PSBs, ICICI bank net power Sensex
Sensex soared 409.21 points or 1.48 per cent to close the day at 28,114.56
By : DC Correspondent
Update: 2015-08-01 01:18 GMT
Mumbai: The equity markets rose sharply to end the week on a robust note led by bank stocks after the government announced plans to infuse fresh capital amounting to $11 billion into state-run banks. A better than expected quarterly number posted by ICICI Bank and expectations of a rate cut by the RBI also helped the markets to sustain their winning momentum.
After opening the day on a positive note, the Sensex soared 409.21 points or 1.48 per cent to close the day at 28,114.56, while the Nifty gained 111.05 points to end the day at 8,532.85. Banking stocks were the major gainers with SBI and BoB gaining 5.25 per cent and 5.34 per cent respectively.
“Nifty Future recovered from its initial losses in early part of the week to close at one week high with investor sentiment boosted by reports that the Union Cabinet has approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by RS Select Committee,” said Vivek Gupta, director research, CapitalVia Global Research.
ICICI bank surprises market, profit up 12 per cent
India’s largest private sector lender ICICI Bank on Friday surprised the street with a 12 per cent rise in net profit for the quarter ended June 2015 on the back of lower provisions and improvement in NII.
The bank reported a net profit of Rs 2,976 crore for the April-June period as compared to Rs 2,655 crore registered during the same period last year.
The provision for doubtful debts stood at Rs 955.39 crore during.
The public sector bank’s NII increased 14 per cent to Rs 5,115 crore.