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The fund would be raised in one or more tranches, SBI Card said in a regulatory filing.

MSCI India is trading at an 87 per cent premium to MSCI EM, above its historical average of 61 per cent in P/E terms. Over the last 12 months, MSCI India, which has gained 7 per cent, has outperformed MSCI EM, which has dropped 22 per cent.

“Normally, a formation of such patterns after a reasonable up move or down moves calls for reversal on either side. But, having formed this pattern amidst a range movement, the predictive value could be less. Nifty has sustained above the cluster supports of around 16,400-16,450 levels as per change in polarity and daily 10 and 20 period EMA. As long as the area of 16,400 level is protected, there is a possibility of upside bounce in the market,” he added.

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The regulator has inducted Chairman of NJ India Invest Neeraj Choksi in the advisory committee. Other members include Independent Trustee at SBI Mutual Fund Sunil Gulati, and Independent Trustee at DSP Mutual Fund Dharmishta Narendraprasad Raval.

Brokerage firm has a target price of Rs 283 in the base case, whereas a target price of Rs 323 in the bull case, signaling a potential upside of 11 per cent and 26 per cent, respectively, from its previous close of Rs 254.8.

The 30-share pack Sensex settled 93 points lower at 55,675.32. Its broader peer, Nifty50, slipped to 16,570 levels. Traders are on tenterhooks as the Reserve Bank began its three-day monetary policy meeting to deliberate another round of rate hikes.

“We are quite hopeful that going forward, we will exhibit profitable growth. What I intend to say by profitable growth is that our bottom line, the margins will grow better than the top line. The change in the international and domestic order book in the engineering procurement orders is something which is resulting in better margins for us. ”

Motilal Oswal has Reliance Industries, Infosys, ICICI Bank, SBI and Bharti Airtel among its top largecap picks for June. Cholamandalam Investment and Finance Company, Macrotech Developers, Ashok Leyland, L&T Tech and Jubilant FoodWorks are some of its top midcap and smallcap picks for the month.

NMDC is setting up a 3 million tonne per annum (mtpa) steel plant at Nagarnar, near Bastar in Chhattisgarh. The unit is being constructed over an area of 1,980 acres at an estimated cost of Rs 23,140 crore.