TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : The Market has opened in Green on Monday, The Nifty up by 8 point or

0.12 per cent at 8228 but below its crucial level of 8250. The US Job creation tumbled in

may, US crated 38,000 jobs in May vs. 162,000 expected its is in six year low level.

Casting doubt on hopes for strong economic recovery as well as the Fed rate hike decision

in this Summer.Although the Fed Chairperson Jennet Yellen is confident about the

Economic Recovery and rate hike is possible Gradually she said in statement. This week

was eventful with the Reserve Bank of India monetary policy review & the southwest

monsoon has reached in the kerala coast as per Indian Meteorological Department

prediction. If the Monsoon will be above than normal it will impact the market positively,

we believe that if the Nifty is going to Sustain the Level of 8200-8250 can move upward

the 8336-8450. The option call put data also Suggest upward move with most call strike is

around 8400 and Put strike at 8000. The Strong Levels for The Nifty for Next week is

8150-8220 is downside and 8350-8380 on upside.

BANK NIFTY : - Bank Nifty is opened in positive note on Monday up by 125 points or

0.70 at 17796.S The Federal Reserve chair woman Jennet Yellen affirmed that the central

Bank will not be raising the rate until the uncertainties of the economic outlook. Finance

Minister Arun Jaitley reportedly said that the government is looking only at State Bank of

India merging 5 subsidiaries as well as Bharatiya Mahila Bank with itself. The Reserve

Bank of India may be poised to throw a lifeline to banks by easing tough bad-loan

recognition norms, enforced as part of its asset-quality review, following an improvement

in the behavior of some big-ticket borrowers, The global rating Agency Moody’s has

estimated, The Indian Bank need funding around 1.20 lakh crore in 2020. The Bank Nifty

Crucial level for Next week will be around 17700-17560 is down side 17800-18160.

Monday, 11 June 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8498 8300 8201 8102 7904

WEEKLY R2 R1 PP S1 S2

8599 8341 8212 8083 7825

MONTHLY R2 R1 PP S1 S2

8624 8348 8210 8072 7796

BANK NIFTY

DAILY R2 R1 PP S1 S2

18579 18141 17922 17703 17265

WEEKLY R2 R1 PP S1 S2

19076 18260 17852 17444 16628

MONTHLY R2 R1 PP S1 S2

19853 18455 17756 17057 15659

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8048 7911 7643 7794

BANK NIFTY 17169 16748 15860 16496

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8139 7703 6904

BANK NIFTY 17250 16150 13470

PATTERN FORMATION ( NIFTY )

Detail of Chart -

On the Above Given Chart of Nifty has Applied the Parabolic SAR along with that it has

made the Channel Line for more than the Period of week, and it has given the Break on

above side and reverse in the downward as we have seen the Good Rally in the Nifty in

last week but Nifty is not able to break the Strong Resistance level of 8250-8300. We

could witness the correction in Nifty which is around 8100-8023 Level for Next week.

The Next week will be crucial for Nifty due to Federal Meeting & BoJ will influence the

market. The Crucial Level for Nifty is 8000-8080 is down side and 8250-8300 on upside.

PATTERN FORMATION ( BANK NIFTY )

Details of Chart-

On the Above given Chart of Bank Nifty has Applied The Bollinger Band Along With

the Parabolic SAR both these are the Trend Identification Indicators along with that the

Bank Nifty chart also formed the Channel line for more than week period break Above or

below will implies the Nifty trend in the Upcoming Week if the Bank Nifty is Able to

Break the Level of 17750 we may witness the level of 17400-17250 down side and if

sustain the Rally the Level for Bank Nifty would be 17960-18230.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1563 1553 1542 1532 1521

