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The country's largest carmaker Maruti Suzuki India (MSI) on Tuesday reported a 24.4 per cent decline in sales at 1,22,640 units in September.

The company had sold 1,62,290 units in September last year, MSI said in a statement.

Domestic sales declined by 26.7 per cent at 1,12,500 units last month as against 1,53,550 units in September 2018, it added.

Sales of mini cars comprising Alto and WagonR stood at 20,085 units as compared to 34,971 units in the same month last year, down 42.6 per cent.

Sales of compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, fell 22.7 per cent at 57,179 units as against 74,011 cars in September last year.

Mid-sized sedan Ciaz sold 1,715 units as compared to 6,246 units earlier.

Similarly, sales of utility vehicles, including Vitara Brezza, S-Cross and Ertiga, declined marginally at 21,526 units as compared to 21,639 in the year-ago month, MSI said.

Exports in September were down by 17.8 per cent at 7,188 units as against 8,740 units in the corresponding month last year, the company said.

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Recent stimulus measures announced by the Indian government will be insufficient to boost economic growth significantly, said a majority of economists in a  poll who predicted two more interest rate cuts this year, in October and December.

To revive the ailing economy, the government in September announced a steep cut in the corporate tax rate - to 22% from 30% - triggering the biggest intraday gain in Indian stocks in more than a decade.

That along with other measures, including a rollback of a higher surcharge on foreign portfolio investment - introduced in the budget in July - led international investors to become net buyers of Indian assets in September.

But nearly 60% of around 50 economists who answered an additional question said those stimulus measures were unlikely to have a notable impact on the economy.

"While the cut in corporate taxes is sharp, its actual impact on growth is uncertain. Given that the current problem is of weak demand, a demand augmenting measure would have been more productive.

Although the economy is expected to have recovered last quarter from the sharp slowdown in the three months prior, economists downgraded their growth outlook for this fiscal year and next from three months ago.

The Sept. 24-30 poll of over 50 economists predicted gross domestic product growth to average 6.1% this fiscal year, the lowest since polling began for the period in April last year.

If realised, that would mark the slowest pace of growth in seven years.

The economy was then expected to expand 6.8% next fiscal year, a downgrade from 7.2% predicted in the July poll.

That weak outlook was driven by lack of clarity on when and how the U.S.-China trade war will end, which has already hurt business sentiment, manufacturing activity and the global economy.

But some economists argued recent measures announced by the Indian government, along with monetary policy easing, would likely boost Asia's third-largest economy.

The Reserve Bank of India has already eased policy by a cumulative 110 basis points this year.

It is now expected to cut its repo rate INREPO=ECI by 25 basis points on Friday, making it the fifth meeting in a row of easing, and is then predicted to follow that up by with another 15 basis points slice in December, taking the key rate to 5.0%.

But the RBI is then forecast to keep rates unchanged until 2021 at least.

"It looks like the authorities - both the government and the central bank - are firing up all cylinders to provide stimulus to the economy...with stimulus announced so far should start to revive growth going forward," said Prakash Sakpal, Asia economist at ING.

When asked how many more rate cuts it would take to boost growth significantly, nearly 45% of economists said cumulative rate cuts up to 50 basis points will be needed.

Eleven said between 50 and 100 basis points would do the trick, while two said over a percentage point.

The outlook for further policy easing was also backed by subdued inflation, which is not expected to breach the central bank's medium-term target of 4% until the fourth quarter of 2020.

"With inflation remaining under control, monetary stimulus in combination with the recent fiscal measures are likely to be growth supportive," said Shashank Mendiratta, economist at IBM (NYSE:IBM).

But not everyone agreed with that view.

Nearly 30% of respondents said boosting economic growth significantly is beyond the RBI's immediate control.

"Not only monetary policy but also short-term measures that the government has taken so far, are used to sugar-coat the wrong policy trajectory from a structural point of view," said Hugo Erken, head of international economics at Rabobank.

"Because what India really needs is a large-scale reform package on several fronts."

A weak growth outlook, ongoing concerns about the U.S.-China trade war and the prospect of further RBI easing are all expected to hurt the Indian rupee INR= in coming months.

After rallying as much as 3% against the dollar in September, the rupee is forecast to reverse most of those gains to trade at 72.50 per dollar in a year, compared to 70.70 on Monday.

"Despite the fact that both monetary and fiscal levers are now being deployed to prop up growth, a material recovery is still elusive," added ANZ's Sen.

"We therefore see limited scope for the current (rupee) rally to last unless demand sharply recovers. In addition, global risks including worsening in trade uncertainties or an oil price surge could add to rupee volatility."

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The U.S. dollar rose to its highest in more than two years versus a basket of currencies on Tuesday before data that is forecast to show the U.S. manufacturing sector returned to growth, which would ease concern about the impact of the trade war with China.

