Sensex closes lower

Mumbai, Dec. 8: Taking a cue from a weak global trend, the stock market today cut short a seven-day gaining streak with both the sensex and Nifty ending sharply lower as investors booked profits before the weekend. After crossing 14000 in initial trade, the sensex closed at 13799.49, a fall of 172.54 points from Thursday's close of 13972.03. Nifty dropped 53.35 points to 3962 from its previous close of 4015.35.

FDI cap

New Delhi, Dec. 8: The government is considering a proposal to lift the FDI cap in the insurance sector to 49 per cent from 26 per cent, said P.K. Bansal, minister of state for finance.

Bank stake

New Delhi, Dec. 8: The government said its stake in public sector banks will not be diluted below 51 per cent and its proposed acquisition of the RBI’s holding in SBI would not affect the capital raising ability of the bank.

Escorts case

New Delhi, Dec. 8: The Delhi high court today issued notices to Escorts and its chairman Rajan Nanda on a plea filed by his brother Anil Nanda seeking direction to delete the name of Escorts Heart Institute and Research Centre from Fortis Healthcare’s proposed IPO.

Pharma policy

New Delhi, Dec. 8: The draft of the pharmaceutical policy that focuses on controlling prices of essential drugs has been finalised and will be sent to the cabinet by this month-end.