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    SBIN   INE062A01020

STATE BK OF INDIA

(SBIN)
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Nifty, Sensex end higher as financials rally, factory data firms

11/03/2020 | 05:37am EDT
Broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai

BENGALURU (Reuters) - Indian shares ended higher on Tuesday as banks and financial stocks extended gains for a second straight session, while factory output data showed signs of demand recovery and aided investor sentiment.

The NSE Nifty 50 index closed up 1.24% at 11,813.5 and the S&P BSE Sensex ended 1.24% higher at 40,261.13.

The Nifty Banking Index added 3.17%, led by a 6.6% gain in ICICI Bank Ltd, which rallied for a second session following upbeat earnings on Saturday.

The Financials Index gained 3.14%, with heavyweight HDFC Ltd rising 3.95% on the back of strong earnings from Monday.

India's biggest lender State Bank of India closed 4.2% higher ahead of its earnings report scheduled on Wednesday.

"It is purely earnings momentum driving banks and financials after ICICI Bank and HDFC reported some good results," said Amit Kumar Gupta, portfolio manager at Adroit Financial Services.

Banks and financial stocks make up about 35% https://www1.nseindia.com/content/indices/ind_nifty50.pdf of the Nifty's total weightage among sectors.

India's factory activity expanded at its fastest pace in over a decade in October, a private survey showed.

"Demand that was declining because of the lockdown is now recovering and manufacturing is picking up," Gupta said.

Metal stocks also contributed to gains as miner Hindalco Industries Ltd added 4.95% and helped the Nifty Metals Index end 2.24% higher.

Drugmaker Sun Pharmaceutical Industries Ltd ended up 3.85% after its September-quarter profit beat estimates.

Fertilizer maker UPL Ltd fell about 6.6% and was the session's top laggard.

Asian markets rose ahead of the U.S. presidential election as incumbent Donald Trump and his Democratic rival Joe Biden sought to secure votes in key states.

(Reporting by Derek Francis in Bengaluru; Editing by Ramakrishnan M.)

By Derek Francis


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF INDIA LIMITED 0.33% 61.1 End-of-day quote.25.59%
HINDALCO INDUSTRIES LIMITED 0.52% 473.05 End-of-day quote.96.69%
ICICI BANK LIMITED 10.85% 841.7 Delayed Quote.41.91%
NIFTY 50 0.06% 18125.4 Delayed Quote.29.56%
SENSEX 30 0.24% 60967.05 Real-time Quote.27.37%
STATE BK OF INDIA 0.71% 506.5 Delayed Quote.82.92%
SUN PHARMACEUTICAL INDUSTRIES LTD. 0.08% 813.2 Delayed Quote.37.17%
UPL LIMITED -1.36% 694.85 End-of-day quote.48.97%
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Financials
Sales 2022 1 666 B 22 195 M 22 195 M
Net income 2022 323 B 4 308 M 4 308 M
Net Debt 2022 - - -
P/E ratio 2022 13,9x
Yield 2022 1,09%
Capitalization 4 520 B 60 243 M 60 206 M
Capi. / Sales 2022 2,71x
Capi. / Sales 2023 2,46x
Nbr of Employees 245 652
Free-Float 43,1%
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Number of Analysts 0
Last Close Price 506,50 
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Swaminathan Janakiraman Director & MD-Risk, Compliance & SARG
Alok Kumar Choudhary Deputy Managing Director-Finance
Dinesh Kumar Khara Chairman
Anup Kumar Mahapatra Chief Information Officer & Deputy MD
Prabodh Parikh Chief Operating Officer & Deputy Managing Director
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