Market heading with no resistance ::
GST Bill found no resistance in Lower house as well. RBI policy was delivered as what had expected by the street. RBI governor Mr. Raghuram Rajan was clear with his thoughts while delivering his last policy. Targeting inflation could be the focus for RBI in the future as well. GDP numbers are looking much stable. Quarter results were under control as of now. Banks are disturbing the result equations but investors are taking it as buying opportunity.
Saddled with rising bad loans, five public sector banks, including Bank of India, Dena Bank and Central Bank of India, today posted a combined loss of Rs 2,564 crore for the first quarter ended June. Meanwhile, the country's largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore against Rs 4,714 crore profit in the same quarter a year ago. Oriental Bank of Commerce (OBC) too reported 61 per cent decline in net profit at Rs 100.69 crore as against Rs 257.84 crore in the corresponding April-June quarter of 2015-16. Leading the pack, Bank of India reported a loss of Rs 741.3 crore as provisions for bad loans nearly doubled. Provisions and contingencies nearly doubled to Rs 277 crore as against Rs 151 crore in the year-ago period. As on June 30, the bank's gross non-performing assets (NPAs) increased to 13.38 per cent of advances as against 6.80 per cent in the corresponding quarter of last fiscal.