The markets had a good
session after bouncing off the 5500 support. Both Sensex and Nifty
ended up with sensex ending 158 points up at 18947 and nifty ending
47 points up at 5612. All sectoral indices baring the banking index
ended in the green. Infra stocks and tech stocks had a good outing.
All the laggards of the last few days like the metals also had a
stellar day with Tata steel leading the pack with a 8% gain.
However the banks opened
with a negative bias, however post SBI's Q1 results the banking index
took a sharp knock. SBI had a forgettable quarter with its NPA
jumping up from 4.75% to 5.57%. The stock hit a new intra day low and
traded below 1600 before ending the day just shy of the 1600 mark.
SBI accounts for fifth of the lending in the country. Taking a cue
from its results many banking stocks also gave away some of their
gains they had worked up in the early part of the day.
Rupee had a see-saw
session.. After opening by over 35ps stronger closed the day well
below yesterday's closing to close at 61.29 just above its all time
closing low it recorded on Thursday. However tomorrow can be a good
session for the rupee after the FM announced few more steps to bolster the
currency.
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