On the other hand, Nifty PSU Bank index rose for the second straight day, ending 2.47 percent higher at 2,846.95 led by Union Bank of India and Canara Bank which rose up 8.61 percent and 7.81 percent respectively.
As the top gainers on the NSE, Indiabulls Housing made stellar performance by rising 12.49 percent quoting its share price at Rs. 769.35 apiece, followed by ICICI Bank, SBI, Adani Ports and Dr. Reddy’s. IndusInd Bank, Eicher Motors and Kotak Bank, were top losers of the day.
Stock prices are inclined to rise when earnings results beat market expectations; on the other hand, disappointing earnings results tend to lower share prices.
In a move that will help ease cash shortage in the system and stabilize debt market rates, the RBI on Friday said that it will infuse Rs 40,000 crore in the banking system in November.