India’s trade deficit widened to one-and-a-half year high of USD 16.86 billion in November due to over six-fold jump in gold imports even as merchandise exports grew by 7.27 percent. Trade deficit in November last year was USD 9.57 billion. Gold imports stood at USD 5.61 billion in November this year as against USD 835.83 million in the corresponding month in 2013, according to the data released by the Commerce Ministry.

A special court rejected the Central Bureau of Investigation’s (CBI) closure report involving Hindalco in the coal blocks allocation scam case. It ruled that a further investigation is required and sought statement of coal minister in the allocation of coal blocks. Former Prime Minister Manmohan Singh held charge of coal ministry at the time of allocation. In August, the CBI had filed its closure report before special CBI Judge Bharat Parashar in a coal block allocation scam case involving Aditya Birla Group Chairman Kumar Mangalam Birla, former Coal Secretary PC Parakh and others. But the court had rapped the agency asking what was the hurry in closing the case in which a first information report (FIR) was registered against Birla, Parakh and others.

Cuts become deeper as the Nifty tanks below 8100. The 50-share index is at 8099, down 120 points while the Sensex is down 410.09 points or 1.5 percent at 26909.47. About 392 shares have advanced, 1864 shares declined, and 61 shares are unchanged. Banks and metals are effected the most. Bankes lost over 500 points while Metal index fell 3 percent. Hindalco, Sesa Sterlite, ICICI Bank, Dr Reddy’s Labs and ONGC are down 3-7 percent each.

Coustery : http://www.moneycontrol.com/news/local-markets/nifty-plunges-below-8100-sensex-weak-bankex-loses-over-500-pts_1253753.html