Market Watch

Sensex up 293 pts, Nifty ends at 8672; State Bank of India shares jump over 7 per cent on drop in fresh bad loans

12 August 2016 - 04:00 PM

Indian shares rose 1 percent on Friday and were headed for their second session of gains, led by energy stocks including Reliance Industries Ltd as oil prices extended their rally.
 
The Sensex was 0.86 percent higher at 28,099.02 as of 0650 GMT, up 0.09 percent for the week.
 
The Nifty was up 0.64 percent at 8,647.50, almost flat for the week.
 
Indian markets will be closed on Monday for a local holiday.
 
Asian shares inched up while Wall Street closed at record highs overnight, after the Saudi oil minister's comments about possible action to stabilise oil prices sent crude up.
 
Sentiment also got a boost as foreign investors continued to buy Indian shares for a 24th consecutive session as of Wednesday, bringing the total net investments in the year to $5.33 billion.
 
But analysts warned of a correction in the coming days as a set of weak June-quarter earnings stoked valuation worries.
 
The BSE Sensex and NSE Nifty ended higher on Friday following better-than-expected Q1 results from public sector lenders like State Bank of India and Bank of India amid firm global cues. Sensex closed 292.80 points up at 28152.40, while Nifty settled 80 points up at 8672.15. Among the 30 components in the BSE Sensex, 8 ended the day in red. State Bank of India soared the most 7.29 per cent, followed by Axis Bank (up 3.75 per cent), Tata Motors (up 2.48 per cent) and Power Grid (up 2.36 per cent). On the other hand, Cipla and Infosys slipped by 1.77 per cent and 1.40 per cent, respectively.