Market posts slim gains on Friday, factory output contracts in December
BSE Sensex was up 4.55 points at 28334.25 and the NSE Nifty was up 15.15 points at at 8793.55.
TCS, Infosys and Wipro gained for third consecutive session on Friday. Adani Ports also reported gains.
However, ITC, ICICI Bank, Lupin, HDFC, Asian Paints and Dr Reddy's Labs were down.
On Friday, the market closed higher for the third consecutive week.
BSE Sensex was up 0.3 percent while NSE Nifty gained 0.6 percent during the week ending Friday.
State Bank of India (SBI), the country's largest lender, reported its December quarter earnings on Friday. It reported profit of Rs 2,610 crore in October-December quarter, up 134 percent from Rs 1,115.34 crore reported in in year-ago quarter.
Its Net Interest Income (the difference between interest earned and interest expended) increased by 7.70 per cent to Rs.14,752 crore in the reported quarter from Rs.13,697 reported in the year-ago quarter.
Non Interest Income increased by 58.73 per cent in the reported quarter to Rs.9,662 crore, up from Rs.6,087 in the year ago quarter. The major contributors were growth in Profit on Sale of Investments, Fee Income, Forex Income and Recovery in Written Off Accounts.
Non- Interest income included profit from sale of 3.90 per cent stake in SBI Life of Rs.1,755 Cr.
Excluding this, growth in Non-Interest Income would have been 29.90 per cent.
India’s factory output contracted by 0.4 per cent in December, a month after Prime Minister Narendra Modi announced the note ban on Nov 8, government data released on Friday said.
Factory output, measured by the index of industrial production (IIP), is a key indicator of the nation's economic activity.
India’s factory output had grown 5.7 percent in November, 2016.
"The General Index for December 2016 stands at 183.5, which is 0.4 percent lower compared to the level in the month of December 2015," read a government statement.
The cumulative growth for the period April-December 2016 over the corresponding period of the previous year was 0.3 percent.
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