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Bank employees to go on strike on Wednesday
The one-day nationwide strike by bank employees would also affect clearing of about 10 crore cheques worth Rs7.40 lakh crores across the country 
Banking operations, including clearing of cheques, across the country are likely to be hit Wednesday as around 10 lakh employees went on a one-day nationwide strike over wage revision settlement and ongoing banking sector reforms.
United Forum of Bank Unions (UFBU), the umbrella organisation of five employee unions and four officer unions of state-run banks in the country, had given the call for strike on 12th November. 
"In the negotiations held Tuesday, the Indian Banks' Association (IBA) stuck to their earlier stand of 11%, despite the flexibility of United Forum of Bank Unions (UBFU) in scaling down the demand to 23%. Consequently, the conciliation also ended in stalemate. Hence, strike on 12th November and relay strike in December stands," said CH Venkatachalam, general Secretary, All India Bank Employees Association (AIBEA).
Due to the strike, banking transactions, including clearing operations, would be paralysed across the country. While bank branches may remain closed at several places, normal banking services are also likely to be disrupted.
Market dealers too are bracing for low volumes on Wednesday following a nationwide strike call given by bank unions. The strike is expected to hit all state-run banks, and also some private lenders, and could also impact market functions such as trade settlements to some extent.
UFBU had called for a strike on 20-21 January this year. At that time, the IBA increased its offer to 9.5% from 5% with a promise to improve it further. However, during the discussions on 27th January, the IBA increased its offer by just 0.5% to 10%, which was rejected by UFBU representatives. The Union has been seeking an increase of 30% as their wage revision is pending since November 2012.
According to UFBU, the last wage settlement in the banking sector expired in October 2012 and hence a revised settlement was due from November 2012.


Nifty, Sensex trying to break out – Tuesday closing report

A close above 8380 will lead to a further rally.


Today after opening with a gap up, the benchmarks moved higher, however its effort to reach yesterday’s high failed and was the indices subsequently moved lower, giving up all the intra-day gains. Although the indices could managed to stay above Monday’s low, the indices struggled to stay in the green. On the positive side, the indices are making higher lows.

S&P BSE Sensex opened at 27,911 while CNX Nifty opened at 8,354. Both the benchmarks hit highs, at 27,997 and 8,379 respectively. For an hour when the indices traded clearly in the red, they hit their lows at 27,790 and 8,322. This was followed by the benchmarks trading near yesterday’s close and ultimately closing marginally higher today. The Sensex closed at 27,910 (up 35 points or 0.13%), while Nifty closed at 8,363 (up 18 points or 0.22%). NSE recorded a volume of 95.01 crore shares. India VIX rose 6.24% to close at 14.8000.

The Ministry of Civil Aviation released the Draft Civil Aviation Policy after trading hours on Monday. The Draft notes that, airports are to be designed as integrated multi-modal hubs so that they provide the best possible service levels, as well as potential for growth. The six metropolitan airports at Delhi, Mumbai, Chennai, Kolkata, Bangalore and Hyderabad would be developed as major international hubs and would be the main access points for international travel to and from India in the future. The Draft Civil Aviation Policy emphasised on rationalizing the cost of aviation turbine fuel.

Ministry of Road Transport & Highways and the Ministry of Railways signed a Memorandum of Understanding (MoU) on policy related to constructions of Road Over/Under Bridges (ROBs/RUBs) on National Highway corridors. As a result of this MoU, there will be speedy clearances for various designs for construction of ROBs/RUBs on National Highway Corridors and clearly defined responsibility for construction of ROB/RUB on National Highway Corridors, the Ministry of Railways said in a statement.

On Monday, the RBI issued the revised Regulatory Framework for Non-banking Finance Companies, with a view to streamlining the regulations for the sector. It also revoked, with immediate effect, its temporary suspension on issuance of certificates of registration to companies proposing to conduct business as non-banking financial institutions.

Amtek Auto (17.12%) was the top gainer in the ‘A’ group on BSE. The stock rose on the news that its subsidiary Amtek Global Technologies is set to raise 235 million euros from global investment firm Kohlberg Kravis Roberts (KKR). Funds raised will be used to meet its long-term financing needs and consolidate its entire debt with a single entity.

SREI Infrastructure (4.68%) was among the top three losers in the ‘A’ group on the BSE. Although its standalone results showed an improvement in its top line and net profits, its consolidated net profit fell to Rs 28.07 crore for the September 2014 quarter, when compared to Rs 41.24 crore for the September 2013 quarter.

Mahindra & Mahindra (2.35%) was the top gainer among the Sensex 30 stocks. Its farm equipment division has increased the prices of its tractors in the range of Rs 6,000 to Rs 10,000 with effect from November 2014. This step is expected to pass on the increase in the commodity prices and conversion costs.

Infosys (1.09%) which had hit its 52-week high on Friday was among the top four losers among Sensex 30 stocks.

US indices closed in the positive on Monday.

President of the Federal Reserve Bank of Boston, Eric Rosengren said yesterday that,  the US central bank should refrain from raising short-term term interest rates until there is “stronger evidence” that price pressures are beginning to rise.

Asian indices showed a mixed performance. Nikkei 225    (2.05%) was the top gainer while Straits Times (0.27%) was the top loser.    

Regulators said that the Stock Connect program, which allows individual investors outside of China to buy Shanghai-listed shares for the first time ever, will start on 17 November 2014.

European indices were trading in the green. US Futures too were trading higher.


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