Indian shares closed sharply higher on Friday as new coronavirus infections remained below 3 lakh for the fifth consecutive day and SBI reported its highest ever quarterly profit, aided by decline in bad loans.
Falling oil prices and positive global cues amid a dip in Treasury yields also helped boost investor sentiment. Brent oil was heading for the biggest weekly decline since March in European trade after top policymakers said they could lift sanctions prohibiting Iranian oil export.
The benchmark 30-share BSE Sensex jumped 975.62 points, or 1.97 percent, to 50,540.48, while the broader NSE Nifty index ended up 269.25 points, or 1.81 percent, at 15,175.30.
SBI surged 5 percent after stellar March quarter earnings as quarterly profit soared 80 percent year-on-year on lower provisioning. Peers Axis Bank, ICICI Bank, IndusInd Bank and HDFC Bank rallied 4-5 percent to follow suit.
Sensex Soars 975 Points Led By Banks; Nifty Tops 15,150
2021-05-21 11:00:33
