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Business & Economy

India's eight core industries grow by 4.8% in October, 2018

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India's eight core industries, which have a combined weight of 40.27 percent in the Index of Industrial Production (IIP), grew by 4.8 percent in October, 2018 as compared to 4.3 percent in the previous month, an official statement said here today.
 
The statement said the combined Index of Eight Core Industries stood at 134.8 in October, 2018. Its cumulative growth during April-October, 2018-19 was 5.4%, it said.
 
According to it, coal production, which has a weight of 10.33% in the IIP, increased by 10.6% in October, 2018 over October, 2017. Its cumulative index increased by 9.8% during April to October, 2018-19 over corresponding period of the previous year.
 
Crude oil production (weight: 8.98 per cent) declined by 5.0% in October, 2018 over October, 2017. Its cumulative index declined by 3.6% during April to October, 2018-19over the corresponding period of the previous year.
 
Natural gas production (weight: 6.88%) declined by 0.9% in October, 2018 over October, 2017. Its cumulative index declined by 0.8% during April to October, 2018-19 over the corresponding period of the previous year.
 
Petroleum refinery production (weight: 28.04%) increased by 1.3% in October, 2018 over October, 2017. Its cumulative index increased by 5.8% during April to October, 2018-19 over the corresponding period of the previous year.
 
Fertilizers production (weight: 2.63%) declined by 11.5% in October, 2018 from October, 2017. Its cumulative index declined by 0.3% during April to October, 2018-19 from the corresponding period of previous year.
 
Steel production (weight: 17.92%) increased by 2.2% in October, 2018 over October, 2017. Its cumulative index increased by 3.3% during April to October, 2018-19 over the corresponding period of previous year.
 
Cement production (weight: 5.37%) increased by 18.4% in October, 2018 over October, 2017. Its cumulative index increased by 15.0% during April to October, 2018-19 over the corresponding period of previous year.
 
Electricity generation (weight: 19.85%) increased by 11.4% in October, 2018 over October, 2017. Its cumulative index increased by 6.9% during April to October, 2018-19 over the corresponding period of previous year.
 
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Sensex, Nifty settle on flat to positive note

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The key equity indices settled on a flat-to-positive note on Friday amid  falling crude oil prices and an healthy inflow of foreign funds.
 
However, markets had reversed initial gains to slip in the red during the late afternoon session of trade as investors turned cautious ahead of the release of key macro-economic data. 
 
Q2 GDP, fiscal deficit and core sector growth data will be released later in the day.
 
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. 
 
The Sensex settled 23.89 points up or 0.07 per cent at 36,194.30, from its previous close of 36,170.41. It touched an intra-day high of 36,389.22 and a low of 36,082.97.
 
The Nifty50 gained 22.05 points or 0.20 per cent to finish the trade session at 10,880.75.
 
Top gainers on the S&P BSE Sensex were Yes Bank, which rose close to 6 per cent, while Wipro, Kotak Mahindra Bank and Mahindra and Mahindra gained in a range of 1 to 3 per cent.
 
Tata Motors lost 2.88 per cent -- the most on the Sensex -- followed by NTPC. Other major losers were Tata Motors (DVR), ICICI Bank and Vedanta.
 
IANS
 

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Sensex, Nifty trade flat, rupee gains

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Reversing early gains, the key equity indices traded flat during the afternoon session of the trade on Friday as investors grew cautious ahead of the release of major macro-economic data.
 
Q2 GDP, fiscal deficit and core sector growth data will be released later in the day.
 
Financials, oil and gas stocks witnessed selling pressure on the BSE while telecom stocks traded flat. In contrast, IT, realty, Teck (technology, entertainment and media) stocks outperformed the benchmark index, gaining 1-2 per cent. 
 
At 12.50 p.m, the Sensex traded 11.28 points higher at 36,181.69 from its previous close of 36,170.41. The benchmark index touched a high of 36,389.22 and a low of 36,178.76 while NSE's Nifty50 traded just 0.55 points higher at 10,859.25.
 
The domestic currency gained 20 paise against the US dollar, trading at Rs 69.64 from its previous close of 69.84.
 
On Thursday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 823.47 crore while domestic investors also bought Rs 973.31 crore.
 
IANS
 

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Sensex, Nifty open in green ahead of key macro data

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Ahead of a key macro-economic data release, the domestic indices opened in the green on Friday owing to a strong rupee and a healthy fund inflow.
 
Key data like -- Q2 GDP, fiscal deficit and core sector growth data -- will be released later in the day.
 
Asian markets too aided in the domestic indices gains.
 
Buying was witnessed in oil and gas, healthcare and auto counters while consumer durable scrips came under selling pressure.
 
Stocks of key sectors; finance and banking also traded higher.
 
The Sensex of the BSE opened at 36,304.43 from its previous close at 36,170.41 on Thursday.
 
At 9.23 a.m., the Sensex traded at 36,335.77 higher by 165.36 points or 0.46 per cent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 10,892.10 after closing at 10,858.70 on Thursday.
 
The Nifty traded at 10,911.45 during the morning trade session, up 52.75 points and 0.49 per cent.
 
IANS
 
 

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Sensex rises for 4th straight session on dovish Fed, lower oil prices

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India's barometer stock indices, Sensex and Nifty, rose over 1 per cent each on Thursday, as bets that the US Federal reserve will slow its pace of rate tightening and lower oil prices burnished the appeal for equities.
 
The Fed's rate-raising spree had triggered a rush of capital outflows, pressuring the rupee and depressing equities as well as sovereign debt.
 
However, the oil price crash and the Fed's recent dovish stance on rates have boosted the rupee, renewing foreign investor interest in Indian financial markets.
 
The gains, the fourth in a row, were also triggered by short covering ahead of the monthly derivatives expiry on Thursday. 
 
On Thursday, the Indian rupee gained 78 paise to close at Rs 69.84 from its previous close of Rs 70.62. 
 
The S&P BSE Sensex settled 453.46 points up or 1.27 per cent at 36,170.41, from its previous close of 35,716.95. It touched an intra-day high of 36,253.85 and a low of 35,946.24.
 
The NSE Nifty50 gained 129.85 points or 1.21 per cent to finish at 10,858.70.
 
