About 70,000 bank branches – including The State Bank of India, the nation’s largest public sector bank – will be idle.
Bank employees in India began a two-day strike on Wednesday to protest against proposed reforms that would ease mergers and allow more private capital, including foreign investment, in the banking sector.
Finance minister urged state-run banks to increase lending for consumer durables on Saturday, saying this would help boost the manufacturing sector which has been caught up in the slowdown of the economy.
India's struggling private air carrier Kingfisher Airlines Saturday reported a 147 percent increase in its loss to 6.51 billion rupees for the quarter ending June 30, compared with a loss of 2.64 billion in the same period a year ago.
India's BSE Sensex soared more than 430 points or 2.59 percent to a two-month high of 17448.48 Friday on positive global and domestic cues. The 30-share benchmark index opened at 17134.61 and reached a high of 17448.48 before closing down at 17429.98.
Asian stock markets rallied Friday as sentiment was buoyed after leaders at the European Union summit in Brussels agreed on important plans to tackle the region's debt crisis.
Fitch Ratings Wednesday revised its outlook on 11 India-based financial institutions to negative from stable while affirming the rating. Fitch revised the outlook on the Indian Railway Finance Corporation Limited's (IRFC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to negative from stable and affirmed the ratings at 'BBB-'.
Indian markets fell Monday after the Reserve Bank of India (RBI) announced that the key rates would remain unchanged.
Asian markets rose Friday as investor confidence was boosted by expectation for stimulus measures from policymakers globally.
Asian markets fell Thursday as weak retail sales data by the U.S. Commerce Department and Spanish debt downgrade by Moody's weighed down on investor sentiment.
Asian stocks fell Tuesday as optimism on the 100 billion euro ($125 billion) aid for Spanish banks faded, and markets failed to uphold the gains made Monday.
Asian markets rose Monday as investors were encouraged by the announcement of the Spanish bank aid deal and a report of less worrisome data from China over the weekend.
Asian markets fell Friday as investors were disappointed with U.S. Fed Chairman Ben Bernanke's lack of a commitment to additional monetary easing measures in his congressional testimony on the country's economic outlook.
India's BSE Sensex rose Wednesday following positive cues from Asian markets and the rupee gaining.
Bombay Stock Exchange's benchmark Sensex and NSE's Nifty opened on a negative note and continued in the red in the morning session Monday, weighed down by a slump in the FMCG and consumer durable shares.
Indian markets opened on a positive note Monday as Bombay Stock Exchange Sensex was trading at 16,360.34, 142.52 or points 0.90 percent up from the previous close and NSE Nifty was at 4,965.20, up 44.80 points or 0.80 percent, in the morning session.
Bombay Stock Exchange's benchmark Sensex fell Tuesday by more than 145 points, or 1 percent, as the rupee tumbled to a record low of 55.39 against the dollar.
The Indian rupee Monday touched a record low of 55 against the dollar because of the strong demand for dollar from importers, weak global cues and delay over policy reforms from the government.
Bombay Stock Exchange (BSE) sensex closed at a four month low by shedding nearly 67 points on Wednesday as weak global trends triggered heavy fund outflows.The BSE bench mark 30 share index lost 66.60 points to reach 16,479.59, dragged down by sharp declines in Reliance industry and banking stocks. Reliance Industries dropped for the sixth day by losing 1.91 per cent to Rs 695.10 after it cut the estimates for actual natural gas reserves available in its Indian blocks.
Asian markets were down Friday as more negative outlook by European Central Bank president Mario Draghi and weaker-than-expected US Institute for Supply Management non-manufacturing report weighed on investor sentiments.
Indian stock markets surged Friday as sentiment was buoyed by the positive news of Greek PSI debt swap.
The BSE Sensex fell for a second consecutive day on Thursday as investors took profits on expiry of monthly derivatives amid concerns about high oil prices.
Lenders to Kingfisher Airlines (KING.NS) have not agreed to extend further loans to the debt-crippled carrier, three banking sources said on Wednesday after reports that State Bank of India (SBI) was close to offering a bailout loan package.
The State Bank of India (SBI), the country's biggest lender, reported an unexpected rise in bad loans for the third quarter, taking the shine off healthy growth in loan demand and interest income that helped it post a 15 percent rise in net profit.
The BSE Sensex edged 0.14 percent higher after a choppy trading session on Monday, as hopes of stability in Greece improved global risk appetite and offset weak corporate earnings at home. Hopes of Greek austerity deal boosted the market.
The BSE Sensex closed down 0.46 percent on Friday, reversing early gains, after data showed the country's industrial output in December slowed sharply and Morgan Stanley cut its allocation for emerging market stocks.