Moneycontrol Bureau11:45 am SBI poll: Country's largest lender State Bank of India (SBI) is likely to disappoint analysts with its fourth quarter earnings as pressure on asset quality may continue for the bank given the high rate of slippages. Earnings will be announced on May 27. Overall slippages can be in the range of Rs 20,000-25,000 crore for the quarter, including likely slippages through asset quality review of Rs 15,000 crore, against Rs 20,692 crore in Q3FY16 and Rs 4,769 crore in Q4FY15. Standalone net profit is expected to fall 48.8 percent to Rs 1,916 crore and net interest income is seen declining 5.4 percent to Rs 13,915.1 crore compared to year-ago period, according to CNBC-TV18's consensus estimates.11:30 am Earnings review: Surprising fourth quarter results, loan write-offs in FY16 and spotting greenshoots in some of the sectors have brought in cheers to the market, said Tushar Pradhan, CIO HSBC Global AMC, India in an interview with CNBC-TV18. The Nifty clocked a high on Thursday breaching the 8000 levels, last seen in November 2015. US Fed rate hike fears are losing their fizz, he said, adding that benign liquidity conditions, too, have led to the buoyancy in the stock market. Pradhan believes that this is the right time to invest in the Indian equity market but one must have a patient two-year outlook going forward.Don't miss: OMCs rally, BPCL at new high; Analysts bet on GRM recovery hope
Benchmark indices are roaring with gains in June Futures and Options series. The Sensex is up 196.12 points or 0.7 percent at 26562.80 and the Nifty is up 63.80 points or 0.8 percent at 8133.45. About 1355 shares have advanced, 702 shares declined, and 137 shares are unchanged.
Sun Pharma, Adani Ports, Lupin, ICICI Bank and SBI are top gainers while ITC, NTPC, L&T, ONGC and Tata Motors are losers in the Sensex.
Oil prices dipped, pulling back further from the psychological USD 50 level as traders took profit and expectations of tighter global supply receded. Oil prices had topped USD 50 a barrel for the first time this year yesterday following production disruptions in Canada and Nigeria as well as a drop in US crude inventories.
Prices have rebounded from below USD 30 a barrel in early 2016 but they are still less than half their levels in mid- 2014, when crude was commanding more than USD 100 a barrel.
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