INDIAN BENCHMARKS up; SBI jumps after bad loans stabilise
INDIAN EQUITY BENCHMARKS rose for a fourth consecutive day on Friday, as State Bank of India surged after bad loans rose only slightly in the previous quarter, with sentiment also underpinned by stable consumer inflation data and stronger global markets. The S&P BSE Sensex and CNX Nifty ended 1.01%-1.08% higher each.
· SBI Q3 net profit up 30% (YoY); Asset Quality Stable
· IOC Q3 net loss at Rs2636.80 crore
· M&M Q3 profitability marginally below estimate
The crucial resistance for Nifty is now seen at 8925 and above this 8965. Support for the immediate term is now placed at 8795 and next support will be 8750.
INDIAN EQUITY BENCHMARKS rose for a fourth consecutive day on Friday, as State Bank of India surged after bad loans rose only slightly in the previous quarter, with sentiment also underpinned by stable consumer inflation data and stronger global markets. The S&P BSE Sensex and CNX Nifty ended 1.01%-1.08% higher each.
· SBI Q3 net profit up 30% (YoY); Asset Quality Stable
· IOC Q3 net loss at Rs2636.80 crore
· M&M Q3 profitability marginally below estimate
The crucial resistance for Nifty is now seen at 8925 and above this 8965. Support for the immediate term is now placed at 8795 and next support will be 8750.
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