"The gains came on the back of a rally in global equity markets after a dovish comment by US Federal Reserve Chairman Jerome Powell pushed up appetite for risk assets. Sentiments were also boosted by a fall in crude oil prices and a firm rupee," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
"Broad market indices like the BSE Mid-cap and Small-cap gained less, underperforming the main indices."
 
The Brent crude oil price declined to $57.94 a barrel.
 
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The financials, which led the gains, were up over 1.5 per cent while selling pressure was witnessed in the export-dependent IT stocks as the rupee strengthened. 
 
Vinod Nair, Head of Research, Geojit Financial Services, said: "Market held on to its strong gap-up momentum fuelled by the US Fed's dovish tone on interest rate cycle coupled with a fall in US bond yield to 2.99."
 
"Tailwinds in domestic macros led by a sharp fall in oil prices and a strong rupee supported the trend. Any ease in global trade tension after the G20 meet this weekend will also boost global sentiment."
 
The provisional data with the exchanges showed that foreign institutional investors pumped in Rs 823.47 crore on Thursday while the domestic institutional investors bought shares worth Rs 973.31-crore.
 
Top gainers on the Sensex were Bajaj Auto, up 4.68 per cent at Rs 2,725.05; Kotak Mahindra Bank, up 4.24 per cent at Rs 1,210.15; Mahindra and Mahindra, up 3.31 per cent at Rs 773.10; Vedanta, up 3.19 per cent at Rs 199.10; and IndusInd Bank, up 2.83 per cent at Rs 1,659.75 apiece.
 
The top laggards were Power Grid, down 1.55 per cent at Rs 181.20, ONGC, down 1.33 per cent at Rs 140.75; Infosys, down 1.01 per cent at Rs 659.60; Tata Consultancy Services, down 0.87 per cent at Rs 1,959.45; and NTPC, down 0.84 per cent at Rs 1142.30 per share.
 
IANS
 

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Jaitley defends GDP back-series data that slashed UPA-era growth rates

Arun Jaitley (File photo: IANS)
Arun Jaitley (File photo: IANS)
Finance Minister Arun Jaitley on Thursday rejected the Congress criticism of Gross Domestic Product (GDP) back series data as "malicious and fraudulent jugglery", saying it was realistic and not fictional.
 
He said the data released on Wednesday was based on facts and best global practices, and was being rejected by the Congress as it took away "the last of its surviving arguments" that the GDP growth during the UPA era was higher compared to the present regime. 
 
"Data is realistic. It is not fictional. And this formula is globally more comparable. So what was welcomed by the UPA in 2015 is now being criticised in the year 2018, because it revises it (growth) downwards," he told reporters.
 
"The Congress Party's reaction is given by those who perhaps have a nodding acquaintance with the subject," he later wrote in Facebook.
 
He said the Central Statistics Office (CSO) was a highly credible organisation and it completely maintained an "arms length distance" from the Finance Ministry. "In fact, we also come to know about the data only when it is finally released," he said.
 
"No one in India has ever imputed motives to the CSO. The sooner the Congress party realises that its policy paralysis pushed India into the Fragile-Five, the better it will be for the party and its leadership," he said. 
 
The Congress on Wednesday accused Prime Minister Narendra Modi and Finance Minister Arun Jaitley of resorting to "malicious and fraudulent jugglery" of GDP figures to hide the "enormous body blow" caused by them to India's economy.
 
Congress spokesperson Randeep Singh Surjewala said that "failed Modinomics" plus a "pakoda economic vision" has sunk India's economy in complete turmoil. 
 
Former Finance Minister P. Chidambaram said the NITI Aayog's revised GDP numbers were "a joke, bad joke and worse than a bad joke". 
 
"The numbers are the result of a hatchet job. Now that the NITI Ayog has done the hatchet job it is time to wind up the utterly worthless body." Chidambaram said. 
 
Jaitley said the immediate impact of the revision based on the new GDP series was on the last two years of the UPA government, and was welcomed by the Congress.
 
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"For the year 2012-13, the growth rate was revised from 4.7 per cent to 5.1 per cent and later again to 5.5 per cent. Similarly, for 2013-14 the GDP growth rate was revised from 5 per cent to 6.9 per cent and later revised to 6.4 per cent," He wrote in his Facebook post.
 
He said his predecessor Chidambaram publically welcomed the new series, saying it would end misconceived charges that the UPA mismanaged the economy, and that it, in fact, succeeded to revive the economy. 
 
"Now, in continuation of the same exercise applying the same yardstick, the new series has been made applicable from FY 2004 or '05. So, the growth on the basis of the new series may be revised either upward or downward, depending on the applicability of the data," he said.
 
The Finance Minister said that the formula was the same. So, while comparing it, the "yardstick" has to be the same.
 
"Consequently, the same basis which improved the growth estimate in the last two years of the UPA government somewhat downgraded it in the earlier years. Those who took after the new series in 2015 now consider the new series to be a 'hatchet job' and a 'bad joke'. What humours some when data shows an upward trend depresses them if it moves in the reverse direction," Jaitley said.
 
In a joint press conference with the NITI Aayog, the CSO on Wednesday released the much-awaited back-series estimates for India's GDP, which showed a lower rate of growth during the UPA years between 2005-06 and 2011-12 than what was estimated using the earlier methodology.
 
IANS
 

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Marathas now entitled to 16% quotas in Maharashtra

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The Maharashtra Legislature on Thursday unanimously passed a Bill granting 16 per cent reservation to the politically influential Maratha community demanding quotas in education and jobs amidst slogans of "Chhatrapati Shivaji Maharaj ki Jai".
 
The Action Taken Report tabled in the legislature earlier by Chief Minister Devendra Fadnavis said the government proposed to give 16 per cent reservations to the Marathas under a new Social and Economically Backward Class (SEBC) category.
 
The Bill was passed unanimously without any discussion, marking a major political achievement in an election year.
 
Fadnavis said that the relevant formalities for implementing the quotas would be completed before the model code of conduct for the coming 2019 Lok Sabha elections was enforced.
 
However, the report on quotas for the Dhangar community was yet to be completed for which a sub-committee has been appointed and its ATR would be tabled in the legislature soon, he added.
 
