The benchmark stock indices have opened this morning with further losses after the sharp fall of over 2% witnessed on Monday.<\/p>\n
Overnight, global stocks witnessed a sharp fall as well affecting sentiments in India this morning.<\/p>\n
Join us as we follow the top business news through the day.<\/p>\n
10:20 AM<\/p>\n
\u2018Privatise select PSU banks\u2019<\/h2>\n
Former RBI Governor Raghuram Rajan on Monday suggested that the government should privatise select public sector banks, set up a bad bank to deal with NPAs and dilute the Department of Financial Services\u2019 role.<\/p>\n
The reforms are necessary to ensure growth of banking activity without the periodic boom-bust cycles, Dr. Rajan and former RBI Deputy Governor Viral Acharya said in a paper titled \u2018Indian Banks: A Time to Reform?\u2019.<\/p>\n
\u201cRe-privatisation of select PSBs can then be undertaken, bringing in private investors who have both financial expertise as well as technological expertise; corporate houses must be kept from acquiring significant stakes, given their natural conflicts of interest.<\/p>\n
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10:00 AM<\/p>\n
Indian shares fall; rising COVID-19 cases, lockdown fears in Europe hurt sentiment<\/h2>\n
After yesterday’s sharp fall, stocks have opened the day with further losses.<\/p>\n
Reuters<\/em> reports: “Indian shares inched lower on Tuesday after a sharp sell-off in the previous session, as rising global COVID-19 cases and concerns over fresh lockdowns in Europe weighed on sentiment.<\/p>\n The broader NSE Nifty 50 index fell 0.1% to 11,233.50 and the S&P BSE Sensex 0.09% to 37,995.39 by 0348 GMT. Both the indexes fell more than 2% on Monday.<\/p>\n India’s federal police on Monday said they had registered a case against dairy company Kwality Ltd and its directors for allegedly cheating a consortium of banks of around 14 billion rupees ($190 million).<\/p>\n Asian shares dropped on Tuesday due to concerns about new pandemic lockdowns in Europe and possible delays in fresh U.S. stimulus.<\/p>\n In India, total novel coronavirus cases touched 5.49 million as of Monday, while the COVID-19 death toll in the United States approached 200,000.<\/p>\n Among sectors, the Nifty metals index slid 1% and the Nifty public sector index 1.1%. Both the indexes were the top drags.”<\/p>\n 9:30 AM<\/p>\n The Sensex dived 812 points while the Nifty closed below the 11,300-mark on Monday, in tandem with a global sell-off after a resurgence of COVID-19 cases in Europe stoked fears of another round of lockdowns.<\/p>\n Denmark, Greece and Spain have imposed fresh curbs to tackle a surge in infections. Britain too is considering a second lockdown, prompting investors in Europe to offload travel, consumption and banking stocks.<\/p>\n Falling for the third straight session, the BSE Sensex ended 811.68 points, or 2.09%, lower at 38,034.14. The NSE Nifty tumbled 2.21% to 11,250.55. IndusInd Bank was the top loser in the Sensex pack, sliding 8.67%, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti and Axis Bank.<\/p>\n \u00a0\n<\/p><\/div>\nInvestors lose \u20b94.23 lakh cr. as global sell-off hits stocks<\/h2>\n