Sensex Consolidates For Second Day, Nifty Settles Below 9,650

Indian shares ended flat on Wednesday as consolidation continued after the benchmark Sensex gained over 2 per cent in last one month and 7.25 per cent in last three months. Sensex shed 13.89 points to end at 31,283.64 while the benchmark Nifty closed below the crucial 9,650 level at 9,633.60, down 19.90 points or 0.20 per cent.

The BSE Sensex opened marginally lower on Wednesday tracking weakness across other Asian shares and fell as much as 104 points during the day. However, late buying in banking heavyweights like HDFC Bank, SBI and FMCG shares like Hindustan Unilever helped it recover most of the lost ground.

Sensex Consolidates For Second Day, Nifty Settles Below 9,650

FMCG shares were the biggest gainers today with the Nifty FMCG sub-index rising 0.77 per cent. Hindustan Unilever was the top gainer in Nifty, up 2.78 per cent followed by Kotak Mahindra Bank, Maruti Suzuki, Sun Pharma, HDFC Bank, which gained between 0.7-0.9 per cent.

Meanwhile, metal stocks witnessed maximum selling pressure today with the Nifty Metal sub-index falling 1.17 per cent.

Among Nifty stocks, Hindalco Industries was the top loser, down 2.69 per cent. ONGC, Tata Motors, Bosch, Gail India and Lupin were the other prominent losers in the index, which fell between 1.5-2.55 per cent.

 

Don’t report frauds below Rs 1 lakh to police: CVC to banks

The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes.

Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police.

The decision was taken by the CVC in consultation with the Reserve Bank of India (RBI), taking into the account the practical difficulties faced by public sector banks in reporting such categories of cases.

CVC

It has been decided that only if staff of the bank is involved in the fraud cases of below Rs one lakh and above Rs 10,000, would such cases need to be reported or complaint filed with local police station by the bank branch concerned, the commission said in a directive to chiefs of all the banks.

The cases of frauds of upto Rs one lakh and not below Rs 10,000 are to be scrutinised by banks officials concerned for further necessary action, a senior CVC official said.

As of September 30, 2016, the Non-Performing Assets (NPAs) declared by various scheduled commercial banks stood at a whopping Rs 6,65,864 crore, according to an official data.

The NPAs of the country’s largest lender State Bank of India is Rs 97,356 crore, followed by Rs 54,640 crore of Punjab National Bank and Rs 44,040 crore of Bank of India, it said.

Bank of Baroda has NPAs of Rs 35,467 crore, Canara Bank Rs 31,466 crore, Indian Overseas Bank Rs 31,073 crore, Union Bank of India Rs 27,891 crore, IDBI Bank Limited Rs 25,973 crore, Central Bank of India Rs 25,718 crore, Allahabad Bank Rs 18,852 crore and Oriental Bank of Commerce Rs 18,383 crore, said the data, which was given by the government in Rajya Sabha in August last year.