Top leaders of Congress, Nationalist Congress Party and other political parties greeted the development terming it as "a historic day for the Marathas" who comprise nearly 30 per cent of the state's population.
 
Maratha leaders and activists who have been holding protests at the Azad Maidan welcomed the passage of the Bill and raised slogans of Shivaji and "Jai Marathas" as they sang and danced and also distributed sweets.
 
Leader of Opposition in the Assembly Radhakrishna Vikhe-Patil and Leader of Opposition in the Council Dhananjay Munde welcomed the developments terming them as "a triumph for the Maratha community".
 
"The decision of the former Congress government has been again approved by the state legislature... It's a huge victory for the Marathas who took out 58 peaceful processions in the state, the sacrifices of 40 people and the continuous efforts of the opposition parties for achieving this," Vikhe-Patil said.
 
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Since the Maratha reservations come under a new SEBC category, they will not affect the existing quotas for Scheduled Castes, Schedules Tribes and Other Backward Classes (SC/ST/OBCs).
 
The State Backward Classes Commission (SBCC) had submitted its report to the state government on November 15, recommending 16 per cent quotas for Marathas under the SEBC category, without disturbing other existing quotas.
 
The ATR described the Marathas comprise a socially and economically backward class who are without adequate reservations in education and government jobs.
 
Accordingly, they are entitled to the quota benefits enshrined in the Articles 15(4) and 16(4) of the Constitution and the government could initiate suitable measures to address the issues.
 
The previous Congress-NCP regime had also made a similar 16 per cent quota proposal but it was stayed by the Bombay High Court.
 
The Marathas have been organising massive silent protests all over the state for nearly two years, including agitations in July-August which had turned violent.
 
IANS
 

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Opposition slams government on note ban after ex-CEA's criticism

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The Congress and other opposition parties on Thursday launched a scathing attack on the Modi government over demonetisation after former Chief Economic Adviser Arvind Subramanian blasted the note ban in his upcoming book.
 
The Congress said on Twitter that former CEA "finally reveals his true feelings about the destruction by demonetisation. Obviously criticizing a decision by the supreme leader while in government would have been completely outside the realm of possibility."
 
Congress leader and former Union Minister Manish Tewari said there was a whole amount of "opacity" over Prime Minister Narendra Modi's demonetisation of November 8, 2016 and said that Subramanian owes "responsibility" to the nation to tell "how it happened".
 
He said the real story of how the ban on Rs 1,000 and Rs 500 currency came about had still not fully come out. 
 
"Since Subramaniam was the CEA then, he owes a responsibility to the country to (say) what exactly happened? When did the RBI (Reserve Bank of India) meeting take place, was it cleared by the Cabinet or the Cabinet cleared it post-facto?" Tewari said.
 
"How did the whole process of demonetisation play out, was there any inter-ministerial consultation, was there any substantiated deliberation on the implementation?
 
"There is a whole amount of opacity around the whole issue," Tewari said. "Subramaniam, who remained in service, should actually tell the country how exactly it came about."
 
The Congress leader's remarks came a day after Subramanian described demonetisation as a "massive, draconian, monetary shock" that accelerated economic slide to 6.8 per cent in the seven quarters after the decision against the 8 per cent recorded prior to it.
 
Subramanian, who quit the post earlier this year after a four-year tenure, has devoted a chapter in the upcoming book "Of Counsel: The Challenges of the Modi-Jaitley Economy", published by Penguin, has kept to himself on whether he was consulted over demonetisation. 
 
Besides the Congress, CPI-M and Trinamool Congress leaders also slammed the Modi government at the Centre over the note ban. 
 
Communist Party of India-Marxist (CPI-M) General Secretary Sitaram Yechury described demonetisation as an "unmitigated disaster".
 
"Demonetisation was an unmitigated disaster and Modi's mishandling and destruction of Indian economy has only unleashed misery and hardships for the people, especially farmers, workers and the poor," he tweeted.
 
Trinamool Congress' Derek O'Brien said that demonetisation was a massive shock for Indian economy.
 
"Ladies and gentlemen, he (Arvind Subramanian) is not an official spokesperson of Trinamool Congress or Congress or DMK or Telugu Desham Party or RJD or Aam Aadmi Party or BSP or SP or Left. Demonetisation was draconian, massive shock for Indian economy, says Arvind Subramanian," he tweeted.
 
The Congress and opposition parties have been critical of demonetisation saying that it not only failed to unearth black money but destroyed economy by pulling down the GDP and caused immense damage to informal sector, small and medium enterprises besides the common man.
 
IANS
 

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Sensex jumps 450 points, rupee gains 74 paise

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India's key equity indices jumped on Thursday, their fourth straight session of gains, amid expectations the US Federal Reserve would slow its pace of interest rate increases.
 
Doubts about the Fed's future tightening also spurred the domestic currency, with the rupee vaulting 74 paise so far on Thursday's trade. 
 
The financials, which led the gains, were up over 1.5 per cent while selling pressure was witnessed in the export-dependent IT stocks as the rupee strengthened to Rs 69.88 per US dollar from its previous close of 70.62. 
 
The Brent crude oil price also declined to $57.94 a barrel.
 
"In its earlier meetings, the Fed had a hawkish stance, which meant that they could be going in for a rate hike every quarter...but now the Fed seems more flexible, clear from its dovish remarks, which have hurt the dollar," Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS. 
 
"This is partly the reason the rupee has gained strength against the US dollar. Also, a constant decline in global crude oil prices has aided the rupee's gains."
 
The Sensex settled 453.46 points up or 1.27 per cent at 36,170.41, from its previous close of 35,716.95. It touched an intra-day high of 36,253.85 and a low of 35,946.24.
 
The Nifty50 gained 129.85 points or 1.21 per cent to finish at 10,858.70.
 
Top gainers on the Sensex were Bajaj Auto, which rose over 4 per cent, while Kotak Mahindra Bank, Mahindra and Mahindra, and Vedanta gained in a range of 2 to 4 per cent.
 
Power Grid lost 1.17 per cent -- the most on the Sensex -- followed by NTPC, ONGC and Coal India.
 
