On Wall Street on Monday, the Dow Jones Industrial Average closed at a record high for the fifth straight session, and the S&P 500 marked its second straight closing record high, as higher US Treasury yields helped lift financial shares

Industrial output and retail sales also beat forecasts, which helped alleviate fears of slowing momentum, though fixed-asset investment growth slipped and missed market expectations.

Modi and Abe will review implementation of various decisions taken in course of last one year to enhance economic ties, particularly in the trade and investment sector.

The bank kept monetary policy steady, likely expecting the economy to soon emerge from recession with a tight job market pushing up wages and underpinning consumption.

Consumers content to pay a bit more for added-value products offer some counter argument to those proclaiming Abenomics' demise.

The world's third-largest economy shrank an annualised 0.8 per cent in July-September, more than a median market forecast for a 0.2 per cent contraction.

The domestic markets ended higher rebounding from near seven-week lows hit earlier on Monday after WPI inflation dropped for a 12th straight month in Oct.

In India, sentiment was buoyant though firms were irked by the pace of economic reform promised by PM Modi government last year, a survey conducted by Thomson Reuters said.

Marc Faber, publisher of The Gloom, Boom & Doom report speaks to BT's Mahesh Nayak on India's potential, the state of the global economy, and a range of other issues.

According to Nomura, sector-wise, financials, auto, industrials and tech are looking bullish, while consumer staples, pharmaceuticals, metals and telecoms look bearish.

\"I believe the budget will contribute to achieving economic revival and fiscal consolidation at the same time,\" Shinzo Abe told reporters.

Any measures by Japan to stimulate its economy via monetary easing could raise expectations of inflows into emerging markets, said the financial giant.

The economy had been forecast to rebound by 2.1 per cent, but consumption and exports remained weak, saddling companies with huge inventories to work off.

On Sensex, 18 scrips ended with gains, while 12 others ended in negative zone. Sentiment was boosted after stocks led by banking, power and capital sectors rallied.

It is not that no attempts were made before to amend the 100-odd labour laws in the past three decades but every attempt was met with strong opposition by labour unions. The fact that no party had a majority in parliament during this period did not help either.

Japanese brokerage firm Nomura released a research note on Thursday citing large comparative advantages for Japan and India resulting from the reform regimes of Abenomics and Modinomics (terms inspired by the economic policies of the two countries' respective PMs).

Markus Schomer, Chief Economic Strategist at PineBridge Investments talks about the US and Japanese economies, the weaknesses in China and why India stands out among emerging markets in an interview with Mahesh Nayak.

India will beat Japan to grab the position of the world's third largest economy in 2028, according to an influential British think-tank, that also forecast China to overtake the US for the top position.

China may step up a push for global acceptance of its currency, the yuan or renminbi, as an alternative to the US dollar in international trade.