October 25, 2019 / 10:29 AM / 9 months ago

Indian shares end steady ahead of Diwali; SBI jumps after stellar Q2 results

BENGALURU, Oct 25 (Reuters) - Indian shares eked out minor gains on Friday ahead of a local holiday, as a rally in State Bank of India (SBI) after it posted strong quarterly profit helped indexes stay in positive region.

The broader NSE index ended 0.01% higher at 11,582.60, while the benchmark BSE closed up 0.1% at 39,058.06. For the week, both NSE and BSE closed over half a percent lower.

Shares in State Bank of India rose as much 8.2% before settling 7.6% higher - their best day in over a month - after the nation’s largest lender by assets reported a three-fold rise in September-quarter profit.

The Nifty PSU Bank index, which tracks the country’s state-owned lenders, settled 3.38% higher, up for a second straight week.

Private lender ICICI Bank Ltd climbed to a record high during the session, ending the day over 3% higher.

Meanwhile, Tata Motors Ltd finished the session 5.43% lower as investors await quarterly results from the car maker.

Bharti Infratel Ltd was the top percentage loser on the NSE index, crashing nearly 9% to hit a five and half year low.

Indian markets will remain closed for Diwali on Monday but will trade for an hour on Sunday in a special ‘muhurat’ session for the festival. (Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich)

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