IANS
 

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Demonetisation was massive, draconian, monetary shock: Arvind Subramanian

Arvind Subramanian kept a studied silence on demonetisation as long as he was CEA but six months after quitting the job he has described the note ban as a massive, draconian, monetary shock that accelerated economic slide to 6.8% in the seven quarters after the decision against the 8% recorded prior to it.

Arvind Subramanian
Arvind Subramanian
Arvind Subramanian kept a studied silence on demonetisation as long as he was Chief Economic Adviser (CEA) but six months after quitting the job he has described the note ban as a massive, draconian, monetary shock that accelerated economic slide to 6.8 per cent in the seven quarters after the decision against the 8 per cent recorded prior to it.
 
Breaking his silence on the November 8, 2016 decision of Prime Minister Narendra Modi, he says that he does not have a strongly-backed empirical view apart from the fact that the welfare costs, especially on the informal sector, were substantial.
 
Though Subramanian, who quit the post earlier this year after a four-year tenure, has devoted a chapter in the upcoming book "Of Counsel: The Challenges of the Modi-Jaitley Economy", published by Penguin, he has kept to himself on whether he was consulted in the decision-making process of demonetisation. 
 
The detractors of the government had said that the Prime Minister had not consulted the CEA on the crucial decision.
 
"Demonetisation was a massive, draconian, monetary shock: In one fell swoop, 86 per cent of the currency in circulation was withdrawn. The real GDP growth was affected by the demonetisation. Growth had been slowing even before, but after demonetisation, the slide accelerated. 
 
"In the six quarters before demonetisation, growth averaged 8 per cent and in the seven quarters after, it averaged about 6.8 per cent (with a four quarter window, the relevant numbers are 8.1 per cent before and 6.2 per cent after)," Subramanian says in the chapter "The Two Puzzles of Demonetisation -- Political and Economic".
 
The former CEA says he does not think anyone disputes that demonetisation slowed growth. Rather, the debate has been about the size of the effect -- whether it was 2 per cent points, or much less. 
 
"After all, many other factors affected growth in this period, especially higher real interest rates, GST implementation and oil prices."
 
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"...But when a shock like demonetisation occurs, that primarily affects the informal sector, relying on formal indicators to measure overall activity will overstate GDP. This hypothesis goes only a small way towards explaining the puzzle since any squeeze in informal sector incomes would depress demand in the formal sector, and this effect should have been sizable.
 
Searching for other explanations, Subramanian says one possibility was that people found ways around the note ban with the possibility that the production was sustained by extending informal credit.
 
Finally, to a certain extent, people may have shifted from using cash to paying by electronic means such as debit cards and electronic wallets.
 
"Or, there may be other, completely different explanations that have eluded my understanding of demonetisation, one of the unlikeliest economic experiments in modern Indian history," he says.
 
From the political aspect, the former CEA says that demonetisation was an unprecedented move that no country in recent history had made in normal times. 
 
The typical pattern had been either gradual demonetisation in normal times or sudden demonetisation in extreme circumstances of war, hyperinflation, currency crises or political turmoil (Venezuela in 2016).
 
According to him, the Indian initiative was, to put it mildly, unique. 
 
Referring to the BJP's victory in Uttar Pradesh assembly elections, shortly after demonetisation, he says it was widely seen as a verdict on the note ban.
 
One answer to the demonetisation puzzle has been that the poor were willing to overlook their own hardships, knowing that the rich and their ill-begotten wealth were experiencing even greater hardship: 'I lost a goat, but they lost their cows', he says. In this view, the costs to the poor were unavoidable collateral damage that had to be incurred for attaining a larger goal.
 
Subramanian says this is not entirely convincing. After all, the collateral damage was, in fact, avoidable.
 
"Understanding the political economy of demonetisation may require us, therefore, to confront one overlooked possibility -- that adversely impacting the many, far from being a bug, could perhaps have been a feature of the policy action.
 
"Not necessarily by design or in real time, but in retrospect, it appears that impacting the many adversely may have been intrinsic to the success of the policy," he says.
 
IANS
 

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Sensex, Nifty up by 1%,IT slips in red on strong rupee

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Key equity indices Sensex and Nifty50 surged by over 1 per cent during the afternoon session of trade on Thursday on the back of a strong domestic currency, which gained over 70 paise.
 
The financials were up by over over 1 per cent while selling pressure was witnessed in the IT stocks as the rupee strengthened to Rs 69.89 per US dollar from its previous close of 70.62. 
 
The Brent crude oil prices also declined to $58.87 a barrel.
 
"In its earlier meetings the Fed had a hawkish stance, which meant that they could be going for a rate hike every quarter ...but now the Fed seems more flexible, clear from its dovish remarks which has hurt the dollar," Anindya Banerjee, Deputy Vice-President for Currency and Interest Rates with Kotak Securities, told IANS. 
 
"This is partly the reason the rupee has gained strength against the US dollar, also a constant decline in the global crude oil prices have aided the rupee's gains."
 
At 1.48 p.m., the Sensex traded 397.85 points higher at 36,114.80 from its previous close of 35,716.95. The benchmark index touched a high of 36,139.92 and a low of 35,946.24 while the NSE's Nifty50 traded 106.40 points higher at 10,835.25.
 
On Wednesday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 961.26 crore. 
 
IANS
 

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Petrol prices touch lowest level in FY 2018-19

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Petrol prices on Wednesday touched the lowest level in the ongoing financial year across the four metro cities -- Chennai, Delhi, Kolkata, and Mumbai.
 
In the national capital, petrol price fell to Rs 73.57 per litre against Tuesday's level of Rs 74.07 per litre, according to data on the Indian Oil Corp's website. The price in Delhi was the lowest recorded level in FY 2018-19 so far, with the previous low being Rs 73.73 in April 1.
 
In the other metro cities too petrol prices fell by around 50 paise from Tuesday and recorded the lowest prices in the current fiscal.
 
Prices in Kolkata, Mumbai and Chennai were Rs 75.57, Rs 79.12 and Rs 76.35 per litre, respectively, against the previous levels of Rs 76.06, Rs 79.62 and Rs 76.88 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 recorded in April 1.
 
Diesel prices also declined on Wednesday in tandem with cost of petrol.
 
