Markets Nosedive
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The Nifty posted its biggest percentage fall in a year on Thursday, as the prospect of an end to the U.S. stimulus programme and a weak China manufacturing survey sparked concerns foreign investors would end their recent buying spree. Full Article
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MARKET EYE-BofA Merrill turns positive on Indian state-owned banks
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* Bank of America Merrill Lynch upgraded State Bank of India , Bank of Baroda, and Oriental Bank of Commerce Ltd to 'buy'. * The investment bank says upgrades come on the back of a steepening bond yield curve in the anticipation of RBI rate cuts, stronger-than-expected loan recoveries, and reduced quality pressures. * BofA Merrill also upgrades its price objectives for private banks, retaining ICICI Bank Ltd as its top pick, and HDFC Bank Ltd and Axis Bank Ltd as its "preferred" names. All three banks have 'buy' ratings. * "Private banks will likely continue to deliver structurally superior earnings and RoEs, especially over the medium term," BofA Merrill says in a note dated Tuesday. (abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.thomsonreuters.com@reuters.net)
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