Banks lift indices to 10-wk high; Sensex ends 976 pts up, Nifty at 15,175

Financial indices -- Nifty Bank, Private Bank, PSU Bank, and Financial Services -- outperformed on the NSE today, and gained between 3-3.5%

Image SI Reporter New Delhi
MARKETS: Indices at day's high; Sensex zooms 1,000 pts, Nifty tops 15,150

Stock market updates: Benchmark indices built on gains clocked through the day and ended nearly 2 per cent higher on Friday after India's largest public sector bank, State Bank of India, reported a healthy quarterly show. The lender's net profit zoomed over 80 per cent to Rs 6,451 crore in Q4FY21 as it set aside lower provisions and expected asset quality to improve going forward. 

Supported by rally in other financial stocks, the BSE barometer of 30-shares ended at 50,540 levels, up 976 points or 1.9 per cent. On NSE, the Nifty50 index advanced 269 points to settle above the crucial level of 15,150-level at 15,175. Both the indices hit their respective highs of 50,591 and 15,190. 

SBI was the second best gainer on the Sensex, up 4 per cent, while IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, HDFC, and Kotak Mahindra Bank were the other top gainers, up between 3 per cent and 4.5 per cent. All these stocks contributed nearly 680 points towards the Sensex's total gains.

On the downside, Dr Reddy's Labs and Power Grid on the Sensex, and Eicher Motors, Indian Oil Corporation, Grasim, and SBI Life on the Nifty were the only only laggards on the indices, down up to 0.3 per cent. 

Financial indices -- Nifty Bank, Private Bank, PSU Bank, and Financial Services -- outperformed on the NSE today, and gained between 3-3.5 per cent. Meanwhile, all other sectoral indices settled up to 1 per cent higher. 

In the broader markets, the S&P BSE MidCap and SmallCap indices underperformed the benchmarks today and ended 0.8 per cent and 0.65 per cent higher, respectively.

Global markets
European stocks held steady on Friday as Swiss luxury goods maker Richemont jumped after its results, but a slide in London-listed shares and worries about inflation dampened early enthusiasm.

The pan-European STOXX 600 index was flat, with British stocks falling about half a per cent. 

In Asia, Japan's Nikkei was up 0.8 per cent and Australia's S&P/ASX200 gained 0.15 per cent. South Korea's Kospi and China CSI30 indices, however, slipped 0.2 per cent and 1 per cent, respectively. 
4:18 PM

Markets this week :: Top losers

Bharti Airtel: 5.3%

Britannia: 2%

Tata Steel: 1.7%

ITC: 1.5%

JSW Steel: 1.3%
4:08 PM

Markets this week :: Top gainers

IndusInd Bank: 14%

SBI: 11%

M&M: 10.45%

HDFC Bank: 8%

ICICI Bank 7.5%
4:02 PM

Markets this week

>> Market records biggest weekly gain since budget week.

>> Nifty rises 3.4%, Sensex 4%, Nifty Bank 7.6% & Midcap index 4% 

>> Nifty Private Bank & PSU Bank rise over 7% each, realty index up 7%
4:00 PM

Broader market :: S&P BSE SmallCap index hits record high of 21,219 in intra-day deals

3:57 PM

Broader market :: BSE MidCap index hits record high of 21,541 in intra-day deals

3:55 PM

NSE Snapshot :: Top Nifty50 gainers today

3:52 PM

Index contributors :: Financials, RIL, Infy lift Sensex

3:48 PM

Sectoral trends on the NSE :: All indices in the green; banks outperform

3:45 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

Supported by rally in other financial stocks, the BSE barometer of 30-shares ended at 50,540 levels, up 976 points or 1.9 per cent. On NSE, the Nifty50 index advanced 269 points to settle above the crucial level of 15,150-level at 15,175. Both the indices hit their respective highs of 50,591 and 15,190. 
3:21 PM

Govt notifies solvency rules for foreign-owned insurance companies

The finance ministry has notified the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021 that require insurers with foreign ownership of over 49 per cent to maintain a solvency margin of 180 per cent if they declare dividend payments in a financial year.
 
The government had sought public comments on draft rules issued on April 15, and has now notified the rules further to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015. READ MORE
3:19 PM

BROKERAGE VIEW :: Dolat Capital on SBI results

NII growth was slightly behind estimates, growing by 19% YoY. PAT was in line, with RoA at 0.6% led by Bhushan recoveries. NIM however declined QoQ to 2.9% due to interest reversals of previous quarters.

Pro forma GNPA ratio declined by over 45 bps to 4.98% from 5.44% in Q3. Pro forma PCR increased further from 67% in 3Q to ~70%. Reduction in GNPA ratio was also aided by high write-offs during the quarter.

Slippages for the quarter at 6k against expectations of 12k or 2% annualized that we had built in. Overall RSA +slippages at 46k for the year less than management’s earlier guidance of 60k.

Loan growth at 5% YoY and 3% QoQ was in line with expectations.

Broadly, numbers look good and positive reaction expected. With consistency on asset quality and scope for NIM expansion, one could expect a gradual re-rating of standalone multiple.
3:10 PM

Sector Watch :: Nifty Bank up 3.5%

2:59 PM

MARKET CHECK :: Sensex jumps to day's high

2:53 PM

SBI shares rebound 6% from day's low on in-line March quarter results

Shares of State Bank of India (SBI) bounced 6 per cent from its intra-day low and hit a high of Rs 399.70 on the BSE on Friday after the lender announced its March quarter result. The stock had initially fallen 3 per cent to Rs 378.10, from its opening level of Rs 390.45, post the announcement of the results. At 02:36 pm, SBI was trading 3.5 per cent higher at Rs 397.85 on the BSE supported by heavy volumes. READ MORE
SBI

2:40 PM

Crypto limps to weekend after hammer blows from Musk, china, and tax

The cryptocurrency market nursed its wounds Friday after a week of pain triggered by a Chinese regulatory warning shot, forced selling and a possible US tax clampdown. If that wasn’t enough, Bitcoin believers are still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin fluctuated around $40,000 in Asian trade, down about 9 per cent on the week though up from a Wednesday plunge toward $30,000. Other coins have slumped too, such as Ether’s 17 per cent weekly nosedive. READ MORE
Bitcoin, cryptocurrency

2:28 PM

Heatmap: Only two of the 30 S&P BSE Sensex constituents trade in red

2:18 PM

European markets check

(Source: Reuters)

2:10 PM

SBI Q4 net profit jumps 80% YoY to Rs 6,451 crore on lower provision

India’s largest public sector bank State Bank of India (SBI) on Friday reported a standalone net profit of Rs 6,450.75 crore for quarter ended March 2021 (Q4FY21) aided by fewer provisions on bad loans. The lender’s PAT was 80.14 per cent higher than previous year’s profit of Rs 3,580.8 crore. On a quarterly basis, the bottom line expanded 24.14 per cent. READ MORE
state bank of india, sbi, banks, bank branch

1:55 PM

RESULT REACTION:: SBI climbs off day's high

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First Published: May 21 2021 | 7:49 AM IST

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