ALBK EQ 56 55 53 52 50

AMBUJACEM EQ 238 236 233 231 228

ASIAN PAINT EQ 1003 998 994 989 985

AXISBANK EQ 554 548 543 537 532

BAJAJ-AUTO EQ 2646 2611 2588 2553 2530

BANKBARODA EQ 153 150 147 144 142

BANKINDIA EQ 91 90 89 88 87

BHEL EQ 128 126 123 121 118

BHARTIARTL EQ 356 354 350 348 344

CIPLA EQ 490 483 478 471 466

COALINDIA EQ 318 313 308 304 300

DLF EQ 139 136 135 132 131

DRREDDY EQ 3112 3089 3069 3046 3026

GAIL EQ 383 377 373 367 363

GRASIM EQ 4398 4356 4304 4262 4210

HCLTECH EQ 764 758 751 745 738

HDFC EQ 1260 1245 1237 1222 1214

HDFCBANK EQ 1179 1170 1163 1154 1147

HEROMOTOCO EQ 3136 3102 3080 3046 3024

HINDALCO EQ 118 116 113 111 108

HINDUNILVR EQ 889 882 876 869 863

ICICIBANK EQ 259 256 253 250 247

ITC EQ 361 358 353 348 345

INDUSIND BANK EQ 1132 1121 1114 1103 1096

INFY EQ 1200 1190 1180 1170 1160

JINDALSTEL EQ 67 66 64 63 61

KOTAKBANK EQ 764 757 750 743 736

LT EQ 1518 1502 1489 1473 1460

M&M EQ 1422 1399 1381 1358 1340

MRF EQ 32852 32508 32297 31953 31742

MARUTI EQ 4228 4169 4137 4078 4046

ONGC EQ 224 221 219 216 214

ORIENTBANK EQ 93 92 90 89 87

RCOM EQ 51 50 49 48 47

RELCAPITAL EQ 414 408 405 399 396

RELIANCE EQ 992 983 976 967 960

RELINFRA EQ 568 559 550 541 532

RPOWER EQ 54 53 52 51 50

SBIN EQ 213 209 207 203 201

SSLT( VEDL) EQ 119 117 116 114 113

SUNPHARMA EQ 752 747 743 738 734

TATAMOTORS EQ 472 465 459 452 447

TATAPOWER EQ 77 77 76 75 75

TATASTEEL EQ 348 341 337 330 326

UNIONBANK EQ 123 122 120 119 117

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS (AS PER ECHNICAL ANALYSIS PRIDICTION)

Futures Pack

NSE CASH : BUY JETAIRWAYS NSE CASH ABOVE 581 TGT 612 SL 565.

NSE CASH : BUY L&TFH NSE CASH ABOVE 79.50 TGT 83.50 SL 77.50.

NSE CASH : BUY HDIL NSE CASH ABOVE 99.50 105 SL 96.50.

NSE CASH : BUY IBREALEST NSE CASH ABOVE 102 TGT 107 SL 99.

Cash Pack

NSE FUTURE : BUY RELIANCE FUTURE ABOVE 980 TGT 995 SL 970

NSE FUTURE : BUY GRANULES FUTURE ABOVE 144.50 TGT 148.50 SL 143

NSE FUTURE : SELL MARICO FUTURE BELOW 251 TGT 246 SL 254

NSE FUTURE : SELL AMBUJACEM FUTURE BELOW 232.50 TGT 222.50 SL 236

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 INFOSYS 1266 1180 -6.81 %

2 AURO PHARMA 789 743 -5.91 %

AURO PHARMA

789

743

-5.91 %

AURO PHARMA

789

743

-5.91 %

AURO PHARMA

789

743

-5.91 %

AURO PHARMA

789

743

-5.91 %

AURO PHARMA

789

743 3 BOSCH LIMITED 22269 21492

-3.49 %

4 ASIAN PAINTS 1025 992 -3.24 %

ASIAN PAINTS

1025

992

-3.24 %

ASIAN PAINTS

1025

992

-3.24 %

ASIAN PAINTS

1025

992

-3.24 %

ASIAN PAINTS

1025

992

-3.24 %

ASIAN PAINTS

1025

992 5 DR.REDDY’S 3160 3065

-2.98 %

6 TCS 2629 2555 -2.81 %

TCS

2629

2555

-2.81 %

TCS

2629

2555

-2.81 %

TCS

2629

2555

-2.81 %

TCS

2629

2555

-2.81 %

TCS

2629

2555

7 BHARTI INFRA 384 374 -2.61 %

8 TECH MAHINDRA 551 537 -2.56 %

TECH MAHINDRA

551

537

-2.56 %

TECH MAHINDRA

551

537

-2.56 %

TECH MAHINDRA

551

537

-2.56 %

TECH MAHINDRA

551

537

-2.56 %

TECH MAHINDRA

551

537 9 MARUTI SUZUKI 4217 4111

-2.52 %

10 HERO MOTOCORP 3146 3069 -2.44 %

HERO MOTOCORP

3146

3069

-2.44 %

HERO MOTOCORP

3146

3069

-2.44 %

HERO MOTOCORP

3146

3069

-2.44 %

HERO MOTOCORP

3146

3069

-2.44 %

HERO MOTOCORP

3146

3069

11 KOTAK BANK 769 750 -2.42 %

12 BAJAJ AUTO LTD. 2639 2579 -2.24 %

BAJAJ AUTO LTD.

