Oil prices have plunged to historic lows in recent weeks as collapsing demand due to worldwide lockdowns prompted a massive glut and led to storage capacity filling up.

The NSE Nifty 50 index advanced 3.11 per cent to 9,850.3 by 0455 GMT, while the benchmark S&P BSE Sensex was up 3.1 per cent at 33,734.26. Both indexes were on course for their fourth straight session of gains in a holiday shortened week.

Rising scrap supplies amid a fall in demand could dent the world's second-biggest bullion consumer's imports and cap a rally in global prices, which hit a more than seven-year high earlier this month.

The surge came after market sentiments improved as more countries are announcing the gradual lifting of lockdowns that have been imposed to contain coronavirus infection.

On Wednesday, another Indian pharmaceutical company, Strides Pharma Science Ltd, said it had developed and commercialised favipiravir antiviral tablets, and had applied to Indian drug authorities to start trials.

A committee headed by the state’s chief secretary that also includes representatives from South Korea and Japan will submit a report within one month.

After surging 1,167 points during the day, the 30-share index settled 997.46 points or 3.05 per cent higher at 33,717.62. It hit an intra-day high of 33,887.25.

In a letter to employees dated April 29, Reliance Industries' executive director Hital R. Meswani stated that Ambani will forego his entire compensation.

The final report of the task force on NIP for 2019-2025 suggested steps like deepening bond markets, setting up of development financial institutions and land monetisation to meet the funding needs,

In its filing with the Bombay Stock Exchange (BSE), the company said that the board of directors of JustDial has given its nod to a buyback proposal worth maximum Rs 220 crore.

Industry representatives said while some hotels have chosen not to entertain new guests, some have stepped up hygiene and sanitisation measures.

The 'MSME Bank of Ideas, Innovation and Research' portal was launched via video-conference. Registered users on the portal can share ideas, innovation and research, which will be reviewed by the officer concerned.

The company said it is the first firm in India to receive such an approval from the Drug Controller General of India (DCGI).

The petitioner contended that telephone operators and ISPs ought not to charge citizens for services not used by them while following the government's directions.

Rising for the fourth straight session, the 30-share BSE Sensex settled 997.46 points, or 3.05 per cent, higher at 33,717.62.

The report further said that the supply additions through infrastructure development boost short-term as well as the potential rate of GDP growth.

The infrastructure output growth for February was upwardly revised to 7.1% from an earlier estimate of 5.5%, the data showed.

The ministry constructed 10,855 km of national highways against the targeted 16,420 km in fiscal 2019, with an average daily construction rate of about 30 km.

The Internet and Mobile Association of India (IAMAI) has submitted a blueprint suggesting a road map for opening up e-commerce based on the current containment model of zoning.

Revenue from operations for the March quarter stood at Rs 136,000 crore, against Rs 152,939 crore in December quarter and Rs 138,659 crore in the year-ago period.

The greenback weakening overseas and optimism over a COVID-19 drug trial in the US further supported the local unit, forex traders said.

The final report of the task force on National Infrastructure Pipeline (NIP) for 2020-2025 presented to the government suggested agricultural reforms broadly in three areas e-market infrastructure, storage and processing, and research and development (R&D).

Reckitt Benckiser recorded a 13.3% rise in first quarter like-for-like sales, that was its best performance since the company was formed in 1999.

The new clause comes as sellers in Asia seek to protect their interests, as prices of some physical crude grades sold in the region have fallen to close to $10 a barrel due to heavy discounts.

O2C undertaking of the company comprises entire oil-to-chemicals business of the company consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities.

Without revealing the identity of the companies, RIL in its fourth-quarter earnings statement said the investment would be announced in the coming months.

Government officials said that collection numbers present a worrying trend, given that normal business activities were underway till March 24 when a nationwide lockdown was announced.

The agency affirmed the long-term issuer default ratings (IDR) of SBI and BOB at 'BBB-' and those of ICICI Bank and Axis Bank at 'BB+'.

The PF returns have details about employees' and employers' contributions towards the social security scheme run by the Employees' Provident Fund Organisation (EPFO).

Brent crude for July delivery, which started trading on Friday as the new front-month contract, was up $1.10, or 4.2%, at $27.58 a barrel by 0013 GMT.

Millions more Americans filed claims for unemployment benefits last week, lifting the number of applications to 30.3 million since March 21, data showed.

All major financial markets in India will remain closed on Friday on account of Maharashtra Day.

The coronavirus has infected workers at dozens of locations, igniting small protests and prompting labour organisers to demand site closures

With the lockdown in place, many banks have limited their working hours. Every second and fourth Saturday is also a bank holiday.

According to Dun & Bradstreet's latest report, changes in consumer behaviour will determine the segments that are likely to flourish after the pandemic comes under control.

The proposed acquisition involves settlement or contribution of equity shares of the company to the four trusts by Ashok Todi, Bimla Todi, Pradip Todi and Shobha Todi.

The outbreak of coronavirus and the lockdowns imposed by nations to curb its spread has evaporated demand for oil, sending international oil prices crashing.

The state government has also decided to provide working capital loans to MSMEs at lower interest rates. A fund to the tune of Rs 200 crore would be created to lend loans between Rs 2-10 lakh.

The high court order of March 30 came as steelmaker ArcelorMittal looked to enforce a $1.5 billion arbitral award stemming from a soured supply agreement.

Nationwide lockdown should only be lifted once the situation is fully under control, said State Bank of India Chairman Rajnish Kumar.

Sugar sales in March and April declined by 10 lakh tonne because of the imposition of nationwide lockdown to control the coronavirus disease, the Indian Sugar Mills Association (ISMA) said.

On Tuesday, Fitch warned India's sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country through the coronavirus crisis.

On the effectiveness of India's COVID-19 strategy, 73% of the respondents said it has been successful so far.

SBI Chairman Rajnish Kumar said he is hopeful of more relaxations by May 31 and expects economic activity to return by the festive season.

The tweets recall Musk's controversial tweets in August 2018 when he said he had "funding secured" for a quickly-aborted campaign to take the electric car maker private.

Phase one of the Tata Steel's European business project will create a plan for a series of local zero-carbon areas, create skilled jobs and enhance well-being across South Wales.

PM Narendra Modi, who held discussions with Amit Shah and Nirmala Sitharaman, on Friday held meetings with different ministries including civil aviation, labour and power.

Dhawan will assume charge from Saturday in place of Ashish Agarwal, the current chief risk officer, who will transition to a new role in the bank.

The bank is looking at the short term now - the next two or three quarters, a senior SBI official said on condition of anonymity.

In his opening remarks, the governor appreciated the efforts of banks in ensuring normal to near normal operations during the lockdown period.