SBI result boosts stock market

SBI result boosts stock market


The Bombay Stock Exchange 30-share barometer touched a low of 15,065.48 only to bounce back to end the day at 15,387.96, a rise of 1.41 per cent over its previous close. After early hesistancy, the weak Asian markets recovered in late-morning deals. Dealers attributed the recovery mainly to short-coverings and the rolling over of positions to the August series on the last day of July contracts on Thursday of the futures and options segment.

The 50-share Nifty of the NSE rose 57.95 or 1.28 per cent at 4,571.45 from its last close.
IT shares rose on excellent Q1 results announced by some major companies in the past few days.Bank scrips also were in keen demand after SBI’s net profit in the first quarter rose 42 per cent.Bonanza Portfolio Assistant Vice-President Avinash Gupta said, “The market is displaying signs of strength. It opened with the weakness noticed on Wednesday. The Nifty recovered quickly on good Asian cues. This brought the market back in the range of 4,500 to 4,600.” Besides Taiwan, all Asian indices ended in the green, with a rise in a range of 0.49 per cent to 1.69 per cent. European markets were also trading firm. IT spurted 105.95 points or 2.80 per cent, FMCG 69.72 points or 2.70 per cent and banks 178.45 points or 2.20 per cent.

TCS remained the top gainer and was up by 6.04 per cent, followed by Hindustan Unilever 5.15 per cent, Wipro by 4.68 per cent, HDFC by 4.31 per cent, and SBI by 4.01 per cent. However, Sun Pharma dipped by 3.62 per cent, BHEL by 1.59 per cent and RIL by 1.37 per cent.

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