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India to cut food weighting in CPI in new inflation series

NEW DELHI, Jan 29 (Reuters) – India will cut the weighting of food in its CPI (Consumer Price Index) to 36.75% in a new inflation series, potentially making headline inflation readings less volatile and smoothing the outlook for monetary policy. Food prices, which tend to swing based on factors such as weather and supply disruptions, now account for 45.86% of the basket used to calculate CPI, while the central bank uses CPI as the anchor for its main inflation target of 4% plus or minus two percentage points. The current CPI basket still reflects 2011-12 consumer spending patterns, which economists

Stock markets advance for 3rd day; Sensex rises 221 pts, L&T major driver

Mumbai, Jan 29 (PTI) Benchmark stock indices Sensex and Nifty closed higher on Thursday, helped by a rally in blue-chip Larsen & Toubro and the Economic Survey projecting the GDP growth of 6.8-7.2 per cent for the next fiscal. Erasing its early losses, the 30-share BSE Sensex climbed 221.69 points or 0.27 per cent to settle at 82,566.37. During the morning trade, it tanked 636.74 points or 0.77 per cent to 81,707.94. The 50-share NSE Nifty edged higher by 76.15 points or 0.30 per cent to end at 25,418.90. The broader index fell 182.95 points or 0.72 per cent to

Rupee settles near all-time low at 91.96 against US dollar

Mumbai, Jan 29 (PTI) The rupee settled near its all-time closing low at 91.96 (provisional) against the US dollar, amid selling pressure from foreign funds and risk-off sentiment in global markets. Forex traders said the rupee hit its all-time intra-day low of 92 against the US dollar amid geopolitical uncertainty and foreign outflows. Moreover, a surge in crude oil prices weighed on the rupee. At the interbank foreign exchange, the rupee opened at 91.95 and touched an early high of 91.82, but pared gains to touch an intra-day low of 92 against the greenback. The domestic unit settled at 91.96

Supreme Court reserves verdict on pleas against SIR of electoral rolls in Bihar

New Delhi, Jan 29 (PTI) The Supreme Court on Thursday reserved its verdict on a batch of pleas including the one filed by NGO Association for Democratic Reforms challenging the SIR (Special Intensive Revision) of electoral rolls in Bihar. A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi concluded the final hearing after a battery of lawyers including Kapil Sibal, Abhishek Singhvi, Prashant Bhushan and Gopal Sankaranarayan argued in the matter. The poll panel was represented by senior advocates Rakesh Dwivedi and Maninder Singh. The bench heard rejoinder submissions on behalf of the petitioners before reserving the verdict.

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