-12 prices fell to 7.1 per cent from 8.2 per cent in Q1, 7.7 per cent in Q4 of 2017-18 and 6.3 per cent in the corresponding period of the previous fiscal.
 
Besides, the growth rate of gross value added (GVA) on a sequential basis during Q2 fell to 6.9 per cent from 8 per cent in Q1. It had grown by 6.1 per cent during the corresponding period of the previous fiscal.
 
"GDP at constant (2011-12) prices in Q2 of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore in Q2 of 2017-18," said the Q2 estimates released by the CSO.
 
"Quarterly GVA (Basic Price) at constant (2011-2012) prices for Q2 of 2018-19 is estimated at Rs 31.40 lakh crore, as against Rs 29.38 lakh crore in Q2 of 2017-18, showing a growth rate of 6.9 per cent over the corresponding quarter of previous year."
 
The GVA includes taxes, but excludes subsidies.
 
As per the data, the economic activities which registered growth of over 7 per cent on a YoY basis in Q2 were 'manufacturing', 'electricity, gas, water supply and other utility services', 'construction' and 'public administration, defence and other services'.
 
"The growth in the 'agriculture, forestry and fishing', ‘mining and quarrying', ‘trade, hotels, transport, communication and services related to broadcasting' and financial, real estate and professional services is estimated to be 3.8 per cent, (-) 2.4 per cent, 6.8 per cent, and 6.3 per cent respectively during this period," the CSO said in the estimates document.
 
Sector-wise, YoY quarterly GVA at basic prices for Q2 2018-19 from "agriculture, forestry and fishing" sector showed a growth of 3.8 per cent from 2.6 per cent in Q2 2017-18. 
 
In addition, quarterly GVA in Q2 2018-19 from "manufacturing" sector grew at 7.4 per cent as compared to 7.1 per cent. 
 
"IIP manufacturing registered growth rate of 5.5 per cent during Q2 of 2018-19 as compared to 2.5 per cent during Q2 of 2017-18," the estimates document said.
 
However, the quarterly GVA from "mining and quarrying" sector declined by (-) 2.4 per cent as compared to grow of 6.9 per cent. 
 
On a sequential basis, the GVA growth of manufacturing sector in Q2 dropped to 7.4 per cent from 13.5 per cent in Q1, while for agriculture it fell to 3.8 per cent from 5.3 per cent and was negative in the case of mining sector at (-) 2.4 per cent from a marginal rise of 0.1 per cent.
 
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Profit booking dents equity indices, Sensex closes flat

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The key equity indices on Friday closed trade on a flat-to-positive note, as caution ahead of the macro-economic data release as well as profit booking subdued investors' sentiments.
 
In the intra-day trade, the two key indices -- S&P BSE Sensex and NSE Nifty50 -- reversed their initial gains to slip into the red as investors shifted focus to the macro-economic data announcement.
 
Sector-wise, banking, oil and gas and telecom stocks witnessed selling pressure on the BSE. In contrast, IT, realty and healthcare stocks outperformed the benchmark index, gaining 1-2 per cent.
 
"Stocks in India oscillated between the positive and negative zones on mixed news flows and profit booking after the recent leg-up kept the emergence of a strong trend at bay," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. 
 
Index-wise, the S&P BSE Sensex settled 23.89 points up or 0.07 per cent higher at 36,194.30 points, from its previous close of 36,170.41 points. It touched an intra-day high of 36,389.22 and a low of 36,082.97.
 
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The NSE Nifty50 gained 22.05 points or 0.20 per cent to finish the session at 10,880.75 points.
 
In terms of crude oil, prices remained subdued at $58.81 per barrel, while the Indian rupee strengthened by 25 paise to Rs 69.59 per US dollar from its previous close of 69.84. 
 
"Market ended on a positive note after witnessing a roller coaster movement ahead of G20 meet and expectation of oil production cut in the upcoming OPEC meet," said Vinod Nair, Head of Research, Geojit Financial Services.
 
Investment-wise, the provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 332.62 crore on Friday, while the domestic institutional investors bought shares worth Rs 1,489.65 crore.
 
Top gainers on the Sensex were Yes Bank, up 5.73 per cent at Rs 169.65; Wipro, up 3.14 per cent at Rs 324.85; Mahindra and Mahindra, up 2.21 per cent at Rs 790.20; Sun Pharma, up 1.84 per cent at Rs 492.30; and Kotak Mahindra Bank, up 1.83 per cent at Rs 1,232.35 per share.
 
Top laggards were Tata Motors, down 3.02 per cent at Rs 171.95; Tata Motors (DVR), down 2.24 per cent at Rs 93.95; ICICI Bank, down 2 per cent at Rs 355; IndusInd Bank, down 1.70 per cent at Rs 1,631.55; and Vedanta, down 1.66 per cent at Rs 195.80 per share.
 
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India’s forex reserves dip by $ 795 million to $ 392.785 billion

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India’s foreign exchange reserves dipped by $ 795 million to $ 392.785 billion during the week ended November 23, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had increased by $ 568.9 million to $ 393.58 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had declined by $ 841.3 million to $ 367.7 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves increased by $ 36.6 million to $ 20.998 billion, while its special drawing rights (SDR) went up by $ 3.5 million to $ 1.457 billion.
 
India’s reserve position in the International Monetary Fund (IMF) rose by $ 6.2million to $ 2.63 billion, the bulletin added.
 
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India's Q2 GDP growth slows to 7.1%

 
The pace of India's GDP (gross domestic product) growth slowed during the second quarter of 2018-19 to 7.1 per cent from 8.2 per cent in Q1, official data showed here on Friday.
 
According to the Central Statistics Office (CSO), the GDP at 2011-12 prices in the second quarter (Q2) of 2018-19 fell to 7.1 per cent from 8.2 per cent in Q1, 7.7 per cent in Q4 of 2017-18 and 6.3 per cent in the corresponding period of the previous fiscal.
 
"GDP at constant (2011-12) prices in Q2 of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore in Q2 of 2017-18," said the Q2 estimates released by the CSO.
 
"Quarterly GVA (Basic Price) at constant (2011-2012) prices for Q2 of 2018-19 is estimated at Rs 31.40 lakh crore, as against Rs 29.38 lakh crore in Q2 of 2017-18, showing a growth rate of 6.9 per cent over the corresponding quarter of previous year."
 
The GVA (gross value added) includes taxes but excludes subsidies.
 
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