SBI Soars Over 6% In A Strong Market

State Bank of India shares soared more than 6 per cent, amid broad-based buying in the equity markets as the country entered 1st phase of the 3-phase unlock plan.

SBI Soars Over 6% In A Strong Market

SBI Stock Price: The shares ended at Rs 170, higher by Rs 9or 6.1 per cent, on the BSE.

State Bank of India (SBI) shares soared more than 6 per cent , amid broad-based buying in the equity markets as the country entered 1st phase of the 3-phase unlock plan, post the lockdown imposed on March 25 to check the spread of Covid-19 disease. The shares ended the day at Rs 170, higher by Rs 9 or 6.1 per cent, on the BSE. The shares had opened at Rs 164 and touched an intra-day high of Rs 171 and a low of Rs 163.

The Nifty Bank index had jumped by 4 per cent to 20,076.55 on the back of the rally in SBI and strength on other banking counters. Other banking heavyweights such as HDFC Bank, ICICI Bank and Bank of Baroda, which gained 3-4 per cent each.

Last week, State Bank of India had extended the moratorium on loan EMIs automatically by another three months in loan accounts of all eligible customers without waiting for their request. This was in line with the decision of the Reserve Bank of India to extend the moratorium on loan EMIs by three months, i.e. till August 31, 2020. The earlier three-month moratorium ended on May 31.

The Sensex ended 879 points or 2.71 per cent higher at 33,303.52 and the Nifty 50 index surged 246 points or 2.57 per cent to close at 9,826.15.