The euro teetered near its lowest in more than two years against the greenback before data expected to show European inflation has remained tepid, suggesting euro zone policy will remain accommodative for some time.

The Australian dollar edged lower after the Reserve Bank of Australia (RBA) cut interest rates and expressed concern about job growth, while the New Zealand dollar hit a new four-year low as weak business sentiment continued to weigh on the kiwi.

A host of economic data and comments from central bankers this week will set the tone for major currencies as traders try to determine how far policymakers will go to bolster growth.

"Economic data can be supportive of the dollar, and the Federal Reserve's comments are not as dovish as some people think," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.

"An RBA rate cut and the risk of a stagnant European economy both should be positive for the greenback."

The dollar index .DXY against a basket of six major currencies rose 0.10% to 99.479, after briefly touching the highest since May 12, 2017.

The dollar rose 0.17% to 108.26 yen JPY=EBS , close to its strongest level in almost two weeks.

The yen remained weak after the Bank of Japan's tankan showed business confidence in the third quarter slid to its lowest in six years. was subdued in Asian time because China's financial markets are closed until Monday for public holidays. Financial markets in Hong Kong were also closed on Tuesday for a holiday.

The Institute for Supply Management's measure of U.S. manufacturing activity later on Tuesday is forecast to show a return to expansion in September, but just barely.

In August, U.S. manufacturing activity contracted for the first time in three years due to the U.S.-China trade war.

Several Fed policymakers are scheduled to speak this week, but traders said they will focus most on comments from Fed Chairman Jerome Powell on Friday for hints about the direction of U.S. monetary policy.

The Fed has cut interest rates twice this year, but there are signs that it is reluctant to ease policy further because the jobs market remains strong.

The euro fell 0.09% to $1.0889 EUR=EBS , close to its lowest since May 12, 2017.

Data due on Tuesday are forecast to show consumer prices in the euro zone rose an annual 1.0% in September, unchanged from the previous month and well below the European Central Bank's target.

Annual inflation in Germany, Europe's largest economy, slowed to the lowest in almost three years, data on Monday showed. ECB unleashed a new round of monetary easing measures on Sept. 12, but there is growing concern that the central bank is reaching the limits of what it can achieve and the burden will fall to eurozone governments to boost fiscal spending.

The Australian dollar briefly rose after the RBA cut its cash rate to a record low of 0.75%, as expected. However, the Aussie surrendered those gains to trade down 0.21% at $0.6742 AUD=D3 .

The RBA said forward-looking indicators suggest employment growth is likely to slow, which could bolster expectations that it will cut rates again by early next year. New Zealand dollar fell to a new four-year low of $0.6238 NZD=D3 . The kiwi has taken a hit as weakening business confidence bolstered expectations for monetary easing.

German inflation slows unexpectedly in September

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The dollar found broad support on Monday as global political uncertainty and fears over a widening of the Sino-U.S trade war kept investors in safe harbours ahead of a slew of global economic indicators this week.

The greenback was steady against most major currencies. It held firm on the Japanese yen at 108.93 per dollar and sterling at $1.2287, while easing very slightly against the euro to $1.0932.

It gained against riskier, trade-exposed currencies such as the Australian dollar and the Chinese yuan. The biggest loser was the New Zealand dollar, which fell half a percentage point as business confidence hit its weakest in more than 11 years.

"Risk-off sentiment is prevailing in the market," said Anthony Doyle, global cross-asset specialist at fund manager Fidelity International in Sydney, citing U.S. political turmoil and Brexit as looming worries, besides the trade war.

"There's a lot of uncertainty out there," he said.

In Asian hours, traders mostly shrugged off news that the Trump administration was considering de-listing Chinese companies from U.S. stock markets after the reports were hosed down by Treasury officials.

Elsewhere, factory activity surveys in China suggested there were some signs of improvement this month, though analysts believe the gains cannot be sustained and forecast further economic weakness.

In Australia, forecasts for a rate cut on Tuesday firmed with gathering economic gloom. Markets are pricing a better than 75% chance the Reserve Bank of Australia will reduce its cash rate for a third time this year.

German inflation, British economic growth and U.S. manufacturing indicators are all due later on Monday, with U.S. employment figures at the end of the week. Anything short of expectations poses a risk to fragile sentiment.

Against a basket of currencies (DXY) the dollar edged higher to 99.165.

The New Zealand dollar dropped as far as $0.6257, very close to a four-year low, as a survey showed sour business sentiment and made a case for a rate cut.

The Australian dollar also drifted lower to $0.6756 on expectations of monetary easing.

With markets largely baking in another rate cut, further moves in the Aussie will likely be driven by the RBA's tone and outlook, said Chris Weston, head of research at brokerage Pepperstone Group in Melbourne.

