Economy  

The Sensex sunk by over 300 points in early trade on Friday (August 16) tracking losses in auto, IT, metal and banking stocks. NIFTY too fell 67.45 points or 0.61% to 10,961.95 in morning trade
 

The Indian rupee, which started the day on a weak note, fell 20 paise to 71.47 against the US dollar in early trade on Friday. The rupee on Wednesday had closed at 71.27 against the US dollar.

The figures are the latest to highlight how the world's second-largest economy China is being battered by an escalating trade war with the United States and slowing global demand.

The rupee, which had plunged 62 paise to close at a nearly six-month low of 71.40 on Tuesday saw a momentum shift as it rose from a 6-month low by 55 paise to touch 70.85 against the US Dollar in early trade on Wednesday
 

Traders said that easing inflation numbers, released after market hours on Tuesday, too helped the recovery in the domestic market sentiment as the broader NIFTY also gained 35.30 points and the BSE Sensex rebounded by near 300 points in early trade on Wednesday.

Rendering almost 15,000 workers jobless over the past two-three months, it was not good news for the auto industry as stocks tumbled up to 9%. Auto sales in India saw the sharpest fall in 19 years in July

 

While the BSE Sensex domestic equity benchmark dropped over 200 points in early trade on Tuesday, Reliance Industries (RIL) capped the losses on the index by rallying over 8%

The rupee fell by 38 paise, touching the 71 per US dollar mark in early trade on Tuesday due to weak opening in domestic equities and strengthening of the American currency.

After the special status to Jammu and Kashmir was revoked, the Confederation of Indian Industry (CII) will support investment activities in the newly formed union territories. CII assured the government and finance minister Nirmala Sitharaman of its support.

 

Rupee fell sharply against US dollar, tumbling past 70.50 levels against the USD on Monday. The rupee fell to 70.74 against the US dollar, as compared to its previous close of 69.60 a dollar

 

NITI Aayog vice chairman Rajiv Kumar  stated that he was confident that India will achieve economic growth of 8% in 2020-21. During his visit, he delivered the keynote address at the 'India Investment Seminar' held at the Consulate General of India, New York.

In a move to help visually impaired identify currencies, the Reserve Bank of India is set to come out with an app.

Finance minister Nirmala Sitharaman stated that the big picture presented in the Budget is backed with a plan to increase investment without compromising on the fiscal consolidation roadmap

The Congress-JD(S) government in Karnataka is in crisis following a spate of resignations of MLAs from the coalition

The RBI reduced the key policy rate thrice with an aggregate reduction of 0.75 percentage points in the repo rate, the rate at which RBI lends to banks.