In Delhi, Kolkata, Mumbai and Chennai, diesel was sold for Rs 68.49, Rs 70.34, Rs 71.71 and Rs 72.34, respectively, compared to Rs 68.89, Rs 70.74, Rs 72.13 and Rs 72.77 per litre. 
 
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, however, increased marginally to $61 per barrel on Wednesday on expectations that 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.
 
IANS

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Government releases GDP back-series data, UPA era growth rates revised downward

 
The government on Wednesday released the much-awaited back-series estimates for India's GDP which showed a lower rate of growth during the UPA years between 2005-06 and 2011-12 than what was estimated using the earlier methodology.
 
As per the data released by the Central Statistics Office (CSO), the maximum growth rate the economy achieved during the UPA years was 8.5 per cent in 2010-11, significantly lower than the 10.3 per cent estimated earlier.
 
NITI Aayog Vice-Chairman Rajiv Kumar said an extensive recalibration exercise using the latest data sources and methodological changes had led to a change in growth rates in the back series.
 
He said the back series had been checked for its methodological soundness by leading statistical experts in the country during two round tables organised by the NITI Aayog in which domain experts participated to ensure the quality of coverage and methodology.
 
In January 2015, the government had moved to a new base year of 2011-12 from the earlier base year of 2004-05 for national accounts. After introduction of the new series, back-series estimates are compiled and released for the years preceding the new base year for completeness and comparability with old base data sets. 
 
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As per the data released by the CSO, growth rates for all years between 2005-06 and 2011-12 have been revised downwards -- to 7.9 per cent in 2005-06 from 9.3 per cent, 8.1 per cent in 2006-07 from 9.3 per cent, 7.7 per cent in 2007-08 from 9.8 per cent, 3.1 per cent in 2008-09 from 3.9 per cent, 7.9 per cent in 2009-10 from 8.5 per cent, 8.5 per cent in 2010-11 from 10.3 per cent, and 5.2 per cent in 2011-12 from 6.6 per cent.
 
The growth rate for the years after the new base is estimated to be 5.5 per cent (2012-13), 6.4 per cent (2013-14), 7.4 per cent (2014-15), 8.2 per cent (2015-16), 7.1 per cent (2016-17) and 6.7 per cent (2017-18).
 
"CSO today released the back series of GDP/GVA for period 2004-05 to 2011-12 with base 2011-12 prices. Used SNA 2008 (United Nations System of National Accounts) concepts, latest data sources and indices for the back series. Methodological changes include institutional approach, reference rate method for FISIM (Financial Intermediation Services Indirectly Measured)," the NITI Aayog Vice-Chairman said.
 
"Treatment of trade sector (has been done) using sales tax instead of Gross Trading Income (GTI). Share of primary, secondary sectors (has gone) up in the back series while tertiary sector (has) reduced. Recalibration exercise led to a change in growth rates in back series," he added.
 
IANS

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Sensex, Nifty gain for third straight session; IT stocks up

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The benchmark S&P BSE Sensex advanced 200 points on Wednesday, extending gains for the third straight session led by healthy buying in IT stocks. The sentiment was also boosted by an appreciating rupee and healthy foreign fund inflows.
 
The BSE IT index rose 3.5 per cent, followed by Teck (technology, entertainment and media) stocks, though healthcare, oil and gas stocks on the bourse witnessed selling pressure.
 
"Strong global cues, fall in USD-INR and bond yield boosted the market sentiment. Both Asian and European markets gained on account of easing trade tension between China and US ahead of G-20 meeting in Argentina on Friday," a report by Motilal Oswal Financial Services said.
 
"However, market breath was negative and select heavyweight stocks lifted Nifty."
 
The Nifty PSU Bank index also witnessed selling pressure during the day and closed 1.34 per cent lower.
 
The Sensex settled 203.81 points, or 0.57 per cent, up at 35,716.95, from its previous close of 35,513.14. It touched an intra-day high of 35,822.16 and a low of 35,605.34.
 
The Nifty50 gained 36.15 points or 0.34 per cent to finish at 10,721.75.
 
"The ongoing elections contributed to market volatility and put a lid on intraday gains," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
 
Crude oil prices, which eased over the past month and supported the domestic and foreign investor sentiments, logged a slight increase on Thursday. Analysts attribute the rise to expectations of a decision to reduce supply in the OPEC meeting next week.
 
According to Motilal Oswal Financial Services, oil climbed as the Trump administration signalled optimism that a trade deal may be reached with China and an industry report indicated robust U.S fuel demand.
 
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The benchmark Brent crude price traded at $61 a barrel. 
 
The Indian rupee ended at Rs 70.62 per US dollar from its previous close of 70.76. 
 
"Technically, with the Nifty rallying higher after breaking out of the recent trading range, the bulls remain in control," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
"Further upsides are likely once the immediate resistances of 10,758 are taken out. Crucial supports to watch for any weakness are at 10,690."
 
Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 961.26 crore on Wednesday while the domestic institutional investors sold Rs 330.29-crore shares.
 
Top gainers on the Sensex were TCS, up 4.67 per cent at Rs 1,976.55; Infosys, up 4.61 per cent at Rs 666.35; IndusInd Bank, up 1.87 per cent at Rs 1,614; Reliance Industries, up 1.66 per cent at Rs 1,146.25; and ICICI Bank, up 1.33 per cent at Rs 359.05.
 
The top laggards were Yes Bank, down 11.71 per cent at Rs 161.70, Bharti Airtel, down 4.26 per cent at Rs 314.50; Tata Motors, down 3.14 per cent at Rs 174.35; Tata Motors(DVR), down 2.70 per cent at Rs 95.50; and ONGC, down 2.49 per cent at Rs 142.65 per share.
 
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Equity market advances for 3rd straight session led by IT stocks

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The benchmark S&P BSE Sensex advanced 200 points on Wednesday extending gains for the third straight session led by healthy buying in IT stocks.
 
In addition, the market was also boosted by an appreciating rupee and foreign fund inflow. 
 
The IT stocks led the gains on Sensex, with the BSE IT index rising 3.5 per cent, followed by Teck (technology, entertainment and media) stocks. 
 
"Because of the pullback in the domestic currency, the mark to market losses will go down. IT companies will be able to get better realization of the currency depreciation which has boosted investor sentiments," Rusmik Oza, Head of Fundamental Research, Kotak Securities, told IANS. 
 