2639

2579

-2.24 %

BAJAJ AUTO LTD.

2639

2579

-2.24 %

BAJAJ AUTO LTD.

2639

2579

-2.24 %

BAJAJ AUTO LTD.

2639

2579

-2.24 %

BAJAJ AUTO LTD.

2639

2579

13 BHARTI AIRTEL 358 351 -1.97 %

14 HDFC 1254 1230

-1.95 %

HDFC

1254

1230

-1.95 %

HDFC

1254

1230

-1.95 %

HDFC

1254

1230

-1.95 %

HDFC

1254

1230

-1.95 %

HDFC

1254

1230 15 IDEA CELLULAR 105 103 -1.85 %

SR.NO SCRIPT NAME PREV

CLOSE CMP % CHANGE

1 HINDALCO INDUS 91.90 105.55 +14.85 %

2 TATAMOTORS 403.90 453.95 +12.39 % TATAMOTORS

403.90

453.95

+12.39 %

TATAMOTORS

403.90

453.95

+12.39 %

TATAMOTORS

403.90

453.95

+12.39 %

TATAMOTORS

403.90

453.95

+12.39 %

TATAMOTORS

403.90

453.95

3 COAL INDIA LTD 281 308 +9.83 %

4 ADANI PORTS 191 204 +6.70 % ADANI PORTS

191

204

+6.70 %

ADANI PORTS

191

204

+6.70 %

ADANI PORTS

191

204

+6.70 %

ADANI PORTS

191

204

+6.70 %

ADANI PORTS

191

204

5 AXIS BANK LTD 512 542 +5.90 %

6 NTPC 140 147 +5.35 % NTPC

140

147

+5.35 %

NTPC

140

147

+5.35 %

NTPC

140

147

+5.35 %

NTPC

140

147

+5.35 %

NTPC

140

147

7 HERO MOTOCORP 3002 3146 +4.79 %

8 KOTAK BANK 742 769 +3.60 % KOTAK BANK

742

769

+3.60 %

KOTAK BANK

742

769

+3.60 %

KOTAK BANK

742

769

+3.60 %

KOTAK BANK

742

769

+3.60 %

KOTAK BANK

742

769

9 AUROBINDO 763 789 +3.50 %

10 TECH MAHINDRA 535 551 +2.95 % T

E

C

H

M

A

H

I

N

D

R

A

535

551

+2.95 %

T

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C

H

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11 BAJAJ AUTO LTD 2563 2639 +2.94 %

12 HUL 861 884 +2.75 % H

U

L

861

884

+2.75 %

H

U

L

861

884

+2.75 %

H

U

L

861

884

+2.75 %

H

U

L

861

884

+2.75 %

H

U

L

861

884

13 TATA STEEL 329 338 +2.72 %

14 ASIANPAINTS LTD 998 1025 +2.71 % A

S

I

A

N

P

A

I

N

T

S

L

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D

998

1025

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A

S

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1025 15

YES BANK LTD 1025 1049 +2.33 %

AM

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204 232 +13.67

% AMBUJA CEMENT

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3. B

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ACC 1240 1385 +11.68

% ACC

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Government will back state-run banks to commercially deal with bad loans - The

government will back state-run banks to commercially deal with bad loans that have been

a drag on their performance, finance minister Arun Jaitley said."Banks should be

empowered and constitutionally protected to conduct commercially prudent settlements,"

Jaitley said on Monday after a review of the performance of public sector lenders.

"Various suggestions have come up for empowering the banks, functioning in an

environment, so that they can deal with the situation he said.Bankers will thrash out the

framework needed to shield them from decisions on haircuts and the government is fully

committed to support the banks in this regard, the minister said.

