Sensex cracks over 550 pts; Nifty drops below 10,600
Mumbai, Dec 10 : The benchmark BSE Sensex cracked over 550 points Monday as investors turned jittery over exit poll results ahead of outcome of state elections, weakening rupee and crude oil price rise amid escalation in US-China trade tensions.
The 30-share index plummeted 551.74 points, or 1.55 per cent, to 35,121.51 in opening session. All stocks in the index were trading in the red.
In similar movement, the NSE Nifty slumped 172.95 points, or 1.62 per cent, to 10,520.75.
The Sensex had rallied 361.12 points, or 1.02 per cent, to close at 35,673.25 Friday, and the broader Nifty had jumped 92.55 points, or 0.87 per cent, to 10,693.70 in the previous session.
The carnage on Dalal Street was led by metal, realty, banking and auto stocks.
Top losers include Reliance Industries, Adani Ports, PowerGrid, Coal India, Asian Paints, Kotak Bank, ONGC, Vedanta, Yes Bank, Bharti Airtel, Hero MotoCorp and ICICI Bank, falling up to 4 per cent.
Opec meet and the arrest of Global CFO of Huawei has unnerved global investors. To add more to it, domestic state election results may just be the fuel for a short-term volatility, market experts said.
The exit polls Friday predicted a tight finish between the BJP and the Congress in Madhya Pradesh and Chhattisgarh, and a win for the opposition party in Rajasthan.
Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.
Energy ministers reached the deal, which takes effect from January 1 but has already sent prices surging on oil markets, after two days of talks at Opec headquarters in Vienna.
Brent crude, the international benchmark, was trading 0.68 per cent up at USD 62.09 per barrel. The rupee, meanwhile, depreciated 59 paise to 71.40 against the US dollar in early trade at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.
On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 817.40 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 242.56 crore, provisional data available with BSE showed.
Elsewhere in Asia, Hong Kong's Hang Seng was fell 1.41 per cent, Japan's Nikkei dropped 2.18 per cent and Shanghai Composite Index shed 0.84 per cent in early trade.
On Wall Street, The Dow Jones Industrial Average index cracked 558.72 points, or 2.24 per cent, to 24,388.95 on Friday.
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Single higher education regulator bill tabled in LS; Oppn flags ‘centralisation,' JPC likely
New Delhi: A bill to set up a 13-member body to regulate institutions of higher education was introduced in the Lok Sabha on Monday.
Union Education Minister Dharmendra Pradhan introduced the Viksit Bharat Shiksha Adhishthan Bill, which seeks to establish an overarching higher education commission along with three councils for regulation, accreditation, and ensuring academic standards for universities and higher education institutions in India.
Meanwhile, the move drew strong opposition, with members warning that it could weaken institutional autonomy and result in excessive centralisation of higher education in India.
The Viksit Bharat Shiksha Adhishthan Bill, 2025, earlier known as the Higher Education Council of India (HECI) Bill, has been introduced in line with the National Education Policy (NEP) 2020.
The proposed legislation seeks to merge three existing regulatory bodies, the University Grants Commission (UGC), the All India Council for Technical Education (AICTE), and the National Council for Teacher Education (NCTE), into a single unified body called the Viksit Bharat Shiksha Adhishthan.
At present, the UGC regulates non-technical higher education institutions, the AICTE oversees technical education, and the NCTE governs teacher education in India.
Under the proposed framework, the new commission will function through three separate councils responsible for regulation, accreditation, and the maintenance of academic standards across universities and higher education institutions in the country.
According to the Bill, the present challenges faced by higher educational institutions due to the multiplicity of regulators having non-harmonised regulatory approval protocols will be done away with.
The higher education commission, which will be headed by a chairperson appointed by the President of India, will cover all central universities and colleges under it, institutes of national importance functioning under the administrative purview of the Ministry of Education, including IITs, NITs, IISc, IISERs, IIMs, and IIITs.
At present, IITs and IIMs are not regulated by the University Grants Commission (UGC).
Government to refer bill to JPC; Oppn slams it
The government has expressed its willingness to refer it to a joint committee after several members of the Lok Sabha expressed strong opposition to the Bill, stating that they were not given time to study its provisions.
Responding to the opposition, Parliamentary Affairs Minister Kiren Rijiju said the government intends to refer the Bill to a Joint Parliamentary Committee (JPC) for detailed examination.
Congress Lok Sabha MP Manish Tewari warned that the Bill could result in “excessive centralisation” of higher education. He argued that the proposed law violates the constitutional division of legislative powers between the Union and the states.
According to him, the Bill goes beyond setting academic standards and intrudes into areas such as administration, affiliation, and the establishment and closure of university campuses. These matters, he said, fall under Entry 25 of the Concurrent List and Entry 32 of the State List, which cover the incorporation and regulation of state universities.
Tewari further stated that the Bill suffers from “excessive delegation of legislative power” to the proposed commission. He pointed out that crucial aspects such as accreditation frameworks, degree-granting powers, penalties, institutional autonomy, and even the supersession of institutions are left to be decided through rules, regulations, and executive directions. He argued that this amounts to a violation of established constitutional principles governing delegated legislation.
Under the Bill, the regulatory council will have the power to impose heavy penalties on higher education institutions for violating provisions of the Act or related rules. Penalties range from ₹10 lakh to ₹75 lakh for repeated violations, while establishing an institution without approval from the commission or the state government could attract a fine of up to ₹2 crore.
Concerns were also raised by members from southern states over the Hindi nomenclature of the Bill. N.K. Premachandran, an MP from the Revolutionary Socialist Party representing Kollam in Kerala, said even the name of the Bill was difficult to pronounce.
He pointed out that under Article 348 of the Constitution, the text of any Bill introduced in Parliament must be in English unless Parliament decides otherwise.
DMK MP T.M. Selvaganapathy also criticised the government for naming laws and schemes only in Hindi. He said the Constitution clearly mandates that the nomenclature of a Bill should be in English so that citizens across the country can understand its intent.
Congress MP S. Jothimani from Tamil Nadu’s Karur constituency described the Bill as another attempt to impose Hindi and termed it “an attack on federalism.”
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