In contrast, healthcare, oil and gas stocks on BSE witnessed selling pressure.
 
The Nifty PSU Bank index also witnessed selling pressure during the day and closed 1.34 per cent lower, despite RBI's announcement of capital infusion on Tuesday. 
 
The Sensex settled 203.81 points up or 0.57 per cent at 35,716.95, from its previous close of 35,513.14. It touched an intra-day high of 35,822.16 and a low of 35,605.34.
 
The Nifty50 gained 36.15 points or 0.34 per cent to finish at 10,721.75.
 
Yes Bank lost close to 12 per cent, the most on Sensex which was followed by Larsen and Tubro, Tata Motors and ONGC which declined in the range of 2 to 5 per cent.
 
Top gainers were TCS and Infosys with over 4 per cent rise.
 
Crude oil prices, which eased over the past month and supported the domestic and foreign investor sentiments, logged a slight increase on Thursday. Analysts attribute the rise to expectations of a decision to reduce supply in the OPEC meeting next week.
 
The benchmark Brent crude price traded at $61 a barrel. 
 
IANS

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Sensex gains close to 300 points, Nifty at 10,752

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The benchmark S&P BSE Sensex advanced by close to 300 points during the afternoon trade session on Wednesday, extending its third straight session of gains led by strong gains in the IT stocks.
 
In addition, the markets also took cues from an appreciating rupee and retreating foreign fund inflow as India's macro-economic conditions improved largely owing to declining crude oil prices.
 
However, the Brent crude prices logged a slight increase which comes ahead of the OPEC meeting next week. The benchmark crude price traded at $61 a barrel. 
 
The local currency strengthened to Rs 70.66 against a US dollar from its previous close of 70.76.
 
IT stocks led the gains on Sensex as it rose over 3 per cent, followed by Teck (technology, entertainment and media). 
 
In contrast, healthcare, oil and gas stocks witnessed selling pressure. 
 
At 12.53 p.m., the Sensex traded 290.40 points higher at 35,803.54 from its previous close of 35,513.14. The benchmark index touched a high of 35,822.16 and a low of 35,605.34 while the NSE's Nifty50 traded 66.30 points higher at 10,751.90.
 
On Tuesday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 811.52 crore. 
 
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Markets open on high note on Wednesday

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
 
The Sensex of the BSE opened at 35,635.52 and touched a high of 35,682.92 and a low of 35,605.34.
 
The Sensex was trading at 35,681.51 up by 168.37 points or 0.47 per cent from its Tuesday's close at 35,513.14.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,708.75 after closing at 10,685.60 on Tuesday.
 
The Nifty is trading at 10,722.85 points in the morning.
 
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GJC hosts Preferred Manufacturers of India in Jaipur showcasing exclusive designs

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The 4th edition of Preferred Manufacturers of India (PMI) opened in the pink city on Monday to showcase exclusive designs for country’s top 150 jewellery retailers.
 
The show is organised by the All India Gem and Jewellery Domestic Council (GJC), the apex gem & jewellery trade body. 
 
PMI as an exclusive B2B marketing platform in the gem & jewellery sector provides a dedicated forum for focused business from November 26-28 at Hotel Jaipur Marriott. Income Tax Commissioner Rolee Agarwal and Subhod Agarwal, Additional Chief Secretary, Higher and Technical Education Department, Government of Rajasthan were present as Chief guests and inaugurated the event.
 
Syed Shahnawaz Hussain, former Cabinet Minister and National Spokesperson of the Bharatiya Janata Party (BJP) was the guest of honour of PMI Jaipur. 
 
GJC chairman Nitin Khandelwal said, “GJC initiates various promotional activities to further the retail businesses as well as manufacturing segments through various dedicated platforms. PMI is such an initiative where we are providing a luxury podium for the manufacturers and retailers for focused business.  
 
“Today, PMI is known for its commitments towards providing fine platform where the buyers and sellers get maximum time to understand each other.  I think there is a need to evolve every trade exhibition by setting PMI as a model for doing business as it beats all odds and builds stronger bond amongst the buyer and seller,” he added.
 
GJC Vice-Chairman N Anantha Padmanaban said, "The PMI program is our exclusive B2B marketing platform for manufacturers. Our aim is to help participants by fulfilling their business objectives while combining business and leisure. PMI is a well-known name and brand in the industry now and it has helped many businesses to grow by leaps and bounds."
 
GJC’s PMI provides 360 degree solutions to participants by fulfilling several business objectives such as increasing profitability by offering them a competitive advantage. PMI is one of the very few events carefully curated for the business of gold and diamonds, a press release from GJC said.
 
PMI participants get to engage with leading retailers from across the country as select retailers are invited to these exclusive shows and are hand-picked to ensure the best matching of buyer-seller profiles with the aim of ensuring successful and mutually beneficial relationships. Scintillating fashion shows and gala nights are the icing on the cake.
 
Sumeet Anand, Convener-PMI, GJC, said, "PMI is a programme which is conceptualized and curated for promoting trade across the nation. Besides, it provides a 5-star experience and helps jewellers connect with the best and gain new perspective while presenting their latest trendy designs. 
 
“We have combined best in class manufacturers from the country on one platform for the retailers to pick their purchases just like any jeweller picks his jewels and pearls to make a beautiful string to help create a memorable PMI experience,” he added.
 
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Expected improvement in macros, fund inflows lift equities; IT stocks rise

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Expected improvement in India's economic macros due to falling crude oil prices aided the Indian equity market indices to advance for a second straight session on Tuesday.
 
Additionally, inflows of foreign funds which boosted the domestic currency gave further upside to the market trajectory.
 
However, during the intra-day session, market indices remained range-bound but bounced back sharply during the late trade hours.
 
Consequently, the S&P BSE Sensex settled up 159.06 points or 0.45 per cent at 35,513.14 points, from its previous close of 35,354.08 points. 
 
It touched an intra-day high of 35,555.16 and a low of 35,262.97.
 
Similarly, the NSE Nifty 50 made gains. It rose 57 points or 0.54 per cent to end the day's trade at 10,685.60.
 
