Business

The Nifty is inching towards 8750, up 11.30 points at 8737.90.

The deputy governor also said while the RBI believes that businesses can get into financial difficulties and genuine business needs should be supported and malfeasance should be property dealt with.

The government on Monday hoped that Governor-designate Urjit Patel will "rise to the occasion" and use his experience of handling monetary policy at RBI.

Less well known is whether a man who seems to feel most at ease in his own company commands the communication skills to answer to multiple constituencies and keep a 17,000-strong team on side.

The meeting took place in the backdrop of the government on Friday notifying 4 per cent inflation target for the next five years, based on which the new interest rate setting panel would take its monetary policy decisions going forward.

The Sensex is up 363.98 points or 1.3 percent at 28078.35.

About 913 shares have advanced, 1812 shares declined, and 142 shares are unchanged.

The 30-share barometer, which had gained 384.82 points in the previous two sessions, fell by 31.39 points or 0.11 per cent to 28,063.95.

NSE to auction investment limits for overseas investors for the purchase of government debt securities worth Rs 7,264 crore on Monday.

Buying activity emerged after FMCG major ITC Ltd on Thursday reported posted an over 10 per cent rise in standalone net profit at Rs 2,384.67 crore for April-June quarter.

Income Declaration Scheme (IDS) was announced with an aim to flush out black money from the domestic economy.

The rupee opened almost flat at 67.46 as against Tuesday's closing level of 67.45 per dollar at the Interbank Foreign Exchange (Forex) market.

The market breadth was weak as about 1474 shares declined against 1282 advancing shares on the Bombay Stock Exchange.

World Bank chief Jim Yong Kim meets Prime Minister Narendra Modi to discusses nutrition green power for India and to make strong and sustained inroads to reducing poverty and helping lead the world in ending extreme poverty by 2030.

The NSE Nifty ended higher 6.10 points, or 0.08 per cent, at 8,094.70 after shuttling between 8,039.35 and 8,120.65. In the Sensex pack, Dr Reddy's was on top of the gainers' list by climbing 3.04 per cent, followed by SBI (2.77 per cent).

The domestic currency hovered in a range of 67.78 and 68.22 during the day.