Sensex Falls 0.76%; Nifty Declines 101 Points

New Delhi: Domestic stock markets closed on Monday with losses amid negative global stocks. 

The Sensex fell for the fifth straight session below 33 thousand marks while the Nifty declined for the fourth straight trading session.

The Sensex at Bombay Stock Exchange fell 253 points or 0.76 percent to 32,923. 

The Nifty at National Stock Exchange also declined 101 points or 0.99 percent to 10,094.


India Lacks Flexing Power Despite High Imports: ASSOCHAM

New Delhi: While India's annual trade deficit touches about USD 150 billion, a significantly higher level of imports than exports would not provide the country with a chance to retaliate in a possible escalation of a worldwide trade war, the ASSOCHAM said on Sunday.

In this regard, the chamber further noted that India may end the current fiscal with an import bill of USD 450 billion against exports of about USD 300 billion, almost one-fourth of which would be only on account of crude and other related items, apart from essential imports of plastics and fertilisers, for which the country does not have an immediate domestic capacity.


41 Out Of 159 Foreign Branches Of State-Owned Banks Incurring Losses

New Delhi: Nearly 25 percent of the overseas branches of the public sector banks (PSBs) have suffered losses in 2016-17, according to the government.

"As per data reported by PSBs, 159 branches of PSBs are operating in foreign countries, of which 41 branches were in loss in the financial year 2016-17," Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Lok Sabha. 

The country's largest lender State Bank of India (SBI) led the pack with nine of its overseas branches in the red. It was followed by Bank of India and Bank of Baroda with eight and seven branches, respectively. 


Lok Sabha Passes Bill To Enable Govt To Double Tax-free Gratuity To Rs 20 Lakh

New Delhi: The Lok Sabha has passed the Payment of Gratuity (Amendment) bill which seeks to empower the government to fix period of maternity leave and tax-free gratuity amount with an executive order.

After the passage of the Payment of Gratuity (Amendment) Bill in the Rajya Sabha, the government would be able to enhance the ceiling of tax-free gratuity to Rs 20 lakh from existing Rs 10 lakh for employee under the Payment of Gratuity Act.

After implementation of the seventh Central Pay Commission, the ceiling of gratuity amount for central government employees was increased from Rs 10 lakh to Rs 20 lakh. The unions are demanding for inclusion of the change into the Act.


Govt Stake In PSBs Should Come Down To 31% From 51%: Ahluwalia

New Delhi: The former deputy chairman of the erstwhile Planning Commission of India Montek Singh Ahluwalia has said government’s holdings in public sector banks (PSBs) should be brought down to 31% from 51% for better oversight and prudential governance., 

“One fear with reducing government control is the need for social welfare. What about agriculture and priority sector lending? All these social purposes can be served if the government has a dominant 31% stake in public sector banks,” said Ahluwalia, who was in Chennai for the golden jubilee celebrations of Industrial Economist magazine.