There were more than three losers against every gainer on BSE
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
Urging India Inc to participate in the growth story, Sitharaman said they should participate in the divestment programme by becoming the first bidders.
The Finance Ministry has invited private sector bankers.
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
Cash-strapped Kingfisher Airlines owed over Rs 5,600 crore (Rs 56 billion) to public sector banks as on February this year.
The benchmark BSE Sensex reclaimed the 28,000 mark, spurting by 409 points or 1.4% at 28,114 and Nifty settled above the 8,500 mark at 8,532, gains of 111 points.
The reaction from Planning Commission Deputy Chairman Montek Singh Ahluwalia comes a day after the Central Bureau of Investigation arrested LIC Housing Finance CEO Ramachandran Nair and seven other senior bankers on charges of corruption and criminal conspiracy.
Banks are likely to cut rates even further, say finance minister Arun Jaitley.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
The plan panel on Thursday termed the housing finance racket, involving the chief of LIC Housing Finance and several other officials of PSU banks, as a "very small" incident as far as banking system as a whole was concerned.
Analysts, however, said the timing of the infusion was good.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
The Nifty ended at 5799, down 66 points. As the day wore out, the banking sector actually saw buying interest at lower levels. The realty space remained in doldrums though.
Finance Minister Pranab Mukherjee on Tuesday asked banks to tap the vast opportunity provided by the semi-urban and rural markets by converting savings in these areas into financial assets.
'While GST and demonetisation are likely to cause disruption for longer than the market currently expects, they can have meaningful positive impact over the medium-term.'
From the 30-share pack, 18 stocks ended with gains led by SBI, which surged 27.58 per cent, and ICICI Bank 14.69 per cent.
The Budget came in a period when good news was otherwise scarce.
After years of disappointing growth, the economy and the markets are poised for a breakout, notes Akash Prakash.
ONGC has written to the government numerous times saying the state-run banks on getting assured business act in cartel, offering interest rates lower than even that on retail deposits.
Budget this year has allowed PSBs to bring down govt stake to 51%
The meeting between Cabinet secretary K M Chandrasekhar and heads of banks along with representatives of chambers will be held at a time when almost 50 per cent of PSU banks have reduced their benchmark lending rates effective from Thursday. Prime Minister Manmohan Singh had said there is scope for further cuts in interest rates in his meeting with industrialists last week.
"The bank strike is expected to be called off today. I am being told that talks are on between the bank associations and worker unions," he said replying to supplementaries during the Question Hour.
Consumer Durables, FMCG, IT, Auto, Metal & PSU, Banks, Capital Goods, Oil, Realty & Healthcare have ended negative in varying degrees while no sector has ended in positive territory.
Recpaitalising banks through taxpayers' money will not solve the NPA problem.
The banking stocks have been rallying since the RBI policy announcement four days back, and today they got an booster after the Cabinet cleared capital infusion of Rs 15,000 cr in PSU banks.
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
"Subject to synergy, subject to reasonable similarity in culture, they (public sector banks) in the next 5-10 years really need to look at consolidation and merger," finance secretary Ashok Chawla said after launching the mobile banking service of Vijaya Bank in New Delhi.
Most of the buses run by Telangana State Road Transport Organisation are also off the roads
Losers included Bharti Airtel, SBI, Wipro, Vedanta, Maruti Suzuki, ICICI Bank, Axis Bank and Reliance Industries, falling up to 2.18 per cent.
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