India pitches for rating upgrade with Fitch - India has pitched for a ratings upgrade

with global agency Fitch Ratings, citing improvement in macroeconomic conditions and

the government's commitment to fiscal consolidation."We highlighted the overall

economic situation and in all the major sectors the challenges which the economy faces

and what is the outlook for next year," economic affairs secretary Shaktikanta Das said

after a two hour meeting with the representatives of the agency. Fitch Ratings had in

December affirmed India's BBB- rating with a stable outlook, and has forecast 8 per cent

growth for 2016-17. BBB- is the lowest investment grade and just a notch above junk

grading. Chief economic adviser Arvind Subramanian had earlier said the government

has pitched for a rating upgrade with Fitch, stating finance ministry is committed to fiscal

consolidation path.

Global wealth managers cannot grow without including India: Report - Global

wealth managers cannot expand without including India in their growth story as strong

GDP growth rate, a huge young population, and an under-served market make it attractive

for the segment, says a report."In an economy like India, that has a huge mid- to low-

income group, wealth managers simply cannot think of expansion without including them

in their growth story," said a Price water house Coopers report titled "Sink or swim: why

wealth management can't afford to miss the digital wave". "Strong GDP growth rate, a

huge young population, and an under-served market make wealth management an

attractive segment in India," Vivek Belgavi, Partner, Financial Services - FinTech and

Technology Consulting, PwC India, said on leveraging the technology in wealth

management in India.

Speculation on 2nd term for RBI governor Raghuram Rajan refuses to die down -

Reserve Bank of India Governor Raghuram Rajan kept the market guessing about his

future at the central bank, putting the ball firmly back in the government's court.

Governor Rajan came prepared for the question and read out a self-prepared statement to

ensure that he didn't fumble for words."It will be cruel of me to spoil all the fun the press

is having with all the speculation," Rajan said, with a dash of humour."If you know such

cases, the decision is reached after discussion with the government and the incumbent. I

am sure you will know when there is news. I will direct you all to the statements of the

prime minister and the finance minister. That is all I have to say," he said.

Southwest monsoon to hit Kerala on June 9: IMD - All other criteria being already

met, with the expected enhancement in cloudiness over Lakshdweep, the India

Meteorological Department says that the onset of the south west monsoon is going to take

place by June 9. "In view of strengthening of cross equatorial flow and deepening of

westerlies over south Arabian sea and development of feeble off-shore trough along

Karnataka-Kerala coast , onset of monsoon over Kerala is very likely by June 9," stated

an IMD forecast.

RBI monetary policy: Here's what Raghuram Rajan had to say - The Raghuram

Rajan Initial Comments In monetary policy statement of April 2016 we said we will

watch macroeconomic and financial developments in the month ahead with a view to

responding as space opens up. Incoming data since then show a sharp and unexpected

upsurge in inflationary pressures emanating from a number of food items as well as the

rise in commodity prices. We expect that a strong monsoon, astute food management as

well as steady expansion in supply capacity especially in services could help offset these

upward pressures. But, given the uncertainties, the Reserve Bank will stay on hold.

However the stance of monetary policy remains accommodative and we will monitor

macroeconomic and financial developments finding further scope for policy action. We

will shortly review the Marginal Cost Lending Rate framework to iron out any issues and

we believe that timely capital infusion into constrained public sector banks will aid credit

flows he said.

India to be US$ 5 trillion economy in few years: Arun Jaitley - Finance Minister Arun

Jaitley said. Very hopeful of getting the Constitution Amendment Bill on GST passed in

the next session of Parliament, Minister of Finance, Corporate Affairs and Information &

Broadcasting said, while addressing a very large gathering of Japanese Business leaders

at a Seminar titled “India: Investment Promotion Seminar” in Osaka, organized by CII in

partnership with the Indian Embassy in Japan, JETRO, Kankeiren, JICA and Osaka

Chamber of Commerce and Industry here today. With the kind of reforms that have

picked up pace, the Indian economy is well on course to touch USD 5 trillion in size in

the foreseeable future, Mr Jaitley said. India’s failure at controlling population has

resulted in the creation of a very large and young population, which is not only one of the

largest markets of the world, but also a potential supplier of trained and skilled human

resources for the world, which is one of the reasons why the size of the Indian diaspora

has been increasing in most countries, Jaitley said.

Rate cut transmission to influence credit profile: Moody's - On a day when the

Reserve Bank left its key policy rates unchanged, Moody's Investors Service has said the

transmission of interest rate cuts will influence India's economic development and credit

profile. Saying that status quo on monetary policy was broadly in line with market

expectations, Moody's said there could be some short-lived spikes in inflation, driven by

food prices."Looking forward, we do not expect a significant change in the monetary

policy stance. Rather, the transmission of monetary policy will influence India's

economic development and credit profile," Moody's Investors Service said.

