State Bank of India’s subsidiaries rallied sharply post strong profit numbers in Q2 by State Bank of Mysore (SBM). SBM rallied 15.5 percent as profits surged 3.4 times to Rs 102 crore from Rs 30.1 crore Y-o-Y on the back of lower provisions.

Gautam Shah, associate director & technical analyst, JM Financial seems extremely bullish on Indian equities. Speaking to CNBC-TV18, he said that Indian equities have been resilient as there has not been even a 10 percent correction in the last 14 months. “This market has seen only time correction and no real price correction. The market set-up continues to be very constructive and the bull trend is definitely intact. So, these dips are healthy for the Nifty to continue its upmove,??? he added.

Interestingly, October is a poor month for the Nifty historically, but this time the market has defied history and performed well, he said. However, sentiment and trends for the Nifty are usually upbeat in November and December. Shah is also upbeat on the Bank Nifty. He has a near-term target of 17,000 for the banking index and eventual target of 19,000.

Equity benchmarks maintained early gains with the Sensex rising 82.79 points to 26835.69 and the Nifty climbing 23.75 points to 8015.45. The broader markets gained marginally too with the BSE Midcap and Smallcap indices advancing 0.4-0.5 percent.

State Bank of India’s subsidiaries rallied sharply post strong profit numbers in Q2 by State Bank of Mysore (SBM). SBM rallied 15.5 percent as profits surged 3.4 times to Rs 102 crore from Rs 30.1 crore Y-o-Y on the back of lower provisions. The bank reported a 5 percent jump in net interest income at Rs 513.6 crore and asset quality trends were stable. State Bank of Travancore gained 9.31 percent and State Bank of Bikaner and Jaipur rose 8.09 percent.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-nifty-firm-sbi-subsidiaries-rallysbm-q2-nos_1212690.html