Private sector lender South Indian Bank’s second quarter net profit fell 40 percent year-on-year to Rs 76.3 crore dented by sharp jump in provisions. Profit in the year-ago period was Rs 127 crore.
Bank Nifty gained more than a percent as top private sector lender ICICI Bank surged 2.5% and its rival Axis Bank rose over a percent. SBI was up 0.8% but HDFC Bank was flat post Q2 earnings. Sesa Sterlite topped the buying list, up over 5% followed by Gail and BHEL with over 4% gains.
Tata Motors, Wipro, Bharti Airtel, Maruti Suzuki, Hero Motocorp, NTPC, Tata Steel, Hindalco Industries and Tata Power rallied 1-3 percent. However, ONGC, Infosys, Mahindra and Mahindra and Coal India were down 1-2.6% .