State Bank of India (SBI) hit a high of Rs 457.70 before closing at Rs 451.40, up 0.66 per cent. More than 21.55 lakh shares were traded on the Bombay Stock Exchange.
The SBI counter was up today despite overall weakness in the markets on good buying support from institutions, according to market sources.
An improved performance and good future prospect has led to buying on the counter. The scrip was up on FII buying in the derivatives segment.
According to market sources, one of the reasons for FIIs being active on SBI in the derivatives market is that their limit in the state-run bank has been reached.
SBI has already made a proposal to the Reserve Bank of India (RBI) stating that it wants to hike the limit for FIIs from the current 20 per cent to 49 per cent.
For the first quarter ended June 30, SBI reported a 19.6 per cent rise in net profit to Rs 913.50 crore (Rs 763.20 crore) on a 11 per cent increase on a total income of Rs 9,528.72 crore (Rs 8,570.38 crore).
