State Bank of India rose around 4 percent even as the bank reported a loss of Rs 7,700 crore for the quarter.
Equity benchmarks on Wednesday failed to cash in on positive close from the previous session as selling pressure dominated in the penultimate hours of trade. Weaker rupee as well as tepid global cues weighed in on sentiment on D-Street.
The day began on a flat note and traded rangebound through the day. However, a selloff in the post afternoon session brought about weakness in the equity benchmarks.
The Sensex closed lower by 306.33 points at 34344.91, while the Nifty was down 106.30 points at 10430.40. The market breadth was negative as 1,117 shares advanced against a decline of 1,515 shares, while 140 shares are unchanged.
Barring big gains in PSU banks, all sectoral indices managed to end the day in deep red, with maximum cuts visible in the energy space. The Nifty PSU bank index was up over 2 percent, largely on the back of a good surge in State Bank of India.
In the broader markets, midcaps had a weak day, but did not fall to the extent which benchmarks fell. The Nifty Midcap index ended over half a percent lower.
Stocks in the news
Among stocks, CEAT, PFC, MRPL, REC, Balrampur Chini Mills, SAIL, Motherson Sumi, JSPL, GMR Infrastructure and Union Bank declined up to 7 percent.
Public sector lender Andhra Bank share price surged over 5 percent even as it suffered Rs 2,636 crore loss for the quarter ended March 31 2018 due to higher provisioning for bad loans.
State Bank of India rose around 4 percent even as the bank reported a loss of Rs 7,700 crore for the quarter.
Sun Pharmaceuticals’ shares rose over a percent before ending the day on a flat note. The US drug regulator approved a product for treatment of prostate cancer.
Gravita India rose 2 percent as company signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements.
