The market continued to trade sharply higher with the Sensex rising 304.68 points or 1.06 percent to 29109.78 and the Nifty climbing 98.80 points or 1.13 percent to 8810.35. The broader markets gained too; the BSE Midcap and Smallcap indices rose 0.9 percent and 0.5 percent, respectively.
Big boy SBI surged 7 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 for India’s largest public sector bank.
Another strong set of earnings came in from Mahindra & Mahindra. The stock traded 4 percent higher after its third quarter earnings beat estimates. An exceptional gain of Rs 300 crore aided profit.
State-run oil retailer Bharat Petroleum Corporation has 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 2.5 percent.
Global cues were strong today as most Asian markets posted gains. Europe too opened in the green extending yesterday’s rally. Brent crude held above USD 59 a barrel, up almost 2 percent this week so far.
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