The market staged spectacular performance on Friday, rising over a percent led by third quarter earnings from SBI and Mahindra & Mahindra. Positive global cues also led support to the market. The 30-share BSE Sensex closed above the 29000 level for the first time since February 3, up 289.83 points at 29094.93, continuing upside for the fourth consecutive session. The 50-share NSE Nifty too climbed over 8800 in late trade, up 93.95 points to 8805.50. The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent and 0.35 percent, respectively.
Experts believe the market may continue its upside with intermittent small profit booking ahead of Budget (to be held on February 28). Abhay Laijawala of Deutsche Equities is bullish on the market going into the Budget, saying sectors like infrastructure, banks & financials and urban consumption will be key beneficiaries. For the week, the Sensex gained 1.3 percent and Nifty jumped 1.7 percent with the Bank Nifty rising over 3 percent.
Banks, FMCG, auto, healthcare and select infrastructure stocks helped the market rally. India’s largest lender SBI surged 8 percent after posting a stellar set of earnings in the third quarter. Asset quality remained stable as fresh slippages and restructuring came in lower than Q2. Profit jumped 30 percent led by higher other income and operating profit while higher provisions restricted the bottomline growth.
Another strong set of earnings came in from Mahindra & Mahindra. The stock rallied 5 percent after its third quarter earnings beat estimates. An exceptional gain of Rs 299 crore aided profit. State-run oil retailer Bharat Petroleum Corporation turned profitable with the third quarter net profit at Rs 551 crore against loss of Rs 1,089 crore in same quarter last fiscal.
Higher other income and lower finance cost boosted profitability. The stock gained 2.4 percent. However, IOC declined 1.5 percent as its Q3 loss widened to Rs 3,285 crore from Rs 961.5 crore in the year-ago period due to higher inventory loss.
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Sensex closes above 29000, up 290 pts post SBI, M&M Q3 nos
The market staged spectacular performance on Friday, rising over a percent led by third quarter earnings from SBI and Mahindra & Mahindra. Positive global cues also led support to the market. The 30-share BSE Sensex closed above the 29000 level for the first time since February 3, up 289.83 points at 29094.93, continuing upside for the fourth consecutive session. The 50-share NSE Nifty too climbed over 8800 in late trade, up 93.95 points to 8805.50. The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent and 0.35 percent, respectively.
Experts believe the market may continue its upside with intermittent small profit booking ahead of Budget (to be held on February 28). Abhay Laijawala of Deutsche Equities is bullish on the market going into the Budget, saying sectors like infrastructure, banks & financials and urban consumption will be key beneficiaries. For the week, the Sensex gained 1.3 percent and Nifty jumped 1.7 percent with the Bank Nifty rising over 3 percent.
Banks, FMCG, auto, healthcare and select infrastructure stocks helped the market rally. India’s largest lender SBI surged 8 percent after posting a stellar set of earnings in the third quarter. Asset quality remained stable as fresh slippages and restructuring came in lower than Q2. Profit jumped 30 percent led by higher other income and operating profit while higher provisions restricted the bottomline growth.
Another strong set of earnings came in from Mahindra & Mahindra. The stock rallied 5 percent after its third quarter earnings beat estimates. An exceptional gain of Rs 299 crore aided profit. State-run oil retailer Bharat Petroleum Corporation turned profitable with the third quarter net profit at Rs 551 crore against loss of Rs 1,089 crore in same quarter last fiscal.
Higher other income and lower finance cost boosted profitability. The stock gained 2.4 percent. However, IOC declined 1.5 percent as its Q3 loss widened to Rs 3,285 crore from Rs 961.5 crore in the year-ago period due to higher inventory loss.
Coustery : http://www.moneycontrol.com/news/local-markets/sensex-closes-above-29000290-pts-post-sbi-mm-q3-nos_1302159.html
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