Markets End The Day Higher, SBI Surges Post Numbers

Benchmark indices ended the day higher, led by strong gains in select banking stocks. Global cues were strong, with European markets trading with gains of 2 per cent, while Dow Futures were pointing to higher gains for the US markets in opening.

Tata Motors led gainers from the Nifty stocks with a jump of more than 11 per cent in trade. State Bank of India had a solid rally, following quarterly numbers that were better than expectations.

SBI q4 net profits jumped, following a stake sale in SBI Cards.

The stock ended the day almost 8 per cent higher. Most financials did well in trade today, with L&T Finance gaining as much as 7 per cent, while even the smaller banks saw good buying support. The Bank Nifty itself ended with gains of more than 3 per cent.

Shares in Jindal Stainless jumped almost 6 per cent, after reports that the company dispatched export orders worth over 12,000 tonnes in the month of May.

Raymond was another star performer in trade with the stock ending the day higher by 20 per cent, locked at the upper limit of the circuit filter.

Meanwhile, most European markets were up almost 2 per cent in trade.