State Bank Of India Top Gainer

State Bank of India (SBI), the country's largest commercial bank, advanced 2.82% to Rs 1574, and was the top gainer from the Sensex pack. The scrip hit a high of Rs 1580 which is a lifetime high for the counter. 4.71 lakh shares changed hands on the counter on BSE.

As per reports, SBI would soon enter seven new business streams including pension funds to tap emerging opportunities. The bank will float a subsidiary to manage pension funds under the New Pension Scheme (NPS) for government employees. The bank also proposes to launch financial planning and advisory services given the growing affluent class. This would be upgraded to wealth management at a later stage. In addition to the life insurance business, the bank, with its large branch network, is looking into the general insurance business.