Karvy Stock Broking Limited has maintained ‘buy’ rating on ICICI Bank stock with an intraday target of Rs 440.

According to Karvy, interested traders can purchase the stock between Rs 418-422 with a strict stop loss of Rs 400. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 405.
 

Prime Minister, Dr. Manmohan Singh assured Lok Sabha that Indian banking system is stable and people's deposits with public and private banks are entirely safe. He ruled out any direct impact of global financial crisis on the Indian economy but he confessed its indirect impacts on the country growth.

Government is taking various steps to galvanize India from the global slowdown. Indian banks are financially very sound and they have very small exposure to the sub-prime mortgage assets. So people no need to worry about their money.

The government is taking various steps to ease the liquidity situation in the country. Now, the Reserve Bank of India (RBI) cuts rapo rates after successive cuts in the cash reserve ratio (CRR). The apex bank slashed rapo rates by 100 basis points. This is the step against the tight monetary policy adopted by the central bank. It is the first ever reduction in the rapo rates after March 2004. Rapo rates now stands at 8 percent.

The banks also started to slash the interest rates for consumers after revision of rapo rates. The fifth-largest state-owned bank, Union Bank of India reduced interest rates on home loan by 50 basis points up to a loan Rs 30 lakh.