Traders are expecting a lull in trade-war headlines as China takes a week-long holiday from Tuesday, which marks the 70th anniversary of the People's Republic of China.

China's yuan held steady at 7.1219 per dollar.

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The dollar edged lower but held close to its recent highs on Thursday as investors struggled to make sense of U.S. President Donald Trump's mixed signals on a trade deal with China.

Foreign exchange markets were quiet at the European open, with currency pairs little moved but the dollar's resilience this week was a sign of investor nervousness about the global outlook.

"We need new direction," said Neil Mellor, a markets analyst at BNY Mellon, citing a pushback from central banks to markets expecting more monetary stimulus and confusion over whether the United States can strike a deal with China for the current range-bound moves in FX markets.

He said that he favoured the dollar as a safe haven currency in the short-term because of a difficult outlook for the global economy and trade negotiations, especially as central banks signal they "are not prepared to keep on shovelling out liquidity into the market".

"There is a greater downside risk to risk assets," he said.

The dollar index, which measures the greenback against a basket of currencies, was last down 0.1% at 98.985 .DXY but was only a whisker away from a two-week high and the two-year peak of 99.37 hit earlier this month.

Trump stoked hopes for a trade deal by telling reporters in New York that the United States and China were having "good conversations" and that an agreement "could happen sooner than you think". the Trump pump, and it works," said Matt Simpson, senior market analyst at Gain Capital in Singapore.

"But there's not really any major moves either, it's a slight boost to risk," he said, noting traders were also trying to assess the likely direction of a Trump impeachment probe opened by the Democrats on Wednesday.

That initially helped the Australian dollar claw higher, while the New Zealand dollar NZD=D3 kicked ahead further after New Zealand's central bank governor said it was unlikely he would need to use unconventional monetary policy. by 0730 GMT, the Aussie was up only slightly on the day at $0.6753 AUD=D3 , while the yuan was up 0.1% at 7.1241 per dollar in the offshore market CNH=EBS .

The New Zealand dollar was last up 0.4% at $0.6297.

The euro rose 0.1% to $1.0947 EUR=EBS .

The Japanese yen, perceived as a safe haven currency, rose 0.1% to 107.68 yen per dollar JPY=EBS .

Sterling steadied at $1.2354 GBP=D3 after plunging more than 1% on Wednesday as traders fretted about the deepening confrontation in the British parliament over Brexit.

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HDFC Bank beat the crowds to top the list of 75 most valued brands in India, keeping its position intact from the previous year. At second and third spots, too, the old order held its grip. Public sector insurer Life Insurance Corporation of India (LIC) and IT major Tata Consultancy Services (TCS) retained their second and third ranks in the list of most valued Indian brands.

The big change, however, has been in the overall growth of brand values in the BrandZ 2019 Most Valuable Indian Brands, a report by WPP and Kantar Millward Brown. The total value of the top 75 brands increased to $228.2 billion, growing at a moderate 6 per cent over 2018, far slower than 34 per cent recorded the previous year. The report calculates valuations and ranking by combining companies’ financial data with consumer insight and opinion.

While brands grappled with many challenges this year, a few managed to push valuations up significantly. With a 34 per cent jump in brand valuations, Jio led the band of top risers, a diverse set of brands on the list. Preeti Reddy, CEO South Asia, Insights Division, Kantar, said, “They (Reliance Jio) have built an entire ecosystem around Jio which is feeding into each other and they continue to be disruptive.” Among the other brands that increased their valuations at a significant clip are Infosys, TCS, Maggi, Ola, and others.

HDFC Bank saw its brand value increases five per cent, growing slow but at a steady clip, to keep the top spot. “HDFC has utilised the digital ecosystem well and secondly they were very prudent about their business decisions. 

Banking brands make up the largest share of the BrandZ Top 75, with 23 per cent of the total brand value tied up in that sector. However, in comparison to other countries, where one category dominates the brand ranking (such as France with luxury goods,

US with technology, or Indonesia with banking), India’s top brands are much more evenly dispersed.

Consumer tech, retail are the fastest-growing categories with brand values increasing 30 per cent. Among the high performers in this category, Flipkart saw a sharp 14 per cent spike in its valuations while newcomers to the list, Oyo, Swiggy and Zomato also took a big leap forward. Vodafone was the top ranked newcomer to the list of most valued brands that saw eight new entries in 2019. This is much lower than the 30 newcomers that debuted the list in 2018.

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The Reserve Bank of India (RBI) has expressed disagreement over the Securities and Exchange Board of India’s (Sebi) proposed framework enabling credit rating agencies (CRAs) to legally access borrower database, helping them in timely recognition of default.

A panel of financial regulators, including the Pension Fund Regulatory and Development Authority and the Insurance Regulatory and Development Authority of India as well as the RBI and Sebi, met last month and discussed a proposal to give CRAs limited access to the RBI’s Central Repository of Information on Large Credits (CRILC).

