Sensex regains 29K-mark, Nifty up 74 points on strong SBI earnings

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SensexThe benchmark BSE Sensex surged over 268 points to reclaim the 29,000-mark for the first time since February 5 as bank stocks rose soon after SBI reported better-than-expected quarterly earnings.

Besides, a firming trend at other Asian markets and a higher opening in Europe, influenced trading sentiments.

The 30-share index regained the 29,000-level by zooming 268.60 points, or 0.93 per cent, at 29,073.70, a level last seen on February 5.

The gauge had gained 577.71 points in the previous three sessions.

All the sectoral indices, led by banking, healthcare and auto, were trading in positive zone with gains up to 1.66 per cent.

On similar lines, the 50-share NSE Nifty went up by 74.25 points, or 0.85 per cent, to 8,785.80.

Brokers said sentiments were bolstered after country’s largest public sector lender State Bank of India (SBI) reported better-than-expected 30 percent jump in net profit for the third quarter at Rs 2,910 crore.

SBI shares climbed 6.63 per cent to Rs 303.25, lifting the banking index by 1.11 percent to 22,139.78. ICICI Bank and Axis Bank were also trading in positive terrain.

Other prominent gainers among the 30 Sensex stocks were Hero MotoCorp, Maruti Suzuki, Sun Pharma, Dr Reddy, Hindustan Unilever, ITC, L&T, M&M, NTPC, RIL, Sesa Sterlite, Wipro, Tata Steel, TCS and Wipro.