Mumbai: The BSE benchmark Sensex drifted lower by nearly 166 points and the NSE Nifty slipped below the 11,500-level in the opening session on Friday due to intense selling mainly in banking, power and healthcare shares amid weak Asian cues.

The BSE 30-share barometer dropped by 165.72 points, or 0.43 per cent, to 38,077.09 in opening trade as index major Sun Pharma, Yes Bank, SBI, ICICI Bank, NTPC, ONGC and Maruti Suzuki declined.

New Delhi: ONGC Ltd has struck gas in a well at Ashoknagar in Bengal's North 24 Parganas district. The PSU has also found gas in the Vindhyan basin in Madhya Pradesh.

Both the discoveries will now be assessed for their commercial viability, ONGC director (exploration) Ajay Kumar Dwivedi said on Thursday.

Mumbai: Air India will soon be managed by a board, if a turnaround plan being charted out by the government that involves financial and organization reform is approved, a senior Air India official aware of the development said on condition of anonymity.

“The plan is to make Air India stand on its own feet so that it can be sold in future,” said the official cited above.

Hyundai Motor India (HMIL) expects passenger vehicles (PV) sales to pick up from next month with the launch of its new family hatchback, a senior company official said on Thursday on the sidelines of the annual SIAM conference.

“The Onam festival season was a dampener for PV makers due to floods in Kerala. The industry lost out on sales of nearly 32,000 vehicles. September sales are likely to remain low as well due to new insurance regulations and shradh period.

In the presence of Prime Minister Narendra Modi at the MOVE Global Mobility Summit, Suzuki Chairman O Suzuki confirmed that Maruti Suzuki will commence the testing of its electric cars starting next month. Earlier, RC Bhargava, Chairman, Maruti Suzuki had confirmed that Maruti Suzuki will launch its first electric car in India in 2020.

Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 per cent and was trading at $6,358 as of 11:54 a.m. in London, according to Bloomberg composite pricing.

US President Donald Trump pledged Thursday to complete a deal on denuclearising the Korean peninsula together with North Korean leader Kim Jong Un, signalling that negotiations remain alive after weeks of an apparent deadlock.

"Kim Jong Un of North Korea proclaims 'unwavering faith in President Trump.' Thank you to Chairman Kim. We will get it done together!" Trump wrote on Twitter.

State Bank of India (SBI) has taken 1,200-Mw Jindal India Thermal Power project in Odisha to the National Company Law Tribunal (NCLT) for insolvency proceedings as stake sale failed.

The 180-day deadline to find a resolution also ended last week. The operational project, which landed in soup because of cancellation of coal block, has been operating at below optimum level.

The National Company Law and Appellate Tribunal (NCLAT) in New Delhi will on Friday give its verdict over the petitions filed by ArcelorMittal and Numetal in the Essar Steel insolvency case.

The companies had filed petitions challenging the decision by Essar Steel’s resolution professional to bar both from bidding the stressed firm.

Johnson & Johnson (J&J) is learnt to have agreed to pay compensation to patients who received faulty hip implants years ago. This comes after the regulator — Central Drugs Standard Control Organisation — asked the medical device maker to pay Rs 2 million as interim compensation to the recipients of such implants, as recommended by a committee appointed by the government. Last month, the government asked states to form separate committees to evaluate claims.

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