NR Narayana Murthy isn't a happy man

SBI's poor Q4 results rattled the Dalal Street yesterday and worsened the market sentiment. However analysts are still bullish about banking stocks and said SBI was just a one off phenomenon. Experts believe the market is still in the correction phase. Globally the picture is still confused about the unstable commodity market and the overall recovery. On the other hand, Asian markets are currently trading firm in the morning.  Here is a live update of what is happening around the business world.

10.00am: Emerging nations now want more transparency in the selection of the next IMF boss. IMF Chief Strauss-Kahn who was touted to be the next President of France was arrested on attempted rape charges. The world's fast-growing developing economies have lobbied aggressively for an overhaul at the IMF and have expressed growing frustration at being shut out of the process on who runs the global institution. A long-standing agreement between the United States and Europe has ensured that a European has always headed the IMF and an American its sister organisation, the World Bank.

9.15am: Markets opened on a stable note. Sensex opened 38 points up at 18171 and Nifty also stabilised at 5451. SBI that got hammered after poor results, the stock today opened weak down 1.5%. 

8.45am: Infosys founder and mentor Narayan Murthy isn't a happy man. His brainchild Infosys is going through a tough phase. The outgoing Chairman of the company says he lost several nights of sleep recently after his company was accused of violating business ethics. In a long and emotional farewell letter to shareholders , Murthy, who retires from Infosys in August this year, also expressed pain at the exit of some co-founders. Infosys announced a management rejig on April 30 where it announced banker KV Kamath as the new Chairman. An American employee of Infosys has filed a case against the Indian company accusing it of systematic visa and tax fraud to increase profits

8.15am: A Merrill Lynch survey says shows that while fund managers are increasing their allocation to the emerging markets, India is one of their least favoured markets. "Investors are underestimating some of the structural issues that could come through in the next few years," said John-Paul Smith, Deutsche Bank global markets strategist. India is currently battling the inflation issue which is seen as a big threat to growth. FIIs have been pulling out of the market due to a bearish sentiment.