Sensex up over 150 points; SBI gains 6% post Q3 results

Benchmark indices have gained momentum and are trading higher in the noon trades led by Index heavyweights SBI, TCS and Sun Pharma contributing over 100 points to the rise on the 30-share Sensex.

By 12.10 PM, the Sensex is higher by 170 points at 28,973 mark and the Nifty has gained by 55 points at 8,767 levels.

State Bank of India today reported a Q3 net profit of Rs 2,910 crore compared to Rs 2,234 crore in the year-ago period, an uptick of 30.3%.

Bad loans were contained, with gross NPA at 4.90% compared to 4.89% for the quarter ended September, 2014. Net NPA came in at 2.8% compared to 2.73% q-oq

Net interest income for the quarter was Rs 13,777 crore, up 9.2%

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(updated at 12.10PM)

Markets continued to trade with marginal gains in late morning trades with stock specific action post third quarter earnings.

By 11:30, the Sensex was higher by 92 points at 28,897 mark and the Nifty gained by 36 points at 8,748 levels.

Meanwhile, foreign portfolio investors continued to remain sellers in Indian equities with net sales of Rs 406 crore on Thursday, as per provisional data.

The Indian rupee was trading higher at 62.13 against the dollar against previous close of 62.30 on the back of dollar sales by exporters and banks.

BSE Healthcare, Consumer Durables, Realty were the top sectoral losers along with Auto and Bankex indices.

Mahindra & Mahindra, State Bank of India, HPCL and Indian Oil Corporation will announce their third quarter earnings later today.

SBI was up nearly 3% ahead of its third quarter earnings later today.

Shares of pharmaceutical company Cipla was up over 1% after the company, through its UK-based subsidiary Cipla (EU) Limited, entered into a joint venture (JV) agreement with Cipla’s existing business partners in Morocco – Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and the Pharmaceutical Institute (PHI).

Lupin rose nearly 3% after the Reserve Bank of India (RBI) yesterday raised the ceiling on investment in the company's shares by foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) under the portfolio investment scheme to 49% of the company's equity capital with effect from 12 February 2015, from earlier 33%.

Shares of Tata Steel have inched higher by over 1% to Rs 369 on the BSE after the company decided to acquire three service centres in Sweden, Finland and Norway from rival SSAB to strengthen its offering to manufacturers in the Nordic region.

On the losing side, BHEL, ONGC, Bharti Aitel, GAIL and Tata Motors have slipped between 1-2%.

Shares of Bharat Heavy Electricals Limited (BHEL) were trading nearly 3% lower at Rs 260 on NSE after reporting a disappointing set of numbers for the quarter ended December 2014 (Q3).

Among other shares, Shares of the budget carrier SpiceJet are trading lower by 2% to Rs 20 on the BSE after the company posted a 59% rise in its third-quarter net loss at Rs 275 crore on lower passenger numbers and a one-time cost of Rs 295 crore.

Shares of Gillette India has rallied 12% to Rs 3,914 on BSE after reporting a three-fold jump in net profit at Rs 36.86 crore for the quarter ended December 31, 2014 (Q2), on back of strong operational performance.

In the broader market, the BSE Mid-cap and Small-cap indices ended up 0.7%.

Market breadth was strong with 1,335 gainers and 1,004 losers on the BSE.