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The Reserve Bank of India (RBI) has approved Sumitomo Mitsui Banking Corporation's (SMBC) acquisition of up to 24.99% stake in Yes Bank, though SMBC won't be classified as a promoter. This follows SMBC's plan to increase its holding to 20% through a secondary purchase from State Bank of India and seven other shareholders.
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News and Media
Foreign Institutional Investors (FIIs) have continued their selling trend in August, offloading equities worth 25,564 crore, bringing the year's total to 1,57,440 crore. High valuations in India compared to other emerging markets and concerns over IT sector growth are key drivers. However, a potential rate cut by the Federal Reserve may ease the selling pressure.
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News and Media
Markets closed higher for the second week, boosted by GST reform optimism, though profit booking trimmed gains. FIIs continued selling, but DII support cushioned the impact. Analyst Sudeep Shah suggests Nifty faces resistance at 25050-25100 and support at 24650-24600, while Bank Nifty lags, with consumer durables and auto sectors showing strength.
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News and Media
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