Markets have turned choppy after starting the session on a marginally higher note with state-owned banking major SBI leading the gains.
State Bank of India (SBI) and its associate banks are in focus after SBI after trading hours yesterday announced the merger of 5 associate banks viz. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), and State Bank of Travancore (SBT) with itself. Shares of SBI are up almost 3%.
the S&P BSE Sensex dipped 23 points at 28,100 and the Nifty50 slipped 3 points to trade at 8,670. Among broader markets, BSE Midcap and Smallcap indices are up 0.2%-0.3%.
Globally, Asian stocks edged up on Friday as Wall Street benefited from buoyant crude oil prices and expectations that US borrowing costs will remain at stimulatory levels at least until year-end.
Japan's Nikkei added 0.5% and South Korea's Kospi tacked on 0.2%. Australian shares added 0.1%.
MSCI's broadest index of Asia-Pacific shares outside Japan stood steady. The index was on track to rise 0.25% on the week, during which it reached a one-year high.
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