Economy

Fading rate cut hopes drag Sensex 202 points down

Falling for third straight day, the BSE benchmark Sensex on Wednesday tumbled by 202.37 points to one-week low of 19,362.55 on heavy selling in banks, auto and consumer durable shares due to fading rate cut hopes and fresh growth concerns, amid a weakening global trend. Besides rate-sensitive counters, shares from metal, IT, PSU and refinery sectors also were at the receiving end as 12 out of 13 sectoral indices ended...  

Nuclear power vital for India's growth: IAEA

Amidst opposition to nuclear power in the country, International Atomic Energy Agency (IAEA) Director General Yukiya Amano said nuclear energy is vital for India's growth. ...  

EGoM defers MMTC stake sale on valuation concerns

An inter-ministerial panel on Tuesday deferred government's 9.33 per cent stake sale in the state-owned trading company MMTC on concerns over valuation of the company's equity. ...  

RBI chief rejects high inflation as 'new normal'

The Reserve Bank of India (RBI) rejects the notion that high inflation is the "new normal," RBI Governor Duvvuri Subbarao said, noting that many of the supply-driven causes of inflation can be corrected by appropriate policies. ...  

Reforms initiated by Cong are now followed by NDA, Left: PM

Prime Minister Manmohan Singh on Friday in his address in the Rajya Sabha defended the UPA's record on reforms introduced in the country. Replying to President Pranb Mukherjee's address to the Parliament during the Budget Session, Manmohan said that he agreed with the President that India needs high growth rate to solve the problems of poverty and unemployment. ...  

Roaring close: Sensex soars 270 points

As the market closed for the week, investors returned home with big gains on Friday. It was a massive rally on the Dalal Street with a steady swift upmove. The Sensex soared 269.69 points or 1.39 per cent at 19683.23 while the Nifty closed at 5945.70 up 82.40 points or 1.41 per cent. ...  

Rupee down 18 paise against dollar in early trade

The rupee on Thursday lost 18 paise to 54.90 in early trade on the Interbank Foreign Exchange due to renewed dollar demand from importers and appreciation of the US currency overseas. Forex dealers said a weak opening in the domestic stock market also put pressure on the local unit. ...  

Rupee up 25 paise against dollar in early trade

The rupee on Wednesday rose by 27 paise to 54.67 against the dollar at the Interbank Foreign Exchange market on selling of the US currency by exporters and banks. ...  

Sensex ends up 128 points, high beta stocks shine

Gaining 128 points, the BSE Benchmark Sensex ended at Wednesday's high while the Nifty added 34.35 points to close at 5818.60. Overall, the market remained in narrow trading range. ...  

US: Dow Jones soars to an all-time high

With US stock market indices more than doubling since the financial crisis and the American housing market recovering, there are increasing hopes on Wall Street that a wider "wealth effect" could set in. ...  

'Nothing can stop India from becoming 3rd largest economy'

Finance Minister P Chidambaram answered questions about Budget 2013 using Google Hangout, a multi-person online video chat, on Monday. Chidambaram joined the camp of other personalities like Barack Obama to use Google Hangout to reach out to people. ...  

Nifty ends above 5750, Sensex gains 265

After a tiring Monday, the market gained mighty strength on Tuesday. The market ended trading session at the highest point of the day. The Sensex closed at 19143.17, gaining 265.21 points or 1.40 percent while the Nifty added 85.75 points or 1.50 per cent to end at 5784.25. ...  

Sensex ends Monday in negative

It was an extremely volatile trading session as the market closed on Monday on a soft note with a downward bias. The Sensex ended the day at 18877.96, down 40.56 points while the Nifty lost 21.20 points to close at 5698.50. ...  

Obama presses Congress for deal to end US spending cuts

Just hours after across-the-board spending cuts officially took effect, President Barack Obama pressed Congress on Saturday to work with him on a compromise to halt a fiscal crisis he said was starting to "inflict pain" on communities across the United States. ...  

US: Barack Obama signs spending cuts order

Despite his opposition to it, US President Barack Obama signed an executive order to begin $85 billion in spending cuts, which he said could see growth cut by over one-half of one per cent and cost about 750,000 jobs. Obama signed the order reluctantly after he and the Congressional leadership those from the Republican party failed to arrive at a consensus on budgetary cuts and how to address the issue...  

UPA will fight elections on plank of high growth: PC

Finance Minister P Chidambaram on Friday said that the UPA will face 2014 General Elections on the plank of high growth and low inflation. Speaking to Shereen Bhan of CNBC TV18 in an exclusive interview, Chidambaram said that there isn't and never was a danger of rating downgrade for India. ...  

In the present context, this could be the best possible Budget: Ashutosh

Is the Budget 2013-14 drafted, keeping the 2014 general elections in mind? IBN7's Managing Editor Ashutosh shared his perspective in an interaction with IBNLive readers. ...  

Rupee drops by 15 paise against dollar in late morning trade

The Indian rupee dropped by 15 paise to Rs 54.51 against the US dollar in the late morning trade on persistent dollar demand from banks and importers on the back of higher dollar overseas. ...  

Sensex ends 57 pts up; Maruti emerges as the biggest gainer

The market closed on a positive note as it seemed to digest details of the Union Budget. After major sell-off seen on Thursday, the market managed to pullback today especially in the last few trading hours. As the Finance Ministry issued clarification on tax residency certificates (TRC) calmed nerves. ...  

Rate the Budget: No changes in tax slabs; super-rich to pay more tax

Budget 2013 raised social spending, slapped surcharges on Rs 1-crore-plus incomes and on property deals, increased corporate tax payouts, and kept tight deficit targets. ...