India's eagerly awaited economic recovery appears to be finally playing out amidst a slew of contradictions. India's merchandise exports fell 5.4 per cent to $24.82 billion in October 2020, from $26.23 billion registered in October 2019. Sensex ended 503 points higher at 40,261 and Nifty rose 144 points to 11,813. Read for more top stories from the world of business and economy:
This is an economy of contradictions: Micro economy is seeing signs of life while macro-economy is in cold storage; stock markets divorced from the shrinking real economy; rural India is doing way better than urban India.
So far as Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts, the charges will not be revised upwards in the "near future".
India was a net importer in October, with a trade deficit of $8.78 billion. It may be seen as an improvement as trade deficit was higher at $11.76 billion during the same time last year, but that's hardly a solace.
So far, the promoter SBI has committed the highest amount of Rs 13,000 crore followed by Central Bank of India, Punjab National Bank, HSBC, Bank of Baroda and Sumitomo Mitsui Banking Corporation.
Banking, finance sectors stocks were in heavy demand today after the Supreme Court said it would hear the loan moratorium on Nov 5, which many believe will be in the favour of banks.