Sensex up 143 pts in opening trade, banking & realty top picks

Mumbai, Mar 9 (PTI) The Sensex rose by over 143 points in opening trade on the Bombay Stock Exchange today amid a firming trend on Asian bourses and easing political concerns.

The Sensex, which gained 216.98 points in the previous session, moved up by 143.65 points, or 0.77 per cent, to 18,583.30 in opening trade today, with banking, realty, metal and capital goods sector stocks leading the rise.

Similarly, the broad-based National Stock Exchange Nifty index gained 42.50 points, or 0.76 per cent, to 5,563.30 points.

A firming trend on other Asian bourses following overnight gains in the US market and easing political concerns after the DMK and Congress agreed on a seat-sharing formula for the Tamil Nadu Assembly elections buoyed the trading sentiment, brokers said.

In addition, easing crude oil prices in the global market also supported early gains on the bourses, they said.

In the Asia region, Hong Kong''s Hang Seng index was up by 0.91 per cent and Japan''s Nikkei index by 0.78 per cent in early trade today.

The US Dow Jones Industrial Average ended 1.03 per cent higher in yesterday''s trade.

1,360 crore unclaimed funds in banks

NEW DELHI: An estimated Rs 1,360 crore is lying unclaimed dein foreign and national banks in India. Data provided by RBI in response to Right to Information queries said that the apex bank had asked banks to redouble their efforts in tracking down customers and their legal heirs.

Records reveal Rs 158 crore is lying in SBI and its associate banks. While about Rs 988 crore is in nationalized banks, the share of private sector and foreign banks is about Rs 143 crore and Rs 473 crore, respectively.

The RBI, in response to an RTI application by activist S C Agrawal, has expressed concern at the increase in the amount. A July 2010 RBI had circular said, "In view of the increase in the amount of unclaimed deposits with banks year after year and the inherent risk associated with such deposits, banks should play a more proactive role in finding the whereabouts of the account holders whose accounts have remained inoperative."

The order said, besides the fact that it had received complaints from customers after their accounts had been declared inoperative, there was a feeling that banks were "undeservedly" enjoying the unclaimed deposits while paying no interest on it.

The RBI has suggested that banks carry out an annual review of accounts that have registered no operations for over a year, and pin down reasons for inactivity. It also suggested that if letters returned unanswered, banks should make efforts to track down customers and their legal heirs through those who introduced them or send e-mails if accounts are held by non-resident Indians.

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Akhilesh Singh Yadav arrested in Lucknow

Lucknow: Samajwad party's UP chief Akhilesh Yadav was arrested in Lucknow on Wednesday morning after he landed at the airport.

He was to lead a protest against the Maya government.

Akhilesh and his father SP chief Mulayam Singh Yadav were arrested and placed under house arrest on Monday.

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