SBI results buoy market sentiment

The better-than-expected results from the country’s largest bank SBI lifted the market mood with the NSE Nifty gaining more than 90 points with the SBI topping the gainers’ list.

The SBI results impact was so strong on the PSU bank stocks that the shares of even banks that came out with dismal show like Bank of India made significant gains at the close today.

Shares of

SBI were up by ₹23.40 or 8.23 per cent t0 ₹307.70 on the NSE at the close today and the stock emerged as the biggest gainer by percentage on the exchange.

The positive mood permeated across sectors - auto, steel, healthcare, software etc.

M&M , despite its none too impressive Q3 show, was another big gainer today up by ₹56.60 to ₹1,191.05. Lupin jumped by ₹59.30 to ₹1,677, TCS vaulted by ₹77.85 to ₹2,540 and Wipro gained ₹14 at ₹660.80.

The cement pack was another major gainer. UltraTech Cement rallied by ₹72.45 to ₹3,107.55, ACC was up by ₹27.80 to ₹1623 and Ambuja Cement closed higher by ₹4.30 at ₹264.

Similarly automobile stocks as a group made significant gains. Maruti jumped by ₹68.10 to ₹3620, Hero MotoCorp closed at ₹2851.65, a gain of ₹44.10 and Tata Motors edged up by ₹3.40 to ₹565.20.

Among the Bank Nifty stocks, Canara Bank, Bank of India, ICICI Bank and Kotak Mahindra were major gainers.

Carana Bank ended higher by ₹16.55 at ₹416.45 and Bank of India, which came out poor Q3 numbers, saw the share price go up by ₹8.10 to ₹235.50, probably as SBI’s positive show rubbed on it as well. ICICI Bank gained ₹4.60 to ₹343.75 and Kotak Mahindra gained ₹13.40 to close at ₹1310.