As per the Associated Chambers of Commerce and Industry of India, the two Asian giants can emerge as world's largest trading partners by 2030.
'The probability of another negative year in 2019 is low.'
The fall came on the back of a massive selloff in NBFCs, led by DHFL which skidded over 50 per cent on fears of a liquidity crisis.
Customs and excise duty rates have been amended mainly to promote Make in India.
The overall market breadth in BSE ended strong with 2,140 shares advancing and 764 shares declining.
BSE Capital Goods and Bankex indices surged over 2% each.
The manufacturing sector, which accounts for over 75 per cent of the index, declined by 2.4 per cent against a growth of 4.1 per cent in December 2014.
Major losers include Lupin 1.96 per cent, along with Tata Motors, Coal India and Sun Pharma.
Factory output growth, as measured by the index of industrial production, was at 8.1 per cent in December 2010.
From the 30-Sensex pack, 26 stocks ended with gains led by Tata Steel and ICICI Bank
Realty stocks ended firm on expectations that the central bank will start cutting interest rates in the coming months to prop up slowing economy.
The overall breadth was positive as 1,643 stocks advanced while 1,027 stocks declined.
BSE market breadth was almost neutral as 1,397 shares advanced while 1,345 shares declined.
Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
The broader NSE Nifty scaled a high of 10,856.55 before closing up by 55.90 points, or 0.52 per cent
Sectors that will drive profit growth include refineries, private banks, capital goods, cement, fast moving consumer goods, metals and oil & gas. Sectors with disappointing growth are public sector banks, construction, media, pharmaceuticals, steel, textiles, telecom and tyres.
This is the highest closing for both the indices since May 15.
As per data released by the government on Monday, industrial output grew by 3.5 per cent in the April-October period this fiscal, as against 8.7 per cent in the same period last year.
Market breadth ended weak with 1,430 losers and 1,339 gainers on the BSE.
Geo-political concerns over death of a Saudi journalist, Brexit and likely breach in Italy's budget also kept investors cautious.
For the week, the Sensex recorded a fall of 371 points, or 1.10 per cent, and the NSE Nifty 130.75 points, or 1.25 per cent.
Investors widened their bets on optimism that upcoming general budget -- to be unveiled next month - would contain incentives for corporates, which will help boost the economy
Yes Bank was the top gainer in the Sensex pack, surging 3.76 per cent, followed by SBI at 3.18 per cent.
Select companies in infra, capital goods, private banks, auto, oil & gas, and mining could be considered by investors.
For the second straight week, the Sensex rose, notching up a significant gain of 528.34 points, or 1.59 per cent. The Nifty was up 129.45 points, or 1.25 per cent, during the week.
Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
However, growth in factory output in January, as measured in terms of the Index of Industrial Production, was better than the 2.53 per cent expansion (revised upward from 1.6 per cent) witnessed in the previous month.
Prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down with Finance Minister P Chidambaram announcing a reduction in excise duty in the Interim Budget.
Profit-booking by participants in view of the domestic markets' recent record-setting run fuelled the downtrend
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
Covering-up of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets at high levels
During the April-July period of this fiscal, IIP growth stood at 5.8 per cent, as against 9.7 per cent in the corresponding four-month period last year.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
The market breadth in BSE ended healthy with 2,019 advancing and 740 shares declining.
Recovering from the impact of global financial crisis in the second half of 2009-10, Indian industry unleashed pent-up investments in the economy.
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