The 30 share index, Sensex lost 649.24 points to 8,674.35 during the week ended Jan 23, 2009. In contrast, the broad based NSE Nifty tumbled 149.9 points to 2,678.55 in the same period.

Sensex remained choppy throughout the week chasing weak global cues. Meager corporate earnings of top companies dragged the index in the negative zone.

On Monday (Jan 19), Sensex belled the week at 9,381.78 after making a gain of 58.19 points in line with global peers.

Latest Bollywood flick and India’s first made-in-China film, Chandni Chowk to China, has got another reason to be back in the news. The film, this time, has angered the people of Nepal for its false and deceptive references over the birth place of Lord Buddha.

While speaking on this, Nepalese Information and Communication Minister Krishna Bahadur Mahara said, “Nepal's Council of Ministers headed by Prime Minister Prachanda decided to direct the Foreign Ministry to take up the issue with the agencies concerned in India.”

Jet Airways and its wing JetLite have announced that they have trimmed down the economy class fares by 50% for purchases on the spot for selective domestic routes.

According to sources, customers can avail this low price offer only for three days, commencing January 24.

The reports said that the reduced fares will also be available for tickets booked during the three days for travel at a later date.

Union Bank has revealed that it aims to open 500 new branches over the coming six months. According to sources, the rapid growth of the bank has led to opportunities in career progression within the bank.

The sources further added that the lender has proposals to employ 1600 officers, of which 800 will be through campus recruitment and the bank has short listed 25 institutes, including some of the top management schools to conduct the process.

India's major public sector lender State Bank of India (SBI) has reported a 37% surge in its standalone net profit for the three month period ended December 31, 2008.

The bank has posted a net profit of Rs 2,478.42 crore as compared to Rs 1,808.64 crore for the same quarter year-ago (Dec 2007).

In a filing to the Bombay Stock Exchange, SBI informed that its total income for the quarter ended December 31, 2008 zoomed to Rs 21,255.90 crore as compared to Rs
15,364 crore during the corresponding quarter of the last year.

The government has announced to ban toys made in Chine with immediate effect. The move is aimed to save the interest of local manufactures, who are facing stiff completion from these toys.

Indian markets are flooded with Chinese toys which at available at very cheap prices across the country. Domestic manufacturers had been demanding import ban on these products to save local toy industry and a large number of jobs.