The Sensex ended the day sharply higher led by a surge in the State Bank of India stock which reported a super set of results, with profits rising and asset quality remaining steady.
The Sensex ended the day higher by 289.83 points, while the Nifty rallied 93.95 points in trade. State Bank of India surged a huge 7 per cent after non performing assets were almost flat, while profits surged.
Other PSU banking stocks also rallied along with State Bank of India with Syndicate Bank, Bank of India and Canara Bank being among the prime movers.
Shares in GAIL were the biggest losers in trade with the stock losing a huge 3 per cent. Gitanjali gems which reported a sharp increase in net profits saw its price surge after the company reported a good set of results.
Claris Life Science also had a good day in trade after the company reported a sharp increase in net profits.
Bhel lost some ground as the company's results lagged estimates. Meanwhile, markets across Europe rallied on the Greece Russia deal and also on strong macro economic data from Germany. Most of the Asian markets also ended the day higher.