Karvy Stock Broking Limited has maintained ‘sell’ rating on State Bank of India (SBI) stock with an intraday target of Rs 1500. 

According to Karvy, interested traders can sell the stock between Rs 1560-1565 with a strict stop loss of Rs 1590. 
 
Karvy feels that SBIN stock would remain under pressure due to recent market volatility. 

Today, the stock opened weak at Rs 1550, against its last closure at Rs 1566.70 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 109.38 and 13.87 respectively. The share price has seen a 52-week high of Rs 2387.60 and a low of Rs 1007 on BSE. 

The Asian operations of US bankrupt investment bank Lehman Brothers is acquired by Japanese financial services major Nomura. 

The agreement was signed by the executives of both groups as per the reports of UK daily, Financial Times. Nomura is a leading Tokyo-based company and the largest security firm of Japan.

The financial operations would include investment banking, fixed income and equities of entire Asian region franchise. The South Korean operations of Lehmans would not be covered under the plan on some technical grounds. 

Congress started challenging a 700-billion-dollar White House plan to rescue the US financial system Monday as US stocks plunged more than 3 per cent and industrialized countries pledged action to ensure global economic stability.

On Wall Street, the last two remaining major investment banks, Morgan Stanley and Goldman Sachs, left the high-wire world of risk to become bank-holding companies with the approval of the US central bank, the Federal Reserve.

Public-Sector lender Punjab National Bank (PNB) has inked MoU with Networth Stock Broking Limited (NSBL) for offering Internet trading services to its huge client base.

Under the arrangement, NSBL will provide its online trading platform and expertise for e-broking services in Equities, Derivatives and online IPO services to the customers of PNB.

London  - The British government will introduce legislation to tighten up supervision of the banking system and "review the bonus culture" in the City of London, Chancellor of the Exchequer, Alistair Darling, said Monday.

Speaking at the Labour Party conference in Manchester, northern Britain, Darling warned of a "bumpy road ahead" for the economy but insisted that Britain was well equipped to "weather these global storms."

He said Britain was putting in place, "here and internationally," tougher financial regulations to stabilize the banking system.

Washington - The decision by Morgan Stanley and Goldman Sachs - the last two major US investment banks still on their feet - to become bank holding companies signals the end of high-wire finance on Wall Street.

After a year of turmoil in the financial industry that climaxed last week with bankruptcies and government takeovers, the two companies agreed to submit themselves to far tighter regulations by applying for the new status.

The US central bank late Sunday accepted the two companies' applications, pending a five-day antitrust waiting period.