The market showed very good performance on Friday, rose over a percent led by earnings from SBI and M&M. Positive global news also supported stock market. The Bombay stock exchange Sensex closed above the 29000 level for the first time since February 3, continuing upside for the fourth trading session.
The NSE Nifty also climbed over 8800 in late trade, up 93.95 points. Banks, FMCG, auto, healthcare and some infrastructure stocks helped the market rally.
State Bank of India (SBI) rose 8% t after posting a stellar set of earnings. Another strong earnings came in from Mahindra & Mahindra. The stock rallied 5% after its earnings beat estimates. An exceptional gain of Rs 299 crore aided profit. BPCL turned profitable with the net profit at Rs 551 cr against loss of Rs 1,089 crore in same quarter last fiscal. The stock gained 2.4 %.
Some other shares like TCS, ITC, ICICI Bank, HDFC, Wipro, Maruti Suzuki and Hero Motocorp were prominent gainers, up 1-3%. Global cues were strong today as major indices gained with Shanghai and Hang Seng rose 1%. Brent crude climbed over USD 60 a barrel, up 1.25% today
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