On a net basis, foreign portfolio investors bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.
FM recommended a 0.5% cut in deposit and lending rates to banks to encourage investments.
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
Finance Minister P Chidambaram asked banks on Monday to even out their loan portfolios to ensure adequate credit to productive sectors, while prescribing deposit mobilisation to head-off liquidity crunch. \n\n
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
The boards of three PSU banks - Bank of Baroda, Oriental Bank of Commerce and Andhra Bank met in deference to the Finance Ministry's insistence, but quite unexpectedly they did not roll back the rate hikes announced last week.
Banking sector veteran N C Vaghul says that the finance minister's step is neither positive nor regressive. He feels that banks and the finance ministry need to find a middle path. \n
Foreign institutional investment flows remain key driver for the Indian markets.\n
According to sources close to the developments, major PSU banks -- State Bank of India, Bank of Baroda, Bank of India, and Union Bank of India -- were likely to review the deposit rates for a possible upward move.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
After years of disappointing growth, the economy and the markets are poised for a breakout, notes Akash Prakash.
State-run banks that hiked interest rates without their respective Boards' nod last week are expected to obtain approval now, but none of them are likely to rollback the hike, bankers felt.
Jaitley said that the banks have to play an important role in achieving the higher growth rate.
The government on Monday said there was "tremendous" need for consolidation to enable banks gain financial muscle and absorb risks in the years to come.\n
The state-owned carrier Indian has finally made its way into the e-ticketing club.
Major gainers in the Sensex pack were Wipro, Kotak Bank, Infosys, Maruti, Tata Motors, L&T, IndusInd Bank, Hero MotoCorp, M&M, SBI, ONGC, HDFC Bank and HUL, rising up to 3 per cent.
GST rate cut for real-estate, income transfer scheme, farm loan waivers execution and recapitalisation of PSU banks have the potential to boost India's growth in a few months, says Neelkanth Mishra.
In a thread of tweets, Mallya claimed, "The airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where banks money went. I have offered to repay 100 % of the principal amount to them. Please take it."
'There is no change in the overall story of economic recovery.'
The government on Monday said that its mantra for banking reforms would be 'consolidation, competition and convergence' to enable PSU banks to become more stronger, bigger and globally competitive.
The business intelligence applications in India is poised to grow to $70 million by 2007, registering a compounded annual growth of 29.4 per cent, a report by Frost and Sullivan, a global growth consulting company said.
Over the past week, the BSE Sensex ended on a muted note, showing a marginal gain of 2.25 points at 28,114.56.
Mangalore-based Corporation Bank is considering merger of its housing finance arm Corporation Bank Homes with itself.
Non-Performing Assets are a wake-up call for public sector banks.
Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher. PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent.
Finance Minister Arun Jaitley on Friday tabled the pre-Budget Economic Survey in the Lok Sabha.
Punjab National Bank is believed to have clinched the deal for taking over the ailing Industrial Finance Corporation of India.
Finance Minister P Chidambaram will meet bankers on June 3 to review operations of banks, firm up next generation banking reforms and set targets for credit flow to sustain 7 per cent growth in economy.
The government on Thursday said it will encourage mergers of public sector banks to create strong entities, which can compete with other world-class banks.
The mid-cap index fell while small-cap advanced.
Reserve Bank has lowered interest rates by 0.50 per cent since January 2015.
Wage revision in PSU banks is done every five years.
Sectorally, telecom, realty, auto and banks were among the top losers, shedding as much as 2.22 per cent.
Public sector banks together may take a hit of about Rs 2,200 crore (Rs 22 billion) annually if Indian Banking Association succumbs to trade unions' pressure and agrees to hike salaries of staff by 11 per cent this fiscal.
