Indian market posts gain on Tuesday after reporting loss for five days
Mumbai, May 22 (IBNS): The Indian market posted gains on Tuesday after posting five days of loss, with BSE Sensex up 35.11 points at 34,651.24 and NSE Nifty up 20 points at 10,536.70.
Interestingly, the State Bank of India, the country's largest lender, which, on Tuesday reported a net loss of Rs 7,718 crore for the March quarter, primarily due to a surge in provisions, reported around three per cent gains on Nifty, according to media reports.
This was the highest quarterly loss figure reported by any bank after Punjab National Bank's Rs 13,417 crore loss reported for the March quarter last week, reported moneycontrol.
The rise in provisions was mainly because the bank had to provide more for bad loans, the losses it incurred on trading, and for mark-to-market losses due to a rise in bond yields, reports said.
Other top gainers on Tuesday included Dr Reddy'sLabs, Bajaj Finserv, Bajaj Auto, Tata Motors, Coal India and Idea Cellular. Some of the key stocks that reported a loss were UltraTech Cement, Bharti Airtel, TCS, ITC, IndusInd Bank, Asian Paints and Axis Bank.