SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
The government on Thursday said it has no proposal to dilute its stake in the State Bank of India through either direct disinvestment or issuing of fresh capital in the market.
The quarter also saw exits worth $1.9 billion across 37 deals, 59 per cent higher YoY. This was driven by one of India's largest PE-backed IPO exit, the $1-billion partial exit by Carlyle in the SBI Cards IPO.
Sesnsex ended the day flat on heavy selling pressure.
Eight Sensex biggies such as Reliance, L&T, BHEL, SBI and ICICI Bank are among the worst hit.
Sun Pharma stole the show in the Sensex pack, spurting 3.91 per cent, followed by M&M at 2.87 per cent.
A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd, is likely by October.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
Market participants are now awaiting Thursday's meeting of the European Central Bank
The Sensex and the Nifty had touched a low of 27,921 and 8,349 respectively.
BSE benchmark Sensex nursed losses on Friday as investors pocketed gains after a five-session winning streak amid a bearish trend overseas. A depreciating rupee and foreign fund outflows further soured risk sentiment, traders said. The 30-share gauge, which had started the trade on a firm note, soon gave up all the gains and finally ended 651.85 points or 1.08 per cent lower at 59,646.15. The broader NSE Nifty snapped its eight-day rally to close at 17,758.45, down 198.05 points or 1.10 per cent.
'The overall stress on asset quality is indeed coming down.'
Powered by a rally in index heavyweight Reliance Industries, equity benchmark Sensex broke its four-session losing run to close above the 55,000-mark on Thursday despite a weak trend overseas. Investors made a cautious return to IT, pharma and bank stocks after their recent sell-off. However, a depreciating rupee and persistent foreign fund outflows capped the gains, traders said. Overcoming a lacklustre start, the 30-share BSE Sensex surged 427.79 points or 0.78 per cent to close at 55,320.28.
Earlier this month, market regulator Sebi had given go- ahead to the disinvestment department's proposal to give preference in share allotment to those PSUs located in states in which Neyveli's generating units were located.
Top laggards in the Sensex pack included Kotak Bank, ICICI Bank, HDFC Bank, Tata Motors, L&T, SBI, Tata Steel and Axis Bank, falling up to 3.46 per cent.
Equity benchmarks mustered gains for the first time this week on Thursday as investors piled into the recently-battered metal, bank and IT stocks amid expiry of monthly derivative contracts. Snapping its three-session losing streak, the 30-share BSE Sensex rallied 503.27 points or 0.94 per cent to settle at 54,252.53. On similar lines, the broader NSE Nifty gained 144.35 points or 0.90 per cent to end at 16,170.15.
The bourse's valuations may get a boost, as it gets set for its OFS of about Rs 10,000 crore.
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Indices reversed all its losses during late trades.
Asian markets were trading mixed with shares in China witnessing profit taking after sharp gains in the previous session.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Capital goods shares continued to trade firm in late noon despite weak market trend on the back of encouraging core sector growth in February.
This would be fourth straight quarter decline in sales.
The broader NSE Nifty closed 1.25 points, or 0.01 per cent down at 10,564.05.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
This is the highest closing for both the indices since May 15.
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
This issue was discussed at the Gyan Sangam addressed by Prime Minister.
Mixed global cues and decline in crude oil prices further dent the sentiments.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Reliance Jio to take over mobile business assets of troubled RCom at an estimated value of Rs 24,000-Rs 25,000 crore.
L&T, ONGC and banking scrips power gains in today's trade
Among the index heavyweights, Reliance Industries ended down 1.9% while mortage lender HDFC eased 0.2%. FMCG major ITC ended down 1.3%.
ICICI Bank, ONGC and Tata Motors contribute to nearly 50% gain seen on the Nifty.
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
Kaizad Bharucha, executive director of HDFC Bank, emerged the highest earning banker for 2021-22 (FY22). This was revealed in a remuneration assessment of the country's top bankers, according to annual reports. Bharucha, who oversees wholesale banking at HDFC Bank, received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus. Although earned between 2017-18 and 2020-21 (FY21), the bonus payout was partly paid in FY22.
As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act, they said.
Investors' wealth zoomed by Rs 5,78,634.72 crore in two days of intense market rally, with participants adding Rs 2,74,908.83 crore to their fortune on Tuesday. Over the past two sessions, the BSE gauge Sensex has gained about 1,461 points or 2.99 per cent. The benchmark rallied 612.60 points or 1.24 per cent to settle above the 50,000-mark on Tuesday. Following the two-day massive rallies, the market capitalisation of BSE-listed companies jumped by Rs 5,78,634.72 crore to a record Rs 2,16,39,367.91 crore on Tuesday.
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