"Market smartly recovered from day's low amid global trade tensions ahead of G20 meet this week and mixed Asian peers," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Risk element on inflation is subsiding with rise in oil production, strong rupee and drop in yield, CPI inflation is expected to be under the control range. IT outperformed due to favourable valuation while ease in liquidity concern on PSU banks supported the sentiment."
 
In contrast, the overall market breadth on the BSE was negative, with 1,222 stocks advancing and 1,350 declining.
 
"While markets traded in the positive zone, investors were a bit cautious ahead of the expiry of futures and options (F&O) contracts on Thursday (November 29) and the release of India's gross domestic product data for the September quarter on Friday (November 30)," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
 
Sector-wise, while the healthcare, metals and media indices closed in the red, sharp gains were seen in the PSU bank and information technology indices.
 
The Nifty PSU Bank index gained 1.15 per cent after the Centre on Monday announced it would pump Rs 42,000 crore into the debt-laden banks by March. 
 
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Currently, 11 of the 21 state-run banks are under the central bank's Prompt Corrective Action (PCA) framework, restricting their ability to lend and expand branches. The move is expected to provide them a leeway out of the PCA framework.
 
In terms of crude oil, prices remained subdued at $60.24 per barrel at the time markets closed here, while the Indian rupee ended at Rs 70.76 per US dollar from its previous close of 70.87. 
 
On investments, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 811.52 crore on Tuesday while the domestic institutional investors bought shares worth Rs 31.21 crore.
 
"Technically, with the Nifty rallying higher and breaking out of the recent trading range, the bulls seem to be in control," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
"Further upsides are likely once the immediate resistances of 10,695 points are taken out. Crucial supports to watch for any weakness are at 10,596 points."
 
Top gainers on the Sensex were Infosys, up 2.53 per cent at Rs 637; Tata Consultancy Services, up 2.29 per cent at Rs 1,888.35; Reliance Industries, up 1.61 per cent at Rs 1,127.50; IndusInd Bank, up 1.29 per cent at Rs 1,584.45 and Maruti Suzuki, up 1.27 per cent at Rs 7,629.60.
 
The laggards were Sun Pharma, down 3.34 per cent at Rs 493.60; HeroMoto Corp, down 3.10 per cent at Rs 2,967.20; Yes Bank, down 2.55 per cent at Rs 183.15; Wipro, down 2.18 per cent at Rs 311.90, and Bajaj Auto, down 2.01 per cent at Rs 2,598.60 per share.
 
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Sensex ends up 160 points, financial stocks flat

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The key equity indices advanced for a second straight session on Tuesday, as a precipitous fall in global crude oil price has boosted the domestic currency, luring foreign investors back.
 
Buying was witnessed in IT, energy and Teck (Technology, entertainment and media) stocks while the financials closed flat.
 
The Sensex settled up 159.06 points or 0.45 per cent at 35,513.14, from its previous close of 35,354.08. It touched an intra-day high of 35,555.16 and a low of 35,262.97.
 
The Nifty50 gained 57.00 points or 0.54 per cent to finish at 10,685.60.
 
The Nifty PSU Bank Index gained 1.15 per cent after the Centre late Monday announced it would pump Rs 42,000 crore into the debt-laden banks by March. 
 
Currently, 11 of the 21 state-run banks are under the central bank's Prompt corrective action (PCA) framework, restricting their ability to lend and expand branches. 
 
Crude oil prices traded at $60.24 per barrel, while the rupee rose to 70.74 per US dollar from its previous close of 70.87. 
 
The decline in crude oil price, which has crashed over 30 per cent since its 4-year peak on October 3, comes on bets demand will slow amid a supply glut.
 
The Brent crude had slipped below $60 a barrel in just a month following the US move to let eight countries, including India and China, continue buying oil for six months from Iran despite its sanctions. 
 
India is the third-largest importer of crude oil. According to India Ratings and Research (Ind-Ra), a change of $1 per barrel in global crude price will impact the country's import bill by Rs 61.6 billion.
 
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Sensex, Nifty marginally up, banking stocks in red

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The key equity indices were marginally higher during the afternoon session of trade on Tuesday over profit booking, but banking stocks traded lower.
 
Domestic bourses also took cues from the firm Asian markets.
 
Buying was witnessed in energy and IT stocks.
 
At 2.23 p.m., the S&P BSE Sensex traded 62.06 points higher at 35,416.14 from its previous close of 35,354.08. The benchmark index touched a high of 35,501.70 and a low of 35,262.97 while NSE's Nifty traded 21.95 points higher at 10,650.55.
 
On Monday, the Centre's recapitalization announcement of Rs 42,000 crore to unhealthy PSU banks boosted investor sentiments.
 
Currently, 11 of the 21 state-run banks are under RBI's Promt corrective action (PCA) framework which restricts weak banks from carrying out certain operations. 
 
Crude oil prices traded at $60.15 per barrel while the domestic currency was nearly flat at Rs 70.90 per dollar from its previous close of 70.87. 
 
The decline in crude oil prices, which has crashed over 30 per cent since early October, comes amid expectations of slowing demand and an over-supplied crude oil market led by the US.
 
Global crude oil price has guided the markets in the past month after it touched a high of $86 a barrel mark in early October. 
 
It slipped below $60 in just a month following the US move to let eight countries, including India and China, continue buying oil for six months from Iran despite its sanctions. 
 
India is the third largest importer of crude oil. According to India Ratings and Research (Ind-Ra), a change of $1 per barrel in global crude price will impact the country's import bill by Rs 61.6 billion.
 
The Indian rupee, as a consequence, has gained over 5 per cent against the US dollar from its life time high of 74.47.
 
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Profit booking subdues indices, banking stocks down

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Profit booking during the morning trade session subdued both key indices -- Sensex and Nifty -- on Tuesday.
 
However, positive Asian markets aided the domestic indices to pare some of the losses.
 
Buying was witnessed in IT, healthcare and TECK (technology, entertainment and media) counters while metal scrips came under selling pressure.
 
Stocks of key sectors; finance and banking also traded lower.
 
The Sensex of the BSE opened at 35,394.77 from its previous close at 35,354.08 on Monday.
 