✍ TOP ECONOMY NEWS

Finance Minister Arun Jaitley said India’s economy has become “stronger” and

government is trying to bridge the gaps. Jaitley refused to make any direct comment in

regards to expectations from RBI, but said government was trying to improve the health

of the banks so that they can support the “growth” of the economy, says report. Jaitley

will have a meeting with CEOs of public sector banks to discuss various key challenges

facing the banking sector including growing non-performing assets, a day before the RBI

carries out bi-monthly review of the monetary policy.

India has now turned coal surplus and there are no shortages at the power plant for the

fossil fuel. In the case of Renewable, Power minister exuded confidence that India will

attain the National Solar Mission target of 20,000MW by 2017, five years ahead of

schedule.

Companies have raised over Rs. 1 trillion of debt through private placements of bonds,

according to data with SEBI. There were 314 issues in April totaling Rs. 410.78 billion

while May had 272 issues worth Rs. 598 billion.

Government will come out with revised IIP and WPI indices by the end of this year with

a new base year of 2011-12 in order to make them more representative of the changing

economic scenario.

To reduce import, the Government of India has decided to establish three bulk drugs and

three medical devices parks, which will entail a combined investment of Rs. 600 billion.

Industrial output growth in the country disappointed at -0.8% in April 2016, pulled down

by the manufacturing sector, which contracted by 3.1% over the same month in 2015.

India's foreign exchange reserves hit a record high at USD 363.46 billion for the week

ended June 3, mostly due to the central bank taking delivery of its forward-dollar

contracts and dollar buying in spot foreign exchange markets.

The power regulator has allowed power plants owned by central and state power utilities

to swap coal for its efficient usage and reduction of transportation charges, a move that

will lead to lowering of electricity tariffs.

Centre’s indirect tax mop-up rose by 33% in May likely led by high excise collections,

signaling a pick-up in economic activity.

Reserve Bank has canceled registration of three NBFCs including Escorts Finance,

Express Trading & Securities and Jayant Security & Fin.

✍ TOP CORPORATE NEWS -

Larson & Toubro has announced that it has signed contract to build stadium in Qatar

for 2022 FIFA World Cup. L&T ended at Rs. 1488.05, up by Rs. 19.95 or 1.36% from its

previous closing of Rs. 1468.1 . The scrip opened at Rs. 1469.1 and touched a high and

low of Rs. 1499.95 and Rs. 1461.55 respectively. A total of 2484293 shares were traded

on the counter. The current market cap of the company is Rs. 138687.45 crore.

Hindustan Unilever Limited is aiming to become the largest e-commerce player in the

grocery/FMCG segment soon.

BHEL Limited announced the commissioning of all the 3 super critical units of the 1980

MW coal-based Lalitpur Super Thermal Power Project in Uttar Pradesh within a span of

just 85 days.

NTPC Limited does not have any plans now to buy back its own shares, given the

company’s low cash position and ambitious capital expenditure plan.

Lenders to Essar Steel have asked the company to prepare a new debt repayment plan.

Bank officials will meet later this month to examine the company's proposal to repay

loans of around Rs. 400 billion.

Five subsidiaries of Coal India Limited will buy back up to 25% of their shares from the

parent so that the coal monopoly can go ahead with its own share buyback offer to the

government and the public.

Tata Steel West Bokaro Division has inaugurated 'High Wall Mining', a unique coal

mining initiative that provides a solution to mine coal that is blocked coal safely in

barriers.

Insecticides India Limited is planning to bring some products from Japan and the US to

the Indian market.

Ramky Infrastructure it has bagged orders worth Rs. 612.88 crore for road projects in

Chhattisgarh and Punjab.

Strides Shasun has received Establishment Inspection Report from the US health

regulator on closure of inspection of its oral dosage facility at Bengaluru.

IOC, BPCL and HPCL have struck a temporary deal with Reliance Industries and Essar

Oil to resume buying petrol and diesel from private refiners on revised terms.

Alstom Bharat Forge Power Private Ltd , the joint venture company between GE and

Bharat Forge Limited, has signed a contract worth Rs. 14.95 billion with NTPC. The

company will supply two units of 800Mw ultra-super critical steam turbine generator

islands on EPC basis, along with related civil work for the Telangana Super Thermal

Power Project phase 1 near Ramagundam in Karimnagar district.

