INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Buoyed by strong gains in State Bank of India (up 4.59 per cent), the Nifty PSU Bank index was trading 3.63 per cent up at 2,918
around 10:40 am on Wednesday, emerging as the top sectoral gainer on NSE.SBI on Tuesday posted a standalone net loss at Rs 7,718 crore in
the March quarter, due to higher provisions for bad loans and gratuity, and lower trading income
However, investors, as well as brokers on Dalal Street, gave thumbs up to the quarterly result of the bank
Global brokerage firm Jefferies maintained 'buy' on SBI with a target price of Rs 355 post quarterly results.Shares of Bank of Baroda (up
2.75 per cent), Andhra Bank (up 1.59 per cent), Canara Bank (up 1.53 per cent) and Bank of India (up 1.16 per cent) were also trading with
Shares of Syndicate Bank (up 0.97 per cent), IDBI Bank (up 0.96 per cent), Oriental Bank of Commerce (up 0.71 per cent), Indian Bank (up
0.65 per cent), Union Bank of India (up 0.57 per cent), Allahabad Bank (up 0.51 per cent) and Punjab National Bank (up 0.06 per cent) were
also in the green.Sensex and Nifty were in the negative territory on selling in oil, metals, private bank, financial and auto stocks amid
sustained capital outflows by foreign funds
Benchmark NSE Nifty50 index was down 38 points at 10,498, while the BSE Sensex was 67 points down at 34,584.Among the 50 stocks in the Nifty
index, 18 were trading in the green, while 32 were in the red.
