INSUBCONTINENT EXCLUSIVE:
State-run banks advanced with the public sector banking index rising 3.52 per cent.The domestic stock market indices closed Monday's
0.31 per cent and settled at 11,319.55
Stock markets ended in green today led by strong gains in heavyweights Reliance Industries Ltd and ICICI Bank Ltd, while investor focus
of the NSE index's gains.Major gainers in the Sensex pack were Bharti Airtel, ICICI Bank, SBI, Axis Bank, Mahindra Mahindra and Vedanta
Top laggards on the BSE index were Kotak Bank, HDFC, Adani Ports, Larsen Tourbo, HDFC Bank and Infosys, ending with losses between 0.51 per
of Nifty gainers, while main losers on the index were Infosys, HCL Tech, Hindalco, HDFC Bank, HDFC and Bajaj Finance, ending with losses
between 1.46 per cent and 1.70 per cent.Reliance Industries ended 1.96 per cent higher
Axis Bank closed 2.85 per cent higher ahead of June-quarter results later in the day while Bharti Airtel rose 5.68 per cent."Markets settled
at positive note today driven by gains led by corporate focused banks
Post markets on Friday, Bank of Baroda reported better than expected results and ICICI Bank results also indicated gradual improvement",
after last week's 10.4 per cent gain
State Bank of India closed at 3.4 per cent on NSE index and settled at 3.74 per cent on BSE index after the lender raised interest rates on
retail domestic term deposits.According to Tushar Goyal, business development, and communication, Meri Punji IMF, "PSU banks were going down
earlier because of NPA provision
The extreme bad results are now over and results are getting better
Also, RBI has increased the repo rate in their last meeting and expected to do the same in meeting on August 1, which will raise their
earnings on loans given to users
This will result in better earning for PSU banks and in turn
The same is reflected by gain in their shares."Bank of Baroda Ltd surged 9.1 per cent to a 17-week top after it reported a two-fold jump in
first-quarter profit on Friday
