Thursday, 16 June 2016

SBI Merger to Create Banking Powerhouse

The market has opened lower dragged by weak global cues. The Sensex is down 162.69 points or 0.6 percent at 26563.65, and the Nifty down 51.40 points or 0.6 percent at 8155.20. About 410 shares have advanced, 454 shares declined, and 30 shares are unchanged. For more market update visit & give Missed Call 78-79-88-11-22.
  Lupin, M&M and NTPC are top gainers while ICICI Bank, Maruti, HDFC, SBI, Tata Motors and Wipro are losers in the Sensex.
      In a definitive push for consolidation in the banking sector, the Union Cabinet on Wednesday gave a go-ahead to the merger of State Bank of India (SBI) with its five associate lenders and Bharatiya Mahila Bank.
          The rupee opened marginally higher at 67.12 per dollar on Thursday versus previous close of 67.15. Dollar added to losses after the Federal Reserve left interest rates unchanged, as was widely expected.
          The statement comes after Tamil Nadu Chief Minister and AIADMK chief Jayalalithaa met PM Narendra Modi and urged Centre to address the state's grievances over issues related to the implementation of GST. Jaya had said that the GST, in its proposed format, would affect the autonomy of the state government.
       A serious risk to global markets has emerged in the form of the British referendum slated for next week, says Arvind Sanger of New York-based Geosphere Capital.
      The US Federal Reserve yesterday left the funds rate unchanged at 0.25-0.50 percent and six of Fed officials see only one rate increase in 2016, up from 1 in March.    

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