Money on the markets
A maturing market amid the mayhem
SBI’s chairman said that earnings of the bank are seen rising 30-35 percent in the current quarter, with retail loans growing at about twice the pace from the year earlier.
The banking index, which ended just 0.4 percent higher, has gained over 90 percent since April.
Shares in SBI closed at 1894 rupees, and have gained 78 percent since April. In terms of returns, India’s top private sector bank ICICI has outperformed SBI with a return of 138 percent during the same period.
Investor sentiments also had plenty of support from strong global markets.
The benchmark posted a near 500-points gain with stocks like ICICI, HDFC and ITC surging. The Nifty index rose by over 140 points.
The stock market took cues from strong global markets and upbeat economic data from some regions.
The benchmark index managed to recover all of Monday’s losses.
Satyam remained in focus after it posted a consolidated net profit of 1.6 billion rupees in the December quarter. Its shares jumped on this news and hit an upper circuit of 10 percent.
Weak global cues also dampened sentiments and the Sensex ended 2.9 percent down at 14, 666. The Nifty closed 3.4 percent lower.
The stock market ended 1.1 percent higher on Friday at 13,887, on account of buying by some funds, taking its gains for the week to 14 percent.
The election result has helped in restoring battered investor confidence.
Heavyweight stocks like Reliance Industries, ICICI Bank and L&T led the benchmark rise.
Index heavyweight and top private lender ICICI Bank gained over 7 percent to close at 574 rupees. Its shares have gained 28 percent this year.
The benchmark had risen over 1 pct during trade, but was unable to sustain it and closed just 42 points higher.