At 9.29 a.m., the Sensex traded at 35,325.19 lower by 28.89 points or 0.08 per cent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 10,621.45 after closing at 10,628.60 on Monday.
 
The Nifty traded at 10,612.70 during the morning trade session, down 15.90 points and 0.15 per cent.
 
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ADB to provide $ 200 million loan to improve state highways in Bihar

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The Asian Development Bank (ADB) and the Government of India signed here today a $200 million loan to finance widening and upgrading of about 230 kilometers of State Highways in Bihar to all-weather standards with road safety features. 
 
The signatories to the loan agreement for the Bihar State Highways III Project (BSHP-III) were Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs in the Ministry of Finance, who signed on behalf of the Government of India, and Mr. Rajeev P. Singh, Officer in-Charge of ADB's India Resident Mission, who signed for ADB. 
 
The project agreement was signed by Mr. Vipin Kumar, Resident Commissioner, Govt. of Bihar and Mr. Chandra Shekhar, Chief General Manager, Bihar State Roads Development Corporation Limited. 
 
Mr. Khare said the loan would complement the efforts of the Government of Bihar to upgrade all State Highways to meet the minimum two-lane standard with better surfaces and improved road safety leading to improved connectivity. 
 
Mr. Singh said that the new loan would continue ADB's support in the development of the road sector in Bihar. The improved roads under the project will contribute to savings in vehicle operating cost and travel time, reduce vehicle emissions, and improve road safety. The project will also establish a State-level Road Research Institute to improve technical and management capacity of the Road Agency Staff. 
 
Since 2008, ADB has provided four loans to Bihar, amounting to $1.43 billion, to upgrade about 1,453 km of State Highways and to construct a new bridge over the Ganga near Patna, an official press release said.
 
This BSHP-III project, approved by the ADB Board in October this year, will involve upgrading State Highways to standard two-lane width with road safety features and paved shoulders including reconstructing, widening, and strengthening culverts and bridges. The project will also build institutional capacity of the State for road design and maintenance and incorporate appropriate new technologies in the State's road sub-sector, the release added.
 
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Global cues, oil prices cheer investors; Sensex up 1%

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Firm global cues, a persistent decline in crude oil prices, and value buying lifted the Indian equities higher on Monday.
 
However, a strong demand for US dollars from importers coupled with domestic political uncertainty due to state elections and concerns over global growth limited the gains. 
 
Buying was witnessed in FMCG and consumer durables stocks. 
 
The index pivotals -- finance and banking -- gained 1.32 per cent and 1 per cent, respectively. 
 
The S&P BSE Sensex settled up 373.06 points or 1.07 per cent at 35,354.08 points, from its previous close of 34,981.02 points. It touched an intra-day high of 35,397.24 and a low of 34,896.07.
 
The NSE Nifty50 gained 101.85 points or 0.97 per cent to finish the day at 10,628.60.
 
The overall market breadth on the BSE was negative, with 1,067 stocks advancing and 1,536 declining.
 
"Broad market indices like the BSE Mid-cap index gained less, thereby underperforming the main indices," said Deepak Jasani, Retail Research Head, HDFC Securities. 
 
According to Vinod Nair, Head of Research, Geojit Financial Services: "Market regained strength amid volatility, supported by positive global cues and improvement in domestic macros on account of sharp fall in crude and firming rupee."
 
"Recapitalisation announcement of Rs 42,000 crore to PSU banks is likely to provide respite to the current liquidity issues, which also boosted the sentiment."
 
Heavy US dollar demand from importers weakened the domestic currency to Rs 70.87 against the greenback, from its previous close of 70.67.
 
"The recent appreciation in the rupee is a golden opportunity for the importers... Given the volatility and uncertainty in the global financial markets, importers are rushing to hedge their exposure for the next 2-3 months," said Rushabh Maru, research analyst at Anand Rathi Shares and Stock Brokers. 
 
Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 62.74 crore on Monday while the domestic institutional investors bought scrips worth Rs 351.78 crore.
 
Top gainers on the Sensex were Hero MotoCorp, up 5.02 per cent at Rs 3,062.10; Hindustan Uniliver, up 4.21 per cent at Rs 1,745.15; Wipro, up 3.71 per cent at Rs 318.85; Asian Paints, up 2.72 per cent at Rs 1,349.60 and Axis Bank, up 2.69 per cent at Rs 630.80.
 
The laggards were Yes Bank, down 3.89 per cent at Rs 187.95; ONGC, down 3.58 per cent at Rs 146.75; Sun Pharma, down 2.88 per cent at Rs 510.65; Coal India, down 2.36 per cent at Rs 250.70, and Vedanta, down 1.90 per cent at Rs 195.85 per share.
 
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Sensex up 240 points, Nifty inches close to 10,600

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Firm Asian markets and a declining global crude oil prices aided the S&P BSE Sensex recover from initial losses as it traded 240 points higher during the afternoon session of trade on Monday.
 
The NSE's Nifty also inched closer to the 10,600-mark over value buying after the markets closed on Thursday logging losses during the week. The markets were shut on Friday.
 
Buying was witnessed in the FMCG and consumer durables stocks. The index pivotals -- finance and banking -- were 0.26 per cent and 0.33 per cent higher from their previous close. Export oriented stocks like IT and healthcare traded lower.
 
Although the indices traded in the green, the overall market breadth was negative with 1,470 advances and 922 declines as mid-cap traded 0.29 per cent lower and the small-caps declined by 0.13 per cent.
 
At 1.55 p.m., the S&P BSE Sensex traded 243.14 points higher at 35,224.16 from its previous close of 34,981.02. The benchmark index touched a high of 35,237.90 and a low of 34,896.07 while NSE's Nifty was trading 62.45 points higher at 10,589.20.
 
Crude oil prices traded at $59.74 per barrel while the domestic currency stood at Rs 70.59 per dollar from its previous close of 70.67. 
 
The crude oil prices have guided the markets for the past few weeks after it touched $86-a-barrel mark in early October. The Brent crude oil slipped below $60, a decline of over 30 per cent in just a month following the US move to let 8 countries, including India and China, continue buying oil for six months from Iran despite its sanctions. 
 
According to a India Ratings and Research (Ind-Ra), a change of even $1 per barrel will impact the country's import bill by Rs 61.6 billion.
 
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