The CRILC is a borrower-level data set focusing on systemically important credit exposures. Banks report to the CRILC credit information on all their borrowers having aggregate fund-based and non-fund-based exposure of Rs 50 million and above.

Sources said the central bank had cited sensitivity and confidentially issues for allowing third-party access to large credit data information. The RBI had also assured that it would ask lenders to improve the information sharing under the current mechanism of Credit Information Company (CIC).

Currently, the rating agencies can access the CIC that is an independent, third-party institution collecting financial data regarding loans, credit cards, and more about individuals and shares it with its members. Banks and non-banking financial institutions usually take data from the CIC.

Sebi argued rating agencies cannot decide ratings based on the CIC, as it is not rapid, clean and accurate. It also said the CIC did not provide the updated data about the history of borrowers, repayment dues and so on.

The market regulator said there was a substantial difference in the default data disclosed by rating agencies and the one available with the CRILC. Even the central bank has raised this concern over divergence in default rates identified by the CRAs and the CRILC.

“Banks are mandated to provide all updates about borrowers to the RBI’s repository. But, the lenders have been reluctant on sharing the same with CRAs due to their confidentiality clause with the said borrower,” said the source cited above.

To address this, Sebi recently amended its regulations on rating agencies by adding a clause in the agreement between an issuer and a rater to provide an “explicit consent” from the issuer to obtain information related to loans, repayment, delay, etc. from banks or other lending institutions.

Sources said banks are miffed with this amendment as giving individual borrower data is a tedious job which would increase their workload. The RBI, too, is not willing to allow banks to give individual credit account information.

Amid surging cases of debt defaults including in IL&FS, the role of rating agencies have come under the regulatory glare. The market regulator has been making constant changes in the CRA rules for better monitoring and improving performance.

CRAs have been complaining they are dependent on the information provided by the borrowers as banks never disclose borrowing and lending information.

In 2017, Sebi had proposed it make it mandatory for listed companies to make disclosure of their loan defaults to the stock exchanges if they fail to make repayment of dues and interest within 24 hours. However, the proposal was then turned down by the government, as the central bank was of view that banks would need another Rs 26,000 crore capital if the measure was implemented.

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The U.S. dollar remained broadly supported on Tuesday after U.S. Treasury Secretary Steven Mnuchin confirmed U.S.-China trade talks will resume next month, but concerns about slowing global growth continued to weigh on market sentiment.

Against a basket of currencies the dollar edged up to 98.28 by 2:37 AM ET (6:37GMT).

"The U.S. dollar is rising by default rather than anything U.S.-specific," said Michael McCarthy, chief market strategist at CMC Markets in Sydney, adding that volumes were low as traders mostly kept to the sidelines waiting for news.

"Trade is never far from the markets' radar, but I think currency markets are increasingly expecting (U.S-China tensions) to be protracted, I think optimism has dissipated."

Mnuchin said Monday that trade discussions were scheduled in two weeks and that he and U.S. Trade Representative Robert Lighthizer would meet Chinese Vice Premier Liu He.

The dollar was little changed against the yen at 107.53, while the euro was trading at 1.0992, not far from a 28-month low of 1.0926 touched earlier this month.

The single currency fell 0.2% on Monday after data showing that a German manufacturing recession deepened unexpectedly in September and growth in the service sector lost momentum, adding to worries over the outlook for the wider Eurozone.

The British pound was hovering near one-week lows at 1.2435 ahead of a U.K. Supreme Court ruling on whether Prime Minister Boris Johnson acted unlawfully when he suspended parliament just weeks before Brexit.

The outcome of the case could have implications for Johnson’s plans to pull the U.K. out of the European Union on Oct. 31.

The Australian and New Zealand dollars were steady ahead of a speech by Reserve Bank of Australia Governor Phil Lowe, with the market expecting a dovish tone after weak jobs data last week underlined expectations for a rate cut.

Both currencies sat near three-week lows, with the Aussie at 0.6774 and the kiwi at 0.6295.

"We think Lowe will provide a strong signal that the RBA is ready to cut rates again, endorsing our view for a 25bp cut in October," said Tapas Strickland, a director of economics and markets at National Australia Bank in Sydney.

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The Election Commission of India (EC) on September 24 announced that bypoll to the Satara Lok Sabha seat will be held on October 21.

Voting will happen along with the Maharashtra Legislative Assembly election.

The decision to hold the bypoll was taken after the Bombay High Court decided on an election petition on Satara Lok Sabha elections. The order reached the Commission on September 23.

The bypoll was necessitated after Member of Parliament (MP) from the Nationalist Congress Party (NCP), Udayanraje Bhosale, recently joined the Bharatiya Janata Party (BJP) after resigning from Lok Sabha.

Counting of votes will happen on October 24 when the Assembly election votes are counted.

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