Godrej Properties has partnered with AR Landcraft to develop 100 acre township

project in Greater Noida.

Equitas Holdings, has floated a new subsidiary called Equitas Technologies Private,

which is creating an electronic platform to bring together truck owners and those who

want to transfer goods.

A consortium led by GMR Infrastructure has bagged Rs. 28.80 billion contract for

developing a 221-kilometer stretch of the Eastern arm of the Dedicated Freight Corridor

project on Engineering, Procurement and Construction basis.

DLF Limited, facing a debt burden of over Rs. 220 billion, is looking to divest 40%

stake in its rental assets arm — DLF Cyber City Developers — and hopes to zero-in on a

partner in two-three months.

Mylan and Biocon Limited have said that the recent trial data has further confirmed the

efficacy and safety of their breast cancer drug MYL-1401O, a development that validates

the quality of biosimilar drugs for cancer patients.

NMDC and MOIL will buy back 25% of their paid-up equity.

Wipro wishes to take forward a plan to revive a special economic zone project in West

Bengal.

The Debt Recovery Tribunal advised State Bank of India to consider the option of

adjusting Rs. 20 billion deposited by Vijay Mallya in the high court against loans taken to

run the now-defunct Kingfisher Airlines.

Rajesh Exports Limited has secured a Rs. 6.53 billion export order for gold and

diamond studded jewelry from Singapore.

ABB opened its Global Business Service center in Bengaluru.

Sun Pharmaceutical Industries had entered the dermatology segment as part of an

initiative to further expand its retail offerings.

Adani Enterprises is in the process of setting up a copper smelter project with a capacity

of 1mt/pa at an investment of Rs. 100 billion at Adani Port Special Economic Zone in

Gujarat.

JSW Energy has taken part in the recent tender floated by the Power Company of

Karnataka in which bids were opened.

Koovs said Indian newspaper publisher HT Media invested GBP3mn (around Rs290mn)

in the company for an 8.2% stake.

Lupin Limited is recalling over 54,000 vials of anti-bacterial injection Ceftriaxone

manufactured at its Mandideep facility in Madhya Pradesh due to violation of current

good manufacturing norms.

MRPL and Indian Oil Corporation, which last month paid USD 750 million to Iran,

paid another USD330 million this month through EIH bank.

The Central Drugs Standard Control Organization has found Alkem Labs' anti-diabetic

drug Glimekem to be of sub-standard quality.

Infosys would provide its core banking solution Financial to e-commerce platform Paytm

for its payments bank business.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The Oriental Bank of commerce to be is growing the Credit Growth of 12 Per cent in

this year for Corporate lending the lender has said that they are planning to reach in 12

per cent growth in this year.

Axis Bank Limited raised USD 500 million at the London Stock Exchange after it

launched India's first internationally-listed certified green bond to finance climate change

solutions around the world.

RBI Governor Raghuram Rajan today said he is not "overly perturbed" by surrender of

Payments Bank license by some companies but indicated that there could be a mechanism

to ensure that entities apply for license after due diligence as there is a cost involved in

vetting them.

Finance Minister Arun Jaitley reportedly said that the government is looking only at

State Bank of India merging 5 subsidiaries as well as Bharatiya Mahila Bank with

itself.“We are looking at SBI at the moment.The government’s policy by and large

supports consolidation, " says Jaitley.

The Reserve Bank of India may be poised to throw a lifeline to banks by easing tough

bad-loan recognition norms, enforced as part of its asset-quality review, following an

improvement in the behavior of some big-ticket borrowers, said two people with

knowledge of the plan.

Private sector lender Yes Bank Limited said it has received shareholders ' nod for raising

around Rs 16,700 crore through issuance of various instruments in one or more tranches.

"The shareholders have approved through special resolution to raise capital aggregating

up to $1 billion around Rs.6,700 crore by issue of shares or convertible securities in one

or more tranches in the course of domestic and/or international offerings," Yes Bank

spoke person said.

HDFC Bank Limited reduced one-month marginal cost lending rate to 8.95 percent

from 9%, according to reports. Housing Development Finance Corporation Bank Limited

ended at Rs. 1174.2, up by Rs. 3.2 or 0.27% from its previous closing of Rs. 1171 on the

NSE.

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